Document:

Exhibit 4.5

 EXHIBIT 4.5 
  

 INDENTURE 
 by and between 
 ACAS BUSINESS LOAN TRUST 2007-1, 
 as the Issuer, 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 not in its individual capacity but solely in its capacity 
 as the Indenture Trustee 
 Dated as of April 24, 2007 
  

 ACAS Business Loan Trust 2007-1 Asset-Backed Notes 
 Class A, Class B, Class C, Class D and Class E Notes 

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	2
				
		 	 Section 1.01
	 	Definitions	  	2
		 	 Section 1.02
	 	Incorporation by Reference of Trust Indenture Act	  	11
		 	 Section 1.03
	 	Rules of Construction	  	12
		
	 ARTICLE II THE NOTES
	  	12
				
		 	 Section 2.01
	 	Form	  	12
		 	 Section 2.02
	 	Execution, Authentication and Delivery	  	13
		 	 Section 2.03
	 	Opinions of Counsel	  	13
		
	 ARTICLE III COVENANTS; REPRESENTATIONS AND WARRANTIES
	  	14
				
		 	 Section 3.01
	 	Trust Accounts	  	14
		 	 Section 3.02
	 	Maintenance of Office or Agency	  	14
		 	 Section 3.03
	 	Money for Payments to be Held in Trust	  	14
		 	 Section 3.04
	 	Existence	  	16
		 	 Section 3.05
	 	Payment of Principal and Interest	  	16
		 	 Section 3.06
	 	Protection of Indenture Collateral	  	17
		 	 Section 3.07
	 	Opinions as to Indenture Collateral	  	18
		 	 Section 3.08
	 	Furnishing of Rule 144A Information	  	18
		 	 Section 3.09
	 	Performance of Obligations; Servicing of Loans	  	19
		 	 Section 3.10
	 	Negative Covenants	  	20
		 	 Section 3.11
	 	Representations and Warranties Concerning the Loans	  	20
		 	 Section 3.12
	 	Annual Statement as to Compliance	  	21
		 	 Section 3.13
	 	Notices to the Irish Stock Exchange	  	21
		 	 Section 3.14
	 	[Reserved.]	  	21
		 	 Section 3.15
	 	[Reserved.]	  	21
		 	 Section 3.16
	 	Investment Company Act	  	21
		 	 Section 3.17
	 	Issuer May Consolidate, etc	  	21
		 	 Section 3.18
	 	Successor or Transferee	  	23
		 	 Section 3.19
	 	No Other Business	  	24
		 	 Section 3.20
	 	No Borrowing	  	24
		 	 Section 3.21
	 	Notice of Events of Default	  	24
		 	 Section 3.22
	 	Further Instruments and Acts	  	24
		 	 Section 3.23
	 	Compliance with Laws	  	24
		 	 Section 3.24
	 	Amendments of Trust Agreement	  	24
		 	 Section 3.25
	 	Removal of Administrator	  	24
		 	 Section 3.26
	 	Representations and Warranties of Issuer	  	25
		 	 Section 3.27
	 	Covenants of the Issuer Relating to Swaps	  	27
		 	 Section 3.28
	 	Grant of Substitute Loans	  	28
		 	 Section 3.29
	 	Determination of Note Rate	  	28

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	Page
	 ARTICLE IV THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE
	  	28
				
		 	 Section 4.01
	 	The Notes	  	28
		 	 Section 4.02
	 	Registration of Transfer and Exchange of Notes	  	29
		 	 Section 4.03
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	38
		 	 Section 4.04
	 	Payment of Principal and Interest; Defaulted Interest	  	39
		 	 Section 4.05
	 	Tax Treatment	  	40
		 	 Section 4.06
	 	Satisfaction and Discharge of Indenture	  	41
		 	 Section 4.07
	 	Application of Trust Money	  	42
		 	 Section 4.08
	 	Repayment of Moneys Held by Paying Agent	  	42
		
	 ARTICLE V REMEDIES
	  	43
				
		 	 Section 5.01
	 	Events of Default	  	43
		 	 Section 5.02
	 	Acceleration of Maturity; Rescission and Annulment	  	44
		 	 Section 5.03
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee; Authority of Indenture Trustee	  	45
		 	 Section 5.04
	 	Remedies	  	47
		 	 Section 5.05
	 	Optional Preservation of the Indenture Collateral	  	48
		 	 Section 5.06
	 	Priorities	  	49
		 	 Section 5.07
	 	Limitation of Suits	  	49
		 	 Section 5.08
	 	Unconditional Rights of Noteholders to Receive Principal and Interest	  	50
		 	 Section 5.09
	 	Restoration of Rights and Remedies	  	50
		 	 Section 5.10
	 	Rights and Remedies Cumulative	  	50
		 	 Section 5.11
	 	Delay or Omission Not a Waiver	  	50
		 	 Section 5.12
	 	Control by Noteholders	  	50
		 	 Section 5.13
	 	Waiver of Past Defaults	  	51
		 	 Section 5.14
	 	Undertaking for Costs	  	51
		 	 Section 5.15
	 	Waiver of Stay or Extension Laws	  	52
		 	 Section 5.16
	 	Action on Notes	  	52
		 	 Section 5.17
	 	Performance and Enforcement of Certain Obligations	  	52
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	53
				
		 	 Section 6.01
	 	Duties of Indenture Trustee	  	53
		 	 Section 6.02
	 	Rights of Indenture Trustee	  	54
		 	 Section 6.03
	 	Individual Rights of Indenture Trustee	  	56
		 	 Section 6.04
	 	Indenture Trustee’s Disclaimer	  	56
		 	 Section 6.05
	 	Notice of Defaults or Events of Default	  	56
		 	 Section 6.06
	 	Reports by Indenture Trustee to Noteholders	  	56
		 	 Section 6.07
	 	Compensation and Indemnity	  	57
		 	 Section 6.08
	 	Replacement of Indenture Trustee	  	57
		 	 Section 6.09
	 	Successor Indenture Trustee by Merger	  	59
		 	 Section 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	

  

 - ii - 

 TABLE OF CONTENTS 
 (continued) 

							
	 	 	 	 	 	  	Page
		 	 Section 6.11
	 	Eligibility	  	61
		 	 Section 6.12
	 	Preferential Collection of Claims Against Issuer	  	61
		 	 Section 6.13
	 	Representations and Warranties of Indenture Trustee	  	61
		 	 Section 6.14
	 	Directions to Indenture Trustee	  	62
		 	 Section 6.15
	 	Conflicts	  	62
		 	 Section 6.16
	 	Indenture Trustee’s Review of Loan Files	  	63
		 	 Section 6.17
	 	Indenture Collateral; Related Documents	  	63
		 	 Section 6.18
	 	Amendments to Transfer and Servicing Agreement	  	63
		 	 Section 6.19
	 	Servicer as Agent and Bailee of Indenture Trustee	  	63
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	64
				
		 	 Section 7.01
	 	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	  	64
		 	 Section 7.02
	 	Preservation of Information; Communication to Noteholders	  	64
		 	 Section 7.03
	 	Reports by Issuer	  	64
		 	 Section 7.04
	 	Reports by Indenture Trustee	  	65
		 	 Section 7.05
	 	Reports to Irish Stock Exchange, Etc	  	66
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	66
				
		 	 Section 8.01
	 	Collection of Money	  	66
		 	 Section 8.02
	 	Trust Accounts	  	66
		 	 Section 8.03
	 	General Provisions Regarding Accounts	  	67
		 	 Section 8.04
	 	Release of Indenture Collateral	  	68
		 	 Section 8.05
	 	Opinion of Counsel	  	69
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	69
				
		 	 Section 9.01
	 	Supplemental Indentures Without Consent of Noteholders	  	69
		 	 Section 9.02
	 	Supplemental Indentures With Consent of Noteholders	  	70
		 	 Section 9.03
	 	Execution of Supplemental Indentures	  	72
		 	 Section 9.04
	 	Effect of Supplemental Indenture	  	72
		 	 Section 9.05
	 	[Reserved]	  	72
		 	 Section 9.06
	 	Reference in Notes to Supplemental Indentures	  	72
		 	 Section 9.07
	 	Special Supplemental Agreement	  	73
		
	 ARTICLE X REDEMPTION OF NOTES; Optional Repurchase
	  	73
				
		 	 Section 10.01
	 	Redemption	  	73
		 	 Section 10.02
	 	Optional Repurchase	  	74
		 	 Section 10.03
	 	[Reserved]	  	75
		 	 Section 10.04
	 	Form of Redemption Notice and Optional Repurchase Notice	  	75
		
	 ARTICLE XI MISCELLANEOUS
	  	75
				
		 	 Section 11.01
	 	Compliance Certificates and Opinions, etc	  	75
		 	 Section 11.02
	 	Form of Documents Delivered to Indenture Trustee	  	77
		 	 Section 11.03
	 	Acts of Noteholders	  	78

  

 - iii - 

 TABLE OF CONTENTS 
 (continued) 

							
	 	 	 	  	 	  	Page
		 	 Section 11.04
	  	Notices	  	78
		 	 Section 11.05
	  	Notices to Noteholders; Waiver	  	79
		 	 Section 11.06
	  	Alternate Payment and Notice Provisions	  	79
		 	 Section 11.07
	  	Effect of Headings and Table of Contents	  	79
		 	 Section 11.08
	  	Successors and Assigns	  	79
		 	 Section 11.09
	  	Separability	  	80
		 	 Section 11.10
	  	Benefits of Indenture	  	80
		 	 Section 11.11
	  	Legal Holidays	  	80
		 	 Section 11.12
	  	Governing Law; Venue	  	80
		 	 Section 11.13
	  	Counterparts	  	81
		 	 Section 11.14
	  	Recording of Indenture	  	81
		 	 Section 11.15
	  	Trust Obligation	  	81
		 	 Section 11.16
	  	No Petition	  	82
		 	 Section 11.17
	  	Inspection	  	82
		 	 Section 11.18
	  	Limited Recourse	  	83
		 	 Section 11.19
	  	Communication by Note Owners With Other Note Owners	  	83
		 	 Section 11.20
	  	Disclaimer and Subordination	  	83
	 Exhibit A-1 Form of Class A Note
	  	A-1-1
		 	 Exhibit A-2
	  	Form of Class B Note	  	A-2-1
		 	 Exhibit A-3
	  	Form of Class C Note	  	A-3-1
		 	 Exhibit A-4
	  	Form of Class D Note	  	A-4-1
		 	 Exhibit A-5
	  	Form of Class E Note	  	A-5-1
		 	 Exhibit B
	  	List of Loans	  	B-1
		 	 Exhibit C
	  	Form of Wiring Instructions	  	C-1
		 	 Exhibit D-1
	  	Form of Transferee Letter	  	D-1-1
		 	 Exhibit D-2
	  	Form of Rule 144A Certification	  	D-2-1
		 	 Exhibit E
	  	Form of Transfer Certificate for Rule 144A Global Note to Regulation S Global Note during Distribution Compliance Period	  	E-1
		 	 Exhibit F
	  	Form of Transfer Certificate for Rule 144A Global Note to Regulation S Global Note after Distribution Compliance Period	  	F1
		 	 Exhibit G
	  	Form of Transfer Certificate for Regulation S Global Note to Rule 144A Global Note during Distribution Compliance Period	  	G-1
		 	 Exhibit H
	  	Form of Transfer Certificate for Regulation S Global Note during Distribution Compliance Period	  	H-1

  

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 INDENTURE 
 THIS INDENTURE, dated as of April 24, 2007 (as amended, modified, restated, replaced, substituted, supplemented, waived or extended from time to time, the “Indenture”), is by and between
ACAS BUSINESS LOAN TRUST 2007-1, a Delaware statutory trust, as the issuer (together with its successors and assigns, in such capacity, the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but
solely in its capacity as the indenture trustee (together with its successors and assigns, in such capacity, the “Indenture Trustee”). 
 Each party hereto agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Issuer’s Class A Floating Rate Asset-Backed Notes, Series 2007-1 (the
“Class A Notes”), Class B Floating Rate Deferrable Asset-Backed Notes, Series 2007-1 (the “Class B Notes”), Class C Floating Rate Deferrable Asset-Backed Notes, Series 2007-1 (the “Class C Notes”),
Class D Floating Rate Deferrable Asset-Backed Notes, Series 2007-1 (the “Class D Notes”) and the Class E Asset-Backed Note, Series 2007-1 (the “Class E Note” and together with the Class A Notes, Class B Notes,
Class C Notes and Class D Notes, the “Notes”): 
 GRANTING CLAUSE 
 The Issuer hereby Grants to the Indenture Trustee on behalf of and for the benefit of the Noteholders and the Swap Counterparties, without recourse,
subject to the terms of this Indenture and the other Transaction Documents, a continuing security interest and lien on all of the Issuer’s right, title and interest in and to all accounts, cash and currency, chattel paper, tangible chattel
paper, electronic chattel paper, copyrights, copyright licenses, equipment, fixtures, general intangibles, instruments, commercial tort claims, deposit accounts, inventory, investment property, letter-of-credit rights, software, supporting
obligations, accessions, and other rights or property consisting of, arising out of, or related to (i) the Loans and all other assets included or to be included from time to time in the Loan Assets, whether now existing or hereafter arising or
acquired, other than the Retained Interest and Excluded Amounts, if any, as they may exist from time to time; (ii) all payments under any Swap; and (iii) all of the Issuer’s right, title and interest (but none of its obligations)
under the Transfer and Servicing Agreement, including but not limited to the Issuer’s right to exercise the remedies created by the Transfer and Servicing Agreement (collectively, the “Indenture Collateral”). 
 The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction and all other sums owing by the Issuer hereunder or under any other Transaction Document or under any Swap Transaction, and to secure compliance with the provisions of this Indenture, all as
provided in this Indenture. 
 The Indenture Trustee, as Indenture Trustee on behalf of the Noteholders and on behalf of the Swap
Counterparties, acknowledges such Grant, accepts the trust under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability. 

 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 

Certain defined terms used throughout this Indenture are defined above or in this Section 1.01. In addition, except as otherwise expressly
provided herein or unless the context otherwise requires, capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Transfer and Servicing Agreement (as defined below), which are incorporated herein
by reference. 
 “1940 Act” means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated
thereunder. 
 “Act” shall have the meaning specified in subsection 11.03(a). 
 “Applicable Procedures” has the meaning given to such term in subsection 4.02(j)(i). 
 “Authorized Newspaper” means a newspaper of general circulation in the Borough of Manhattan, The City of New York, printed in the
English language and customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays. 
 “Authorized Officer” means, (i) with respect to any Person, any person who is authorized to act for such Person in matters relating to the Transaction Documents and whose action is binding upon such Person,
(ii) with respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuer, (iii) with respect to the Trust Depositor or the Servicer, initially those individuals the
names of whom appear on the lists of Authorized Officers delivered on the Closing Date (as such list may be modified or supplemented from time to time thereafter), and (iv) with respect to the Indenture Trustee, the Chairman or Vice President
of the Board of Directors or Trustees, the Chairman or Vice Chairman of the Executive or Standing Committee of the Board of Directors or Trustees, the President, the Chairman of the Committee on Trust Matters, any vice president, any assistant vice
president, the Secretary, any assistant secretary, the Treasurer, any assistant treasurer, the Cashier, any assistant cashier, any trust officer, the Controller and any assistant controller or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with
particular subject. 
 “Beneficial Owner” means, with respect to a Note, the Person who is the beneficial owner of such
Note, as reflected on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly or as an indirect participant, in accordance with the rules of such Depository), as the case may be. 
 “Certificate Distribution Account” has the meaning given to such term in Section 5.01 of the Trust Agreement. 
  

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 “Certificate Registrar” means initially, the Indenture Trustee, and thereafter, any
successor appointed pursuant to the Trust Agreement. 
 “Clearstream” means Clearstream Banking, société
anonyme, a limited liability company organized under the laws of Luxembourg. 
 “Corporate Trust Office” means in the case
of Owner Trustee: Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Services, and in the case of the Indenture Trustee: Wells Fargo Bank, National Association, Sixth and Marquette Avenue, MAC
N9311-161, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services/Asset Backed Administration, or at such other address as the Owner Trustee or the Indenture Trustee may designate from time to time by notice to the Issuer, or the
principal corporate trust officer of any successor Owner Trustee or Indenture Trustee at the address designated by such successor by notice to the Issuer. 
 “Credit Support Provider” means, in respect of a Swap Counterparty, any Person providing credit support on behalf of such Swap Counterparty. 
 “Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
 “Depository” means The Depository Trust Company or its successors or assigns. 
 “Depository Custodian” means the Indenture Trustee as a custodian for Depository. 
 “Depository Participant” means a Person for whom, from time to time, the Depository effects book-entry transfers and pledges of
securities deposited with the Depository. 
 “Direct Participant” means any broker-dealer, bank or other financial
institution for whom the nominee of the Depository holds an interest in any Note. 
 “Distribution Compliance Period” means
the forty (40) day period prescribed by Regulation S commencing on the later of (a) the date upon which Notes are first offered to Persons other than the Initial Purchasers and any other distributor (as such term is defined in Regulation
S) of the Notes and (b) the Closing Date. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, or any successor legislation thereto, and the regulations promulgated and the rulings issued thereunder. 
 “Euroclear” means Euroclear Bank S.A./N.V. as operator of the Euroclear System. 
 “Event of
Default” has the meaning given to such term in Section 5.01. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
  

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 “Global Note” means any Note registered in the name of the Depository or its nominee,
beneficial interests of which are reflected on the books of the Depository or on the books of a Person maintaining any account with such Depository (directly or as an indirect participant in accordance with the rules of such Depository). The Global
Note shall include the Rule 144A Global Notes and the Regulation S Global Notes. 
 “Grant” means to mortgage, pledge,
bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create and grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Indenture
Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give
receipt for principal and interest payments in respect of the collateral or other agreement or instrument and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise
all rights and options, to bring Proceedings in the name of the granting party or otherwise and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 
 “Indenture Collateral” has the meaning given to such term in the Granting Clauses. 
 “Indenture Trustee” has the meaning given to such term in the Preamble. 
 “Independent” means, when used with respect to any specified Person, that the Person (i) is in fact independent of the Issuer, any
other obligor upon the Notes, the Trust Depositor, the Originator and any of their respective Affiliates, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the
Originator or any of their respective Affiliates, and (iii) is not connected with the Issuer, any such other obligor, the Originator or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or person performing similar functions. 
 “Independent Certificate” means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01, made by an Independent appraiser or other expert appointed by an Issuer Order and
approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the
meaning thereof. 
 “Indirect Participant” means any financial institution for whom any Direct Participant holds an interest
in any Note. 
 “Individual Note” means any Note registered in the name of a holder other than the Depository or its
nominee. 
 “Institutional Accredited Investor” means any Person meeting the requirements of Rule 501(a)(1)—(3) or
(7) of Regulation D under the Securities Act. 
 “Interest Rate Swap” means one or more interest rate swap transactions
each of which will be governed by a 1992 International Swaps and Derivatives Association Inc. Master Agreement (Multi-Currency-Cross Border) or successor form, including the schedules and credit support documentation thereto and confirmations
thereunder. 
  

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 “Irish Stock Exchange” means the Irish Stock Exchange and any successor securities
exchange thereto on which the Class A Notes, Class B Notes, Class C Notes and Class D Notes may be listed for trading. 
 “Issuer Order” and “Issuer Request” means a written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee. 
 “Legal Final Maturity Date” means August 16, 2019. 
 “Letter of Representations” means the Letter of Representations, dated April 23, 2007, among the Issuer, the Indenture Trustee and the Depository. 
 “Note Interest Rate” means, as the context may require, the Class A Note Interest Rate, the Class B Note Interest Rate, the Class C
Note Interest Rate and the Class D Note Interest Rate, or any of them, in each case as defined in the Transfer and Servicing Agreement. 
 “Note Register” has the meaning given to such term in Section 4.02(a). 
 “Note
Registrar” has the meaning given to such term in Section 4.02(a). 
 “Opinion” or “Opinion of
Counsel” means a written opinion of counsel, who may, without limitation, be internal counsel for ACAS or the Servicer, reasonably acceptable to the Indenture Trustee and experienced in matters relating thereto. 
 “Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except:

 (i) Notes theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation; 
 (ii) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture
Trustee or any Paying Agent in trust for the Holders of such Notes (provided that if such Notes are to be repurchased or redeemed, notice of such repurchase or redemption has been duly given pursuant to Section 10.04 of this
Indenture or provision for such notice, satisfactory to the Indenture Trustee, has been made); and 
 (iii) Notes in exchange
for or in lieu of other Notes which have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; 
 provided that in determining whether the Holders of the requisite Outstanding Amount have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or under any other Transaction Document, the Issuer prior to such determination shall notify the Indenture Trustee of any Notes owned by the Issuer, the Trust Depositor, the Originator, the Servicer or 

  

 - 5 - 

 
any of their respective Affiliates and such Notes shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture
Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee actually knows to be so owned shall be so disregarded. Notes so
owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer,
any other obligor upon the Notes, the Trust Depositor, the Originator or any of their respective Affiliates. 
 “Outstanding
Amount” means, the Original Principal Amount of one Class or of all Classes, as the case may be, of Notes as reduced by all amounts paid by the Issuer with respect to such principal amount up to such date of determination. 
 “Owner” means each Holder of a Note. 
 “Owner Trustee” means Wilmington Trust Company, not in its individual capacity, but solely as owner trustee under the Trust Agreement, and any successor owner trustee under the Trust Agreement.

 “Participant” means a Person that has an account with the Depository. 
 “Paying Agent” means, with respect to the Notes, any paying agent or co-paying agent appointed pursuant to Section 3.03,
which initially shall be (i) the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 and (ii) with respect to the Notes listed on the Irish Stock
Exchange only, BNY Fund Services (Ireland) Ltd. 
 “Percentage Interest” means, with respect to a Class A Note, Class B
Note, Class C Note, Class D Note or Class E Note, the fraction, expressed as a percentage, the numerator of which is the denomination represented by such Class A Note, Class B Note, Class C Note, Class D Note or Class E Note and the denominator
of which is the Initial Class A Principal Balance, the Initial Class B Principal Balance, the Initial Class C Principal Balance, the Initial Class D Principal Balance or the Initial Class E Principal Balance, as the case may be. With respect to
a Trust Certificate, the percentage set forth on the face thereof. 
 “Plan” has the meaning given to such term in
Section 4.02(r). 
 “Proceeding” means any suit in equity, action at law or other judicial or administrative
proceeding. 
 “Qualified Institutional Buyer” has the meaning given to such term in Rule 144A under the Securities Act.

 “Qualified Purchaser” has the meaning given to such term in Section 2(a)(51) under the 1940 Act. 
 “Qualified Swap Counterparty” means a party that is a recognized dealer in interest rate swaps and interest rate caps, organized under
the laws of the United States of America or a 

  

 - 6 - 

 
jurisdiction located therein (or another jurisdiction reasonably acceptable to the Issuer and each Rating Agency), that with respect to itself or its Credit
Support Provider: (a) at the time it becomes a Swap Counterparty has a short-term rating of at least “A-1” by S&P or a long-term senior unsecured debt rating of at least “A+” by S&P if such Person does not have a
short-term rating by S&P (for so long as any of the Offered Notes are deemed outstanding and are rated by S&P), and a short-term rating of at least “F1” and a long-term senior unsecured debt rating of at least “A” by
Fitch or, if such Person does not have a short-term rating by Fitch, a long-term senior unsecured debt rating of at least “A” by Fitch (for so long as any of the Offered Notes are deemed outstanding and are rated by Fitch) and at least the
following ratings by Moody’s: (x) where the entity is the subject of a short-term rating scale by Moody’s, such entity’s Moody’s short-term rating is “Prime-1” and its long-term, unsecured and unsubordinated debt
or counterparty obligations are rated “A2” or above by Moody’s, and (y) where such entity is not the subject of a short-term rating scale by Moody’s, if the entity’s long-term, unsecured and unsubordinated debt or
counterparty obligations are rated “A1” or above by Moody’s (for so long as any of the Offered Notes are deemed outstanding and are rated by Moody’s) and thereafter maintains a short-term rating of “A-3” from S&P
or, if such Person does not have a short-term rating, a long-term senior unsecured debt rating of at least “BBB-” from S&P, and is otherwise in compliance with the terms of the Swap (for so long as any of the Offered Notes are deemed
outstanding and are rated by S&P), and a short-term debt rating of at least “F2” by Fitch and a long-term senior unsecured debt rating of at least “BBB+” by Fitch, or, if such Person does not have a short-term rating by
Fitch, a long-term senior unsecured debt rating of at least “BBB+” by Fitch (for so long as any of the Offered Notes are deemed outstanding and are rated by Fitch) and at least the following ratings by Moody’s: (x) where the
entity is the subject of a short-term rating scale by Moody’s, such entity’s Moody’s short term rating is “Prime 2” or above and its long-term, unsecured and unsubordinated debt or counterparty obligations are rated
“A3” or above by Moody’s, and (y) where such entity is not the subject of a short-term rating scale by Moody’s, if the entity’s long-term, unsecured and unsubordinated debt or counterparty obligations are rated
“A3” or above by Moody’s (for so long as any of the Offered Notes are deemed outstanding and are rated by Moody’s); provided that should a Rating Agency effect an overall downward adjustment of its short-term or long-term
debt ratings, then the rating required of that Rating Agency under this clause (a) for a party to constitute a Qualified Swap Counterparty shall be downwardly adjusted accordingly; provided further that any adjustment to a rating shall
be subject to the prior written consent of the applicable Rating Agency; (b) legally and effectively accepts the rights and obligations under the applicable Interest Rate Swap, or, as the case may be, alternate credit support arrangements
pursuant to a written agreement reasonably acceptable to the Issuer; and (c) in connection with a substitute Swap Counterparty, otherwise satisfies the Rating Agency Condition to the extent required under the Swap Transaction. 
 “Redemption Date” means, in the case of a payment to Noteholders pursuant to Section 10.01, the Payment Date specified by
the Servicer or the Issuer pursuant to Section 10.01. 
 “Redemption Date Amount” means in the case of a payment
made to Noteholders pursuant to Section 10.01, the amount on deposit in the Note Distribution Account, but not in excess of an amount equal to the unpaid principal amount of the Notes redeemed plus accrued and unpaid interest thereon at
the weighted average of the Note Interest Rate for each Class of Notes being so redeemed to but excluding the Redemption Date. 
  

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 “Regulation S” means Regulation S under the Securities Act. 
 “Regulation S Global Notes” means the Notes sold in offshore transactions in reliance on Regulation S and represented by one or more
Global Notes deposited with the Indenture Trustee as custodian for the Depository. 
 “Regulation S Investor” means a
transferee of a Regulation S Global Note pursuant to Regulation S who is a Qualified Purchaser. 
 “Repurchase Date” means
in the case of a repurchase of the Notes pursuant to Section 10.02 of this Indenture, the Payment Date specified by the Issuer pursuant to Section 10.02 of this Indenture. 
 “Repurchase Price” means, in the case of a repurchase of the Notes pursuant to Section 10.02 of this Indenture, an amount
equal to the sum of (i) the then Outstanding Principal Balance of each class of Offered Notes being repurchased plus accrued and unpaid interest thereon to but excluding the Repurchase Date, (ii) all other amounts accrued and unpaid with
respect to each such Class of Notes, together with all amounts then owing to each Swap Counterparty, including Swap Breakage Costs, (iii) without duplication, all amounts payable to each Swap Counterparty upon termination of all Swap
Transactions in connection with a repurchase of the Notes, including Swap Breakage Costs and (iv) all administrative and other fees, expenses, advances and other amounts then accrued and payable or reimbursable in accordance with the Priority
of Payments (including fees and expenses, if any, incurred by the Indenture Trustee and the Servicer in connection with any sale of Loans in connection with a repurchase). 
 “Rule 144A Certification” means a letter substantially in the form attached hereto as Exhibit D-2. 
 “Rule 144A Global Notes” means the Notes sold within the United States to U.S. Persons, initially issued to Qualified Institutional
Buyers who are Qualified Purchasers in the form of beneficial interests in one or more Global Notes, deposited with the Indenture Trustee as custodian for the Depository. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 “Securities Legend” means a legend to the following effect: “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. PROSPECTIVE INVESTORS ARE HEREBY NOTIFIED THAT THE SELLERS OF INTERESTS IN THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE
144A THEREUNDER. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A) PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE 

  

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MEANING OF RULE 144A (A “QIB”), WHO IS ALSO A QUALIFIED PURCHASER FOR PURPOSES OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED, (A “QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB WHO IS ALSO A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) WHO IS ALSO A QUALIFIED PURCHASER PURCHASING FOR INVESTMENT AND NOT
FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH
OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (2) OTHER THAN IN THE CASE OF THE CLASS E NOTES, TO A QUALIFIED PURCHASER IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT TO A VALID REGISTRATION STATEMENT. THE
PURCHASE OF THIS NOTE OR ANY INTEREST THEREIN WILL BE DEEMED A REPRESENTATION BY THE ACQUIROR THAT EITHER: (I) IT IS NOT, AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING OR HOLDING THIS NOTE OR ANY INTEREST THEREIN, FOR, ON BEHALF OF OR WITH ANY
ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) OR OTHER ARRANGEMENT THAT IS SUBJECT TO TITLE I OF ERISA, OR A “PLAN”
DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 AS AMENDED (THE “CODE”) (COLLECTIVELY, A “PLAN”), OR OTHER PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAWS OR REGULATIONS THAT ARE
SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”); OR (II)(A) IN THE CASE OF AN OFFERED NOTE, EITHER (1) ITS ACQUISITION AND HOLDING OF THE OFFERED NOTE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE BY REASON OF ANY OF SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE, PTCE 96-23, PTCE 95-60, PTCE 91-38, PTCE 90-1, PTCE 84-14, EACH AS AMENDED,
OR AN EXEMPTION SIMILAR TO THE FOREGOING EXEMPTIONS, OR (2) IN THE CASE OF A PLAN OR ARRANGEMENT SUBJECT TO SIMILAR LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW, AND (B) IN THE CASE OF A CLASS E NOTE, IT IS A
PLAN THAT IS NOT SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE AND ITS ACQUISITION AND HOLDING OF THE CLASS E NOTE WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF SIMILAR LAW.” 
  

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 “Series” means 2007-1. 
 “Similar Law” has the meaning given to such term in Section 4.02(r). 
 “State” means any one of the fifty (50) states of the United States, or the District of Columbia or any of its territories.

 “Substitute Swap Counterparty” means any substitute or replacement Swap Counterparty under a Swap. 
 “Swap” means each agreement between the Issuer and a Swap Counterparty that governs one or more Swap Transactions, which agreement shall
consist of a “Master Agreement” in a form published by the International Swaps and Derivatives Association, Inc., together with a “Schedule” and “Credit Support Annex”, and each “Confirmation” thereunder
confirming the specific terms of each such Swap Transaction. 
 “Swap Counterparty” means (a) Wachovia Bank, National
Association or (b) any other Qualified Swap Counterparty that agrees that in the event that it or its Credit Support Provider fails to maintain certain ratings as provided in the applicable Swap, then the Swap Counterparty shall
(i) transfer all of its rights and obligations under the Swap to a Substitute Swap Counterparty as provided in the Swap or (ii) post collateral, as applicable, as provided in the Swap. 
 “Termination Date” means the date on which the Indenture Trustee shall have received payment and performance of all amounts and
obligations which the Issuer may owe to or on behalf of the Indenture Trustee for the benefit of the Noteholders under this Indenture or the Notes, all outstanding Swap Transactions under all Swaps then in effect have been terminated and all
amounts, including Swap Breakage Costs, have been paid in full to the Swap Counterparties. 
 “Transfer” has the meaning
given to such term in Section 4.02. 
 “Transfer and Servicing Agreement” means the Transfer and Servicing
Agreement, dated as of April 24, 2007, by and among ACAS Business Loan Trust 2007-1, as the Issuer, ACAS Business Loan LLC, 2007-1, as the Trust Depositor, American Capital Strategies, Ltd., as the Originator and as the Servicer, and Wells
Fargo Bank, National Association, as the Indenture Trustee and as the Backup Servicer. 
 “Transferee Letter” means the
letter set forth in Exhibit D–1 hereto. 
 “Trust Agreement” means the Amended and Restated Trust Agreement,
dated as of April 24, 2007, between the Trust Depositor and the Owner Trustee. 
  

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 “Trust Certificate” means a certificate evidencing the beneficial interest of a
Certificateholder in the Issuer, substantially in the form of Exhibit A attached to the Trust Agreement. 
 “Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939, as amended from time to time, as in effect on any relevant date. 
 “U.S. Person” means a person that is a citizen or resident of the United States, a corporation or partnership (except as provided in applicable Treasury regulations) created or organized in or under the laws of the United
States, any State or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source, or a trust
if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided as
applicable Treasury regulations, certain trusts in existence on August 20, 1996 which are eligible to elect to be treated as a U.S. Person). 
 “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to time. 
 “USA PATRIOT Act” means the United States Uniting and Strengthening America By Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, signed into law on and effective as of October 26, 2001, which, among other things, requires that financial institutions, a term that includes banks, broker-dealers and investment companies, establish and
maintain compliance programs to guard against money laundering activities. 
 Section 1.02 Incorporation by Reference of Trust
Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a
part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the
Securities and Exchange Commission. 
 “indenture securities” means the Notes and the Swaps. 
 “indenture security holder” means a Noteholder and a Swap Counterparty. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Indenture Trustee. 
 “obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 
  

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 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by Commission rule have the meaning assigned to them by such definitions. 
 Section 1.03 Rules of
Construction. 
 Unless the context otherwise requires: 
 (i) a term has the meaning given to it; 
 (ii) an accounting term not otherwise defined has the meaning given to it in accordance with generally accepted accounting principles as in effect from time to time; 
 (iii) “or” is not by its use intended to exclude all other items; 
 (iv) “including” means including without limitation; 
 (v) words in the singular include the plural and words in the plural include the singular; 
 (vi) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection
herewith means such agreement, instrument or statute as from time to time amended, modified, waived, supplemented or restated and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated
therein; references to a Person are also to its permitted successors and assigns; and 
 (vii) the words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Indenture shall refer to this Indenture as a whole and not to any particular provision of this Indenture; Section, subsection and Schedule references
contained in this Indenture are references to Sections, subsections and Schedules in or to this Indenture unless otherwise specified. 
 ARTICLE II 
 THE NOTES 
 Section 2.01 Form. 
 The Notes, in each case together with the Indenture Trustee’s
certificate of authentication, shall be in substantially the forms set forth as Exhibits A-1, A-2, A-3, A-4 and , A-5 to this Indenture with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the appropriate Authorized
Officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
  

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 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 Authorized Officers executing such Notes, as evidenced by their execution of such Notes. 
 The terms of the Notes set forth in Exhibits A-1, A-2, A-3, A-4 and A-5 hereto are part of the terms of this Indenture. 
 Section 2.02 Execution, Authentication and Delivery. 
 The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile
signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or
did not hold such offices at the date of such Notes. 
 The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and
deliver for original issue the Class A Notes for original issue in an aggregate amount equal to the Initial Class A Principal Balance, Class B Notes for original issue in an aggregate amount equal to the Initial Class B Principal Balance,
Class C Notes for original issue in an aggregate amount equal to the Initial Class C Principal Balance, Class D Notes for original issue in an aggregate amount equal to the Initial Class D Principal Balance and the Class E Note for original issue in
an aggregate amount equal to the Initial Class E Principal Balance. 
 Each Note shall be dated the date of its authentication. The Notes
shall be issuable as registered Notes in the minimum denomination of $250,000 and in integral multiples of $1,000 in excess thereof. 
 No
Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee
by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 Section 2.03 Opinions of Counsel. 
 On the Closing Date, the Indenture Trustee shall have received: (i) an Opinion of Counsel, with respect to securities law matters; (ii) an Opinion of Counsel, with respect to the tax status of the arrangement created by this
Indenture; and (iii) an Opinion of Counsel to the Issuer, with respect to the due authorization, valid execution and delivery of this Indenture and with respect to its binding effect on the Issuer. 
  

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 ARTICLE III 
 COVENANTS; REPRESENTATIONS AND WARRANTIES 
 Section 3.01 Trust Accounts.

 The Servicer shall establish with the Indenture Trustee and cause to be maintained each of the Trust Accounts specified in
Section 7.01 of the Transfer and Servicing Agreement, and, in the case of the Swap Counterparty Collateral Account, the Issuer shall cause the Indenture Trustee to establish such account as provided in Section 3.27(d). The Indenture
Trustee shall ensure that each of the Trust Accounts is established and maintained as an Eligible Deposit Account with a Qualified Institution. If any institution with which any of the Trust Accounts established pursuant to subsection 7.01(a) of the
Transfer and Servicing Agreement are established ceases to be a Qualified Institution, the Servicer, or if the Servicer fails to do so, the Indenture Trustee (as the case may be) shall within ten (10) Business Days establish a replacement
account at a Qualified Institution after notice of such event. The Indenture Trustee shall make payments of principal of and interest on the Notes, subject to Section 3.03 and as provided in Section 3.05, from moneys on
deposit in the Note Distribution Account. 
 Section 3.02 Maintenance of Office or Agency. 
 The Issuer will maintain with the Indenture Trustee an office or agency where, subject to the satisfaction of conditions set forth herein, Notes may be
surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for
the foregoing purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency
or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee, and the Issuer hereby appoints the Indenture Trustee as its
agent to receive all such surrenders, notices and demands. 
 Section 3.03 Money for Payments to be Held in Trust.

 The Issuer hereby appoints the Indenture Trustee as Paying Agent for the payment of principal and interest on the Notes. As provided in
Section 3.01, all payments of amounts due and payable with respect to any Notes or Swaps that are to be made from amounts withdrawn from the Note Distribution Account pursuant to Section 3.01 shall be made on behalf of the
Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the Note Distribution Account for payments of Notes or any Swaps shall be paid over to the Issuer except as provided in this Section 3.03.

 The Issuer may at any time and from time to time vary or terminate the appointment of any such agent or appoint any additional agents for
any or all of such purposes; provided that (A) no Paying Agent shall be appointed in a jurisdiction that subjects payments on the Notes to withholding tax and (B) so long as any Notes are listed on the Irish Stock Exchange and the
rules 

  

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of such exchange so require, the Issuer will maintain in Ireland a Paying Agent and an office or agency where notices and demands to or upon the Issuer in
respect of such securities and this Indenture may be served and where such Notes may be surrendered for registration of transfer or exchange. The Issuer shall give prompt written notice to the Indenture Trustee, the Rating Agencies and the
Noteholders of the appointment or termination of any such agent and of the location and any change in the location of any such office or agency. 
 On or before the Business Day immediately preceding each Payment Date, Redemption Date or Repurchase Date, as the case may be, the Issuer shall deposit or cause to be deposited in the Note Distribution Account an aggregate sum sufficient to
pay the amounts then becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so
to act. 
 The Issuer will 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 3.03, that such Paying Agent will:

 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the
Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 
 (ii) give the Indenture Trustee notice of any Default by the Issuer (or any other obligor upon the Notes) in the making of any payment
required to be made with respect to the Notes or the Swaps; 
 (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 or the Swaps if at any time it ceases to meet the standards required to be met
by a Paying Agent at the time of its appointment; and 
 (v) comply (and, if such Paying Agent makes payments to a subsequent
paying agent, cause such payee to comply) with all requirements of the Code with respect to the withholding from any payments made by it (or such payee) on any Notes of any applicable withholding taxes imposed thereon and with respect to any
applicable reporting requirements in connection therewith. 
 The Issuer may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Issuer Order direct any 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. 
  

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 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 two (2) years after such amount has become due and payable shall be discharged from such trust and upon receipt of an Issuer
Request shall be deposited by the Indenture Trustee in the Collection Account; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Indenture Trustee or
such Paying Agent with respect to such trust money shall thereupon cease; provided that if such money or any portion thereof had been previously deposited by the Issuer with the Indenture Trustee for the payment of principal or interest on
the Notes; and provided further that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in an Authorized Newspaper, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to or for the account of the Issuer.
The Indenture Trustee may also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Notes have been called but
have not been surrendered for redemption or repurchase pursuant to Section 10.01 or Section 10.02, respectively, or whose right to or interest in moneys 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 3.04 Existence. 

 The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware
(unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other state or of the United States, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such
other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the other
Transaction Documents, the Indenture Collateral and each other instrument or agreement included in the Indenture Collateral. 
 Section 3.05 Payment of Principal and Interest. 
 The Issuer will duly and punctually pay (i) the principal
of and interest on the Notes in accordance with the terms of such Notes, this Indenture and the Transfer and Servicing Agreement and (ii) all amounts payable under the Swaps in accordance with the terms thereof, this Indenture and the Transfer
and Servicing Agreement. The Issuer will cause to be distributed on a Payment Date all amounts on deposit in the Note Distribution Account pursuant to the Transfer and Servicing Agreement for the benefit of the Notes, to the applicable Noteholders,
and for the benefit of the Swaps, to the applicable Swap Counterparties. Amounts properly withheld under the Code or any applicable state law by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having
been paid by the Issuer to such Noteholder for all purposes of this Indenture. 
  

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 Section 3.06 Protection of Indenture Collateral. 
 (a) The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders and Swap
Counterparties to be prior to all other liens in respect of the Indenture Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders and Swap
Counterparties, a first lien on and a first priority, perfected security interest in the Indenture Collateral. In connection therewith, pursuant to Section 2.07 of the Transfer and Servicing Agreement, the Issuer shall cause to be delivered
into the possession of the Indenture Trustee as pledgee hereunder, indorsed in blank, any “instruments” (within the meaning of the UCC), not constituting part of chattel paper, evidencing any Loan which is part of the Indenture Collateral
and all other portions of the Loan Files. The Indenture Trustee acknowledges and agrees that (i) it holds the Loan Assets delivered to it under the ACAS Transfer Agreement for the benefit of the Trust Depositor, (ii) it holds the Loan
Assets delivered to it under the Transfer and Serving Agreement for the benefit of the Trust, and (iii) it holds the Indenture Collateral delivered to it pursuant to this Indenture for the benefit of the Noteholders and Swap Counterparties. The
Indenture Trustee agrees to maintain continuous possession of such delivered instruments and the Loan Files as pledgee hereunder until this Indenture shall have terminated in accordance with its terms or until, pursuant to the terms hereof or of the
Transfer and Servicing Agreement, the Indenture Trustee is otherwise authorized to release such instrument from the Indenture Collateral. The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Servicer and delivered to the Issuer, and will take such other action necessary or advisable to: 
 (i) Grant more effectively all or any portion of the Indenture Collateral; 
 (ii) maintain or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more
effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of any Grant made or to be made
by this Indenture; 
 (iv) enforce any of the Indenture Collateral; 
 (v) preserve and defend title to the Indenture Collateral and the rights of the Indenture Trustee, the Noteholders and the Swap
Counterparties in such Indenture Collateral against the claims of all persons and parties; and 
 (vi) pay all taxes or
assessments levied or assessed upon the Indenture Collateral when due. The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute all financing statements, continuation statements or other instruments required to be
executed pursuant to this Section. In no event shall the Indenture Trustee be responsible for filing or maintaining such financing statements, continuation statements or other instruments, unless it shall have become the Successor Servicer.

  

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 (b) Except as otherwise provided in or permitted by the Transfer and Servicing Agreement or this
Indenture, the Indenture Trustee shall not remove any portion of the Indenture Collateral that consists of money or is evidenced by an instrument, certificate or other writing from the jurisdiction in which it was held at the date of the most recent
Opinion of Counsel delivered pursuant to Section 3.07 (or from the jurisdiction in which it was held as described in the Opinion of Counsel delivered at the Closing Date pursuant to Section 3.07(a), if no Opinion of Counsel
has yet been delivered pursuant to Section 3.07(b)) unless the Indenture Trustee shall have first received an Opinion of Counsel to the effect that the lien and security interest created by this Indenture with respect to such property
will continue to be maintained after giving effect to such action or actions. 
 Section 3.07 Opinions as to Indenture
Collateral. 
 (a) On or before the Closing Date, the Issuer shall furnish to the Indenture Trustee and Swap Counterparties an Opinion
of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the delivery of the Underlying Notes and any other requisite documents, and with respect to the execution and filing of any financing
statements and continuation statements, as are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is
necessary to make such lien and security interest effective. 
 (b) On or before December 31 in each calendar year, beginning in 2007,
the Servicer on behalf of the Issuer will furnish to the Indenture Trustee and Swap Counterparties an Opinion of Counsel at the expense of the Issuer either stating that, in the opinion of such counsel, such action has been taken with respect to any
other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as is necessary to maintain the perfection of the lien and security interest created by this Indenture and reciting the
details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien and security interest. Such Opinion of Counsel shall also describe any other requisite documents and the
execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until December 31 in the following calendar year.

 Section 3.08 Furnishing of Rule 144A Information. 
 The Issuer will furnish, upon the written request of any Noteholder or of any owner of a beneficial interest therein, such information as is specified in
paragraph (d)(4) of Rule 144A under the Securities Act (i) to such Noteholder or beneficial owner, (ii) to a prospective purchaser of such Note or interest therein who is a Qualified Institutional Buyer and a Qualified Purchaser designated
by such Noteholder or beneficial owner, or (iii) to the Indenture Trustee for delivery to such Noteholder, beneficial owner or prospective purchaser, in order to permit compliance by such Noteholder or beneficial owner with Rule 144A in
connection with the resale of such Note or beneficial interest therein by such Noteholder or beneficial owner in 

  

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reliance on Rule 144A unless, at the time of such request, the Issuer is subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act, or exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act. 
 Section 3.09 Performance of Obligations;
Servicing of Loans. 
 (a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by
others that would release any Person from any such Person’s material covenants or obligations under any instrument or agreement included in the Indenture 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 in either case as expressly provided in the Transaction Documents or such other instrument or agreement. 
 (b) The Issuer may contract with other Persons to assist it in performing its duties and obligations under this Indenture, and any performance of such
duties by a Person identified to the Indenture Trustee in an Officer’s Certificate shall be deemed to be action taken by the Issuer. The Indenture Trustee shall not be responsible for the action or inaction of the Servicer or the Administrator.
Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. 
 (c) The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the other Transaction Documents and in the instruments and agreements included in the Indenture Collateral, including but
not limited to filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Transfer and Servicing Agreement in accordance with and within the time periods
provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof without the consent of the Indenture Trustee, the
Required Holders and each Swap Counterparty. 
 (d) If the Issuer shall have knowledge of the occurrence of a Servicer Default, the Issuer
shall promptly notify in writing the Indenture Trustee, each Swap Counterparty and (for so long as any Class of Offered Notes is rated by any Rating Agency) each Rating Agency thereof. Upon any termination of the Servicer’s rights and powers
pursuant to the Transfer and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee and each Swap Counterparty in writing. As soon as a Successor Servicer is appointed, the Issuer shall notify in writing the Indenture Trustee,
each Swap Counterparty and the Rating Agencies of such appointment (to the extent such party has not already been notified pursuant to the Transfer and Servicing Agreement), specifying in such notice the name and address of such Successor Servicer.

 (e) The Issuer agrees that it will not waive timely performance or observance by the Servicer or the Originator of their respective duties
under the Transaction Documents if the effect thereof would adversely affect the Noteholders or the Swap Counterparties. 
  

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 Section 3.10 Negative Covenants. 
 So long as any Notes are Outstanding, the Issuer shall not: 
 (a) except as expressly permitted by the Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Indenture Collateral,
unless directed to do so by the Indenture Trustee; 
 (b) claim any credit on, or make any deduction from the principal or interest payable
in respect of, the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder or Swap Counterparty by reason of the payment of the taxes levied
or assessed upon any part of the Indenture Collateral; 
 (c)(i) challenge the validity or effectiveness of this Indenture, or permit the
lien created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person (other than the Indenture Trustee) to be released from any covenants or obligations with respect to this Indenture or the Notes
under this Indenture except as may be expressly permitted hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise
arise upon or burden the Indenture Collateral or any part thereof or any interest therein or the proceeds thereof (other than Permitted Liens), (iii) permit the lien created by this Indenture not to constitute a valid first priority (other than
with respect to any tax, mechanics’ or other lien) security interest in the Indenture Collateral, or (iv) amend, modify or fail to comply with the provisions of the Transaction Documents without the prior written consent of the Indenture
Trustee, except where the Transaction Documents allow for amendment or modification without the consent or approval of the Indenture Trustee; 
 (d) dissolve or liquidate in whole or in part; 
 (e) enter into agreements lacking “non-petition” or “limited
recourse” clauses; 
 (f) amend the “non-petition” or “limited recourse” clauses in any of the Transaction
Documents; or 
 (g) create any subsidiaries. 
 Section 3.11 Representations and Warranties Concerning the Loans. 
 The Issuer has pledged
to the Indenture Trustee for the benefit of the Noteholders and the Swap Counterparties all of its rights under the Transfer and Servicing Agreement and the Transfer Agreement and the Indenture Trustee has the benefit of the representations and
warranties made by the Trust Depositor and the Originator, respectively, in such documents concerning the Loans transferred into the Loan Assets and the right to enforce any remedy against the Originator and the Trust Depositor, as applicable,
provided in the Transfer and Servicing Agreement and the Transfer Agreement, to the same extent as though such representations and warranties were made directly to the Indenture Trustee. 
  

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 Section 3.12 Annual Statement as to Compliance. 
 The Issuer will deliver to the Indenture Trustee, the Swap Counterparties and the Rating Agencies, within ninety (90) days after the end of each
calendar year (commencing with the calendar year ending 2007), an Officer’s Certificate stating, as to the Person signing such Officer’s Certificate, that: 
 (i) a review of the activities of the Issuer during such year and of its performance under this Indenture has been made under such
Person’s supervision or direction; and 
 (ii) to the best of such Person’s knowledge, based on such review, the
Issuer has complied with all conditions and covenants under this Indenture throughout such year, or, if there has been such a default in its compliance with any such condition or covenant, specifying each such default known to such Person and the
nature and status thereof. 
 Section 3.13 Notices to the Irish Stock Exchange. 
 For so long as the Offered Notes are listed on the Irish Stock Exchange, the Issuer shall provide notice to the Irish Stock Exchange within 5 Business
Days of the occurrence of any of the following: 
 (a) any event, condition or occurrence which causes any material change to any information
provided in the Offering Memorandum in response to the disclosure requirements of the Irish Stock Exchange, which change causes the information in the Offering Memorandum to be inaccurate or omit anything likely to affect the import of such
information; 
 (b) any modification, amendment or supplement to this Indenture; or 
 (c) the Issuer shall merge or consolidate with or into any other Person or dispose of, in one or a series of transactions, all or substantially all of
its assets. 
 Section 3.14 [Reserved.] 
 Section 3.15 [Reserved.] 
 Section 3.16 Investment Company Act.

 The Issuer shall not become an “investment company” under the 1940 Act. 
 Section 3.17 Issuer May Consolidate, etc. Only on Certain Terms. 
 (a) The Issuer shall not consolidate or merge with or into any other Person, unless: 
 (i) the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing
under the laws of the United States or any State and shall expressly assume, by an indenture supplemental 

  

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hereto, executed and delivered to the Indenture Trustee and each Swap Counterparty, in form and substance satisfactory to the Indenture Trustee and the Swap
Counterparties, the due and punctual payment of the principal of and interest on all Notes and all amounts payable under the Swaps and the performance or observance of every agreement and covenant of this Indenture, the Swaps and each other
Transaction Document on the part of the Issuer to be performed or observed, all as provided herein and therein; 
 (ii)
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
 (iv) the Issuer
shall have received an Opinion of Counsel, which shall be delivered to and shall be satisfactory to the Indenture Trustee and the Swap Counterparties, to the effect that such transaction will not have any material adverse tax consequence to the
Trust, any Noteholder or any Swap Counterparty; 
 (v) any action as is necessary to maintain the lien and security interest
created by this Indenture shall have been taken; 
 (vi) the Issuer shall have delivered to the Indenture Trustee and each
Swap Counterparty an Officer’s Certificate and an Opinion of Counsel (which shall describe the actions taken as required by clause (v) above or that no such actions will be taken) each stating that such consolidation or merger and
such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filings required by the Exchange Act); and 
 (vii) the Person (if other than the Issuer) formed by or surviving such consolidation or merger has a net worth, immediately after such
consolidation or merger, that is (A) greater than zero and (B) not less than the net worth of the Issuer immediately prior to giving effect to such consolidation or merger. 
 (b) The Issuer shall not convey or transfer all or substantially all of its properties or assets, including those included in the Indenture Collateral,
to any Person (except as expressly permitted by the Transaction Documents), unless: 
 (i) the Person that acquires by
conveyance or transfer the properties and assets of the Issuer shall (A) be a United States citizen or a Person organized and existing under the laws of the United States or any State, (B) expressly assume, by an indenture supplemental
hereto, executed and delivered to the Indenture Trustee and each Swap Counterparty, in form and substance satisfactory to the Indenture Trustee and the Swap Counterparties, the due and punctual payment of the principal of and interest on all Notes,
the amounts payable under the Swaps, and the performance or observance of every agreement and covenant of this Indenture, the Swaps and each other Transaction Document on the part of the Issuer to be performed or observed, all as provided herein,
(C) expressly agree by means of such supplemental indenture that all right, title and 

  

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interest so conveyed or transferred shall be subject and subordinate to the rights of Noteholders and the Swap Counterparties and (D) unless otherwise
provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes; 
 (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
 (iv) the Issuer shall have received an Opinion of Counsel, which shall be delivered to and shall be satisfactory to the Indenture Trustee
and each Swap Counterparty, to the effect that such transaction will not have any material adverse tax consequence to the Trust, any Noteholder or any Swap Counterparty; 
 (v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; 
 (vi) the Issuer shall have delivered to the Indenture Trustee and each Swap Counterparty an Officer’s Certificate and an Opinion of
Counsel (which shall describe the actions taken as required by clause (v) above or that no such actions will be taken) each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and
that all conditions precedent herein provided for relating to such transaction have been complied with (including any filings required by the Exchange Act); and 
 (vii) the Issuer has a net worth, immediately after such conveyance or transfer, that is (A) greater than zero and (B) not less
than the net worth of the Issuer immediately prior to giving effect to such conveyance or transfer. 
 Section 3.18 Successor or
Transferee. 
 (a) Upon any consolidation or merger of the Issuer in accordance with Section 3.17, the Person formed by or
surviving such consolidation or merger (other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with same effect as if such Person has been named as the Issuer
herein. 
 (b) Upon a conveyance or transfer of all or substantially all of the assets or properties of the Issuer pursuant to
Section 3.17, the Issuer will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the
Indenture Trustee stating that the Issuer is to be so released. 
  

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 Section 3.19 No Other Business. 
 The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Loans, entering into Swaps and issuing the
Notes and Trust Certificate in the manner contemplated by this Indenture and the other Transaction Documents and activities incidental thereto. 
 Section 3.20 No Borrowing. 
 The Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
directly or indirectly, for any Indebtedness except for (i) the Notes, (ii) the Swaps and (iii) any other Indebtedness permitted by or arising under the other Transaction Documents. The proceeds of the Notes and the Trust Certificate
shall be used exclusively to fund the Issuer’s purchase of the Loans and the other assets specified in the Transfer and Servicing Agreement, to fund the Reserve Fund and to pay the transactional expenses of the Issuer. 
 Section 3.21 Notice of Events of Default. 
 The Issuer shall give the Indenture Trustee, each Swap Counterparty and each Rating Agency prompt written notice of each Event of Default hereunder and of a Servicer Default under the Transfer and Servicing Agreement.

 Section 3.22 Further Instruments and Acts. 
 Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purpose of this Indenture. 
 Section 3.23 Compliance with Laws. 

 The Issuer shall comply with all Requirements of Law, the non-compliance with which would, individually or in the aggregate, materially and
adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction Document. 
 Section 3.24 Amendments of Trust Agreement. 
 The Issuer shall not agree to any amendment to Section 11.01
of the Trust Agreement to eliminate the requirements thereunder that the Indenture Trustee, the Noteholders or the Swap Counterparties consent to amendments thereto as provided therein. 
 Section 3.25 Removal of Administrator. 
 So long as any Notes are issued and outstanding, the Issuer shall not remove the Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection with such removal. 
  

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 Section 3.26 Representations and Warranties of Issuer. 
 The Issuer represents and warrants as follows: 
 (a) Power and Authority. It has full power, authority and legal right to execute, deliver and perform its obligations as Issuer under this Indenture and the Notes (the foregoing documents, the “Issuer Documents”) and
under each of the other Transaction Documents to which the Issuer is a party. 
 (b) Due Authorization and Binding Obligation. The
execution and delivery of the Issuer Documents and the Transaction Documents to which the Issuer is a party, and the consummation of the transactions provided for therein have been duly authorized by all necessary action on its part. Each of the
Issuer Documents and the other Transaction Documents to which the Issuer is a party constitutes the legal, valid and binding obligation of the Issuer and is enforceable in accordance with its terms, except as enforcement of such terms may be limited
by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of equitable remedies. 
 (c) No Conflict. The execution and delivery of the Issuer Documents and the other Transaction Documents to which the Issuer is a party, the performance of the transactions contemplated thereby and the
fulfillment of the terms thereof will not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, any material indenture, contract, agreement,
mortgage, deed of trust, or other instrument to which the Issuer is a party or by which it or any of its property is bound. 
 (d) No
Violation. The execution and delivery of the Issuer Documents and the other Transaction Documents to which the Issuer is a party, the performance of the transactions contemplated thereby and the fulfillment of the terms thereof will not conflict
with or violate, in any material respect, any Requirements of Law applicable to the Issuer. 
 (e) All Consents Required. All
approvals, authorizations, consents, orders or other actions of any Person or any Governmental Authority required in connection with the execution and delivery of the Issuer Documents and the other Transaction Documents to which the Issuer is a
party, the performance of the transactions contemplated thereby and the fulfillment of the terms thereof have been obtained. 
 (f) No
Proceedings. No litigation or administrative proceeding of or before any court, tribunal or governmental body is currently pending, or to the knowledge of the Issuer, threatened, against the Issuer or any of its respective properties or with
respect to the Issuer Documents or any other Transaction Document to which the Issuer is a party that, if adversely determined, would have a material adverse effect on the business, properties, assets or condition (financial or otherwise) of the
Issuer or the transactions contemplated by the Issuer Documents or any of the other Transaction Documents to which the Issuer is a party. 
 (g) Organization and Good Standing. The Issuer is a statutory trust duly organized, validly existing and in good standing under the laws of Delaware and has the requisite power to own its assets and to transact the business in which
it is currently engaged, and had at all relevant times, and now has, all necessary power, authority and legal right to acquire, own and pledge the Indenture Collateral. 
  

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 (h) 1940 Act. The Issuer is not, and, upon giving effect to the transactions contemplated by the
Transaction Documents, will not be, an “investment company” within the meaning of the 1940 Act. 
 (i) Location. The Issuer
is located (within the meaning of Article 9 of the UCC) in Delaware. The Issuer agrees that it will not change its location (within the meaning of Article 9 of the UCC) without at least thirty (30) days prior written notice to the Originator,
the Servicer, the Indenture Trustee and (for so long as any Class of Offered Notes is rated by any Rating Agency) the Rating Agencies. 
 (j)
Security Interest in Collateral. 
 (i) This Indenture creates a valid, continuing and enforceable security interest
(as defined in the applicable UCC) in the Indenture Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors of and purchasers from
the Issuer; 
 (ii) such Indenture Collateral constitutes either a “general intangible,” an “instrument,”
an “account,” “investment property,” or “chattel paper,” within the meaning of the applicable UCC; 
 (iii) the Issuer owns and has good and marketable title to such Indenture Collateral free and clear of any Lien, claim or encumbrance of any Person (other than Permitted Liens); 
 (iv) the Issuer has received all consents and approvals required by the terms of the Indenture Collateral to the pledge of the Indenture
Collateral hereunder to the Indenture Trustee; 
 (v) the Issuer has caused the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions under Requirements of Law in order to perfect the security interest in such Indenture Collateral granted to the Indenture Trustee under this Indenture; 
 (vi) other than the security interest granted by the Issuer pursuant to this Indenture, the Issuer has not pledged, assigned, sold,
granted a security interest in or otherwise conveyed any of such Indenture Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering such
Indenture Collateral other than any financing statement (A) relating to the security interest granted by the Issuer under this Indenture, or (B) that has been terminated or for which a release or partial release has been filed. The Issuer
is not aware of the filing of any judgment or tax Lien filings against the Issuer; 
  

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 (vii) all original executed copies of each Underlying Note, if any, that constitute or
evidence the Indenture Collateral have been delivered to the Indenture Trustee; 
 (viii) the Issuer has received a written
acknowledgment from the Indenture Trustee that the Indenture Trustee or its bailee is holding the Underlying Notes, if any, that constitute or evidence the Indenture Collateral solely on behalf of and for the benefit of the Noteholders and the Swap
Counterparties; and 
 (ix) none of the Underlying Notes or, in the case of Noteless Loans, the Designated Loan Agreements,
that constitute or evidence the Indenture Collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Issuer and the Indenture Trustee. 
 The representations and warranties in Section 3.26(j) shall survive the termination of this Agreement and no breach of such representations
and warranties may be waived by any party hereto without the satisfaction of the Rating Agency Condition with respect thereto. The Indenture Trustee and the Issuer shall provide S&P with prompt written notice upon obtaining knowledge of any
breach of the representations and warranties set out in Section 3.26(j). 
 Section 3.27 Covenants of the Issuer
Relating to Swaps. 
 (a) As additional security hereunder, the Issuer hereby assigns to the Indenture Trustee, on behalf of the
Noteholders and the Swap Counterparty, all right, title and interest of the Issuer in each Swap, each Swap Transaction, and all present and future amounts payable by a Swap Counterparty to the Issuer in accordance with the terms of the respective
Swap and Swap Transaction(s) with that Swap Counterparty (“Swap Collateral”), and Grants a security interest to the Indenture Trustee, as agent for the Noteholders and the Swap Counterparty, in the Swap Collateral. The Issuer
acknowledges that, as a result of that assignment, the Issuer may not, without the prior written consent of the Indenture Trustee, exercise any rights under any Swap or Swap Transaction, except for the Issuer’s right under any Swap to enter
into Swap Transactions in order to meet the Issuer’s obligations under Section 3.27 hereof or except as otherwise contemplated in this Section 3.27 and in Section 5.17(h) of the Transfer and Servicing Agreement.
Nothing herein shall have the effect of releasing the Issuer from any of its obligations under any Swap or any Swap Transaction, nor be construed as requiring the consent of the Indenture Trustee, any Noteholder or any Swap Counterparty for the
performance by the Issuer of any such obligations. 
 (b) The Issuer hereby agrees to maintain a register of outstanding Swaps. Such register
shall contain the name and address of each Swap Counterparty. The Issuer shall provide such names and addresses to the Indenture Trustee, the Backup Servicer and each Rating Agency on a current basis. 
 (c) The Indenture Trustee shall, upon written notice from the Issuer, establish a single, segregated trust account which shall be designated as a Swap
Counterparty Collateral Account, which shall be held in trust in the name of the Indenture Trustee for the benefit of the Noteholders and the related Swap Counterparty and over which the Trustee shall have the 

  

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exclusive control and the sole right of withdrawal. The Indenture Trustee shall deposit all collateral received from the related Swap Counterparty under the
related Swap in such Swap Counterparty Collateral Account. Any and all funds at any time on deposit in, or otherwise to the credit of, such Swap Counterparty Collateral Account shall be held in trust by the Indenture Trustee for the benefit of the
Noteholders and the related Swap Counterparty. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, such Swap Counterparty Collateral Account shall be upon Issuer Order (i) for application to
obligations of the related Swap Counterparty to the Issuer under the related Swap if such Swap becomes subject to early termination or (ii) to return collateral to such Swap Counterparty when and as required by such Swap. The Indenture Trustee
shall be fully protected in relying upon such Issuer Order. Each Swap Counterparty Collateral Account shall be held in accordance with the terms of the related Swap. 
 Section 3.28 Grant of Substitute Loans. 
 In consideration of the delivery on each
Subsequent Transfer Date pursuant to and in accordance with the terms of Section 2.04 of the Transfer and Servicing Agreement, the Issuer grants to the Indenture Trustee a security interest in all of its right, title and interest in the Loans
transferred on such Subsequent Transfer Date and simultaneously with the transfer of the Substitute Loans to the extent of the availability thereof, the Issuer will cause the related Loan File to be delivered to the Indenture Trustee. 
 Section 3.29 Determination of Note Rate. 
 Until the Outstanding Principal Balance of each Class of Offered Notes has been reduced to zero, the Indenture Trustee shall determine LIBOR, the Class A Note Interest Rate, the Class B Note Interest Rate, the
Class C Note Interest Rate and the Class D Note Interest Rate for such Classes of Notes for each Interest Accrual Period as provided in Section 7.06 of the Transfer and Servicing Agreement and shall inform the Issuer, the Trust Depositor and
the Servicer at their respective email addresses given to the Indenture Trustee in writing thereof. Any such determination by the Indenture Trustee of the amount of interest distributable on the Offered Notes shall be binding on the parties absent
manifest error. 
 ARTICLE IV 
 THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE 
 Section 4.01 The Notes. 
 Certain of Offered Notes shall be registered initially in the name of Cede & Co. Beneficial Owners will hold interests in Offered Notes through
the book-entry facilities of the Depository in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. Subject to subsections 4.02(b), (p), (q) and (r), certain of the Class A
Notes, Class B Notes, Class C Notes, Class D Notes and the Class E Note shall be issued in such names and denominations as may be set forth on an Issuer Order delivered to the Indenture Trustee. 
  

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 The Notes shall, on original issue, be executed on behalf of the Issuer by the Owner Trustee, not in its
individual capacity but solely as Owner Trustee, authenticated by the Note Registrar and delivered by the Indenture Trustee to or upon the order of the Issuer. 
 Section 4.02 Registration of Transfer and Exchange of Notes. 
 (a) The Indenture Trustee
shall cause to be kept a Note Register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers and
exchanges of Notes as herein provided. The Indenture Trustee shall be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Note Register shall contain the name, remittance
instructions, Class of each Noteholder, as well as the Series and the number in the Series. 
 (b) Each Class of Notes shall be issued in
minimum denominations of $250,000 initial principal amount and integral multiples of $1,000 in excess thereof so that the sum of the denominations of all outstanding Notes of such Class shall equal the applicable Initial Class A Principal
Balance, the Initial Class B Principal Balance, the Initial Class C Principal Balance, the Initial Class D Principal Balance and the Initial Class E Principal Balance, respectively. On the Closing Date, the Indenture Trustee will execute and
authenticate (i) one or more Global Notes and/or (ii) Individual Notes all in an aggregate principal amount that shall equal the applicable Initial Class A Principal Balance, the applicable Initial Class B Principal Balance, the
applicable Initial Class C Principal Balance, the applicable Initial Class D Principal Balance and the applicable Initial Class E Principal Balance. 
 The Global Notes (i) shall be delivered by the Issuer to the Depository or, pursuant to the Depository’s instructions, shall be delivered by the Issuer on behalf of the Depository to and deposited with the
Depository Custodian, and in each case shall be registered in the name of Cede & Co. and (ii) with respect to the Rule 144A Global Notes, shall bear a legend substantially to the following effect: 
 “Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to
the Note Registrar 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 Global Notes may be deposited with such other Depository as the Issuer may from
time to time designate, and shall bear such legend as may be appropriate; provided that such successor Depository maintains a book-entry system that qualifies to be treated as “registered form” under Section 163(f)(3) of the
Code. 
 The Issuer and the Indenture Trustee are hereby authorized to execute and deliver a Letter of Representations with the Depository
relating to the Notes. 
  

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 (c) With respect to Notes registered in the Note Register in the name of Cede & Co., as nominee
of the Depository, the Issuer, the Servicer, the Owner Trustee (as such and in its individual capacity) and the Indenture Trustee shall have no responsibility or obligation to Direct or Indirect Participants or Beneficial Owners for which the
Depository holds Notes from time to time as a Depository. Without limiting the immediately preceding sentence, the Issuer, the Servicer, the Owner Trustee, (as such and in its individual capacity), and the Indenture Trustee shall have no
responsibility or obligation with respect to (a) the accuracy of the records of the Depository, Cede & Co., or any Direct or Indirect Participant with respect to the ownership interest in the Notes, (b) the delivery to any Direct
or Indirect Participant or any other Person, other than a registered Holder of a Note, (c) the payment to any Direct or Indirect Participant or any other Person, other than a registered Holder of a Note as shown in the Note Register, of any
amount with respect to any distribution of principal or interest on the Notes or (d) the making of book-entry transfers among Participants of the Depository with respect to Notes registered in the Note Register in the name of the nominee of the
Depository. No Person other than a registered Holder of a Note as shown in the Note Register shall receive a Note evidencing such Note. 
 (d) Upon delivery by the Depository to the Indenture Trustee of written notice to the effect that the Depository has determined to substitute a new nominee in place of Cede & Co., and subject to the provisions hereof with respect
to the payment of distributions by the mailing of checks or drafts to the registered Holders of Notes appearing as registered Owners in the Note Register on a Record Date, the name “Cede & Co.” in this Indenture shall refer
to such new nominee of the Depository. 
 (e) In the event that (i) the Depository or the Servicer advises the Indenture Trustee in
writing that the Depository is no longer willing or able to discharge properly its responsibilities as nominee and depository with respect to the Global Notes and the Servicer is unable to locate a qualified successor or (ii) the Servicer at
its sole option elects to terminate the book-entry system through the Depository, the Global Notes shall no longer be restricted to being registered in the Note Register in the name of Cede & Co. (or a successor nominee) as nominee of the
Depository. At that time, the Servicer may determine that the Global Notes shall be registered in the name of and deposited with a successor depository operating a global book-entry system, as may be acceptable to the Servicer, or such
depository’s agent or designee but, if the Servicer does not select such alternative global book-entry system, then upon surrender to the Note Registrar of the Global Notes by the Depository, accompanied by the registration instructions from
the Depository for registration, the Indenture Trustee shall at the Servicer’s expense authenticate Individual Notes. Neither the Servicer nor 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 Individual Notes, the Indenture Trustee, the Note Registrar, the Servicer, any Paying Agent and the Issuer shall recognize the Holders of the
Individual Notes as Noteholders hereunder. 
 (f) Notwithstanding any other provision of this Agreement to the contrary, so long as any
Global Notes are registered in the name of Cede & Co., as nominee of the Depository, all distributions of principal and interest on such Global Notes and all notices with respect to such Global Notes shall be made and given, respectively,
in the manner provided in the Letter of Representations. 
  

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 (g) Subject to the preceding paragraphs, upon surrender for registration of transfer of any Note at the
office of the Note Registrar and, upon satisfaction of the conditions set forth below, the Issuer shall execute in the name of the designated transferee or transferees, a new Note of the same Percentage Interest and dated the date of authentication
by the Indenture Trustee. The Note Registrar shall notify the Servicer and the Indenture Trustee of any such transfer. 
 At the option of
the Noteholders, Notes may be exchanged for other Notes in authorized denominations of a like Class, upon surrender of the Notes to be exchanged at such office. Whenever any Notes are so surrendered for exchange, the Issuer shall execute the Notes
which the Noteholder making the exchange is entitled to receive. Every Note presented or surrendered for transfer or exchange shall be accompanied by wiring instructions, if applicable, in the form of Exhibit C. 
 (h) No service charge shall be made for any transfer or exchange of Notes, but prior to transfer the Note Registrar may require payment by the transferor
of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Notes. 
 All
Notes surrendered for payment, transfer and exchange, redemption or repurchase shall be marked canceled by the Note Registrar and retained for one year and destroyed thereafter. 
 (i) By acceptance of an Individual Note, whether upon original issuance or subsequent transfer, each holder of such a Note acknowledges the restrictions
on the transfer of such Note set forth in the Securities Legend and agrees that it will transfer such a Note only as provided herein. In addition to the provisions of Section 4.02(n), the following restrictions shall apply with respect
to the transfer and registration of transfer of an Individual Note to a transferee that takes delivery in the form of an Individual Note: 
 (i) The Note Registrar shall register the transfer of an Individual Note if the requested transfer is being made to a transferee who has provided the Note Registrar with a Rule 144A Certification. 
 (ii) The Note Registrar shall register the transfer of any Individual Note if (x) the transferor has advised the Note Registrar in
writing that the Note is being transferred to an Institutional Accredited Investor who is a Qualified Purchaser; and (y) prior to the transfer the transferee furnishes to the Note Registrar a Transferee Letter; provided that, if based
upon an Opinion of Counsel to the effect that the delivery of (x) and (y) above are not sufficient to confirm that the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and other applicable laws, the Note Registrar may as a condition of the registration of any such transfer require the transferor to furnish other certifications, legal opinions or other information prior to
registering the transfer of an Individual Note. 
 (j) Subject to Section 4.02(n), so long as a Global Note remains outstanding
and is held by or on behalf of the Depository, transfers of beneficial interests in the Global Note, or 

  

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transfers by holders of Individual Notes to transferees that take delivery in the form of beneficial interests in the Global Note, may be made only in
accordance with this Section 4.02(j) and in accordance with the rules of the Depository. 
 (i) Rule 144A
Global Note to Regulation S Global Note During the Distribution Compliance Period. If, during the Distribution Compliance Period, a Beneficial Owner of an interest in a Rule 144A Global Note wishes at any time to transfer its beneficial interest
in such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such Beneficial Owner may, in addition to complying with all applicable rules and procedures of the
Depository and Clearstream or Euroclear applicable to transfers by their respective participants (the “Applicable Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in the
Regulation S Global Note only upon compliance with the provisions of this Section 4.02(j)(i). Upon receipt by the Note Registrar at its Corporate Trust Office of (1) written instructions given in accordance with the Applicable
Procedures from a Depository Participant directing the Note Registrar to credit or cause to be credited to another specified Depository Participant’s account a beneficial interest in the Regulation S Global Note in an amount equal to the
denomination of the beneficial interest in the Rule 144A Global Note to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Depository Participant (and the
Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Depository Participant to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit E hereto given by the
Beneficial Owner that is transferring such interest, the Note Registrar shall instruct the Depository to reduce the denomination of the Rule 144A Global Note by the denomination of the beneficial interest in the Rule 144A Global Note to be so
transferred and, concurrently with such reduction, to increase the denomination of the Regulation S Global Note by the denomination of the beneficial interest in the Rule 144A Global Note to be so transferred, and to credit or cause to be credited
to the account of the Person specified in such instructions (who shall be a Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case may be) a beneficial interest in the Regulation S Global Note having a
denomination equal to the amount by which the denomination of the Rule 144A Global Note was reduced upon such transfer. 
 (ii) Rule 144A Global Note to Regulation S Global Note After the Distribution Compliance Period. If, after the Distribution Compliance Period, a Beneficial Owner of an interest in a Rule 144A Global Note wishes at any time to
transfer its beneficial interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such holder may, in addition to complying with all Applicable
Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in a Regulation S Global Note only upon compliance with the provisions of this Section 4.02(j)(ii). Upon receipt by the Note
Registrar at its Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from a Depository Participant directing the Note Registrar to credit or cause to be credited to another specified Depository
Participant’s account a beneficial interest in the Regulation S Global 

  

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Note in an amount equal to the denomination of the beneficial interest in the Rule 144A Global Note to be transferred, (2) a written order given in
accordance with the Applicable Procedures containing information regarding the account of the Depository Participant (and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account, as the case
may be) to be credited with, and the account of the Depository Participant to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit F hereto given by the Beneficial Owner that is transferring such
interest, the Note Registrar shall instruct the Depository to reduce the denomination of the Rule 144A Global Note by the aggregate denomination of the beneficial interest in the Rule 144A Global Note to be so transferred and, concurrently with such
reduction, to increase the denomination of the Regulation S Global Note by the aggregate denomination of the beneficial interest in the Rule 144A Global Note to be so transferred, and to credit or cause to be credited to the account of the Person
specified in such instructions (who shall be a Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case may be) a beneficial interest in the Regulation S Global Note having a denomination equal to the amount
by which the denomination of the Rule 144A Global Note was reduced upon such transfer. 
 (iii) Regulation S Global Note to
Rule 144A Global Note. If the Beneficial Owner of an interest in a Regulation S Global Note wishes at any time to transfer its beneficial interest in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of a
beneficial interest in the Rule 144A Global Note, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in the Rule 144A Global Note
only upon compliance with the provisions of this Section 4.02(j)(iii). Upon receipt by the Note Registrar at its Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from a Depository
Participant directing the Note Registrar to credit or cause to be credited to another specified Depository Participant’s account a beneficial interest in the Rule 144A Global Note in an amount equal to the denomination of the beneficial
interest in the Regulation S Global Note to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Depository Participant to be credited with, and the account
of the Depository Participant (or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may be) to be debited for such beneficial interest, and (3) with respect to a transfer of a beneficial
interest in the Regulation S Global Note for a beneficial interest in the related Rule 144A Global Note (i) during the Distribution Compliance Period, a certificate in the form of Exhibit G hereto given by the Beneficial Owner, or
(ii) after the Distribution Compliance Period, a Rule 144A Certification from the transferee to the effect that such transferee is a Qualified Institutional Buyer who is a Qualified Purchaser, the Note Registrar shall instruct the Depository to
reduce the denomination of the Regulation S Global Note by the denomination of the beneficial interest in the Regulation S Global Note to be transferred, and, concurrently with such reduction, to increase the denomination of the Rule 144A Global
Note by the aggregate denomination of the beneficial interest in the Regulation S Global Note to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (who shall be a Depository
Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case may 

  

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be) a beneficial interest in the Rule 144A Global Note having a denomination equal to the amount by which the denomination of the Regulation S Global Note
was reduced upon such transfer. 
 (iv) Transfers Within Regulation S Global Notes During Distribution Compliance
Period. If, during the Distribution Compliance Period, the Beneficial Owner of an interest in a Regulation S Global Note wishes at any time to transfer its beneficial interest in such Trust Certificate to a Person who wishes to take delivery
thereof in the form of a Regulation S Global Note, such Beneficial Owner may transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Note only upon compliance with the provisions
of this Section 4.02(j)(iv) and all Applicable Procedures. Upon receipt by the Note Registrar at its Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from a Depository Participant
directing the Note Registrar to credit or cause to be credited to another specified Depository Participant’s account a beneficial interest in such Regulation S Global Note in an amount equal to the denomination of the beneficial interest to be
transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Depository Participant to be credited with, and the account of the Depository Participant (or, if such
account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may be) to be debited for, such beneficial interest and (3) a certificate in the form of Exhibit H hereto given by the transferor, the Note
Registrar shall instruct the Depository to credit or cause to be credited to the account of the Person specified in such instructions (who shall be a Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case
may be) a beneficial interest in the Regulation S Global Note having a denomination equal to the amount specified in such instructions by which the account to be debited was reduced upon such transfer. The Note Registrar shall not be required to
monitor compliance by Beneficial Owners of the provisions of this Section 4.02(j)(iv). 
 (k) Any and all transfers from a Global
Note to a transferee wishing to take delivery in the form of an Individual Note will require the transferee to take delivery subject to the restrictions on the transfer of such Individual Note described on the face of such Note, and such transferee
agrees that it will transfer such Individual Note only as provided therein and herein. No such transfer shall be made and the Note Registrar shall not register any such transfer unless such transfer is made in accordance with this
Section 4.02(k). 
 (i) Transfers of a beneficial interest in a Global Note to an Institutional Accredited
Investor who is a Qualified Purchaser will require delivery of such Note to the transferee in the form of an Individual Note and the Note Registrar shall register such transfer only if prior to the transfer such transferee furnishes to the Note
Registrar (1) a Transferee Letter to the effect that the transfer is being made to an Institutional Accredited Investor who is a Qualified Purchaser in accordance with an applicable exemption under the Securities Act, and (2) an Opinion of
Counsel acceptable to the Indenture Trustee that such transfer is in compliance with the Securities Act. 
 (ii) Transfers of
a beneficial interest in a Global Note to a Qualified Institutional Buyer who is a Qualified Purchaser or a Regulation S Investor wishing to 

  

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take delivery in the form of an Individual Note will be registered by the Note Registrar only upon compliance with the provisions of
Section 4.02(j) and if the Note Registrar is provided with a Rule 144A Certification or a Regulation S Transfer Certificate, as applicable. 
 (iii) Notwithstanding the foregoing, no transfer of a beneficial interest in a Regulation S Global Note to an Individual Note pursuant to subparagraph (B) above shall be made prior to the expiration of the
Distribution Compliance Period. Upon acceptance for exchange or transfer of a beneficial interest in a Global Note for an Individual Note, as provided herein, the Note Registrar shall endorse on the schedule affixed to the related Global Note
Registrar (or on a continuation of such schedule affixed to such Global Note Registrar and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and a decrease in the denomination of such Global Note Registrar
equal to the denomination of such Individual Note Registrar issued in exchange therefor or upon transfer thereof. Unless determined otherwise by the Company in accordance with applicable law, an Individual Note Registrar issued upon transfer of or
exchange for a beneficial interest in the Global Note Registrar shall bear the Securities Legend. 
 (l) Transfers of Individual Note to
the Global Notes. If a Holder of an Individual Note wishes at any time to transfer such Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Regulation S Global Note or the related Rule 144A
Global Note, such transfer may be effected only in accordance with the Applicable Procedures, and this Section 4.02(1). Upon receipt by the Note Registrar at the Corporate Trust Office of (1) the Individual Note to be transferred
with an assignment and transfer, (2) written instructions given in accordance with the Applicable Procedures from a Depository Participant directing the Note Registrar to credit or cause to be credited to another specified Depository
Participant’s account a beneficial interest in such Regulation S Global Note or such Rule 144A Global Note, as the case may be, in an amount equal to the denomination of the Individual Note to be so transferred, (3) a written order given
in accordance with the Applicable Procedures containing information regarding the account of the Depository Participant (and, in the case of any transfer pursuant to Regulation S, the Euroclear or Clearstream account, as the case may be) to be
credited with such beneficial interest, and (4) (x) if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Note, a certificate in the form of Exhibit H hereto, given by the Beneficial Owner that
is transferring such interest, or (y) a Transferee Letter from the transferee to the effect that such transferee is a Qualified Institutional Buyer who is a Qualified Purchaser, if delivery is to be taken in the form of a beneficial interest in
the Rule 144A Global Note, the Note Registrar shall cancel such Individual Note, execute and deliver a new Individual Note for the denomination of the Individual Note not so transferred, registered in the name of the Holder, and the Note Registrar
shall instruct the Depository to increase the denomination of the Regulation S Global Note or the Rule 144A Global Note, as the case may be, by the denomination of the Individual Note to be so transferred, and to credit or cause to be credited to
the account of the Person specified in such instructions (who, in the case of any increase in the Regulation S Global Note during the Distribution Compliance Period, shall be a Depository Participant acting for or on behalf of Euroclear or
Clearstream, or both, as the case may be) a corresponding denomination of the Rule I44A Global Note or the Regulation S Global Note, as the case may be. 
  

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 It is the intent of the foregoing that under no circumstances may an Institutional Accredited Investor
that is not a Qualified Institutional Buyer take delivery in the form of a beneficial interest in a Global Note. 
 (m) An exchange of a
beneficial interest in a Global Note for an Individual Note or Notes, an exchange of an Individual Note or Notes for a beneficial interest in a Global Note and an exchange of an Individual Note or Notes for another Individual Note or Notes (in each
case, whether or not such exchange is made in anticipation of subsequent transfer, and in the case of the Global Notes, so long as the Global Notes remain outstanding and are held by or on behalf of the Depository), may be made only in accordance
with this Section 4.02 and in accordance with the rules of the Depository and Applicable Procedures. 
 (n)(i) Upon acceptance for
exchange or transfer of an Individual Note for a beneficial interest in the Global Note as provided herein, the Note Registrar shall cancel such Individual Note and shall (or shall request the Depository to) endorse on the schedule affixed to the
applicable Global Note (or on a continuation of such schedule affixed to the Global Note and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and an increase in the Note balance of the Global Note equal
to the Note balance of such Individual Note exchanged or transferred therefor. 
 (ii) Upon acceptance for exchange or
transfer of a beneficial interest in the Global Note for an Individual Note as provided herein, the Note Registrar shall (or shall request the Depository to) endorse on the schedule affixed to the Global Note (or on a continuation of such schedule
affixed to the Global Note and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and a decrease in the Note balance of the Global Note equal to the Note balance of such Individual Note issued in exchange
therefor or upon transfer thereof. 
 (o) The Securities Legend shall be placed on any Individual Note issued in exchange for or upon
transfer of another Individual Note or of a beneficial interest in the Global Note. 
 (p) Subject to the restrictions on transfer and
exchange set forth in this Section 4.02, the holder of any Individual Note may transfer or exchange the same in whole or in part (in an initial Note balance equal to the minimum authorized denomination of $250,000 or any integral
multiple of $1,000 in excess thereof) by surrendering such Note at the Corporate Trust Office, or at the office of any transfer agent, together with an executed instrument of assignment and transfer satisfactory in form and substance to the Note
Registrar in the case of transfer and a written request for exchange in the case of exchange. The holder of a beneficial interest in a Global Note may, subject to the rules and procedures of the Depository, cause the Depository (or its nominee) to
notify the Note Registrar in writing of a request for transfer or exchange of such beneficial interest for an Individual Note or Notes. Following a proper request for transfer or exchange, the Note Registrar shall, within five (5) Business Days
of such request made at such Corporate Trust Office, cause the Indenture Trustee to authenticate and the Note Registrar to deliver at such Corporate Trust Office, to the transferee (in the case of transfer) or holder (in the case of exchange) or
send by first class mail at the risk of the transferee (in the case of transfer) or holder (in the case of exchange) to such address as the transferee or holder, as applicable, may request, an Individual Note or Notes, as the case may require, for a
like aggregate Percentage Interest and in such authorized denomination or denominations as may be requested. 
  

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 (q) No transfer of any Note shall be made unless such transfer is exempt from the registration
requirements of the Securities Act and any applicable state securities laws or is made in accordance with said Act and laws. No transfer of any Note shall be made if such transfer would require the Issuer to register as an “investment
company” under the 1940 Act. In the event of any such transfer, unless such transfer is made in reliance upon Rule 144A under the Securities Act or Regulation S under the Securities Act, (i) the Indenture Trustee may require a written
Opinion of Counsel (which may be in-house counsel) acceptable to and in form and substance reasonably satisfactory to the Indenture Trustee that such transfer may be made pursuant to an exemption, describing the applicable exemption and the basis
therefor, from said Act and laws or is being made pursuant to said Act and laws, which Opinion of Counsel shall not be an expense of the Indenture Trustee, the Issuer, or the Servicer and (ii) the Indenture Trustee shall require the transferee
to execute a Transferee Letter certifying to the Issuer and the Indenture Trustee the facts surrounding such transfer, which Transferee Letter shall not be an expense of the Indenture Trustee, the Issuer or the Servicer. The holder of a Note
desiring to effect such transfer shall, and by accepting a Note and the benefits of this Indenture does hereby agree to, indemnify the Indenture Trustee, the Issuer and the Servicer against any liability that may result if the transfer is not so
exempt or is not made in accordance with such federal and state laws. None of the Issuer, the Indenture Trustee or the Trust Depositor intends or is obligated to register or qualify any Note under the Securities Act or any state securities laws.

 (r) By acquiring a Class A Note, a Class B Note, a Class C Note or a Class D Note, each purchaser and transferee shall be deemed to
represent and warrant that either: (i) it is not, and is not directly or indirectly, acquiring or holding such Note or any interest therein, for, on behalf of or with any assets of, an “employee benefit plan” (as defined in
Section 3(3) of ERISA) or other arrangement that is subject to Title I of ERISA, or a “plan” described in and subject to Section 4975 of the Code (collectively, a “Plan”), or other plan or arrangement subject to
any federal, state or local laws or regulations that are substantively similar to the foregoing provisions of ERISA or the Code (“Similar Law”); or (ii) either (1) its acquisition and holding of such Note will not
constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code by reason of any of Section 408(b)(17) of ERISA or Section 4975(d)(20) of the Code, PTCE 96-23, PTCE 95-60, PTCE
91-38, PTCE 90-1, PTCE 84-14, each as amended, or an exemption similar to the foregoing exemptions, or (2) in the case of a plan or arrangement subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law.

 (s) Notwithstanding any other provision of this Agreement to the contrary, on the Closing Date, the Indenture Trustee shall authenticate
in the name of, and deliver to, the Trust Depositor, the Class E Note in the form of a single Individual Note in an aggregate principal amount equal to the Initial Class E Principal Balance. The Holder of the Class E Note and the Trust Certificate
shall initially be the Trust Depositor. No transfer, sale, pledge or other disposition of the Class E Note (a “Transfer”) shall be made unless (1) simultaneously with the Transfer a proportionate amount of Trust Certificates
are Transferred so that the ratio of the Percentage Interest of the Trust Certificates so Transferred to all Trust Certificates and the ratio of the Percentage Interest of the Class E Notes so Transferred to all Class E Notes are equal, (2)

  

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the Transfers of the Trust Certificates and Class E Notes referred to herein are made to the same Person and (3) the Percentage Interest of the Trust
Certificates and Class E Notes, respectively, so transferred is no less than ten (10%) percent. 
 (t) Any Class E Note may only be
owned by United States Persons (as defined in Section 7701(a)(30) of the Code). 
 (u) No Class E Note may be owned by any natural
Person. 
 (v) No Class E Note may be acquired or held, directly or indirectly, for, on behalf of or with any assets of, an “employee
benefit plan” (as defined in Section 3(3) of ERISA) or other arrangement that is subject to Title I of ERISA, or a “plan” described in and subject to Section 4975 of the Code, or Similar Law; however, a Class E Note may be
acquired and held by a plan that is not subject to Title I of ERISA or Section 4975 of the Code if its acquisition and holding of the Class E Note will not constitute or result in a violation of Similar Law. No transfer of a Class E Note
representing an Individual Note shall be made unless the Indenture Trustee shall have received a certification from the transferee of such Individual Note, acceptable to and in form and substance satisfactory to the Indenture Trustee and the Issuer,
to the effect that such transferee is acquiring a Class E Note in conformance with the requirements of the preceding sentence. Notwithstanding anything else to the contrary herein, in the event any purported transfer of any Class E Note representing
an Individual Note is made without delivery of the certification referred to above, such certification shall be deemed to have been made by the Transferee by its acceptance of such Individual Note. 
 (w) No transfer, sale, pledge or other disposition of a Class E Note shall be made if immediately after such transfer, sale, pledge or other disposition
the total number of Class E Noteholders would exceed ten; provided that this Section 4.02(w) shall not apply if the Issuer shall have received an opinion of nationally recognized tax counsel to the effect that (1) such
transfer will not cause the Issuer to be treated as a publicly traded partnership (within the meaning of Section 7704 of the Code) or (2) the Class E Note (as applicable) will be treated as debt for federal income tax purposes. 

Section 4.03 Mutilated, Destroyed, Lost or Stolen Notes. 
 Subject to UCC § 8-405, if (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of
notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer shall execute, and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) days shall be due and payable,
instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant
to the proviso to the preceding sentence, a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for 

  

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payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom
it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 
 Upon the issuance of any replacement Note under this Section 4.03, the Issuer may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 
 Every
replacement Note issued pursuant to this Section 4.03 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed,
lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section 4.03 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 4.04 Payment of Principal and Interest; Defaulted
Interest. 
 (a) The Notes shall accrue interest during each Interest Accrual Period on the basis of the actual number of days elapsed
during such Interest Accrual Period and a year assumed to consist of 360 days. Any installment of interest or principal payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to
the Person in whose name such Note is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Global Notes have been
issued pursuant to Section 4.02, with respect to Notes registered on the Record Date in the name of the nominee of the Depository (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately
available funds to the account designated by such Person and except for the final installment of principal payable with respect to such Note on a Payment Date or on the Legal Final Maturity Date (and except for the Redemption Date Amount for any
Notes called for redemption pursuant to Section 10.01 and the Repurchase Amount for any Notes called for repurchase pursuant to Section 10.02) which shall be payable as provided below. The funds represented by any such checks
returned undelivered shall be held in accordance with Section 3.03. 
 (b) The principal of each Note shall be payable in
installments on each Payment Date as provided in the Transfer and Servicing Agreement. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of
Default shall have occurred and be continuing, if the Indenture Trustee with the consent of the Required Holders have declared the Notes to be immediately due and payable in the manner provided in Section 5.02. All principal payments
among the Classes of 

  

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Notes shall be made in the order and priorities set forth herein and in the Transfer and Servicing Agreement, and all principal payments on the Notes of the
same Class shall be made pro rata to the Noteholders of such Class. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects
that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final installment will be payable only upon
presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in
Section 10.04. 
 (c) For so long as the Notes of any Class are listed on the Irish Stock Exchange and the rules of such exchange
shall so require, the Issuer will have a paying agent and transfer agent for such securities in Ireland, and payments on and transfers or exchanges of interests in such Notes (including partial interests therein) may be effected through such paying
and transfer agent (or any other paying and transfer agent); provided that all transfers and exchanges must be effected in accordance with this Indenture. In addition, for so long as the Notes of any Class are listed on the Irish Stock
Exchange and the rules of such exchange shall so require, in the case of a transfer or exchange of a physical instrument representing such security, a holder thereof may obtain a new physical instrument from the Paying Agent in Ireland in accordance
with this Indenture. 
 Section 4.05 Tax Treatment. 
 The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for federal, state and local income, business and
franchise tax purposes, (i) the Notes (other than the Class E Note) will qualify as indebtedness secured by the Indenture Collateral and (ii) the Issuer shall not be treated as an association, taxable mortgage pool or publicly traded
partnership taxable as a corporation. The Issuer, by entering into this Indenture, and each Noteholder (other than the Class E Noteholder), by the acceptance of any such Note (and each beneficial owner of a Note, by its acceptance of an interest in
the applicable Note), agree to treat such Notes for federal, state and local income and franchise tax purposes as indebtedness of the Issuer. Each Holder of such Note (other than the Class E Noteholder) agrees that it will cause any beneficial owner
of such Note acquiring an interest in a Note through it to comply with this Indenture as to treatment of indebtedness under applicable law, as described in this Section 4.05. The parties hereto agree that they shall not cause or permit
the making, as applicable, of any election under Treasury Regulation Section 301.7703-3 whereby the Issuer or any portion thereof would be treated as a corporation for federal income tax purposes and, except as required by the terms of this
Indenture, shall not file tax returns or obtain any federal employer identification number for the Issuer, but shall treat the Issuer as a security device or disregarded entity for federal income tax purposes. The provisions of this Indenture shall
be construed in furtherance of the foregoing intended tax treatment. 
 It is the intent of the Trust Depositor, the Servicer, the Class E
Noteholder and the Certificateholder that in the event (i) the Trust Certificate and the Class E Note are owned by one (1) Holder, for federal income tax purposes the Trust will be treated as a division of such Holder or be disregarded as
an entity separate from such Holder, and (ii) in the event that the Trust Certificate and/or the Class E Note are owned by more than one (1) Holder, the Trust will be treated as described in Section 2.11 of the Trust Agreement.

  

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 Section 4.06 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 3.01, 3.03, 3.04, 3.05, 3.07,
3.08, 3.10, 3.16, 3.18, 3.19, 3.21, 3.22, 4.05, 6.16, 6.17, 6.19 and 11.16 (v) the rights, obligations and immunities of the Indenture Trustee hereunder
(including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.07) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property
so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes, when 
 (A) any of the following has occurred: 
 (1) all Notes of such Series theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen
and that have been replaced or paid as provided in Section 4.03 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or
discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; 
 (2) all Notes not theretofore delivered to the Indenture Trustee for cancellation: 
 (i) have become due and
payable, or 
 (ii) will become due and payable at the Legal Final Maturity Date within one year, or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice
of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer; or 
 (3) if and only if the Trust
Depositor is the sole Holder of the Class E Note and the Class A Notes, Class B Notes, Class C Notes and Class D Notes have been paid in full, 
 and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States
(which will mature prior to the date such amounts are payable), in trust in 

  

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an Eligible Deposit Account (which shall be the Collection Account or Note Distribution Account) for such purpose, in an amount sufficient to pay and
discharge the entire indebtedness on such Note not theretofore delivered to the Indenture Trustee for cancellation when due to the final scheduled Payment Date, as the case may be; 
 (B) the Issuer has paid or performed or caused to be paid or performed all amounts and obligations which the Issuer may owe to or on
behalf of the Indenture Trustee for the benefit of the Noteholders under this Indenture or the Notes; and 
 (C) the Issuer
has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel and (if required by the Transfer and Servicing Agreement, as so stated in the Opinion of Counsel) an Independent Certificate from a firm of certified
public accountants, each meeting the applicable requirements of Section 11.01(a) and, subject to Section 11.02, stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this
Indenture with respect to the Notes have been complied with and the Rating Agency Condition has been satisfied. 
 This Indenture shall cease
to be of further effect with respect to each Swap when such Swap has been terminated and the Swap Counterparty has received all amounts it is entitled to receive upon such termination. 
 Section 4.07 Application of Trust Money. 
 All moneys deposited with the Indenture Trustee pursuant to Section 4.06 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment, redemption or repurchase of which such moneys have been deposited with the Indenture Trustee, of all sums
due and to become due thereon for principal and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Transfer and Servicing Agreement or required by law. 
 Section 4.08 Repayment of Moneys Held by Paying Agent. 
 In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with
respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.05 and thereupon such Paying Agent shall be released from all further liability with respect to such
moneys. 
  

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 ARTICLE V 
 REMEDIES 
 Section 5.01 Events of Default. 
 “Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) failure to pay on each Payment Date the full amount of accrued interest on any Note and such failure continues unremedied for two (2) Business
Days; 
 (b) failure to pay the then outstanding amounts of the Outstanding Principal Balance of the Class A Notes, the Class B Notes,
the Class C Notes or the Class D Notes, if any, by the Legal Final Maturity Date; 
 (c) failure to pay the Repurchase Price on any
Repurchase Date (unless such Optional Repurchase has been validly withdrawn in accordance with this Indenture and the Transfer and Servicing Agreement); 
 (d)(i) failure on the part of the Originator or the Servicer to make any payment or deposit required under the Transfer and Servicing Agreement within two (2) Business Days after the date the payment or deposit
is required to be made, or (ii) failure on the part of the Originator, the Trust Depositor, the Issuer or the Servicer to observe or perform any other covenants or agreements of such entity set forth in the Transfer and Servicing Agreement or
the Indenture, which failure has a material adverse effect on the Noteholders or the Swap Counterparties and continues unremedied for a period of thirty (30) days after the Originator, the Trust Depositor, the Issuer or the Servicer has actual
knowledge thereof or after such Person has received written notice thereof in accordance with Section 11.04; provided that no such thirty (30) day cure period shall apply in the case of a failure by the Originator to perform
its agreement to repurchase or substitute for Ineligible Loans; and provided further that only a five (5) day cure period shall apply in the case of a failure by the Originator, the Indenture Trustee or the Owner Trustee to observe their
respective covenants not to grant a security interest in or otherwise intentionally create a lien on the Loans; 
 (e) any representation,
warranty, certification or written statement made by the Originator, the Trust Depositor or the Servicer in the Transfer and Servicing Agreement or the Indenture or any information given by the Originator or the Trust Depositor to the Trust or the
Indenture Trustee to identify the Loans proves to have been incorrect when made, which has a material adverse effect on the Noteholders or the Swap Counterparties and continues to be incorrect for a period of thirty (30) days after the
Originator, the Trust Depositor, the Issuer or the Servicer has actual knowledge thereof or after such Person has received written notice thereof in accordance with Section 11.04; provided that an Event of Default shall not be
deemed to occur thereunder if the Originator has repurchased or substituted for the related Loans through the Trust Depositor during such period in accordance with the provisions of the Transfer and Servicing Agreement; 
  

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 (f) failure to comply with the transfer restrictions set forth in Section 4.02(w);

 (g) [Reserved]; 
 (h) the
Indenture Trustee, on behalf of the Noteholders and the Swap Counterparties, shall fail for any reason to have a valid and perfected first priority security interest in the Loans and the Collateral and such failure has a material adverse effect on
the Noteholders or the Swap Counterparties; 
 (i) the Originator or the Servicer agrees or consents to, or otherwise permits to occur, any
amendment, modification, change, supplement or rescission of or to the Credit and Collection Policy in whole or in part that could reasonably be expected to have a material adverse effect upon the Noteholders and the Swap Counterparties; 

(j) the occurrence of an Insolvency Event relating to the Trust Depositor, the Issuer or the Originator; or 
 (k) the Issuer or the Loan Pool becomes subject to registration as an “investment company” under the 1940 Act. 
 Section 5.02 Acceleration of Maturity; Rescission and Annulment. 
 If an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee or the Required Holders may declare the Notes to
be immediately due and payable, by a notice in writing to the Issuer and the Rating Agencies and each Swap Counterparty (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such Notes,
together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
 At any time
after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V; provided that the Required
Holders, by written notice to the Issuer and the Indenture Trustee and each Swap Counterparty, may rescind and annul such declaration and its consequences if: 
 (A) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay: 
 (i) all payments of principal of and interest on the Notes, all scheduled payments then due and payable under each Swap and all other
amounts that would then be due hereunder, upon the Notes and under each Swap if the Event of Default giving rise to such acceleration had not occurred; and 
  

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 (ii) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 
 (B) all Events
of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.13. 
 No such rescission or annulment shall affect any subsequent default or impair any right consequent thereto. No such rescission or annulment shall affect
a Swap or any Swap Transaction that has been terminated in accordance with the terms thereof. Any Swap in effect at the time of any declaration of acceleration of maturity shall remain in effect until such time as such declaration of acceleration of
maturity can no longer be rescinded or annulled under the terms of this Indenture and liquidation of the Collateral has begun. 
 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee; Authority of Indenture Trustee. 
 (a) The Issuer covenants that if the Notes are accelerated following the occurrence of an Event of Default, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Noteholders, the whole amount then due and
payable on such Notes for principal, interest and interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Note Interest Rate and
in addition thereto such further amount as shall be sufficient to cover costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
 (b) The Indenture Trustee, following the occurrence of an Event of Default, shall have full right, power and authority to take, or defer from taking, any
and all acts with respect to the administration, maintenance or disposition of the Indenture Collateral. 
 (c) If an Event of Default occurs
and is continuing, the Indenture Trustee may in its discretion (except as provided in Section 5.03(d), and shall, at the direction of the Required Holders), proceed to protect and enforce its rights and the rights of the Noteholders, by
such appropriate Proceedings as shall be deemed most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 
 (d)
Notwithstanding anything to the contrary contained in this Indenture, if an Event of Default shall have occurred and be continuing, and if the Issuer fails to perform its obligations under Section 10.01 or Section 10.02 when
and as due, the Indenture Trustee may in its discretion, and shall, at the direction of the Required Holders, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Indenture Trustee, or
the Required Holders, as the case may be, shall deem most effective to protect and enforce any such rights, whether for specific performance of any covenant or agreement in this 

  

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Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture
Trustee by this Indenture or by law; provided that the Indenture Trustee shall only be entitled to take any such actions to the extent such actions (i) are taken only to enforce the Issuer’s obligations to redeem the principal
amount of Notes, and (ii) are taken only against the Indenture Collateral, any investments therein and any proceeds thereof. 
 (e) In
case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Indenture Collateral, Proceedings under any Insolvency Law, or in case a receiver, assignee or
trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial
Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, 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, shall be entitled and empowered, by intervention in such Proceedings or
otherwise: 
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in
respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor
Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of
negligence or bad faith) and of the Noteholders allowed in such Proceedings in accordance with the written direction of a majority of the Noteholders; 
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings in
accordance with the written direction of a majority of the Noteholders; 
 (iii) to collect and receive any moneys or other
property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the 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 Noteholders allowed in any judicial proceedings relative to the Issuer, its creditors and its property; 
 and any trustee,
receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee, as administrative expenses associated with any such proceeding, and, in the
event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the 

  

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Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their
respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith. 

(f) 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. 
 (g) All rights of action, and of asserting
claims under this Indenture or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Noteholders. 
 (h) In any
Proceedings brought by the Indenture Trustee (including any Proceedings involving the interpretation of any provision of this Indenture), the Indenture Trustee shall be held to represent all of the Noteholders, and it shall not be necessary to make
any Noteholder a party to any such proceedings. 
 Section 5.04 Remedies. 
 If an Event of Default shall have occurred and be continuing, the Indenture Trustee (subject to Section 5.05) may, and shall if so directed by
the Required Holders in writing: 
 (i) institute Proceedings in its own name and as or on behalf of a trustee of an express
trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, and all amounts payable under the Transfer and Servicing Agreement, enforce any judgment obtained,
and collect from the Issuer and any other obligor upon such Notes moneys adjudged due; 
 (ii) institute Proceedings from time
to time for the complete or partial foreclosure of this Indenture with respect to the Indenture Collateral; 
 (iii) exercise
any remedies of a secured party under the UCC and any other remedy available to the Indenture Trustee and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee on behalf of the Noteholders under
this Indenture or the Notes; and 
 (iv) sell the Indenture Collateral or any portion thereof or rights or interest therein,
at one or more public or private sales called and conducted in any manner permitted by law; provided that the Indenture Trustee may not sell or otherwise liquidate 

  

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the Indenture Collateral following an Event of Default, other than an Event of Default described in Sections 5.01(a) or (b), unless
(A) the Holders of 100% of the Outstanding Amount of the Notes consent thereto (and, unless it shall be paid in full all amounts payable to each Swap Counterparty upon a termination of its Swap, each Swap Counterparty consents thereto),
(B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest, as applicable, all amounts senior in right of payment
to such principal and interest amounts as set forth in the Priority of Payments, and all amounts payable to each Swap Counterparty upon termination of the Swaps or (C) the Indenture Trustee determines that the Indenture Collateral will not
continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee provides prior written notice to each Rating
Agency and obtains the consent of the Holders of 100% of the Outstanding Amount of the Notes (and, unless it shall be paid in full all amounts payable to each Swap Counterparty upon a termination of its Swap, the consent of each Swap Counterparty).
In determining such sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the sufficiency of the Indenture Collateral for such purpose and shall in no event be liable for relying on such opinions; provided that upon the occurrence of an
Event of Default described in Section 5.01(j), resulting solely from an event described in such subparagraph occurring with respect to the Trust Depositor or the Issuer, the Indenture Collateral will be liquidated by the Indenture
Trustee, at the expense of the Trust, and the Trust will be terminated ninety (90) days after the date of such Insolvency Event, unless, before the end of such ninety (90) day period, the relevant Trustee shall have received written
instructions from the Required Holders, to the effect that such Required Holders disapprove of the liquidation of such Indenture Collateral and termination of such Trust. 
 Section 5.05 Optional Preservation of the Indenture Collateral. 
 Following an Event of
Default and if such Event of Default has not been rescinded and annulled, and except as otherwise provided above, the Indenture Trustee may, but need not, elect to maintain possession of the Indenture Collateral; provided that the Indenture
Trustee shall at all times maintain possession of the Indenture Collateral, consisting of “instruments” (within the meaning of the UCC), not constituting part of chattel paper (if any), evidencing any Loan that had previously been
delivered to the Indenture Trustee as part of the Indenture Collateral, unless and until such “instruments” are delivered in connection with a realization with respect to the Indenture Collateral in accordance with the terms of this
Indenture. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal and interest on the Notes and amounts due under the Swaps, and the Indenture Trustee shall take such
desire into account when determining whether or not to maintain possession of the Indenture Collateral. In determining whether to maintain possession of the Indenture Collateral, the Indenture Trustee may, but need not, obtain and conclusively rely
upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Indenture Collateral for such purpose. 
  

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 Section 5.06 Priorities. 
 (a) If the Indenture Trustee collects any money or property pursuant to this Article V, it shall pay out the money or property as set forth in
Section 7.05 of the Transfer and Servicing Agreement. 
 (b) The Indenture Trustee may fix a record date and Payment Date for any
payment to Noteholders pursuant to this Section 5.06. At least five (5) days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the Payment Date and the
amount to be paid. 
 Section 5.07 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 (and in all events subject to Section 11.16 hereof): 
 (i) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 
 (ii) the Holders of not less than 25% of the Outstanding Amount of the Notes have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;

 (iii) such Holder or Holders have offered to the Indenture Trustee indemnity satisfactory to it against the costs, expenses
and liabilities to be incurred in complying with such request; 
 (iv) the Indenture Trustee for sixty (60) days after
its receipt of such notice, request and offer of indemnity has failed to institute such Proceeding; and 
 (v) 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 Notes, voting together as a single class. 
 It is understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except in the manner herein provided.

 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of
Noteholders, each representing less than a majority of the Outstanding Amount of the Notes, the Indenture Trustee shall act at the direction of the group of Noteholders representing the greater percentage of the Outstanding Amount of the Notes.

  

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 Section 5.08 Unconditional Rights of Noteholders to Receive Principal and Interest. 

 Notwithstanding any other provisions in the 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 (or, in the case of redemption or repurchase, on or after the Redemption Date or the Repurchase
Date, as applicable) 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 5.09 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 Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.10 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. 
 Section 5.11 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 5.12 Control by Noteholders. 
 The Required Holders shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee (in all events subject to Section 6.02(f)); provided that: 
 (i) such direction shall not be in conflict with any rule of law or with any other provision of this Indenture; 
  

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 (ii) subject to the terms of Section 5.04, any direction to the Indenture
Trustee to sell or liquidate the Indenture Collateral shall be by the Noteholders representing not less than 100% of the Outstanding Amount of the Notes; 
 (iii) if the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Indenture Collateral pursuant to such Section, then any direction to the Indenture
Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Indenture Collateral shall be of no force and effect; and 
 (iv) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.

 Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee need not take any action
that it determines might involve it in liability or might materially and adversely affect the rights of any Noteholders not consenting to such action. 
 Section 5.13 Waiver of Past Defaults. 
 In the case of any waiver of an Event of Default,
the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto.
Upon any such waiver, such Event of Default shall cease to exist and 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 Event of Default or impair
any right consequent thereto. No such waiver shall affect a Swap or any Swap Transaction that has been terminated in accordance with the terms thereof. 
 Section 5.14 Undertaking for Costs. 
 All parties to this Indenture agree, and each Holder
of any Note by such Holder’s acceptance thereof and each Swap Counterparty by accepting the benefits hereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.14 shall not apply to (i) any suit instituted by the Indenture Trustee, (ii) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of
the Outstanding Amount of the Notes or (iii) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or,
in the case of redemption or repurchase, on or after the Redemption Date or Repurchase Date, as applicable). 
  

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 Section 5.15 Waiver of Stay or Extension Laws. 
 The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or
take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantages of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted. 
 Section 5.16 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, the Swap Counterparties or the Noteholders shall be impaired by the recovery of any
judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Indenture Collateral or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee
shall be applied in accordance with Section 5.06. 
 Section 5.17 Performance and Enforcement of Certain
Obligations. 
 (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the
Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Trust Depositor and the Servicer, as applicable, of each of their obligations to the Issuer under or in
connection with the Transfer Agreement and the Transfer and Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with
the Transfer Agreement and the Transfer and Servicing 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 Trust Depositor or the Servicer thereunder and the
institution of legal or administrative actions or proceedings to compel or secure performance by the Trust Depositor or the Servicer of each of their obligations under the Transfer Agreement and the Transfer and Servicing Agreement. 
 (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing,
including facsimile) of the Required Holders shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Trust Depositor or the Servicer under or in connection with the Transfer Agreement and the Transfer and
Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Trust Depositor or the Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice,
direction, approval, extension or waiver under the Transfer Agreement and the Transfer and Servicing Agreement, and any right of the Issuer to take such action shall be suspended. 
  

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 ARTICLE VI 
 THE INDENTURE TRUSTEE 
 Section 6.01 Duties of Indenture Trustee. 
 (a) On each Measurement Date following the Pre-Funding Period, the Indenture Trustee shall calculate the Portfolio Criteria and promptly report the
results of such calculations to the Servicer for inclusion in the Quarterly Report. In connection therewith: 
 (i) the
Servicer shall deliver to the Indenture Trustee four Business Days prior to each Measurement Date an electronic file in a form acceptable to the Indenture Trustee containing information sufficient for the Indenture Trustee to calculate the Portfolio
Criteria, and the Indenture Trustee shall be entitled to rely on any such information provided by the Servicer; 
 (ii) in the
performance of its duties hereunder, the Trustee may obtain ratings on items of Collateral from the Servicer and shall be protected in relying on any such rating so obtained; 
 (iii) unless otherwise specified, Portfolio Criteria calculations that evaluate to a percentage will be rounded to the nearest
one-hundredth; and 
 (iv) unless otherwise specifically provided herein, all calculations required to be made, and all
reports that are to be prepared, pursuant to this Indenture, shall be made on the basis of the settlement date for the acquisition, purchase, sale, disposition, liquidation or other transfer of an asset. 
 (b) 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 their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs with respect to the Indenture Collateral. 
 (c) Except during the continuance of an Event of Default: 
 (i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the
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 factual 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; however, the Indenture Trustee shall
examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture and the other Transaction Documents to which the Indenture Trustee is a party. 
  

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 (d) 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, except that: 
 (i) this paragraph does not limit the effect of
Section 6.01(c); 
 (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 Section 5.12. 
 (e) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to Sections 6.01(b), (c) and
(d). 
 (f) 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 or the Transfer and Servicing Agreement. 
 (g) No provision of this Indenture 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 indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
 (h) The Indenture Trustee shall
have no discretionary duties other than those explicitly set forth in this Indenture. 
 (i) Every provision of this Indenture relating to
the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this section and to the provisions of the TIA. 
 Section 6.02 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. 
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate (with
respect to factual matters) or an Opinion of Counsel, as applicable. 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 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. 
  

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 (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 and shall not be liable to the Noteholders for any action taken or omitted by it at the direction of the Issuer, the Servicer and/or the Noteholders under the circumstances in which
such direction is required or permitted by the terms of this Indenture or the Transfer and Servicing Agreement; provided 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 institute, conduct or defend any litigation under this Indenture or in relation to this
Indenture, at the request, order or direction of any of the Noteholders, pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred therein or thereby; provided that the Indenture Trustee shall, upon the occurrence of an Event of Default (that has not been cured), exercise the rights and powers vested in it by this Indenture
in a manner consistent with Section 6.01. 
 (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, consent, order, approval, bond or other paper or document, unless so requested in writing by the Noteholders evidencing not less than
25% of the Outstanding Amount of the Notes; provided that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture or the Transfer and Servicing Agreement, the Indenture Trustee may require indemnity satisfactory to it
against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person making such request, or, if paid by the Indenture Trustee, shall be reimbursed by the Person making
such request upon demand. 
 (h) The Indenture Trustee shall not be required to give any bond or surety in respect of the performance of its
powers and duties hereunder. 
 (i) The Indenture Trustee shall not be bound to ascertain or inquire as to the performance or observance of
any covenants, conditions or agreements on the part of the Issuer. 
 (j) The permissive rights of the Indenture Trustee to do things
enumerated in this Indenture shall not be construed as a duty and the Indenture Trustee shall not be answerable for other than its negligence or willful default. 
  

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 (k) Except for (i) a default under Sections 5.01(a) or (b) or (ii) any other
event of which a Responsible Officer of the Indenture Trustee has “actual knowledge” and which event, with the giving of notice or the passage of time or both, would constitute an Event of Default under this Indenture, the Indenture
Trustee shall not be deemed to have notice of any Event of Default or Servicer Default unless specifically notified in writing of such event by the Issuer or any Noteholder; as used herein, the term “actual knowledge” means the actual fact
or statement of knowing, by a Responsible Officer without any duty to make any investigation with regard thereto. 
 (l) In the event that
the Indenture Trustee is also acting as Paying Agent or Transfer Agent and Registrar hereunder, the rights and protections afforded to the Indenture Trustee pursuant to this Article VI shall also be afforded to such Paying Agent or Transfer
Agent or Registrar. 
 (m) In no event shall the Indenture Trustee be liable for the selection of Eligible Investments or for investment
losses incurred thereon. The Indenture Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any such investment prior to its stated maturity or the failure of the party directing such investment to provide
timely written investment direction. The Indenture Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction. 
 Section 6.03 Individual Rights of Indenture Trustee. 
 The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not
Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee is required to comply with Section 6.11. 
 Section 6.04 Indenture Trustee’s Disclaimer. 
 The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Indenture Collateral or the Notes, it shall not be accountable for the Issuer’s
use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s
certificate of authentication. 
 Section 6.05 Notice of Defaults or Events of Default. 
 If a Default or Event of Default occurs and is continuing and if it is actually known to a Responsible Officer of the Indenture Trustee, the Indenture
Trustee shall mail to each Noteholder and Swap Counterparty notice of the Default or Event of Default within sixty (60) days after it occurs. 
 Section 6.06 Reports by Indenture Trustee to Noteholders. 
 The Indenture Trustee shall deliver to each
Noteholder such information as may be required to enable such Holder to prepare its federal and state income tax returns. In addition, 

  

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upon the Issuer’s or a Holder’s written request, the Indenture Trustee shall promptly furnish information reasonably requested by the Issuer or
such Holder that is reasonably available to the Indenture Trustee to enable the Issuer or such Holder to perform its federal and state income tax reporting obligations. 
 Section 6.07 Compensation and Indemnity. 
 The Issuer shall pay or shall cause the
Administrator or Servicer to pay to the Indenture Trustee from time to time compensation for its services as Indenture Trustee and as Paying Agent (if the Indenture Trustee serves as such) in accordance with the terms of a separate fee letter
between the Issuer and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall or shall cause the Administrator or the Servicer to 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. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall indemnify or shall cause the Administrator or the Servicer to indemnify the Indenture Trustee against any and all loss, liability
or expense (including attorneys’ fees and expenses) incurred by it in connection with the administration of this Indenture and the performance of its duties hereunder, under the Transfer and Servicing Agreement and any other document or
transaction contemplated herewith or therewith or as a Paying Agent for the Issuer. The Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so
notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder. The Issuer shall defend or shall cause the Administrator or the Servicer to defend any such claim, and the Indenture Trustee may
have separate counsel and the Issuer shall pay or shall cause the Administrator or the Servicer to pay the fees and expenses of such counsel. Neither the Issuer nor the Administrator or the Servicer need reimburse any expense or indemnify against
any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. 
 The Issuer’s payment and indemnification obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture and the earlier removal or resignation of the Indenture
Trustee. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Sections 5.01(j) with respect to the Issuer, the expenses are intended to constitute expenses of administration under applicable Insolvency
Law. 
 Section 6.08 Replacement of Indenture Trustee. 
 The Indenture Trustee may resign at any time by so notifying the Issuer and the Servicer. The Issuer may remove the Indenture Trustee if: 
 (i) the Indenture Trustee fails to comply with Section 6.11; 
 (ii) a court having jurisdiction in the premises in respect of the Indenture Trustee in an involuntary case or proceeding under federal or
state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, 

  

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insolvency or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee,
conservator, sequestrator (or similar official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or ordering the winding-up or liquidation of the Indenture Trustee’s affairs, provided any such
decree or order shall have continued unstayed and in effect for a period of thirty (30) consecutive days; 
 (iii) the
Indenture Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator or other similar official for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or makes any
assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of the foregoing; or 
 (iv) the Indenture Trustee otherwise becomes incapable of acting. 
 If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee and shall provide prior written notice to S&P of such appointment. 
 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all of the rights, powers and duties of the Indenture Trustee under this Indenture. No successor Indenture Trustee shall
accept appointment as provided in this Section 6.08 unless at the time of such acceptance such Person shall be eligible under Section 6.11. The Issuer or the successor Indenture Trustee shall mail a notice of its succession
to the Noteholders and the Swap Counterparties (at their addresses shown in the register kept by the Issuer, and provided to the Indenture Trustee). The retiring Indenture Trustee shall promptly transfer, at the expense of the Issuer, all property
held by it as Indenture Trustee to the successor Indenture Trustee and shall execute and deliver such instruments and other documents as may reasonably be required to more fully and certainly vest and confirm in the successor Indenture Trustee all
such rights, duties, powers and obligations. 
 If a successor Indenture Trustee does not take office within sixty (60) days after the
retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee. 
 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of
competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
  

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 Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee
pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08 and payment of all fees and expenses owed to the outgoing
Indenture Trustee. Notwithstanding the replacement of the Indenture Trustee pursuant to this Section 6.08, the retiring Indenture Trustee shall be entitled to payment or reimbursement of such amounts as such Person is entitled pursuant
to Section 6.07. 
 Section 6.09 Successor Indenture Trustee by Merger. 
 If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee; provided that such corporation or banking association shall be otherwise
qualified and eligible under Section 6.11. The Indenture Trustee shall provide each Rating Agency and the Swap Counterparties prompt notice of any such transaction. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor Indenture Trustee, and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee;
and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 
 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
 (a) Notwithstanding any other provision of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any
pad of the Indenture Collateral may at the time be located, the Indenture Trustee and the Administrator acting jointly shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-Indenture Trustee
or co-Indenture Trustees, jointly with the Indenture Trustee, or separate Indenture Trustee or separate Indenture Trustees, of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the
Noteholders and the Swap Counterparties, such title to the Indenture Collateral, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the
Administrator may consider necessary or desirable. If the Administrator shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Indenture Trustee alone shall have the power to make
such appointment. No co-Indenture Trustee or separate Indenture Trustee hereunder shall be required to meet the terms of eligibility of a successor Indenture Trustee under Section 6.11 and no notice to Noteholders or Swap Counterparties
of the appointment of any co-Indenture Trustee or separate Indenture Trustee shall be required under Section 6.08. If the Indenture Trustee is incompetent or unqualified in any jurisdiction to perform as required by this Indenture, all
rights, 

  

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powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon such separate Indenture Trustee or
co-Indenture Trustee who shall exercise and perform such rights, powers, duties and obligations solely at the direction of the Indenture Trustee. 
 (b) Every separate Indenture Trustee and co-Indenture 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 Indenture Trustee or co-Indenture Trustee jointly (it being understood that such separate Indenture Trustee or co-Indenture 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 Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate Indenture Trustee or co-Indenture Trustee,
but solely at the direction of the Indenture Trustee; 
 (ii) no Indenture Trustee hereunder shall be personally liable by
reason of any act or omission of any other Indenture Trustee hereunder; and 
 (iii) the Indenture Trustee and the
Administrator may at any time accept the resignation of or remove any separate Indenture Trustee or co-Indenture 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 Indenture Trustees and co-Indenture Trustees, as effectively as if given to each of them. Every instrument appointing any
separate Indenture Trustee or co-Indenture Trustee shall refer to this Indenture and the conditions of this Article VI. Each separate Indenture Trustee and co-Indenture Trustee, upon its acceptance of the trusts conferred, shall be vested
with the estates or property specified in its instrument of co-appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all of 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 and a copy thereof given to the Administrator.

 (d) Any separate Indenture Trustee or co-Indenture 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 Agreement on its behalf and in its name. If any separate Indenture Trustee or co-Indenture 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 Indenture Trustee.
Notwithstanding anything to the contrary in this Indenture, the appointment of any separate Indenture Trustee or co-Indenture Trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture. 
  

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 Section 6.11 Eligibility. 
 The Indenture Trustee shall at all times satisfy the requirements of TIA §310(a). The Indenture Trustee hereunder shall at all times be a financial
institution organized and doing business under the laws of the United States or any state, authorized under such laws to exercise corporate trust powers, whose long term unsecured debt is rated at least Baa3 by Moody’s, BBB by S&P and BBB-
by Fitch (if rated by Fitch) and shall have a combined capital and surplus of at least $200,000,000 or shall be a member of a bank holding system the aggregate combined capital and surplus of which is $200,000,000 and subject to supervision or
examination by federal or state authority; provided that the Indenture Trustee’s separate capital and surplus shall at all times be at least the amount required by Section 310(a)(2) of the TIA. If such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of a supervising or examining authority, then for the purposes of this Section 6.11, the combined capital and surplus of such Person shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. In case at any time the Indenture Trustee shall cease to be eligible in accordance with the provisions of this Section 6.11, the Indenture Trustee
shall resign immediately in the manner and with the effect specified in Section 6.08. The Indenture Trustee shall comply with TIA §310(b); provided that there shall be excluded from the operation of TIA §310(b)(1) any
indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA §310(b)(1) are met. 
 Section 6.12 Preferential Collection of Claims Against Issuer. 
 The 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 in its individual capacity and as Indenture Trustee represents and warrants as follows: 
 (a) Organization and Corporate Power. It is a duly organized and validly existing national banking association in good standing under the laws of
each jurisdiction where its business so requires. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as Indenture Trustee under this Indenture and the Transfer and Servicing Agreement (the
foregoing documents, the “Indenture Trustee Documents”) and to authenticate the Notes. 
 (b) Due Authorization. The
execution and delivery of the Indenture Trustee Documents, the consummation of the transactions provided for therein and the authentication of the Notes have been duly authorized by all necessary corporate action on its part, either in its
individual capacity or as Indenture Trustee, as the case may be. 
 (c) No Conflict. The execution and delivery of the Indenture
Trustee Documents, the performance of the transactions contemplated thereby and the fulfillment of the terms thereof (including the authentication of the Notes) will not conflict with, result in any breach of any of the material terms and provisions
of, or constitute (with or without notice or lapse of time or 

  

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both) a default under, any indenture, contract, agreement, mortgage, deed of trust, or other instrument to which the Indenture Trustee is a party or by which
it or any of its property is bound. 
 (d) No Violation. The execution and delivery of the Indenture Trustee Documents, the
performance of the transactions contemplated thereby and the fulfillment of the terms thereof (including the authentication of the Notes) will not conflict with or violate, in any material respect, any Requirements of Law applicable to the Indenture
Trustee. 
 (e) All Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or any
Governmental Authority applicable to the Indenture Trustee, required in connection with the execution and delivery of the Indenture Trustee Documents, the performance by the Indenture Trustee of the transactions contemplated thereby and the
fulfillment by the Indenture Trustee of the terms thereof (including the authentication of the Notes), have been obtained. 
 (f)
Validity, Etc. Each Indenture Trustee Document constitutes a legal, valid and binding obligation of the Indenture Trustee, enforceable against the Indenture Trustee in accordance with its terms, except as such enforceability may be limited by
Insolvency Laws and except as such enforceability may be limited by general principles of equity, concepts of materiality and reasonableness (whether considered in a suit at law or in equity) or by an implied covenant of good faith and fair dealing.

 Section 6.14 Directions to Indenture Trustee. 
 The Indenture Trustee is hereby directed: 
 (i) to accept a collateral assignment of the Loans and hold the assets of the Indenture Collateral as security for the Noteholders and Swap Counterparties; 
 (ii) to authenticate and deliver the Notes substantially in the form prescribed by Exhibit A in accordance with the terms of this
Indenture; 
 (iii) to execute and deliver the Transaction Documents to which it is a party; and 
 (iv) to take all other actions as shall be required to be taken by the terms of this Indenture. 
 Section 6.15 Conflicts. 
 If a Default occurs and is continuing and the Indenture Trustee is deemed to have a “conflicting interest” (as defined in the TIA) as a result of acting as trustee for all of the Class A Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Note, the Issuer shall appoint a successor Indenture Trustee for the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes and a successor Indenture Trustee for the Class E Note so
that there will be separate Indenture Trustees for the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on the one hand, and for the Class E Note on the other hand. No such event shall alter the voting rights of the
Noteholders under this Indenture or under any of the other Transaction Documents. 
  

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 Section 6.16 Indenture Trustee’s Review of Loan Files. 
 The Indenture Trustee agrees, for the benefit of the Noteholders and the Swap Counterparties, to review the Loan Files as provided in Section 2.07 of
the Transfer and Servicing Agreement. 
 Section 6.17 Indenture Collateral; Related Documents. 
 (a) When instructed to do so by the Issuer or the Servicer, the Indenture Trustee 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 which are not inconsistent with the provisions of this Indenture or the Transfer and Servicing Agreement. No party relying upon an instrument
executed by the Indenture Trustee as provided in Article III or Article VI shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any
moneys. 
 (b) In order to facilitate the servicing of the Loans, the Indenture Trustee authorizes the Servicer in the name and on behalf of
the Indenture Trustee and the Issuer, to perform its respective duties and obligations under the Transfer and Servicing Agreement and the Indenture Trustee agrees to perform its obligations thereunder in accordance with the terms thereof.

 (c) The Indenture Trustee shall, at such time as there are no Notes Outstanding and after termination of all Swap Transactions then
outstanding under any Swaps then in effect and payment in full of all amounts payable to the Swap Counterparties, including Swap Breakage Costs, release all of the Indenture Collateral to the Issuer (other than any cash held for the payment of the
Notes or the Swaps pursuant to Section 3.03 or 4.06), subject; however, to the rights of the Indenture Trustee under Section 6.07. 
 Section 6.18 Amendments to Transfer and Servicing Agreement. 
 The Indenture Trustee may
enter into any amendment or supplement to the Transfer and Servicing Agreement only in accordance with Section 13.01 of the Transfer and Servicing Agreement. The Indenture Trustee may, in its reasonable discretion, decline to enter into or
consent to any such supplement or amendment if its own rights, duties or immunities shall be adversely affected in any material respect. 
 Section 6.19 Servicer as Agent and Bailee of Indenture Trustee. 
 (a) Solely for purposes of perfection under
Section 9-313 of the UCC or other similar applicable law, rule or regulation of the state in which such property is held by the Servicer, the Indenture Trustee hereby acknowledges that the Servicer is acting as agent and bailee of the Indenture
Trustee in holding amounts on deposit in the Collection Account pursuant to Section 7.01 of the Transfer and Servicing Agreement, as well as its agent and bailee in holding any documents released to the Servicer pursuant to the Transfer and
Servicing Agreement, and any other items constituting a part of the Indenture Collateral which from time to time come into the 

  

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possession of the Servicer. It is intended that, by the Servicer’s execution and delivery of the Transfer and Servicing Agreement, the Indenture
Trustee, as a secured party, will be deemed to have possession of such documents, such moneys and such other items for purposes of Section 9-313 of the UCC of the state in which such property is held by the Servicer. 
 (b) Solely for purposes of perfection under Section 9-313 of the UCC or other similar applicable law, rule or regulation of the state in which such
property is held by the Indenture Trustee, if the transfer of the Loans and the other assets in the Indenture Collateral by the Trust Depositor to the Issuer is deemed to be a loan, the Indenture Trustee hereby acknowledges it is acting as agent and
bailee of the Issuer in holding items constituting a part of the Indenture Collateral which from time to time come into the possession of the Indenture Trustee. 
 ARTICLE VII 
 NOTEHOLDERS’ LISTS AND REPORTS 
 Section 7.01 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. 
 The Issuer will furnish or cause to be furnished to the Indenture Trustee (i) not more than five (5) days after the earlier of (a) each
Record Date and (b) three (3) months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date and (ii) at such other times
as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten (10) days prior to the time such list is furnished;
provided that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 
 Section 7.02 Preservation of Information; Communication to Noteholders. 
 (a) The Indenture Trustee shall
preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of
Noteholders received by the Indenture Trustee in its capacity as Note Registrar and shall otherwise comply with TIA §312(a). The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of
a new list so furnished. 
 (b) Noteholders may communicate pursuant to TIA §312(b) with other Noteholders with respect to their rights
under this Indenture or under the Notes. 
 (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA
§312(c). 
 Section 7.03 Reports by Issuer. 
 (a) The Issuer shall: 
 (i)
file with the Indenture Trustee, within fifteen (15) days after the Issuer is required (if at all) to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
  

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 (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 Issuer with the conditions and covenants of this Indenture as may be required from time to time by such
rules and regulations; 
 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all
Noteholders described in TIA §313(c) and the Swap Counterparties) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this subsection
7.03(a) and by rules and regulations prescribed from time to time by the Commission. 
 (b) Unless the Issuer otherwise determines, the
fiscal year of the Issuer shall end on March 31 of each year. 
 Section 7.04 Reports by Indenture Trustee.

 (a) If required by TIA §313(a), within sixty (60) days after January 31 beginning with January 31, 2008, the
Indenture Trustee shall mail to each Noteholder as required by TIA §313(c) and each Swap Counterparty 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 each report at the time of its mailing to Noteholders and each Swap Counterparty shall be filed by the Issuer, or the Trust
Depositor on the Issuer’s behalf, with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee in writing if and when the Notes are listed on any stock exchange. 

The Indenture Trustee shall mail to each Noteholder within a reasonable period of time after the end of each calendar year, but in no event later than
February 28, commencing in February, 2008, a Form 1099 under the Code with respect to amounts paid to such Noteholder with respect to the Notes during the immediately preceding calendar year ending December 31. 
 (b) The Indenture Trustee shall forward by mail to each Noteholder and the Swap Counterparties the statements delivered to it pursuant to Article IX of
the Transfer and Servicing Agreement except for the Monthly Report and Quarterly Report. On each Payment Date, the Indenture Trustee will make available to the Noteholders, the Swap Counterparties and to the parties to the Transaction Documents and
the Rating Agencies, via the Indenture Trustee’s Internet website, each Quarterly Report and the results of each calculation of the Portfolio Criteria and, with the consent or at the direction of the Trust Depositor, such other information
regarding the Notes and/or the Loans as the Indenture Trustee may have in its possession, but only with the use of a password provided by the Indenture Trustee. In addition, the Indenture 

  

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Trustee will make available to the Noteholders, the Swap Counterparties and to the parties to the Transaction Documents and the Rating Agencies, via the
Indenture Trustee’s Internet website, each Monthly Report, but only with the use of a password provided by the Indenture Trustee. 
 The
Indenture Trustee’s Internet website shall be initially located at “www.CTSLink.com” or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders and the Swap Counterparties,
the parties to the Transaction Documents and the Rating Agencies. In connection with providing access to the Indenture Trustee’s Internet website, the Indenture Trustee may (other than with respect to the Swap Counterparties and the parties to
the Transaction Documents and the Rating Agencies) require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this Agreement. 
 Section 7.05 Reports to Irish Stock Exchange, Etc. 
 In the event of a change in the Indenture Trustee, any paying agent or any transfer agent in Ireland, the Issuer will cause notification thereof to be published in the Irish Stock Exchange’s Daily Official List
or as otherwise required by the rules of the Irish Stock Exchange. 
 ARTICLE VIII 
 ACCOUNTS, DISBURSEMENTS AND RELEASES 
 Section 8.01 Collection of Money. 
 Except as otherwise expressly provided herein, the Indenture Trustee may
demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this
Indenture and the Transfer and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any
payment or performance under any agreement or instrument that is part of the Indenture 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 8.02 Trust Accounts. 
 (a) On or prior to the Closing Date, the Issuer shall cause the Servicer and, in the case of the Swap Counterparty Collateral Account, the Indenture Trustee, to establish and maintain, with the Indenture Trustee and in the name of the
Indenture Trustee, for the benefit of the Noteholders, the Swap Counterparties, and the Certificateholders, the Trust Accounts as provided in Section 7.01 of the Transfer and Servicing Agreement. 
 (b) On or before each Payment Date, all amounts required to be disbursed to the Indenture Trustee with respect to the preceding Collection Period
pursuant to Section 7.01 of the Transfer and Servicing Agreement will be transferred from the Collection Account and/or the Reserve Fund and deposited by the Indenture Trustee upon receipt to the Note Distribution Account. 
  

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 (c) On each Determination Date, the Servicer shall instruct the Indenture Trustee in writing to withdraw,
and on the related Payment Date the Indenture Trustee shall withdraw, from the Interest Collection Account and the Reserve Fund all amounts (to the extent there are sufficient funds available) to make payments as provided in subsection 7.05(a) of
the Transfer and Servicing Agreement. 
 (d) [Reserved.] 
 (e) On each Determination Date, the Servicer shall instruct the Indenture Trustee in writing to withdraw, and on the related Payment Date the Indenture Trustee shall withdraw, from the Principal Collection Account all
amounts (to the extent there are sufficient funds available) to make payments as provided in subsection 7.05(b) of the Transfer and Servicing Agreement. 
 (f) If on any Payment Date, the aggregate amounts on deposit in the Collection Account and the Reserve Fund are greater than or equal to the sum of (i) the Aggregate Outstanding Principal Balance, (ii) the
interest accrued thereon, (iii) any accrued and unpaid Servicing Fee, (iv) unreimbursed Servicer Advances, (v) amounts owed to the Indenture Trustee, the Backup Servicer and the Owner Trustee, and (vi) amounts owed to the Swap
Counterparties, including Swap Breakage Costs, the amounts on deposit in the Reserve Fund will be deposited in the Collection Account and used to redeem the Notes in full. The redemption price will be equal to the unpaid principal amount of the
Notes plus accrued and unpaid interest through the date of redemption. It shall be a condition to any such redemption that all Swap Transactions then outstanding under any Swaps then in effect shall be terminated and all amounts payable to the Swap
Counterparties, including Swap Breakage Costs, shall be paid in full. 
 Section 8.03 General Provisions Regarding Accounts.

 (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust
Accounts (other than any Swap Counterparty Collateral Accounts) shall be invested in accordance with the provisions of Section 7.03 of the Transfer and Servicing Agreement. Except as otherwise provided in Section 7.03 of the Transfer and
Servicing Agreement, all income or other gain from investments of moneys deposited in such Trust Accounts (other than any Swap Counterparty Collateral Accounts) shall be deposited by the Indenture Trustee in the Collection Account, and any loss
resulting from such investments shall be charged to the related Trust Account. The Issuer will not direct the Indenture Trustee or permit the Servicer to make any investment of any funds or to sell any investment held in any of the Trust Accounts
unless the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the
Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 
  

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 (b) Subject to Section 6.01(d), the Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in any of the Trust 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 Indenture Trustee, in accordance with their terms. 
 (c) If (i) the Issuer or the Servicer shall have failed to give written investment directions for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be
agreed by the Issuer or the Servicer and Indenture Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable
pursuant to Section 5.02 or (iii) if such Notes shall have been declared due and payable following an Event of Default, but amounts collected or receivable from the Indenture Collateral are being applied in accordance with
Section 5.06 as if there had not been such a declaration, then the Indenture Trustee shall invest funds in the Trust Accounts in investments meeting the requirements of clause (vi) of the definition of Eligible Investment in
the Transfer and Servicing Agreement and shall promptly notify the Issuer. The Indenture Trustee shall have no responsibility for losses on investments made in accordance with this Section 8.03(c), and all income and losses shall be for
the account of the related Trust Account. 
 Section 8.04 Release of Indenture Collateral. 
 (a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions
of this Indenture or the Transfer and Servicing Agreement shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any moneys. 
 (b) The Indenture Trustee shall, at such time as
(i) there are no Notes Outstanding, (ii) all Swap Transactions then outstanding under any Swaps then in effect shall be terminated and all amounts payable to the Swap Counterparties, including Swap Breakage Costs, shall be paid in full,
and (iii) all sums due the Indenture Trustee pursuant to Section 6.07 have been paid, release any remaining portion of the Indenture Collateral that secured the Notes from the lien of this Indenture without representation, warranty
or recourse and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.04(b)
only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA as so stated in the Opinion of Counsel) Independent Certificates in accordance with TIA §§314(c) and
314(d)(1) and in each case meeting the applicable requirements of Section 11.01. 
  

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 Section 8.05 Opinion of Counsel. 
 Except for releases or conveyances effected or required pursuant to the Transaction Documents, the Indenture Trustee shall receive at least seven
(7) days prior written notice (or such lesser number of days as the Indenture Trustee may agree) when requested by the Issuer to take any action pursuant to Section 8.04(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 will not materially and adversely impair the security for the Notes or the Swaps or the rights of the Noteholders or the Swap
Counterparties in contravention of the provisions of this Indenture; provided that notwithstanding the foregoing, no Opinion of Counsel shall be required hereunder (i) to release the lien of this Indenture on any Collateral related to a
Loan that has been repaid in full or is otherwise released or required to be released pursuant to the Transaction Documents, (ii) to release the lien of this Indenture on any Collateral the interest of the Trust in which is created by a
subordinated lien in connection with the foreclosure of a senior lien that is a Permitted Lien or (iii) to release the lien of this Indenture on any Collateral the interest of the Trust in which is created by a senior lien (not subject to a
subordination agreement) if the value of such Collateral being released is less than 25% of the total value of the Collateral as of the date such Collateral became subject to the lien of this Indenture; provided further that such Opinion of
Counsel shall not be required to express an opinion as to the fair value of the Indenture 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. 
 ARTICLE IX 
 SUPPLEMENTAL INDENTURES 
 Section 9.01 Supplemental Indentures Without Consent of Noteholders. 
 Without the consent of the Holders of any
Notes, upon satisfaction of the Rating Agency Condition, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the TIA as in
force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
 (i) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien
created by this Indenture, or to subject to the lien created by this Indenture additional property; 
 (ii) to evidence the
succession, in compliance with the applicable provisions hereof, of another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 
  

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 (iii) to add to the covenants of the Issuer, for the benefit of the Noteholders, or to
surrender any right or power herein conferred upon the Issuer; 
 (iv) to convey, transfer, assign, mortgage or pledge any
property to or with the Indenture Trustee; 
 (v) to cure any ambiguity, to correct or supplement any provision herein or in
any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture or the Transaction Documents or to make any other provisions with respect to matters or questions arising under this Indenture or in
any supplemental indenture; 
 (vi) to evidence and provide for the acceptance of the appointment hereunder by a successor
Indenture 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 Indenture Trustee, pursuant to the
requirements of Article VI; 
 (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; 
 (viii) to make such amendments to this Indenture or the Notes (other than an amendment of the type described in
Section 9.02(i)-(viii)) as the Issuer and the Indenture Trustee, in their reasonable discretion, may deem necessary or advisable in order for the Offered Notes to qualify for or maintain their listing on the Irish Stock Exchange; 
 (ix) to evidence or implement any change to this Indenture required by regulations or guidelines enacted to support the USA PATRIOT Act;

 (x) to comply with any changes in the Code; or 
 (xi) to conform this Indenture to the Offering Memorandum. 
 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. Any amendment or
supplemental indenture entered into pursuant to this Section 9.01 shall not adversely affect the interests of the Noteholders in any material respect, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee. The consent
of each Swap Counterparty will be required unless the Trust obtains an opinion of counsel stating that the amendment does not adversely affect in any material respect the interests of the Swap Counterparties. 
 Section 9.02 Supplemental Indentures With Consent of Noteholders. 
 The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, subject to the satisfaction of the Rating Agency Condition, and with
the consent of the Required 

  

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Holders and each Swap Counterparty, by Act of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided that
no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note and each Swap Counterparty: 
 (i) reduce the amount or extend the time of payment of any amount owing or payable under any Note; 
 (ii) increase
or reduce the interest payable on any Note; 
 (iii) alter or modify the provisions of the Transfer and Servicing Agreement
with respect to the order of priorities in which Collections on the Loans shall be paid to Noteholders or with respect to the amount or timing of payments on the Notes; 
 (iv) reduce, modify or amend any indemnities in favor of any Noteholder or in favor of or to be paid by the Trust Depositor, or alter the
definition of the parties that are indemnified hereunder to exclude any Noteholder; 
 (v) make any interest or principal
payable in a currency other than U.S. dollars; 
 (vi) permit the creation of any Lien on the Loans senior to or on a parity
with the lien of the Indenture or permit the termination or derogation of the lien of the Indenture; 
 (vii) modify, amend or
supplement the provisions of the Transfer and Servicing Agreement relating to amendments, waivers and supplements to the Indenture, the Transfer and Servicing Agreement or any other document; or 
 (viii) modify the percentage of Noteholders required to make any modification of the Indenture or to direct the Indenture Trustee to sell
or liquidate the Loans; 
 provided that only the consent of the Holder of each Outstanding Note affected thereby shall be required for any decrease
in an amount of or the rate of interest payable on the Note or any extension for the time of payment of any amount payable under the Note or any reduction, modification or amendment of any indemnities in favor of such Noteholder or in favor of or to
be paid by the Trust Depositor, or the alteration of the definition of “indemnified parties” to exclude such Noteholder; provided further that Section 3.27 of this Indenture shall not be amended without the consent of
each Swap Counterparty. 
 Neither the Issuer, the Indenture Trustee nor any of their respective affiliates shall, directly or indirectly,
pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Note Owner for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture, the Transfer and Servicing
Agreement or the Notes unless such consideration is offered to be paid to all Note Owners that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 
  

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 It shall not be necessary for any Act of Noteholders, as herein defined, under this Section to approve
the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by the parties hereto of any supplemental indenture pursuant to this Section 9.02, the Indenture Trustee shall mail to the Swap Counterparties and to the Noteholders to which such amendment or
supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the
validity of any such supplemental indenture. 
 Section 9.03 Execution of Supplemental Indentures. 
 In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby
of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02 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, that all conditions precedent to the execution of such supplemental indenture have been met and that such actions shall not adversely affect the interests of the Noteholders in any
material respect. 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 9.04 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 parties hereto and the Noteholders shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all of the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes. 
 Section 9.05 [Reserved]. 
 Section 9.06 Reference in Notes to Supplemental Indentures. 
 Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the
Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new notes so modified as to conform, in the
opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
  

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 Section 9.07 Special Supplemental Agreement. 
 If any party to this Indenture is unable to sign any amendment or a supplement due to its dissolution, winding up or comparable circumstances, then the
consent of the Required Holders shall be sufficient to amend this Agreement without such party’s consent. 
 ARTICLE X 

REDEMPTION OF NOTES; OPTIONAL REPURCHASE 
 Section 10.01 Redemption. 
 (a) In the event that the assets of the Trust are sold pursuant to Section 9.02
of the Trust Agreement or Section 5.03(b) of this Indenture, the proceeds of such sale shall be distributed as provided in Section 5.06. If amounts are to be paid to Noteholders pursuant to this Section 10.01(a),
the Servicer or the Issuer shall, to the extent practicable, furnish written notice of such event to the Indenture Trustee and each Swap Counterparty not later than twenty (20) days prior to the Redemption Date whereupon all such amounts shall
be payable on the Redemption Date. It shall be a condition to any such redemption that all Swap Transactions then outstanding under any Swaps then in effect shall be terminated and all amounts payable to the Swap Counterparties, including Swap
Breakage Costs, shall be paid in full on the Redemption Date. 
 (b) In the event that on any Payment Date, the aggregate amounts on deposit
in the Collection Account and the Reserve Fund are greater than or equal to the sum of: 
 (i) the Aggregate Outstanding
Principal Balance of the Notes; 
 (ii) the interest accrued thereon; 
 (iii) amounts owed to the Swap Counterparties, including Swap Breakage Costs; 
 (iv) any amounts owed to the Indenture Trustee, the Backup Servicer and the Owner Trustee; 
 (v) any accrued and unpaid Servicing Fee; and 
 (vi) unreimbursed Servicer Advances, 
 the
Notes shall be redeemed in whole, but not in part, for a price equal to the Redemption Date Amount. The Redemption Date Amount shall be paid from amounts on deposit in the Reserve Fund that will be deposited by the Indenture Trustee into the
Collection Account on the related Redemption Date. If amounts are to be paid to Noteholders pursuant to this Section 10.01(b), the Servicer or the Issuer shall, to the extent practicable, furnish written notice of such event to the

  

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Indenture Trustee and to the Swap Counterparties not later than twenty (20) days prior to the Redemption Date whereupon all such amounts shall be
payable on the Redemption Date. It shall be a condition to any such redemption that all Swap Transactions then outstanding under any Swaps then in effect shall be terminated and all amounts payable to the Swap Counterparties, including Swap Breakage
Costs, shall be paid in full on the Redemption Date. 
 (c) The Notes to be redeemed shall, following notice of redemption (if any) as
required by Section 10.04, on the Redemption Date become due and payable at the Redemption Date Amount and (unless the Issuer shall default in the payment of the Redemption Date Amount) no interest shall accrue on the Redemption Date
Amount for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Date Amount. 
 Section 10.02 Optional Repurchase. 
 (a) At any time during the Call Period, the Holder of the Class E Note may
direct the Issuer to repurchase the Notes in whole, but not in part, on any Payment Date after the Holder of the Class E Note provides notice to the Issuer and the Indenture Trustee of its election to cause the Issuer to repurchase the Notes. The
Holder of the Class E Note may exercise its option to cause the Issuer to repurchase Notes pursuant to said Section 10.01 by directing the Issuer to deposit in full in the Note Distribution Account an amount equal to the Repurchase
Price. If the Notes are to be repurchased pursuant to this Section 10.02, the Holder of the Class E Note or the Issuer shall furnish the Indenture Trustee and the Rating Agencies notice of such repurchase no later than ten days prior to
the proposed Repurchase Date and the Issuer shall deposit with the Indenture Trustee in the Note Distribution Account the Repurchase Price of the Notes to be repurchased and all Swap Transactions then outstanding under any Swaps then in effect shall
be terminated and all amounts payable to the Swap Counterparties, including Swap Breakage Costs, shall be paid in full on the Repurchase Date (provided that the Issuer shall not permit any Swap Transaction to terminate until such time as the
Optional Repurchase is irrevocable), and all such Notes shall be due and payable on the Repurchase Date upon the furnishing of a notice complying with Section 10.04 to each Noteholder. 
 (b) The Notes to be repurchased shall, following notice of repurchase as required by Section 10.04, on the Repurchase Date become due and
payable at the Repurchase Price (unless notice of such Optional Repurchase has been withdrawn in accordance with Section 10.04) and (unless the Issuer shall default in the payment of the Repurchase Price) no interest shall accrue on the
Repurchase Price for any period after the date to which accrued interest is calculated for purposes of calculating the Repurchase Price. Following the repurchase in whole of the Offered Notes, the Class E Note will be repurchased in whole whether or
not any amounts are available to the Issuer for distribution to the Holder of the Class E Note in connection with such repurchase. 
  

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 Section 10.03 [Reserved] 
 Section 10.04 Form of Redemption Notice and Optional Repurchase Notice. 
 (a) Notice of redemption or repurchase under Section 10.01 or Section 10.02, as applicable, shall be given by the Indenture
Trustee by facsimile, overnight courier or by first-class mail, postage prepaid, transmitted or mailed not less than five (5) days prior to the applicable Redemption Date or Repurchase Date to each Swap Counterparty and to each Noteholder, as
of the close of business on the Record Date preceding the applicable Repurchase Date, at such Holder’s address appearing in the Note Register. 
 All notices of redemption or repurchase shall state: 
 (i) the Redemption Date or Repurchase Date, as applicable;

 (ii) the Redemption Date Amount or Repurchase Price, as applicable; 
 (iii) that the Record Date otherwise applicable to such Redemption Date or Repurchase Date, as applicable, is not applicable and that
payments shall be made only upon presentation and surrender of such Notes and the place where such Notes are to be surrendered for payment of the Redemption Date Amount or Repurchase Price, as applicable (which shall be the office or agency of the
Issuer to be maintained as provided in Section 3.02); and 
 (iv) that interest on the Notes shall cease to accrue
on the Redemption Date or Repurchase Date, as applicable. 
 The Issuer or the Servicer will have the option to withdraw any notice of
Optional Repurchase at any time prior to the scheduled Repurchase Date by written notice to the Indenture Trustee, the Servicer, the Owner Trustee and the Rating Agencies delivered at least two Business Days prior to the proposed Repurchase Date. A
withdrawal of such notice of Optional Repurchase or the inability of the Issuer to complete Optional Repurchase of the Offered Notes will not constitute an Event of Default. 
 (b) Notice of redemption or repurchase of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give
notice of repurchase, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption or repurchase of any other Note. 
 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.01 Compliance Certificates and Opinions, etc. 
 (a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s
Certificate stating that all conditions precedent, if any, provided for in this Indenture 

  

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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 as so stated in the Opinion of Counsel) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section and
TIA §§314(c) and 314(d)(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 with respect to compliance with a condition or covenant provided for in this Indenture shall
include: 
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant
or condition and the definitions herein relating thereto; 
 (ii) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition
has been complied with; and 
 (iv) a statement as to whether, in the opinion of each such signatory, such condition or
covenant has been complied with. 
 (b)(i) Prior to the deposit of any Indenture Collateral or other property or securities with the
Indenture Trustee that is to be made the basis for authentication and delivery of the Notes or the release of any property subject to the lien created by this Indenture, the Issuer shall, in addition to any obligation imposed in
Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of the signer thereof as to the fair value (within ninety (90) days of such deposit)
to the Issuer of the Indenture Collateral or other property or securities to be so deposited. 
 (ii) Whenever the Issuer 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 (i) above, the Issuer shall also deliver to the Indenture Trustee an
Independent Certificate as to the named matters, if the fair value to the Issuer of the property to be so deposited and of all other such property made the basis of any such withdrawal or release since the commencement of the then current fiscal
year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to
any property so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 
  

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 (iii) Other than with respect to any release described in clause (A) or
(B) of Section 11.01(b)(iv), whenever any property or securities are to be released from the lien created by this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or
stating the opinion of each person signing such certificate as to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release
will not impair the security created by this Indenture in contravention of the provisions hereof. 
 (iv) Notwithstanding any
other provision of this Indenture, the Issuer may, without compliance with the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of the Loans as and to the extent permitted or required by the Transaction
Documents, or (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents. 
 Section 11.02 Form of Documents Delivered to Indenture Trustee. 
 In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion with respect to some matters and one or more other such Person as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Originator or
the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Originator or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two
(2) or more applications, requests, consents, certificates, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall
deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such
certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to conclusively rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article
VI. 
  

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 Section 11.03 Acts of Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by the
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall
become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “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 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 
 (b) The fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 
 (d) Any request, demand, authorization,
direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be
done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 Section 11.04 Notices. 
 All notices, demands, certificates, requests and communications hereunder
(“notices”) shall be in writing and shall be effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of
delivery indicated on the return receipt, or (b) one (1) Business Day after delivery to an overnight courier, or (c) on the date personally delivered to, with respect to the Indenture Trustee, a Responsible Officer or an Authorized
Officer of any other party to which sent, or (d) on the date transmitted by legible telecopier transmission with a confirmation of receipt, in all cases addressed to the recipient at the address specified in the Transfer and Servicing Agreement
for such recipient. 
 Each party hereto may, by notice given in accordance herewith to each of the other parties hereto, designate any
further or different address to which subsequent notices shall be sent. 
 Any notices and financial statements delivered by the Issuer to
the Indenture Trustee pursuant to the terms hereof shall also be delivered by the Issuer to the Swap Counterparty. 
  

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 Section 11.05 Notices to Noteholders; Waiver. 
 Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of
such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other
Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 
 Where
this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by
Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient
giving of such notice. 
 Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any
other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 
 Section 11.06 Alternate Payment and Notice Provisions. 
 Notwithstanding any provisions of this Indenture or any
of the Notes to the contrary, the Issuer may enter into any agreement, with the consent of any Paying Agent, including the Indenture Trustee if acting as Paying Agent, and the consent of the Indenture Trustee with any Holder of a Note providing for
a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of
each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 
 Section 11.07 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 11.08 Successors and Assigns.

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

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 Section 11.09 Separability. 
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
 Section 11.10 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 the Noteholders, and any other party secured hereunder (including the Swap Counterparties), and any other Person with an ownership interest in any part of the Indenture Collateral, any benefit or any legal or equitable
right, remedy or claim under this Indenture. 
 Section 11.11 Legal Holidays. 
 In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this
Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such
nominal date. 
 Section 11.12 Governing Law; Venue. 
 (a) THIS INDENTURE, INCLUDING THE RIGHTS, DUTIES AND REMEDIES OF THE PARTIES HERETO, SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). 
 (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS INDENTURE. EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS INDENTURE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.12(b). 
 (c) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW
YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH SUCH PARTY IRREVOCABLY WAIVES ANY OBJECTION, 

  

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INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. 
 Section 11.13
Counterparts. 
 This Indenture may be executed in several counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument. 
 Section 11.14 Recording of Indenture. 
 If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense
accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or
any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
 Section 11.15 Trust Obligation. 
 No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee
in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 
 Wilmington Trust Company acts solely as Owner Trustee of the Trust hereunder and not in its individual capacity, and all Persons having any claim against the Trust by reason of the transactions contemplated by this
Agreement or any other Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and
enforceability of any Loan, or the perfection and priority of any security interest created by any Loan in any Indenture Collateral or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate
or its ability to generate the payments to be distributed to the Noteholders hereunder, including, without limitation, the existence, condition and ownership of 

  

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any Indenture Collateral; the existence and enforceability of any insurance thereon; the existence and contents of any Loan on any computer or other record
thereof; the validity of the assignment of any Loan to the Trust or of any intervening assignment; the completeness of any Loan; the performance or enforcement of any Loan; the compliance by the Issuer, the Trust Depositor or the Servicer with any
covenant, agreement or other obligation or any warranty or representation made under any Transaction Document or in any related document or the accuracy of any such warranty or representation; or any action of the Administrator, the Indenture
Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee or the Trust. 
 Section 11.16 No Petition.

 Each of the parties hereto (and each Noteholder by accepting an interest in a Note) covenants and agrees that, prior to the date that
is one (1) year and one (1) day or, if longer, the then-applicable preference period after the payment in full of each Class of Notes rated by any Rating Agency, it will not institute against the Trust Depositor or the Issuer or join any
other Person in instituting against the Trust Depositor or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under the laws of the United States or any state of the United
States; provided that nothing herein shall prohibit the Indenture Trustee from filing proofs of claim or otherwise participating in any such proceedings instituted by any other Person. This Section 11.16 will survive the
termination of this Indenture. 
 Section 11.17 Inspection. 
 The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee or the Backup Servicer during the
Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by independent certified public accountants, and to
discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees and independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall
and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the
Indenture Trustee or the Backup Servicer may reasonably determine that such disclosure is consistent with its obligations hereunder. Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit
(i) disclosure of any and all information that is or becomes publicly known through no fault of the Indenture Trustee or the Backup Servicer, or information obtained by the Indenture Trustee or the Backup Servicer from sources other than the
Issuer, (ii) disclosure of any and all information (A) if required to do so by any applicable statute, law, rule or regulation, (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any
aspects of the Indenture Trustee’s business or the Backup Servicer or that of its affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or
arbitration to which the Indenture Trustee, the Backup Servicer or an affiliate or an officer, director, employer or shareholder thereof is a party, (D) in any preliminary or final offering circular, registration statement or contract or other
document pertaining to the transactions contemplated herein approved in advance by the Issuer or (E) to any affiliate, independent or 

  

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internal auditor, agent, employee or attorney of the Indenture Trustee or the Backup Servicer having a need to know the same; provided that the
Indenture Trustee or the Backup Servicer advises such recipient of the confidential nature of the information being disclosed, or (iii) any other disclosure authorized by the Issuer. 
 Section 11.18 Limited Recourse. 
 Notwithstanding any other provisions of the Notes, this Indenture or any other Transaction Document, the obligations of the Issuer under the Notes and this Indenture and any other Transaction Document are limited recourse obligations of the
Issuer payable solely from the Indenture Collateral in accordance with the Priority of Payments. No recourse shall be had against any officer, administrator, member, director, employee, security holder, holder of a beneficial interest in or
incorporator of the Issuer or its successors or assigns for the payment of any amounts payable under the Notes, this Indenture or any other Transaction Document. It is understood that the foregoing provisions of this Section 11.18 shall
not (i) prevent recourse to the Loan Assets for the sums due or to become due under any security, instrument or agreement which is part of the Loan Assets or (ii) constitute a waiver, release or discharge of any indebtedness or obligation
evidenced by the Notes or secured by this Indenture or payable under any other Transaction Document until such Loan Assets have been realized and distributed in accordance with the Priority of Payments, whereupon any such outstanding indebtedness or
obligation shall be extinguished. 
 Section 11.19 Communication by Note Owners With Other Note Owners. 
 Note Owners may communicate with other Note Owners with respect to their rights under this Indenture or the Notes pursuant to Section 312(b) of the
TIA. Every Note Owner, by receiving and holding the same, agrees with the Issuer and the Indenture Trustee that none of the Issuer and the Indenture Trustee nor any agent of the Issuer and the Indenture Trustee shall be deemed to be in violation of
any existing law, or any law hereafter enacted which does not specifically refer to Section 312 of the TIA, by reason of the disclosure of any such information as to the names and addresses of the Note Owners in accordance with Section 312
of the TIA, regardless of the source from which such information was derived, and that the Indenture Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the TIA. 

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 11.20 Disclaimer and Subordination. 
 Each Noteholder by accepting a Note and each Swap Counterparty by
accepting the benefits of this Indenture acknowledges and agrees that this Indenture and the Notes represent a debt obligation of the Issuer only and do not represent an interest in any assets (other than the Indenture Collateral) of the Trust
Depositor (including by virtue of any deficiency claim in respect of obligations not paid or otherwise satisfied from the Indenture Collateral and proceeds thereof). In furtherance of and not in derogation of the foregoing, each Noteholder by
accepting a 

  

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Note and each Swap Counterparty by accepting the benefits of this Indenture acknowledges and agrees that it shall have no right, title and interest in or to
any assets (or interests therein) (other than the Indenture Collateral) conveyed or purported to be conveyed by the Trust Depositor to another securitization trust (i.e., other than the Issuer) or other Person or Persons in connection therewith
(whether by way of sale, capital contribution or by virtue of the granting of a lien) (“Other Assets”). To the extent that, notwithstanding the agreements and provisions contained in the preceding sentences of this
Section 11.20, any Noteholder or Swap Counterparty either (i) asserts an interest in or claim to, or benefit from, Other Assets, whether asserted against or through the Trust Depositor or any other Person owned by the Trust
Depositor, or (ii) is deemed to have any such interest, claim or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of any applicable insolvency laws or otherwise (including without
limitation by virtue of Section 1111(b) of the federal Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), and whether deemed asserted against or through the Trust Depositor or any other Person owned by
the Trust Depositor, then each Noteholder by accepting a Note and each Swap Counterparty by accepting the benefits of this Indenture further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and shall be
expressly subordinated to the indefeasible payment in full of all obligations and liabilities of the Trust Depositor which, under the terms of the relevant documents relating to the securitization of such Other Assets, are entitled to be paid from,
entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distribution or application under applicable law, including
any applicable insolvency laws, and whether asserted against the Trust Depositor or any other Person owned by the Trust Depositor), including, without limitation, the payment of post-petition interest on such other obligations and liabilities. This
subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Nothing in this Section 11.20 shall in any way affect the rights of any Swap Counterparty against the
Swap Guarantor as provided in the Swap Guaranty. 
 [Remainder of Page Intentionally Left Blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed and delivered as of
the day and year first above written. 
  

			
	ACAS BUSINESS LOAN TRUST 2007-1
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely on behalf of the Issuer as Owner Trustee under the Trust Agreement
		
	 By:
	 	 /s/ Michele C. Harra

	 Name:
	 	Michele C. Harra
	 Title:
	 	Financial Services Officer

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	 By:
	 	 /s/ Joe Nardi

	 Name:
	 	Joe Nardi
	 Title:
	 	Vice President

 Exhibits to the Indenture 

 EXHIBIT A–1 
 [FORM OF CLASS A NOTE] 
 ACAS BUSINESS LOAN TRUST 2007-1 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY
STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. PROSPECTIVE INVESTORS ARE HEREBY NOTIFIED THAT THE SELLERS OF INTERESTS IN THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A) PURSUANT TO RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS ALSO A QUALIFIED PURCHASER FOR PURPOSES
OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (A “QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB WHO IS ALSO A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED, IN EACH
CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER
THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE INDENTURE AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS
AND IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (2) TO A QUALIFIED PURCHASER IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT
TO A VALID REGISTRATION STATEMENT. THE ACQUISITION OF THIS NOTE WILL BE DEEMED A REPRESENTATION OF THE ACQUIROR THAT EITHER: (I) IT IS NOT, AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING OR HOLDING THIS NOTE OR ANY INTEREST THEREIN, FOR, ON BEHALF
OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) OR OTHER ARRANGEMENT THAT IS SUBJECT TO TITLE I OF ERISA,
OR A “PLAN” DESCRIBED 

  

 A-1-1 

 
IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (COLLECTIVELY, A “PLAN”),
OR OTHER PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAWS OR REGULATIONS THAT ARE SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”); OR (II) EITHER (1) ITS ACQUISITION
AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE BY REASON OF ANY OF SECTION 408(B)(17) OF ERISA OR SECTION 4975(D)(20) OF THE CODE, PTCE 96-23, PTCE
95-60, PTCE 91-38, PTCE 90-1, PTCE 84-14, EACH AS AMENDED, OR AN EXEMPTION SIMILAR TO THE FOREGOING EXEMPTIONS, OR (2) IN THE CASE OF A PLAN OR ARRANGEMENT SUBJECT TO SIMILAR LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF
SIMILAR LAW. SUCH REPRESENTATION SHALL BE DEEMED MADE ON EACH DAY FROM THE DATE ON WHICH SUCH INVESTOR OR TRANSFEREE ACQUIRES ITS INTEREST IN THIS NOTE THROUGH AND INCLUDING THE DATE ON WHICH SUCH INVESTOR OR TRANSFEREE DISPOSES OF ITS INTEREST IN
THIS NOTE. 
 [IF HELD BY DEPOSITORY] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [IF REGULATION S GLOBAL NOTE]
[THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

 A-1-2 

			
	REGISTERED	 	$                                
		
	No. A-	 	April 24, 2007

 SEE REVERSE FOR CERTAIN DEFINITIONS 
  

					
		 		 	[CUSIP
NO.                            ]
		 		 	[Reg S ISIN NO.                     ]
		 		 	[Reg S CUSIP No.                  ]
		 		 	[Common Code No.              ]

 ACAS Business Loan Trust 2007-1, a statutory trust organized and existing under the laws of the
State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to
                                , or registered assigns, the principal sum of
                     DOLLARS payable in accordance with the Indenture and the Transfer and Servicing Agreement on each Payment Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is the initial principal balance of this Class A Note and the denominator of which is the Initial Class A Principal Balance by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class A Notes; provided that the entire unpaid principal amount of this Class A Note shall be due and payable on the earliest of the
Legal Final Maturity Date, the Redemption Date, if any, pursuant to Section 10.01 of the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. 
 The principal of and interest on this Class A Note are payable in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Class A Note shall be applied first to interest due and payable on this Class A Note as provided above and then to the unpaid principal of
this Class A Note. 
 Reference is made to the further provisions of this Class A Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Class A Note. 
 Unless the certificate of authentication hereon has
been executed by the Indenture Trustee whose name appears below by manual signature, this Class A Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

  

 A-1-3 

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

			
	ACAS BUSINESS LOAN TRUST 2007-1
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	  

		 	Authorized Signatory

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Class A Notes of ACAS Business Loan Trust 2007-1 designated 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:
	 	  

		 	Authorized Signatory

  

 A-1-4 

 [REVERSE OF NOTE] 
 This Class A Note is one of a duly authorized issue of Class A Notes of the Issuer, designated as its ACAS Business Loan Trust Notes, Series 2007-1, Class A (herein called the “Class A
Notes”), all issued under an Indenture, dated as of April 24, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as
indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee 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 Issuer, the Indenture Trustee and the Holders of the Class A Notes. The Class A Notes are subject to all terms of the Indenture. All terms used in this Class A Note that are defined
in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 As described above, the entire unpaid principal amount of this Class A Note shall be due and payable on the earliest of the Legal Final Maturity Date, the Redemption Date, if any, pursuant to Section 10.01
of the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A Notes shall be due and payable on the date on which an Event of
Default shall have occurred and be continuing and the Indenture Trustee, or the Required Holders have declared the Class A Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All
principal payments on the Class A Notes shall be made pro rata to the Class A Noteholders entitled thereto. 
 Each Class A
Noteholder or Class A Note Owner, by acceptance of a Class A Note or, in the case of a Class A Note Owner, a beneficial interest in a Class A Note covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer under the Indenture on the Class A Notes or under any certificate or other writing delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner Trustee
in its individual capacity or any of their Affiliates. 
 On each Payment Date, commencing November 16, 2007, the Indenture Trustee or
Paying Agent shall distribute to the Person in whose name this Class A Note is registered at the close of business on the Record Date an amount equal to the product of the Percentage Interest of the Class A Notes evidenced by this
Class A Note and the amount required to be distributed to Holders of Class A Notes on such Payment Date pursuant to Section 8.02 of the Indenture. 
 During each Interest Accrual Period, this Class A Note will bear interest at the Class A Note Interest Rate. 
 Distributions on this Class A Note will be made by the Indenture Trustee or Paying Agent by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Note Register
or, upon written request to the Indenture Trustee, by wire transfer of immediately available funds to the account of the Person entitled thereto as shall appear on the Note Register without the presentation or surrender of this Note or the making of
any notation thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire transfers, at the expense of such Person unless such Person shall own of record Class A Notes which have Initial Class A
Principal Balances aggregating at least $1,000,000. 
  

 A-1-5 

 Notwithstanding the above, the final distribution on this Class A Note will be made after due notice
by the Indenture Trustee of the pendency of such distribution and only upon presentation and surrender of this Class A Note at the office or agency maintained for that purpose by the Note Registrar in Minneapolis, Minnesota. 
 As provided in the Indenture and the Transfer and Servicing Agreement, deposits and withdrawals from the Note Distribution Account, the Principal
Collection Account, the Interest Collection Account and the Reserve Fund may be made by the Indenture Trustee from time to time for purposes other than distributions to Class A Noteholders, such purposes including reimbursement to the Servicer
of advances made, or certain expenses incurred, by it, and investment in Eligible Investments. 
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Class A Note is registrable in the Note Register upon surrender of this Class A Note for registration of transfer at the offices or agencies maintained by the Note Registrar in
Minneapolis, Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon
one or more new Class A Notes in authorized denominations evidencing the same aggregate undivided Percentage Interest will be issued to the designated transferee or transferees. 
 The Class A Note is issuable only as a registered Class A Note. As provided in the Indenture and subject to certain limitations therein set
forth, the Class A Note is exchangeable for a new Class A Note evidencing the same undivided ownership interest, as requested by the holder surrendering the same. 
 No service charge will be made for any such registration of transfer or exchange, but the Note Registrar may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith. 
 The Servicer, the Trust Depositor, the Indenture Trustee and the
Note Registrar, and any agent of any of the foregoing, may treat the person in whose name this Class A Note is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. 

The obligations and responsibilities created by the Indenture shall terminate upon the payment to Class A Noteholders of all amounts required to
be paid to them pursuant to the Indenture and the Transfer and Servicing Agreement and the disposition of all property held as part of the Indenture Collateral. 
  

 A-1-6 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE1 
 The following exchanges of
a part of this Global Note for an interest in another Global Note or for an Individual Note, or exchanges of a part of another Global Note or Individual Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of this Global
Note	  	 Amount of
increase in
 Principal
Amount
 of this Global
Note
	  	 Principal Amount
of this Global
Note following
such
decrease
 (or increase)
	  	Signature of
Responsible
Office of Note
Registrar

  

	 1
	 This should be included only if the Note is issued in global form. 

  

 A-1-7 

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

	
	  

	
	  

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

										
	Dated:	 	  
	 		 	  
	  	2	 

 Signature Guaranteed: 
  

	 2
	 NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  

 A-1-8 

 EXHIBIT A-2 
 [FORM OF CLASS B NOTE] 
 ACAS BUSINESS LOAN TRUST 2007-1 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY
STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. PROSPECTIVE INVESTORS ARE HEREBY NOTIFIED THAT THE SELLERS OF INTERESTS IN THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A) PURSUANT TO RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS ALSO A QUALIFIED PURCHASER FOR PURPOSES
OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (A “QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB WHO IS ALSO A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED, IN EACH
CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER
THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE INDENTURE AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS
AND IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED SATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (2) TO A QUALIFIED PURCHASER IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT
TO A VALID REGISTRATION STATEMENT. THE ACQUISITION OF THIS NOTE WILL BE DEEMED A REPRESENTATION OF THE ACQUIROR THAT EITHER: (I) IT IS NOT, AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING OR HOLDING THIS NOTE OR ANY INTEREST THEREIN, FOR, ON BEHALF
OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) OR OTHER ARRANGEMENT THAT IS SUBJECT TO TITLE I OF ERISA,
OR A “PLAN” DESCRIBED 

  

 A-2-1 

 
IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (COLLECTIVELY, A “PLAN”),
OR OTHER PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAWS OR REGULATIONS THAT ARE SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR (II) EITHER (1) ITS ACQUISITION
AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE BY REASON OF ANY OF SECTION 408(B)(17) OF ERISA OR SECTION 4975(D)(20) OF THE CODE, PTCE 96-23, PTCE
95-60, PTCE 91-38, PTCE 90-1, PTCE 84-14, EACH AS AMENDED, OR AN EXEMPTION SIMILAR TO THE FOREGOING EXEMPTIONS, OR (2) IN THE CASE OF A PLAN OR ARRANGEMENT SUBJECT TO SIMILAR LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF
SIMILAR LAW. SUCH REPRESENTATION SHALL BE DEEMED MADE ON EACH DAY FROM THE DATE ON WHICH SUCH INVESTOR OR TRANSFEREE ACQUIRES ITS INTEREST IN THIS NOTE THROUGH AND INCLUDING THE DATE ON WHICH SUCH INVESTOR OR TRANSFEREE DISPOSES OF ITS INTEREST IN
THIS NOTE. 
 [IF HELD BY DEPOSITORY] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [IF
REGULATION S GLOBAL NOTE] [THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES, MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 THE RIGHTS OF THE HOLDER OF THIS CLASS B NOTE TO RECEIVE INTEREST ARE SUBORDINATED TO THE
RIGHTS OF THE HOLDERS OF THE CLASS A NOTES TO RECEIVE INTEREST AND THE RIGHTS OF THE HOLDERS OF THIS CLASS B NOTE TO RECEIVE PRINCIPAL ARE SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A NOTES TO RECEIVE PRINCIPAL AND INTEREST TO THE EXTENT
SET FORTH IN THE TRANSFER AND SERVICING AGREEMENT. 
  

 A-2-2 

			
	REGISTERED	 	$                                
		
	 No. B-
	 	April 24, 2007

 SEE REVERSE FOR CERTAIN DEFINITIONS 
  

					
		 		 	[CUSIP
NO.                            ]
		 		 	[Reg S ISIN NO.                     ]
		 		 	[Reg S CUSIP No.                  ]
		 		 	[Common Code No.              ]

 ACAS Business Loan Trust 2007-1, a statutory trust organized and existing under the laws of the
State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to
                                , or registered assigns, the principal sum of
                     DOLLARS payable in accordance with the Indenture and the Transfer and Servicing Agreement on each Payment Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is the initial principal balance of this Class B Note and the denominator of which is the Initial Class B Principal Balance by (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal on the Class B Notes; provided that the entire unpaid principal amount of this Class B Note shall be due and payable on the earliest of the Legal Final
Maturity Date, the Redemption Date, if any, pursuant to Section 10.01 of the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. 
 The principal of and interest on this Class B Note are payable in such coin or currency of the United States as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Class B Note shall be applied first to interest due and payable on this Class B Note as provided above and then to the unpaid principal of this Class B
Note. 
 Reference is made to the further provisions of this Class B Note set forth on the reverse hereof, which shall have the same effect
as though fully set forth on the face of this Class B Note. 
 Unless the Class B Note of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Class B Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-2-3 

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

			
	ACAS BUSINESS LOAN TRUST 2007-1
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	  

		 	Authorized Signatory

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Class B Notes of ACAS Business Loan Trust 2007-1 designated 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:
	 	  

		 	Authorized Signatory

  

 A-2-4 

 [REVERSE OF NOTE] 
 This Class B Note is one of a duly authorized issue of Class B Notes of the Issuer, designated as its ACAS Business Loan Trust Notes, Series 2007-1, Class B Deferrable Asset Backed Notes (herein called the
“Class B Notes”), all issued under an Indenture, dated as of April 24, 2007 such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National
Association, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee 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 Issuer, the Indenture Trustee and the Holders of the Class B Notes. The Class B Notes are subject to all terms of the Indenture. All terms used in this Class B Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 As described above, the entire unpaid principal amount of this Class B Note shall be due and payable on the earliest of the Legal Final Maturity Date, the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Class B Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee, or the Required Holders have declared the Class B Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the
Class B Notes shall be made pro rata to the Class B Noteholders entitled thereto. 
 Each Class B Noteholder or Class B Note Owner, by
acceptance of a Class B Note or, in the case of a Class B Note Owner, a beneficial interest in a Class B Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under the
Indenture on the Class B Notes or under any certificate or other writing delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity or any of their Affiliates.

 On each Payment Date, commencing November 16, 2007, the Indenture Trustee or Paying Agent shall distribute to the Person in whose
name this Class B Note is registered at the close of business on the Record Date an amount equal to the product of the Percentage Interest of the Class B Notes evidenced by this Class B Note and the amount required to be distributed to Holders of
Class B Notes on such Payment Date pursuant to Section 8.02 of the Indenture. 
 During each Interest Accrual Period, this Class
B Note will bear interest at the Class B Note Interest Rate. 
 Distributions on this Class B Note will be made by the Indenture Trustee or
Paying Agent by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Note Register or, upon written request to the Indenture Trustee, by wire transfer of immediately available funds to the account
of the Person entitled thereto as shall appear on the Note Register without the presentation or surrender of this Note or the making of any notation thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire
transfers, at the expense of such Person unless such Person shall own of record Class B Notes which have Initial Class B Principal Balances aggregating at least $1,000,000. 
  

 A-2-5 

 Notwithstanding the above, the final distribution on this Class B Note will be made after due notice by
the Indenture Trustee of the pendency of such distribution and only upon presentation and surrender of this Class B Note at the office or agency maintained for that purpose by the Note Registrar in Minneapolis, Minnesota. 
 As provided in the Indenture and the Transfer and Servicing Agreement, deposits and withdrawals from the Note Distribution Account, the Principal
Collection Account, the Interest Collection Account and the Reverse Fund may be made by the Indenture Trustee from time to time for purposes other than distributions to Class B Noteholders, such purposes including reimbursement to the Servicer of
advances made, or certain expenses incurred, by it, and investment in Eligible Investments. 
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Class B Note is registrable in the Note Register upon surrender of this Class B Note for registration of transfer at the offices or agencies maintained by the Note Registrar in Minneapolis,
Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more
new Class B Notes in authorized denominations evidencing the same aggregate undivided Percentage Interest will be issued to the designated transferee or transferees. 
 The Class B Note is issuable only as a registered Class B Note. As provided in the Indenture and subject to certain limitations therein set forth, the Class B Note is exchangeable for a new Class B Note evidencing the
same undivided ownership interest, as requested by the holder surrendering the same. 
 No service charge will be made for any such
registration of transfer or exchange, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The Servicer, the Seller, the Indenture Trustee and the Note Registrar, and any agent of any of the foregoing, may treat the person in whose name this
Class B Note is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. 
 The obligations and responsibilities created by the Indenture shall terminate upon the payment to Class B Noteholders of all amounts required to be paid to them pursuant to the Indenture and the Transfer and Servicing Agreement and the
disposition of all property held as part of the Indenture Collateral. 
  

 A-2-6 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE3 
 The following exchanges of
a part of this Global Note for an interest in another Global Note or for an Individual Note, or exchanges of a part of another Global Note or Individual Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of this Global
Note	  	Amount of
increase in
Principal Amount
of this Global
Note	  	 Principal Amount
of this Global
Note following
such
decrease
 (or increase)
	  	Signature of
Responsible
Office of Note
Registrar

  

	 3
	 This should be included only if the Note is issued in global form. 

  

 A-2-7 

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

	
	  

	  

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

										
	Dated:	 	  
	 		 	  
	  	4	 

 Signature Guaranteed: 

	 4
	 NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  

 A-2-8 

 EXHIBIT A–3 
 [FORM OF CLASS C NOTE] 
 ACAS BUSINESS LOAN TRUST 2007-1 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY
STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. PROSPECTIVE INVESTORS ARE HEREBY NOTIFIED THAT THE SELLERS OF INTERESTS IN THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A) PURSUANT TO RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS ALSO A QUALIFIED PURCHASER FOR PURPOSES
OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (A “QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER THE
SECURITIES ACT) WHO IS ALSO A QUALIFIED PURCHASER PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE INDENTURE AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS
AND IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (2) TO A QUALIFIED PURCHASER IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT
TO A VALID REGISTRATION STATEMENT. THE ACQUISITION OF THIS NOTE WILL BE DEEMED A REPRESENTATION OF THE ACQUIROR THAT EITHER: (I) IT IS NOT, AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING OR HOLDING THIS NOTE OR ANY INTEREST THEREIN, FOR, ON BEHALF
OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) OR OTHER ARRANGEMENT THAT IS SUBJECT TO TITLE I OF ERISA,
OR A “PLAN” DESCRIBED 

  

 A-3-1 

 
IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (COLLECTIVELY, A “PLAN”),
OR OTHER PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAWS OR REGULATIONS THAT ARE SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”); OR (II) EITHER (1) ITS ACQUISITION
AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE BY REASON OF ANY OF SECTION 408(B)(17) OF ERISA OR SECTION 4975(D)(20) OF THE CODE, PTCE 96-23, PTCE
95-60, PTCE 91-38, PTCE 90-1, PTCE 84-14, EACH AS AMENDED, OR AN EXEMPTION SIMILAR TO THE FOREGOING EXEMPTIONS, OR (2) IN THE CASE OF A PLAN OR ARRANGEMENT SUBJECT TO SIMILAR LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF
SIMILAR LAW. SUCH REPRESENTATION SHALL BE DEEMED MADE ON EACH DAY FROM THE DATE ON WHICH SUCH INVESTOR OR TRANSFEREE ACQUIRES ITS INTEREST IN THIS NOTE THROUGH AND INCLUDING THE DATE ON WHICH SUCH INVESTOR OR TRANSFEREE DISPOSES OF ITS INTEREST IN
THIS NOTE. 
 [IF HELD BY DEPOSITORY] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [IF REGULATION S GLOBAL NOTE] [THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE
ORIGINAL ISSUE DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 THE RIGHTS OF THE HOLDER OF THIS CLASS C NOTE TO RECEIVE INTEREST ARE SUBORDINATED TO THE
RIGHTS OF THE HOLDERS OF THE CLASS A NOTES AND THE CLASS B NOTES TO RECEIVE INTEREST AND THE RIGHTS OF THE HOLDERS OF THIS CLASS C NOTE TO RECEIVE PRINCIPAL ARE 

  

 A-3-2 

 
SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A NOTES AND THE CLASS B NOTES TO RECEIVE PRINCIPAL AND INTEREST TO THE EXTENT SET FORTH IN THE
TRANSFER AND SERVICING AGREEMENT. 
  

 A-3-3 

			
	REGISTERED	 	$                                
		
	No. C-	 	April 24, 2007

 SEE REVERSE FOR CERTAIN DEFINITIONS 
  

					
		 		 	[CUSIP
NO.                            ]
		 		 	[Reg S ISIN NO.                     ]
		 		 	[Reg S CUSIP No.                  ]
		 		 	[Common Code No.              ]

 ACAS Business Loan Trust 2007-1, a statutory trust organized and existing under the laws of the
State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to
                                , or registered assigns, the principal sum
of                     DOLLARS payable in accordance with the Indenture and the Transfer and Servicing Agreement on each Payment Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is the initial principal balance of this Class C Note and the denominator of which is the Initial Class C Principal Balance by (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal on the Class C Notes; provided that the entire unpaid principal amount of this Class C Note shall be due and payable on the earliest of the Legal Final
Maturity Date, the Redemption Date, if any, pursuant to Section 10.01 of the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. 
 The principal of and interest on this Class C Note are payable in such coin or currency of the United States as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Issuer with respect to this Class C Note shall be applied first to interest due and payable on this Class C Note as provided above and then to the unpaid principal of this Class C
Note. 
 Reference is made to the further provisions of this Class C Note set forth on the reverse hereof, which shall have the same effect
as though fully set forth on the face of this Class C Note. 
 Unless the Class C Note of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Class C Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-3-4 

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

			
	ACAS BUSINESS LOAN TRUST 2007-1
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	  

		 	Authorized Signatory

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Class C Notes of ACAS Business Loan Trust 2007-1 designated 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:
	 	  

		 	Authorized Signatory

  

 A-3-5 

 [REVERSE OF NOTE] 
 This Class C Note is one of a duly authorized issue of Class C Notes of the Issuer, designated as its ACAS Business Loan Trust Notes, Series 2007-1, Class C Floating Rate Deferrable Asset Backed Notes (herein called
the “Class C Notes”), all issued under an Indenture, dated as of April 24, 2007 such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National
Association, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee 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 Issuer, the Indenture Trustee and the Holders of the Class C Notes. The Class C Notes are subject to all terms of the Indenture. All terms used in this Class C Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 As described above, the entire unpaid principal amount of this Class C Note shall be due and payable on the earliest of the Legal Final Maturity Date, the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Class C Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee, or the Required Holders have declared the Class C Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the
Class C Notes shall be made pro rata to the Class C Noteholders entitled thereto. 
 Each Class C Noteholder or Class C Note Owner, by
acceptance of a Class C Note or, in the case of a Class C Note Owner, a beneficial interest in a Class C Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under the
Indenture on the Class C Notes or under any certificate or other writing delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity or any of their Affiliates.

 On each Payment Date, commencing November 16, 2007, the Indenture Trustee or Paying Agent shall distribute to the Person in whose
name this Class C Note is registered at the close of business on the Record Date an amount equal to the product of the Percentage Interest of the Class C Notes evidenced by this Class C Note and the amount required to be distributed to Holders of
Class C Notes on such Payment Date pursuant to Section 8.02 of the Indenture. 
 During each Interest Accrual Period, this Class
C Note will bear interest at the Class C Note Interest Rate. 
 Distributions on this Class C Note will be made by the Indenture Trustee or
Paying Agent by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Note Register or, upon written request to the Indenture Trustee, by wire transfer of immediately available funds to the account
of the Person entitled thereto as shall appear on the Note Register without the presentation or surrender of this Note or the making of any notation thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire
transfers, at the expense of such Person unless such Person shall own of record Class C Notes which have Initial Class C Principal Balances aggregating at least $1,000,000. 
  

 A-3-6 

 Notwithstanding the above, the final distribution on this Class C Note will be made after due notice by
the Indenture Trustee of the pendency of such distribution and only upon presentation and surrender of this Class C Note at the office or agency maintained for that purpose by the Note Registrar in Minneapolis, Minnesota. 
 As provided in the Indenture and the Transfer and Servicing Agreement, deposits and withdrawals from the Note Distribution Account, the Principal
Collection Account, the Interest Collection Account and the Reverse Fund may be made by the Indenture Trustee from time to time for purposes other than distributions to Class C Noteholders, such purposes including reimbursement to the Servicer of
advances made, or certain expenses incurred, by it, and investment in Eligible Investments. 
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Class C Note is registrable in the Note Register upon surrender of this Class C Note for registration of transfer at the offices or agencies maintained by the Note Registrar in Minneapolis,
Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more
new Class C Notes in authorized denominations evidencing the same aggregate undivided Percentage Interest will be issued to the designated transferee or transferees. 
 The Class C Note is issuable only as a registered Class C Note. As provided in the Indenture and subject to certain limitations therein set forth, the Class C Note is exchangeable for a new Class C Note evidencing the
same undivided ownership interest, as requested by the holder surrendering the same. 
 No service charge will be made for any such
registration of transfer or exchange, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The Servicer, the Seller, the Indenture Trustee and the Note Registrar, and any agent of any of the foregoing, may treat the person in whose name this
Class C Note is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. 
 The obligations and responsibilities created by the Indenture shall terminate upon the payment to Class C Noteholders of all amounts required to be paid to them pursuant to the Indenture and the Transfer and Servicing Agreement and the
disposition of all property held as part of the Indenture Collateral. 
  

 A-3-7 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
 The following exchanges of a part of this Global Note for an interest in another Global Note or for an Individual Note, or exchanges of a part of another
Global Note or Individual Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of this Global
Note	  	Amount of
increase in
Principal Amount
of this Global
Note	  	 Principal Amount
of this Global
Note following
such
decrease
 (or increase)
	  	Signature of
Responsible
Office of Note
Registrar

  

 A-3-8 

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

	
	  

	  

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

										
	Dated:	 	  
	 		 	  
	  	5	 

 Signature Guaranteed: 

	 5
	 NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  

 A-3-9 

 EXHIBIT A-4 
 [FORM OF CLASS D NOTE] 
 ACAS BUSINESS LOAN TRUST 2007-1 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY
STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. PROSPECTIVE INVESTORS ARE HEREBY NOTIFIED THAT THE SELLERS OF INTERESTS IN THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A) PURSUANT TO RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS ALSO A QUALIFIED PURCHASER FOR PURPOSES
OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (A “QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER THE
SECURITIES ACT) WHO IS ALSO A QUALIFIED PURCHASER PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE INDENTURE AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS
AND IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (2) TO A QUALIFIED PURCHASER IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT
TO A VALID REGISTRATION STATEMENT. THE ACQUISITION OF THIS NOTE WILL BE DEEMED A REPRESENTATION OF THE ACQUIROR THAT EITHER: (I) IT IS NOT, AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING OR HOLDING THIS NOTE OR ANY INTEREST THEREIN, FOR, ON BEHALF
OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) OR OTHER ARRANGEMENT THAT IS SUBJECT TO TITLE I OF ERISA,
OR A “PLAN” DESCRIBED 

  

 A-4-1 

 
IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (COLLECTIVELY, A “PLAN”),
OR OTHER PLAN OR ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAWS OR REGULATIONS THAT ARE SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”); OR (II) EITHER (1) ITS ACQUISITION
AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE BY REASON OF ANY OF SECTION 408(B)(17) OF ERISA OR SECTION 4975(D)(20) OF THE CODE, PTCE 96-23, PTCE
95-60, PTCE 91-38, PTCE 90-1, PTCE 84-14, EACH AS AMENDED, OR AN EXEMPTION SIMILAR TO THE FOREGOING EXEMPTIONS, OR (2) IN THE CASE OF A PLAN OR ARRANGEMENT SUBJECT TO SIMILAR LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF
SIMILAR LAW. SUCH REPRESENTATION SHALL BE DEEMED MADE ON EACH DAY FROM THE DATE ON WHICH SUCH INVESTOR OR TRANSFEREE ACQUIRES ITS INTEREST IN THIS NOTE THROUGH AND INCLUDING THE DATE ON WHICH SUCH INVESTOR OR TRANSFEREE DISPOSES OF ITS INTEREST IN
THIS NOTE. 
 [IF HELD BY DEPOSITORY] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [IF REGULATION S GLOBAL NOTE] [THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE
ORIGINAL ISSUE DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 THE RIGHTS OF THE HOLDER OF THIS CLASS D NOTE TO RECEIVE INTEREST ARE SUBORDINATED TO THE
RIGHTS OF THE HOLDERS OF THE CLASS A NOTES, THE CLASS B NOTES AND THE CLASS C NOTES TO RECEIVE INTEREST AND THE RIGHTS OF THE HOLDERS OF THIS CLASS D NOTE TO RECEIVE 

  

 A-4-2 

 
PRINCIPAL ARE SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A NOTES, THE CLASS B NOTES AND THE CLASS C NOTES TO RECEIVE PRINCIPAL AND INTEREST TO
THE EXTENT SET FORTH IN THE TRANSFER AND SERVICING AGREEMENT. 
  

 A-4-3 

			
	REGISTERED	 	$                                
		
	No. D-	 	April 24, 2007

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 ACAS Business Loan Trust 2007-1, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay to
                                , or registered assigns, the principal sum of
                     DOLLARS payable in accordance with the Indenture and the Transfer and Servicing Agreement on each Payment Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is the initial principal balance of this Class D Note and the denominator of which is the Initial Class D Principal Balance by (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal on the Class D Note; provided that the entire unpaid principal amount of this Class D Note shall be due and payable on the earlier of the Legal Final Maturity
Date and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture and, if any amounts are available therefor in connection with an Optional Repurchase, the Repurchase Date pursuant to Section 10.02 of the Indenture.

 The principal of and interest on this Class D Note are payable in such coin or currency of the United States as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Class D Note shall be applied first to interest due and payable on this Class D Note as provided above and then to the unpaid principal of
this Class D Note. 
 Reference is made to the further provisions of this Class D Note set forth on the reverse hereof, which shall have the
same effect as though fully set forth on the face of this Class D Note. 
 Unless the Class D Note of authentication hereon has been executed
by the Indenture Trustee whose name appears below by manual signature, this Class D Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-4-4 

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

			
	ACAS BUSINESS LOAN TRUST 2007-1
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	  

		 	Authorized Signatory

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Class D Notes of ACAS Business Loan Trust 2007-1 designated 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:
	 	  

		 	Authorized Signatory

  

 A-4-5 

 [REVERSE OF NOTE] 
 This Class D Note is one of a duly authorized issue of Class D Notes of the Issuer, designated as its ACAS Business Loan Trust Notes, Series 2007-1, Class D Floating Rate Deferrable Asset Backed Notes (herein called
the “Class D Notes”), all issued under an Indenture, dated as of April 24, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National
Association, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee 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 Issuer, the Indenture Trustee and the Holders of the Class D Notes. The Class D Notes are subject to all terms of the Indenture. All terms used in this Class D Note that are
defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 As described above, the entire unpaid principal amount of this Class D Note shall be due and payable on the earlier of the Legal Final Maturity Date and the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Class D Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee, or the Required Holders have declared the Class D Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on
the Class D Notes shall be made pro rata to the Class D Noteholders entitled thereto. 
 Each Class D Noteholder or Class D Note Owner, by
acceptance of a Class D Note or, in the case of a Class D Note Owner, a beneficial interest in a Class D Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under the
Indenture on the Class D Notes or under any certificate or other writing delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity or any of their Affiliates.

 On each Payment Date, commencing November 16, 2007, the Indenture Trustee or Paying Agent shall distribute to the Person in whose
name this Class D Note is registered at the close of business on the Record Date an amount equal to the product of the Percentage Interest of the Class D Notes evidenced by this Class D Note and the amount required to be distributed to Holders of
Class D Notes on such Payment Date pursuant to Section 8.02 of the Indenture. 
 During each Interest Accrual Period, the Class D
Note will bear interest at the Class D Note Interest Rate. 
 Distributions on this Class D Note will be made by the Indenture Trustee or
Paying Agent by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Note Register or, upon written request to the Indenture Trustee, by wire transfer of immediately available funds to the account
of the Person entitled thereto as shall appear on the Note Register without the presentation or surrender of this Note or the making of any notation thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire
transfers, at the expense of such Person unless such Person shall own of record Class D Notes which have Initial Class D Principal Balances aggregating at least $1,000,000. 
  

 A-4-6 

 Notwithstanding the above, the final distribution on this Class D Note will be made after due notice by
the Indenture Trustee of the pendency of such distribution and only upon presentation and surrender of this Class D Note at the office or agency maintained for that purpose by the Note Registrar in Minneapolis, Minnesota. 
 As provided in the Indenture and the Transfer and Servicing Agreement, deposits and withdrawals from the Note Distribution Account, the Principal
Collection Account, the Interest Collection Account and the Reserve Fund may be made by the Indenture Trustee from time to time for purposes other than distributions to Class D Noteholders, such purposes including reimbursement to the Servicer of
advances made, or certain expenses incurred, by it, and investment in Eligible Investments. 
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Class D Note is registrable in the Note Register upon surrender of this Class D Note for registration of transfer at the offices or agencies maintained by the Note Registrar in Minneapolis,
Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more
new Class D Notes in authorized denominations evidencing the same aggregate undivided Percentage Interest will be issued to the designated transferee or transferees. 
 The Class D Note is issuable only as a registered Class D Note. As provided in the Indenture and subject to certain limitations therein set forth, the Class D Note is exchangeable for a new Class D Note evidencing the
same undivided ownership interest, as requested by the holder surrendering the same. 
 No service charge will be made for any such
registration of transfer or exchange, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The Servicer, the Seller, the Indenture Trustee and the Note Registrar, and any agent of any of the foregoing, may treat the person in whose name this
Class D Note is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. 
 The obligations and responsibilities created by the Indenture shall terminate upon the payment to Class D Noteholders of all amounts required to be paid to them pursuant to the Indenture and the Transfer and Servicing Agreement and the
disposition of all property held as part of the Indenture Collateral. 
  

 A-4-7 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE6 
 The following exchanges of
a part of this Global Note for an interest in another Global Note or for an Individual Note, or exchanges of a part of another Global Note or Individual Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of this Global
Note	  	Amount of
increase in
Principal Amount
of this Global
Note	  	 Principal Amount
of this Global
Note following
such
decrease
 (or increase)
	  	Signature of
Responsible
Office of Note
Registrar

  

	 6
	 This should be included only if the Note is issued in global form. 

  

 A-4-8 

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

	
	  

	  
  

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

										
	Dated:	 	  
	 		 	  
	  	7	 

 Signature Guaranteed: 
  

	 7
	 NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  

 A-4-9 

 EXHIBIT A-5 
 [FORM OF CLASS E NOTE] 
 ACAS BUSINESS LOAN TRUST 2007-1 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY
STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. PROSPECTIVE INVESTORS ARE HEREBY NOTIFIED THAT THE SELLERS OF INTERESTS IN THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A) PURSUANT TO RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS ALSO A QUALIFIED PURCHASER FOR PURPOSES
OF SECTION 3(c)(7) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (A “QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER THE
SECURITIES ACT) WHO IS ALSO A QUALIFIED PURCHASER PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM
PROVIDED IN THE INDENTURE AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS
AND IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (2) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER
THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (3) PURSUANT TO A VALID REGISTRATION STATEMENT. THE ACQUISITION OF THIS NOTE WILL BE DEEMED A REPRESENTATION OF THE ACQUIROR THAT EITHER: (I) IT IS NOT, AND
IS NOT DIRECTLY OR INDIRECTLY ACQUIRING OR HOLDING THIS NOTE OR ANY INTEREST THEREIN, FOR, ON BEHALF OF OR WITH ANY ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”)) OR OTHER ARRANGEMENT THAT IS SUBJECT TO TITLE I OF ERISA, OR A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
(COLLECTIVELY, A “PLAN”), OR OTHER PLAN OR 

  

 A-5-1 

 
ARRANGEMENT SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAWS OR REGULATIONS THAT ARE SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE
(“SIMILAR LAW”), OR (II) IT IS A PLAN THAT IS NOT SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE AND ITS ACQUISITION AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF SIMILAR LAW. SUCH
REPRESENTATION SHALL BE DEEMED MADE ON EACH DAY FROM THE DATE ON WHICH SUCH INVESTOR OR TRANSFEREE ACQUIRES ITS INTEREST IN THIS NOTE THROUGH AND INCLUDING THE DATE ON WHICH SUCH INVESTOR OR TRANSFEREE DISPOSES OF ITS INTEREST IN THIS NOTE.

 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 THE RIGHTS OF THE HOLDERS OF THIS CLASS E NOTE TO RECEIVE PRINCIPAL ARE
SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A NOTES, THE CLASS B NOTES AND THE CLASS C NOTES TO RECEIVE PRINCIPAL AND INTEREST AND THE RIGHTS OF THE HOLDERS OF THE CLASS D NOTES TO RECEIVE PRINCIPAL. 
 THIS CLASS E NOTE MAY BE TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE. 
 THIS NOTE MAY NOT BE TRANSFERRED TO ANY PERSON THAT IS, OR THAT IS ACTING DIRECTLY OR INDIRECTLY ON BEHALF OF OR WITH ANY ASSETS OF, EITHER (I) AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, THAT IS SUBJECT TO TITLE I OF ERISA, OR A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE CODE (COLLECTIVELY, A “PLAN”), OR
(II) ANY PLAN THAT IS NOT SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE BUT THAT IS SUBJECT TO FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR
LAW”) IF ITS ACQUISITION AND HOLDING OF THIS NOTE WILL CONSTITUTE OR RESULT IN A VIOLATION OF SIMILAR LAW. FURTHER, THIS NOTE MAY BE TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED. 
 IF THE TRANSFEREE OF A CLASS E NOTE AND TRUST CERTIFICATE IS A PARTNERSHIP, A LIMITED LIABILITY COMPANY,
A GRANTOR TRUST (WITHIN THE MEANING OF SECTIONS 671-679 OF THE CODE) OR AN S CORPORATION (WITHIN THE MEANING OF SECTION 1361 OF THE CODE) (EACH A “FLOW-THROUGH ENTITY”), EXCEPT AS PREVIOUSLY DISCLOSED TO THE TRUST DEPOSITOR IN WRITING, NO
PERSON OR ENTITY WILL OWN, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE FLOW-THROUGH ENTITIES, AN INTEREST IN THE TRANSFEREE SUCH THAT MORE THAN 65% OF THE VALUE OF THE PERSON’S INTEREST IN THE PURCHASER IS ATTRIBUTABLE TO THE TRANSFEREE’S
INVESTMENT IN THE TRUST. 
  

 A-5-2 

 NO TRANSFER, SALE, PLEDGE OR OTHER DISPOSITION OF ONE OR MORE CLASS E NOTES (A
“TRANSFER”) SHALL BE MADE UNLESS (1) SIMULTANEOUSLY WITH THE TRANSFER (1) A PROPORTIONATE AMOUNT OF TRUST CERTIFICATES ARE TRANSFERRED SO THAT THE RATIO OF THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES SO TRANSFERRED
TO ALL TRUST CERTIFICATES AND THE RATIO OF THE PERCENTAGE INTEREST OF THE CLASS E NOTES SO TRANSFERRED TO THE PERCENTAGE INTEREST OF ALL CLASS E NOTES ARE EQUAL, (2) THE TRANSFERS OF THE TRUST CERTIFICATES AND CLASS E NOTES REFERRED TO HEREIN
ARE MADE TO THE SAME PERSON AND (3) THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES AND CLASS E NOTES, RESPECTIVELY, SO TRANSFERRED IS NO LESS THAN TEN (10%) PERCENT. 
  

 A-5-3 

			
	REGISTERED	 	$                                
		
	No. E-	 	April 24, 2007

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 ACAS Business Loan Trust 2007-1, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Issuer”), for value received, hereby promises to pay
to                                , or registered assigns, the principal sum of
                     DOLLARS payable in accordance with the Indenture and the Transfer and Servicing Agreement on each Payment Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is the initial principal balance of this Class E Note and the denominator of which is the Initial Class E Principal Balance by (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal on the Class E Note; provided that the entire unpaid principal amount of this Class E Note shall be due and payable on the earlier of the Legal Final Maturity
Date and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture and, if any amounts are available therefor in connection with an Optional Repurchase, the Repurchase Date pursuant to Section 10.02 of the Indenture.

 Distributions on this Class E Note are payable in such coin or currency of the United States as at the time of payment is legal tender for
payment of public and private debts. 
 Reference is made to the further provisions of this Class E Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Class E Note. 
 Unless the Class E Note of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Class E Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

  

 A-5-4 

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

			
	ACAS BUSINESS LOAN TRUST 2007-1
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	  

		 	Authorized Signatory

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Class E Notes of ACAS Business Loan Trust 2007-1 designated 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:
	 	  

		 	Authorized Signatory

  

 A-5-5 

 [REVERSE OF NOTE] 
 This Class E Note is one of a duly authorized issue of Class E Notes of the Issuer, designated as its ACAS Business Loan Trust Notes, Series 2007-1,
Class E Principal Only Asset Backed Notes (herein called the “Class E Notes”), all issued under an Indenture, dated as of April 24, 2007 (such indenture, as supplemented or amended, is herein called the
“Indenture”), between the Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee 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 Issuer, the Indenture Trustee and the Holders of the Class E Notes. The Class E Notes are subject
to all terms of the Indenture. All terms used in this Class E Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 As described above, the entire unpaid principal amount of this Class E Note shall be due and payable on the earlier of the Legal Final Maturity Date and
the Redemption Date, if any, pursuant to Section 10.01 of the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Class E Notes
shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee, or the Required Holders have declared the Class E Notes to be immediately due and payable in the manner provided in
Section 5.02 of the Indenture. All principal payments on the Class E Notes shall be made pro rata to the Class E Noteholders entitled thereto. 
 Each Class E Noteholder or Class E Note Owner, by acceptance of a Class E Note or, in the case of a Class E Note Owner, a beneficial interest in a Class E Note covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer under the Indenture on the Class E Notes or under any certificate or other writing delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity or any of their Affiliates. 
 On each Payment Date, commencing November 16,
2007, the Indenture Trustee or Paying Agent shall distribute to the Person in whose name this Class E Note is registered at the close of business on the Record Date an amount equal to the product of the Percentage Interest of the Class E Notes
evidenced by this Class E Note and the amount required to be distributed to Holders of Class E Notes on such Payment Date pursuant to Section 8.02 of the Indenture. 
 The Class E Note will not bear interest. 
 Distributions on this Class E Note will be made by the Indenture Trustee or Paying Agent by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Note Register or, upon written request to
the Indenture Trustee, by wire transfer of immediately available funds to the account of the Person entitled thereto as shall appear on the Note Register without the presentation or surrender of this Note or the making of any notation thereon, at a
bank or other entity having appropriate facilities therefor, and, in the case of wire transfers, at the expense of such Person unless such Person shall own of record Class E Notes which have Initial Class E Principal Balances aggregating at least
$1,000,000. 
  

 A-5-6 

 Notwithstanding the above, the final distribution on this Class E Note will be made after due notice by
the Indenture Trustee of the pendency of such distribution and only upon presentation and surrender of this Class E Note at the office or agency maintained for that purpose by the Note Registrar in Minneapolis, Minnesota. 
 As provided in the Indenture and the Transfer and Servicing Agreement, deposits and withdrawals from the Note Distribution Account, the Principal
Collection Account, the Interest Collection Account and the Reserve Fund may be made by the Indenture Trustee from time to time for purposes other than distributions to Class E Noteholders, such purposes including reimbursement to the Servicer of
advances made, or certain expenses incurred, by it, and investment in Eligible Investments. 
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Class E Note is registrable in the Note Register upon surrender of this Class E Note for registration of transfer at the offices or agencies maintained by the Note Registrar in Minneapolis,
Minnesota, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more
new Class E Notes in authorized denominations evidencing the same aggregate undivided Percentage Interest will be issued to the designated transferee or transferees. 
 The Class E Note is issuable only as a registered Class E Note. As provided in the Indenture and subject to certain limitations therein set forth, the Class E Note is exchangeable for a new Class E Note evidencing the
same undivided ownership interest, as requested by the holder surrendering the same. 
 No service charge will be made for any such
registration of transfer or exchange, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The Servicer, the Seller, the Indenture Trustee and the Note Registrar, and any agent of any of the foregoing, may treat the person in whose name this
Class E Note is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. 
 The obligations and responsibilities created by the Indenture shall terminate upon the payment to Class E Noteholders of all amounts required to be paid to them pursuant to the Indenture and the Transfer and Servicing Agreement and the
disposition of all property held as part of the Indenture Collateral. 
  

 A-5-7 

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

	
	  

	  
  

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

										
	Dated:	 	  
	 		 	  
	  	8	 

 Signature Guaranteed: 
  

	 8
	 NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  

 A-5-8 

 EXHIBIT B 
 LIST OF LOANS 
 See Exhibit G of the Transfer and Servicing Agreement. 
  

 B-1 

 EXHIBIT C 
 WIRING INSTRUCTIONS FORM 
                     , 2007 
  

			
	 [Paying
 [Trustee]
	 	Agent]

  

					
	  
	 		 	
	  
	 		 	
	  
	 		 	

  

	Re:	ACAS Business Loan Trust Notes, Series 2007-1, 

 [Class
A] [Class B] [Class C] [Class D] [Class E] 
 Dear Sir: 
 In
connection with the sale of the above-captioned Note by
                                 to,
                                 (“Transferee”) you, as Paying
Agent, are instructed to make all remittances to Transferee as Noteholder as of                     ,
         by wire transfer. For such wire transfer, the wiring instructions are as follows: 
  

					
		 	  
	 	
		 	  
	 	
		 	  
	 	

  

							
		  		  	  
	  	
		  		  	Transferee	  	

 Noteholder’s mailing address: 
 Name: 
 Address: 
  

 C-1 

 EXHIBIT D-1 
 FORM OF TRANSFEREE LETTER 
 American Capital Strategies, Ltd., 
 as the Servicer 
 2 Bethesda Metro Center 
 14th Floor 

 Bethesda, Maryland 20814 
 Attention:
[                                ] 
 Wells Fargo Bank, National Association, 
 as the Indenture Trustee

 Sixth and Marquette Avenue, MAC N9311-161 
 Minneapolis,
Minnesota 55479 
 Attention: Corporate Trust Services/Asset Backed Administration 
                     , 20         
  

	Re:	ACAS Business Loan Trust Notes, Series 2007-1 

 Class A, Class B, Class C, Class D and Class E Notes 
 Ladies and Gentlemen: 
 (a) In connection with our acquisition of the above-captioned Notes, we certify that (a) we understand that the Notes are not being registered under
the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we are an
Institutional Accredited Investor who is a Qualified Purchaser, as defined in the Indenture pursuant to which the Notes were issued (the “Indenture”), and have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of investments in the Notes, (c) we have had the opportunity to ask questions of and receive answers from the Originator and the Servicer concerning the purchase of the Notes and all matters
relating thereto or any additional information deemed necessary to our decision to purchase the Notes, (d) we are acquiring the Notes for investment for our own account and not with a view to any distribution of such Notes (but without
prejudice to our right at all times to sell or otherwise dispose of the Notes in accordance with clause (f) below), (e) we have not offered or sold any Notes to, or solicited offers to buy any Notes from, any person, or otherwise
approached or negotiated with any person with respect thereto, or taken any other action which would result in a violation of Section 5 of the Act, (f) we will not sell, transfer or otherwise dispose of any Notes unless (1) such sale,
transfer or other disposition is made pursuant to an effective registration statement under the Act or is exempt from such registration requirements, and if requested, we will at our expense provide an opinion of counsel satisfactory to the
addressees of this certificate that such sale, transfer or other disposition may be made pursuant to an exemption from the Act, (2) the purchaser or transferee of such Note has executed and 

  

 D-1-1 

 
delivered to you a certificate to substantially the same effect as this certificate if required by the Indenture, and (3) the purchaser or transferee
has otherwise complied with any conditions for transfer set forth in the Indenture, (g) if the purchaser is acquiring a Class A Note, a Class B Note, a Class C Note or a Class D Note, the purchaser either: (i) is not, and is not
directly or indirectly acquiring or holding this Note or any interest therein, for, on behalf of or with any assets of, an “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”)) or other arrangement that is subject to Title I of ERISA, or a “plan” described in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”)
(collectively, a “Plan”), or other plan or arrangement subject to any federal, state or local laws or regulations that are substantively similar to the foregoing provisions of ERISA or the Code (“Similar Law”); or
(ii) either (1) its acquisition and holding of such Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code by reason of any of Section 408(b)(17) of
ERISA or Section 4975(d)(20) of the Code, PTCE 96-23, PTCE 95-60, PTCE 91-38, PTCE 90-1, PTCE 84-14, each as amended, or an exemption similar to the foregoing exemptions, or (2) in the case of a plan or arrangement subject to Similar Law,
will not constitute or result in a non-exempt violation of Similar Law, (h) if the purchaser is acquiring a Class E Note, the purchaser either: (i) is not, and is not directly or indirectly acquiring or holding such Note, on behalf of or
with any assets of, an “employee benefit plan” (as defined in Section 3(3) of ERISA) or other arrangement that is subject to Title I of ERISA, or a Plan or Similar Law, or (ii) is a plan that is not subject to Title I of ERISA or
Section 4975 of the Code and its acquisition and holding of such Note will not constitute or result in a violation of Similar Law, (i) if the purchaser is acquiring a Class E Note, the purchaser is a U.S. Person, as such term is defined in
Section 7701(a)(30) of the Code, and (j) if the purchaser is acquiring a Class E Note, the purchaser also is acquiring Trust Certificates such that the ratio and the Percentage Interest of the Trust Certificates being acquired to all Trust
Certificates and the ratio and the Percentage Interest of the Class E Notes being acquired to all Class E Notes are equal. 
  

			
	 Very truly yours,

	
	  

	 Print Name of Transferee

		
	 By:
	 	  

		 	Responsible Officer

  

 D-1-2 

 EXHIBIT D–2 
 FORM OF RULE 144A CERTIFICATION 
 American Capital Strategies, Ltd., 
 as the Servicer 
 2 Bethesda Metro Center 
 14th Floor 

 Bethesda, Maryland 20814 
 Wells Fargo Bank, National
Association, 
 as the Indenture Trustee 
 Sixth and Marquette
Avenue, MAC N9311-161 
 Minneapolis, Minnesota 55479 
 Attention:
Corporate Trust Services/Asset Backed Administration 
                     , 20         
  

	Re:	ACAS Business Loan Trust Notes, Series 2007-1 

 Class A, Class B, Class C, Class D and Class E Notes 
 Ladies and Gentlemen: 
 In connection with our acquisition of the above Notes we certify that (a) we understand that the Notes are not being registered under the Securities
Act of 1933, as amended (the “Act”), or any state securities laws and are being transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we have had the opportunity
to ask questions of and receive answers from Originator and the Servicer concerning the purchase of the Notes and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Notes, (c) we have
not, nor has anyone acting on our behalf offered, transferred, pledged, sold or otherwise disposed of the Notes, any interest in the Notes or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Notes, any interest in the Notes or any other similar security from, or otherwise approached or negotiated with respect to the Notes, any interest in the Notes or any other similar security with, any person in any manner, or made
any general solicitation by means of general advertising or in any other manner, or taken any other action, that would constitute a distribution of the Notes under the Act or that would render the disposition of the Notes a violation of
Section 5 of the Act or require registration pursuant thereto, nor will act, nor has authorized or will authorize any person to act, in such manner with respect to the Notes, (d) we are a “qualified institutional buyer” as that
term is defined in Rule 144A under the Act who is a “Qualified Purchaser” as that term is defined in Section 2(a)(51) of the 1940 Act and have completed the form of certification to that effect attached hereto as Annex 1, (e) if
we are acquiring a Class A Note, a Class B Note, a Class C Note or a Class D Note, we either: (i) are not, and are not directly or indirectly acquiring or holding this Note or any interest therein, for, on behalf of or with any assets of,
an “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) or other arrangement that is 

  

 D-2-1 

 
subject to Title I of ERISA, or a “plan” described in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the
“Code”) (collectively, a “Plan”), or other plan or arrangement subject to any federal, state or local laws or regulations that are substantively similar to the foregoing provisions of ERISA or the Code (“Similar
Law”); or (ii) either (1) its acquisition and holding of such Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code by reason of any of
Section 408(b)(17) of ERISA or Section 4975(d)(20) of the Code, PTCE 96-23, PTCE 95-60, PTCE 91-38, PTCE 90-1, PTCE 84-14, each as amended, or an exemption similar to the foregoing exemptions, or (2) in the case of a plan or
arrangement subject to Similar Law, will not constitute or result in a non-exempt violation of Similar Law, (f) if we are acquiring a Class E Note, we either: (i) are not, and are not acquiring or holding such Note, directly or indirectly,
on behalf of or with any assets of, an “employee benefit plan” as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, or a “plan” described in and subject to Section 4975 of the Code (collectively, a
“Plan”), or Similar Law, or (ii) are a plan that is not subject to Title I of ERISA or Section 4975 of the Code and our acquisition and holding of such Note will not constitute or result in a violation of Similar Law,
(g) if we are acquiring a Class E Note, we are a U.S. Person, as such term is defined in Section 7701(a)(30) of the Code, and (h) if the purchaser is acquiring a Class E Note, we also are acquiring Trust Certificates such that the
ratio and the Percentage Interest of the Trust Certificates being acquired to all Trust Certificates and the ratio and the Percentage Interest of the Class E Notes being acquired to all Class E Notes are equal. We are aware that the sale to us is
being made in reliance on Rule 144A. We are acquiring the Notes for our own account or for resale pursuant to Rule 144A and further, understand that such Notes may be resold, pledged or transferred only (i) to a person reasonably believed to be
a Qualified Institutional Buyer who is a Qualified Purchaser that purchases for its own account or for the account of a Qualified Institutional Buyer who is a Qualified Purchaser to whom notice is given that the resale, pledge or transfer is being
made in reliance on Rule 144A, or (ii) pursuant to another exemption from registration under the Act. 
  

			
	 Very truly yours,

	
	  

	 Print Name of Transferee

		
	 By:
	 	  

		 	Responsible Officer

  

 D-2-2 

 ANNEX 1 TO EXHIBIT D-2 
 [FORM OF CERTIFICATION] 
 [Date] 
 American Capital Strategies, Ltd., 
 as the Servicer 
 2 Bethesda Metro Center 
 14th Floor 
 Bethesda, Maryland 20814 
 Attention: Chief Financial Officer and General Counsel 
 Wells Fargo Bank,
National Association, 
 as the Indenture Trustee 
 Sixth and
Marquette Avenue, MAC N9311-161 
 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services/Asset Backed Administration 
  

	Re:	ACAS Business Loan Trust Notes, Series 2007-1 

 Class A, Class B, Class C, Class D and Class E Notes 
 Ladies and Gentlemen: 
 In connection with our purchase of the Notes, the undersigned certifies to each of the parties to whom this letter is addressed that it is a qualified
institutional buyer (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Act”)) who is a qualified purchaser (as defined in Section 2(a)(51) of the Investment Company Act of 1940 (the “1940
Act”)) as follows: 
  

	1.	It owns and/or invests on a discretionary basis eligible securities (excluding affiliate’s securities, bank deposit notes and CD’s, loan participations, repurchase
agreements, securities owned but subject to a repurchase agreement and currency, interest rate and commodity swaps), as described below: 

 Amount: $                    ; and 
  

	2.	The dollar amount set forth above is: 

  

	 	a.	greater than $100 million and the undersigned is one of the following entities: 

  

						
	 (1)
	  	 ̈	 	  	an insurance company as defined in Section 2(13) of the Act;* or
			
	 (2)
	  	 ̈	 	  	an investment company registered under the Investment Company Act or any business development company as defined in Section 2(a)(48) of the 1940 Act or as defined in Section 202(a)(22)
of the Investment Advisers Act of 1940; or

	*	A purchase by an insurance company for one or more of its separate accounts, as defined by section 2(a)(37) of the Investment Company Act of 1940, which are neither registered nor
required to be registered thereunder, shall be deemed to be a purchase for the account of such insurance company. 

  

 D-2-1 

						
	 (3)
	  	 ̈	 	  	a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; or
			
	 (4)
	  	 ̈	 	  	plan (i) established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, the laws of which permit the
purchase of securities of this type, for the benefit of its employees and (ii) the governing investment guidelines of which permit the purchase of securities of this type, in any case acting for its own account within the meaning of Rule
2a51-1(g) of the 1940 Act; or
			
	 (5)
	  	 ̈	 	  	a corporation (other than a U.S. bank, savings and loan association or equivalent foreign institution), partnership, Massachusetts or similar business trust, or an organization described in
Section 501(c)(3) of the Internal Revenue Code; or
			
	 (6)
	  	 ̈	 	  	a U.S. bank, savings and loan association or equivalent foreign institution, which has an audited net worth of at least $25 million as demonstrated in its latest annual financial statements
as of a date not more than 16 months preceding the date of sale in the case of a U.S. institution or 18 months in the case of a foreign institution; or
			
	 (7)
	  	 ̈	 	  	an investment adviser registered under the Investment Advisers Act; or

  

	 	b.	 ̈ greater than $25 million, and the undersigned is a broker-dealer
registered with the SEC; or 

  

	 	c.	 ̈ [Reserved]; or 

  

	 	d.	 ̈ less than $100 million, and the undersigned is an investment company
registered under the Investment Company Act of 1940, which, together with one or more registered investment companies having the same or an affiliated investment adviser, owns at least $100 million of eligible securities; or

  

	 	e.	 ̈ less than $100 million, and the undersigned is an entity, all the equity
owners of which are qualified institutional buyers. 

 The undersigned further certifies that it is purchasing Notes for its
own account or for the account of others that independently qualify as “Qualified Institutional Buyers” as defined in Rule 144A who are “Qualified Purchasers” as defined in the 1940 Act. It is aware that the sale of the Notes is
being made in reliance on its continued compliance with Rule 144A. It is aware that the transferor may rely on the exemption from the provisions of Section 5 of the Act provided by Rule 144A. The undersigned understands that the Notes may be
resold, pledged or transferred 

  

 D-2-2 

 
only to a person reasonably believed to be a Qualified Institutional Buyer who is a Qualified Purchaser that purchases for its own account or for the account
of a Qualified Institutional Buyer who is a Qualified Purchaser to whom notice is given that the resale, pledge or transfer is being made in reliance in Rule 144A. 
 The undersigned agrees that if at some time before the expiration of the holding period described in Rule 144 it wishes to dispose of or exchange any of the Notes, it will not transfer or exchange any of the Notes to
a Qualified Institutional Buyer without first obtaining a letter in the form hereof from the transferee and delivering such certificate to the addressees hereof. 
 IN WITNESS WHEREOF, this document has been executed by the undersigned who is duly authorized to do so on behalf of the undersigned Qualified Institutional Buyer who is a Qualified Purchaser on the
     day of                     ,     . 
  

							
		 		 	Name of Institution	 	
		 		 	 Signature
	 	
		 		 	 Name
	 	
		 		 	 Title**
	 	

	**	Must be President, Chief Financial Officer, or other executive officer. 

  

 D-2-3 

 EXHIBIT E 
 FORM OF TRANSFER CERTIFICATE FOR RULE 144A GLOBAL NOTE TO 
 REGULATION S GLOBAL NOTE DURING
DISTRIBUTION COMPLIANCE PERIOD 
 (Pursuant to Section 4.02(j)(i) of the Indenture) 
 Wells Fargo Bank, National Association, 
 as the Indenture Trustee

 Sixth and Marquette Avenue, MAC N9311-161 
 Minneapolis,
Minnesota 55479 
 Attention: Corporate Trust Services/Asset Backed Administration 
  

	Re:	ACAS Business Loan Trust Notes, Series 2007-1 

 Class [A], [B], [C] and [D] 
 Ladies and Gentlemen: 
 Reference is hereby made to the Indenture, dated as of April 24, 2007 (the “Indenture”), between ACAS Business Loan Trust 2007-1, as the issuer (the “Issuer”), and Wells Fargo
Bank, National Association, as the indenture trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to US $[            ] aggregate current principal amount of Class
         Notes (the “Notes”) which are held in the form of the Rule 144A Global Note (CUSIP No.            ) with the
Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a transfer of such beneficial interest for an interest in the Regulation S Global Note (CUSIP No. ______) to be held with
[Euroclear] [Clearstream] (Common Code No.             ) through the Depository. 
 In connection with such request and in respect of such Notes, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions set forth in the Indenture and
pursuant to and in accordance with Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby certify that: 
  

	 	(1)	the offer of the Notes was not made to a person in the United States, 

  

	 	(2)	[at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the
transferee was outside the United States] [the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the transferor nor any person acting on its behalf knows that the transaction was
pre-arranged with a buyer in the United States], 

  

	 	(3)	the transferee is not a U.S. Person within the meaning of Rule 902(o) of Regulation S nor a Person acting for the account or benefit of a U.S. Person, 

  

 E-1 

	 	(4)	the Transferee, and any account on behalf of which the Transferee is acquiring the Notes, is a “Qualified Purchaser” within the meaning of Section 2(a)(51) of the
1940 Act. 

  

	 	(5)	no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable, 

  

	 	(6)	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act, and 

  

	 	(7)	upon completion of the transaction, the beneficial interest being transferred as described above will be held with the Depository through [Euroclear] [Clearstream].

 This certificate and the statements contained herein are made for your benefit and the benefit of the Trustee and the
Issuer. 
  

			
	[Insert Name of Transferor]
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Dated: 
  

 E-2 

 EXHIBIT F 
 FORM OF TRANSFER CERTIFICATE FOR RULE 144A GLOBAL NOTE TO 
 REGULATION S GLOBAL NOTE AFTER
DISTRIBUTION COMPLIANCE PERIOD 
 (Pursuant to Section 4.02(j)(ii) of the Indenture) 
 Wells Fargo Bank, National Association, 
 as the Indenture Trustee

 Sixth and Marquette Avenue, MAC N9311-161 
 Minneapolis,
Minnesota 55479 
 Attention: Corporate Trust Services/Asset Backed Administration 
  

	Re:	ACAS Business Loan Trust Notes, Series 2007-1 

 Class [A], [B], [C] and [D] 
 Ladies and Gentlemen: 
 Reference is hereby made to the Indenture, dated as of April 24, 2007 (the “Indenture”), between ACAS Business Loan Trust 2007-1, as the issuer (the “Issuer”), and Wells Fargo
Bank, National Association, as the indenture trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to US $[            ] aggregate current principal amount of
Class         Notes (the “Notes”) which are held in the form of the Rule 144A Global Note (CUSIP No.             )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a transfer of such beneficial interest in the Notes for an interest in the Regulation S Global Note (Common Code
No.             ). 
 In connection with such request, and in respect of
such Notes, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions set forth in the Indenture and, (i) with respect to transfers made in reliance on Regulation S under the Securities
Act of 1933, as amended (the “Securities Act”), the Transferor does hereby certify that: 
  

	 	(1)	the offer of the Notes was not made to a person in the United States; 

  

	 	(2)	[at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the
transferee was outside the United States] [the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was
pre-arranged with a buyer in the United States]; 

  

	 	(3)	no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 

  

 F-1 

	 	(4)	the Transferee, and any account on behalf of which the Transferee is acquiring the Notes, is a “Qualified Purchaser” within the meaning of Section 2(a)(51) of the
1940 Act. 

  

	 	(5)	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act, 

 or (ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Notes that are being
transferred are not “restricted securities” as defined in Rule 144 under the Securities Act. 
 This certificate and the statements
contained herein are made for your benefit and the benefit of the Trustee and the Servicer. 
  

			
	[Insert Name of Transferor]
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Dated: 
  

 F-2 

 EXHIBIT G 
 FORM OF TRANSFER CERTIFICATE REGULATION S GLOBAL NOTE 
 TO RULE 144A GLOBAL NOTE DURING DISTRIBUTION
COMPLIANCE PERIOD 
 (Pursuant to Section 4.02(j)(iii)(3)(i) of the Indenture) 
 Wells Fargo Bank, National Association, 
 as the Indenture Trustee

 Sixth and Marquette Avenue, MAC N9311-161 
 Minneapolis,
Minnesota 55479 
 Attention: Corporate Trust Services/Asset Backed Administration 
  

	Re:	ACAS Business Loan Trust Notes, Series 2007-1 

 Class [A], [B], [C] and [D] 
 Ladies and Gentlemen: 
 Reference is hereby made to the Indenture, dated as of April 24, 2007 (the “Indenture”), between ACAS Business Loan Trust 2007-1, as the issuer (the “Issuer”), and Wells Fargo
Bank, National Association, as the indenture trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 This letter relates to US $[            ] aggregate current principal amount of Class
         Notes (the “Notes”) which are held in the form of the Regulation S Global Note (CUSIP No.             ) with
[Euroclear] [Clearstream] (Common Code No.             ) through the Depository in the name of [insert name of transferor] (the “Transferor”). The
Transferor has requested a transfer of such beneficial interest in the Notes for an interest in the Regulation 144A Global Note (CUSIP No.            ). 
 In connection with such request, and in respect of such Notes, the Transferor does hereby certify that such Notes are being transferred in accordance
with (i) the transfer restrictions set forth in the Indenture and (ii) Rule 144A under the Securities Act to a transferee that the Transferor reasonably believes is purchasing the Notes for its own account with respect to which the
transferee exercises sole investment discretion and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A who is a “Qualified Purchaser” under the 1940 Act, in each case in a
transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any jurisdiction. 
  

 G-1 

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Trustee, the Issuer and placement agent of the offering of the Notes. 
  

			
	[Insert Name of Transferor]
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Dated: 
  

 G-2 

 EXHIBIT H 
 FORM OF TRANSFER CERTIFICATE FOR REGULATION S 
 GLOBAL NOTE DURING DISTRIBUTION COMPLIANCE PERIOD

 (Pursuant to Section 4.02(j)(iv)(3) of the Indenture) 
 Wells Fargo Bank, National Association, 
 as the Indenture Trustee 
 Sixth and Marquette Avenue, MAC N9311-161 
 Minneapolis, Minnesota 55479

 Attention: Corporate Trust Services/Asset Backed Administration 
  

	Re:	ACAS Business Loan Trust Notes, Series 2007-1 

 Class
[A], [B], [C] and [D] 
 Ladies and Gentlemen: 
 This certificate is delivered pursuant to Section 4.02 of the Indenture, dated as of April 24, 2007 (the “Indenture”), between ACAS Business Loan Trust 2007-1, as the issuer (the “Issuer”),
and Wells Fargo Bank, National Association, as the indenture trustee (the “Trustee”), in connection with the transfer by the undersigned (the “Transferor”) to
                     (the “Transferee”) of
$                     current principal amount of Class          Notes, in fully registered
form (each, an “Individual Note”), or a beneficial interest of such aggregate current principal amount in the Regulation S Global Note (the “Global Note”) maintained by The Depository Trust Company or its successor
as Depository under the Indenture (such transferred interest, in either form, being the “Transferred Interest”). 
 In
connection with such transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions set forth in the Indenture and the Notes and (i) with respect to transfers made in accordance
with Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby certify that: 
  

	 	(1)	the offer of the Transferred Interest was not made to a person in the United States; 

  

	 	(2)	[at the time the buy order was originated, the Transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the
Transferee was outside the United States] [the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the undersigned nor any person acting on its behalf knows that the transaction was
pre-arranged with a buyer in the United States]; 

  

	 	(3)	the transferee is not a U.S. Person within the meaning of Rule 902(o) of Regulation S nor a person acting for the account or benefit of a U.S. Person, but is a Qualified Purchaser
for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended, and upon completion of the transaction, the Transferred Interest will be held with the Depository through [Euroclear] [Clearstream];

  

 H-1 

	 	(4)	no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 

  

	 	(5)	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

 or (ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Trust Certificates that are
being transferred are not “restricted securities” as defined in Rule 144 under the Securities Act. 
 This certificate and the
statements contained herein are made for your benefit and the benefit of the Trustee and the Issuer. 
  

			
	[Insert Name of Transferor]
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Dated: 
  

 H-2Exhibit 10.1

 EXHIBIT 10.1 
  

 AMENDED AND RESTATED TRUST AGREEMENT 
 by and among 
 ACAS BUSINESS LOAN LLC, 2007-1,  
 as the Trust Depositor, 
 WILMINGTON TRUST COMPANY,  
 as the Owner Trustee, Certificate Registrar, and Paying Agent, 

and 
 AMERICAN CAPITAL STRATEGIES, LTD.,
 
 as the Servicer 
 Dated as of April 24, 2007 
  

 ACAS Business Loan Trust Notes, Series 2007-1 
 Class A, Class B, Class C, Class D
and Class E Notes 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I	  	DEFINITIONS	  	1
			
	 Section 1.01
	  	 Capitalized Terms
	  	1
	 Section 1.02
	  	 Other Terms
	  	3
	 Section 1.03
	  	 Computation of Time Periods
	  	3
	 Section 1.04
	  	 Interpretation
	  	3
	 Section 1.05
	  	 References
	  	4
	 Section 1.06
	  	 Calculations
	  	4
			
	ARTICLE II	  	ORGANIZATION	  	4
			
	 Section 2.01
	  	 Name
	  	4
	 Section 2.02
	  	 Office
	  	5
	 Section 2.03
	  	 Purposes and Powers
	  	5
	 Section 2.04
	  	 Appointment of Owner Trustee
	  	6
	 Section 2.05
	  	 Organizational Expenses
	  	6
	 Section 2.06
	  	 Declaration of Trust
	  	6
	 Section 2.07
	  	 Liability of Trust Depositor
	  	6
	 Section 2.08
	  	 Title to Trust Property
	  	6
	 Section 2.09
	  	 Situs of Trust
	  	7
	 Section 2.10
	  	 Representations and Warranties of the Trust Depositor
	  	7
	 Section 2.11
	  	 Federal Income Tax Treatment
	  	8
	 Section 2.12
	  	 Covenants of the Trust Depositor
	  	8
	 Section 2.13
	  	 Special Purpose Entity Provisions
	  	10
			
	ARTICLE III	  	TRUST CERTIFICATES AND TRANSFER OF INTERESTS	  	11
			
	 Section 3.01
	  	 Ownership
	  	11
	 Section 3.02
	  	 The Trust Certificates
	  	11
	 Section 3.03
	  	 Authentication and Delivery of Trust Certificates
	  	11
	 Section 3.04
	  	 Registration of Transfer and Exchange of Trust Certificates
	  	12
	 Section 3.05
	  	 Mutilated, Destroyed, Lost or Stolen Trust Certificates
	  	12
	 Section 3.06
	  	 Persons Deemed Owners
	  	13
	 Section 3.07
	  	 Access to List of Certificateholder’s Name and Addresses
	  	13
	 Section 3.08
	  	 Maintenance of Office or Agency
	  	13
	 Section 3.09
	  	 Temporary Trust Certificate
	  	13
	 Section 3.10
	  	 Appointment of Paying Agent
	  	14
	 Section 3.11
	  	 Ownership by Trust Depositor of Trust Certificate
	  	14
	 Section 3.12
	  	 Transfer Restrictions
	  	14
			
	ARTICLE IV	  	ACTIONS BY OWNER TRUSTEE	  	16
			
	 Section 4.01
	  	 Prior Notice to Certificateholder with Respect to Certain Matters
	  	16
	 Section 4.02
	  	 Action by Owners with Respect to Certain Matters
	  	17
	 Section 4.03
	  	 Action by Owners with Respect to Bankruptcy
	  	17

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 Section 4.04
	  	 Restrictions on Owners’ Power
	  	17
			
	ARTICLE V	  	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	17
			
	 Section 5.01
	  	 Establishment of Trust Account
	  	17
	 Section 5.02
	  	 Application of Trust Funds
	  	18
	 Section 5.03
	  	 Method of Payment
	  	18
	 Section 5.04
	  	 No Segregation of Moneys; No Interest
	  	18
	 Section 5.05
	  	 Accounting and Reports to the Certificateholder, the Internal Revenue Service and Others
	  	18
	 Section 5.06
	  	 Signature on Returns; Tax Matters Partner
	  	19
			
	ARTICLE VI	  	AUTHORITY AND DUTIES OF OWNER TRUSTEE	  	19
			
	 Section 6.01
	  	 General Authority
	  	19
	 Section 6.02
	  	 General Duties
	  	19
	 Section 6.03
	  	 Action Upon Instruction
	  	19
	 Section 6.04
	  	 No Duties Except as Specified in this Agreement or in Instructions
	  	21
	 Section 6.05
	  	 No Action Except Under Specified Documents or Instructions
	  	21
	 Section 6.06
	  	 Restrictions
	  	21
			
	ARTICLE VII	  	CONCERNING THE OWNER TRUSTEE	  	22
			
	 Section 7.01
	  	 Acceptance of Trusts and Duties
	  	22
	 Section 7.02
	  	 Furnishing of Documents
	  	23
	 Section 7.03
	  	 Representations and Warranties
	  	23
	 Section 7.04
	  	 Reliance; Advice of Counsel
	  	23
	 Section 7.05
	  	 Not Acting in Individual Capacity
	  	24
	 Section 7.06
	  	 Owner Trustee Not Liable for Trust Certificates, Notes or Contracts
	  	24
	 Section 7.07
	  	 Owner Trustee May Own Trust Certificates and Notes
	  	25
			
	ARTICLE VIII	  	COMPENSATION OF OWNER TRUSTEE	  	25
			
	 Section 8.01
	  	 Owner Trustee’s Fees and Expenses
	  	25
	 Section 8.02
	  	 Indemnification
	  	25
	 Section 8.03
	  	 Payments to the Owner Trustee
	  	26
			
	ARTICLE IX	  	TERMINATION OF TRUST AGREEMENT	  	26
			
	 Section 9.01
	  	 Termination of Trust Agreement
	  	26
	 Section 9.02
	  	 Dissolution upon Bankruptcy of Trust Depositor or Withdrawal or Removal of Trust Depositor
	  	27

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 ARTICLE X
	  	 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	27
			
	 Section 10.01
	  	 Eligibility Requirements for Owner Trustee
	  	27
	 Section 10.02
	  	 Resignation or Removal of Owner Trustee
	  	28
	 Section 10.03
	  	 Successor Owner Trustee
	  	28
	 Section 10.04
	  	 Merger or Consolidation of Owner Trustee
	  	29
	 Section 10.05
	  	 Appointment of Co-Trustee or Separate Trustee
	  	29
			
	 ARTICLE XI
	  	 MISCELLANEOUS
	  	30
			
	 Section 11.01
	  	 Supplements and Amendments
	  	30
	 Section 11.02
	  	 No Legal Title to Trust Estate in Owners
	  	31
	 Section 11.03
	  	 Limitations on Rights of Others
	  	32
	 Section 11.04
	  	 Notices
	  	32
	 Section 11.05
	  	 Severability of Provisions
	  	34
	 Section 11.06
	  	 Counterparts
	  	34
	 Section 11.07
	  	 Successors and Assigns
	  	34
	 Section 11.08
	  	 No Petition
	  	34
	 Section 11.09
	  	 No Recourse
	  	34
	 Section 11.10
	  	 Headings
	  	35
	 Section 11.11
	  	 Governing Law and Jury Waiver
	  	35
	 Section 11.12
	  	 Trust Certificate Transfer Restrictions
	  	35

  

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 AMENDED AND RESTATED TRUST AGREEMENT 
 THIS AMENDED AND RESTATED TRUST AGREEMENT, dated as of April 24, 2007 (such agreement as amended, modified, supplemented, or restated from
time to time, the “Agreement”), is among ACAS BUSINESS LOAN LLC, 2007-1, a Delaware limited liability company, as the Trust Depositor (together with its successors and assigns, the “Trust Depositor”), WILMINGTON
TRUST COMPANY, as the Owner Trustee (together with its successors and assigns, the “Owner Trustee”) and AMERICAN CAPITAL STRATEGIES, LTD., as the Servicer (together with its successors and assigns, the “Servicer”)
and amends and restates in its entirety the Trust Agreement, dated as of April 9, 2007 (the “Original Trust Agreement”), between the parties hereto. 
 WHEREAS, the Trust Depositor and the Owner Trustee established a trust known as the ACAS Business Loan Trust 2007-1 pursuant to the Original Trust Agreement and the Certificate of Trust (as defined below);

 WHEREAS, the Trust Depositor desires to confirm its appointment of the Owner Trustee as the trustee of the Trust; and 

WHEREAS, the Owner Trustee is willing to continue to serve as trustee of the Trust. 
 NOW, THEREFORE, based upon the above recitals, the mutual promises and agreements contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Capitalized Terms. 
 For all purposes of this Agreement, except as otherwise
expressly provided below or unless the context otherwise requires, capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Transfer and Servicing Agreement, dated as of April 24, 2007 (as
amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Transfer and Servicing Agreement”), among ACAS Business Loan Trust 2007-1, as the Issuer, the Trust Depositor, as the Trust
Depositor, American Capital Strategies, Ltd., as the Originator and as the Servicer and Wells Fargo Bank, National Association, as the Indenture Trustee and as the Backup Servicer. 
 “Agreement” shall have the meaning given to such term in the Preamble hereof. 
 “Benefit
Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, a plan described in and subject to Section 4975 of the Code or any entity whose underlying assets
include assets of any such employee benefit plan or plan by reason of an employee benefit plan’s or plan’s investment in the entity (including, without limitation, insurance company general accounts). 

 “Certificate Balance” means $10.00. 
 “Certificate Distribution Account” means the account established and maintained as such pursuant to Section 5.01. 
 “Certificate of Trust” means the Certificate of Trust filed for the Trust, pursuant to Section 3810(a) of the Statutory Trust Statute, with the Secretary of State on April 9, 2007.

 “Certificate Register” and “Certificate Registrar” means the register maintained and the registrar (or any successor
thereto) appointed pursuant to Section 3.04. 
 “Certificateholder” or “Holder” means, with respect to a
Definitive Trust Certificate, the Person in whose name the Trust Certificate is registered in the Certificate Register. 
 “Code” shall have
the meaning set forth in Section 3.12(f). 
 “Definitive Trust Certificate” shall have the meaning set forth in
Section 3.09. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any
successor legislation thereto, and the regulations promulgated and the rulings issued thereunder. 
 “Expenses” shall have the meaning given
to such term in Section 8.02. 
 “Indemnified Parties” shall have the meaning given to such term in Section 8.02.

 “Notices” shall have the meaning given to such term in Section 11.04. 
 “Owner Trustee” shall have the meaning given to such term in the Preamble. 
 “Owner Trustee Corporate Trust Office” means the office of the Owner Trustee at which its corporate trust business shall be administered, which initially shall be 1100 North Market Street, Wilmington,
Delaware 19890, or such other office at such other address as the Owner Trustee may designate from time to time by notice to the Certificateholder, the Servicer, the Indenture Trustee, the Trust Depositor and the Originator. 
 “Owners” means the Holders of the Trust Certificates. 
 “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 3.10. 
 “Percentage
Interest” means (i) with respect to a Trust Certificate, the percentage set forth on the face thereof, and (ii) with respect to a Class E Note, the fraction, expressed as a percentage, the numerator of which is the original
principal balance of such Class E Note and the denominator of which is the aggregate original principal balance of the Class E Note. 
 “Secretary of
State” means the Secretary of State of the State of Delaware. 
 “Statutory Trust Statute” means Chapter 38 of Title 12 of the
Delaware Code, 12 Del. C. § 3801, et seq., as amended from time to time. 
  

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 “Tax Matters Partner” shall have the meaning given to such term in Section 5.06(b) hereof.

 “Transfer” shall have the meaning given to such term in Section 3.12(d). 
 “Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
 “Trust” means the trust governed by this Agreement. 
 “Trust Certificate” means a trust certificate evidencing
the beneficial equity interest of an Owner in the Trust, substantially in the form of Exhibit A hereto. 
 “Trust Depositor” shall
have the meaning given to such term in the Preamble. 
 “Trust Estate” means all right, title and interest of the Trust in and to the
property and rights assigned to the Trust pursuant to Article II of the Transfer and Servicing Agreement, all rights of the Trust under the Swaps, all funds on deposit from time to time in the Trust Accounts and the Certificate Distribution
Account, all payments under the Swaps, and all other property of the Trust from time to time, including any rights of the Owner Trustee and the Trust pursuant to the Transfer and Servicing Agreement. 
 Section 1.02 Other Terms. 
 All accounting terms used but not specifically defined herein shall be construed in accordance with generally accepted accounting principles. The symbol “$” shall mean the lawful currency of the United States. All terms used in
Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 
 Section 1.03 Computation of Time Periods. 
 Unless otherwise stated in this Agreement, in the computation of a
period of time from a specified date to a later specified date, the word “from” means “from and including”, the words “to” and “until” each mean “to but excluding”, and the word “within”
means “from and excluding a specified date and to and including a later specified date”. 
 Section 1.04
Interpretation. 
 In this Agreement, unless a contrary intention appears: 
 (i) the singular number includes the plural number and vice versa; 
 (ii) reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns
are permitted by the Transaction Documents; 
 (iii) reference to any gender includes each other gender; 
  

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 (iv) reference to day or days without further qualification means calendar days;

 (v) unless otherwise stated, reference to any time means New York, New York time; 
 (vi) references to “writing” include printing, typing, lithography, electronic or other means of reproducing words in a visible
form; 
 (vii) reference to any agreement (including any Transaction Document), document or instrument means such agreement,
document or instrument as amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents, and reference to
any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor; 
 (viii) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and
reference to any Section or other provision of any Requirement of Law means that provision of such Requirement of Law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of
such Section or other provision; and 
 (ix) references to “include” and “including” shall be deemed to
mean “include, without limitation” and “including, without limitation”, respectively. 
 Section 1.05
References. 
 All section references (including references to the Preamble), unless otherwise indicated, shall be to
Sections (and the Preamble) in this Agreement. 
 Section 1.06 Calculations. 
 Except as otherwise provided herein, all interest rate and basis point calculations hereunder will be made on the basis of a 360 day year and the actual
days elapsed in the relevant period and will be carried out to at least three decimal places. 
 ARTICLE II 
 ORGANIZATION 
 Section 2.01
Name. 
 The Trust shall be known as the “ACAS Business Loan Trust 2007-1”, in which name the Owner Trustee may conduct
the activities of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
  

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 Section 2.02 Office. 
 The office of the Trust shall be in care of the Owner Trustee at the Owner Trustee Corporate Trust Office or at such other address in the State of
Delaware as the Owner Trustee may designate by written notice to the Owner and the Trust Depositor. 
 Section 2.03 Purposes and
Powers. 
 The sole purpose of the Trust is, and the Trust shall have the power and authority, to manage the Trust Estate and collect
and disburse the periodic income therefrom for the use and benefit of the Owners, and, in furtherance of such purpose, to engage in the following ministerial activities: 
 (a) to issue the Notes pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and to hold and sell the Notes and the Trust Certificates; 
 (b) with the proceeds of the sale of the Notes and the Trust Certificates, to purchase the Loans and other Loan Assets, and to pay the balance, if any,
to the Trust Depositor pursuant to the Transfer and Servicing Agreement; 
 (c) to assign, grant, transfer, pledge, mortgage and convey the
Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Owners pursuant to the Transfer and Servicing Agreement any portion of the Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture;

 (d) to enter into and perform its obligations under the Transaction Documents to which it is to be a party; 
 (e) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are
incidental thereto or connected therewith; and 
 (f) subject to compliance with the Transaction Documents, to engage in such other
activities as may be required in connection with the administration and conservation of the Trust Estate (including the administration of the Loans) and the making of distributions to the Owners, the Noteholders and the Swap Counterparties. The
Trust shall not engage in any activities other than in connection with the foregoing. Nothing contained herein shall be deemed to authorize the Trust to engage in any business operations or any activities other than those set forth in the
introductory sentence of this Section 2.03. Specifically, except as permitted by the Transaction Documents, the Trust shall have no authority to engage in any business operations, or acquire any assets other than those specifically
included in the Trust Estate under Section 1.01, or otherwise vary the assets held by the Trust. The Owner Trustee shall have no discretionary duties other than performing those ministerial acts set forth above necessary to accomplish
the purpose of this Trust as set forth in the introductory sentence of this Section 2.03. Notwithstanding anything to the contrary contained herein, the Trust may hold the Notes prior to their purchase by the Initial Purchasers.

  

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 Section 2.04 Appointment of Owner Trustee. 
 The Trust Depositor hereby confirms the appointment of the Owner Trustee as trustee of the Trust as of the date hereof, to have all the rights, powers and
duties set forth herein, and the Owner Trustee hereby accepts such appointment. 
 Section 2.05 Organizational Expenses. 

 The Trust Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee,
promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. 
 Section 2.06 Declaration of Trust.

 The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for
the sole purpose of conserving the Trust Estate and collecting and disbursing the periodic income therefrom for the use and benefit of the Owners, subject to the obligations of the Trust under the Transaction Documents. It is the intention of the
parties hereto that the Trust constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the Statutory Trust Statute for the sole purpose and to the extent necessary to accomplish the purpose of this Trust as set forth in the introductory sentence of Section 2.03. 

Section 2.07 Liability of Trust Depositor. 
 (a) Pursuant to Section 3803(a) of the Statutory Trust Statute, the Trust Depositor shall be liable directly to and will indemnify any injured party or any other creditor of the Trust for all losses, claims,
damages, liabilities and expenses of the Trust to the extent that the Trust Depositor would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act in which Trust Depositor were a general partner
(including any Maryland personal property replacement tax that is imposed on the Trust as a partnership); provided that Trust Depositor shall not be liable for any losses incurred by a Certificateholder in the capacity of an investor in the
Trust Certificates or a Noteholder in the capacity of an investor in the Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the immediately preceding sentence for which the Trust
Depositor shall not be liable) shall be deemed third party beneficiaries of this paragraph. The obligations of the Trust Depositor under this Section 2.07(a) shall be evidenced by the Trust Certificates described in Section 3.11.

 (b) Other than to the extent set forth in Section 2.07(a), no Owner, solely by virtue of its being the Certificateholder,
shall have any personal liability for any liability or obligation of the Trust. 
 Section 2.08 Title to Trust Property. 

 Legal title to the Trust Estate shall be vested at all times in the Trust as a separate legal entity except where Requirements of Law in
any jurisdiction requires title to any part of the Trust 

  

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Estate to be vested in an Owner Trustee or Owner Trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be. If any portion of the Trust Estate is deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, (a) the Owner Trustee, upon having actual knowledge thereof, will immediately notify
the Indenture Trustee and the Servicer and (b) the Servicer will cause to be filed such UCC financing statements and related filings, documents, or writings as are necessary (or as shall be reasonably requested by the Indenture Trustee) to
maintain the Indenture Trustee’s security interest in the Collateral under the Transfer and Servicing Agreement. 
 Section 2.09
Situs of Trust. 
 The Trust will be located and administered in the State of Delaware or the State of Maryland; provided
that the Trust’s location for purposes of the UCC shall be the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Minnesota or the State of Delaware. The Trust shall not
have any employees in any state other than Delaware; provided that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Trust only in
Delaware or Minnesota and payments will be made by the Trust only from Delaware or Minnesota. The only office of the Trust will be at the Owner Trustee Corporate Trust Office. 
 Section 2.10 Representations and Warranties of the Trust Depositor. 
 The Trust Depositor hereby represents and warrants to the Owner Trustee that: 
 (a) The Trust Depositor is duly organized, validly existing and in good standing as a limited liability company under the laws of the State of Delaware,
with limited liability company power and authority to own its properties and to conduct its business and had at all relevant times, and has, limited liability company power, authority and legal right to acquire and own the Loan Assets. 

(b) The Trust Depositor is duly qualified to do business as a foreign limited liability company in good standing and has obtained all necessary
licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications. 
 (c) The Trust Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Trust Depositor has full power and authority to sell and assign the property to be sold and
assigned to and deposited with the Owner Trustee on behalf of the Trust as part of the Trust Estate and has duly authorized such sale and assignment and deposit with the Owner Trustee on behalf of the Trust by all necessary limited liability company
action; and the execution, delivery and performance of this Agreement have been duly authorized by the Trust Depositor by all necessary limited liability company action. This Agreement constitutes the legal, valid and binding obligation of the Trust
Depositor and is enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of
equitable remedies. 
  

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 (d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms
hereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company operating agreement of the
Trust Depositor, or any indenture, agreement or other instrument to which the Trust Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of the properties of the Trust Depositor pursuant to the
terms of any such indenture, agreement or other instrument (other than pursuant to the Transaction Documents); nor violate any Requirements of Law or any order, rule or regulation applicable to the Trust Depositor of any court or of any Governmental
Authority having jurisdiction over the Trust Depositor or its properties. 
 (e) All approvals, authorizations, consents, orders or other
actions of any Person or any Governmental Authority required in connection with the execution and delivery of this Agreement and the fulfillment of the terms hereof have been obtained. 
 (f) There are no proceedings or investigations pending, or to the Trust Depositor’s best knowledge threatened, before any court, regulatory body,
administrative agency or other Governmental Authority having jurisdiction over the Trust Depositor or its properties: (i) asserting the invalidity of this Agreement, any of the other Transaction Documents or the Trust Certificates,
(ii) seeking to prevent the issuance of the Trust Certificates or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seeking any determination or ruling that might
materially and adversely affect the performance by the Trust Depositor of its obligations under, or the validity or enforceability of, this Agreement, any of the other Transaction Documents or the Trust Certificates or (iv) involving the Trust
Depositor and which might adversely affect the federal income tax or other federal, state or local tax attributes of the Trust Certificates. 
 Section 2.11 Federal Income Tax Treatment. 
 In the event that the Trust Certificates and the Class E Note are
all owned by a single holder, it is the intention of the parties hereto that the Trust be disregarded as a separate entity for federal income tax purposes pursuant to Treasury Regulation Section 301.7701-3(b)(1)(ii) as in effect for periods
after January 1, 1997. In the event that the Trust Certificates and the Class E Note are owned by more than one holder, it is the intent of the Trust Depositor, the Servicer, the Holders of the Class E Note and the Certificateholders that, for
purposes of federal income taxes, the Trust be treated as a partnership. The Certificateholders and the Holders of the Class E Note, by acceptance of a Trust Certificate and a Class E Note, respectively, agree to treat the Trust Certificates and
Class E Notes as equity and to take no action inconsistent with the treatment of, the Trust and the Trust Certificates and Class E Notes for such tax purposes as just described. If applicable, neither the Owner Trustee nor the Trust Depositor shall
make the election provided under Section 754 or Section 761 of the Code, unless as required by law. 
 Section 2.12
Covenants of the Trust Depositor. 
 The Trust Depositor agrees and covenants that during the term of this Agreement, and to the
fullest extent permitted by Requirements of Law, that: 
 (a) in the event that (i) the Certificate Balance shall be reduced by realized
losses and (ii) any litigation with claims in excess of $1,000,000 to which the Trust Depositor is a party which shall be reasonably likely to result in a material judgment against the Trust Depositor that the Trust Depositor will not be able
to satisfy shall be commenced, during the period beginning immediately following the commencement of such litigation and continuing until such litigation is dismissed or otherwise terminated (and, if such litigation has resulted in a final judgment
against the Trust Depositor, such judgment has been satisfied), the Trust Depositor shall not pay any distribution to ACAS, or make any distribution on or in respect of its membership interests to ACAS, or repay the principal amount of any
indebtedness of the Trust Depositor held by ACAS, unless (x) after giving effect to such payment, distribution or repayment, the Trust Depositor’s liquid assets shall not be less than the amount of actual damages claimed in such litigation
or (y) the Rating Agencies shall not downgrade the then existing rating, if any, on the Trust Certificate with respect to any such payment, distribution or repayment; 
  

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 (b) it shall not, for any reason, (i) institute proceedings for the Trust to be adjudicated bankrupt
or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to the
bankruptcy of the Trust, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of the property of the Trust, (v) cause or permit the Trust
to make any assignment for the benefit of creditors, (vi) admit in writing the inability of the Trust to pay its debts generally as they become due, or (vii) declare or effect a moratorium on the debt of the Trust or take any action in
furtherance of any such action; 
 (c) it shall not create, incur or suffer to exist any indebtedness or engage in any business, except, in
each case, as permitted by its certificate of formation, limited liability company operating agreement and the Transaction Documents; 
 (d)
it shall obtain from each other party to each Transaction Document to which it or the Trust is a party, and each other agreement entered into on or after the date hereof to which it or the Trust is a party, an agreement by each such counterparty
that, prior to the occurrence of the event specified in Section 9.01(e), such counterparty shall not institute against, or join any other Person in instituting against, it or the Trust, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other similar proceedings under the laws of the United States or any state of the United States; and 
 (e) it shall not, for any reason, (i) withdraw or attempt to withdraw from this Agreement, (ii) dissolve or institute proceedings for it to be adjudicated bankrupt or insolvent, (iii) consent to the institution of bankruptcy
or insolvency proceedings against it, (iv) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy, (v) consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator (or other similar official) of it or a substantial part of its property, (vi) make any assignment for the benefit of creditors, (vii) admit in writing its inability to pay its debts generally as they become
due, or (viii) declare or effect a moratorium on its debt or take any action in furtherance of any such action. 
  

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 Section 2.13 Special Purpose Entity Provisions. 
 The Trust shall: 
 (a) maintain its own
separate books and records and bank accounts; 
 (b) at all times hold itself out to the public and all other Persons as a legal entity
separate from the Trust Depositor, the Owner Trustee and any other Person; 
 (c) file its own tax returns, if any, as may be required under
applicable law, to the extent (A) not part of a consolidated group filing a consolidated return or returns, or (B) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable
law; 
 (d) except as contemplated by the Transaction Documents, not commingle its assets with assets of any other Person; 
 (e) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence; 
 (f) maintain separate financial statements; 
 (g) pay its own liabilities only out of its own funds; 
 (h) maintain an arm’s-length relationship with its Affiliates, the
Trust Depositor and the Owner Trustee; 
 (i) pay the salaries of its own employees, if any; 
 (j) not hold out its credit or assets as being available to satisfy the obligations of others; 
 (k) allocate fairly and reasonably any overhead for shared office space; 
 (l) use separate stationery, invoices and checks; 
 (m) except as contemplated by the Transaction Documents,
not pledge its assets for the benefit of any other Person; 
 (n) correct any known misunderstanding regarding its separate identity;

 (o) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; 
 (p) observe all formalities required under the Delaware Statutory Trust Act; 
 (q) not acquire any obligations or securities of the Trust Depositor; 
  

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 (r) cause the trustees, officers, agents and other representatives of the Trust to act at all times with
respect to the Trust consistently and in furtherance of the foregoing and in the best interests of the Trust; 
 (s) not hold itself out to
be responsible for the decisions or actions respecting the daily business and affairs of others; 
 (t) not incur, assume or guaranty any
indebtedness other than as set forth in this Agreement or the Transaction Documents; and 
 (u) not lend any funds to any entity. 

ARTICLE III 
 TRUST CERTIFICATES
AND TRANSFER OF INTERESTS 
 Section 3.01 Ownership. 
 Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.05 and until the issuance of the Trust
Certificates, the Trust Depositor shall be the sole beneficiary of the Trust. 
 Section 3.02 The Trust Certificates. 

 The Trust Certificates shall be substantially in the form of Exhibit A hereto. The Trust Certificates shall be issued in an amount
equal to the Certificate Balance. Except as otherwise set forth in a supplement to this Agreement, the Trust Certificates shall be issued from time to time in minimum Percentage Interests of 10% and integral multiples of 1% in excess thereof;
provided that one Trust Certificate may be issued in a different denomination. The Trust Certificates shall be executed by the Owner Trustee on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee
and shall be deemed to have been validly issued when so executed. The Trust Certificates bearing the manual or facsimile signature of individuals who were, at the time when such signatures were affixed, authorized to sign on behalf of the Owner
Trustee shall be a valid and binding obligation of the Trust, notwithstanding that such individuals or any of them have ceased to be so authorized prior to the authentication and delivery of such Trust Certificates or did not hold such offices at
the date of such Trust Certificates. Each Trust Certificate shall be dated the date of its authentication. 
 Section 3.03
Authentication and Delivery of Trust Certificates. 
 The Owner Trustee or the Certificate Registrar shall cause to be
authenticated and delivered upon the order of the Trust Depositor, in exchange for the Loans and the other Loan Assets, simultaneously with the sale, assignment and transfer to the Trust of the Loans and other Loan Assets, and the constructive
delivery to the Owner Trustee of the Loan Files and the other Loan Assets, a Trust Certificate duly authenticated by the Owner Trustee or the Certificate Registrar, in the amount of the Certificate Balance evidencing the entire ownership of the
Trust, and Notes issued by the Owner Trustee and authenticated by the Indenture Trustee in aggregate principal amount of, in the case of (i) the Class A Notes, $351,000,000, (ii) the Class B Notes, 

  

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$45,000,000, (iii) the Class C Notes, $81,000,000, (iv) the Class D Notes, $45,000,000 and (v) the Class E Note, $78,000,000. No Trust
Certificate shall be entitled to any benefit under this Agreement, or be valid for any purpose, unless there appears on such Trust Certificate a certificate of authentication substantially in the form set forth in the form of the Trust Certificate
attached hereto as Exhibit A, executed by the Owner Trustee or the Certificate Registrar, by manual signature, and such certificate upon any Trust Certificate shall be conclusive evidence, and the only evidence, that such Trust Certificate
has been duly authenticated and delivered hereunder. Upon issuance, authorization and delivery pursuant to the terms hereof, each Trust Certificate will be entitled to the benefits of this Agreement. 
 Section 3.04 Registration of Transfer and Exchange of Trust Certificates. 
 (a) The Certificate Registrar shall keep or cause to be kept, a Certificate Register, subject to such reasonable regulations as it may prescribe. The
Certificate Register shall provide for the registration of the Trust Certificates and transfers and exchanges of the Trust Certificates as provided herein. The Owner Trustee is hereby initially appointed Certificate Registrar for the purpose of
registering the Trust Certificates and transfers and exchanges of the Trust Certificates as herein provided. In the event that, subsequent to the Closing Date, the Owner Trustee notifies the Servicer that it is unable to act as Certificate
Registrar, the Servicer shall appoint another bank or trust company, agreeing to act in accordance with the provisions of this Agreement applicable to it, and otherwise acceptable to the Owner Trustee, to act as successor Certificate Registrar
hereunder. 
 (b) Upon surrender for registration of transfer of any Trust Certificate at the Owner Trustee Corporate Trust Office, the Owner
Trustee shall execute, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee, one new Trust Certificate having the same aggregate principal amount. 
 (c) Every Trust Certificate presented or surrendered for registration of transfer shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. 
 (d) No service charge shall be made for any registration of transfer or exchange of a Trust Certificate, but the Owner Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with any transfer of a Trust Certificate. 
 (e) All Trust Certificates surrendered for registration of transfer shall be canceled and
subsequently destroyed by the Owner Trustee. 
 Section 3.05 Mutilated, Destroyed, Lost or Stolen Trust Certificates. 

 If (a) any mutilated Trust Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to
its satisfaction of the destruction, loss or theft of any Trust Certificate, and (b) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice that such Trust Certificate has been acquired by a protected purchaser, the 

  

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Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or its authenticating agent shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and fractional undivided interest. In connection with the issuance of any new Trust Certificate under this Section 3.05, the
Owner Trustee may require the payment by the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. Any duplicate Trust Certificate issued pursuant to this Section 3.05 shall
constitute complete and indefeasible evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time. 
 Section 3.06 Persons Deemed Owners. 
 Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar and any of their respective agents may treat the Person in whose name any Trust Certificate
is registered as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar, any Paying Agent or
any of their respective agents shall be affected by any notice of the contrary. 
 Section 3.07 Access to List of
Certificateholder’s Name and Addresses. 
 The Owner Trustee shall furnish or cause to be furnished to the Servicer and the Trust
Depositor, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Servicer or the Trust Depositor, the name and address of the Certificateholder as of the most recent Record Date in such form as the Servicer
or the Trust Depositor may reasonably require. Every Certificateholder, by receiving and holding a Trust Certificate, agrees with the Servicer, the Trust Depositor and the Owner Trustee that none of the Servicer, the Trust Depositor or the Owner
Trustee shall be held accountable by reason of the disclosure of any such information as to the name and address of the Certificateholder hereunder, regardless of the source from which such information was derived. 
 Section 3.08 Maintenance of Office or Agency. 
 The Certificate Registrar shall maintain in Delaware an office or offices or agency or agencies where a Trust Certificate may be surrendered for registration of transfer or exchange and where notices and demands to or
upon the Certificate Registrar in respect of a Trust Certificate and this Agreement may be served. The Certificate Registrar hereby designates the Owner Trustee Corporate Trust Office as its office for such purposes. The Certificate Registrar shall
give prompt written notice to the Trust Depositor, the Servicer and to the Certificateholder of any change in the location of the Certificate Register or any such office or agency. 
 Section 3.09 Temporary Trust Certificate. 
 Pending the preparation of a definitive fully registered Trust Certificate (the “Definitive Trust Certificate”), the Owner Trustee, on behalf of the Trust, may execute, authenticate and deliver a
temporary Trust Certificate that is printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the Definitive Trust Certificate in lieu of which it is issued. If a temporary
Trust Certificate is issued, the Trust 

  

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Depositor will cause a Definitive Trust Certificate to be prepared without unreasonable delay. After the preparation of a Definitive Trust Certificate, each
temporary Trust Certificate shall be exchangeable for a Definitive Trust Certificate upon surrender of the temporary Trust Certificate at the office or agency to be maintained as provided in Section 3.08 without charge to the Holder.
Upon surrender for cancellation of a temporary Trust Certificate, the Owner Trustee shall execute and authenticate and deliver in exchange therefor a like principal amount of a Definitive Trust Certificate. Until so exchanged, a temporary Trust
Certificate shall in all respects be entitled to the same benefits hereunder as a Definitive Trust Certificate. 
 Section 3.10
Appointment of Paying Agent. 
 The Paying Agent shall make distributions to the Certificateholder from the Certificate
Distribution Account pursuant to Section 5.02(a) and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the
purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations
under this Agreement in any material respect. The Paying Agent initially shall be the Owner Trustee, and any co-paying agent chosen by the Paying Agent that is acceptable to the Owner Trustee. Each Paying Agent shall be permitted to resign as Paying
Agent upon 30 days’ written notice to the Owner Trustee. In the event that Wilmington Trust Company shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust
company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying
Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholder in trust for the benefit of the Certificateholder
entitled thereto until such sums shall be paid to such Certificateholder. The Paying Agent shall return all unclaimed funds to the Owner Trustee and, upon removal of a Paying Agent, such Paying Agent shall also return all funds in its possession to
the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its role as Paying Agent and Certificate Registrar, for so long as the Owner Trustee shall act as Paying
Agent and/or the Certificate Registrar, and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

 Section 3.11 Ownership by Trust Depositor of Trust Certificate. 
 The Trust Depositor shall on the Closing Date purchase from the Trust a Trust Certificate representing the Certificate Balance. 
 Section 3.12 Transfer Restrictions. 
 The Trust Certificates may not be offered, transferred or sold except to the Trust Depositor or an Affiliate thereof or to institutional “accredited investors” (as defined in Rule 501(a)(1)-(3) or
(7) under the Securities Act) who are United States persons (as defined in 

  

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Section 7701(a)(30) of the Code) in reliance on an exemption from the registration requirements of the Securities Act. The Trust Certificates may not be
offered, transferred or sold to any natural persons. 
 (a) The Trust Certificates have not been registered or qualified under the Securities
Act, or any state securities law. No transfer, sale, pledge or other disposition of any Trust Certificate shall be made unless such disposition is made pursuant to an effective registration statement under the Securities Act and effective
registration or qualification under applicable state securities laws, or is made in a transaction which does not require such registration or qualification. No transfer of any Trust Certificates shall be made if such transfer would require the Trust
to register as an “investment company” under the Investment Company Act of 1940, as amended. In the event that a transfer is to be made, the transferee shall execute and deliver to the Owner Trustee a certification substantially in the
form of Exhibit B hereto. In the event that such transfer is to be made in reliance on the availability of an exemption under the Securities Act, the Owner Trustee may require the prospective transferee to provide an opinion of counsel
satisfactory to it that such transfer may be made pursuant to an exemption from the Securities Act, which opinion of counsel shall not be an expense of the Owner Trustee or of the Trust. 
 (b) The Trust Certificates may not be acquired by, for the account of or with any assets of a Benefit Plan and any such purported transfer shall not be
effective. Each holder and transferee of a Trust Certificate shall be required to represent (i) that it is not a Benefit Plan and is not acquiring such Trust Certificate for the account of or with the assets of a Benefit Plan and (ii) that
if such Trust Certificate is subsequently deemed to be a Benefit Plan asset, it will dispose of such Trust Certificate. 
 (c) Each Trust
Certificate will bear the legends set forth in paragraph 7 of Exhibit B hereto. 
 (d) No transfer, sale, pledge or other disposition
of one or more Trust Certificates (a “Transfer”) shall be made unless, (i) simultaneously with the Transfer, a proportionate amount of Class E Notes are transferred so that the ratio of the Percentage Interest of the Trust
Certificates so Transferred to all Trust Certificates and the ratio of the Percentage Interest of the Class E Notes so transferred to the Percentage Interest of all Class E Notes are equal, (ii) the Transfers of the Trust Certificates and Class
E Notes referred to herein are made to the same Person and (iii) the Percentage Interest of the Trust Certificates and Class E Notes, respectively, so Transferred, is no less than ten (10) percent. 
 (e) Notwithstanding any other provision herein or elsewhere, other than to determine that any certification delivered to the Owner Trustee pursuant to
Section 3.12(a) is substantially in the form of Exhibit B hereto and to determine (including, without limitation, based on one or more certificates from the Person transferring such Trust Certificate and/or the Note Registrar)
that any transfer of a Trust Certificate described in such certification delivered to the Owner Trustee complies with Section 3.12(d), the Owner Trustee shall have no obligation to determine whether or not any transfer or exchange or
proposed or purported transfer or exchange of a Trust Certificate is permitted under or in accordance with this Agreement, and the Owner Trustee shall have no personal liability to any Person in connection with any transfer or exchange or proposed
or purported transfer or exchange (and/or registration thereof). 
  

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 (f) If the transferee of a Class E Note and Certificate is a partnership, a limited liability company, a
grantor trust (within the meaning of Sections 671-679 of the Internal Revenue Code of 1986, as amended (the “Code”)) or an S corporation (within the meaning of Section 1361 of the Code) (each a “flow-through
entity”), except as previously disclosed to the Trust Depositor in writing, no person or entity will own, directly or indirectly through one or more flow-through entities, an interest in the transferee such that more than 65% of the value
of the Person’s interest in the Purchaser is attributable to the transferee’s investment in the Trust. 
 ARTICLE IV

 ACTIONS BY OWNER TRUSTEE 
 Section 4.01 Prior Notice to Certificateholder with Respect to Certain Matters. 
 Subject to the provisions and limitation of Section 4.04, with respect to the following matters, the Owner Trustee shall not take action unless, at least 30 days before the taking of such action, the Owner
Trustee shall have notified the Certificateholders in writing of the proposed action, the Indenture Trustee shall have consented to such action in the event any Notes are outstanding and the Certificateholders shall not have notified the Owner
Trustee in writing prior to the thirtieth (30th) day after such notice is given that such Certificateholders has withheld consent or provided
alternative direction: 
 (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with
the collection of the Loans) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the Loans); 
 (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust
Statute); 
 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

 (d) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and
such amendment materially and adversely affects the interest of any Owner; 
 (e) the amendment, change or modification of the Transfer and
Servicing Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially and adversely affect the interests of any Owner; or 
 (f) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a
successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent, Indenture Trustee or Certificate Registrar of its obligations under the Indenture or the Agreement, as applicable. 
  

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 Section 4.02 Action by Owners with Respect to Certain Matters. 
 Subject to the provisions and limitations of Section 4.04, the Owner Trustee shall not have the power, except upon the direction of the
Owners, to (a) remove the Servicer pursuant to Section 8.02 of the Transfer and Servicing Agreement, (b) except as expressly provided in the Transaction Documents, sell the Loans or other Trust Assets after the termination of the
Indenture, (c) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (d) authorize the merger or consolidation of the Trust with or into any other statutory trust
or entity (other than in accordance with Section 3.10 of the Indenture) or (e) amend the Certificate of Trust. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the
Owners. 
 Section 4.03 Action by Owners with Respect to Bankruptcy. 
 Subject to Section 2.12(b), the Owner Trustee shall not have the power to commence a voluntary proceeding in a bankruptcy relating to the
Trust without the prior approval of the Owners and the delivery to the Owner Trustee by such Owners of a certificate certifying that such Owners reasonably believe that the Trust is insolvent. 
 Section 4.04 Restrictions on Owners’ Power. 
 The Owners shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any
of the Transaction Documents or would be contrary to the purpose of this Trust as set forth in Section 2.03, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 ARTICLE V 
 APPLICATION OF TRUST
FUNDS; CERTAIN DUTIES 
 Section 5.01 Establishment of Trust Account. 
 (a) The Owner Trustee, for the benefit of the Certificateholder, shall establish and maintain in the name of the Owner Trustee an Eligible Deposit Account
(the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholder. 
 (b) The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all
proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate
Distribution Account ceases to be an Eligible Deposit Account, the Servicer or the Indenture Trustee in accordance with Section 7.01 of the Transfer and Servicing Agreement establish a new Certificate Distribution Account as an Eligible Deposit
Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account. The funds in the Certificate Distribution Account will be held and invested in accordance with the provisions of Article VII of the Transfer and
Servicing Agreement. 
  

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 Section 5.02 Application of Trust Funds. 
 (a) After the Indenture is discharged, the Paying Agent will deposit in the Certificate Distribution Account amounts received for distribution pursuant
hereto, in the following priority: (i) FIRST, to the Owner Trustee for all fees and expenses owed thereto and for any other amounts payable pursuant to Article IX hereof and (ii) SECOND, to the Certificateholders. 
 (b) Upon request, the Paying Agent shall send to the Certificateholders the statement or statements provided to the Owner Trustee by the Servicer
pursuant to Section 9.01 of the Transfer and Servicing Agreement with respect to such Distribution Date. 
 (c) In the event that any
withholding tax is imposed on the Trust’s payment (or allocation of income) to the Certificateholders, such tax shall reduce the amount otherwise distributable to the Certificateholders in accordance with this Section 5.02. The
Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Owners sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee
from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Certificateholders shall be
treated as cash distributed to such Certificateholders at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Paying
Agent may in its sole discretion withhold such amounts in accordance with this Section 5.02(c). 
 Section 5.03 Method
of Payment. 
 Subject to Section 9.01(c) respecting the final payment upon retirement of the Trust Certificate,
distributions required to be made to any Certificateholder of record on the related Record Date shall be made by wire transfer of immediately available funds to the bank account of such Certificateholder appearing in the Certificate Register.

 Section 5.04 No Segregation of Moneys; No Interest. 
 Subject to Sections 5.01 and 5.02, moneys received by the Owner Trustee hereunder need not be segregated in any manner except to the extent
required by law or the Transfer and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and the Owner Trustee shall not be liable for any interest thereon. 
 Section 5.05 Accounting and Reports to the Certificateholder, the Internal Revenue Service and Others. 
 The Servicer shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis that is consistent with the fiscal year
basis used by the Originator, (b) deliver to the Owners, as may be required by the Code and applicable Treasury Regulations, such information as may be required to enable the Owners to prepare its federal and state income tax returns,
(c) file any tax returns relating to the Trust and make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the federal income
tax treatment for the Trust as set forth 

  

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in Section 2.11, (d) cause any such tax returns to be signed in the manner required by law and (e) collect or cause to be collected any
withholding tax as described in and in accordance with Section 5.02(c) with respect to income or distributions to the Owners. 
 Section 5.06 Signature on Returns; Tax Matters Partner. 
 (a) The Trust Depositor shall sign on behalf of the
Trust the tax returns of the Trust. 
 (b) If Subchapter K of the Code should become applicable to the Trust, the initial Certificateholder
shall be designated the “tax matters partner” of the Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations. 
 ARTICLE VI 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 Section 6.01 General Authority. 
 Subject to the provisions and limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and directed to execute and deliver the Transaction Documents to which the Trust is to be a party, each certificate or other
document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust is to be a party and any amendment or other agreement related thereto, as evidenced conclusively by the Owner Trustee’s execution thereof. In
addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as
the Servicer recommends with respect to the Transaction Documents. 
 Section 6.02 General Duties. 
 Subject to the provisions and limitations of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to discharge (or cause to be
discharged through the Servicer) all of its responsibilities pursuant to the terms of this Agreement and the Transaction Documents to which the Trust is a party and under which it has expressly assumed any responsibility and to administer the Trust
in the interest of the Owners, subject to the Transaction Documents and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the Transaction Documents to the extent the Servicer has agreed in the Transfer and Servicing Agreement to perform any act or to discharge any duty of the Owner Trustee hereunder or under any Transaction Document, and the Owner
Trustee (in its capacity as such and individually) shall not be held liable for the default or failure of the Servicer to carry out its obligations under the Transfer and Servicing Agreement. 
 Section 6.03 Action Upon Instruction. 
 (a) Subject to Article IV, in accordance with the terms of the Transaction Documents, the Owners may by written instruction direct the Owner Trustee in the management of the Trust. 
  

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 (b) The Owner Trustee shall not be required to take any action hereunder or under any other Transaction
Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee, is contrary to the terms hereof or of any other Transaction
Document or is otherwise contrary to Requirements of Law. 
 (c) Whenever the Owner Trustee is unable to decide between alternative courses
of action permitted or required by the terms of this Agreement or under any other Transaction Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Owners requesting instruction
as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Owners received, the Owner Trustee shall not be liable on account of such action to any Person. If the
Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances), it may, but shall be
under no duty to, take or refrain from taking such action not inconsistent with this Agreement and the other Transaction Documents as it shall deem to be in the best interests of the Owners, and shall have no liability to any Person for such action
or inaction. 
 (d) In the event that the Owner Trustee is unsure as to the applicability of any provision of this Agreement or any other
Transaction Document, or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent
or incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Owners requesting
instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the
Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances), it may, but shall be
under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the other Transaction Documents as it shall deem to be in the best interests of the Owners, and shall have no liability to any Person for such action
or inaction. 
 (e) Notwithstanding anything contained herein to the contrary, the Owner Trustee shall not be required to take any action in
any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the registration with, licensing by or the taking of any other similar action in respect of, any state or other Governmental Authority of any
jurisdiction other than the State of Delaware by or with respect to the Owner Trustee; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date
hereof other than the State of Delaware being payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the
consummation of the transactions by the Owner Trustee contemplated in this Agreement. In the event that the Owner Trustee has determined that any action set forth in clauses (i)-(iii) will result in the consequences stated therein, the Servicer
and the Owner Trustee shall appoint one or more Persons to act as co-trustee pursuant to Section 10.05. 
  

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 Section 6.04 No Duties Except as Specified in this Agreement or in Instructions.

 The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of
or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this
Agreement or any document or written instruction received by the Owner Trustee pursuant to Section 6.03; and no implied duties or obligations shall be read into this Agreement or any other Transaction Document against the Owner Trustee.
The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to
prepare or file any Commission filing for the Trust or to record this Agreement or any other Transaction Document, which shall be the responsibility of the Servicer pursuant to the Transfer and Servicing Agreement. The Owner Trustee nevertheless
agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Trust Estate that result from actions by, or claims against, the Owner Trustee in its individual capacity that
are not related to the ownership or the administration of the Trust Estate. The Owner Trustee has not participated in the preparation of the Offering Memorandum and shall not be liable to any Person on account of any statement therein or omission
therefrom, except as to information furnished in writing to the Trust specifically for use in connection with the preparation of the Offering Memorandum or the admission to trading of the Offered Notes. 
 Section 6.05 No Action Except Under Specified Documents or Instructions. 
 The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (a) in accordance with
the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (b) in accordance with the other Transaction Documents and (c) in accordance with any document or instruction delivered to the Owner
Trustee pursuant to Section 6.03. 
 Section 6.06 Restrictions. 
 The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or
(b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would result in the Trust becoming taxable as a corporation for federal or state income tax purposes. The Owners shall not direct the Owner Trustee to take actions
that would violate the provisions of this Section 6.06. 
  

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 ARTICLE VII 
 CONCERNING THE OWNER TRUSTEE 
 Section 7.01 Acceptance of Trusts and Duties.

 The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only
upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this Agreement. The Owner Trustee shall not be
answerable or accountable hereunder or under any other Transaction Document under any circumstances, except (i) for its own willful misconduct or gross negligence or (ii) in the case of the inaccuracy of any representation or warranty
contained in Section 7.03 expressly made by the Owner Trustee in its individual capacity. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
 (a) the Owner Trustee shall not be liable for any error of judgment made by a Responsible Officer of the Owner Trustee which did not result from gross
negligence on the part of such Responsible Officer; 
 (b) the Owner Trustee shall not be liable with respect to any action taken or omitted
to be taken by it in accordance with the instructions of the Servicer or any Owner; 
 (c) no provision of this Agreement or any other
Transaction Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Transaction Document if the Owner Trustee shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
 (d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Transaction Documents, including the principal of and interest on the Notes; 
 (e) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the
Trust Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate, or for or in respect of the validity or sufficiency of the Transaction Documents, other than the certificate of authentication on the
Trust Certificate, and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to any Owner, other than as expressly provided for herein or expressly agreed to in the Transaction Documents;

 (f) the Owner Trustee shall not be liable for the default or misconduct of the Servicer, the Trust Depositor, the Indenture Trustee or the
Servicer under any of the Transaction Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust under this Agreement or the other Transaction Documents that are required to be
performed by the Servicer under the Transfer and Servicing Agreement (including pursuant to Section 5.03 thereof), the Indenture Trustee under the Indenture or the Servicer or the Trust Depositor under the Transfer and Servicing Agreement; and

  

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 (g) the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it
by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Transaction Document, at the request, order or direction of the Owners, unless such Owner has
offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any discretionary act
enumerated in this Agreement or in any other Transaction Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence or willful misconduct in the performance of any such act.

 Section 7.02 Furnishing of Documents. 
 The Owner Trustee shall furnish to the Owners promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other
instruments furnished to the Owner Trustee under the Transaction Documents. 
 Section 7.03 Representations and Warranties.

 The Owner Trustee hereby represents and warrants to the Trust Depositor and the Owners that: 
 (a) It is a limited purpose trust company duly organized and validly existing in good standing under the laws of the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
 (b) It has taken all
corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

 (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof, will (i) contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it,
(ii) constitute any default under its charter documents, bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound, or (iii) result in the creation or
imposition of any lien, charge or encumbrance on the Trust Estate resulting from actions by or claims against the Owner Trustee individually which are unrelated to this Agreement or the other Transaction Documents. 
 Section 7.04 Reliance; Advice of Counsel. 
 (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by
it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any entity as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or 

  

 23 

 
matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate,
signed by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter and such certificate shall constitute full protection to the Owner Trustee for any action taken or
omitted to be taken by it in good faith in reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the other Transaction Documents, the Owner Trustee may, at the expense of the Trust Depositor, (i) act directly or through its agents or attorneys pursuant to agreements entered
into by any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys as shall have been selected by the Owner Trustee with reasonable care, and (ii) consult with counsel, accountants and other
skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel,
accountants or other such Persons. 
 Section 7.05 Not Acting in Individual Capacity. 
 Except as provided in this Article VII, in accepting the trusts hereby created, Wilmington Trust Company acts solely as Owner Trustee hereunder and
not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any other Transaction Document shall look only to the Trust Estate for payment or satisfaction
thereof. 
 Section 7.06 Owner Trustee Not Liable for Trust Certificates, Notes or Contracts. 
 The recitals contained herein and in each Trust Certificate (other than the signature and countersignature of the Owner Trustee and the certificate of
authentication on the Trust Certificates) shall be taken as the statements of the Trust Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or
sufficiency of this Agreement, any other Transaction Document or the Trust Certificates (other than the signature and countersignature of the Owner Trustee and the certificate of authentication on the Trust Certificates) or the Notes, or of any Loan
or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Loan, or the perfection and priority of any security interest created by any Loan
in any Collateral or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to the Certificateholder under this Agreement or the
Noteholders under the Indenture, including, without limitation, (a) the existence, condition and ownership of any Collateral; (b) the existence and enforceability of any insurance thereon; (c) the existence and contents of any Loan on
any computer or other record thereof; (d) the validity of the assignment of any Loan to the Trust or of any intervening assignment; (e) the completeness of any Loan; (f) the performance or enforcement of any Loan; (g) the
compliance by the Trust Depositor or the Servicer with any warranty or representation made under any Transaction Document or in any related document or the accuracy of any such warranty or representation; or (h) any action of the Servicer, the
Indenture Trustee, the Servicer or any subservicer taken in the name of the Owner Trustee. 
  

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 Section 7.07 Owner Trustee May Own Trust Certificates and Notes. 
 The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Trust Certificates or Notes and may deal with the Trust
Depositor, the Servicer, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee. 
 ARTICLE VIII 
 COMPENSATION OF OWNER TRUSTEE 
 Section 8.01 Owner Trustee’s Fees and Expenses. 
 The Owner Trustee shall receive from the Servicer or the Trust as compensation for its services hereunder such fees as have been separately agreed upon and which shall be paid consistent with Section 5.19 and
Section 7.05 of the Transfer and Servicing Agreement. Additionally, the Owner Trustee shall be entitled to be reimbursed by the Trust or Servicer for its other reasonable expenses hereunder, including the reasonable compensation, expenses and
disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. 
 Section 8.02 Indemnification. 
 The Trust and the Servicer, jointly and severally, shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its successors, assigns and servants (collectively, the “Indemnified Parties”) from and
against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, “Expenses”) which may at any time be imposed on, incurred by or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the other Transaction Documents, the
Trust Estate, the administration of the Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the Trust and the Servicer shall not be liable for or required to indemnify an Indemnified Party from and against
Expenses arising or resulting from any of the matters described in the third sentence of Section 7.01; provided that the Trust shall only be liable for or required to indemnify an Indemnified Party to the extent provided in
Section 7.05 of the Transfer and Servicing Agreement. The indemnities contained in this Section 8.02 shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In the event of any claim,
action or proceeding for which indemnity will be sought pursuant to this Section 8.02, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Trust Depositor, which approval shall not be unreasonably
withheld. 
  

 25 

 Section 8.03 Payments to the Owner Trustee. 
 Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of the Trust Estate immediately after such
payment. 
 ARTICLE IX 
 TERMINATION OF TRUST AGREEMENT 
 Section 9.01 Termination of Trust Agreement. 
 (a) This Trust shall dissolve and terminate in accordance with Section 3808 of the Statutory Trust Statute upon the earlier of (i) the day
following the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Transfer and Servicing Agreement and Article V; provided that, the
Trust Depositor shall have delivered a written notice to the Owner Trustee electing to terminate the Trust, and (ii) the time provided in Section 9.02. The bankruptcy, liquidation, dissolution, death or incapacity of any Owner,
other than the Trust Depositor as described in Section 9.02, shall not (x) operate to terminate this Agreement or the Trust, (y) entitle such Owner’s legal representatives or heirs to claim an accounting or to take any
action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b) Except as provided in Section 9.01(a), neither the Trust Depositor nor any Holder shall be entitled to revoke or terminate the Trust.

 (c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholders shall surrender their Trust
Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to the Certificateholder mailed within five Business Days of receipt of notice of termination from the Servicer
given pursuant to Section 10.01 of the Transfer and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Trust Certificates shall be made upon presentation and surrender of the Trust
Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Trust Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such
notice is given to the Certificateholder. Upon presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.02
after payment by the Trust or the Servicer of any expenses incurred pursuant to Section 9.01(e). 
 (d) In the event that a
Certificateholder shall not surrender its Trust Certificate(s) for cancellation within six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to such Certificateholder to
surrender its Trust Certificate(s) for cancellation and receive the final distribution with respect thereto. If within 

  

 26 

 
one year after the second notice the Trust Certificate(s) shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or
may appoint an agent to take appropriate steps, to contact the Certificateholder concerning surrender of its Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any
funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Trust Depositor. 
 (e) Upon
the winding up of the Trust and payment of all liabilities in accordance with Section 3808 of the Statutory Trust Statute, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the
Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute at which time the Trust shall terminate. The Servicer shall be the liquidator of the Trust. 
 Section 9.02 Dissolution upon Bankruptcy of Trust Depositor or Withdrawal or Removal of Trust Depositor. 
 In the event that an Insolvency Event shall occur with respect to the Trust Depositor, the Trust shall dissolve in accordance with
Section 9.01, 90 days after the date of such event, unless, within such 90 day period, the Owner Trustee shall have received written instructions from the Required Holders not to dissolve the Trust. Promptly after the occurrence of any
Insolvency Event with respect to the Trust Depositor or the Trust, the Trust Depositor shall give the Indenture Trustee, the Owner Trustee and each Swap Counterparty written notice thereof, and the Indenture Trustee shall give prompt written notice
to the Noteholders thereof. Upon a dissolution pursuant to this Section 9.02, the Owner Trustee shall direct the Indenture Trustee promptly to sell, at the expense of the Trust, the Trust Estate in a commercially reasonable manner and on
commercially reasonable terms. It shall be a condition precedent to such dissolution that each Swap be terminated in accordance with its terms and all amounts including Swap Breakage Costs owed to the Swap Counterparties shall be paid in full. The
proceeds of such a sale of the Trust Estate shall be treated as Collections under the Transfer and Servicing Agreement. 
 ARTICLE X 

 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
 Section 10.01 Eligibility Requirements for Owner Trustee. 
 The Owner Trustee shall at all times be a Person (a) satisfying the provisions of Section 3807(a) of the Statutory Trust Statute,
(b) authorized to exercise corporate trust powers, (c) having (or having a parent that has) a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities, and
(d) having (or having a parent that has) a rating of at least Baa3 by Moody’s and BBB- by Fitch (if rated by Fitch). If such corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purpose of this Section 10.01, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01, the Owner Trustee shall resign immediately in the manner and with the effect specified
in Section 10.02. 
  

 27 

 Section 10.02 Resignation or Removal of Owner Trustee. 
 (a) The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Servicer. Upon
receiving such notice of resignation, the Servicer shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor
Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for
the appointment of a successor Owner Trustee. Any successor Owner Trustee appointed hereunder shall promptly file an amendment to the Certificate of Trust to the extent required by Delaware law. 
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.01 and shall fail to resign after
written request therefor by the Servicer, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed or any public officer
shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Servicer may remove the Owner Trustee. If the Servicer shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the Servicer shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy
to the successor Owner Trustee, and shall pay all fees owed to the outgoing Owner Trustee. 
 (b) Any resignation or removal of the Owner
Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section 10.02 shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03
and payment of all fees and expenses owed to the outgoing Owner Trustee. The Servicer shall provide notice of such resignation or removal of the Owner Trustee to each Rating Agency and each Swap Counterparty. 
 Section 10.03 Successor Owner Trustee. 
 (a) Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the Servicer, and to its predecessor Owner Trustee, an instrument accepting such appointment
under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all
documents and statements and monies held by it under this Agreement; and the Servicer and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting
and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
  

 28 

 (b) No successor Owner Trustee shall accept appointment as provided in this Section 10.03
unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.01. 
 (c) Upon
acceptance of appointment by a successor Owner Trustee pursuant to this Section 10.03, the Servicer shall mail notice thereof to the Certificateholder, the Indenture Trustee, the Noteholders, the Swap Counterparties and each Rating
Agency. If the Servicer shall fail to mail such notice within ten days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Servicer. 

Section 10.04 Merger or Consolidation of Owner Trustee. 
 Any corporation into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder,
without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided that such corporation shall be eligible pursuant to
Section 10.01; and provided further that the Owner Trustee shall mail notice of such merger or consolidation to each Rating Agency and each Swap Counterparty. 
 Section 10.05 Appointment of Co-Trustee or Separate Trustee. 
 (a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Trust Estate or any Collateral may at the time be located, the Servicer and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Servicer
and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust or any part thereof
and, subject to the other provisions of this Section 10.05, such powers, duties, obligations, rights and trusts as the Servicer and the Owner Trustee may consider necessary or desirable. If the Servicer shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor Owner Trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03. 
 (b) Each separate trustee and co-trustee shall, to the extent permitted by Requirements of Law, be appointed and act subject to the following provisions
and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be
conferred upon and exercised or performed by the Owner Trustee 

  

 29 

 
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
Owner 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 Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event
such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the
direction of the Owner Trustee; 
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or
omission of any other trustee under this Agreement; and 
 (iii) the Servicer and the Owner Trustee acting jointly 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 Owner
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 Agreement and the
conditions of this Article X. 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 Owner Trustee or
separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of or affording protection to, the Owner Trustee.
Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Servicer. 
 (d) Any separate trustee or
co-trustee may at any time appoint the Owner Trustee as 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 Agreement 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 Owner Trustee, to the extent permitted by law, without
the appointment of a new or successor co-trustee or separate trustee. 
 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.01
Supplements and Amendments. 
 (a) The Agreement may be amended by the Trust Depositor and the Owner Trustee, without the consent
of any of the Noteholders, the Certificateholders or the Swap Counterparties, to cure any ambiguity, to correct or supplement any provisions in this Agreement or to add any other provisions with respect to matters or questions arising under this
Agreement that shall not be inconsistent with the provisions of this Agreement; provided that any such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder, the
Certificateholders or any Swap Counterparty. 
  

 30 

 (b) This Agreement may also be amended from time to time by the Trust Depositor, and the Owner Trustee,
with the consent of the Required Holders and each Swap Counterparty, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the
Noteholders, the Swap Counterparties or the Certificateholders; provided that no such amendment shall increase or reduce in any manner the amount of, or accelerate or delay the timing of, (i) collections of payments on Loans or
distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders, or (ii) eliminate the Certificateholders’ consent or reduce the aforesaid percentage of the Outstanding Amount of the Notes
required to consent to any such amendment, without the consent of the Holders of all outstanding Notes and the Trust Certificates. 
 (c)
Prior to the execution of any such amendment or consent, the Trust Depositor shall furnish written notification of the substance of such amendment or consent, together with a copy thereof, to the Indenture Trustee, the Servicer and each Rating
Agency. 
 (d) Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the
substance of such amendment or consent to each Noteholder, the Certificateholders and each Swap Counterparty. It shall not be necessary for the consent of the Certificateholders, Noteholders, Swap Counterparties or the Indenture Trustee pursuant to
this Section 11.01 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of the
Certificateholders, Noteholders or Swap Counterparties provided for in this Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by the Certificateholders, Noteholders and Swap Counterparties
shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
 (e) Promptly after the execution of any amendment to
the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 
 (f) Prior to the
execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement
and the Transaction Documents. The Owner Trustee may, but shall not be obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 Section 11.02 No Legal Title to Trust Estate in Owners. 
 The Owners shall not have legal title to any part of the Trust Estate. The Owners shall be entitled to receive distributions with respect to its undivided ownership interest herein only in accordance with Articles
V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Owners to and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any
transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 
  

 31 

 Section 11.03 Limitations on Rights of Others. 
 Except as provided in Section 2.07, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Trust Depositor, the
Owners, the Servicer and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.07), whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
 Section 11.04 Notices. 
 All notices, demands, certificates, requests and communications hereunder (“Notices”) shall be in writing and shall be effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return
receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, (b) one Business Day after delivery to an overnight courier, (c) on the date personally delivered to an authorized
officer of the party to which sent, or (d) on the date transmitted by legible telecopier transmission with a confirmation of receipt, in all cases addressed to the recipient as follows: 
  

	 	(i)	if to the Servicer or any Seller: 

 American Capital
Strategies, Ltd. 
 2 Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

			
	Attention:	  	Debt Capital Markets
	Facsimile No.:	  	(301) 654-6714

  

	 	(ii)	if to the Trust Depositor: 

 ACAS Business Loan LLC,
2007-1 
 2 Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

			
	Attention:	  	Compliance Officer
	Facsimile No.:	  	(301) 654-6714

  

	 	(iii)	if to the Indenture Trustee: 

 Wells Fargo Bank, National
Association 
 Sixth Street and Marquette Avenue 
 MAC N9311-161 
 Minneapolis, Minnesota 55479 

			
	Attention:	  	 Corporate Trust Services/Asset Backed
 Administration

	Facsimile No.:	  	(612) 667-3464

  

 32 

	 	(iv)	if to the Owner Trustee: 

 Wilmington Trust Company

 1100 North Market Street 
 Wilmington, Delaware 19890 

			
	Attention:	  	Corporate Trust Administration, Structured Finance
	Facsimile No.:	  	(302) 636-4140

  

	 	(v)	if to S&P: 

 Standard & Poor’s Inc.

 55 Water Street, 42nd Floor 
 New York, New York 10041 

			
	Attention:	  	Surveillance: CDO Surveillance
	Facsimile No.:	  	(212) 438-2662

 email: cdo_surveillance@sandp.com 
  

	 	(vi)	if to Moody’s: 

 Moody’s Investors Service, Inc.

 99 Church Street 
 New York,
New York 10007 

			
	Attention:	  	CDO Monitoring Department
	Facsimile No.:	  	(212) 553-3707

 email: cdomonitoring@moodys. com 
  

	 	(vii)	if to Fitch: 

 Fitch, Inc. 
 One State Street Plaza 
 New York, New York
10004 

			
	Attention:	  	CDO Surveillance
	Facsimile No.:	  	(212) 514-6501

 email: cdo.surveillance@fitchratings.com 
  

	 	(viii)	if to the Initial Purchasers: 

 c/o Citigroup Global
Markets Inc. 
 390 Greenwich Street, 6th Floor 
 New York, New York 10013 

			
	Attention:	  	Asset Backed Finance – Ref: ACAS
	Facsimile No.:	  	(212) 723-8591

  

	 	(ix)	if to the Swap Counterparties: 

 At the address set forth
for such party in the applicable Swap. 
 Each party hereto may, by notice given in accordance herewith to each of the other parties hereto,
designate any further or different address to which subsequent notices shall be sent. 
  

 33 

 Section 11.05 Severability of Provisions. 
 If any one or more of the covenants, agreements, provisions, or terms of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement
or of the Trust Certificates or the rights of the Holder thereof, and any such prohibition, invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenants, agreements, provisions or terms in any other
jurisdiction. 
 Section 11.06 Counterparts. 
 This Agreement may be executed by facsimile signature and in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
 Section 11.07 Successors and Assigns. 
 All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Trust Depositor and the Owner Trustee and their respective successors and permitted assigns, and each Owner
and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by an Owner shall bind the successors and assigns of such Owner. 
 Section 11.08 No Petition. 
 The Owner Trustee, by entering into this Agreement, each Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee, each Noteholder and each Swap Counterparty, by accepting the benefits of this Agreement, covenants and
agrees that, prior to the date that is one year and one day (or such longer preference period as shall then be in effect) after the payment in full of all amounts owing in respect of each Class of Notes rated by any Rating Agency, it will not
institute against Trust Depositor or the Trust, or join any other Person in instituting against the Trust Depositor or the Trust, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under
the laws of the United States or any state of the United States; provided that nothing herein shall prohibit the Indenture Trustee from filing proofs of claim or otherwise participating in any such proceedings instituted by any other Person.
This Section 11.08 will survive the termination of this Agreement. 
 Section 11.09 No Recourse. 

Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificate represent beneficial
interests in the Trust only and do not represent interests in or obligations of the Trust Depositor, the Servicer, the Originator, the Servicer, the Owner Trustee, the Indenture Trustee or any of the respective Affiliates, and no recourse may be had
against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the other Transaction Documents. The Owner by accepting a Trust Certificate (a) acknowledges that such Trust
Certificate represents a beneficial interest in the Trust and Trust Assets only and does not represent an interest in or an obligation of the Trust Depositor, the Servicer, the Originator, the Servicer, the Owner Trustee, 

  

 34 

 
the Indenture Trustee, or any Affiliate of the foregoing, and no recourse may be had against any such party or their assets, except as may be expressly set
forth or contemplated in the Transaction Documents and (b) enters into the undertakings and agreements provided for such Certificateholder set forth in Section 13.09 of the Transfer and Servicing Agreement. The right to distributions of
Trust Assets or the proceeds thereof arising under this Agreement or the Trust Certificates shall be payable solely in accordance with the priority set forth in Section 7.05 of the Transfer and Servicing Agreement until the final discharge of
the Indenture, and no Owner or Certificateholder shall have any recourse against the Trust except in accordance therewith. The provisions of this Section 11.09 shall survive any termination of this Agreement. 
 Section 11.10 Headings. 
 The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 11.11 Governing Law and Jury Waiver. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS; AND 
 (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PERSON HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.11(b). 
 Section 11.12 Trust Certificate Transfer Restrictions. 
 The Trust Certificates may not be acquired by, for the
account of or with any assets of a Benefit Plan. By accepting and holding a Trust Certificate, the Holder thereof shall be deemed to have represented and warranted that it is not, and is not acting for the account of or with any assets of, a Benefit
Plan nor will it hold such Trust Certificate if the Trust Certificate is subsequently deemed to be a Benefit Plan asset. 
 [Remainder of
Page Intentionally Left Blank] 
  

 35 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective officers hereunto duly authorized, as of the day and year first above written. 
  

			
	ACAS BUSINESS LOAN LLC, 2007-1, as the Trust Depositor
		
	 By:
	 	 /s/ Samuel A. Flax

	 Name:
	 	Samuel A. Flax
	 Title:
	 	Vice President and Secretary

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective officers hereunto duly authorized, as of the day and year first above written. 
  

			
	WILMINGTON TRUST COMPANY, as the Owner Trustee, Certificate Registrar, and Paying Agent
		
	 By:
	 	 /s/ Michele C. Harra

	 Name:
	 	Michele C. Harra
	 Title:
	 	Financial Services Officer

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective officers hereunto duly authorized, as of the day and year first above written. 
  

			
	AMERICAN CAPITAL STRATEGIES, LTD., as the Servicer
		
	 By:
	 	 /s/ Samuel A. Flax

	 Name:
	 	Samuel A. Flax
	 Title:
	 	Executive VP & General Counsel

 EXHIBIT A 
 FORM OF TRUST CERTIFICATE 
 THIS TRUST CERTIFICATE (“TRUST CERTIFICATE”) HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST CERTIFICATE MAY BE RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND TO A PERSON WHO HAS FURNISHED TO THE OWNER TRUSTEE (A) AN INVESTMENT LETTER TO THE EFFECT THAT SUCH PURCHASER IS THE TRUST DEPOSITOR OR AN AFFILIATE THEREOF, OR AN
INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)-(3) or (7) UNDER THE SECURITIES ACT AND (B) IF REQUIRED, AN OPINION OF COUNSEL SATISFACTORY TO THE OWNER TRUSTEE. 
 NEITHER THIS TRUST CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY, FOR THE ACCOUNT OF OR WITH ANY
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 TITLE I OF ERISA, (B) A PLAN DESCRIBED IN AND SUBJECT TO
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR
PLAN’S INVESTMENT IN THE ENTITY (INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS). BY ACCEPTING AND HOLDING THIS TRUST CERTIFICATE, THE HOLDER HEREOF SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT AND FOR THE
ENTIRE PERIOD OF ITS HOLDING WILL NOT BE ANY OF THE FOREGOING ENTITIES AND IS NOT AND FOR THE ENTIRE PERIOD OF ITS HOLDING WILL NOT BE ACTING FOR THE ACCOUNT OF OR WITH ANY ASSETS OF ANY OF THE FOREGOING ENTITIES. FURTHER, THIS TRUST CERTIFICATE MAY
BE TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE. 
 IF THE TRANSFEREE OF A CLASS E NOTE AND TRUST
CERTIFICATE IS A PARTNERSHIP, A LIMITED LIABILITY COMPANY, A GRANTOR TRUST (WITHIN THE MEANING OF SECTIONS 671-679 OF THE CODE) OR AN S CORPORATION (WITHIN THE MEANING OF SECTION 1361 OF THE CODE) (EACH A “FLOW-THROUGH ENTITY”),
EXCEPT AS PREVIOUSLY DISCLOSED TO THE TRUST DEPOSITOR IN WRITING, NO PERSON OR ENTITY WILL OWN, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE FLOW-THROUGH ENTITIES, AN INTEREST IN THE TRANSFEREE SUCH THAT MORE THAN 65% OF THE VALUE OF THE PERSON’S
INTEREST IN THE PURCHASER IS ATTRIBUTABLE TO THE TRANSFEREE’S INVESTMENT IN THE TRUST. 
  

 B-4 

 THIS TRUST CERTIFICATE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 
 NO TRANSFER, SALE, PLEDGE OR OTHER DISPOSITION OF ONE OR MORE TRUST CERTIFICATES (A “TRANSFER”) SHALL BE MADE UNLESS (1) SIMULTANEOUSLY WITH THE
TRANSFER A PROPORTIONATE AMOUNT OF CLASS E NOTES ARE TRANSFERRED SO THAT THE RATIO OF THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES SO TRANSFERRED TO ALL TRUST CERTIFICATES AND THE RATIO OF THE PERCENTAGE INTEREST OF THE CLASS E NOTES SO
TRANSFERRED TO THE PERCENTAGE INTEREST OF ALL CLASS E NOTES ARE EQUAL, (2) THE TRANSFERS OF THE TRUST CERTIFICATES AND CLASS E NOTES REFERRED TO HEREIN ARE MADE TO THE SAME PERSON AND (3) THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES
AND CLASS E NOTES, RESPECTIVELY, SO TRANSFERRED IS NO LESS THAN TEN (10%) PERCENT. 
 NUMBER
                         CUSIP NO.
                         PERCENTAGE INTEREST:
                     
  

 A-5 

 ACAS BUSINESS LOAN TRUST 2007-1 
 TRUST CERTIFICATE 
 This Trust Certificate evidences a beneficial ownership interest in the Trust, as
defined below, the property of which includes primarily the Loans transferred to the Trust by ACAS Business Loan LLC, 2007-1. 
 (This Trust Certificate
does not represent an interest in or obligation of the Trust Depositor (as defined below), the Servicer (as defined below) or the Owner Trustee (as defined below) (as such or in their individual capacities) or any of their respective affiliates,
except to the extent described below.) 
 THIS CERTIFIES THAT ACAS BUSINESS LOAN LLC, 2007-1 is the registered owner of the nonassessable, fully paid,
beneficial ownership interest in ACAS BUSINESS LOAN TRUST 2007-1 (the “Trust”) formed by ACAS Business Loan LLC, 2007-1, in the Percentage Interest evidenced hereby. 
 The Trust is governed by an Amended and Restated Trust Agreement, dated as of April 24, 2007 (as amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the
“Trust Agreement”), among ACAS Business Loan LLC, 2007-1, as trust depositor (the “Trust Depositor”), Wilmington Trust Company, as owner trustee (the “Owner Trustee”) and American Capital
Strategies, Ltd., as the servicer (the “Servicer”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings
assigned to them in the Trust Agreement or the Transfer and Servicing Agreement (as defined in the Trust Agreement). 
 This Trust Certificate is one of a
duly authorized issue of ACAS Business Loan Trust 2007-1 Trust Certificates (herein called the “Trust Certificates”). This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust
Agreement, to which Trust Agreement the Holder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Holder is bound. 
 Under the Trust Agreement, there will be distributed on each Payment Date, to the Person in whose name this Trust Certificate is registered at the close of business on the Record Date, such Certificateholder’s Percentage Interest in
the amount to be distributed to Certificateholders on such Payment Date pursuant to the terms of the Trust Agreement, the Transfer and Servicing Agreement and the Indenture. 
 The Holder of this Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate are subordinated to the rights of the Noteholders as described in the Transfer
and Servicing Agreement and the Indenture. 
 It is the intent of the Trust Depositor, the Servicer, the Holders of the Class E Note and the
Certificateholders that, for purposes of federal income taxes, in the event that the Trust Certificates and the Class E Notes are owned by more than one Holder, the Trust will be treated as a partnership, the partners of which are the
Certificateholders and the Holders of the Class E Notes and, in the event that the Trust Certificates and the Class E Notes are all owned by a single 

  

 A-6 

 
holder, the Trust will be treated as a division of such holder. The Certificateholders and the Holders of the Class E Notes, by acceptance of a Trust
Certificate and a Class E Note, respectively, agree to treat the Trust Certificates and Class E Notes as equity and to take no action inconsistent with the treatment of, the Trust and the Trust Certificates and Class E Notes for such tax purposes as
just described. 
 Each Certificateholder, by its acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not, prior to the
date which is one year and one day (or such longer preference period as shall then be in effect) after the termination of the Indenture, institute against the Trust or the Trust Depositor, or join in any institution against the Trust or the Trust
Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Trust
Certificates, the Notes, the Trust Agreement or any of the other Transaction Documents. 
 Distributions on this Trust Certificate will be made as provided
in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder of record in the Certificate Register without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except
as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Trust Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and
surrender of this Trust Certificate at the office or agency maintained for that purpose by the Paying Agent. 
 Reference is hereby made to the further
provisions of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee or the Certificate Registrar, by manual signature, this Trust Certificate shall not entitle the
Holder hereof to any benefit under the Trust Agreement or the Transfer and Servicing Agreement or be valid for any purpose. 
 THIS TRUST CERTIFICATE
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS. 
 [Remainder of page left intentionally blank] 
  

 A-7 

 IN WITNESS WHEREOF, the Owner Trustee or the Certificate Registrar, on behalf of the Trust and not in its
individual capacity, has caused this Trust Certificate to be duly executed. 
 Date: 
  

			
	 ACAS BUSINESS LOAN TRUST 2007-1

		
	 By:
	 	 WILMINGTON TRUST COMPANY,
 solely as Owner Trustee and
not in its individual capacity

		
	 By:
	 	  

		 	Authorized Signatory

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Trust Certificates of ACAS Business Loan Trust 2007-1 referred to in the within-mentioned Trust Agreement. 
 Date: 
  

			
	 WILMINGTON TRUST COMPANY,
 solely as Owner
Trustee and not in its individual capacity

		
	 By:
	 	  

		 	Authorized Signatory
	
	or
	
	WILMINGTON TRUST COMPANY, as Certificate Registrar
		
	 By:
	 	  

		 	Authorized Signatory

  

 A-8 

 [REVERSE OF TRUST CERTIFICATE] 
 The Trust Certificates do not represent an obligation of, or an interest in, the Trust Depositor, the Servicer, the Owner Trustee or any affiliates of
any of them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the Transaction Documents. In addition, this Trust Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Loans (and certain other amounts), all as more specifically set forth herein and in the Transaction
Documents. A copy of each of the Transaction Documents may be examined by any Certificateholder upon written request during normal business hours at the principal office of the Trust Depositor and at such other places, if any, designated by the
Trust Depositor. 
 The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the
rights and obligations of the Trust Depositor and the rights of the Certificateholders under the Trust Agreement at any time, by the Trust Depositor and the Owner Trustee with the consent of the Required Holders. Any such consent by the Required
Holders shall be conclusive and binding on such Holder and on all future Holders of this Trust Certificate and of any Trust Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
is made upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Trust Certificates. 
 As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registerable in the
Certificate Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Trust Certificates of authorized denominations evidencing the same aggregate interest in the Trust will
be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is the Owner Trustee. 
 The
Trust Certificates are issuable only as registered Trust Certificates without coupons in minimum Percentage Interests of 10% and integral multiples of 1% in excess thereof; provided that one Trust Certificate may be issued in a different
denomination. As provided in the Trust Agreement and subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate denomination, as
requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or
governmental charge payable in connection therewith. 
 The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or
the Certificate Registrar may treat the Person in whose name this Trust Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the
contrary. 
  

 A-9 

 This Trust Certificate may not be transferred directly or indirectly to (a) an employee benefit plan
(as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a plan described in and subject to Section 4975 of the Code or (c) any entity whose underlying assets include assets of any such employee benefit plan
or plan by reason of an employee benefit plan’s or plan’s investment in the entity (including, without limitation, insurance company general accounts). By accepting and holding this Trust Certificate, the Holder hereof shall be deemed to
have represented and warranted that it is not and for the entire period of its holding will not be any of the foregoing entities and is not and for the entire period of its holding will not be acting for the account of or with any assets of any of
the foregoing entities. 
 This Trust Certificate may not be transferred to any Person who is not a United States person, as such term is
defined in Section 7701(a)(30) of the Code. 
 Each purchaser of the Trust Certificates shall be required, prior to purchasing a Trust
Certificate, to execute the Purchaser’s Representation and Warranty Letter in the form attached to the Trust Agreement as Exhibit B. 
 The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon (i) the payment to Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and
the Transfer and Servicing Agreement and the disposition of all property held as part of the Trust and (ii) the written consent of the Certificateholders. 
 [Remainder of page left intentionally blank] 
  

 A-10 

 ASSIGNMENT 
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

	
	  

	(Please print or type name and address, including postal zip code, of assignee)

  

	
	  

	the within Trust Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

  

	
	  

	to transfer said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

 Dated: 
  

			
		 	
	  
	 	*
	Signature Guaranteed:	 	
		
	  
	 	*

	*	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Trust Certificate in every particular, without alteration,
enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. 

  

 A-11 

 EXHIBIT B 
 [Form of Purchaser’s Representation and Warranty Letter] 
 ACAS Business Loan Trust 2007-1 
 c/o Wilmington Trust Company, 
 as Owner Trustee 
 1100 Market Street 
 Wilmington, Delaware 19890 

			
	 Attention:
	  	 Corporate Trust Administration,
 Structured Finance

  

	Re:	ACAS Business Loan Trust 2007-1 

 Ladies and Gentlemen: 
 In connection with our proposed acquisition of Trust Certificates (the “Trust Certificates”) issued under the Amended and Restated Trust
Agreement, dated as of April 24, 2007 (as amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Agreement”), between ACAS Business Loan LLC, 2007-1, as Trust Depositor (the
“Trust Depositor”), Wilmington Trust Company, as Owner Trustee (the “Owner Trustee”) and American Capital Strategies, Ltd., as servicer (the “Servicer”), the undersigned (the
“Purchaser”) represents, warrants and agrees that: 
 (i) It is the Trust Depositor or an Affiliate thereof, or an
institutional “accredited investor” as defined in Rule 50l(a)(1)-(3) or (7) under the Securities Act (as defined below) and is acquiring the Trust Certificates for its own institutional account or for the account of an
institutional accredited investor. 
 (ii) It is not and for the entire period of its holding will not be (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 Title I of ERISA, (b) a plan described in and subject to Section 4975 of the Internal
Revenue Code of 1986, as amended (the “Code”), or (c) an entity (including an insurance company general account) whose underlying assets include assets of any such employee benefit plan or plan by reason of the investment by
any such employee benefit plan or plan in any such entity. 
 (iii) It is a United States person as defined in Section 7701(a)(30) of
the Code. 
 (iv) It has such knowledge and experience in evaluating business and financial matters so that it is capable of evaluating the
merits and risks of an investment in the Trust Certificates. It understands the full nature and risks of an investment in the Trust Certificates and based upon its present and projected net income and net worth, it believes that it can bear the
economic risk of an immediate or future loss of its entire investment in the Trust Certificates. 
 (v) It understands that the Trust
Certificates will be offered in a transaction not involving any public offering within the meaning of the Securities Act, and that, if in the future it decides to resell, pledge or otherwise transfer any Trust Certificates, such Trust Certificates
may 

  

 B-1 

 
be resold, pledged or transferred only (a) to a Person who the seller reasonably believes is an institutional “accredited investor” as defined
in Rule 501(a)(1)-(3) or (7) under the Securities Act that purchases for its own account or for the account of another institutional accredited investor or (b) pursuant to an effective registration statement under the Securities Act.

 (vi) If the transferee of a Class E Note and Certificate is a partnership, a limited liability company, a grantor trust (within the
meaning of Sections 671-679 of the Code) or an S corporation (within the meaning of Section 1361 of the Code) (each a “flow-through entity”), except as previously disclosed to the Trust Depositor in writing, no person or entity will
own, directly or indirectly through one or more flow-through entities, an interest in the transferee such that more than 65% of the value of the person’s interest in the Purchaser is attributable to the transferee’s investment in the
Trust. 
 (vii) It understands that each Trust Certificate will bear legends substantially to the following effect: 
 THIS TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR STATE SECURITIES LAWS. THE
HOLDER HEREOF, BY PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST CERTIFICATE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND TO A PERSON WHO HAS FURNISHED TO THE OWNER
TRUSTEE (A) AN INVESTMENT LETTER TO THE EFFECT THAT SUCH PURCHASER IS THE TRUST DEPOSITOR OR AN AFFILIATE THEREOF, OR AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER THE SECURITIES ACT AND
(B) IF REQUIRED, AN OPINION OF COUNSEL SATISFACTORY TO THE OWNER TRUSTEE. 
 NEITHER THIS TRUST CERTIFICATE NOR ANY INTEREST HEREIN MAY BE
ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY, FOR THE ACCOUNT OF OR WITH ANY 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 TITLE I OF ERISA, (B) A PLAN DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR (C) ANY ENTITY WHOSE UNDERLYING ASSETS
INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS). BY ACCEPTING AND HOLDING THIS TRUST
CERTIFICATE, THE HOLDER HEREOF SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT AND FOR THE ENTIRE PERIOD OF ITS HOLDING WILL NOT BE ANY OF THE FOREGOING ENTITIES AND IS NOT AND FOR THE ENTIRE PERIOD OF ITS HOLDING WILL NOT BE ACTING
FOR THE ACCOUNT OF OR WITH ANY ASSETS OF ANY OF THE FOREGOING ENTITIES. FURTHER, THIS TRUST CERTIFICATE MAY BE TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE. 
  

 B-2 

 IF THE TRANSFEREE OF A CLASS E NOTE AND TRUST CERTIFICATE IS A PARTNERSHIP, A LIMITED LIABILITY COMPANY, A GRANTOR
TRUST (WITHIN THE MEANING OF SECTIONS 671-679 OF THE CODE) OR AN S CORPORATION (WITHIN THE MEANING OF SECTION 1361 OF THE CODE) (EACH A “FLOW-THROUGH ENTITY”), EXCEPT AS PREVIOUSLY DISCLOSED TO THE TRUST DEPOSITOR IN WRITING, NO
PERSON OR ENTITY WILL OWN, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE FLOW-THROUGH ENTITIES, AN INTEREST IN THE TRANSFEREE SUCH THAT MORE THAN 65% OF THE VALUE OF THE PERSON’S INTEREST IN THE PURCHASER IS ATTRIBUTABLE TO THE TRANSFEREE’S
INVESTMENT IN THE TRUST. 
 THIS TRUST CERTIFICATE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 
 NO TRANSFER, SALE, PLEDGE OR OTHER DISPOSITION OF ONE OR MORE TRUST CERTIFICATES (A “TRANSFER”) SHALL BE MADE UNLESS (1) SIMULTANEOUSLY WITH THE
TRANSFER A PROPORTIONATE AMOUNT OF CLASS E NOTES ARE TRANSFERRED SO THAT THE RATIO OF THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES SO TRANSFERRED TO ALL TRUST CERTIFICATES AND THE RATIO OF THE PERCENTAGE INTEREST OF THE CLASS E NOTES SO
TRANSFERRED TO THE PERCENTAGE INTEREST OF ALL CLASS E NOTES ARE EQUAL, (2) THE TRANSFERS OF THE TRUST CERTIFICATES AND CLASS E NOTES REFERRED TO HEREIN ARE MADE TO THE SAME PERSON AND (3) THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES
AND CLASS E NOTES, RESPECTIVELY, SO TRANSFERRED IS NO LESS THAN TEN (10%) PERCENT. 
 (viii) It is acquiring the Trust Certificates
for its own account and not with a view to the public offering thereof in violation of the Securities Act (subject, nevertheless, to the understanding that disposition of its property shall at all times be and remain within its control). 

(ix) It has been furnished with all information regarding the Trust and Trust Certificates which it has requested from the Trust and the Trust
Depositor. 
 (x) Neither it nor anyone acting on its behalf has offered, transferred, pledged, sold or otherwise disposed of any Trust
Certificate, any interest in any Trust Certificate or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of any Trust Certificate, any interest in any Trust Certificate or any other similar
security from, or otherwise approached or negotiated with respect to any Trust Certificate, any interest in any Trust Certificate or any other similar security with, any Person in any manner or made any general solicitation by means of general
advertising or in any other manner, which would constitute a distribution of the Trust Certificates under the Securities Act or which would require registration pursuant to the Securities Act nor will it act, nor has it authorized or will authorize
any Person to act, in such manner with respect to any Trust Certificate. 
  

 B-3 

 (xi) For the purposes of Section 3(c)(a)(A) of the Investment Company Act of 1940, as amended, it
shall be counted as one purchaser. 
 (xii) It also is acquiring Class E Notes such that the ratio and Percentage Interest of the Class E
Notes being acquired to all Class E Notes and the ratio and Percentage Interest of the Trust Certificates being acquired to all Trust Certificates are equal. 
 [Remainder of page left intentionally blank] 
  

 B-4 

 Dated:
                     
  

			
	Very truly yours,
	
	  

	 NAME OF PURCHASER

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

	
	NOTE: To be executed by an executive officer

  

 B-5

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