Document:

Exhibit 10.8

 

AMENDED AND RESTATED SECURITY AND
PLEDGE AGREEMENT

 

This AMENDED AND
RESTATED SECURITY AND PLEDGE AGREEMENT, dated as of ______________ (this “Agreement”), is among Notis Global,
Inc., a Nevada corporation (the “Company”), all subsidiaries and affiliates of the Company that are a signatory
hereto, either now or joined in the future (such subsidiaries and affiliates, the “Guarantors”), EWSD I, LLC,
a Delaware limited liability company (“EWSD”), Pueblo Agriculture Supply and Equipment, LLC, a Delaware limited
liability company (“PASE”), PCH Investment Group, Inc., a California corporation (“PCH”; and, together
with the Company, the Guarantors, EWSD and PASE, the “Debtors”) and the holder of one or more of the Company’s
and PASE’s 10% Senior Secured Convertible Promissory Notes, in the aggregate principal amount of up to $3,600,000 (collectively,
the “Note”) signatory hereto, their endorsees, transferees and assigns (collectively, the “Secured
Parties”). This Agreement amends and restates those certain Security and Pledge Agreements, dated, respectively, January
6, 2017, January 13, 2017, January 27, 2017, February 1, 2017, February 3, 2017, March 20, 2017, and April 27, 2017, by and among
the Debtors and the Secured Parties. This Agreement is subject to the below additional provisions. This Agreement shall be deemed
effective as of January 6, 2017.

 

W I T N E S S E T H:

 

WHEREAS, the Secured
Parties have agreed to extend the loans to or on behalf of the Company and/or PASE evidenced by the Note;

 

WHEREAS, in order to
induce the Secured Party to extend the loans evidenced by the Note, each Debtor has agreed to execute and deliver to the Secured
Parties this Agreement and to grant each Secured Party, pari passu with each other Secured Party, and through the Agent
(as defined in Section 18 hereof), a security interest in certain property of such Debtor to secure the prompt payment, performance
and discharge in full of all of the Company’s obligations under the Note in proportion to each secured parties loan amount.

 

NOW, THEREFORE, in
consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.             Certain Definitions.
As used in this Agreement, the following terms shall have the meanings set forth in this Section 1. Terms used but not otherwise
defined in this Agreement that are defined in Article 9 of the UCC (such as “account”, “chattel paper”,
“commercial tort claim”, “deposit account”, “document”, “equipment”, “fixtures”,
“general intangibles”, “goods”, “instruments”, “inventory”, “investment property”,
“letter-of-credit rights”, “proceeds” and “supporting obligations”) shall have the respective
meanings given such terms in Article 9 of the UCC.

 

    	1 

    	 

    

 

(a)           “Collateral” means the collateral in which the Secured Parties are granted a security interest by this
Agreement and which shall include the following personal property of the Debtors, whether presently owned or existing or
hereafter acquired or coming into existence, wherever situated, and all additions and accessions thereto and all
substitutions and replacements thereof, and all proceeds, products and accounts thereof, including, without limitation, all
proceeds from the sale or transfer of the Collateral and of insurance covering the same and of any tort claims in connection
therewith, and all dividends, interest, cash, notes, securities, equity interest or other property at any time and from time
to time acquired, receivable or otherwise distributed in respect of, or in exchange for, any or all of the Pledged Securities
(as defined below):

 

(i)           All goods, including,
without limitation, (A) all machinery, equipment, computers, motor vehicles, trucks, tanks, boats, ships, appliances, furniture,
special and general tools, fixtures, test and quality control devices and other equipment of every kind and nature and wherever
situated, together with all documents of title and documents representing the same, all additions and accessions thereto, replacements
therefor, all parts therefor, and all substitutes for any of the foregoing and all other items used and useful in connection with
any Debtor’s businesses and all improvements thereto; and (B) all inventory;

 

(ii)          All contract rights
and other general intangibles, including, without limitation, all partnership interests, membership interests, stock or other securities,
rights under any of the Organizational Documents, agreements related to the Pledged Securities, licenses, distribution and other
agreements, computer software (whether “off-the-shelf”, licensed from any third party or developed by any Debtor),
computer software development rights, leases, franchises, customer lists, quality control procedures, grants and rights, goodwill,
Intellectual Property and income tax refunds;

 

(iii)         All accounts, together
with all instruments, all documents of title representing any of the foregoing, all rights in any merchandising, goods, equipment,
motor vehicles and trucks which any of the same may represent, and all right, title, security and guaranties with respect to each
account, including any right of stoppage in transit;

 

(iv)         All documents, letter-of-credit
rights, instruments and chattel paper;

 

(v)          All commercial tort
claims;

 

(vi)         All deposit accounts
and all cash (whether or not deposited in such deposit accounts);

 

(vii)        All investment
property;

 

(viii)       All supporting
obligations;

 

(ix)          All assets of
and equity interests held by the Debtors; 

 

(ix)          All files, records,
books of account, business papers, and computer programs; and

 

(x)           the products and
proceeds of all of the foregoing Collateral set forth in clauses (i)-(ix) above.

 

    	2 

    	 

    

 

Without limiting the
generality of the foregoing, the “Collateral” shall include all investment property and general intangibles
respecting ownership and/or other equity interests in each Guarantor, including, without limitation, the shares of capital stock
and the other equity interests listed on Schedule H hereto (as the same may be modified from time to time pursuant to the
terms hereof), and any other shares of capital stock and/or other equity interests of any other direct or indirect subsidiary of
any Debtor obtained in the future, and, in each case, all certificates representing such shares and/or equity interests and, in
each case, all rights, options, warrants, stock, other securities and/or equity interests that may hereafter be received, receivable
or distributed in respect of, or exchanged for, any of the foregoing and all rights arising under or in connection with the Pledged
Securities, including, but not limited to, all dividends, interest and cash.

 

Notwithstanding the
foregoing, nothing herein shall be deemed to constitute an assignment of any asset which, in the event of an assignment, becomes
void by operation of applicable law or the assignment of which is otherwise prohibited by applicable law (in each case to the extent
that such applicable law is not overridden by Sections 9-406, 9-407 and/or 9-408 of the UCC or other similar applicable law); provided,
however, that to the extent permitted by applicable law, this Agreement shall create a valid security interest in such asset
and, to the extent permitted by applicable law, this Agreement shall create a valid security interest in the proceeds of such asset.

 

(b)           “Intellectual
Property” means the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, (i) all copyrights
arising under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered
and whether published or unpublished, all registrations and recordings thereof, and all applications in connection therewith, including,
without limitation, all registrations, recordings and applications in the United States Copyright Office, (ii) all letters patent
of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof, and all applications
for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof,
(iii) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade dress, service
marks, logos, domain names and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter
adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the United
States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country
or any political subdivision thereof, or otherwise, and all common law rights related thereto, (iv) all trade secrets arising under
the laws of the United States, any other country or any political subdivision thereof, (v) all rights to obtain any reissues, renewals
or extensions of the foregoing, (vi) all licenses for any of the foregoing, and (vii) all causes of action for infringement of
the foregoing.

 

(c)           “Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right
or other restriction.

 

    	3 

    	 

    

 

(d)           “Majority
in Interest” means, at any time of determination, the majority in interest (based on then-outstanding principal amounts
of the Note at the time of such determination) of the Secured Parties.

 

(e)           “Necessary
Endorsement” means undated stock powers endorsed in blank or other proper instruments of assignment duly executed and
such other instruments or documents as the Agent (as that term is defined below) may reasonably request.

 

(f)           
“Obligations” means all of the liabilities and obligations (primary, secondary, direct, contingent, sole,
joint or several) due or to become due, or that are now or may be hereafter contracted or acquired, or owing to, of any
Debtor to the Secured Parties, including, without limitation, all obligations under this Agreement, the Note, and any other
instruments, agreements or other documents executed and/or delivered in connection herewith or therewith, in each case,
whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or
unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and
later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent
all or any part of such payment is avoided or recovered directly or indirectly from any of the Secured Parties as a
preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or
modified from time to time. Without limiting the generality of the foregoing, the term “Obligations” shall
include, without limitation: (i) principal of, and interest on the Note and the loans extended pursuant thereto; (ii) any and
all other fees, indemnities, costs, obligations and liabilities of the Debtors from time to time under or in connection
with this Agreement, the Note, and any other instruments, agreements or other documents executed and/or delivered in
connection herewith or therewith; and (iii) all amounts (including but not limited to post-petition interest) in respect of
the foregoing that would be payable but for the fact that the obligations to pay such amounts are unenforceable or not
allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving any Debtor.

 

(g)           “Organizational
Documents” means with respect to any Debtor, the documents by which such Debtor was organized (such as a certificate
of incorporation, certificate of limited partnership or articles of organization, and including, without limitation, any certificates
of designation for preferred stock or other forms of preferred equity) and which relate to the internal governance of such Debtor
(such as bylaws, a partnership agreement or an operating, limited liability or members agreement).

 

(h)           “Permitted
Liens” means the following:

 

(i)        Liens
imposed by law for taxes that are not yet due or are being contested in good faith, which in each case, have been appropriately
reserved for;

 

(ii)       carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in
the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or are being contested
in good faith;

 

    	4 

    	 

    

 

(iii)      pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations;

 

(iv)      deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and
other obligations of a like nature, in each case in the ordinary course of business;

 

(v)       Liens
under this Agreement; and

 

(vi)      any
other Liens in favor of the Secured Parties.

 

(i)            “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity
of any kind.

 

(j)            “Pledged
Interests” means the ownership and other equity interests in partnerships and limited liability companies (if any) included
in the Collateral.

 

(k)           “Pledged
Securities” shall have the meaning ascribed to such term in Section 4(i).

 

(l)            “UCC”
means the Uniform Commercial Code of the State of New York and or any other applicable law of any state or states which has jurisdiction
with respect to all, or any portion of, the Collateral or this Agreement, from time to time. It is the intent of the parties that
defined terms in the UCC should be construed in their broadest sense so that the term “Collateral” will be construed
in its broadest sense. Accordingly if there are, from time to time, changes to defined terms in the UCC that broaden the definitions,
they are incorporated herein and if existing definitions in the UCC are broader than the amended definitions, the existing ones
shall be controlling.

 

2.           Grant of Security
Interest in Collateral. As an inducement for the Secured Parties to extend the loans as evidenced by the Note and to secure
the complete and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, each Debtor
hereby unconditionally and irrevocably pledges, grants and hypothecates to the Secured Parties a perfected, first priority security
interest in and to, a lien upon and a right of set-off against all of their respective right, title and interest of whatsoever
kind and nature in and to, the Collateral (a “Security Interest” and, collectively, the “Security Interests”).

 

3.           Delivery of Certain
Collateral. Contemporaneously or prior to the execution of this Agreement, each Debtor shall deliver or cause to be delivered
to the Agent (a) any and all certificates and other instruments representing or evidencing the Pledged Securities, and (b) any
and all certificates and other instruments or documents representing any of the other Collateral, in each case, together with all
Necessary Endorsements. The Debtors are, contemporaneously with the execution hereof, delivering to Agent, or have previously delivered
to Agent, a true and correct copy of each Organizational Document governing any of the Pledged Securities. Each Guarantor has,
pursuant to Section 8-103(c) of the UCC, elected in its Organizational Documents that the Pledged Interests shall be treated as
securities governed by Article 8 of the UCC.

 

    	5 

    	 

    

 

4.           Representations,
Warranties, Covenants and Agreements of the Debtors. Except as set forth under the corresponding section of the disclosure
schedules delivered to the Secured Parties concurrently herewith (the “Disclosure Schedules”), which Disclosure
Schedules shall be deemed a part hereof, each Debtor represents and warrants to, and covenants and agrees with, the Secured Parties
as follows:

 

(a)           Each Debtor has
the requisite corporate, partnership, limited liability company or other power and authority to enter into this Agreement and otherwise
to carry out its obligations hereunder. The execution, delivery and performance by each Debtor of this Agreement and the filings
contemplated therein have been duly authorized by all necessary action on the part of such Debtor and no further action is required
by such Debtor. This Agreement has been duly executed by each Debtor. This Agreement constitutes the legal, valid and binding obligation
of each Debtor, enforceable against each Debtor in accordance with its terms except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization and similar laws of general application relating to or affecting the rights and remedies
of creditors and by general principles of equity.

 

(b)           The Debtors have
no place of business or offices where their respective books of account and records are kept (other than temporarily at the offices
of its attorneys or accountants) or places where Collateral is stored or located, except as set forth on Schedule A attached
hereto. Except as specifically set forth on Schedule A, each Debtor is the record owner of the real property where such
Collateral is located, and there exist no mortgages or other liens on any such real property except for Liens as set forth on Schedule
A. Except as disclosed on Schedule A, none of such Collateral is in the possession of any consignee, bailee, warehouseman,
agent or processor.

 

(c)           Except as set
forth on Schedule B attached hereto, the Debtors are the sole owners of the Collateral (except for non-exclusive licenses
granted by any Debtor in the ordinary course of business), free and clear of any liens, security interests, encumbrances, rights
or claims, and are fully authorized to grant the Security Interests. Except as set forth on Schedule C attached hereto,
there is not on file in any governmental or regulatory authority, agency or recording office an effective financing statement,
security agreement, license or transfer or any notice of any of the foregoing (other than those that will be filed in favor of
the Secured Parties pursuant to this Agreement) covering or affecting any of the Collateral. Except as set forth on Schedule
C attached hereto and except pursuant to this Agreement, as long as this Agreement shall be in effect, the Debtors shall not
execute and shall not knowingly permit to be on file in any such office or agency any other financing statement or other document
or instrument (except to the extent filed or recorded in favor of the Secured Parties pursuant to the terms of this Agreement).

 

    	6 

    	 

    

 

(d)           No written claim
has been received that any Collateral or any Debtor’s use of any Collateral violates the rights of any third party. There
has been no adverse decision to any Debtor’s claim of ownership rights in or exclusive rights to use the Collateral in any
jurisdiction or to any Debtor’s right to keep and maintain such Collateral in full force and effect, and there is no proceeding
involving said rights pending or, to the best knowledge of any Debtor, threatened before any court, judicial body, administrative
or regulatory agency, arbitrator or other governmental authority.

 

(e)           Each Debtor shall
at all times maintain its books of account and records relating to the Collateral at its principal place of business and its Collateral
at the locations set forth on Schedule A attached hereto and may not relocate such books of account and records or tangible
Collateral unless it delivers to the Secured Parties at least thirty (30) days prior to such relocation (i) written notice of such
relocation and the new location thereof (which must be within the United States) and (ii) evidence that appropriate financing statements
under the UCC and other necessary documents have been filed and recorded and other steps have been taken to perfect the Security
Interests to create in favor of the Secured Parties a valid, perfected and continuing perfected first priority lien in the Collateral.

 

(f)            This Agreement
creates in favor of the Secured Parties a valid first priority security interest in the Collateral, securing the payment and performance
of the Obligations. Upon making the filings described in the immediately following paragraph, all security interests created hereunder
in any Collateral which may be perfected by filing Uniform Commercial Code financing statements shall have been duly perfected.
Except for (i) the filing of the Uniform Commercial Code financing statements referred to in the immediately following paragraph,
(ii) the recordation of the Intellectual Property Security Agreement (as defined in Section 4(p) hereof) with respect to copyrights
and copyright applications in the United States Copyright Office referred to in Section 4(mm), (iii) the recordation of the Intellectual
Property Security Agreement (as defined in Section 4(p) hereof) with respect to patents and trademarks of the Debtors in the United
States Patent and Trademark Office referred to in Section 4(oo), (iv) the execution and delivery of deposit account control agreements
satisfying the requirements of Section 9-104(a)(2) of the UCC with respect to each deposit account of the Debtors, (v) if there
is any investment property or deposit account included as Collateral that can be perfected by “control” through an
account control agreement, the execution and delivery of securities account control agreements satisfying the requirements of 9-106
of the UCC with respect to each such investment property of the Debtors, and (vi) the delivery of the certificates and other instruments
provided in Section 3, Section 4(aa) and Section 4(cc), no action is necessary to create, perfect or protect the security interests
created hereunder. Without limiting the generality of the foregoing, except for the foregoing, no consent of any third parties
and no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body
is required for (x) the execution, delivery and performance of this Agreement, (y) the creation or perfection of the Security Interests
created hereunder in the Collateral or (z) the enforcement of the rights of the Agent and the Secured Parties hereunder.

 

(g)           Each Debtor hereby
authorizes the Agent to file one or more financing statements under the UCC, with respect to the Security Interests, with the proper
filing and recording agencies in any jurisdiction deemed proper by it.

 

    	7 

    	 

    

 

(h)           The execution,
delivery and performance of this Agreement by the Debtors does not (i) violate any of the provisions of any Organizational Documents
of any Debtor or any judgment, decree, order or award of any court, governmental body or arbitrator or any applicable law, rule
or regulation applicable to any Debtor or (ii) conflict with, or constitute a default (or an event that with notice or lapse of
time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing any Debtor’s
debt or otherwise) or other understanding to which any Debtor is a party or by which any property or asset of any Debtor is bound
or affected. If any, all required consents (including, without limitation, from stockholders or creditors of any Debtor) necessary
for any Debtor to enter into and perform its obligations hereunder have been obtained.

 

(i)            The capital stock
and other equity interests listed on Schedule H hereto (the “Pledged Securities”) represent all of the
capital stock and other equity interests of the Guarantors, and represent all capital stock and other equity interests owned, directly
or indirectly, by the Company. All of the Pledged Securities are validly issued, fully paid and nonassessable, and the Company
is the legal and beneficial owner of the Pledged Securities, free and clear of any lien, security interest or other encumbrance
except for the security interests created by this Agreement and other Permitted Liens as set forth on Schedule A hereto.

 

(j)            [Intentionally
Omitted.]

 

(k)           Each Debtor shall
at all times maintain the liens and Security Interests provided for hereunder as valid and perfected, first priority liens and
security interests in the Collateral in favor of the Secured Parties until this Agreement and the Security Interest hereunder shall
be terminated pursuant to Section 14 hereof. Each Debtor hereby agrees to defend the same against the claims of any and all persons
and entities. Each Debtor shall safeguard and protect all Collateral for the account of the Secured Parties. At the request of
the Agent, each Debtor will sign and deliver to the Agent on behalf of the Secured Parties at any time or from time to time one
or more financing statements pursuant to the UCC in form reasonably satisfactory to the Agent and will pay the cost of filing the
same in all public offices wherever filing is, or is deemed by the Agent to be, necessary or desirable to effect the rights and
obligations provided for herein. Without limiting the generality of the foregoing, each Debtor shall pay all fees, taxes and other
amounts necessary to maintain the Collateral and the Security Interests hereunder, and each Debtor shall obtain and furnish to
the Agent from time to time, upon demand, such releases and/or subordinations of claims and liens which may be required to maintain
the priority of the Security Interests hereunder.

 

(l)            No Debtor will
transfer, pledge, hypothecate, encumber, license, sell or otherwise dispose of any of the Collateral (except for non-exclusive
licenses granted by a Debtor in its ordinary course of business, sales of inventory by a Debtor in its ordinary course of business
and the replacement of worn-out or obsolete equipment by a Debtor in its ordinary course of business) without the prior written
consent of a Majority in Interest.

 

(m)          Each Debtor shall
keep and preserve its equipment, inventory and other tangible Collateral in good condition, repair and order and shall not operate
or locate any such Collateral (or cause to be operated or located) in any area excluded from insurance coverage.

 

    	8 

    	 

    

 

(n)           Each Debtor shall
maintain with financially sound and reputable insurers, insurance with respect to the Collateral, including Collateral hereafter
acquired, against loss or damage of the kinds and in the amounts customarily insured against by entities of established reputation
having similar properties similarly situated and in such amounts as are customarily carried under similar circumstances by other
such entities and otherwise as is prudent for entities engaged in similar businesses but in any event sufficient to cover the full
replacement cost thereof. Each Debtor shall cause each insurance policy issued in connection herewith to provide, and the insurer
issuing such policy to certify to the Agent, that (a) the Agent will be named as lender loss payee and additional insured under
each such insurance policy; (b) if such insurance be proposed to be cancelled or materially changed for any reason whatsoever,
such insurer will promptly notify the Agent and such cancellation or change shall not be effective as to the Agent for at least
thirty (30) days after receipt by the Agent of such notice, unless the effect of such change is to extend or increase coverage
under the policy; and (c) the Agent will have the right (but no obligation) at its election to remedy any default in the payment
of premiums within thirty (30) days of notice from the insurer of such default. If no Event of Default (as defined in the Note)
exists and if the proceeds arising out of any claim or series of related claims do not exceed $100,000, loss payments in each instance
will be applied by the applicable Debtor to the repair and/or replacement of property with respect to which the loss was incurred
to the extent reasonably feasible, and any loss payments or the balance thereof remaining, to the extent not so applied, shall
be payable to the applicable Debtor; provided, however, that payments received by any Debtor after an Event of Default
occurs and is continuing or in excess of $100,000 for any occurrence or series of related occurrences shall be paid to the Agent
on behalf of the Secured Parties and, if received by such Debtor, shall be held in trust for the Secured Parties and immediately
paid over to the Agent unless otherwise directed in writing by the Agent. Copies of such policies or the related certificates,
in each case, naming the Agent as lender loss payee and additional insured shall be delivered to the Agent at least annually and
at the time any new policy of insurance is issued.

 

(o)           Each Debtor shall,
within ten (10) days of obtaining knowledge thereof, advise the Secured Parties promptly, in sufficient detail, of any material
adverse change in the Collateral, and of the occurrence of any event which would have a material adverse effect on the value of
the Collateral or on the Secured Parties’ security interest, through the Agent, therein.

 

(p)           Each Debtor shall
promptly execute and deliver to the Agent such further deeds, mortgages, assignments, security agreements, financing statements
or other instruments, documents, certificates and assurances and take such further action as the Agent may from time to time request
and may in its sole discretion deem necessary to perfect, protect or enforce the Secured Parties’ security interest in the
Collateral including, without limitation, if applicable, the execution and delivery of a separate security agreement with respect
to each Debtor’s Intellectual Property (“Intellectual Property Security Agreement”) in which the Secured
Parties have been granted a security interest hereunder, substantially in a form reasonably acceptable to the Agent, which Intellectual
Property Security Agreement, other than as stated therein, shall be subject to all of the terms and conditions hereof.

 

    	9 

    	 

    

 

(q)           Upon reasonable
prior notice (so long as no Event of Default has occurred or continuing, which in either such event, no prior notice is required),
each Debtor shall permit the Agent and its representatives and agents to inspect the Collateral during normal business hours and
to make copies of records pertaining to the Collateral as may be reasonably requested by the Agent from time to time.

 

(r)            Each Debtor shall
take all steps reasonably necessary to diligently pursue and seek to preserve, enforce and collect any rights, claims, causes of
action and accounts receivable in respect of the Collateral.

 

(s)           Each Debtor shall
promptly notify the Secured Parties in sufficient detail upon becoming aware of any attachment, garnishment, execution or other
legal process levied against any Collateral and of any other information received by such Debtor that may materially affect the
value of the Collateral, the Security Interest or the rights and remedies of the Secured Parties hereunder.

 

(t)           All information
heretofore, herein or hereafter supplied to the Secured Parties by or on behalf of any Debtor with respect to the Collateral is
accurate and complete in all material respects as of the date furnished.

 

(u)           The Debtors shall
at all times preserve and keep in full force and effect their respective valid existence and good standing and any rights and franchises
material to its business.

 

(v)           No Debtor will
change its name, type of organization, jurisdiction of organization, organizational identification number (if it has one), legal
or corporate structure, or identity, or add any new fictitious name unless it provides at least thirty (30) days prior written
notice to the Secured Parties of such change and, at the time of such written notification, such Debtor provides any financing
statements or fixture filings necessary to perfect and continue the perfection of the Security Interests granted and evidenced
by this Agreement.

 

(w)          Except in the
ordinary course of business, no Debtor may consign any of its inventory or sell any of its inventory on bill and hold, sale or
return, sale on approval, or other conditional terms of sale without the consent of the Agent which shall not be unreasonably withheld.

 

(x)           No Debtor may
relocate its chief executive office to a new location without providing thirty (30) days prior written notification thereof to
the Secured Parties and so long as, at the time of such written notification, such Debtor provides any financing statements or
fixture filings necessary to perfect and continue the perfection of the Security Interests granted and evidenced by this Agreement.

 

(y)           Each Debtor was
organized and remains organized solely under the laws of the state set forth next to such Debtor’s name in Schedule D
attached hereto, which Schedule D sets forth each Debtor’s organizational identification number or, if any Debtor
does not have one, states that one does not exist.

 

    	10 

    	 

    

 

(z)           (i) The actual
name of each Debtor is the name set forth in Schedule D attached hereto; (ii) no Debtor has any trade names except as set
forth on Schedule E attached hereto; (iii) no Debtor has used any name other than that stated in the preamble hereto or
as set forth on Schedule E for the preceding five (5) years; and (iv) no entity has merged into any Debtor or been acquired
by any Debtor within the past five years except as set forth on Schedule E.

 

(aa)         At any time and
from time to time that any Collateral consists of instruments, certificated securities or other items that require or permit possession
by the secured party to perfect the security interest created hereby, the applicable Debtor shall deliver such Collateral to the
Agent.

 

(bb)         Each Debtor,
in its capacity as issuer, hereby agrees to comply with any and all orders and instructions of Agent regarding the Pledged Interests
consistent with the terms of this Agreement without the further consent of any Debtor as contemplated by Section 8-106 (or any
successor section) of the UCC. Further, each Debtor agrees that it shall not enter into a similar agreement (or one that would
confer “control” within the meaning of Article 8 of the UCC) with any other person or entity.

 

(cc)         Each Debtor shall
cause all tangible chattel paper constituting Collateral to be delivered to the Agent, or, if such delivery is not possible, then
to cause such tangible chattel paper to contain a legend noting that it is subject to the security interest created by this Agreement.
To the extent that any Collateral consists of electronic chattel paper, the applicable Debtor shall cause the underlying chattel
paper to be “marked” within the meaning of Section 9-105 of the UCC (or successor Section thereto).

 

(dd)         If there is any
investment property or deposit account included as Collateral that can be perfected by “control” through an account
control agreement, the applicable Debtor shall cause such an account control agreement, in form and substance in each case satisfactory
to the Agent, to be entered into and delivered to the Agent for the benefit of the Secured Parties.

 

(ee)         To the extent
that any Collateral consists of letter-of-credit rights, the applicable Debtor shall cause the issuer of each underlying letter
of credit to consent to an assignment of the proceeds thereof to the Secured Parties.

 

(ff)          To the extent
that any Collateral is in the possession of any third party, the applicable Debtor shall join with the Agent in notifying such
third party of the Secured Parties’ security interest in such Collateral and shall use its best efforts to obtain an acknowledgement
and agreement from such third party with respect to the Collateral, in form and substance reasonably satisfactory to the Agent.

 

(gg)         If any Debtor
shall at any time hold or acquire a commercial tort claim, such Debtor shall promptly notify the Secured Parties in a writing signed
by such Debtor of the particulars thereof and grant to the Secured Parties in such writing a security interest therein and in the
proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory to the Agent.

 

    	11 

    	 

    

 

(hh)         Each Debtor shall
immediately provide written notice to the Secured Parties of any and all accounts which arise out of contracts with any governmental
authority and, to the extent necessary to perfect or continue the perfected status of the Security Interests in such accounts and
proceeds thereof, shall execute and deliver to the Agent an assignment of claims for such accounts and cooperate with the Agent
in taking any other steps required, in its judgment, under the Federal Assignment of Claims Act or any similar federal, state or
local statute or rule to perfect or continue the perfected status of the Security Interests in such accounts and proceeds thereof.

 

(ii)           Each Debtor shall
cause each subsidiary of such Debtor to immediately become a party hereto (an “Additional Debtor”), by executing
and delivering an Additional Debtor Joinder in substantially the form of Annex A attached hereto and comply with the provisions
hereof applicable to the Debtors. Concurrent therewith, the Additional Debtor shall deliver replacement schedules for, or supplements
to all other Disclosure Schedules to (or referred to in) this Agreement, as applicable, which replacement schedules shall supersede,
or supplements shall modify, the Disclosure Schedules then in effect. The Additional Debtor shall also deliver such opinions of
counsel, authorizing resolutions, good standing certificates, incumbency certificates, organizational documents, financing statements
and other information and documentation as the Agent may reasonably request. Upon delivery of the foregoing to the Agent, the Additional
Debtor shall be and become a party to this Agreement with the same rights and obligations as the Debtors, for all purposes hereof
as fully and to the same extent as if it were an original signatory hereto and shall be deemed to have made the representations,
warranties and covenants set forth herein as of the date of execution and delivery of such Additional Debtor Joinder, and all references
herein to the “Debtors” shall be deemed to include each Additional Debtor.

 

(jj)           Each Debtor shall
vote the Pledged Securities to comply with the covenants and agreements set forth herein and in the Note.

 

(kk)         Each Debtor shall
register the pledge of the applicable Pledged Securities on the books of such Debtor. Each Debtor shall notify each issuer of Pledged
Securities to register the pledge of the applicable Pledged Securities in the name of the Secured Parties on the books of such
issuer. Further, except with respect to certificated securities delivered to the Agent, the applicable Debtor shall deliver to
Agent an acknowledgement of pledge (which, where appropriate, shall comply with the requirements of the relevant UCC with respect
to perfection by registration) signed by the issuer of the applicable Pledged Securities, which acknowledgement shall confirm that:
(a) it has registered the pledge on its books and records; and (b) at any time directed by Agent during the continuation of an
Event of Default, such issuer will transfer the record ownership of such Pledged Securities into the name of any designee of Agent,
will take such steps as may be necessary to effect the transfer, and will comply with all other instructions of Agent regarding
such Pledged Securities without the further consent of the applicable Debtor.

 

    	12 

    	 

    

 

(ll)           In the event
that, upon an occurrence of an Event of Default, Agent shall sell all or any of the Pledged Securities to another party or parties
(herein called the “Transferee”) or shall purchase or retain all or any of the Pledged Securities, each Debtor
shall, to the extent applicable: (i) deliver to Agent or the Transferee, as the case may be, the articles of incorporation, bylaws,
minute books, stock certificate books, corporate seals, deeds, leases, indentures, agreements, evidences of indebtedness, books
of account, financial records and all other Organizational Documents and records of the Debtors and their direct and indirect subsidiaries
(but not including any items subject to the attorney-client privilege related to this Agreement or any of the transactions hereunder);
(ii) use its best efforts to obtain resignations of the persons then serving as officers and directors of the Debtors and their
direct and indirect subsidiaries, if so requested; and (iii) use its best efforts to obtain any approvals that are required by
any governmental or regulatory body in order to permit the sale of the Pledged Securities to the Transferee or the purchase or
retention of the Pledged Securities by Agent and allow the Transferee or Agent to continue the business of the Debtors and their
direct and indirect subsidiaries.

 

(mm)       Without limiting
the generality of the other obligations of the Debtors hereunder, each Debtor shall promptly (i) cause to be registered at the
United States Copyright Office all of its material copyrights, (ii) cause the security interest contemplated hereby with respect
to all Intellectual Property registered at the United States Copyright Office or United States Patent and Trademark Office to be
duly recorded at the applicable office, and (iii) give the Agent notice whenever it acquires (whether absolutely or by license)
or creates any additional material Intellectual Property.

 

(nn)        Each Debtor will
from time to time, at the joint and several expense of the Debtors, promptly execute and deliver all such further instruments and
documents, and take all such further action as may be necessary or desirable, or as the Agent may reasonably request, in order
to perfect and protect any security interest granted or purported to be granted hereby or to enable the Secured Parties to exercise
and enforce their rights and remedies hereunder and with respect to any Collateral or to otherwise carry out the purposes of this
Agreement.

 

(oo)         Schedule F
attached hereto lists all of the patents, patent applications, trademarks, trademark applications, registered copyrights, and domain
names owned by any of the Debtors as of the date hereof. Schedule F lists all material licenses in favor of any Debtor for
the use of any patents, trademarks, copyrights and domain names as of the date hereof. All material patents and trademarks of the
Debtors have been duly recorded at the United States Patent and Trademark Office and all material copyrights of the Debtors have
been duly recorded at the United States Copyright Office.

 

(pp)         Except
as set forth on Schedule G attached hereto, none of the account debtors or other persons or entities obligated on any of
the Collateral is a governmental authority covered by the Federal Assignment of Claims Act or any similar federal, state or local
statute or rule in respect of such Collateral. 

 

    	13 

    	 

    

 

5.           Effect
of Pledge on Certain Rights. If any of the Collateral subject to this Agreement consists of nonvoting equity or ownership
interests (regardless of class, designation, preference or rights) that may be converted into voting equity or ownership interests
upon the occurrence of certain events (including, without limitation, upon the transfer of all or any of the other stock or assets
of the issuer), it is agreed by Debtors that the pledge of such equity or ownership interests pursuant to this Agreement or the
enforcement of any of Agent’s rights hereunder shall not be deemed to be the type of event which would trigger such conversion
rights notwithstanding any provisions in the Organizational Documents or agreements to which any Debtor is subject or to which
any Debtor is party.

 

6.           Defaults.
The following events shall be “Events of Default”:

 

(a)           The occurrence
of an Event of Default (as defined in the Note) under the Note or under any other Transaction Document;

 

(b)           Any representation
or warranty of any Debtor in this Agreement or under any other Transaction Document shall prove to have been incorrect in any material
respect when made;

 

(c)           The failure by
any Debtor to observe or perform any of its obligations hereunder or thereunder for five (5) days after delivery to such Debtor
of notice of such failure by or on behalf of a Secured Party unless such default is capable of cure but cannot be cured within
such time frame and such Debtor is using best efforts to cure same in a timely fashion; or

 

(d)           If any provision
of this Agreement shall at any time for any reason be declared to be null and void, or the validity or enforceability thereof shall
be contested by any Debtor, or a proceeding shall be commenced by any Debtor, or by any governmental authority having jurisdiction
over any Debtor, seeking to establish the invalidity or unenforceability thereof, or any Debtor shall deny that any Debtor has
any liability or obligation purported to be created under this Agreement.

 

7.           Duty to Hold
in Trust.

 

(a)           Upon the occurrence
of any Event of Default and at any time thereafter, each Debtor shall, upon receipt of any revenue, income, dividend, interest
or other sums subject to the Security Interests, whether payable pursuant to the Note or otherwise, or of any check, draft, note,
trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Secured Parties
and shall forthwith endorse and transfer any such sums or instruments, or both, to the Secured Parties, pro-rata in proportion
to their respective then-currently outstanding principal amount of the Note for application to the satisfaction of the Obligations
(and if the Note is not outstanding, pro-rata in proportion to the initial purchases of the Note).

 

    	14 

    	 

    

 

(b)           If any Debtor
shall become entitled to receive or shall receive any securities or other property (including, without limitation, shares of Pledged
Securities or instruments representing Pledged Securities acquired after the date hereof, or any options, warrants, rights or other
similar property or certificates representing a dividend, or any distribution in connection with any recapitalization, reclassification
or increase or reduction of capital, or issued in connection with any reorganization of such Debtor or any of its direct or indirect
subsidiaries) in respect of the Pledged Securities (whether as an addition to, in substitution of, or in exchange for, such Pledged
Securities or otherwise), such Debtor agrees to (i) accept the same as the agent of the Secured Parties; (ii) hold the same in
trust on behalf of and for the benefit of the Secured Parties; and (iii) to deliver any and all certificates or instruments evidencing
the same to Agent on or before the close of business on the fifth (5th) business day following the receipt thereof by such Debtor,
in the exact form received together with the Necessary Endorsements, to be held by Agent subject to the terms of this Agreement
as Collateral.

 

8.           Rights and Remedies
Upon Default.

 

(a)           Upon the occurrence
of any Event of Default and at any time thereafter, the Secured Parties, acting through the Agent, shall have the right to exercise
all of the remedies conferred hereunder and under the Note, and the Secured Parties shall have all the rights and remedies of a
secured party under the UCC. Without limitation, the Agent, for the benefit of the Secured Parties, shall have the following rights
and powers:

 

(i)           The Agent shall have
the right to take possession of the Collateral and, for that purpose, enter, with the aid and assistance of any person, any premises
where the Collateral, or any part thereof, is or may be placed and remove the same, and each Debtor shall assemble the Collateral
and make it available to the Agent at places which the Agent shall reasonably select, whether at such Debtor’s premises or
elsewhere, and make available to the Agent, without rent, all of such Debtor’s respective premises and facilities for the
purpose of the Agent taking possession of, removing or putting the Collateral in saleable or disposable form.

 

(ii)          Upon notice to the
Debtors by Agent, all rights of each Debtor to exercise the voting and other consensual rights which it would otherwise be entitled
to exercise and all rights of each Debtor to receive the dividends and interest which it would otherwise be authorized to receive
and retain, shall cease. Upon such notice, Agent shall have the right to receive, for the benefit of the Secured Parties, any interest,
cash dividends or other payments on the Collateral and, at the option of Agent, to exercise in such Agent’s discretion all
voting rights pertaining thereto. Without limiting the generality of the foregoing, Agent shall have the right (but not the obligation)
to exercise all rights with respect to the Collateral as it were the sole and absolute owner thereof, including, without limitation,
to vote and/or to exchange, at its sole discretion, any or all of the Collateral in connection with a merger, reorganization, consolidation,
recapitalization or other readjustment concerning or involving the Collateral or any Debtor or any of its direct or indirect subsidiaries.

 

    	15 

    	 

    

 

(iii)         The Agent shall
have the right to operate the business of each Debtor using the Collateral and shall have the right to assign, sell, lease or otherwise
dispose of and deliver all or any part of the Collateral, at public or private sale or otherwise, either with or without special
conditions or stipulations, for cash or on credit or for future delivery, in such parcel or parcels and at such time or times and
at such place or places, and upon such terms and conditions as the Agent may deem commercially reasonable, all without (except
as shall be required by applicable statute and cannot be waived) advertisement or demand upon or notice to any Debtor or right
of redemption of a Debtor, which are hereby expressly waived. Upon each such sale, lease, assignment or other transfer of Collateral,
the Agent, for the benefit of the Secured Parties, may, unless prohibited by applicable law which cannot be waived, purchase all
or any part of the Collateral being sold, free from and discharged of all trusts, claims, right of redemption and equities of any
Debtor, which are hereby waived and released.

 

(iv)         The Agent shall
have the right (but not the obligation) to notify any account debtors and any obligors under instruments or accounts to make payments
directly to the Agent, on behalf of the Secured Parties, and to enforce the Debtors’ rights against such account debtors
and obligors.

 

(v)          The Agent, for the
benefit of the Secured Parties, may (but is not obligated to) direct any financial intermediary or any other person or entity holding
any investment property to transfer the same to the Agent, on behalf of the Secured Parties, or its designee.

 

(vi)         The Agent may (but
is not obligated to) transfer any or all Intellectual Property registered in the name of any Debtor at the United States Patent
and Trademark Office and/or Copyright Office into the name of the Secured Parties or any designee or any purchaser of any Collateral.

 

(b)           The Agent shall
comply with any applicable law in connection with a disposition of Collateral and such compliance will not be considered adversely
to affect the commercial reasonableness of any sale of the Collateral. The Agent may sell the Collateral without giving any warranties
and may specifically disclaim such warranties. If the Agent sells any of the Collateral on credit, the Debtors will only be credited
with payments actually made by the purchaser. In addition, each Debtor waives (except as shall be required by applicable statute
and cannot be waived) any and all rights that it may have to a judicial hearing in advance of the enforcement of any of the Agent’s
rights and remedies hereunder, including, without limitation, its right following an Event of Default to take immediate possession
of the Collateral and to exercise its rights and remedies with respect thereto.

 

(c)           For the purpose
of enabling the Agent to further exercise rights and remedies under this Section 8 or elsewhere provided by agreement or applicable
law, each Debtor hereby grants to the Agent, for the benefit of the Agent and the Secured Parties, an irrevocable, nonexclusive
license (exercisable without payment of royalty or other compensation to such Debtor) to use, license or sublicense following an
Event of Default, any Intellectual Property now owned or hereafter acquired by such Debtor, and wherever the same may be located,
and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer
software and programs used for the compilation or printout thereof.

 

    	16 

    	 

    

 

9.           Applications
of Proceeds. The proceeds of any such sale, lease or other disposition of the Collateral hereunder or from payments made on
account of any insurance policy insuring any portion of the Collateral shall be applied first, to the expenses of retaking, holding,
storing, processing and preparing for sale, selling, and the like (including, without limitation, any taxes, fees and other costs
incurred in connection therewith) of the Collateral, to the reasonable attorneys’ fees and expenses incurred by the Agent
in enforcing the Secured Parties’ rights hereunder and in connection with collecting, storing and disposing of the Collateral,
and then to satisfaction of the Obligations pro rata among the Secured Parties (based on then-outstanding principal amounts of
the Note at the time of any such determination), and to the payment of any other amounts required by applicable law, after which
the Secured Parties shall pay to the applicable Debtor any surplus proceeds. If, upon the sale, license or other disposition of
the Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Parties are legally entitled, the
Debtors will be liable for the deficiency, together with interest thereon, at the rate of 18% per annum or the lesser amount permitted
by applicable law (the “Default Rate”), and the reasonable fees of any attorneys employed by the Secured Parties
to collect such deficiency. To the extent permitted by applicable law, each Debtor waives all claims, damages and demands against
the Secured Parties arising out of the repossession, removal, retention or sale of the Collateral, unless due solely to the gross
negligence or willful misconduct of the Secured Parties as determined by a final judgment (not subject to further appeal) of a
court of competent jurisdiction.

 

10.         Securities Law
Provision. Each Debtor recognizes that Agent may be limited in its ability to effect a sale to the public of all or part of
the Pledged Securities by reason of certain prohibitions in the Securities Act of 1933, as amended, or other federal or state securities
laws (collectively, the “Securities Laws”), and may be compelled to resort to one or more sales to a restricted
group of purchasers who may be required to agree to acquire the Pledged Securities for their own account, for investment and not
with a view to the distribution or resale thereof. Each Debtor agrees that sales so made may be at prices and on terms less favorable
than if the Pledged Securities were sold to the public, and that Agent has no obligation to delay the sale of any Pledged Securities
for the period of time necessary to register the Pledged Securities for sale to the public under the Securities Laws. Each Debtor
shall cooperate with Agent in its attempt to satisfy any requirements under the Securities Laws (including, without limitation,
registration thereunder if requested by Agent) applicable to the sale of the Pledged Securities by Agent.

 

11.         Costs and Expenses.
Each Debtor agrees to pay all reasonable out-of-pocket fees, costs and expenses incurred in connection with any filing required
hereunder, including without limitation, any financing statements pursuant to the UCC, continuation statements, partial releases
and/or termination statements related thereto or any expenses of any searches reasonably required by the Agent. The Debtors shall
also pay all other claims and charges which in the reasonable opinion of the Agent is reasonably likely to prejudice, imperil or
otherwise affect the Collateral or the Security Interests therein. The Debtors will also, upon demand, pay to the Agent the amount
of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, which
the Agent, for the benefit of the Secured Parties, may incur in connection with the creation, perfection, protection, satisfaction,
foreclosure, collection or enforcement of the Security Interest and the preparation, administration, continuance, amendment or
enforcement of this Agreement and pay to the Agent the amount of any and all reasonable expenses, including the reasonable fees
and expenses of its counsel and of any experts and agents, which the Agent, for the benefit of the Secured Parties, and the Secured
Parties may incur in connection with (i) the enforcement of this Agreement, (ii) the custody or preservation of, or the sale of,
collection from, or other realization upon, any of the Collateral, or (iii) the exercise or enforcement of any of the rights of
the Secured Parties under the Note. Until so paid, any fees payable hereunder shall be added to the principal amount of the Note
and shall bear interest at the Default Rate.

 

    	17 

    	 

    

 

12.         Responsibility
for Collateral. The Debtors assume all liabilities and responsibility in connection with all Collateral, and the Obligations
shall in no way be affected or diminished by reason of the loss, destruction, damage or theft of any of the Collateral or its unavailability
for any reason. Without limiting the generality of the foregoing and except as required by applicable law, (a) neither the Agent
nor any Secured Party (i) has any duty (either before or after an Event of Default) to collect any amounts in respect of the Collateral
or to preserve any rights relating to the Collateral, or (ii) has any obligation to clean-up or otherwise prepare the Collateral
for sale, and (b) each Debtor shall remain obligated and liable under each contract or agreement included in the Collateral to
be observed or performed by such Debtor thereunder. Neither the Agent nor any Secured Party shall have any obligation or liability
under any such contract or agreement by reason of or arising out of this Agreement or the receipt by the Agent or any Secured Party
of any payment relating to any of the Collateral, nor shall the Agent or any Secured Party be obligated in any manner to perform
any of the obligations of any Debtor under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency
of any payment received by the Agent or any Secured Party in respect of the Collateral or as to the sufficiency of any performance
by any party under any such contract or agreement, to present or file any claim, to take any action to enforce any performance
or to collect the payment of any amounts which may have been assigned to the Agent or to which the Agent or any Secured Party may
be entitled at any time or times.

 

13.           Security Interests
Absolute. All rights of the Secured Parties and all obligations of each Debtor hereunder, shall be absolute and unconditional,
irrespective of: (a) any lack of validity or enforceability of this Agreement, the Note or any agreement entered into in connection
with the foregoing, or any portion hereof or thereof, against any other Debtor; (b) any change in the time, manner or place of
payment or performance of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent
to any departure from the Note or any other agreement entered into in connection with the foregoing; (c) any exchange, release
or nonperfection of any of the Collateral, or any release or amendment or waiver of or consent to departure from any other collateral
for, or any guarantee, or any other security, for all or any of the Obligations; (d) any action by the Secured Parties to obtain,
adjust, settle and cancel in its sole discretion any insurance claims or matters made or arising in connection with the Collateral;
or (e) any other circumstance which might otherwise constitute any legal or equitable defense available to a Debtor, or a discharge
of all or any part of the Security Interests granted hereby. Until the Obligations shall have been paid and performed in full,
the rights of the Secured Parties shall continue even if the Obligations are barred for any reason, including, without limitation,
the running of the statute of limitations. Each Debtor expressly waives presentment, protest, notice of protest, demand, notice
of nonpayment and demand for performance. In the event that at any time any transfer of any Collateral or any payment received
by the Secured Parties hereunder shall be deemed by final order of a court of competent jurisdiction to have been a voidable preference
or fraudulent conveyance under the bankruptcy or insolvency laws of the United States, or shall be deemed to be otherwise due to
any party other than the Secured Parties, then, in any such event, each Debtor’s obligations hereunder shall survive cancellation
of this Agreement, and shall not be discharged or satisfied by any prior payment thereof and/or cancellation of this Agreement,
but shall remain a valid and binding obligation enforceable in accordance with the terms and provisions hereof. Each Debtor waives
all right to require the Secured Parties to proceed against any other person or entity or to apply any Collateral which the Secured
Parties may hold at any time, or to marshal assets, or to pursue any other remedy. Each Debtor waives any defense arising by reason
of the application of the statute of limitations to any obligation secured hereby.

 

    	18 

    	 

    

 

14.           Term of Agreement.
This Agreement and the Security Interests shall terminate on the date on which all payments under the Note have been indefeasibly
paid in full and all other Obligations have been paid or discharged; provided, however, that all indemnities of the Debtors contained
in this Agreement (including, without limitation, Annex B hereto) shall survive and remain operative and in full force and
effect regardless of the termination of this Agreement.

 

15.           Power of Attorney;
Further Assurances.

 

(a)           Each Debtor authorizes
the Agent, and does hereby make, constitute and appoint the Agent and its officers, agents, successors or assigns with full power
of substitution, as such Debtor’s true and lawful attorney-in-fact, with power, in the name of the Agent or such Debtor,
to, after the occurrence and during the continuance of an Event of Default, (i) endorse any note, checks, drafts, money orders
or other instruments of payment (including payments payable under or in respect of any policy of insurance) in respect of the Collateral
that may come into possession of the Agent; (ii) to sign and endorse any financing statement pursuant to the UCC or any invoice,
freight or express bill, bill of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications and
notices in connection with accounts, and other documents relating to the Collateral; (iii) to pay or discharge taxes, liens, security
interests or other encumbrances at any time levied or placed on or threatened against the Collateral; (iv) to demand, collect,
receipt for, compromise, settle and sue for monies due in respect of the Collateral; (v) to transfer any Intellectual Property
or provide licenses respecting any Intellectual Property; and (vi) generally, at the option of the Agent, and at the expense of
the Debtors, at any time, or from time to time, to execute and deliver any and all documents and instruments and to do all acts
and things which the Agent deems necessary to protect, preserve and realize upon the Collateral and the Security Interests granted
therein in order to effect the intent of this Agreement and the Note all as fully and effectually as the Debtors might or could
do; and each Debtor hereby ratifies all that said attorney shall lawfully do or cause to be done by virtue hereof. This power of
attorney is coupled with an interest and shall be irrevocable for the term of this Agreement and thereafter as long as any of the
Obligations shall be outstanding. The designation set forth herein shall be deemed to amend and supersede any inconsistent provision
in the Organizational Documents or other documents or agreements to which any Debtor is subject or to which any Debtor is a party.
Without limiting the generality of the foregoing, after the occurrence and during the continuance of an Event of Default, each
Secured Party is specifically authorized to execute and file any applications for or instruments of transfer and assignment of
any patents, trademarks, copyrights or other Intellectual Property with the United States Patent and Trademark Office and the United
States Copyright Office.

 

    	19 

    	 

    

 

(b)           On a continuing
basis, each Debtor will make, execute, acknowledge, deliver, file and record, as the case may be, with the proper filing and recording
agencies in any jurisdiction, including, without limitation, the jurisdictions indicated on Schedule C attached hereto,
all such instruments, and take all such action as may reasonably be deemed necessary or advisable, or as reasonably requested by
the Agent, to perfect the Security Interests granted hereunder and otherwise to carry out the intent and purposes of this Agreement,
or for assuring and confirming to the Agent the grant or perfection of a perfected security interest in all the Collateral under
the UCC.

 

(c)           Each Debtor hereby
irrevocably appoints the Agent as such Debtor’s attorney-in-fact, with full authority in the place and instead of such Debtor
and in the name of such Debtor, from time to time in the Agent’s discretion, to take any action and to execute any instrument
which the Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including the filing, in its sole
discretion, of one or more financing or continuation statements and amendments thereto, relative to any of the Collateral without
the signature of such Debtor where permitted by law, which financing statements may (but need not) describe the Collateral as “all
assets” or “all personal property” or words of like import, and ratifies all such actions taken by the Agent.
This power of attorney is coupled with an interest and shall be irrevocable for the term of this Agreement and thereafter as long
as any of the Obligations shall be outstanding.

 

16.           Notices.
All notices, requests, demands and other communications hereunder shall be subject to the notice provision of the Note.

 

17.           Other Security.
To the extent that the Obligations are now or hereafter secured by property other than the Collateral or by the guarantee, endorsement
or property of any other person, firm, corporation or other entity, then the Agent shall have the right, in its sole discretion,
to pursue, relinquish, subordinate, modify or take any other action with respect thereto, without in any way modifying or affecting
any of the Secured Parties’ rights and remedies hereunder.

 

18.           Appointment
of Agent. The Secured Parties hereby appoint Redwood Management LLC to act as their agent (“Redwood” or
“Agent”) for purposes of exercising any and all rights and remedies of the Secured Parties hereunder. Such appointment
shall continue until revoked in writing by a Majority in Interest, at which time a Majority in Interest shall appoint a new Agent,
provided that Redwood may not be removed as Agent unless Redwood shall then hold less than $20,000 in principal amount of the Note;
provided, further, that such removal may occur only if each of the other Secured Parties shall then hold not less
than an aggregate of eighty percent (80%) in principal amount of Note. The Agent shall have the rights, responsibilities and immunities
set forth in Annex B hereto.

 

    	20 

    	 

    

 

19.           Miscellaneous.

 

(a)           No course of dealing
between the Debtors and the Secured Parties, nor any failure to exercise, nor any delay in exercising, on the part of the Secured
Parties, any right, power or privilege hereunder or under the Note shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise thereof or the exercise
of any other right, power or privilege.

 

(b)           All of the rights
and remedies of the Secured Parties with respect to the Collateral, whether established hereby or by the Note or by any other agreements,
instruments or documents or by law shall be cumulative and may be exercised singly or concurrently.

 

(c)           This Agreement,
together with the exhibits and schedules hereto, contain the entire understanding of the parties with respect to the subject matter
hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties
acknowledge have been merged into this Agreement and the exhibits and schedules hereto. No provision of this Agreement may be waived,
modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Debtors and the Secured
Parties holding 67% or more of the principal amount of the Note then outstanding, or, in the case of a waiver, by the party against
whom enforcement of any such waived provision is sought.

 

(d)           If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find
and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed
the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable.

 

(e)           No waiver of any
default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in
the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall
any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

(f)            This Agreement
shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company and the Guarantors
may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Secured Party (other
than by merger). Any Secured Party may assign any or all of its rights under this Agreement to any Person to whom such Secured
Party assigns or transfers any Obligations, provided such transferee agrees in writing to be bound, with respect to the transferred
Obligations, by the provisions of this Agreement that apply to the “Secured Parties.”

 

    	21 

    	 

    

 

(g)           Each party shall
take such further action and execute and deliver such further documents as may be necessary or appropriate in order to carry out
the provisions and purposes of this Agreement.

 

(h)           Except to the
extent mandatorily governed by the jurisdiction or situs where the Collateral is located, all questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the
internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Except to the extent mandatorily
governed by the jurisdiction or situs where the Collateral is located, each Debtor agrees that all proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and the Note (whether brought against a party hereto
or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively
in the state and federal courts sitting in the City of New York, Borough of Manhattan. Except to the extent mandatorily governed
by the jurisdiction or situs where the Collateral is located, each Debtor hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such proceeding
is improper. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any
such proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to
such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby.

 

(i)            This Agreement
may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which
taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile transmission,
such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the
same with the same force and effect as if such facsimile signature were the original thereof.

 

(j)            All Debtors shall
jointly and severally be liable for the obligations of each Debtor to the Secured Parties hereunder.

 

    	22 

    	 

    

 

(k)           Each Debtor shall
indemnify, reimburse and hold harmless the Agent and the Secured Parties and their respective partners, members, shareholders,
officers, directors, employees and agents (and any other persons with other titles that have similar functions) (collectively,
“Indemnitees”) from and against any and all losses, claims, liabilities, damages, penalties, suits, costs and
expenses, of any kind or nature, (including fees relating to the cost of investigating and defending any of the foregoing) imposed
on, incurred by or asserted against such Indemnitee in any way related to or arising from or alleged to arise from this Agreement
or the Collateral, except any such losses, claims, liabilities, damages, penalties, suits, costs and expenses which result from
the gross negligence or willful misconduct of the Indemnitee as determined by a final, nonappealable decision of a court of competent
jurisdiction. This indemnification provision is in addition to, and not in limitation of, any other indemnification provision in
the Note, or any other agreement, instrument or other document executed or delivered in connection herewith or therewith.

 

(l)            Nothing in this
Agreement shall be construed to subject Agent or any Secured Party to liability as a partner in any Debtor or any if its direct
or indirect subsidiaries that is a partnership or as a member in any Debtor or any of its direct or indirect subsidiaries that
is a limited liability company, nor shall Agent or any Secured Party be deemed to have assumed any obligations under any partnership
agreement or limited liability company agreement, as applicable, of any such Debtor or any of its direct or indirect subsidiaries
or otherwise, unless and until any such Secured Party exercises its right to be substituted for such Debtor as a partner or member,
as applicable, pursuant hereto.

 

(m)          To the extent
that the grant of the security interest in the Collateral and the enforcement of the terms hereof require the consent, approval
or action of any partner or member, as applicable, of any Debtor or any direct or indirect subsidiary of any Debtor or compliance
with any provisions of any of the Organizational Documents, the Debtors hereby represent that all such consents and approvals have
been obtained.

  

[SIGNATURE PAGE OF DEBTORS FOLLOWS]

 

    	23 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed on the day and year first above written.

 

	NOTIS GLOBAL, INC. 

	 
	 	 	 
	By: 
	 	 
	 	Name: 
 Title:	 
	 	 	 
	PCH INVESTMENT GROUP, INC. 

	 
		 	 
	By:	 	 
	 	Name: 
 Title:	 
	 	 	 
	EWSD I, LLC	 
	 	 	 
	By:	 	 
	 	Name: 
 Title:	 
	 	 	 
	PUEBLO AGRICULTURE SUPPLY AND EQUIPMENT, LLC	 
	 	 	 
	By:	 	 
	 	Name: 
 Title:	 

 

[SIGNATURE
PAGE OF SECURED PARTIES FOLLOWS]

 

    	24 

    	 

    

 

[SIGNATURE PAGE OF SECURED PARTIES TO SECURITY
AGREEMENT]

 

Name of Investing Entity: Redwood Management
LLC

 

Signature of Authorized Signatory of Investing
Entity: _________________________

 

Name of Authorized Signatory: _________________________

 

Title of Authorized Signatory: __________________________

 

Name of Investing Entity: Yorkville Capital
Management LLC

 

Signature of Authorized Signatory of Investing
Entity: _________________________

 

Name of Authorized Signatory: _________________________

 

Title of Authorized Signatory: __________________________

 

Name of Investing Entity: Yorkville Chicago
Venture Partners LP

 

Signature of Authorized Signatory of Investing
Entity: _________________________

 

Name of Authorized Signatory: _________________________

 

Title of Authorized Signatory: __________________________

 

    	25 

    	 

    

 

DISCLOSURE SCHEDULES

 

Security Agreement

 

The following are the Disclosure Schedules
(the “Disclosure Schedules”) referred to in that certain Amended and Restated Security Agreement, dated as of
___________ (the “Agreement”), effective as of January 6, 2017, by and between Notis Global, Inc., a Nevada
corporation (the “Company”), all subsidiaries and affiliate of the Company that is a signatory hereto either
now or joined in the future (such subsidiaries and affiliates, the “Guarantors”), PCH Investment Group, Inc.,
a California corporation (“PCH”; and, together with the Company and the Guarantors, the “Debtors”)
and the holders of the Company’s 10% Senior Secured Convertible Promissory Note, in the original aggregate principal amount
of $3,600,000 (the “Note”) signatory hereto, their endorsees, transferees and assigns (collectively, the “Secured
Parties”).

 

Schedule A

Principal Place of Business of Debtors;

Locations Where Collateral is Located
or Stored; 

Permitted Liens 

 

Schedule B

Ownership Interest to Collateral 

 

Schedule C

Filing Jurisdictions 

 

Schedule D

Legal Names and Organizational Identification
Numbers 

 

Schedule E

Names; Mergers and Acquisitions 

 

Schedule F

Intellectual Property

 

Schedule G

Account Debtors

 

    	26 

    	 

    

 

Schedule H

Pledged Securities

 

    	27 

    	 

    

 

ANNEX A

 

To

 

AMENDED AND RESTATED SECURITY AND PLEDGE
AGREEMENT 

 

FORM OF ADDITIONAL DEBTOR JOINDER

 

Amended and Restated
Security and Pledge Agreement, dated as of __________ (the “Security Agreement”), effective as of January 6,
2017, made by Notis Global, Inc., all subsidiaries and affiliate of the Company that is a signatory thereto either now or joined
in the future (such subsidiaries and affiliates, the “Guarantors”), EWSD I, LLC, a Delaware limited liability
company (“EWSD”), Pueblo Agriculture Supply and Equipment, LLC, a Delaware limited liability company (“PASE”),
PCH Investment Group, Inc., a California corporation (“PCH”; and, together with the Company, the Guarantors, EWSD and
PASE, the “Debtors”) and the holders of the Company’s and PASE’s 10% Senior Secured Convertible
Promissory Note, in the original aggregate principal amount of $3,600,000 signatory thereto, their endorsees, transferees and assigns
(collectively, the “Secured Parties”).

 

Reference is made to
the Security Agreement as defined above; capitalized terms used herein and not otherwise defined herein shall have the meanings
given to such terms in, or by reference in, the Security Agreement.

 

The undersigned hereby
agrees that upon delivery of this Additional Debtor Joinder to the Secured Parties referred to above, the undersigned shall (a)
be an Additional Debtor under the Security Agreement, (b) have all the rights and obligations of the Debtors under the Security
Agreement as fully and to the same extent as if the undersigned was an original signatory thereto and (c) be deemed to have made
the representations and warranties set forth therein as of the date of execution and delivery of this Additional Debtor Joinder.
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE UNDERSIGNED SPECIFICALLY GRANTS TO THE SECURED PARTIES A SECURITY INTEREST
IN THE COLLATERAL AS MORE FULLY SET FORTH IN THE SECURITY AGREEMENT AND ACKNOWLEDGES AND AGREES TO THE WAIVER OF JURY TRIAL PROVISIONS
SET FORTH THEREIN.

 

Attached hereto are
supplemental and/or replacement Schedules to the Security Agreement, as applicable.

 

An executed copy of
this Additional Debtor Joinder shall be delivered to the Secured Parties, and the Secured Parties may rely on the matters set forth
herein on or after the date hereof. This Additional Debtor Joinder shall not be modified, amended or terminated without the prior
written consent of the Secured Parties.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	28 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Joinder to be executed in the name and on behalf of the undersigned.

 

	 	[Name of Additional Debtor]
	 	 
	 	By:
	 	Name:
	 	Title:
	 	 
	 	Address:

Dated:

 

    	29 

    	 

    

 

ANNEX B

to

AMENDED AND RESTATED SECURITY AND PLEDGE
AGREEMENT

 

THE AGENT

 

1.            Appointment.
The Secured Parties (all capitalized terms used herein and not otherwise defined shall have the respective meanings provided in
the Amended and Restated Security and Pledge Agreement to which this Annex B is attached (the “Agreement”)),
by their acceptance of the benefits of the Agreement, hereby designate Redwood Management, LLC (“Redwood” or
“Agent”) as the Agent to act as specified herein and in the Agreement. Each Secured Party shall be deemed irrevocably
to authorize the Agent to take such action on its behalf under the provisions of the Agreement and the Note and to exercise such
powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Agent by the terms
hereof and thereof and such other powers as are reasonably incidental thereto. The Agent may perform any of its duties hereunder
by or through its agents or employees.

 

2.            Nature of Duties.
The Agent shall have no duties or responsibilities except those expressly set forth in the Agreement. Neither the Agent nor any
of its partners, members, shareholders, officers, directors, employees or agents shall be liable for any action taken or omitted
by it as such under the Agreement or hereunder or in connection herewith or therewith, be responsible for the consequence of any
oversight or error of judgment or answerable for any loss, unless caused solely by its or their gross negligence or willful misconduct
as determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction. The duties of the Agent
shall be mechanical and administrative in nature; the Agent shall not have by reason of the Agreement or any other Transaction
Document a fiduciary relationship in respect of any Debtor or any Secured Party; and nothing in the Agreement or any other Transaction
Document, expressed or implied, is intended to or shall be so construed as to impose upon the Agent any obligations in respect
of the Agreement or any other Transaction Document except as expressly set forth herein and therein.

 

3.            Lack of Reliance
on the Agent. Independently and without reliance upon the Agent, each Secured Party, to the extent it deems appropriate, has
made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Company and
its subsidiaries in connection with such Secured Party’s investment in the Debtors, the creation and continuance of the Obligations,
the transactions contemplated by the Transaction Documents, and the taking or not taking of any action in connection therewith,
and (ii) its own appraisal of the creditworthiness of the Company and its subsidiaries, and of the value of the Collateral from
time to time, and the Agent shall have no duty or responsibility, either initially or on a continuing basis, to provide any Secured
Party with any credit, market or other information with respect thereto, whether coming into its possession before any Obligations
are incurred or at any time or times thereafter. The Agent shall not be responsible to the Debtors or any Secured Party for any
recitals, statements, information, representations or warranties herein or in any document, certificate or other writing delivered
in connection herewith, or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability,
priority or sufficiency of the Agreement or any other Transaction Document, or for the financial condition of the Debtors or the
value of any of the Collateral, or be required to make any inquiry concerning either the performance or observance of any of the
terms, provisions or conditions of the Agreement or any other Transaction Document, or the financial condition of the Debtors,
or the value of any of the Collateral, or the existence or possible existence of any default or Event of Default under the Agreement,
the Notes or any of the other Transaction Documents.

 

    	30 

    	 

    

 

4.            Certain Rights
of the Agent. The Agent shall have the right to take any action with respect to the Collateral, on behalf of all of the Secured
Parties. To the extent practical, the Agent shall request instructions from the Secured Parties with respect to any material act
or action (including failure to act) in connection with the Agreement or any other Transaction Document, and shall be entitled
to act or refrain from acting in accordance with the instructions of a Majority in Interest; if such instructions are not provided
despite the Agent’s request therefor, the Agent shall be entitled to refrain from such act or taking such action, and if
such action is taken, shall be entitled to appropriate indemnification from the Secured Parties in respect of actions to be taken
by the Agent; and the Agent shall not incur liability to any person or entity by reason of so refraining. Without limiting the
foregoing, (a) no Secured Party shall have any right of action whatsoever against the Agent as a result of the Agent acting or
refraining from acting hereunder in accordance with the terms of the Agreement or any other Transaction Document, and the Debtors
shall have no right to question or challenge the authority of, or the instructions given to, the Agent pursuant to the foregoing
and (b) the Agent shall not be required to take any action which the Agent believes (i) could reasonably be expected to expose
it to personal liability or (ii) is contrary to this Agreement, the Transaction Documents or applicable law.

 

5.            Reliance.
The Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, statement,
certificate, telex, teletype or telecopier message, cablegram, radiogram, order or other document or telephone message signed,
sent or made by the proper person or entity, and, with respect to all legal matters pertaining to the Agreement and the other Transaction
Documents and its duties thereunder, upon advice of counsel selected by it and upon all other matters pertaining to this Agreement
and the other Transaction Documents and its duties thereunder, upon advice of other experts selected by it. Anything to the contrary
notwithstanding, the Agent shall have no obligation whatsoever to any Secured Party to assure that the Collateral exists or is
owned by the Debtors or is cared for, protected or insured or that the liens granted pursuant to the Agreement have been properly
or sufficiently or lawfully created, perfected, or enforced or are entitled to any particular priority.

 

6.            Indemnification.
To the extent that the Agent is not reimbursed and indemnified by the Debtors, the Secured Parties will jointly and severally reimburse
and indemnify the Agent, in proportion to their initially purchased respective principal amounts of Notes, from and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever which may be imposed on, incurred by or asserted against the Agent in performing its duties hereunder
or under the Agreement or any other Transaction Document, or in any way relating to or arising out of the Agreement or any other
Transaction Document except for those determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction
to have resulted solely from the Agent’s own gross negligence or willful misconduct. Prior to taking any action hereunder
as Agent, the Agent may require each Secured Party to deposit with it sufficient sums as it determines in good faith is necessary
to protect the Agent for costs and expenses associated with taking such action.

 

    	31 

    	 

    

 

7.            Resignation by
the Agent.

 

(a)            The Agent may
resign from the performance of all its functions and duties under the Agreement and the other Transaction Documents at any time
by giving thirty (30) days’ prior written notice (as provided in the Agreement) to the Debtors and the Secured Parties. Such
resignation shall take effect upon the appointment of a successor Agent pursuant to clauses (b) and (c) below.

 

(b)            Upon any such
notice of resignation, the Secured Parties, acting by a Majority in Interest, shall appoint a successor Agent hereunder.

 

(c)            If a successor
Agent shall not have been so appointed within said 30-day period, the Agent shall then appoint a successor Agent who shall serve
as Agent until such time, if any, as the Secured Parties appoint a successor Agent as provided above. If a successor Agent has
not been appointed within such 30-day period, the Agent may petition any court of competent jurisdiction or may interplead the
Debtors and the Secured Parties in a proceeding for the appointment of a successor Agent, and all fees, including, but not limited
to, extraordinary fees associated with the filing of interpleader and expenses associated therewith, shall be payable by the Debtors
on demand.

 

8.            Rights with respect
to Collateral. Each Secured Party agrees with all other Secured Parties and the Agent (i) that it shall not, and shall
not attempt to, exercise any rights with respect to its security interest in the Collateral, whether pursuant to any other agreement
or otherwise (other than pursuant to this Agreement), or take or institute any action against the Agent or any of the other Secured
Parties in respect of the Collateral or its rights hereunder (other than any such action arising from the breach of this Agreement)
and (ii) that such Secured Party has no other rights with respect to the Collateral other than as set forth in this Agreement and
the other Transaction Documents. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor
Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent and
the retiring Agent shall be discharged from its duties and obligations under the Agreement. After any retiring Agent’s resignation
or removal hereunder as Agent, the provisions of the Agreement including this Annex B shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was Agent.

 

    	32Exhibit 4.1

 

Execution Version

 

Conn’s
Receivables Funding 2019-B, LLC,

as Issuer

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

 

 

 

 

 

BASE INDENTURE

 

Dated as of November 26, 2019

 

 

 

 

 

Asset Backed Notes

(Issuable in Series)

 

     

     

    

 

Table
of Contents

 

	 	Page
	 	 
	ARTICLE 1.        DEFINITIONS AND INCORPORATION BY REFERENCE	2
	 	 	 	 
	 	Section 1.1.	Definitions	2
	 	Section 1.2.	Incorporation by Reference of Trust Indenture Act	21
	 	Section 1.3.	Cross-References	22
	 	Section 1.4.	Accounting and Financial Determinations; No Duplication	22
	 	Section 1.5.	Rules of Construction	22
	 	Section 1.6.	Other Definitional Provisions	23
	 	 	 	 
	ARTICLE 2.       THE NOTES	23
	 	 	 	 
	 	Section 2.1.	Designation and Terms of Notes	23
	 	Section 2.2.	New Series Issuances	24
	 	Section 2.3.	[Reserved]	25
	 	Section 2.4.	Execution and Authentication	25
	 	Section 2.5.	Authenticating Agent	25
	 	Section 2.6.	Registration of Transfer and Exchange of Notes	26
	 	Section 2.7.	Appointment of Paying Agent	29
	 	Section 2.8.	Paying Agent to Hold Money in Trust	30
	 	Section 2.9.	Private Placement Legend	31
	 	Section 2.10.	Mutilated, Destroyed, Lost or Stolen Notes	32
	 	Section 2.11.	Temporary Notes	33
	 	Section 2.12.	Persons Deemed Owners	33
	 	Section 2.13.	Cancellation	34
	 	Section 2.14.	Release of Receivables Trust Estate and Trust Estate	34
	 	Section 2.15.	Payment of Principal and Interest	35
	 	Section 2.16.	Book-Entry Notes	35
	 	Section 2.17.	Notices to Clearing Agency	38
	 	Section 2.18.	Definitive Notes	38
	 	Section 2.19.	Global Note	39
	 	Section 2.20.	Tax Treatment	39
	 	Section 2.21.	Duties of the Trustee and the Transfer Agent and Registrar	40
	 	 	 	 
	ARTICLE 3.        [ARTICLE 3 IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES OF NOTES]	40
	 	 	 	 
	ARTICLE 4.        NOTEHOLDER LISTS AND REPORTS	40
	 	 	 	 
	 	Section 4.1.	Issuer To Furnish To Trustee Names and Addresses of Noteholders	40
	 	Section 4.2.	Preservation of Information; Communications to Noteholders	40
	 	Section 4.3.	Reports by Issuer	41
	 	Section 4.4.	Reports by Trustee	42
	 	Section 4.5.	Reports and Records for the Trustee and Instructions	42
	 	 	 	 
	ARTICLE 5.       ALLOCATION AND APPLICATION OF COLLECTIONS	42
	 	 	 	 
	 	Section 5.1.	Rights of Noteholders	42
	 	Section 5.2.	Collection of Money	42
	 	Section 5.3.	Establishment of Accounts	43
	 	Section 5.4.	Collections and Allocations	44

 

    -i-

     

    

 

Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	 	Section
    5.5.	Determination of Monthly Interest	45
	 	Section 5.6.	Determination of Monthly Principal	45
	 	Section 5.7.	General Provisions Regarding Accounts	46
	 	Section 5.8.	Removed Receivables	46
	 	Section 5.9.	[Reserved]	46
	 	 	 	 
	ARTICLE 6.        [ARTICLE 6 IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]	46
	 	 	 	 
	ARTICLE 7.        [ARTICLE 7 IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]	46
	 	 	 	 
	ARTICLE 8.        COVENANTS	46
	 	 	 	 
	 	Section 8.1.	Money for Payments To Be Held in Trust	46
	 	Section 8.2.	Affirmative Covenants of Issuer	46
	 	Section 8.3.	Negative Covenants	52
	 	Section 8.4.	Further Instruments and Acts	54
	 	Section 8.5.	Appointment of Successor Servicer	54
	 	 	 	 
	ARTICLE 9.        [RESERVED]	55
	 	 	 	 
	ARTICLE 10.       REMEDIES	55
	 	 	 	 
	 	Section 10.1.	Events of Default	55
	 	Section 10.2.	Rights of the Trustee Upon Events of Default	56
	 	Section 10.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	57
	 	Section 10.4.	Remedies	58
	 	Section 10.5.	[Reserved]	59
	 	Section 10.6.	Waiver of Past Events	59
	 	Section 10.7.	Limitation on Suits	60
	 	Section 10.8.	Unconditional Rights of Holders to Receive Payment; Withholding Taxes	60
	 	Section 10.9.	Restoration of Rights and Remedies	61
	 	Section 10.10.	The Trustee May File Proofs of Claim	61
	 	Section 10.11.	Priorities	62
	 	Section 10.12.	Undertaking for Costs	62
	 	Section 10.13.	Rights and Remedies Cumulative	62
	 	Section 10.14.	Delay or Omission Not Waiver	62
	 	Section 10.15.	Control by Noteholders	63
	 	Section 10.16.	Waiver of Stay or Extension Laws	63
	 	Section 10.17.	Action on Notes	63
	 	Section 10.18.	Performance and Enforcement of Certain Obligations	63
	 	Section 10.19.	Reassignment of Surplus	64
	 	 	 	 
	ARTICLE 11.      THE TRUSTEE	64
	 	 	 	 
	 	Section 11.1.	Duties of the Trustee	64
	 	Section 11.2.	Rights of the Trustee	68
	 	Section 11.3.	Trustee Not Liable for Recitals in Notes	72
	 	Section 11.4.	Individual Rights of the Trustee	72
	 	Section 11.5.	Notice of Defaults	73
	 	Section 11.6.	Compensation	73
	 	Section 11.7.	Replacement of the Trustee	73
	 	Section 11.8.	Successor Trustee by Merger, etc.	74
	 	Section 11.9.	Eligibility: Disqualification	75
	 	Section 11.10.	Appointment of Co-Trustee or Separate Trustee	76
	 	Section 11.11.	Preferential Collection of Claims Against the Issuer	77
	 	Section 11.12.	Tax Returns	77
	 	Section 11.13.	Trustee May Enforce Claims Without Possession of Notes	77

 

    -ii-

     

    

 

	 	 	 	Page
	 	 	 	 
	 	Section 11.14.	Suits for Enforcement	77
	 	Section 11.15.	Reports by Trustee to Holders	78
	 	Section 11.16.	Representations and Warranties of Trustee	78
	 	Section 11.17.	Issuer Indemnification of the Trustee	78
	 	Section 11.18.	Trustee’s Application for Instructions from the Issuer	79
	 	Section 11.19.	[Reserved]	79
	 	Section 11.20.	Maintenance of Office or Agency	79
	 	Section 11.21.	Concerning the Rights of the Trustee	79
	 	Section 11.22.	Direction to the Trustee	79
	 	 	 	 
	ARTICLE 12.       DISCHARGE OF INDENTURE	79
	 	 	 	 
	 	Section 12.1.	Satisfaction and Discharge of Indenture	79
	 	Section 12.2.	Application of Issuer Money	80
	 	Section 12.3.	Repayment of Moneys Held by Paying Agent	80
	 	Section 12.4.	[Reserved]	80
	 	Section 12.5.	Final Payment with Respect to Any Series	81
	 	Section 12.6.	Termination Rights of Issuer	81
	 	Section 12.7.	Repayment to the Issuer	82
	 	 	 	 
	ARTICLE 13.      AMENDMENTS	82
	 	 	 	 
	 	Section 13.1.	Without Consent of the Noteholders	82
	 	Section 13.2.	Supplemental Indentures with Consent of Noteholders	83
	 	Section 13.3.	Execution of Supplemental Indentures	86
	 	Section 13.4.	Effect of Supplemental Indenture	86
	 	Section 13.5.	Conformity With TIA	86
	 	Section 13.6.	Reference in Notes to Supplemental Indentures	86
	 	Section 13.7.	Series Supplements	86
	 	Section 13.8.	Revocation and Effect of Consents	87
	 	Section 13.9.	Notation on or Exchange of Notes	87
	 	Section 13.10.	The Trustee to Sign Amendments, etc.	87
	 	Section 13.11.	Back-Up Servicer Consent	87
	 	 	 	 
	ARTICLE 14.       REDEMPTION AND REFINANCING OF NOTES	88
	 	 	 	 
	 	Section 14.1.	Redemption and Refinancing	88
	 	Section 14.2.	Form of Redemption Notice	88
	 	Section 14.3.	Notes Payable on Redemption Date	89
	 	Section 14.4.	Release of Receivables Trust Certificate	89

 

    -iii-

     

    

 

	 	Page
	 	 
	ARTICLE 15.      MISCELLANEOUS	89
	 	 	 	 
	 	Section 15.1.	Compliance Certificates and Opinions, etc.	89
	 	Section 15.2.	Form of Documents Delivered to Trustee	91
	 	Section 15.3.	Acts of Noteholders	92
	 	Section 15.4.	Notices	93
	 	Section 15.5.	Notices to Noteholders: Waiver	93
	 	Section 15.6.	Alternate Payment and Notice Provisions	94
	 	Section 15.7.	Conflict with TIA	94
	 	Section 15.8.	Effect of Headings and Table of Contents	94
	 	Section 15.9.	Successors and Assigns	94
	 	Section 15.10.	Separability of Provisions	95
	 	Section 15.11.	Benefits of Indenture	95
	 	Section 15.12.	Legal Holidays	95
	 	Section 15.13.	GOVERNING LAW; JURISDICTION	95
	 	Section 15.14.	Counterparts	95
	 	Section 15.15.	Recording of Indenture	95
	 	Section 15.16.	Issuer Obligation	96
	 	Section 15.17.	No Bankruptcy Petition Against the Issuer	96
	 	Section 15.18.	No Joint Venture	96
	 	Section 15.19.	Rule 144A Information	96
	 	Section 15.20.	No Waiver; Cumulative Remedies	97
	 	Section 15.21.	Third-Party Beneficiaries	97
	 	Section 15.22.	Merger and Integration	97
	 	Section 15.23.	Rules by the Trustee	97
	 	Section 15.24.	Duplicate Originals	97
	 	Section 15.25.	Waiver of Trial by Jury	97
	 	Section 15.26.	USA Patriot Act	97
	 	Section 15.27.	Limitation of Liability	98

 

Exhibit A:          Form of Release and
Reconveyance of Receivables Trust Estate

 

    -iv-

     

    

 

BASE INDENTURE, dated
as of November 26, 2019, between Conn’s Receivables Funding 2019-B, LLC, a limited liability company established under the
laws of Delaware, as issuer (the “Issuer”) and Wells Fargo Bank, National Association, a national banking
association validly existing under the laws of the United States of America, as Trustee.

 

W I T N E S S E T H:

 

WHEREAS, the Issuer
has duly executed and delivered this Indenture to provide for the issuance from time to time of one or more Series of Notes, issuable
as provided in this Indenture; and

 

WHEREAS, all things
necessary to make this Indenture a legal, valid and binding agreement of the Issuer, enforceable in accordance with its terms,
have been done, and the Issuer proposes to do all the things necessary to make the Notes, when executed by the Issuer and authenticated
and delivered by the Trustee hereunder and duly issued by the Issuer, the legal, valid and binding obligations of the Issuer as
hereinafter provided;

 

NOW, THEREFORE, for
and in consideration of the premises and the receipt of the Notes by the Noteholders, it is mutually covenanted and agreed, for
the equal and proportionate benefit of all Noteholders, as follows:

 

GRANTING CLAUSE

 

The Issuer hereby grants
to the Trustee at the Closing Date, for the benefit of the Trustee, the Noteholders, and any other Person to which any Issuer Obligations
are payable (the “Secured Parties”), to secure the Issuer Obligations, a continuing Lien on all of the Issuer’s
right, title and interest in, to and under the following property whether now owned or hereafter acquired, now existing or hereafter
created and wherever located (a) 100% interest in the Receivables Trust Certificate; (b) all Collections thereon received after
the Cut-Off Date; (c) all Related Security; (d) the Collection Account, each Investor Account, the Reserve Account, any Series
Account and any other account maintained by the Trustee for the benefit of the Secured Parties of any Series of Notes (each such
account, a “Trust Account”), all monies from time to time deposited therein and all Permitted Investments and
other investment property from time to time credited thereto; (e) all certificates and instruments, if any, representing or evidencing
any or all of the Trust Accounts or the funds on deposit therein from time to time; (f) the Issuer’s rights, powers and benefits,
but none of its obligations, under the Transaction Documents or that have been assigned to the Issuer; (g) all additional property
that may from time to time hereafter (pursuant to the terms of any Series Supplement or otherwise) be subjected to the grant and
pledge made by the Issuer or by anyone on its behalf; and (h) all present and future claims, demands, causes and choses in action
and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including
all proceeds of all of the foregoing and the conversion thereof, voluntary or involuntary, into cash or other liquid property,
all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, investment property, rights to payment of any and every kind and other forms of obligations and receivables, instruments
and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively,
the “Receivables Trust Estate”).

 

    

     

    

 

The Receivables Trust
and the Receivables Trust Trustee hereby grant to the Trustee at the Closing Date, for the benefit of the Trustee, the Noteholders,
and any other Secured Party, to secure the Issuer Obligations, a continuing Lien on all of the their right, title and interest
in, to and under the Trust Estate.

 

The foregoing Grants
are made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Issuer
Obligations, equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance
with the provisions of this Indenture, all as provided in this Indenture.

 

The Trustee, for the
benefit of the Secured Parties, hereby acknowledges such Grants, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and the Lien on the Receivables Trust Estate conveyed by the Issuer pursuant to the Grant and the
Lien on the Trust Estate conveyed by the Receivables Trust pursuant to the Grant, declares that it shall maintain such right, title
and interest, upon the trust set forth, for the benefit of all Secured Parties, subject to Sections 11.1 and 11.2,
and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture.

 

ARTICLE
1.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1. Definitions.
Certain capitalized terms used herein (including the preamble and the recitals hereto) shall have the following meanings:

 

“Adverse Claim”
means a Lien on any Person’s assets or properties in favor of any other Person (including any UCC financing statement or
any similar instrument filed against such Person’s assets or properties), other than a Permitted Encumbrance.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect
common control with, such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly
or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through
ownership of voting stock, by contract or otherwise.

 

“Agent” means any Transfer
Agent and Registrar or Paying Agent.

 

“Applicants”
has the meaning specified in Section 4.2(b).

 

“Back-Up Servicer”
has the meaning specified in the Servicing Agreement.

 

“Back-Up Servicing
Agreement” has the meaning specified in the Servicing Agreement.

 

“Bankruptcy
Code” means The Bankruptcy Reform Act of 1978, as amended from time to time, and as codified as 11 U.S.C. Section 101
et seq.

 

    2

     

    

 

“Base Indenture”
means this Base Indenture, dated as of November 26, 2019, between the Issuer and the Trustee, as amended, restated, modified or
supplemented from time to time, exclusive of Series Supplements.

 

“Benefit Plan”
means any employee benefit plan as defined in Section 3(3) of ERISA in respect of which the Issuer, the Seller, the Originators,
Servicer or any ERISA Affiliate thereof is, or at any time during the immediately preceding six (6) years was, an “employer”
as defined in Section 3(5) of ERISA, or with respect to which the Issuer, the Seller, the Originators, the Servicer or any
of their respective ERISA Affiliates has any liability, contingent or otherwise.

 

“Benefit Plan
Investor” means an “employee benefit plan” as defined in Section 3(3) of ERISA, that is subject to Title
I of ERISA, a “plan” as described in Section 4975 of the Code, that is subject to Section 4975 of the Code, or an entity
deemed to hold plan assets of any of the foregoing.

 

“Book-Entry
Notes” means Notes in which beneficial interests are owned and transferred through book entries by a Clearing Agency
or a Foreign Clearing Agency as described in Section 2.16; provided that after the occurrence of a condition
whereupon book-entry registration and transfer are no longer permitted and Definitive Notes are issued to the Note Owners, such
Definitive Notes shall replace Book-Entry Notes.

 

“Business
Day” unless otherwise specified in a Series Supplement, means any day that DTC is open for business at its office in
New York City and any day other than a Saturday, Sunday or other day on which banking institutions or trust companies in the State
of New York generally, the City of New York, St. Joseph, Missouri, Minneapolis, Minnesota or The Woodlands, Texas are authorized
or obligated by law, executive order or governmental decree to be closed.

 

“Business
Taxes” means any Federal, state or local income taxes or taxes measured by income, property taxes, excise taxes, franchise
taxes or similar taxes.

 

“Capitalized
Lease” of a Person means any lease of property by such Person as lessee which would be capitalized on a balance sheet
of such Person prepared in accordance with GAAP.

 

“Certificateholder”
means the holder of the Receivables Trust Certificate.

 

“Class”
means a group of notes whose form is identical except for variation in denomination, principal amount or owner, and references
to “each Class” thus mean each of the Class A Notes, the Class B Notes, the Class C Notes and the Class R Notes.

 

“Clearing
Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange
Act or any successor provision thereto.

 

“Clearing
Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time
a Clearing Agency or Foreign Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing
Agency or Foreign Clearing Agency.

 

    3

     

    

 

“Clearstream”
means Clearstream Banking, société anonyme.

 

“Closing Date”
means November 26, 2019.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

 

“Collateral
Interests” has the meaning, if any, with respect to any Series, specified in the related Series Supplement.

 

“Collection
Account” has the meaning specified in Section 5.3(a).

 

“Collections”
means, with respect to any Receivable, all cash collections and other cash proceeds of such Receivable made by or on behalf of
Obligors, including, without limitation, all principal, Finance Charges and Recoveries, if any, and cash proceeds of Related Security
with respect to such Receivable (including any insurance and RSA proceeds and returned premiums, but excluding refunds and rebates
of earned premium with respect to the cancellation of credit insurance and RSAs and unearned commissions with respect to RSAs related
to Defaulted Receivables), any sales tax refunds and proceeds collected in connection with the sale of any such Receivable, and
any Deemed Collections in each case, received after the Cut-Off Date; provided, however, that, if not otherwise specified,
the term “Collections” shall refer to the Collections on all the Receivables collectively together with any Investment
Earnings and any other funds received with respect to the Trust Estate.

 

“Conn Appliances”
means Conn Appliances, Inc., a Texas corporation.

 

“Conn Officer’s
Certificate” means a certificate signed by any Responsible Officer of the Issuer, the Depositor, the Seller or Conn Appliances,
as the case may be, and delivered to the Trustee.

 

“Consolidated
Parent” means initially, Conn’s, Inc., a Delaware corporation, and any successor to Conn’s, Inc. as the indirect
or direct parent of Conn Appliances, the financial statements of which are for financial reporting purposes consolidated with Conn
Appliances in accordance with GAAP, or if there is none, then Conn Appliances.

 

“Contract”
means any Installment Contract (which “Installment Contract” has been acquired (or purported to be acquired) by the
Depositor from the Seller pursuant to the First Receivables Purchase Agreement and subsequently acquired by the Receivables Trust
from the Depositor pursuant to the terms of the Second Receivables Purchase Agreement).

 

“Contractual
Obligation” means, with respect to any Person, any provision of any security issued by that Person or of any indenture,
mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or
any of its properties is bound or to which it or any of its properties is subject.

 

“Controlling
Class” means (i) the Class A Noteholders for as long as the Class A Notes are Outstanding, (ii) thereafter, the Class
B Noteholders for as long as the Class B Notes are Outstanding, (iii) thereafter, the Class C Noteholders for as long as the Class
C Notes are Outstanding and (iv) thereafter, the Class R Noteholders.

 

    4

     

    

 

“Controlling
Person” means a Person or an “affiliate” of such Person (as defined in Section 3(42) of ERISA and 29 C.F.R.
Section 2510.3-101) that has discretionary authority or control with respect to the assets of the Issuer or provides investment
advice for a fee (direct or indirect) with respect to the assets of the Issuer.

 

“Corporate
Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business
shall be administered, which office at the date of the execution of this Base Indenture is located at MAC N9300-061, 600 S 4th
St., Minneapolis, Minnesota 55479, Attention: Corporate Trust Services/Asset Backed Administration.

 

“Credit and
Collection Policies” means the Servicer’s credit and collection policy or policies relating to Contracts and Receivables
existing on the Closing Date and referred to and in accordance with the Servicing Agreement, as the same is amended, supplemented
or otherwise modified and in effect from time to time in compliance with Section 2.14(c) of the Servicing Agreement; provided,
however, if the Servicer is any Person other than the initial Servicer, “Credit and Collection Policies” shall
refer to the collection policies of such Servicer as they relate to receivables of a similar nature to the Receivables.

 

“Cut-Off Date” means
the close of business on October 31, 2019.

 

“Deemed Collections”
means, in connection with any Receivable underlying the Receivables Trust Certificate, all amounts payable (without duplication)
with respect to such Receivable, by (i) the Seller pursuant to Section 2.5 of the First Receivables Purchase Agreement,
(ii) the Depositor pursuant to Section 2.5 of the Second Receivables Purchase Agreement and/or (iii) the initial Servicer
pursuant to Section 2.16 of the Servicing Agreement.

 

“Default”
means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

 

“Defaulted
Receivable” means a Receivable (i) as to which, at the end of any Monthly Period, any scheduled payment, or part thereof,
remains unpaid for 210 days or more past the due date for such payment determined by reference to the contractual payment terms,
as amended, of such Receivable, such amendment in accordance with the Credit and Collection Policies or (ii) which, consistent
with the Credit and Collection Policies, would be written off the Issuer’s, the Seller’s or the Servicer’s books
as uncollectible.

 

“Definitive
Notes” has the meaning specified in Section 2.16(f).

 

“Delinquent
Receivable” means a Receivable (other than a Defaulted Receivable) as to which (i) all or any part of a scheduled payment
remains unpaid for thirty-one (31) days or more from the due date for such payment or (ii) the Obligor thereon is suffering or
has suffered an Event of Bankruptcy.

 

“Depositor”
means Conn Appliances Receivables Funding, LLC.

 

    5

     

    

 

“Depository”
has the meaning specified in Section 2.16.

 

“Depository
Agreement” means, with respect to each Series, the agreement among the Issuer and the Clearing Agency or Foreign Clearing
Agency, or as otherwise provided in the related Series Supplement.

 

“Determination
Date” means, unless otherwise specified in the related Series Supplement, the third Business Day prior to each Series
Transfer Date.

 

“Dollars”
and the symbol “$” mean the lawful currency of the United States.

 

“DTC”
means The Depository Trust Company.

 

“Eligible
Receivable” means, as of the Cut-Off Date, each Receivable:

 

(a)             
that was originated in compliance with all applicable requirements of law (including without limitation all laws, rules
and regulations relating to truth in lending, fair credit billing, fair credit reporting, fair debt collection practices and privacy)
and which complies with all applicable requirements of law;

 

(b)             
with respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, any
Governmental Authority required to be obtained, effected or given by the Seller in connection with the creation or the execution,
delivery and performance of such Receivable, have been duly obtained, effected or given and are in full force and effect;

 

(c)             
as to which, at the time of the sale of such Receivable to the Depositor, the Seller was the sole owner thereof and had
good and marketable title thereto free and clear of all Liens;

 

(d)              
that is the legal, valid and binding payment obligation of the Obligor thereon enforceable against such Obligor in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, receivership, conservatorship or other laws, regulations
and administrative orders now or hereafter in effect, affecting the rights of creditors generally and except as such enforcement
may be limited by general principles of equity (whether considered in a proceeding at law or in equity), and is not subject to
any right of rescission, setoff, counterclaim or defense (including the defense of usury) or to any repurchase obligation or return
right;

 

(e)             
the related Installment Contract of which constitutes an “account” or “chattel paper”, in each case
under and as defined in Article 9 of the UCC of all applicable jurisdictions;

 

(f)              
that was established in accordance with the Credit and Collection Policies in the regular and ordinary course of the business
of the related Originator;

 

    6

     

    

 

(g)             
that is denominated and payable in Dollars, is only payable in the United States of America and each Obligor in respect
of which resided in the United States of America at the time of the origination of such Receivables;

 

(h)             
other than a Receivable (i) that is a Defaulted Receivable or (ii) as to which, on the related Purchase Date, all of the
original Obligors obligated thereon are deceased;

 

(i)               
the terms of which have not been modified or waived except as permitted under the Credit and Collection Policies or the
Transaction Documents;

 

(j)              
that was originated in connection with a sale of Merchandise by the Retailer;

 

(k)              
that has no Obligor thereon that is a Governmental Authority;

 

(l)              
the original terms of which provide for repayment in full of the amount financed or the principal balance thereof in equal
monthly installments over a maximum term not to exceed forty-eight months; and

 

(m)            
the assignment of which to the Depositor or the Receivables Trust does not contravene or conflict with any law, rule or
regulation or any contractual or other restriction, limitation or encumbrance, and the sale or assignment of which does not require
the consent of the Obligor thereof.

 

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

 

“ERISA Affiliate”
means, with respect to any Person, (i) any corporation which is a member of the same controlled group of corporations (within
the meaning of Section 414(b) of the Code) as such Person; (ii) a trade or business (whether or not incorporated) under
common control (within the meaning of Section 414(c) of the Code) with such Person; or (iii) a member of the same affiliated
service group (within the meaning of Section 414(m) of the Code) as such Person.

 

“ERISA Event”
means any of the following: (i) the failure to satisfy the minimum funding standard under Section 302 of ERISA or Section
412 of the Code with respect to any Pension Plan; (ii) the filing by the Pension Benefit Guaranty Corporation or a plan administrator
of any notice relating to an intention to terminate any Pension Plan or Pension Plans or an event or condition which constitutes
grounds under Section 4042 of ERISA for the termination of, or grounds to appoint a trustee to administer any Pension Plan; (iii) the
complete withdrawal or partial withdrawal by any Person or any of its ERISA Affiliates from any Pension Plan or Multiemployer Plan;
(iv) any “reportable event” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect
to a Pension Plan (other than an event for which the 30-day notice period is waived), (v) the commencement of proceedings
by the Pension Benefit Guaranty Corporation to terminate a Pension Plan or the treatment of a Multiemployer Plan amendment as a
termination under Section 4041A of ERISA, (vi) the receipt by the Issuer, the Seller, an Originator, the initial Servicer
or any ERISA Affiliate thereof of any notice concerning a determination that a Multiemployer Plan is, or is expected to be, insolvent
or in reorganization, within the meaning of Title IV of ERISA; or (vii) the imposition of any liability under Title IV of ERISA,
other than for Pension Benefit Guaranty Corporation premiums due but not delinquent under Section 4007 of ERISA upon the Issuer,
the Seller, an Originator, the initial Servicer or any of their ERISA Affiliates thereof.

 

    7

     

    

 

“Euroclear”
means the Euroclear System, as operated by Euroclear Bank S.A./N.V.

 

“Event of
Bankruptcy” shall be deemed to have occurred with respect to a Person if:

 

(a)              
a Proceeding shall be commenced, without the application or consent of such Person, before any Governmental Authority, seeking
the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or adjustment of debts of such Person,
the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially
all of its assets, or any similar action with respect to such Person under any Law relating to bankruptcy, insolvency, reorganization,
winding up or composition or adjustment of debts, and in the case of any Person, such Proceeding shall continue undismissed, or
unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief in respect of such Person shall be
entered in an involuntary case under the Federal bankruptcy Laws or other similar Laws now or hereafter in effect; or

 

(b)              
such Person shall (i) consent to the institution of (except as described in the proviso to clause (a) above) any
Proceeding or petition described in clause (a) of this definition, or (ii) commence a voluntary Proceeding under any applicable
bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar Law now or hereafter in effect, or shall
consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) for such Person or for any substantial part of its property, or shall make any general assignment for the benefit
of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation
or similar entity, its board of directors shall vote to implement any of the foregoing.

 

“Event of
Default” has the meaning specified in Section 10.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“FATCA”
means Sections 1471 through 1474 of the Code (or any amendments or successor versions thereof) and any related current or future
rules, regulations or official interpretations thereof and any non-governmental agreements and implementing rules.

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“Finance Charges”
means any finance, interest, late, servicing or similar charges or fees owing by an Obligor pursuant to the Contracts (other than
with respect to Defaulted Receivables).

 

“First Receivables
Purchase Agreement” means the First Receivables Purchase Agreement, dated as of November 26, 2019, between the Seller
and the Depositor, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time.

 

    8

     

    

 

“Fiscal Year”
means any period of twelve consecutive calendar months ending on January 31.

 

“Fitch”
means Fitch Ratings Inc.

 

“Foreign Clearing
Agency” means Clearstream and Euroclear.

 

“GAAP”
means those generally accepted principles of accounting set forth in pronouncements of the Financial Accounting Standards Board,
the American Institute of Certified Public Accountants or which have other substantial authoritative support and are applicable
in the circumstances as of the date of a report , as such principles are from time to time supplemented and amended, and with respect
to determinations or calculations to be made by a Person other than a successor Servicer, applied on a basis consistent with the
most recent audited financial statements of Consolidated Parent before the Closing Date.

 

“Global Note”
has the meaning specified in Section 2.19.

 

“Governmental
Authority” means any government or political subdivision or any agency, authority, bureau, central bank, commission,
department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator,
in each case whether foreign or domestic.

 

“Grant”
means (i) the Issuer’s grant of a Lien on the Receivables Trust Estate and (ii) the Receivables Trust’s grant of a
Lien on the Trust Estate, each as set forth in the Granting Clause of this Base Indenture.

 

“Gross Receivables
Balance” means, with respect to any date of determination and any Receivable, the sum of each of the monthly payments
originally contracted for less any payments or credits received prior to such date; provided, however, that, if not otherwise specified,
the term “Gross Receivables Balance” shall refer to the Gross Receivables Balance of all Receivables collectively together.

 

“Holder”
or “Noteholder” means the Person in whose name a Note is registered in the Note Register or such other Person
deemed to be a “Holder” or “Noteholder” in any related Series Supplement.

 

“Indebtedness”
means, with respect to any Person, such Person’s (i) obligations for borrowed money, (ii) obligations representing
the deferred purchase price of property other than accounts payable arising in the ordinary course of such Person’s business
on terms customary in the trade, (iii) obligations, whether or not assumed, secured by Liens on or payable out of the proceeds
or production from, property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes,
acceptances, or other instruments, (v) Capitalized Lease obligations and (vi) obligations of another Person of a type
described in clauses (i) through (v) above, for which such Person is obligated pursuant to a guaranty, put or similar arrangement.

 

“Indenture”
means the Base Indenture, together with all Series Supplements, as the same may be amended, restated, modified or supplemented
from time to time.

 

    9

     

    

 

“Indenture
Termination Date” has the meaning specified in Section 12.1.

 

“Independent”
means, when used with respect to any specified Person, that such Person (a) is in fact independent of the Issuer, any other obligor
upon the Notes, any Originator, the Seller, the Depositor, the Receivables Trust and any Affiliate of any of the foregoing Persons,
(b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor,
any Originator, the Seller, the Depositor, the Receivables Trust or any Affiliate of any of the foregoing Persons and (c) is not
connected with the Issuer, any such other obligor, any Originator, the Seller, the Depositor, the Receivables Trust 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 Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 15.1, prepared by an Independent appraiser or other
expert appointed by an Issuer Order and approved by the 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.

 

“Independent
Manager” has the meaning specified in Section 8.2(p).

 

“Initial Note
Principal” means, with respect to any Series of Notes, the amount stated in the related Series Supplement.

 

“Installment
Contract” means any retail installment sale contract or installment loan originally entered into between an Originator
and an Obligor in connection with a sale of Merchandise and all amounts due thereunder from time to time.

 

“Installment
Contract Receivable” means any indebtedness of an Obligor arising under an Installment Contract.

 

“Intercreditor
Agreement” means the Eighth Amended and Restated Intercreditor Agreement, dated as of November 26, 2019, by and among
JP Morgan Chase Bank N.A., the Receivables Trust, Conn’s Receivables 2017-B Trust, Conn’s Receivables 2018-A Trust,
Conn’s Receivables 2019-A Trust, Conn’s Receivables 2019-B Trust, Conn’s Receivables Warehouse Trust, Conn Appliances,
Inc., Conn Credit Corporation, Inc. and Conn Credit I, LP, as such agreement may be amended, modified, waived, supplemented or
restated from time to time.

 

“Interest
Period” means, with respect to any Series of Notes, the period specified in the applicable Series Supplement.

 

“Investment
Company Act” means the Investment Company Act of 1940, as amended.

 

“Investment
Earnings” means all interest and earnings (net of losses and investment expenses) accrued on funds on deposit in the
Trust Accounts (except if otherwise provided with respect to any Series Account in the Series Supplement).

 

“Investor Account” means
each of the Payment Accounts.

 

    10

     

    

 

“Issuer” has the meaning
specified in the preamble of this Base Indenture.

 

“Issuer Obligations”
means (i) all principal and interest, at any time and from time to time, owing by the Issuer on the Notes (including any Note held
by the Seller, the Depositor, any Originator, the Parent or any Affiliate of any of the foregoing) and (ii) all costs, fees, expenses,
indemnity and other amounts owing or payable by, or obligations of, the Issuer to any Person (other than the Seller, the Depositor,
any Originator or Conn’s, Inc.) under the Indenture or the other Transaction Documents.

 

“Issuer Order”
and “Issuer Request” means a written order or request signed in the name of the Issuer by any one of its Responsible
Officers and delivered to the Trustee.

 

“KBRA”
means Kroll Bond Rating Agency, Inc.

 

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

 

“Legal Final
Payment Date” is defined, with respect to any Series of Notes, in the applicable Series Supplement.

 

“Lien”
means any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest,
easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature
whatsoever (including any lease or title retention agreement, any financing lease having substantially the same economic effect
as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under
the UCC or comparable Law of any jurisdiction).

 

“Material
Adverse Effect” means any event or condition which would have a material adverse effect on (i) the collectibility
of any material portion of the Receivables owned by the Receivables Trust, (ii) the condition (financial or otherwise), businesses
or properties of the Issuer, the Servicer, the Depositor, the Receivables Trust or the Seller, (iii) the ability of the Issuer,
the Depositor, the Receivables Trust or the Seller to perform its respective obligations under the Transaction Documents or the
ability of the Servicer to perform its obligations under the Servicer Transaction Documents and (iv) the interests of the
Trustee or any Secured Party in the Receivables Trust Estate or under the Transaction Documents.

 

“Merchandise”
means (i) home appliances, electronic goods, computers, furniture, flooring, mattresses and other goods and merchandise of the
type sold by the Retailer from time to time in the ordinary course of business, which in each case constitute “consumer goods”
under and as defined in Article 9 of the UCC of all applicable jurisdictions, (ii) RSAs and services in respect of any goods or
merchandise referred to in clause (i) above, and (iii) credit insurance (including life, disability, property and involuntary
unemployment) in respect of any goods or merchandise referred to in clause (i) above or any Obligor’s payment obligations
in respect of a Receivable.

 

“Monthly Noteholders’
Statement” means, with respect to any Series of Notes, a statement substantially in the form attached in the relevant
Series Supplement, with such changes as the Servicer (with prior consent of the Back-Up Servicer) may determine to be necessary
or desirable; provided, however, that no such change shall serve to exclude information expressly required by this
Base Indenture or any Series Supplement.

 

    11

     

    

 

“Monthly Period”
means, unless otherwise defined in any Series Supplement, the period from and including the first day of a calendar month to and
including the last day of a calendar month (or in the case of the first Monthly Period, the period commencing on the Cut-Off Date
and ending on the last day of the month immediately preceding the first Payment Date).

 

“Monthly Remittance
Condition” will be satisfied with respect to any Monthly Period so long as:

 

(i)         Conn
Appliances is Servicer;

 

(ii)        a
Servicer Default shall not have occurred and be continuing; and

 

(iii)       the
long-term rating of the Consolidated Parent is at least “BBB-” or “F3” by Fitch and at least “BBB”
or “K3” by KBRA.

 

“Monthly Servicer
Report” means a report substantially in the form attached as Exhibit A-1 to the Servicing Agreement or in
such other form as shall be agreed between the Servicer (with prior consent of the Back-Up Servicer) and the Trustee; provided,
however, that no such other agreed form shall serve to exclude information expressly required by this Base Indenture or
any Series Supplement.

 

“Multiemployer Plan”
means a Benefit Plan that is a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA.

 

“New Series
Issuance” means any issuance of a new Series of Notes pursuant to Section 2.2.

 

“New Series
Issuance Date” has the meaning, with respect to any Series issued pursuant to a New Series Issuance, specified in Section 2.2.

 

“New Series
Issuance Notice” has the meaning, with respect to any Series issued pursuant to a New Series Issuance, specified in Section 2.2.

 

“Non-U.S.
Person” means a person who is not a “U.S. Person” as such term is defined in Regulation S.

 

“Note Interest”
means interest payable in respect of the Notes of any Series pursuant to the Series Supplement for such Series.

 

“Note Owner”
means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books
of the Clearing Agency or Foreign Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency
or Foreign Clearing Agency (directly or as an indirect participant, in accordance with the rules of such Clearing Agency or Foreign
Clearing Agency).

 

    12

     

    

 

“Note Principal”
means the principal payable in respect of the Notes of any Series pursuant to Article 5.

 

“Note Purchase
Agreement” has, with respect to any Series of Notes, the meaning stated in the related Series Supplement.

 

“Note Rate”
means, with respect to any Series of Notes (or, for any Series with more than one Class, for each Class of such Series), the annual
rate, if any, at which interest accrues on the Notes of such Series of Notes (or formula on the basis of which such rate shall
be determined) as stated in the applicable Series Supplement, if any.

 

“Note Register”
has the meaning specified in Section 2.6(a).

 

“Notes”
means any one of the notes (including, without limitation, the Global Notes or the Definitive Notes) issued by the Issuer, executed
and authenticated by the Trustee substantially in the form (or forms in the case of a Series with multiple Classes) of the note
attached to the related Series Supplement or such other obligations of the Issuer deemed to be a “Note” in any
related Series Supplement.

 

“Obligor”
means, with respect to any Receivable, the Person or Persons obligated to make payments with respect to such Receivable, including
any guarantor thereof.

 

“Offering
Memorandum” means the Offering Memorandum dated November 19, 2019, relating to the Series 2019-B Notes.

 

“Opinion of
Counsel” means one or more written opinions of counsel to the Issuer, the Depositor, the Receivables Trust, the Trustee,
the Seller or the Servicer who (except in the case of opinions regarding matters of organizational standing, power and authority,
conflict with organizational documents, conflict with agreements other than Transaction Documents, qualification to do business,
licensure and litigation or other Proceedings) shall be external counsel, satisfactory to the Trustee, which opinions shall comply
with any applicable requirements of Section 15.1 and TIA Section 314 (if this Indenture is required to be qualified
under the TIA), if applicable, and shall be in form and substance satisfactory to the Trustee, and shall be addressed to the Trustee.
An Opinion of Counsel may, to the extent same is based on any factual matter, rely on a Conn Officer’s Certificate as to
the truth of such factual matter.

 

“Optional Redemption”
shall have the meaning specified in the applicable Series Supplement.

 

“Originator” means each
of Conn Appliances, Inc., and Conn Credit Corporation, Inc., as applicable.

 

“Outstanding”
has the meaning, with respect to any Series, specified in the related Series Supplement.

 

    13

     

    

 

“Outstanding
Receivables Balance” means, as of any date with respect to any Receivable, an amount equal to (i) with respect to Receivables
originated by CCC that have interest calculated on a simple interest basis, the outstanding principal balance of such loan, and
(ii) with respect to the Receivables originated by CCC that have interest calculated on a precomputed basis or originated by Conn
Appliances, the Gross Receivables Balance of such Receivable minus (iii) the Unearned Finance Charges for such Receivable;
provided, however, that if not otherwise specified, the term “Outstanding Receivables Balance” shall
refer to the Outstanding Receivables Balance of all Receivables owned by the Receivables Trust and underlying the Receivables Trust
Certificate collectively and which Receivables are not required to be purchased or repurchased by the initial Servicer or any other
Person pursuant to the terms of the Transaction Documents, provided further that the Outstanding Receivables Balance of any Defaulted
Receivable will be equal to zero, except with respect to the calculation of any Purchase Price payable by the initial Servicer.

 

“Parent”
shall mean Conn Appliances.

 

“Paying Agent”
means any paying agent appointed pursuant to Section 2.7 and shall initially be the Trustee.

 

“Payment Account”
has the meaning specified in Section 5.3(c).

 

“Payment Date”
means, with respect to each Series, the dates specified in the related Series Supplement.

 

“Pension Plan” means
a Benefit Plan that is an “employee benefit pension plan” as described in Section 3(2) of ERISA that is subject
to Title IV of ERISA or Section 302 of ERISA or 412 of the Code, other than a Multiemployer Plan.

 

“Permitted
Encumbrance” means each of the following:

 

(i)               
Liens for taxes and assessments that are not yet due and payable or that are being contested in good faith and for which
reserves have been established, if required in accordance with GAAP;

 

(ii)              
Liens of or resulting from any judgment or award, the time for the appeal or petition for rehearing of which shall not have
expired, or in respect of which the Seller shall at any time in good faith be prosecuting an appeal or proceeding for a review
and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP;

 

(iii)             
Liens incidental to the conduct of business or the ownership of properties and assets (including mechanics’, carriers’,
repairers’, warehousemen’s and statutory landlords’ liens and liens to secure the performance of leases) and
Liens to secure statutory obligations, surety or appeal bonds or other Liens of like general nature incurred in the ordinary course
of business and not in connection with the borrowing of money, provided in each case, the obligation secured is not overdue,
or, if overdue, is being contested in good faith by appropriate actions or Proceedings and with respect to which adequate reserves
or other appropriate provisions are being maintained in accordance with GAAP;

 

(iv)             
Liens created pursuant to the Transaction Documents or the Contracts;

 

    14

     

    

 

(v)              
Liens that, in the aggregate do not exceed $500,000 (such amount not to include Permitted Encumbrances under clauses (i)
through (iv) or (vi)) and which, individually or in the aggregate, do not materially interfere with the rights under the Transaction
Documents of the Trustee or any Noteholder in any of the Receivables; and

 

(vi)             
any Lien created in favor of the Seller in connection with the purchase of any Receivables by the Seller.

 

“Permitted
Investments” means book-entry securities, negotiable instruments or securities represented by instruments in bearer or
registered form and that evidence:

 

(a)              
direct obligations of, and obligations fully guaranteed as to the full and timely payment by, the United States;

 

(b)              
demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under
the laws of the United States or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject
to supervision and examination by federal or state banking or depository institution authorities (including depository receipts
issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or
a portion of such obligation for the benefit of the holders of such depository receipts); provided that at the time of the investment
or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each
Payment Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating
of which is based on the credit of a person other than such depository institution or trust company) of such depository institution
or trust company shall have a credit rating from Fitch of at least “F1+” and if rated by KBRA of at least “K1+”;

 

(c)              
commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating from Fitch
of at least “F1+” and if rated by KBRA of at least “K1+”;

 

(d)              
investments in money market funds with a rating by Fitch of at least “AAAmmf’” and if rated by KBRA of
at least “AAAkf” or in the highest rating category by any two other nationally recognized statistical rating organization
(including proprietary money market funds offered by Wells Fargo Bank, National Association or any of its Affiliates); or

 

(e)              
bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above;

 

provided, that funds
on deposit in the Reserve Account shall only be invested in Eligible Investments deemed to be “cash equivalents” for
purposes of 17 CFR Part 246.4(b)(2) of Regulation RR, as determined by the Servicer.

 

Permitted Investments may be purchased by
or through the Trustee or any of its Affiliates.

 

    15

     

    

 

 

“Person”
means any corporation, limited liability company, natural person, firm, joint venture, partnership, trust, unincorporated organization,
enterprise, government or any department or agency of any government.

 

“Plan”
means an “employment benefit plan” as defined in Section 3(3) of ERISA whether or not subject to Title I of ERISA,
a “plan” as defined in Section 4975 of the Code, or an entity or account that is deemed to hold the plan asset of any
of the foregoing.

 

“Post Office
Box” has the meaning specified in the Servicing Agreement.

 

“Proceeding”
means any suit in equity, action at law or other judicial or administrative proceeding.

 

“Purchase
and Sale Agreement” means the Purchase and Sale Agreement, dated as of November 26, 2019, between the Depositor and the
Issuer, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time.

 

“Purchase
Date” has the meaning specified in the Purchase and Sale Agreement, First Receivables Purchase Agreement or Second Receivables
Purchase Agreement, as applicable.

 

“Purchase
Event” has the meaning specified in the Servicing Agreement.

 

“Qualified
Institution” means a depository institution or trust company whose long-term unsecured debt obligations are rated at
least “BBB” by Fitch and KBRA, or the equivalent by any nationally recognized statistical rating organization, if the
deposits are to be held in the account more than 30 days.

 

“Rating Agencies”
means each of KBRA and Fitch.

 

“Receivable”
means the indebtedness of any Obligor under an Installment Contract (which “Receivable” has been acquired (or purported
to be acquired) by the Receivables Trust pursuant to the terms of the Second Receivables Purchase Agreement), whether constituting
an account, chattel paper, an instrument, a general intangible, payment intangible, promissory note or otherwise, and shall include
(i) the right to payment of such indebtedness and any interest or finance charges and other obligations of such Obligor with
respect thereto (including, without limitation, the principal amount of such indebtedness, periodic finance charges, late fees
and returned check fees), and (ii) all proceeds of, and payments or Collections on, under or in respect of any of the foregoing.
Notwithstanding the foregoing, upon release from the Trust Estate, pursuant to the Indenture, a Removed Receivable shall no longer
constitute a Receivable. If an Installment Contract is modified for credit reasons, the indebtedness under the new Installment
Contract shall, for purposes of the Transaction Documents, constitute the same Receivable as existed under the original Installment
Contract. If an Installment Contract is refinanced in connection with the purchase of additional Merchandise, the original Receivable
shall be deemed collected and cease to be a Receivable for purposes of the Transaction Documents upon payment in accordance with
the Servicing Agreement with respect thereto.

 

    16

     

    

 

“Receivable File” means
with respect to a Receivable, (i) the Installment Contract related to such Receivable, (ii) each UCC financing statement related
thereto, if any, and (iii) the application, if any, of the related Obligor to obtain the financing extended by such Receivable;
provided that such Receivable File may be converted to microfilm or other electronic media within six months after the Initiation
Date for the related Receivable.

 

“Receivables Trust” means
Conn’s Receivables 2019-B Trust, a Delaware statutory trust.

 

“Receivables
Trust Agreement” means the trust agreement, dated October 18, 2019, as amended and restated as of the date hereof, between
the Depositor and the Receivables Trust Trustee, as such agreement may be amended, supplemented or otherwise modified and in effect
from time to time.

 

“Receivables
Trust Certificate” means the certificate issued by the Receivables Trust pursuant to the Receivables Trust Agreement,
representing a 100% beneficial interest in the Receivables Trust.

 

“Receivables
Trust Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the
Lien of this Indenture for the benefit of the Secured Parties (including all property and interests Granted to the Trustee), including
all proceeds thereof, as defined in the Granting Clause to this Base Indenture.

 

“Receivables
Trust Trustee” means Wilmington Trust, National Association, not in its individual capacity but solely as trustee of
the Receivables Trust.

 

“Record Date”
means, with respect to any Payment Date or Redemption Date and (a) with respect to each Class of Series 2019-B Notes that is issued
in the form of Global Notes, the Business Day immediately preceding such Payment Date or Redemption Date, as applicable, and (b)
for any Class of Series 2019-B Notes that is issued in the form of Definitive Notes, the last Business Day of the month immediately
preceding the month in which the related Payment Date or Redemption Date, as applicable, shall occur. 

 

“Records”
means all Contracts and other documents, books, records and other information (including, without limitation, computer programs,
tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to Receivables and
the related Obligors.

 

“Recoveries”
means, with respect to any period, all Collections (net of auction related expenses) received during such period in respect of
a Receivable after it became a Defaulted Receivable.

 

“Redemption
Date” means (a) in the case of a redemption of the Notes pursuant to Section 14.1, the Business Day specified
by the initial Servicer or the Issuer pursuant to Section 14.1 or (b) the date specified for a Series pursuant to redemption
provisions of the related Series Supplement.

 

“Redemption
Price” means in the case of a redemption of the Notes pursuant to Section 14.1, an amount as set forth in
the Series Supplement for the redemption of the Notes.

 

“Registered
Notes” has the meaning specified in Section 2.1.

 

    17

     

    

 

“Related Security”
means, with respect to any Receivable, all guaranties, indemnities, insurance (including any insurance and RSA proceeds and returned
premiums) and other agreements (including the related Receivable File) or arrangement and other collateral of whatever character
from time to time supporting or securing payment of such Receivable or otherwise relating to such Receivable (including any returned
sales taxes).

 

“Removed Receivables”
means any Receivable underlying the Receivables Trust Certificate which is purchased or repurchased by the initial Servicer pursuant
to the Servicing Agreement, or by any other Person pursuant to Section 5.8 of the Indenture.

 

“Required
Noteholders” has, with respect to any Series of Notes, the meaning stated in the related Series Supplement.

 

“Requirements
of Law” means, as to any Person, the organizational documents of such Person and any Law applicable to or binding upon
such Person or any of its property or to which such Person or any of its property is subject.

 

“Responsible
Officer” means, with respect to any Person, the member, the Chairman, the President, the Controller, any Vice President,
the Secretary, Chief Financial Officer, the Treasurer, or any other officer of such Person or of a direct or indirect managing
member of such Person, who customarily performs functions similar to those performed by any of the above-designated officers and
also, with respect to a particular matter any other officer to whom such matter is referred because of such officer’s knowledge
of and familiarity with the particular subject.

 

“Restricted
Period” has, with respect to any Series of Notes, the meaning designated as the “Restricted Period,”
if any, in the related Series Supplement.

 

“Retained
Notes” means any Notes retained by the Issuer, the Depositor, the Seller or a Person that is considered the same Person
as the Issuer for United States federal income tax purposes.

 

“Retailer”
means Conn Appliances, Inc.

 

“RSA”
means a repair service agreement for Merchandise purchased by an Obligor provided by a third party or by Conn Appliances, Inc.

 

“Second Receivables
Purchase Agreement” means the Second Receivables Purchase Agreement, dated as of November 26, 2019, between the Depositor
and the Receivables Trust, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time.

 

“Secured Parties”
has the meaning specified in Granting Clause of this Base Indenture.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Seller”
means Conn Credit I, LP.

 

    18

     

    

 

“Series Account”
has the meaning specified in Section 5.3(d).

 

“Series of
Notes” or “Series” means any Series of Notes issued and authenticated pursuant to the Base Indenture
and a related Series Supplement, which may include within any Series multiple Classes of Notes, one or more of which may be subordinated
to another Class or Classes of Notes.

 

“Series Supplement”
means a supplement to the Base Indenture complying with the terms of Section 2.2 of this Base Indenture.

 

“Series Termination
Date” means, with respect to any Series of Notes, the date specified as such in the applicable Series Supplement.

 

“Series Transfer
Date” means, unless otherwise specified in the related Series Supplement, with respect to any Series, the Business Day
immediately prior to each Payment Date.

 

“Servicer”
means initially Conn Appliances and its permitted successors and assigns and thereafter any Person appointed as successor pursuant
to the Servicing Agreement to service the Receivables.

 

“Servicer
Default” has the meaning specified in Section 2.06 of the Servicing Agreement.

 

“Servicer
Transaction Documents” means collectively, the Base Indenture, any Series Supplement, the Servicing Agreement, the Back-Up
Servicing Agreement and the Intercreditor Agreement, as applicable.

 

“Servicing
Agreement” means the Servicing Agreement, dated as of November 26, 2019, among the Issuer, the Receivables Trust, the
Servicer and the Trustee, as the same may be amended or supplemented from time to time.

 

“Servicing
Fee” means with respect to any Monthly Period, an amount equal to (A) in the case of the initial Servicer, the product
of (i) 4.75%, (ii) one-twelfth and (iii) the aggregate Outstanding Receivables Balance as of the last day of the immediately prior
Monthly Period (provided that, the Servicing Fee payable on the first Payment Date will be equal to the sum of (a) the product
of (i) 4.75%, (ii) one-twelfth and (iii) the aggregate Outstanding Receivables Balance as of the Cut-Off Date and (B) in the case
of SST acting as successor Servicer, the fees and reimbursable expenses as set forth on the SST Fee Schedule and indemnity amounts
owing to SST as successor Servicer in accordance with the terms of the Transaction Documents (but, as to such indemnity amount,
not in excess of $100,000 per calendar year unless an Event of Default has occurred and is continuing which has resulted in the
acceleration of any series of Notes, in which case no such cap shall apply). Amounts withdrawn from the Reserve Account may not
be used to pay the Servicing Fee for so long as Conn Appliances is the Servicer.

 

“Servicing
Officer” means any officer of the Servicer involved in, or responsible for, the administration and servicing of the Receivables
whose name appears on a list of servicing officers furnished to the Trustee by the Servicer, as such list may from time to time
be amended.

 

    19

     

    

 

“SST”
means Systems & Services Technologies, Inc.

 

“SST Fee Schedule”
means Schedule I and Schedule II to the Back-Up Servicing Agreement.

 

“STAMP”
means the Securities Transfer Agents Medallion Program.

 

“Subsidiary”
of a Person means any other Person more than 50% of the outstanding voting interests of which shall at any time be owned or controlled,
directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or any similar business organization
which is so owned or controlled.

 

“Supplement”
means a supplement to this Base Indenture complying with the terms of Article 13 of this Base Indenture.

 

“Transaction
Documents” means, collectively, the Indenture, the Notes, the Servicing Agreement, the Back-Up Servicing Agreement, the
First Receivables Purchase Agreement, the Second Receivables Purchase Agreement, the Purchase and Sale Agreement, the Receivables
Trust Agreement, the Intercreditor Agreement, the Note Purchase Agreement, and any agreements of the Issuer relating to the issuance
or the purchase of any of the Notes.

 

“Transfer
Agent and Registrar” has the meaning specified in Section 2.6 and shall initially, and so long as Wells Fargo
Bank, National Association is acting as Paying Agent, be the Trustee.

 

“Transition
Costs” means all reasonable costs and expenses incurred by the Back-Up Servicer in connection with a transfer of servicing
in accordance with the Back-Up Servicing Agreement (including for the avoidance of doubt during the Servicing Centralization Period).

 

“Trust Account”
has the meaning specified in the Granting Clause to this Base Indenture, which accounts are under the sole dominion and control
of the Trustee.

 

“Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise
specifically provided.

 

“Trust Estate”
means with respect to the Receivables Trust, (i) certain retail installment sales contracts and installment loans (made to finance
customer purchases of Merchandise from the Retailer) (the “Contracts”) that have been conveyed, sold and/or
assigned by the Seller to the Depositor and by the Depositor to the Receivables Trust, (ii) the Receivables related to such Contracts;
(iii) all Collections received in respect of the Receivables after the Cut-Off Date; (iv) all Related Security; (v) the Receivables
Trust’s rights, powers and benefits but none of its obligations under the Transaction Documents to which it is a party and
(vi) all present and future claims, demands, causes and choses in action and all payments on or under, and all proceeds of every
kind and nature whatsoever in respect of, any or all of the foregoing.

 

“Trust Officer”
means any officer within the Corporate Trust Office (or any successor group of the Trustee), including any Vice President, any
Managing Director, any Assistant Vice President, any Secretary, any Assistant Treasurer, any Assistant Secretary or any other officer
of the Trustee customarily performing functions similar to those performed by any individual who at the time shall be such an officer
of the Trustee and also, with respect to a particular matter, any other officer to whom any corporate trust matter is referred
because of such officer’s knowledge of and familiarity with the particular subject.

 

    20

     

    

 

“Trustee”
means initially Wells Fargo Bank, National Association, and its successors and any corporation resulting from or surviving any
consolidation or merger to which it or its successors may be a party and any successor trustee appointed in accordance with the
provisions of this Base Indenture.

 

“Trustee Indemnified
Amounts” has the meaning specified in Section 11.17.

 

“Trustee Indemnified
Persons” has the meaning specified in Section 11.17.

 

“Trustee,
Receivables Trust Trustee, Back-Up Servicer and Issuer Fees and Expenses” means, for any Payment Date, (i) the amount
of accrued and unpaid fees, expenses and indemnity amounts, including but not limited to indemnified losses (but, as to expenses
and indemnity amounts, not in excess of $50,000 per annum, to each of the Trustee, Back-Up Servicer and Receivables Trust Trustee,
which amount shall not be shared with any other entity (unless an Event of Default has occurred and the Notes have been accelerated,
in which case such cap shall not apply) of the Trustee (including in its capacity as Agent), Receivables Trust Trustee and Back-Up
Servicer, (ii) reimbursement of expenses of the Issuer not otherwise payable under the priority of payments as set forth in Section
5.15 of the applicable Series Supplement (but not in excess of $50,000 per annum) and (iii) the Transition Costs (but not in
excess of $115,000), if applicable. Additionally, Trustee, Receivables Trust Trustee, Back-Up Servicer and Issuer Fees and Expenses
shall include, if 100% of the Noteholders of the Controlling Class consent to such action, any costs and expenses associated with
the designation of an employee of the successor Servicer being assigned to all or any Conn Appliances store to oversee the collection
of in-store payments at such store.

 

“UCC”
means, with respect to any jurisdiction, the Uniform Commercial Code as the same may, from time to time, be enacted and in effect
in such jurisdiction.

 

“Unearned Finance Charges”
means, as of any date of determination with respect to any Receivable, that portion of the Gross Receivables Balance attributable
to Finance Charges under such Receivable that have not accrued as of such date.

 

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

 

“Warehouse
Trust” means Conn’s Receivables Warehouse Trust.

 

“written”
or “in writing” means any form of written communication, including, without limitation, by means of e-mail,
telex, telecopier device, telegraph or cable.

 

Section 1.2. Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture, except to the extent that the Trustee has been advised by an Opinion of Counsel
that the Indenture does not need to be qualified under the TIA or such provision is not required under the TIA to be applied to
this Indenture in light of the outstanding Notes; provided, that it is hereby understood and agreed that as of the Closing Date
the Indenture does not need to be qualified under the TIA. The following TIA terms used in this Indenture have the following meanings:

 

    21

     

    

 

“Commission”
means the Securities and Exchange Commission.

 

“indenture
securities” means the Notes.

 

“indenture
security holder” means a Noteholder.

 

“indenture
to be qualified” means this Indenture.

 

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

 

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

 

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

 

Section 1.3. Cross-References.
Unless otherwise specified, references in this Indenture and in each other Transaction Document to any Article or Section are
references to such Article or Section of this Indenture or such other Transaction Document, as the case may be, and, unless
otherwise specified, references in any Article, Section or definition to any clause are references to such clause of such
Article, Section or definition.

 

Section 1.4. Accounting
and Financial Determinations; No Duplication. Where the character or amount of any asset or liability or item of income or
expense is required to be determined, or any accounting computation is required to be made, for the purpose of this Indenture,
such determination or calculation shall be made, to the extent applicable and except as otherwise specified in this Indenture,
in accordance with GAAP. When used herein, the term “financial statement” shall include the notes and schedules thereto.
All accounting determinations and computations hereunder or under any other Transaction Documents shall be made without duplication.

 

Section 1.5. Rules
of Construction. In this Indenture, unless the context otherwise requires:

 

(i)               “or” is not exclusive;

 

(ii)             
the singular includes the plural and vice versa;

 

(iii)           
  reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors
and assigns are permitted by this Indenture, and reference to any Person in a particular capacity only refers to such Person in
such capacity;

 

    22

     

    

 

(iv)            
reference to any gender includes the other gender;

 

(v)              reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole
or in part, and in effect from time to time;

 

(vi)           
“including” (and with correlative meaning “include”) means including without limiting the generality
of any description preceding such term; and

 

(vii)         
   with respect to the determination of any period of time, “from” means “from and including” and “to”
means “to but excluding”.

 

Section 1.6. Other
Definitional Provisions.

 

(a)             
All terms defined in any Series Supplement or this Base Indenture shall have the defined meanings when used in any certificate
or other document made or delivered pursuant hereto unless otherwise defined therein. Capitalized terms used but not defined herein
shall have the respective meaning given to such term in the Servicing Agreement.

 

(b)              The
words “hereof,” “herein” and “hereunder” and words of similar import when used in this Base
Indenture or any Series Supplement shall refer to this Base Indenture or such Series Supplement as a whole and not to any particular
provision of this Base Indenture or any Series Supplement; and Section, subsection, Schedule and Exhibit references contained
in this Base Indenture or any Series Supplement are references to Sections, subsections, Schedules and Exhibits in or to this
Base Indenture or any Series Supplement unless otherwise specified.

 

ARTICLE
2.

THE NOTES

 

Section 2.1. Designation
and Terms of Notes. Subject to Sections 2.16 and 2.19, the Notes of each Series and any Class thereof shall be
issued in fully registered form (the “Registered Notes”), and shall be substantially in the form of exhibits
with respect thereto attached to the applicable Series Supplement, 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 restrictions, legends or endorsements placed thereon and shall bear, upon their face, the designation for such Series
to which they belong so selected by the Issuer, all as determined by the officers executing such Notes, as evidenced by their execution
of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Note. All Notes of any Series shall, except as specified in the related Series Supplement, be pari passu
and equally and ratably entitled as provided herein to the benefits hereof without preference, priority or distinction on account
of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Base Indenture
and the related Series Supplement. Each Series of Notes shall be issued in the minimum denominations set forth in the related Series
Supplement.

 

    23

     

    

 

Section 2.2. New
Series Issuances. The Notes may be issued in one Series. The Series of Notes shall be created by a Series Supplement. The Issuer
may effect the issuance of one Series of Notes on the Closing Date (a “New Series Issuance”) by notifying the
Trustee in writing at least one (1) day in advance (a “New Series Issuance Notice”) of the date upon which the
New Series Issuance is to occur (a “New Series Issuance Date”) and shall not effect any future issuances. The
New Series Issuance Notice shall state the designation of the Series (and each Class thereof, if applicable) to be issued on the
New Series Issuance Date and, with respect to such Series: (a) the Initial Note Principal and (b) the aggregate initial outstanding
principal amount of the Notes thereof. On the New Series Issuance Date, the Issuer shall execute and the Trustee shall authenticate
and deliver any such Series of Notes only upon delivery to it of the following:

 

(i)                an Issuer Order authorizing and directing the authentication and delivery of the Notes of such new Series by the Trustee
and specifying the designation of such new Series and the aggregate principal amount of Notes of such new Series (and each Class
thereof) to be authenticated with respect to such new Series;

 

(ii)               a
Series Supplement in form reasonably satisfactory to the Trustee executed by the Issuer and the Trustee and specifying the principal
terms of such new Series;

 

(iii)           
 an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (upon which the Trustee shall be entitled
to conclusively rely) as to the Trustee’s Lien in and to the Receivables Trust Estate;

 

(iv)            
evidence (which, in the case of the filing of financing statements on form UCC-1, may be telephonic, followed by prompt
written confirmation) that the Issuer has delivered the Receivables Trust Estate to the Trustee and has caused all filings (including
filing of financing statements on form UCC-1) and recordings to be accomplished as may be reasonably required by Law to establish,
perfect, protect and preserve the rights, titles, interests, remedies, powers and security interest of the Trustee in the Receivables
Trust Estate for the benefit of the Secured Parties;

 

(v)              
any consents required pursuant to Section 13.1 or otherwise;

 

(vi)             
a Conn Officer’s Certificate (upon which the Trustee shall be entitled to conclusively rely), stating that all conditions
precedent to the issuance of such Series of Notes (including but not limited to those set forth in clauses (i)-(v) above) have
been satisfied; and

 

(vii)         
  such other documents, instruments, certifications, agreements or other items as the Trustee may reasonably require.

 

Upon satisfaction of such conditions, the
Trustee shall authenticate and deliver, as provided above, such Series of Notes.

 

    24

     

    

 

Section 2.3. [Reserved].

 

Section 2.4. Execution
and Authentication.

 

(a)              
Each Note shall be executed by manual or facsimile signature by the Issuer. Notes bearing the manual or facsimile signature
of the individual who was, at the time when such signature was affixed, authorized to sign on behalf of the Issuer shall not be
rendered invalid, notwithstanding that such individual has ceased to be so authorized prior to the authentication and delivery
of such Notes or does not hold such office at the date of such Notes. Unless otherwise provided in the related Series Supplement,
no Notes shall be entitled to any benefit under this Indenture, or be valid for any purpose, unless there appears on such Note
a certificate of authentication substantially in the form provided for herein, duly executed by or on behalf of the Trustee by
the manual signature of a duly authorized signatory, and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder.

 

(b)              
Pursuant to Section 2.2, the Issuer shall execute and the Trustee shall authenticate and deliver a Series of
Notes having the terms specified in the related Series Supplement, upon the written order of the Issuer, to the purchasers thereof,
the underwriters for sale or to the Issuer for initial retention by it. If specified in the related Series Supplement for any Series,
the Issuer shall execute and the Trustee shall authenticate and deliver the Global Note that is issued upon original issuance thereof,
upon the written order of the Issuer, to the Depository against payment of the purchase price therefor. If specified in the related
Series Supplement for any Series, the Issuer shall execute and the Trustee shall authenticate Book-Entry Notes that are issued
upon original issuance thereof, upon the written order of the Issuer, to a Clearing Agency or its nominee as provided in Section 2.16 against
payment of the purchase price thereof.

 

(c)              
All Notes shall be dated and issued as of the date of their authentication.

 

Section 2.5. Authenticating
Agent.

 

(a)              
The Trustee may appoint one or more authenticating agents with respect to the Notes which shall be authorized to act on
behalf of the Trustee in authenticating the Notes in connection with the issuance, delivery, registration of transfer, exchange
or repayment of the Notes. Whenever reference is made in this Indenture to the authentication of Notes by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include authentication on behalf of the Trustee by an authenticating
agent and a certificate of authentication executed on behalf of the Trustee by an authenticating agent. Each authenticating agent
must be acceptable to the Issuer.

 

(b)              Any
institution succeeding to the corporate agency business of an authenticating agent shall continue to be an authenticating agent
without the execution or filing of any paper or any further act on the part of the Trustee or such authenticating agent.

 

(c)              An
authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee
may at any time terminate the agency of an authenticating agent by giving notice of termination to such authenticating agent and
to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time an authenticating
agent shall cease to be acceptable to the Trustee or the Issuer, the Trustee promptly may appoint a successor authenticating agent.
Any successor authenticating agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an authenticating agent.

 

    25

     

    

 

(d)              The
Issuer agrees to pay each authenticating agent from time to time reasonable compensation for its services under this Section 2.5.

 

(e)              
Pursuant to an appointment made under this Section 2.5, the Notes may have endorsed thereon, in lieu of the
Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form:

 

This is one of the
certificates described in the Indenture.

 

	[Name of Authenticating Agent],
	 
	as Authenticating Agent
	for the Trustee,
	 
	By: 	                     	 
	Responsible Officer

 

Section 2.6. Registration of Transfer
and Exchange of Notes.

 

(a)              
(i) The Trustee shall cause to be kept at the office or agency to be maintained by a transfer agent and registrar (the “Transfer
Agent and Registrar”), in accordance with the provisions of Section 2.6(c), a register (the “Note
Register”) in which, subject to such reasonable regulations as it may prescribe, the Transfer Agent and Registrar shall
provide for the registration of the Notes of each Series (unless otherwise provided in the related Series Supplement) and registrations
of transfers and exchanges of the Notes as herein provided. The Trustee is hereby initially appointed Transfer Agent and Registrar
for the purposes of registering the Notes and transfers and exchanges of the Notes as herein provided. If a Person other than the
Trustee is appointed by the Issuer as Transfer Agent and Registrar, the Issuer will give the Trustee prompt written notice of the
appointment of such Transfer Agent and Registrar and of the location, and any change in the location, of the Note Register, and
the Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Trustee
shall have the right to rely upon a certificate executed on behalf of the Transfer Agent and Registrar by a Responsible Officer
thereof as to the names and addresses of the Holders of the Notes and the principal amounts and number of such Notes. For so long
as the Trustee is acting as Transfer Agent and Registrar, the Issuer shall not appoint any Transfer Agent and Registrar without
the prior written consent of the Trustee. If any form of Note is issued as a Global Note, the Trustee may appoint a co-transfer
agent and co-registrar in a European city. Any reference in this Indenture to the Transfer Agent and Registrar shall include any
co-transfer agent and co-registrar unless the context otherwise requires. The Trustee shall be permitted to resign as Transfer
Agent and Registrar upon thirty (30) days’ written notice to the Servicer and the Issuer. In the event that the Trustee shall
no longer be the Transfer Agent and Registrar, the Issuer shall appoint a successor Transfer Agent and Registrar.

 

    26

     

    

 

(ii)             
Upon surrender for registration of transfer of any Note at any office or agency of the Transfer Agent and Registrar, if
the requirements of Section 8-401(1) of the UCC are met, the Issuer shall execute, subject to the provisions of Section 2.6(b),
and the Trustee shall authenticate and (unless the Transfer Agent and Registrar is different than the Trustee, in which case the
Transfer Agent and Registrar shall) deliver and the Noteholder shall obtain from the Trustee, in the name of the designated transferee
or transferees, one or more new Notes in authorized denominations of like aggregate principal amount.

 

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

 

(iv)            
At the option of any Holder of Registered Notes, Registered Notes may be exchanged for other Registered Notes of either
(a) the same Series of the same Class in authorized denominations of like aggregate principal amounts or (b) the same Series, solely
upon the initial issuance of such Registered Notes in the manner specified in the Series Supplement for such Series, upon surrender
of the Registered Notes to be exchanged at any office or agency of the Transfer Agent and Registrar maintained for such purpose.

 

(v)              
Whenever any Notes of any Series are so surrendered for exchange, if the requirements of Section 8-401(1) of the UCC
are met, the Issuer shall execute and the Trustee shall authenticate and (unless the Transfer Agent and Registrar is different
than the Trustee, in which case the Transfer Agent and Registrar shall) deliver and the Noteholders shall obtain from the Trustee,
the Notes which the Noteholder making the exchange is entitled to receive. Every Note presented or surrendered for registration
of transfer or exchange, other than as explicitly set forth in a Series Supplement, shall be accompanied by a written instrument
of transfer in a form satisfactory to the Trustee and the Transfer Agent and Registrar duly executed by the Noteholder thereof
or his attorney-in-fact duly authorized in writing. The signature of the Noteholder on such instrument of transfer shall be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Transfer Agent and Registrar, which requirements
include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the
Transfer Agent and Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.

 

(vi)            
The preceding provisions of this Section 2.6 notwithstanding, the Trustee or the Transfer Agent and Registrar,
as the case may be, shall not be required to register the exchange of any Global Note of any Series for a Definitive Note or the
transfer of or exchange of any Note of any Series for a period of five (5) Business Days preceding the due date for any payment
with respect to the Notes of such Series or during the period beginning on any Record Date and ending on the next following Payment
Date.

 

(vii)          
Unless otherwise provided in the related Series Supplement, no service charge shall be made for any registration of transfer
or exchange of Notes, but the Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of Notes.

 

    27

     

    

 

(viii)         
All Notes surrendered for registration of transfer and exchange shall be cancelled by the Transfer Agent and Registrar and
disposed of in a manner satisfactory to the Trustee. The Trustee shall cancel and destroy any Global Note upon its exchange in
full for Definitive Notes and shall, if requested by the Issuer in writing, deliver a certificate of destruction to the Issuer,
using a form of such certificate customarily delivered by the Trustee. If applicable, such certificate shall also state that a
certificate or certificates of each Foreign Clearing Agency to the effect referred to in Section 2.19 was received
with respect to each portion of the Global Note exchanged for Definitive Notes.

 

(ix)            
Upon written direction, the Issuer shall deliver to the Trustee or the Transfer Agent and Registrar, as applicable, Registered
Notes in such amounts and at such times as are necessary to enable the Trustee to fulfill its responsibilities under this Indenture
and the Notes.

 

(x)              
Prior to due presentment for registration of transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat
the Person in whose name any Note is registered (as of the day of determination) as the absolute owner of such Note for the purpose
of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note
is overdue, and neither the Trustee, any Agent nor the Issuer shall be affected by notice to the contrary.

 

(xi)            
Notwithstanding any other provision of this Section 2.6, the typewritten Note or Notes representing Book-Entry
Notes for any Series may be transferred, in whole but not in part, only to another nominee of the Clearing Agency or Foreign Clearing
Agency for such Series, or to a successor Clearing Agency or Foreign Clearing Agency for such Series selected or approved by the
Issuer or to a nominee of such successor Clearing Agency or Foreign Clearing Agency, only if in accordance with this Section 2.6.

 

(xii)         
   Unless otherwise provided in the related Series Supplement, by its acceptance of a Note, each Noteholder and Note Owner
(and if such Noteholder or Note Owner is a Plan, its fiduciary or trustee) shall be deemed to (1) represent and warrant that either
(A) it is not acquiring the Note (or any interest therein) on behalf of or with the assets of a Benefit Plan Investor or a Plan
that is subject to a law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”)
or (B) its acquisition and holding of such Note (or interest therein), in the case of a Benefit Plan Investor, will not result
in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or, in the case of a Plan that is
subject to Similar Law, will not result in a violation of Similar Law; and (2) acknowledge and agree that the Note (or any interest
therein) is not eligible for acquisition by Benefit Plan Investors or Plans that are subject to Similar Law at any time that the
Notes do not constitute debt under applicable local law without substantial equity features (within the meaning of the Department
of Labor regulation located at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA).

 

    28

     

    

 

(b)              Unless otherwise provided in the related Series Supplement, registration of transfer of Registered Notes containing a legend
relating to the restrictions on transfer of such Registered Notes (which legend shall be set forth in the Series Supplement relating
to such Notes) shall be effected only if the conditions set forth in such related Series Supplement are satisfied.

 

Whenever a Registered
Note containing the legend set forth in the related Series Supplement is presented to the Transfer Agent and Registrar for registration
of transfer, the Transfer Agent and Registrar shall promptly seek instructions from the Issuer regarding such transfer. The Transfer
Agent and Registrar and the Trustee shall be entitled to receive written instructions signed by a Responsible Officer prior to
registering any such transfer or authenticating new Registered Notes, as the case may be. The Issuer hereby agrees to indemnify
the Transfer Agent and Registrar and the Trustee and to hold each of them harmless against any loss, liability or expense incurred
without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by them in reliance
on any such written instructions furnished pursuant to this Section 2.6(b).

 

(c)              The Transfer Agent and Registrar will maintain at its expense in Minneapolis, Minnesota (and subject to this Section 2.6,
if specified in the related Series Supplement for any Series, any other city designated in such Series Supplement) an office or
offices or an agency or agencies where Notes of such Series may be surrendered for registration of transfer or exchange.

 

(d)              Any
Retained Notes (other than the Class R Notes) may not be transferred to another Person (other than a Person that is considered
the same Person as the Issuer for United States federal income tax purposes) unless (x) in the case of any Class A Notes that
are Retained Notes, the Transferor shall cause an Opinion of Counsel to be delivered to the Seller and the Trustee at such time
stating that such Notes will be debt for United States federal income tax purposes or (y) in the case of any Class B Notes, Class
C Notes or Class R Notes that are Retained Notes, the Transferee shall have provided the related Transferee Certificate required
by the Series Supplement. In addition, the Retained Notes will not be registered under the Securities Act of 1933.

 

Section 2.7. Appointment of Paying Agent.

 

(a)              
The Paying Agent shall make payments to the Secured Parties from the appropriate account or accounts maintained for the
benefit of the Secured Parties as specified in this Base Indenture or the related Series Supplement for any Series pursuant to
Articles 5 and 6. Any Paying Agent shall have the revocable power to withdraw funds from such appropriate account
or accounts for the purpose of making distributions referred to above. The Trustee (or the Issuer or the initial Servicer on behalf
of the Issuer if the Trustee is the Paying Agent) may revoke such power and remove the Paying Agent, if the Trustee (or the Issuer
or the initial Servicer on behalf of the Issuer if the Trustee is the Paying Agent) determines in its sole discretion that the
Paying Agent shall have materially breached this Indenture or for other good cause (such good cause shall be limited to the good
cause set forth in Section 11.7(b) with respect to the removal of the Trustee). The Paying Agent shall initially be the
Trustee. The Trustee shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the Issuer with
a copy to the Servicer. In the event that the Trustee shall no longer be the Paying Agent, the Issuer or the initial Servicer shall
appoint a successor to act as Paying Agent (which shall be a bank or trust company). For so long as the Trustee is acting as Paying
Agent, neither the Issuer nor the Servicer shall appoint any Paying Agent without the prior written consent of the Trustee.

 

    29

     

    

 

(b)              
The Issuer shall cause each Paying Agent (other than the Trustee) to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee that such Paying Agent will hold all sums, if any, held by it for payment
to the Secured Parties in trust for the benefit of the Secured Parties entitled thereto until such sums shall be paid to such Secured
Parties and shall agree, and if the Trustee is the Paying Agent it hereby agrees, that it shall comply with all requirements of
the Code regarding the withholding of payments in respect of Federal income taxes due from Note Owners or other Secured Parties.

 

Section 2.8. Paying Agent to Hold Money
in Trust.

 

(a)             
The Issuer will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee (and if the Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions
of this Section, that such Paying Agent will:

 

(i)               hold
all sums held by it for the payment of amounts due with respect to the Issuer Obligations in trust for the benefit of the Persons
entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided herein and in the applicable
Series Supplement and pay such sums to such Persons as provided herein and in the applicable Series Supplement;

 

(ii)             
give the Trustee written notice of any Default by the Issuer (or any other obligor under the Issuer Obligations) of which
it (or, in the case of the Trustee, a Trust Officer) has received written notice or has actual knowledge in the making of any payment
required to be made with respect to the Notes;

 

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

 

(iv)            
immediately resign as a Paying Agent and forthwith pay to the Trustee all sums held by it in trust for the payment of the
Issuer Obligations if at any time it ceases to meet the standards required to be met by a Trustee hereunder; and

 

(v)              comply
with all requirements of the Code with respect to the withholding from any payments made by it on any Issuer Obligations of any
applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

 

(b)              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 Trustee all sums held in trust by such Paying Agent, such sums to be held
by the 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 Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

    30

     

    

 

(c)              Subject
to applicable Laws with respect to escheat of funds, any money held by the Trustee, any Paying Agent or any Clearing Agency in
trust for the payment of any amount due with respect to any Issuer Obligation and remaining unclaimed for two years after such
amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request; and the holder
of such Issuer Obligation shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but
only to the extent of the amounts so paid to the Issuer), and all liability of the Trustee, such Paying Agent or such Clearing
Agency with respect to such trust money shall thereupon cease. The Trustee may adopt and employ, at the expense of the Issuer,
any reasonable means of notification of such repayment.

 

Section 2.9. Private Placement Legend.

 

Unless otherwise provided for in a Series
Supplement, in addition to any legend required by Section 2.16, each Note shall bear a legend in substantially the following
form:

 

THIS NOTE HAS NOT BEEN AND WILL NOT
BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY OTHER
JURISDICTION. THIS NOTE MAY BE OFFERED, SOLD, PLEDGED OR TRANSFERRED ONLY TO A PERSON THAT IS A QUALIFIED INSTITUTIONAL BUYER (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A, IN EACH SUCH CASE, IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION, SUBJECT IN EACH OF THE ABOVE CASES TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THE
SELLER’S PROPERTY OR THE PROPERTY OF AN INVESTMENT ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN THE SELLER’S OR ACCOUNT’S
CONTROL. THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY TRANSFEREE FROM IT OF THE RESALE RESTRICTIONS SET
FORTH ABOVE.

 

By
acquiring this note (or any interest herein), each purchaser and transferee (AND IF THE PURCHASER OR TRANSFEREE IS A “PLAN”
(AS DEFINED BELOW), ITS FIDUCIARY OR TRUSTEE) shall be deemed to (A) REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING
THIS NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF OR WITH ANY ASSETS OF A “PLAN” (AS DEFINED BELOW) THAT IS SUBJECT TO
TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR AN ENTITY OR ACCOUNT THAT IS DEEMED TO HOLD PLAN
ASSETS OF ANY OF THE FOREGOING (each, a “benefit Plan Investor”), OR ANY “PLAN” (AS DEFINED BELOW) THAT
IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I of ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”)
OR (II) ITS acquisition AND HOLDING OF THis Note (or any interest herein), in the case of a Benefit Plan Investor, WILL NOT give
rise to A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE or, in the case of any Plan
that is subject to Similar Law, will not give rise to a violation of Similar Law; and (b) acknowledge and agree that the note (or
any interest herein) is not eligible for acquisition by benefit plan investors or plans that are subject to similar law at any
time that the note does not constitute debt under applicable local law without substantial equity features (within the meaning
of the department of labor regulation located at 29 C.f.r. section 2510.3-101, as modified by section 3(42) of ERISA). FOR PURPOSES
OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR
NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT that is
DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING.

 

    31

     

    

 

Section 2.10. Mutilated, Destroyed, Lost
or Stolen Notes.

 

(a)              
If (i) any mutilated Note is surrendered to the Transfer Agent and Registrar, or the Transfer Agent and Registrar receives
evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Transfer Agent and
Registrar and the Trustee such security or indemnity (including, without limitation, a surety bond) as may be required by them
to hold the Transfer Agent and Registrar and the Trustee harmless then, in the absence of written notice to a Trust Officer of
the Trustee that such Note has been acquired by a bona fide purchaser, and provided that the requirements of Section 8-405
of the UCC (which generally permit the Issuer to impose reasonable requirements) are met, then the Issuer shall execute and the
Trustee shall authenticate and (unless the Transfer Agent and Registrar is different from the Trustee, in which case the Transfer
Agent and Registrar shall) deliver (in compliance with applicable Law), in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Note, a replacement Note of like tenor and aggregate principal balance; provided, however, 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 or shall have been called for redemption, 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 bona
fide purchaser for value of the original Note in lieu of which such replacement Note was issued presents for payment such original
Note, the Issuer and the 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 bona fide purchaser for value, and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Trustee in connection therewith.

 

    32

     

    

 

(b)              Upon the issuance of any replacement Note under this Section 2.10, the Transfer Agent and Registrar or the Trustee
may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee and the Transfer
Agent and Registrar) connected therewith.

 

(c)              Any duplicate Note issued pursuant to this Section 2.10 shall constitute complete and indefeasible evidence
of contractual debt obligation of the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Note shall
be found at any time.

 

(d)              Every
replacement Note issued pursuant to this Section 2.10 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.

 

(e)              The provisions of this Section 2.10 are exclusive and shall preclude (to the extent lawful) all other rights
and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

 

Section 2.11. Temporary
Notes.

 

(a)              Pending
the preparation of Definitive Notes, the Issuer may request and the Trustee, upon receipt of an Issuer Order, shall authenticate
and deliver temporary Notes of such Series. Temporary Notes shall be substantially in the form of Definitive Notes of like Series
but may have variations that are not inconsistent with the terms of this Indenture as the officers executing such Notes may determine,
as evidenced by their execution of such Notes.

 

(b)              If temporary Notes are issued pursuant to Section 2.11(a) above, the Issuer will cause Definitive Notes to be
prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive
Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 8.2(b),
without charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute
and upon receipt of an Issuer Order the Trustee shall authenticate and deliver in exchange therefor a like principal amount of
Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the
same benefits under this Indenture as Definitive Notes.

 

Section 2.12. Persons
Deemed Owners. Prior to due presentation of a Note for registration of transfer, the Servicer, the Trustee, the Paying Agent,
the Transfer Agent and Registrar and any agent of any of them may treat a Person in whose name any Note is registered (as of any
date of determination) as the owner of the related Note for the purpose of receiving payments of principal and interest, if any,
on such Note and for all other purposes whatsoever whether or not such Note be overdue, and neither the Trustee, the Paying Agent,
the Transfer Agent and Registrar nor any agent of any of them shall be affected by any notice to the contrary; provided,
however, that in determining whether the requisite number of Holders of Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder (including under any Series Supplement), Notes owned by any of the Issuer, the Depositor,
an Originator, the Seller, the Servicer or any Affiliate controlled by or controlling Conn Appliances shall be disregarded and
deemed not to be outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Notes for which a Trust Officer in the Corporate Trust Office
of the Trustee actually knows or has received written notice are so owned shall be so disregarded. The foregoing proviso shall
not apply if there are no Holders other than the Issuer or its Affiliates.

 

    33

     

    

 

Section 2.13. Cancellation.
All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee and shall be promptly cancelled by the Trustee. The Issuer may at any time deliver to
the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee. No Notes shall be authenticated in lieu
of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled
Notes may be held or disposed of by the Trustee in accordance with its standard retention or disposal policy as in effect at the
time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided that such Issuer
Order is timely and the Notes have not been previously disposed of by the Trustee. The Transfer Agent and Registrar and Paying
Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment.

 

Section 2.14. Release
of Receivables Trust Estate and Trust Estate. (a) In connection with any removal of Removed Receivables from the Trust Estate,
the Issuer shall execute and deliver to the Trustee a Conn Officer’s Certificate certifying that the Outstanding Receivables
Balance (or such other amount required in connection with the disposition of such Removed Receivables as provided by the Transaction
Documents) with respect thereto has been deposited into the Collection Account, (b) in connection with any redemption of the Notes
of any Series, the Trustee shall release the Receivables Trust Estate from the Lien created by this Indenture upon receipt of a
Conn Officer’s Certificate certifying that the Redemption Price and all other amounts due and owing on the Redemption Date
have been deposited into a Trust Account that is within the sole control of the Trustee and (c) on or after the Indenture Termination
Date, the Trustee shall release any remaining portion of the Receivables Trust Estate from the Lien created by this Indenture and
in each case deposit in the Collection Account any funds then on deposit in any other Trust Account upon receipt of an Issuer Request
accompanied by a Conn Officer’s Certificate, and Independent Certificates (if this Indenture is required to be qualified
under the TIA) in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 15.1.

 

    34

     

    

 

Section 2.15. Payment of Principal and
Interest.

 

(a)               The
principal of each Series of Notes shall be payable at the times and in the amounts set forth in the related Series Supplement
and in accordance with Section 8.1.

 

(b)              Each
Series of Notes shall accrue interest as provided in the related Series Supplement and such interest shall be payable at the times
and in the amounts set forth in the related Series Supplement and in accordance with Section 8.1.

 

(c)              
Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the
Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note is registered at the close of business
on any Record Date with respect to a Payment Date for such Note and such Person shall be entitled to receive the principal and
interest payable on such Payment Date notwithstanding the cancellation of such Note upon any registration of transfer, exchange
or substitution of such Note subsequent to such Record Date, by wire transfer in immediately available funds to the account designated
by the Holder of such Note, except that, unless Definitive Notes have been issued pursuant to Section 2.18, with respect
to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except
for the final installment of principal payable with respect to such Note on a Payment Date or on the Legal Final Payment Date for
the applicable Class of Notes (and except for the Redemption Price for any Note called for redemption pursuant to Section 14.1)
which shall be payable as provided herein; except that, any interest payable at maturity shall be paid to the Person to whom the
principal of such Note is payable.

 

Section 2.16. Book-Entry
Notes.

 

(a)              
If provided in the related Series Supplement, the Notes of such Series, upon original issuance, shall be issued in the form
of one or more Book-Entry Notes, to be delivered to the depository specified in such Series Supplement (the “Depository,”)
which shall be the Clearing Agency or Foreign Clearing Agency, by or on behalf of such Series. The Notes of each Series issued
as Book-Entry Notes shall, unless otherwise provided in the related Series Supplement, initially be registered on the Note Register
in the name of the nominee of the Clearing Agency or Foreign Clearing Agency. Unless otherwise provided in a related Series Supplement,
no Note Owner of Notes issued as Book-Entry Notes will receive a definitive note representing such Note Owner’s interest
in the related Series of Notes, except as provided in Section 2.18.

 

(b)              For
each Series of Notes to be issued in registered form, the Issuer shall duly execute, and the Trustee shall, in accordance with
Section 2.4 hereof, authenticate and deliver initially, unless otherwise provided in the applicable Series Supplement,
one or more Global Notes that shall be registered on the Note Register in the name of a Clearing Agency or Foreign Clearing Agency
or such Clearing Agency’s or Foreign Clearing Agency’s nominee. Each Global Note registered in the name of DTC or
its nominee shall bear a legend substantially to the following effect:

 

    35

     

    

 

 

UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO CONN’S
RECEIVABLES FUNDING 2019-B, LLC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. (“CEDE”) OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE 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 SINCE THE REGISTERED OWNER HEREOF,
CEDE, HAS AN INTEREST HEREIN.

 

So long as the Clearing
Agency or Foreign Clearing Agency or its nominee is the registered owner or holder of a Global Note, the Clearing Agency or Foreign
Clearing Agency or its nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by such
Global Note for purposes of this Indenture and such Notes. Members of, or participants in, the Clearing Agency or Foreign Clearing
Agency shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Clearing Agency or
Foreign Clearing Agency, and the Clearing Agency or Foreign Clearing Agency may be treated by the Issuer, the Trustee, any Agent
and any agent of such entities as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing,
nothing herein shall prevent the Issuer, the Trustee, any Agent and any agent of such entities from giving effect to any written
certification, proxy or other authorization furnished by the Clearing Agency or Foreign Clearing Agency or impair, as between the
Clearing Agency or Foreign Clearing Agency and its agent members, the operation of customary practices governing the exercise of
the rights of a holder of any Note.

 

(c)           Subject to Section 2.6(a)(ix), the provisions of the “Operating Procedures of the Euroclear System” and
the “Terms and Conditions Governing Use of Euroclear” and such procedures governing the use of such Clearing Agencies
as may be enacted from time to time shall be applicable to a Global Note insofar as interests in such Global Note are held by the
agent members of Euroclear or Clearstream (which shall only occur in the case of a temporary Regulation S Global Note and a permanent
Regulation S Global Note). Account holders or participants in Euroclear and Clearstream shall have no rights under this Indenture
with respect to such Global Note and the registered holder may be treated by the Issuer, the Trustee, any Agent and any agent of
the Issuer or the Trustee as the owner of such Global Note for all purposes whatsoever.

 

(d)           Title
to the Notes shall pass only by registration in the Note Register maintained by the Transfer Agent and Registrar pursuant to Section 2.6.

 

(e)           Any typewritten Note or Notes representing Book-Entry Notes shall provide that they represent the aggregate or a specified
amount of outstanding Notes from time to time endorsed thereon and may also provide that the aggregate amount of outstanding Notes
represented thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement of a typewritten Note or
Notes representing Book-Entry Notes to reflect the amount, or any increase or decrease in the amount, or changes in the rights
of Note Owners represented thereby, shall be made in such manner and by such Person or Persons as shall be specified therein or
in the Issuer Order to be delivered to the Trustee pursuant to Section 2.4(b). The Trustee shall deliver and redeliver
any typewritten Note or Notes representing Book-Entry Notes in the manner and upon instructions given by the Person or Persons
specified therein or in the applicable Issuer Order. Any instructions by the Issuer with respect to endorsement or delivery or
redelivery of a typewritten Note or Notes representing the Book-Entry Notes shall be in writing but need not comply with Section 13.3
hereof and need not be accompanied by an Opinion of Counsel.

 

    	 	36	 

     

    

 

(f)            Unless and until definitive, fully registered Notes of any Series or any Class thereof (“Definitive Notes”)
have been issued to Note Owners with respect to any Series of Notes initially issued as Book-Entry Notes pursuant to Section 2.18
or the applicable Series Supplement:

 

(i)            the provisions of this Section 2.16 shall be in full force and effect with respect to each such Series;

 

(ii)           the Issuer, the Seller, the Depositor, the Servicer, the Paying Agent, the Transfer Agent and Registrar and the Trustee
may deal with the Clearing Agency or Foreign Clearing Agency and the Clearing Agency Participants for all purposes of this Indenture
(including the making of payments on the Notes of each such Series and the giving of instructions or directions hereunder) as the
authorized representatives of such Note Owners;

 

(iii)          to the extent that the provisions of this Section 2.16 conflict with any other provisions of this Indenture,
the provisions of this Section 2.16 shall control;

 

(iv)           whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of such Series of Notes
evidencing a specified percentage of the outstanding principal amount of such Series of Notes, the Clearing Agency or Foreign
Clearing Agency, as applicable, shall be deemed to represent such percentage only to the extent that it has received instructions
to such effect from Note Owners and/or their related Clearing Agency Participants owning or representing, respectively, such required
percentage of the beneficial interest in such Series of Notes and has delivered such instructions to the Trustee;

 

(v)            the rights of Note Owners of each such Series shall be exercised only through the Clearing Agency or Foreign Clearing Agency
and their related Clearing Agency Participants and shall be limited to those established by Law and agreements between such Note
Owners and the related Clearing Agency or Foreign Clearing Agency and/or the Clearing Agency Participants. Pursuant to the Depository
Agreement applicable to a Series, unless and until Definitive Notes of such Series are issued pursuant to Section 2.18,
the applicable Clearing Agencies or Foreign Clearing Agencies will make book-entry transfers among their related Clearing Agency
Participants and receive and transmit payments of principal and interest on such Series of Notes to such Clearing Agency Participants;
and

 

    	 	37	 

     

    

 

(vi)           the Trustee shall make electronically available to Note Owners copies of any reports sent to Noteholders of the relevant
Series generally pursuant to the Indenture, within a commercially reasonable time after receipt by the Trustee of the written request
of such Note Owners, together with a certification that they are Note Owners.

 

Section 2.17. Notices
to Clearing Agency. Whenever notice or other communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.18 or the applicable Series Supplement,
the Trustee shall give all such notices and communications specified herein to be given to Holders of the Notes to the applicable
Clearing Agency or Foreign Clearing Agency for distribution to the Holders of the Notes.

 

Section 2.18. Definitive
Notes.

 

(a)           Conditions for Exchange. If with respect to any Series of Book-Entry Notes (i) (A) the Issuer advises the Trustee
in writing that the Clearing Agency or Foreign Clearing Agency is no longer willing or able to discharge properly its responsibilities
under the applicable Depository Agreement and (B) neither the Trustee nor the Issuer is able to locate a qualified successor or
(ii) the Issuer, at the direction of all Noteholders of a Class of Series 2019-B Notes, elects to terminate the book-entry system
through the Clearing Agency with respect to such Class of Series 2019-B Notes, or (iii) after the occurrence of a Servicer Default
or Event of Default, the Required Noteholders advise the Trustee and the applicable Clearing Agency or Foreign Clearing Agency
through the applicable Clearing Agency Participants in writing that the continuation of a book-entry system through the applicable
Clearing Agency or Foreign Clearing Agency is no longer in the best interests of the Note Owners of such Series, the Trustee shall
notify all Note Owners of such Series, through the applicable Clearing Agency Participants, of the occurrence of any such event
and of the availability of Definitive Notes to Note Owners of such Series requesting the same. Upon surrender to the Trustee of
the typewritten Note or Notes representing the Book-Entry Notes of such Series by the applicable Clearing Agency or Foreign Clearing
Agency, accompanied by registration instructions from the applicable Clearing Agency or Foreign Clearing Agency for registration,
the Trustee shall issue the Definitive Notes of such Series or Class. Neither the Issuer nor the Trustee shall be liable for any
delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon
the issuance of Definitive Notes of such Series and upon the issuance of any Series of Notes or any Class thereof in definitive
form in accordance with the related Series Supplement, all references herein to obligations imposed upon or to be performed by
the applicable Clearing Agency or Foreign Clearing Agency shall be deemed to be imposed upon and performed by the Trustee, to the
extent applicable with respect to such Definitive Notes, and the Trustee shall recognize the Holders of the Definitive Notes of
such Series or Classes as Noteholders of such Series or Classes hereunder. Notwithstanding anything in this Indenture to the contrary,
Definitive Notes shall not be issued in respect of any Temporary Regulation S Global Note.

 

    	 	38	 

     

    

 

(b)           Transfer of Definitive Notes. Subject to the terms of this Indenture (including the requirements of any relevant
Series Supplement), the Holder of any Definitive Note may transfer the same in whole or in part, in an amount equivalent to an
authorized denomination, by surrendering at the office maintained by the Transfer Agent and Registrar for such purpose in Minneapolis,
Minnesota, such Definitive Note with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written
instrument of transfer in form satisfactory to the Issuer and the Transfer Agent and Registrar by, the holder thereof and, if applicable,
accompanied by a certificate substantially in the form required under the related Series Supplement. The signature of the Holder
on such instrument of transfer shall be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Transfer Agent and Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Transfer Agent and Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act. In exchange for any Definitive Note properly presented for transfer, the Issuer shall
execute and the Trustee shall promptly authenticate and deliver or cause to be executed, authenticated and delivered in compliance
with applicable Law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee
may request, Definitive Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Definitive
Note in part, the Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and
delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may
request, Definitive Notes for the aggregate principal amount that was not transferred. No transfer of any Definitive Note shall
be made unless the request for such transfer is made by the Holder at such office. Neither the Issuer nor the Trustee shall be
liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying
on, such instructions. Upon the issuance of Definitive Notes for such Series, the Trustee shall recognize the Holders of the Definitive
Notes as Noteholders of such Series.

 

Section 2.19. Global
Note. If specified in the related Series Supplement for any Series, (i) the Notes may be initially issued in the form of a
single temporary global note (the “Global Note”) in registered form, without interest coupons, in the denomination
of the initial aggregate principal amount of the Notes and (ii) a Class of Notes may be initially issued in the form of a single
temporary Global Note in registered form, in the denomination of the portion of the initial aggregate principal amount of the Notes
represented by such Class, each substantially in the form attached to the related Series Supplement. Unless otherwise specified
in the related Series Supplement, the provisions of this Section 2.19 shall apply to such Global Note. The Global Note
will be authenticated by the Trustee upon the same conditions, in substantially the same manner and with the same effect as the
Definitive Notes. The Global Note may be exchanged in the manner described in the related Series Supplement for Registered Notes
in definitive form.

 

Section 2.20. Tax
Treatment. The Notes (other than as set forth in the applicable Series Supplement) have been (or will be) issued with the intention
that, the Notes (other than the Class R Notes) will qualify under applicable tax Law as indebtedness of the Issuer secured by the
Receivables Trust Estate and any entity acquiring any direct or indirect interest in any Note (other than the Class R Notes) by
acceptance of its Notes (or, in the case of a Note Owner, by virtue of such Note Owner’s acquisition of a beneficial interest
therein) (other than the Class R Notes) agrees to treat the Notes (or beneficial interests therein) for purposes of Federal, state
and local and income or franchise taxes and any other tax imposed on or measured by income, as indebtedness. Each Noteholder agrees
that it will cause any Note Owner acquiring an interest in a Note (other than the Class R Notes) through it to comply with this
Indenture as to treatment as indebtedness for such tax purposes.

 

    	 	39	 

     

    

 

Section 2.21. Duties
of the Trustee and the Transfer Agent and Registrar. Notwithstanding anything contained herein or a Series Supplement to the
contrary, neither the Trustee nor the Transfer Agent and Registrar shall be responsible for ascertaining whether any transfer of
a Note complies with the terms of this Base Indenture or a Series Supplement, the registration provision of or exemptions from
the Securities Act, applicable state securities laws, ERISA or the Investment Company Act; provided that if a transfer certificate
or opinion is specifically required by the express terms of this Base Indenture or a Series Supplement to be delivered to the Trustee
or the Transfer Agent and Registrar in connection with a transfer, the Trustee or the Transfer Agent and Registrar, as the case
may be, shall be under a duty to receive the same.

 

ARTICLE
3.

[ARTICLE 3 IS RESERVED AND SHALL BE SPECIFIED IN ANY

SUPPLEMENT WITH RESPECT TO ANY SERIES OF NOTES]

 

ARTICLE
4.

NOTEHOLDER LISTS AND REPORTS

 

Section 4.1. Issuer
To Furnish To Trustee Names and Addresses of Noteholders. The Issuer will furnish or cause the Transfer Agent and Registrar
to furnish to the Trustee (a) not more than five (5) days after each Record Date a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders as of such Record Date, (b) at such other times as the Trustee may request in
writing, within 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, however, that so long as the Trustee
is the Transfer Agent and Registrar, no such list shall be required to be furnished. The Issuer will furnish or cause to be furnished
by the Transfer Agent and Registrar to the Paying Agent (if not the Trustee) such list for payment of distributions to Noteholders.

 

Section 4.2. Preservation
of Information; Communications to Noteholders.

 

(a)           The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders contained
in the most recent list furnished to the Trustee as provided in Section 4.1 and the names and addresses of Holders
received by the Trustee in its capacity as Transfer Agent and Registrar. The Trustee may destroy any list furnished to it as provided
in such Section 4.1 upon receipt of a new list so furnished.

 

(b)           Noteholders may communicate (including pursuant to TIA Section 312(b) (if this Indenture is required to be qualified
under the TIA)) with other Noteholders with respect to their rights under this Indenture or under the Notes. Unless otherwise provided
in the related Series Supplement, if holders of Notes evidencing in aggregate not less than 20% of the outstanding principal balance
of the Notes of any Series (the “Applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable
proof that each such Applicant has owned a Note for a period of at least 6 months preceding the date of such application, and if
such application states that the Applicants desire to communicate with other Noteholders of any Series with respect to their rights
under this Indenture or under the Notes and is accompanied by a copy of the communication which such Applicants propose to transmit,
then the Trustee, after having been adequately indemnified by such Applicants for its costs and expenses, shall within five (5)
Business Days after the receipt of such application afford or shall cause the Transfer Agent and Registrar to afford such Applicants
access during normal business hours to the most recent list of Noteholders held by the Trustee and shall give the Issuer notice
that such request has been made within five (5) Business Days after the receipt of such application. Such list shall be as of the
most recent Record Date, but in no event more than forty-five (45) days prior to the date of receipt of such Applicants’
request.

 

    	 	40	 

     

    

 

(c)           The Issuer, the Trustee and the Transfer Agent and Registrar shall have the protection of TIA Section 312(c) (if this
Indenture is required to be qualified under the TIA). Every Noteholder, by receiving and holding a Note, agrees with the Issuer
and the Trustee that neither the Issuer, the Trustee, the Transfer Agent and Registrar, nor any of their respective agents shall
be held accountable by reason of the disclosure of any such information as to the names and addresses of the Noteholders in accordance
with this Section 4.2, regardless of the source from which such information was obtained.

 

Section 4.3. Reports
by Issuer.

 

(a)            (i)
the Issuer or the initial Servicer on its behalf, shall deliver to the Trustee, on the date, if any, the Issuer is required to
file the same with the Commission, hard and electronic copies of the annual reports and of the information, documents and other
reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations
prescribe) which the Issuer is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

 

(ii)           the
Issuer or the initial Servicer on its behalf, shall file with the Trustee and the Commission in accordance with rules and regulations
prescribed from time to time by the Commission such additional information, documents and reports, if any, 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)          the
Issuer or the initial Servicer on its behalf, shall supply to the Trustee (and the Trustee shall make available to all Noteholders
through the Trustee’s internet website) such information, documents and reports required to be filed by the Issuer (if any)
pursuant to clauses (i) and (ii) of this Section 4.3(a) as may be required by rules and regulations prescribed from
time to time by the Commission if the Indenture is TIA qualified; and

 

(iv)          the Servicer shall prepare and distribute any other reports required to be prepared by the Servicer (except, if a successor
Servicer is acting as Servicer, any reports expressly only required to be prepared by the initial Servicer or Conn Appliances)
under any Servicer Transaction Documents.

 

(b)           Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on January 31 of each year.

 

    	 	41	 

     

    

 

Section 4.4. Reports
by Trustee. If this Indenture is required to be qualified under the TIA, within sixty (60) days after each April 1, beginning
with April 1, 2019, the Trustee shall make available to each Noteholder through the Trustee’s internet website as required
by TIA Section 313(c) a brief report dated as of such date that complies with TIA Section 313(a). If this Indenture is
required to be qualified under the TIA, the Trustee also shall comply with TIA Section 313(b).

 

If this Indenture is
required to be qualified under the TIA, a copy of each report at the time of its posting for Noteholders on the Trustee’s
internet website shall be filed by the Trustee with the Commission and each stock exchange, if any, on which the Notes are listed.
The Issuer shall notify the Trustee if and when the Notes are listed on any stock exchange.

 

Section 4.5. Reports
and Records for the Trustee and Instructions.

 

(a)            Unless
otherwise stated in the related Series Supplement with respect to any Series, on each Determination Date the Servicer shall forward
to the Trustee a Monthly Servicer Report prepared by the Servicer.

 

(b)            Unless otherwise specified in the related Series Supplement, on each Payment Date, the Trustee or the Paying Agent shall
make available via the Trustee’s website initially located at www.ctslink.com in the same manner as the Monthly Servicer
Report to each Noteholder of record of each outstanding Series the Monthly Noteholders’ Statement with respect to such Series
and the Issuer shall send such Monthly Servicer Report to the Rating Agencies.

 

ARTICLE
5.

ALLOCATION AND APPLICATION OF COLLECTIONS

 

Section 5.1. Rights
of Noteholders. Each Series of Notes shall be secured by the entire Receivables Trust Estate, including the right to receive
the Collections and other amounts at the times and in the amounts specified in this Article 5 to be deposited in the Investor
Accounts and any other Series Account (if so specified in the related Series Supplement) or to be paid to the Noteholders of such
Series. In no event shall the grant of a security interest in the entire Receivables Trust Estate be deemed to entitle any Noteholder
to receive Collections or other proceeds of the Receivables Trust Estate in excess of the amounts described in Article 5.

 

Section 5.2. Collection
of Money. Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and
collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property
payable to or receivable by the Trustee pursuant to this Indenture. The 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 Receivables Trust Estate, the Trustee may take such action
as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.
Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right
to proceed thereafter as provided in Article 9.

 

    	 	42	 

     

    

 

Section 5.3. Establishment of Accounts.

 

(a)           The Collection Account. On or prior to the Closing Date, the Issuer shall cause the initial Servicer, for the benefit
of the Secured Parties, to establish and the Servicer shall maintain in the city in which the Corporate Trust Office is located,
with a Qualified Institution, in the name of the Trustee, a non-interest bearing segregated trust account (the “Collection
Account”) bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit
of the Secured Parties. Pursuant to authority granted to it pursuant to Section 2.02(a) of the Servicing Agreement,
the Servicer shall have the revocable power to cause the Trustee to withdraw funds from the Collection Account by so directing
the Trustee in writing for the purposes of carrying out the Servicer’s duties thereunder. The Trustee shall be the entitlement
holder of the Collection Account, and shall possess all right, title and interest in all moneys, instruments, securities and other
property on deposit from time to time in the Collection Account and the proceeds thereof for the benefit of the Secured Parties.
Initially, the Collection Account will be established with the Trustee, and the Trustee hereby agrees to maintain the Collection
Account in accordance with the terms of this Indenture.

 

(b)           The Payment Accounts. For each Series, the Trustee, for the benefit of the Secured Parties of such Series, shall
establish and maintain in the State of New York or in the city in which the Corporate Trust Office is located, with one or more
Qualified Institutions, in the name of the Trustee, a non-interest bearing segregated trust account (each, a “Payment
Account” and collectively, the “Payment Accounts”) bearing a designation clearly indicating that the
funds deposited therein are held in trust for the benefit of the Secured Parties of such Series. The Trustee shall possess all
right, title and interest in all funds on deposit from time to time in the Payment Accounts and in all proceeds thereof. The Trustee
shall be the sole entitlement holder of the Payment Accounts and the Payment Accounts shall be under the sole dominion and control
of the Trustee for the benefit of the Secured Parties of such Series.

 

(c)           Series Accounts. If so provided in the related Series Supplement, the Trustee or the Servicer, for the benefit of
the Secured Parties of such Series, shall cause to be established and maintained, in the name of the Trustee, one or more accounts
(each, a “Series Account” and, collectively, the “Series Accounts”). Each such Series Account
shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties of
such Series. Each such Series Account will be a trust account, if so provided in the related Series Supplement, and will have the
other features and be applied as set forth in the related Series Supplement.

 

    	 	43	 

     

    

 

(d)           Administration of the Collection Account and the Reserve Account. The Issuer shall cause funds on deposit in the
Collection Account and the Reserve Account that are not both deposited and to be withdrawn on the same date to be invested in Permitted
Investments pursuant to a form of investment direction acceptable to the Trustee. The Issuer agrees that it shall ensure that any
such investment shall mature and such funds shall be available for withdrawal on or prior to the Series Transfer Date related to
the Monthly Period in which such funds were received or deposited, or if so specified in the related Series Supplement, immediately
preceding a Payment Date. The Trustee shall: (i) hold each Permitted Investment (other than such as are described in clause
(c) of the definition thereof) that constitutes investment property as a securities intermediary, and in its capacity as securities
intermediary (I) agrees that such investment property shall at all times be credited to a securities account of which the
Trustee is the entitlement holder, (II) shall comply with entitlement orders originated by the Trustee without the further consent
of any other Person, (III) agrees that all property credited to such securities account shall be treated as a financial asset,
(IV) solely in its capacity as securities intermediary waives any Lien on any property credited to such securities account, (V)
agrees that its jurisdiction for purposes of Section 8-110 and Section 9-305(a)(3) of the UCC shall be New York and (VI) such securities
account shall be governed by the law of the State of New York; and (ii) maintain for the benefit of the Secured Parties, possession
or control of each other Permitted Investment (including any negotiable instruments, if any, evidencing such Permitted Investments)
not described in clause (i) above (other than such as are described in clause (c) of the definition thereof); provided that
the Issuer shall not permit any Permitted Investment to be disposed of prior to its maturity date if such disposition would result
in a loss. Terms used in clause (i) above that are defined in the New York UCC and not otherwise defined herein shall have the
meaning set forth in the New York UCC. At the end of each month, the Servicer shall direct all interest and earnings (net of losses
and investment expenses) on funds on deposit in the Reserve Account to be deposited in the Collection Account and treated as Investment
Earnings. If at the end of a month losses and investment expenses on funds on deposit in any of the Collection Account or the Reserve
Account exceed interest and earnings on such funds during such month, losses and expenses to the extent of such excess will be
allocated by the Servicer on the related Series Transfer Date, with respect to any Series, among the Noteholders of such Series
and the Issuer as provided in the related Series Supplement. Subject to the restrictions set forth above, the Issuer, or a Person
designated in writing by the Issuer, of which the Trustee shall have received written notification thereof, shall have the authority
to instruct the Trustee with respect to the investment of funds on deposit in the Collection Account and the Reserve Account.

 

(e)           Qualified Institution. If, at any time, the institution holding any account established pursuant to this Section
5.3 ceases to be a Qualified Institution, the Issuer shall notify the Rating Agencies and within ten (10) Business Days establish
a new account or accounts, as the case may be, meeting the conditions specified above with a Qualified Institution, and shall transfer
any cash or any investments to such new account or accounts, as the case may be.

 

Section 5.4. Collections and Allocations.

 

(a)           Collections in General. Subject to the last paragraph of this Section 5.4(a), until this Indenture is
terminated pursuant to Section 12.1, the Issuer shall or shall cause the Servicer under the Servicing Agreement to
cause all Collections due and to become due, as the case may be, to be paid directly into the Collection Account as promptly as
possible after the date of receipt of such Collections, but in no event later than the second Business Day following such date
of receipt and identification. All monies, instruments, cash and other proceeds received by the Servicer in respect of the Receivables
Trust Estate pursuant to this Indenture and the Trust Estate shall be deposited in the Collection Account as specified herein and
shall be applied as provided in this Article 5 and Article 6.

 

    	 	44	 

     

    

 

The Servicer shall
allocate such amounts to each Series of Notes and to the Issuer in accordance with this Article 5 and shall withdraw the
required amounts from the Collection Account or pay such amounts to the Issuer in accordance with this Article 5, in both
cases as modified by any Series Supplement. The Servicer shall make such deposits or payments on the date indicated therein by
wire transfer or as otherwise provided in the Series Supplement for any Series of Notes with respect to such Series.

 

Notwithstanding anything
in this Base Indenture or the Servicing Agreement to the contrary, for so long as, and only so long as, the Monthly Remittance
Condition is satisfied, the Issuer shall not be required to cause the Servicer to make daily deposits of Collections into the Collection
Account within two Business Days after identification in the manner provided in this Article 5 or as required under the
Servicing Agreement prior to the close of business on the day any such Collections are due to be deposited, but instead, the Servicer
may commingle such Collections with its general funds or otherwise during each Monthly Period and make one or more deposits in
the Collection Account in immediately available funds not later than 12:00 p.m., New York City time, on the related Series
Transfer Date immediately preceding the related Payment Date in an amount equal to Collections received in the immediately
preceding Monthly Period.

 

If the Monthly Remittance
Condition is not satisfied, the Issuer shall or shall cause the Servicer under the Servicing Agreement to cause all Collections
due and to become due, as the case may be, to be paid directly into the Collection Account as promptly as possible after the date
of receipt of such Collections, but in no event later than the second Business Day following such date of identification.

 

(b)           [Reserved].

 

(c)            [Reserved].

 

(d)           [Reserved].

 

(e)           Disqualification of Institution Maintaining Collection Account. Upon and after the establishment of a new Collection
Account with a Qualified Institution, the Servicer shall deposit or cause to be deposited all Collections as set forth in Section 5.3(a)
into the new Collection Account, and in no such event shall deposit or cause to be deposited any Collections thereafter into any
account established, held or maintained with the institution formerly maintaining the Collection Account (unless it later becomes
a Qualified Institution or qualified corporate trust department maintaining the Collection Account).

 

Section 5.5.  Determination
of Monthly Interest. Monthly interest with respect to each Series of Notes shall be determined, allocated and distributed in
accordance with the procedures set forth in the applicable Series Supplement.

 

Section 5.6.  Determination
of Monthly Principal. Monthly principal with respect to each Series of Notes shall be determined, allocated and distributed
in accordance with the procedures set forth in the applicable Series Supplement. However, all principal or interest with respect
to any Series of Notes shall be due and payable no later than the Legal Final Payment Date with respect to such Series.

 

    	 	45	 

     

    

 

Section 5.7. General
Provisions Regarding Accounts. Subject to Section 11.1(c), the Trustee shall not in any way be held liable by reason
of any insufficiency in any of the Receivables Trust Estate resulting from any loss on any Permitted Investment included therein
except for losses attributable to the Trustee’s failure to make payments on such Permitted Investments issued by the Trustee,
in its commercial capacity as principal obligor and not as trustee, in accordance with their terms.

 

Section 5.8. Removed
Receivables. Upon satisfaction of the conditions and the requirements of Section 2.03 or 2.04 of the Servicing Agreement, as
applicable, the Issuer shall execute and deliver to the Trustee and the Trustee shall acknowledge upon its receipt from the Issuer
an instrument acknowledging that such Removed Receivable has been released by the Receivables Trust and that such Removed Receivable
no longer constitutes a Receivable underlying the Receivables Trust Certificate. The Trustee shall have no duty to make any determination
regarding whether any conditions or requirements of such sections of such agreements have been satisfied.

 

Section 5.9. [Reserved].

 

[THE REMAINDER OF ARTICLE 5 IS RESERVED AND SHALL BE
SPECIFIED IN ANY SERIES SUPPLEMENT WITH RESPECT TO ANY SERIES.]

 

ARTICLE
6.

[ARTICLE 6 IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]

 

ARTICLE
7.

[ARTICLE 7 IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]

 

ARTICLE
8.

COVENANTS

 

Section 8.1. Money
for Payments To Be Held in Trust. At all times from the date hereof to the Indenture Termination Date, unless the Required
Noteholders of each Series shall otherwise consent in writing, all payments of amounts due and payable with respect to any Notes
that are to be made from amounts withdrawn from the applicable Payment Account shall be made on behalf of the Issuer by the Trustee
or by another Paying Agent, and no amounts so withdrawn from such Payment Account for payments of such Notes shall be paid over
to the Issuer except as provided in this Indenture.

 

Section 8.2. Affirmative
Covenants of Issuer. At all times from the date hereof to the Indenture Termination Date, unless the Required Noteholders of
each Series shall otherwise consent in writing, the Issuer shall:

 

    	 	46	 

     

    

 

(a)            Payment
of Notes. Duly and punctually pay or cause to be paid principal of (and premium, if any) and interest on the Notes pursuant
to the provisions of this Base Indenture and any applicable Series Supplement. Principal and interest shall be considered paid
on the date due if the Trustee or the Paying Agent holds on that date money designated for and sufficient to pay all principal
and interest then due. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or
principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.

 

(b)           Maintenance of Office or Agency. Maintain an office or agency (which may be an office of the Trustee, Transfer Agent
and Registrar or co-registrar) where Notes may be surrendered for registration of transfer or exchange, where notices and demands
to or upon the Issuer in respect of the Notes and this Indenture may be served, and where, at any time when the Issuer is obligated
to make a payment of principal and premium upon the Notes, the Notes may be surrendered for payment. The Issuer hereby initially
appoints the Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Trustee
of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints the Trustee as its
agent to receive all such surrenders, notices and demands.

 

The Issuer may also
from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations. The Issuer will give prompt written notice to the Trustee of
any such designation or rescission and of any change in the location of any such other office or agency.

 

The Issuer hereby designates
the Corporate Trust Office of the Trustee as one such office or agency of the Issuer.

 

(c)           Compliance with Laws, Etc. Comply in all material respects with all applicable Laws.

 

(d)           Preservation of Existence. Preserve and maintain its existence rights, franchises and privileges in the jurisdiction
of its incorporation or organization, and qualify and remain qualified in good standing as a foreign entity in the jurisdiction
where its principal place of business and its chief executive office are located and in each other jurisdiction where the failure
to preserve and maintain such existence, rights, franchises, privileges and qualifications would have a Material Adverse Effect.

 

(e)           [Reserved.]

 

(f)            [Reserved.]

 

(g)           Reporting Requirements of The Issuer. Until the Indenture Termination Date, furnish to the Trustee:

 

    	 	47	 

     

    

 

(i)             Financial
Statements.

 

(A)           as soon as available and in any event within ninety (90) days after the end of each Fiscal Year of Consolidated Parent,
a balance sheet of Consolidated Parent as of the end of such year and statements of income and retained earnings and of source
and application of funds of Consolidated Parent, for the period commencing at the end of the previous Fiscal Year and ending with
the end of such year, in each case setting forth comparative figures for the previous Fiscal Year, certified without material qualification
by Ernst and Young or other nationally recognized independent public accountants acceptable to the Trustee, together with a certificate
of such accounting firm stating that in the course of the regular audit of the business of Consolidated Parent, which audit was
conducted in accordance with GAAP (as then in effect), such accounting firm has obtained no knowledge that an Event of Default
or Default has occurred and is continuing, or if, in the opinion of such accounting firm, such an Event of Default or Default has
occurred and is continuing, a statement as to the nature thereof; and

 

(B)           as soon as available and in any event within forty-five (45) days after the end of each fiscal quarter, quarterly balance
sheets and quarterly statements of source and application of funds and quarterly statements of income and retained earnings of
Consolidated Parent, certified by a Responsible Officer of Consolidated Parent (which certification shall state that such balance
sheets and statements fairly present the financial condition and results of operations for such fiscal quarter, subject to year-end
audit adjustments), delivery of which balance sheets and statements shall be accompanied by a Conn Officer’s Certificate
to the effect that no Event of Default or Default has occurred and is continuing.

 

For so long as Consolidated Parent
is subject to the reporting requirements of Section 13(a) of the Exchange Act, its filing of the annual and quarterly reports
required under the Exchange Act, on a timely basis, shall be deemed compliance with this Section 8.2(g)(i).

 

(ii)           Notice of Default or Event of Default. Immediately, and in any event within one (1) Business Day after the Issuer
obtains knowledge of the occurrence of each Default or Event of Default, a statement of a Responsible Officer of the Issuer setting
forth details of such Default or Event of Default and the action which the Issuer proposes to take with respect thereto;

 

(iii)           [Reserved];

 

(iv)           ERISA. Promptly after the filing or receiving thereof, copies of all reports and notices with respect to any reportable
event as defined in Section 4043 of ERISA (other than an event for which the 30-day notice period is waived) with respect to a
Pension Plan which either (i) the Issuer, Seller, an Originator, Servicer or any of their respective ERISA Affiliates files under
ERISA with the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S. Department of Labor or (ii) the Issuer,
Seller, an Originator, Servicer or any of their respective ERISA Affiliates receives from the Internal Revenue Service, the Pension
Benefit Guaranty Corporation or the U.S. Department of Labor. The Issuer shall give the Trustee and each Noteholder prompt written
notice of any event that could reasonably be expected to result in the imposition of a Lien on the Receivables under Section 430(k)
of the Code or Section 303(k) or 4068 of ERISA; and

 

    	 	48	 

     

    

 

(v)           If a Responsible Officer of the Issuer shall have actual knowledge of the occurrence of a Servicer Default, notice thereof
to the Trustee and the Rating Agencies, which notice shall specify the action, if any, the Issuer is taking in respect of such
default. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the
Servicing Agreement, the Issuer shall take all reasonable steps available to it to remedy such failure, including any action reasonably
requested by the Trustee.

 

(h)           Use of Proceeds. Use the proceeds of the Notes solely in connection with the acquisition of the Receivables Trust
Certificate and the funding of the Reserve Account.

 

(i)            Protection of Receivables Trust Estate. At its expense, perform all acts and execute all documents reasonably requested
by the Trustee at any time to evidence, perfect, maintain and enforce the title or the security interest of the Trustee in the
Receivables Trust Estate and the priority thereof. The Issuer will, at the reasonable request of the Trustee, prepare, deliver
and authorize the filing of financing statements relating to or covering the Receivables Trust Estate sold to the Issuer and subsequently
conveyed to the Trustee.

 

(j)             Inspection
of Records. Permit the Trustee or its duly authorized representatives, attorneys or auditors to examine all the books of account,
records, reports, and other papers of such Receivables Trust Estate, 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.

 

(k)            Furnishing
of Information. Provide such cooperation, information and assistance, and prepare and supply the Trustee with such data regarding
the performance by the Obligors of their obligations under the Receivables and the performance by the Issuer and Servicer of their
respective obligations under the Transaction Documents, as may be reasonably requested by the Trustee from time to time.

 

(l)             Accounts. Not maintain any bank accounts other than the Trust Accounts. Except as set forth in the Servicing Agreement
the Issuer shall not make, nor will it permit the Seller or Servicer to make, any change in its instructions to Obligors regarding
payments to be made to the Post Office Box. The Issuer shall not add any additional Trust Accounts unless the Trustee shall have
consented thereto and received a copy of any documentation with respect thereto. The Issuer shall not terminate any Trust Accounts
or close any Trust Accounts unless the Trustee shall have received at least thirty (30) days prior written notice of such termination
and shall have consented thereto.

 

    	 	49	 

     

    

 

(m)           [Reserved].

 

(n)           Collections Received. Hold in trust, and immediately (but in any event no later than two (2) Business Days following
its receipt and identification thereof) transfer to the Servicer for deposit into the Collection Account (subject to Section
5.4(a)) all Collections, if any, received from time to time by the Issuer.

 

(o)           Enforcement of Transaction Documents. Use its best efforts to enforce all rights held by it under any of the Transaction
Documents, shall not amend, supplement or otherwise modify any of the Transaction Documents and shall not waive any breach of any
covenant contained thereunder without the prior written consent of the Required Noteholders for each Series. The Issuer shall take
all actions reasonably requested by the Trustee to enforce the Issuer’s rights and remedies under the Transaction Documents.
The Issuer agrees that it will not waive timely performance or observance by the Servicer or the Seller of their respective duties
under the Transaction Documents if the effect thereof would adversely affect any of the Secured Parties.

 

(p)           Separate Legal Entity. The Issuer hereby acknowledges that the Trustee and the Noteholders are entering into the
transactions contemplated by this Base Indenture and the other Transaction Documents in reliance upon the Issuer’s identity
as a legal entity separate from any other Person. Therefore, from and after the date hereof, the Issuer shall take all reasonable
steps to continue the Issuer’s identity as a separate legal entity and to make it apparent to third Persons that the Issuer
is an entity with assets and liabilities distinct from those of any other Person, and is not a division of any other Person. Without
limiting the generality of the foregoing and in addition to and consistent with the covenant set forth herein, the Issuer shall
take such actions as shall be required in order that:

 

(i)             have its own business office (which, however, may be within the premises of the Member) at which will be maintained its
own separate limited liability company books and records;

 

(ii)            observe
all requirements of the Act, the Certificate of Formation and this Agreement;

 

(iii)           compensate
all consultants and agents directly, from its own bank account, for services provided to it by such consultants and agents and
pay its own liabilities and expenses only out of its own funds;

 

(iv)           pay the salaries of its own employees, if any, and maintain a sufficient number of employees in light of its contemplated
business obligations;

 

(v)             readily identify and allocate any sharing of overhead expenses between the Company and the Member;

 

(vi)            preserve
its limited liability company form and hold itself out to the public and all other Persons as a separate legal entity separate
and distinct from the Member and all other Persons;

 

    	 	50	 

     

    

 

(vii)         strictly observe and maintain separate financial records and separate financial statements which are and will continue to
be maintained to reflect its assets and liabilities which will be subject to audit by independent public accountants;

 

(viii)        declare and pay all dividends in accordance with law, the provisions of its organic documents, and the provisions of the
Securitization Documents;

 

(ix)           maintain its assets and liabilities in such a manner that its individual assets and liabilities can be readily and inexpensively
identified from those of the Member or any other Person, including any other subsidiary or Affiliate of the Member; 

 

(x)            maintain its own bank accounts and books of account and records separate from the Member or any other subsidiary or Affiliate
of the Member or any other Person;

 

(xi)           avoid commingling or pooling of its funds or other assets or liabilities with those of the Member or any other subsidiary
or Affiliate of the Member or any other Person, except with respect to the temporary commingling of collections and except with
respect to the Member’s retention of certain books and records of the Company and except to the extent that the provisions
of the Securitization Documents permit such commingling;

 

(xii)          properly reflect in its financial records all monetary transactions between it and the Member or any other subsidiary or
Affiliate of the Member or any other Person;

 

(xiii)         file its own tax returns, if any, as may be required under applicable law, to the extent (1) not part of a consolidated
group filing or a consolidated return or returns or (2) not treated as a division for tax purposes of another taxpayer, and pay
any taxes so required to be paid under applicable law;

 

(xiv)         maintain an arm’s length relationship with its Affiliates and the Member and correct any known misunderstanding regarding
its separate identity;

 

(xv)          not hold out its credit or assets as being available to satisfy the obligations of others;

 

(xvi)         use separate stationery and checks bearing its own name and conduct its own business in its own name;

 

(xvii)        except as contemplated by the Securitization Documents, not pledge its assets for the benefit of, or make any loans or advances
to, any other Person;

 

(xviii)       maintain
adequate capital in light of its contemplated business purpose, transactions and liabilities, provided, however,
the foregoing shall not require the Member to make any additional capital contributions to the Company; and

 

    	 	51	 

     

    

 

(xix)       cause the Directors, Officers, agents and other representatives of the Company to act at all times with respect to the Company
consistently and in furtherance of the foregoing and in the best interests of the Company.

 

(q)          [Reserved].

 

(r)           Servicer’s Obligations. Cause the Servicer to comply with the terms of the Servicer Transaction Documents,
including without limitation, Section 2.02(c) and Sections 2.11 and 2.12 of the Servicing Agreement,
and otherwise enforce the terms of the Servicing Agreement and the other Servicer Transaction Documents applicable to it.

 

(s)           Income Tax Characterization. For purposes of federal income, state and local income and franchise and any other income
taxes, unless otherwise required by the relevant governmental authority, the Issuer will treat the Notes (other than as set forth
in any Series Supplement) as indebtedness.

 

Section 8.3. Negative
Covenants. So long as any Notes are outstanding, the Issuer shall not, unless the Required Noteholders of each Series shall
otherwise consent in writing:

 

(a)          Sales, Liens, Etc. Except pursuant to, or as contemplated by, the Transaction Documents, the Issuer shall not sell,
transfer, exchange, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist voluntarily
or, for a period in excess of thirty (30) days, involuntarily any Adverse Claims upon or with respect to any of its assets, including,
without limitation, the Receivables Trust Estate, any interest therein or any right to receive any amount from or in respect thereof,
unless directed to do so by the Trustee.

 

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

 

(c)          Mergers, Acquisitions, Sales, Subsidiaries, etc. The Issuer shall not:

 

(i)           be a party to any merger or consolidation, or directly or indirectly purchase or otherwise acquire all or substantially
all of the assets or any stock of any class of, or any partnership or joint venture interest in, any other Person, except for Permitted
Investments, or sell, transfer, assign, convey or lease any of its property and assets (or any interest therein) other than pursuant
to, or as contemplated by, this Indenture or the other Transaction Documents;

 

(ii)          make, incur or suffer to exist an investment in, equity contribution to, loan or advance to, or payment obligation in respect
of the deferred purchase price of property from, any other Person, except for Permitted Investments or pursuant to the Transaction
Documents;

 

(iii)         invest or cause to be invested in any securities or instruments unless the ownership (and acquisition) of such obligations
would not cause the Issuer to be treated as engaged in a U.S. trade or business or otherwise subject to net income taxation in
the United States;

 

    	 	52	 

     

    

 

(iv)          create any direct or indirect Subsidiary or otherwise acquire direct or indirect ownership of any equity interests in any
other Person other than pursuant to the Transaction Documents; or

 

(v)           enter into any transaction with any Affiliate except for the transactions contemplated by the Transaction Documents and other
transactions upon fair and reasonable terms materially no less favorable to the Issuer than would be obtained in a comparable arm’s
length transaction with a Person not an Affiliate.

 

(d)           Change in Business Policy. The Issuer shall not make any change in the character of its business which would impair
in any material respect the collectibility of the Receivables Trust Estate.

 

(e)            Other Debt. Except as provided for herein, the Issuer shall not create, incur, assume or suffer to exist any Indebtedness
whether current or funded, other than (i) the Notes, (ii) Indebtedness of the Issuer representing fees, expenses and indemnities
arising hereunder or under the Purchase and Sale Agreement for the purchase price of the Receivables Trust Certificate under the
Purchase and Sale Agreement and (iii) other Indebtedness permitted pursuant to Section 8.3(h).

 

(f)            Certificate of Formation and Limited Liability Company Agreement. The Issuer shall not amend its certificate of formation
or limited liability company agreement unless it shall have received an Opinion of Counsel or Conn Officer’s Certificate
to the effect that any such amendment would not have a material adverse effect on Noteholders.

 

(g)           Financing Statements. The Issuer shall not authorize the filing of any financing statement (or similar statement
or instrument of registration under the laws of any jurisdiction) or statements relating to the Receivables Trust Estate other
than the financing statements authorized and filed in connection with and pursuant to the Transaction Documents.

 

(h)           Business Restrictions. The Issuer shall not (i) engage in any business or transactions, or be a party to any
documents, agreements or instruments, other than the Transaction Documents or those incidental to the purposes thereof, or (ii) make
any expenditure for any assets (other than the Receivables Trust Estate) if such expenditure, when added to other such expenditures
made during the same calendar year would, in the aggregate, exceed Ten Thousand Dollars ($10,000); provided, however,
that the foregoing will not restrict the Issuer’s ability to pay servicing compensation as provided herein and, so long as
no Default or Event of Default shall have occurred and be continuing, the Issuer’s ability to pay other payments or distributions
legally made to the Issuer’s equity owners.

 

(i)             ERISA Matters.

 

(i)             To the extent applicable, the Issuer, Seller, an Originator or initial Servicer will not (A) engage or permit any of its
respective ERISA Affiliates to engage in any prohibited transaction (as defined in Section 4975 of the Code and Section 406 of
ERISA) with respect to any Benefit Plan for which an exemption is not available or has not previously been obtained from the U.S.
Department of Labor; (B) fail to make, or permit any of its ERISA Affiliates to fail to make, any payments to any Multiemployer
Plan that the Issuer, Seller, an Originator, initial Servicer or any of their respective ERISA Affiliates is required to make under
the agreement relating to such Multiemployer Plan or any law pertaining thereto; (C) terminate, or permit any of its ERISA Affiliates
to terminate, any Pension Plan so as to result in any liability to Issuer, initial Servicer, Seller, an Originator or any of their
ERISA Affiliates; or (D) permit to exist any occurrence of any reportable event described in Title IV of ERISA, if such prohibited
transactions, failures to make payment, terminations and reportable events described in clauses (A), (B), (C) and (D) above
would in the aggregate have a Material Adverse Effect.

 

    	 	53	 

     

    

 

(ii)           The
Issuer will not permit to exist any failure to satisfy the minimum funding standard (as described in Section 302 of ERISA and
Section 412 of the Code) sufficient to give rise to a Lien under Section 430(k) of the Code or Section 303(k) of ERISA with respect
to any Pension Plan.

 

(iii)          The Issuer, Seller, initial Servicer, or any Originator will not cause or permit any of their respective ERISA Affiliates
to cause or permit the occurrence of an ERISA Event with respect to Pension Plans that could result in a Material Adverse Effect.

 

(j)             Name;
Principal Office. The Issuer will not change its name, its jurisdiction of organization or the location of its chief executive
office or principal place of business (within the meaning of the applicable UCC) without prior written notice to the Trustee sufficient
to allow the Trustee to make all filings (including filings of financing statements on form UCC-1) and recordings necessary to
maintain the perfection of the interest of the Trustee in the Receivables Trust Estate pursuant to this Indenture. The Issuer
further agrees that it will not become or seek to become organized under the Laws of more than one jurisdiction. In the event
that the Issuer desires to so change its jurisdiction of organization or its office or change its name, the Issuer will make any
required filings and prior to actually making such change the Issuer will deliver to the Trustee (i) a Conn Officers’ Certificate
and (except with respect to a change of the location of the Issuer’s chief executive office or principal place of business
to a new location in the same county) an Opinion of Counsel confirming that all required filings have been made to continue the
perfected interest of the Trustee in the Receivables Trust Estate in respect of such change and (ii) copies of all such required
filings with the filing information duly noted thereon by the office in which such filings were made.

 

Section 8.4. Further
Instruments and Acts. Upon request of the Trustee, the Issuer will execute and deliver such further instruments, furnish such
other information and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of
this Indenture.

 

Section 8.5. Appointment
of Successor Servicer. If the Trustee has given notice of termination to the Servicer of the Servicer’s rights and powers
pursuant to Section 2.01 of the Servicing Agreement, as promptly as possible thereafter, the Trustee shall appoint
a successor servicer in accordance with Section 2.01 of the Servicing Agreement.

 

    	 	54	 

     

    

 

ARTICLE
9.

[RESERVED]

 

ARTICLE
10.

REMEDIES

 

Section 10.1. Events
of Default. Unless otherwise specified in a Series Supplement, an “Event of Default”, wherever used herein,
means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body):

 

(i)           default in the payment of any interest on the Controlling Class when the same becomes due and payable, and such default
shall continue (and shall not have been waived by the Required Noteholders of such Series) for a period of five (5) Business Days
after receipt of notice thereof from the Trustee;

 

(ii)          default in the payment of the principal of or any installment of the principal of any Class of Series 2019-B Notes when
the same becomes due and payable on the related Legal Final Payment Date;

 

(iii)         the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any
substantial part of the Receivables Trust Estate in an involuntary case under any applicable Federal or state bankruptcy, insolvency
or other similar Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the Issuer or for any substantial part of the Receivables Trust Estate, or ordering the winding-up or liquidation
of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive
days; or

 

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

 

    	 	55	 

     

    

 

 

Section 10.2. Rights of the Trustee Upon
Events of Default.

 

(a)          If and whenever an
Event of Default (other than in clause (iii) and (iv) of Section 10.1) shall have occurred and is continuing,
the Trustee may and, at the written direction of the Required Noteholders, shall cause the principal amount of all Notes of all
Series outstanding to be immediately due and payable at par, together with interest thereon. If an Event of Default with respect
to the Issuer specified in clause (iii) and (iv) of Section 10.1 shall occur, all unpaid principal of
and accrued interest, if applicable, on all the Notes of all Series outstanding shall become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Noteholder. If an Event of Default shall have occurred
and be continuing, the Trustee may exercise from time to time any rights and remedies available to it under applicable Law and
Section 10.4. Any amounts obtained by the Trustee on account of or as a result of the exercise by the Trustee of any
right shall be held by the Trustee as additional collateral for the repayment of the Issuer Obligations and shall be applied as
provided in Article 5 hereof. If so specified in the applicable Series Supplement, the Trustee may agree to limit
its exercise of rights and remedies available to it as a result of the occurrence of an Event of Default to the extent set forth
therein.

 

(b)          If an Event of Default
shall have occurred and be continuing, then at any time after such declaration of acceleration of maturity has been made and before
a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article 10 provided,
the Required Noteholders of a Series, by written notice to the Issuer and the Trustee, may rescind and annul such declaration
and its consequences if:

 

(i)           the Issuer
has paid to or deposited with the Trustee a sum sufficient to pay

 

(A)          all payments
of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event
of Default giving rise to such acceleration had not occurred; and

 

(B)          all sums
paid by the Trustee hereunder and the reasonable compensation, expenses, disbursements of the Trustee and its agents and counsel;
and

 

(ii)          all
Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 10.6.

 

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

 

(c)          Additional Remedies. In addition to any rights and remedies now or hereafter granted hereunder or under applicable
Law with respect to the Receivables Trust Estate, the Trustee shall have all of the rights and remedies of a secured party under
the UCC as enacted in any applicable jurisdiction.

 

    56

     

    

 

Section 10.3. Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

(a)          The Issuer covenants
that if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default
continues for a period of five (5) days, or (ii) default is made in the payment of the principal of any Note when the same becomes
due and payable on the Legal Final Payment Date, the Issuer will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue
principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest,
at the applicable Note Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel.

 

(b)          If an Event of Default
occurs and is continuing, the Trustee may (in its discretion) and, at the written direction of the Required Noteholders of a Series,
shall proceed to protect and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as the Trustee
shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable
right vested in the Trustee by this Indenture or by Law; provided, however, that the Trustee shall sell or otherwise
liquidate the Receivables Trust Estate or any portion thereof only in accordance with Section 10.4(d).

 

(c)          In any Proceedings
brought by the Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture), the Trustee
shall be held to represent all the Secured Parties, and it shall not be necessary to make any such Person a party to any such
Proceedings.

 

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

 

(i)           to file
and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim
for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and
for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee,
except as a result of negligence, bad faith or willful misconduct) and of the Secured Parties allowed in such Proceedings;

 

    57

     

    

 

(ii)          unless
prohibited by applicable Law, to vote on behalf of the Secured Parties in any election of a trustee, a standby trustee or Person
performing similar functions in any such Proceedings;

 

(iii)         to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received
with respect to the claims of the Secured Parties and of the Trustee on their behalf; and

 

(iv)         to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims
of the Trustee or the Secured Parties 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 Secured Parties to
make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to such Secured
Parties, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made,
by the Trustee and each predecessor Trustee except as a result of negligence, bad faith or willful misconduct.

 

(e)          Nothing herein contained shall be deemed
to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Secured Party any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Secured Party or to authorize
the Trustee to vote in respect of the claim of any Secured Party in any such Proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar Person.

 

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

 

Section 10.4. Remedies.
If an Event of Default shall have occurred and be continuing, the Trustee may and, at the written direction of the Required Noteholders
of a Series, shall do one or more of the following:

 

(a)          institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable under the Transaction
Documents, enforce any judgment obtained, and collect from the Issuer and any other obligor under the Transaction Documents moneys
adjudged due;

 

    58

     

    

 

(b)          institute Proceedings
from time to time for the complete or partial foreclosure of this Indenture with respect to the Receivables Trust Estate;

 

(c)          subject to the limitations
set forth in clause (d) below, exercise any remedies of a secured party under the UCC and take any other appropriate action to
protect and enforce the rights and remedies of the Trustee and the Secured Parties; and

 

(d)          sell the Receivables
Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted
in any manner permitted by Law; provided, however, that the Trustee may not sell or otherwise liquidate the Receivables
Trust Estate following an Event of Default unless:

 

(i)           the Holders
of 100% of the outstanding Notes direct such sale and liquidation,

 

(ii)          the
proceeds of such sale or liquidation distributable to the Noteholders of each Series are sufficient to discharge in full all amounts
then due and unpaid with respect to all outstanding Notes for principal and interest and any other amounts due Noteholders, or

 

(iii)         the Trustee determines that the proceeds of the Receivables Trust Estate will not continue to provide sufficient funds for
the payment of principal of and interest on all outstanding Notes as such amounts would have become due if such Notes had not been
declared due and payable and the Required Noteholders of a Series direct such sale and liquidation.

 

In determining such
sufficiency or insufficiency with respect to clauses (d)(ii) and (d)(iii), the Trustee may, but need not, obtain and rely upon
an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Receivables Trust Estate for such purpose.

 

The Trustee may maintain
a Proceeding even if it does not possess any of the Notes or does not produce any of them in the Proceeding, and any such Proceeding
instituted by the Trustee shall be in its own name as trustee. All remedies are cumulative to the extent permitted by Law.

 

Section 10.5. [Reserved].

 

Section 10.6. Waiver
of Past Events. If an Event of Default shall have occurred and be continuing, prior to the declaration of the acceleration
of the maturity of the Notes as provided in Section 10.2(a), the Required Noteholders of a Series may waive any past
Default or Event of Default and its consequences except a Default in payment of principal (or premium, if any) of any of the Notes.
In the case of any such waiver, the Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions
and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereto.

 

Upon any such waiver,
such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom
shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or Event of Default or impair any right consequent thereto.

 

    59

     

    

 

Section 10.7. Limitation
on Suits. No Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Base
Indenture and related Series Supplement, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

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

 

(ii)          the
Holders of not less than 25% of the outstanding principal amount of all Notes of all affected Series have made written request
to the Trustee to institute such Proceeding in respect of such Event of Default in its own name as Trustee hereunder;

 

(iii)         such
Noteholder has offered and, if requested, provided to the Trustee indemnity reasonably satisfactory to it against the costs, expenses
and liabilities to be incurred in complying with such request;

 

(iv)         the
Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings;
and

 

(v)          no direction
inconsistent with such written request has been given to the Trustee during such sixty (60) day period by the Required Noteholders;

 

it being understood
and intended that no one or more Noteholder 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 Noteholder or to obtain or to seek to obtain priority
or preference over any other Noteholder or to enforce any right under this Indenture, except in the manner herein provided.

 

Notwithstanding any
provision of this Base Indenture or any Series Supplement to the contrary, in the event the Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Secured Parties, each representing less than the Required Noteholders
of all Series, the Trustee shall proceed in accordance with the request of the greater majority of the outstanding principal amount
of the Notes of all Series, as determined by reference to such requests.

 

Section 10.8. Unconditional
Rights of Holders to Receive Payment; Withholding Taxes.

 

(a)          Notwithstanding any
other provision of this Indenture, the right of any Noteholder of a Note to receive payment of principal and interest, if any,
on the Note, on or after the respective due dates expressed in the Note or in this Indenture (or, in the case of redemption, on
or after the Redemption Date), or to bring suit for the enforcement of any such payment on or after such respective dates, is
absolute and unconditional and shall not be impaired or affected without the consent of the Noteholder.

 

    60

     

    

 

(b)          The Paying Agent
shall (or if the Trustee is not the Paying Agent, the Trustee shall cause the Paying Agent to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee that such Paying Agent shall) comply with all requirements
of the Code regarding the withholding of payments in respect of Federal income taxes due from Noteholders or the Issuer and otherwise
comply with the provisions of this Indenture applicable to it. The right of any Noteholder to receive interest, principal or distribution
on any Note and any right of the Issuer to receive payment pursuant to this Indenture shall be subject to any applicable withholding
or deduction imposed pursuant to the Code or other applicable tax law, including foreign withholding and deduction. Any amounts
properly so withheld or deducted shall be treated as actually paid to the appropriate Noteholder or the Issuer, as applicable.
With respect to any amounts payable thereto under this Indenture, each Noteholder and the Issuer shall deliver to the Paying Agent
such tax forms or other documents requested by the Paying Agent as shall be prescribed by the Code or other applicable law at
such time or times reasonably required by the Paying Agent, including, without limitation, such tax forms or other documents,
as applicable (x) to demonstrate that payments to such Noteholder or the Issuer under this Indenture are exempt from any United
States withholding tax imposed pursuant to the Code, including, without limitation, under FATCA, or (y) to allow the Paying Agent
to determine the amount to deduct or withhold (and to allow the Paying Agent to so deduct or withhold) pursuant to the Code, including,
without limitation, under FATCA, from a payment to be made pursuant to this Indenture, and further agrees to complete and to deliver
to the Paying Agent from time to time, any successor or additional forms required by the Internal Revenue Service or reasonably
requested by the Paying Agent in order to secure an exemption from, or reduction in the rate of, United States withholding tax
imposed pursuant to the Code, including, without limitation, under FATCA.

 

Section 10.9. Restoration
of Rights and Remedies. If any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture
and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such
Noteholder, then and in every such case the Issuer, the Trustee and the Noteholders shall, subject to any determination in such
Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
of the Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

 

Section 10.10. The
Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the Noteholders allowed in any judicial Proceedings relative
to the Issuer (or any other obligor upon the Notes), its creditors or its property, and shall be entitled and empowered to collect,
receive and distribute any money or other property payable or deliverable on any such claim and any custodian in any such judicial
Proceeding is hereby authorized by each Noteholder to make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Noteholders, to pay the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 11.6. To the extent that the payment of any such compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 11.6 out of the estate in
any such Proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of,
any and all distributions, dividends, money, notes and other properties which the Noteholders may be entitled to receive in such
Proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to 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 Noteholder thereof, or to authorize the Trustee
to vote in respect of the claim of any Noteholder in any such Proceeding.

 

    61

     

    

 

Section 10.11. Priorities.
Following the declaration of an Event of Default pursuant to Section 9.1 or 10.2, all amounts in any Payment
Account, including any money or property collected pursuant to Section 10.4 (after deducting the reasonable costs and
expenses of such collection), shall be applied by the Trustee on the related Payment Date in accordance with the provisions of
Article 5 and the applicable Series Supplement.

 

Section 10.12. Undertaking
for Costs. All parties to this Indenture agree, and each Secured Party shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Trustee, (b) any
suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the aggregate
outstanding principal balance of the Notes on the date of the filing of such action or (c) any suit instituted by any Noteholder
for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such
Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

 

Section 10.13. Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Secured Parties 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 10.14. Delay
or Omission Not Waiver. No delay or omission of the Trustee or any Secured Party 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 10 or by Law to the Trustee or to the Secured Parties
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Secured Parties, as the case
may be.

 

    62

     

    

 

Section 10.15. Control
by Noteholders. Subject to the last sentence of Section 10.7, the Required Noteholders of a Series shall have the right
to direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee with respect to the Notes
of such Series or exercising any trust or power conferred on the Trustee, including but not limited to the right of the Trustee
to determine whether to deliver a “control notice” pursuant to the Intercreditor Agreement; provided that:

 

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

 

(ii)          subject to the express terms of Section 10.4, any direction to the Trustee to sell or liquidate the Receivables
Trust Estate shall be by the Holders of Notes representing not less than 100% of the aggregate outstanding principal balance of
all the Notes of all Series;

 

(iii)         the
Trustee shall have been provided with indemnity reasonably satisfactory to it; and

 

(iv)         the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction;

 

provided, however, that,
subject to Section 11.1, the Trustee need not take any action that it determines might involve it in liability or might
materially adversely affect the rights of any Noteholders not consenting to such action.

 

Section 10.16. Waiver
of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension Law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such Law, and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution
of every such power as though no such Law had been enacted.

 

Section 10.17. Action
on Notes. The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected
by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this
Indenture nor any rights or remedies of the Trustee or the Secured Parties shall be impaired by the recovery of any judgment by
the Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Receivables Trust Estate
or upon any of the assets of the Issuer.

 

Section 10.18. Performance
and Enforcement of Certain Obligations.

 

(a)          Promptly following
a request from the Trustee to do so the Issuer agrees to take all such lawful action as the Trustee may reasonably request to
compel or secure the performance and observance by the Seller, the Parent and the Servicer, as applicable, of each of their obligations
to the Issuer under or in connection with the Transaction Documents 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 Transaction Documents
to the extent and in the manner directed by the Trustee, including the transmission of notices of default on the part of the Seller,
the Parent or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure
performance by the Seller, the Parent or the Servicer of each of their obligations under the Transaction Documents.

 

    63

     

    

 

(b)          If an Event of Default
has occurred and is continuing, the Trustee may, and, at the written direction of the Required Noteholders of a Series shall,
subject to Section 10.2(b), exercise all rights, remedies, powers, privileges and claims of the Issuer against the
Receivables Trust, the Seller, the Parent or the Servicer under or in connection with the Transaction Documents, including the
right or power to take any action to compel or secure performance or observance by the Receivables Trust, the Seller, the Parent
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 Transaction Documents, and any right of the Issuer to take such action shall be suspended.

 

Section 10.19. Reassignment
of Surplus. Promptly after termination of this Indenture and the payment in full of the Issuer Obligations, any proceeds of
the Receivables Trust Estate received or held by the Trustee shall be turned over to the Issuer and the assets in the Receivables
Trust Estate shall be released to the Issuer by the Trustee without recourse to the Trustee and without any representations, warranties
or agreements of any kind.

 

ARTICLE
11.

THE TRUSTEE

 

Section 11.1. Duties of the Trustee.

 

(a)          If an Event of Default
has occurred and is continuing, and of which a Trust Officer of the Trustee has actual knowledge or received written notice, the
Trustee shall exercise such of 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 man would exercise or use under the circumstances in the conduct of his own affairs; provided,
however, that the Trustee shall have no liability in connection with any action or inaction taken, or not taken, by it
upon the deemed occurrence of an Event of Default of which a Trust Officer has not received written notice; and provided,
further that the preceding sentence shall not have the effect of insulating the Trustee from liability arising out of the
Trustee’s negligence or willful misconduct.

 

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

 

(i)           the Trustee
undertakes to perform only those duties that are specifically set forth in this Indenture and no others, and no implied duties
(including fiduciary duties), covenants or obligations shall be read into this Indenture against the Trustee;

 

(ii)          in the
absence of negligence and bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon documents, certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; provided, however, in the case of any such documents, certificates or opinions
which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the documents,
certificates and opinions to determine whether or not they conform to the requirements of this Indenture and, if applicable, the
Transaction Documents to which the Trustee is a party, provided, further, that the Trustee shall not be responsible
for the accuracy or content of any of the aforementioned documents, certificates or opinions and the Trustee shall have no obligation
to verify or recompute any numeral information provided to it pursuant to the Transaction Documents.

 

    64

     

    

 

(c)          No provision of this
Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to
act, or its own willful misconduct or for the breach of the express terms of the Indenture caused by its own negligence, willful
misconduct or bad faith, except that:

 

(i)           this
clause does not limit the effect of clause (b) of this Section 11.1;

 

(ii)          the
Trustee shall not be personally liable for any error of judgment made in good faith by a Trust Officer or Trust Officers of the
Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(iii)         the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to this Indenture, including Section 10.15;

 

(iv)         the
Trustee shall not be charged with knowledge of any failure by the Servicer referred to in clauses (a)-(h) of Section 2.06
of the Servicing Agreement and the items referred to in the definition of “Monthly Remittance Condition” unless
a Trust Officer of the Trustee obtains actual knowledge of such failure or the Trustee receives written notice of such failure
from the Servicer or any Holders of Notes evidencing not less than 10% of the aggregate outstanding principal balance of the Notes
of any Series adversely affected thereby.

 

(d)          Notwithstanding anything
to the contrary contained in this Indenture or any of the Transaction Documents, no provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights and powers, if there is reasonable ground (as determined by the Trustee in its
sole discretion) for believing that the repayment of such funds or indemnity reasonably satisfactory to the Trustee against such
risk is not reasonably assured (as determined by the Trustee in its sole discretion) to it by the security afforded to it by the
terms of this Indenture.

 

(e)          Every provision of
this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to
the provisions of this Section and to the provisions of the TIA (if this Indenture is required to be qualified under the
TIA).

 

(f)          The Trustee shall,
and hereby agrees that it will, perform all of the express obligations and duties required of it in the Servicing Agreement.

 

    65

     

    

 

(g)          Except for actions
expressly authorized by this Indenture, the Trustee shall take no action reasonably likely to impair the interests of the Issuer
in any asset of the Receivables Trust Estate now existing or hereafter created or to impair the value of any asset of the Receivables
Trust Estate now existing or hereafter created.

 

(h)          Except as provided
in this Section 11.1(h), the Trustee shall have no power to vary the corpus of the Receivables Trust Estate including,
without limitation, the power to (i) accept any substitute obligation for an asset of the Receivables Trust Estate assigned by
the Issuer under the Granting Clause except for actions expressly authorized by this Indenture or (ii) release any assets from
the Receivables Trust Estate, except in each case as permitted or contemplated by the Transaction Documents permitted under Sections
5.8, 10.19, 12.1, 15.1 or Article 5 and Section 2.03 or Section 2.04 of the Servicing
Agreement.

 

(i)           Subject to Section
11.2(k), the Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other
instruments furnished to the Trustee which are specifically required to be furnished pursuant to any provision of this Indenture,
shall examine them to determine whether they substantially conform on their face to the requirements of this Indenture, to the
extent this Indenture specifically sets forth any requirements for any such resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments and requires such requirements to be confirmed by the Trustee.

 

(j)           Without limiting
the generality of this Section 11.1 and subject to the other provisions of this Indenture, the Trustee shall have
no duty (i) to see to any recording, filing or depositing of this Indenture or any agreement referred to herein, or to see to
the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof or
to see to the validity, perfection, continuation, or value of any lien or security interest created herein or to monitor the status
of any such lien or security interest or the performance of any collateral, (ii) to see to the payment or discharge of any tax,
assessment or other governmental Lien owing with respect to, assessed or levied against any part of the Issuer, (iii) to confirm,
verify or review (unless expressly required by the terms of this Indenture or any other Transaction Document to which the Trustee
is a party) the contents of any reports or certificates delivered to the Trustee pursuant to this Indenture or any other Transaction
Document believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties, (iv) to determine
whether any Receivables is an Eligible Receivable or to inspect the Receivables Trust Certificate or the Receivables at any time
or ascertain or inquire as to the performance or observance of any of the Issuer’s, the Receivables Trust’s, the Seller’s,
the Parent’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations
as Servicer and as custodian of the Receivable Files under the Servicer Transaction Documents or (v) to determine when a Purchase
Event occurs.

 

(k)          Subject to Section 11.1(d), in the event that the Paying Agent or the Transfer Agent and Registrar (if other
than the Trustee) shall fail to perform any obligation, duty or agreement in the manner or on the day required to be performed
by the Paying Agent or the Transfer Agent and Registrar, as the case may be, under this Indenture, the Trustee shall be obligated
as soon as practicable upon actual knowledge of a Trust Officer thereof and receipt of appropriate records and information, if
any, to perform such obligation, duty or agreement in the manner so required.

 

    66

     

    

 

(l)           No provision of this
Indenture or any other Transaction Document shall be construed to require the Trustee to perform, or accept any responsibility
for the performance of, the obligations of the Servicer hereunder or under any other Transaction Document or any Person other
than itself under any Transaction Document.

 

(m)         Subject to Section 11.4,
all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which
they were received, but need not be segregated from other funds except to the extent required by Law or the Transaction Documents.

 

(n)          Except as otherwise
required or permitted by the TIA (if this Indenture is required to be qualified under the TIA), nothing contained herein shall
be deemed to authorize the Trustee to engage in any business operations or any activities other than those set forth in this Indenture.
Specifically, the Trustee shall have no authority to engage in any business operations, acquire any assets other than those specifically
included in the Receivables Trust Estate under this Indenture or otherwise vary the assets held by the Issuer. Similarly, the
Trustee shall have no discretionary duties, except as otherwise required or permitted by the TIA (if this Indenture is required
to be qualified under the TIA), provided, that the Trustee shall perform those ministerial acts set forth above necessary to accomplish
the purpose of this Indenture.

 

(o)          Notwithstanding any
provision of this Indenture or any other Transaction Document to the contrary, the Trustee shall not be required to take action
(including the sending of any notice) upon, or be deemed to have notice or knowledge of, any Default, Event of Default, event
or information unless a Trust Officer of the Trustee shall have received written notice thereof. In the absence of a Trust Officer’s
receipt of such notice, the Trustee shall have no duty to take any action to determine whether any such event, Default or Event
of Default has occurred and may conclusively assume that no such event, Default or Event of Default has occurred.

 

(p)          Anything in this
Indenture to the contrary notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the
likelihood of such loss or damage regardless of the form of action.

 

(q)          The Trustee shall
not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of
the Issuer, the Servicer and/or a specified percentage of Noteholders under circumstances in which such direction is required
or permitted by the terms of this Base Indenture, a Series Supplement or other Transaction Document.

 

(r)           The Trustee agrees
to provide the Issuer with prompt written notice of any written repurchase demand it receives with respect to the Receivables
underlying the Receivables Trust Certificate and to cooperate in good faith with any reasonable written request by the Issuer
for information in the possession of the Trustee which is required in order to enable the Issuer to comply with the provisions
of Rule 15Ga-1 under the Exchange Act as it relates to the Trustee or to the Trustee’s obligations under the Transaction
Documents; provided that with respect to Rule 15Ga-1, only information in its possession need be provided, and the Trustee shall
not be deemed a “securitizer” under the Exchange Act.

 

    67

     

    

 

(s)          The enumeration of
any discretion, permissive right, privilege or power herein or in any other Transaction Document available to the Trustee shall
not be construed to be the imposition of a duty, unless and except to the extent expressly set forth herein.

 

Section 11.2. Rights
of the Trustee. Except as otherwise provided by Section 11.1:

 

(a)          The Trustee may conclusively
rely on and shall be protected in acting upon or refraining from acting upon and in accord with, without any duty to verify or
review (unless expressly required by the terms of this Indenture or any other Transaction Document to which the Trustee is a party)
the contents or recompute any calculations therein, any document (whether in its original or facsimile form), including the Monthly
Servicer Report, the annual Servicer’s certificate, the monthly payment instructions and notification to the Trustee, the
Monthly Noteholders’ Statement, any resolution, Conn Officer’s Certificate, certificate of auditors or any other certificate,
statement, instrument, opinion (including any Opinion of Counsel), report, notice, request, consent, order, appraisal, bond or
other paper or document, believed by it to be genuine and to have been signed by or presented by the proper Person. Subject to
Section 11.1, the Trustee need not investigate any fact or matter stated in any such document.

 

(b)          Before the Trustee
acts or refrains from acting, the Trustee may, at the reasonable expense of the Issuer require a Conn Officer’s Certificate
or consult with counsel of its selection and the Conn Officer’s Certificate or the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon.

 

(c)          The Trustee may execute
any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys, custodians
and nominees and the Trustee shall not be liable for any misconduct or negligence on the part of, or for the supervision of, any
such agent or attorneys, custodian or nominee so long as such agent, custodian or nominee is appointed with due care.

 

(d)          The Trustee shall
not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or
powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute
willful misconduct, negligence or bad faith or a breach of the express terms of this Indenture caused by its own negligence, willful
misconduct or bad faith.

 

(e)          The Trustee shall
be under no obligation to exercise any of the rights or powers vested in it by this Base Indenture or any Series Supplement or
any other Transaction Document, or to institute, conduct or defend any litigation hereunder or thereunder or in relation hereto,
at the request, order or direction of any of the Noteholders, pursuant to the provisions of this Base Indenture or any Series
Supplement or any other Transaction Document, unless such Noteholders shall have offered to the Trustee security or indemnity
reasonably satisfactory to the Trustee against the costs, expenses and liabilities which may be incurred therein or thereby; nothing
contained herein or therein shall, however, relieve the Trustee of the obligations, upon receipt by a Trust Officer of written
notice of the occurrence of an Event of Default (which has not been cured or waived), to exercise such of the rights and powers
vested in it by this Base Indenture or any Series Supplement, and to use the same degree of care and skill in their exercise as
a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

 

    68

     

    

 

(f)           The Trustee shall
not be bound to make any investigation into the facts of matters stated in any resolution, certificate (including any Conn Officer’s
Certificate), statement, instrument, opinion (including any Opinion of Counsel), report, notice, request, consent, order, approval,
bond or other paper or document (including, the Monthly Servicer’s Report, the annual Servicer’s certificate, the
monthly payment instructions and notification to the Trustee or the Monthly Noteholders’ Statement), unless requested in
writing so to do by the Holders of Notes evidencing not less than 25% of the aggregate outstanding principal balance of Notes
of any Series which could be materially adversely affected if the Trustee does not perform such acts, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Issuer, personally or by agent or attorney at the sole cost of the Issuer and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation; provided, however, that if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is,
in the opinion of the Trustee, not reasonably assured (as determined by the Trustee in its sole discretion) to the Trustee by
the security afforded to it by the terms of this Indenture, the Trustee may require security or indemnity reasonably satisfactory
to it against the costs, expenses and liabilities which may be incurred thereby as a condition to so proceeding; the reasonable
expense of every such examination shall be paid by the Person making such request, or, if paid by the Trustee, shall be reimbursed
by the Person making such request upon demand.

 

(g)          The Trustee shall
have no liability for the selection of Permitted Investments and shall not be liable for any losses (including, without limitation,
any loss of principal or interest) or liquidation penalties in connection with Permitted Investments, unless such losses or liquidation
penalties were incurred through the Trustee’s own willful misconduct or negligence. The Trustee shall have no obligation
to invest or reinvest any amounts except as provided in this Indenture and as directed by the Issuer (or the initial Servicer
on its behalf). Notwithstanding the foregoing, if the initial Servicer is removed or replaced, the selected Permitted Investment
for investment or reinvestment as provided in this Indenture shall be as in effect on the date of such removal or replacement.
In the absence of written instructions received by the Trustee in accordance with the second sentence of this paragraph, all amounts
held in the Trust Accounts shall remain uninvested and the Trustee shall not be required to pay, or be liable for, any interest
or earnings on such amounts, unless and until the Trustee receives written instruction in accordance with the second sentence
of this paragraph. Unless specifically otherwise provided in this Indenture, any earnings on investments of the funds in any Trust
Account shall become part of such Trust Account, and shall be disbursed from such Trust Account as and when set forth in this
Indenture, and the parties hereto understand and agree that the Trustee and its Affiliates may provide various services with respect
to Permitted Investments and may be paid fees for such services. Similarly, the parties hereto understand and agree that proceeds
of the sale of Permitted Investments will be delivered on the Business Day on which the appropriate instructions are received
by the Trustee if received prior to the deadline for same day sale of such Permitted Investments. If such instructions are received
after the applicable deadline, proceeds will be delivered on the next succeeding Business Day. The parties hereto acknowledge
that the Trustee is not providing investment supervision, recommendations or advice. The Issuer acknowledges that upon its written
request and at no additional cost, it has the right to receive notification after the completion of each purchase and sale of
Permitted Investments or the Trustee’s receipt of a broker’s confirmation. The Issuer agrees that such notifications
shall not be provided by the Trustee hereunder, and the Trustee shall make available, upon request and in lieu of notifications,
periodic account statements that reflect such investment activity. No statement need be made available for any account if no activity
has occurred in such account during such period.

 

    69

     

    

 

(h)          The Trustee shall
not be liable for the acts or omissions of any successor to the Trustee so long as such acts or omissions were not the result
of the negligence, bad faith or willful misconduct of the predecessor Trustee.

 

(i)           The rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person
employed to act hereunder.

 

(j)           Except as may be
required by Sections 11.1(b)(ii) , 11.1(i), 11.2(a) and 11.2(f), the Trustee shall not be required
to make any initial or periodic examination of any documents or records related to the Receivables Trust Estate for the purpose
of establishing the presence or absence of defects, the compliance by the Seller, the Parent or the Servicer with their respective
representations and warranties or for any other purpose; and shall not be required to provide any notice of any breach of a representation
or warranty unless a Trust Officer of the Trustee has received written notice thereof.

 

(k)          Without limiting
the generality of this Section, the Trustee shall have no duty (i) to see to any recording or filing of, or for the preparation,
correctness or accuracy of, any financing statement or continuation statement evidencing a security interest in the Receivables,
or to see to the maintenance of any such recording or filing or to any rerecording, refiling or redepositing of any thereof, (ii)
to confirm or verify the contents of any reports or certificates of the Servicer or the Issuer delivered to the Trustee pursuant
to this Indenture or the other Transaction Documents believed by the Trustee to be genuine and to have been signed or presented
by the proper party or parties or (iii) to inspect the Receivables at any time or ascertain or inquire as to the performance or
observance of any of the Issuer’s or the Servicer’s representations, warranties or covenants or the Servicer’s
duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Receivables.

 

(l)           The Trustee shall
not be responsible to any Person for (i) the value, validity, effectiveness, genuineness, enforceability (other than as to the
Trustee with respect to this Indenture) or sufficiency of this Indenture or any other document referred to or provided for herein
or therein or, except as may otherwise be required by law, of the Receivables Trust Estate held by the Trustee hereunder, or (ii)
the existence, validity, perfection, priority or enforceability of the Liens in any of the Receivables Trust Estate, whether impaired
by operation of law or by reason of any action or omission to act on its part hereunder (except to the extent such action or omission
constitutes negligence, bad faith or willful misconduct on the part of the Trustee), the validity of the title to the Receivables
Trust Estate, insuring the Receivables Trust Estate or the payment of taxes, charges, assessments or Liens upon the Receivables
Trust Estate.

 

    70

     

    

 

(m)          Whenever the Trustee
is unable to decide between alternative courses of action permitted or required by the terms of this Indenture or any other Transaction
Document, or is unsure as to the application, intent, interpretation or meaning of any provision of this Indenture or any other
Transaction Document, or is, or appears to be, in conflict with any other applicable provision, or is silent or is incomplete
as to the course of action to be adopted, the Trustee may give notice to the Holders and request written direction therefrom,
as to the course of action to be adopted and, to the extent the Trustee acts in good faith in accordance with the written direction
of the Required Noteholders (or, if applicable, the Required Noteholders) of any one or more applicable Series, the Trustee shall
not be liable on account of such action. If the Trustee shall not have received appropriate written direction within 30 days of
such notice (or within such shorter period of time as reasonably may be specified in such notice), it may, but will be under no
duty to, take or refrain from taking such action, not inconsistent with this Indenture, as it deems to be in the best interests
of the Holders, and the Trustee shall not have any liability to the Issuer, the Holders or any other Person for such action or
inaction.

 

(n)          Without limiting
any other provision of this Indenture or any other Transaction Document, the Trustee shall not be charged with any knowledge held
by or imputed to any of the Holders, the Issuer, the Servicer or any other Person.

 

(o)          The Trustee shall
not be liable for any delays in performance for causes beyond its control, including, but not limited to, fire, flood, epidemic,
unusually severe weather, strike, restriction by civil or military authority in their sovereign or contractual capacities, transportation
failure, loss or malfunctions of communications or computer (software and hardware) services, power line or other utility failures
or interruptions, inability to obtain labor or any other force majeure event. In the event of any such delay, performance
shall be extended for so long as such period of delay.

 

(p)          The Trustee shall
not be liable for the actions, omissions, default or misconduct of any other party hereto, or of any other Person, in connection
with this Indenture or otherwise, and shall not be responsible for monitoring or supervising (and may assume that such other parties
have performed their obligations absent written notice or actual knowledge of a Trust Officer of the Trustee to the contrary),
or for any act or omission of, the Servicer, the Depositor, the Seller, the Issuer, the Back-up Servicer, or any other Person
unless such monitoring or supervision is expressly required to be performed by the Trustee pursuant to the Transaction Documents
to which the Trustee is a party.

 

(q)          Each of the parties
hereto hereby agrees and, as evidenced by its acceptance of any benefits hereunder, any Holder agrees that the Trustee in any
capacity (x) has not provided and will not provide in the future, any advice, counsel or opinion regarding the tax, financial,
investment, securities law or insurance implications and consequences of the consummation, funding and ongoing administration
of this Indenture, including, but not limited to, income, gift and estate tax issues, and the initial and ongoing selection and
monitoring of financing arrangements, (y) has not made any investigation as to the accuracy of any representations, warranties
or other obligations of any Person under any Transaction Document (other than the Trustee’s representations and warranties
set forth in Section 11.16) and shall have no liability in connection therewith, including any liability for the enforcement thereof
(except for any enforcement obligations of the Trustee expressly set forth in the Transaction Documents) and (z) the Trustee has
not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in any disclosure
or offering document or in any other document issued or delivered in connection with the sale or transfer of the Notes other than
the statements set forth under the heading “THE TRUSTEE” in the Offering Memorandum.

 

    71

     

    

 

(r)           The Trustee shall
have no notice of and shall not be bound by any of the terms and conditions of any other document or agreement executed or delivered
in connection with, or intended to control any part of, the transactions anticipated by or referred to in this Indenture unless
the Trustee is or has become a signatory party to that document or agreement in such capacity. The delivery or availability of
reports or documents (including news or other publically available reports or documents) or any reports delivered to the Trustee
for which the Trustee has no duty, obligation or requirement to review or consider shall not constitute actual or constructive
knowledge or notice of information contained in or determinable from those reports or documents.

 

(s)          Nothing in this Indenture
or any other Transaction Document shall be deemed to obligate the Trustee to deliver any instruments, documents or any other property
referred to herein or therein, unless the same or the components thereof shall have first been received by the Trustee pursuant
to this Indenture.

 

(t)           The Trustee shall not be required to take any action hereunder or pursuant to any written instruction, direction or request
delivered in accordance with the provisions hereof if the Trustee shall have been advised by counsel or it shall otherwise have
reasonably determined that such action is likely to result in liability on the part of the Trustee (unless the Trustee has been
sufficiently indemnified in its reasonable judgment), is contrary to the terms hereof or is otherwise contrary to law.

 

Section 11.3. Trustee
Not Liable for Recitals in Notes. The Trustee assumes no responsibility for the correctness of the recitals contained in this
Indenture and in the Notes (other than the signature and authentication of the Trustee on the Notes). Except as set forth in Section 11.16,
the Trustee makes no representations as to the enforceability, validity or sufficiency of this Indenture or of the Notes (other
than the signature and authentication of the Trustee on the Notes) or of any asset of the Receivables Trust Estate or related document.
The Trustee shall not be accountable for the use or application by the Depositor, the Issuer or the Seller of any of the Notes
or of the proceeds of such Notes, or for the use or application of any funds paid to the Depositor, the Seller or to the Issuer
in respect of the Receivables Trust Estate or deposited in or withdrawn from the Collection Account, the Reserve Account, any Payment
Account or any Series Account by the Servicer.

 

Section 11.4. Individual
Rights of the Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may
otherwise deal with the Issuer or an Affiliate of the Issuer with the same rights it would have if it were not Trustee. Any Paying
Agent, Transfer Agent and Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must
comply with Sections 11.9 and 11.11.

 

    72

     

    

 

Section 11.5. Notice
of Defaults. If a Default or Event of Default occurs and is continuing and if a Trust Officer of the Trustee receives written
notice or has actual knowledge thereof, the Trustee shall promptly provide, with respect to any Event of Default, the Issuer (who
shall promptly provide to the Rating Agencies) and each Noteholder (and in any event within three (3) Business Days) after such
actual knowledge or notice occurs, to the extent possible by email or facsimile, and, otherwise, by first class mail at their respective
addresses appearing in the Note Register.

 

Section 11.6. Compensation.

 

(a)          To the extent not
otherwise paid pursuant to the terms of the Indenture, the Issuer covenants and agrees to pay to the Trustee from time to time,
and the Trustee shall be entitled to receive, reasonable compensation (which shall not be limited by any provision of Law in regard
to the compensation of a trustee of an express trust) for all services rendered by it in the execution of the trust hereby created
and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, the Issuer will pay or reimburse
the Trustee (except as provided in Section 10.10, without reimbursement from the Collection Account, any Investor Account,
any Series Account or otherwise) upon its request for all reasonable expenses, disbursements and advances (including legal fees
and costs and costs of persons not regularly employed by the Trustee) incurred or made by the Trustee in accordance with any of
the provisions of this Indenture except any such expense, disbursement or advance as may arise from its own willful misconduct,
negligence or bad faith or breach of the express terms of this Indenture caused by its own negligence, willful misconduct or bad
faith.

 

(b)          The obligations of the Issuer under this Section 11.6 shall survive the termination of this Base Indenture and
the resignation or removal of the Trustee.

 

Section 11.7. Replacement
of the Trustee.

 

(a)          A resignation or
removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance
of appointment as provided in this Section 11.7.

 

(b)          The Trustee may,
after giving sixty (60) days prior written notice to the Issuer and the Servicer, resign at any time and be discharged from the
trust hereby created; provided, however, that no such resignation of the Trustee shall be effective until a successor
trustee has assumed the obligations of the Trustee hereunder. The Issuer may remove the Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee if:

 

(i)           the Trustee
fails to comply with Section 11.9;

 

(ii)          a court
or Federal or state bank regulatory agency having jurisdiction in the premises in respect of the Trustee shall have entered a
decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator
(or similar official) for the Trustee or for any substantial part of the Trustee’s property, or ordering the winding-up
or liquidation of the Trustee’s affairs;

 

    73

     

    

 

(iii)         the
Trustee consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator,
sequestrator (or other similar official) for the Trustee or for any substantial part of the Trustee’s property, or makes
any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any corporate
action in furtherance of any of the foregoing; or

 

(iv)         the
Trustee becomes incapable of acting.

 

If the Trustee resigns
or is removed or if a vacancy exists in the office of the Trustee for any reason, the Servicer (or if Conn Appliances is not the
Servicer, the Issuer) shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning and one copy to the successor trustee.

 

(c)          If a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, the
retiring Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee and all reasonable,
documented out-of-pocket fees, costs and expenses (including external attorney’s fees and expenses) incurred in connection
with such petition shall be paid by the Issuer. For the sake of clarity, the foregoing shall apply to the Trustee in each of its
capacities hereunder.

 

A successor Trustee
shall deliver a written acceptance of its appointment to the retiring or removed Trustee and to the Issuer. Thereupon the resignation
or removal of the retiring Trustee shall become effective, and the successor Trustee, without any further act, deed or conveyance,
shall become fully vested with all the rights, powers and duties of the Trustee under this Base Indenture and any Series Supplement.
The successor Trustee shall mail a notice of its succession to Noteholders. The retiring Trustee shall promptly transfer all property
held by it as Trustee to the successor Trustee; provided, however, that all sums owing to the retiring Trustee hereunder
(and its agents and counsel) have been paid and all documents and statements held by it hereunder, and the Issuer and the predecessor
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 Trustee all such rights, powers, duties and obligations. Notwithstanding replacement of
the Trustee pursuant to this Section 11.7, the Issuer’s obligations under Sections 11.6 and 11.17
shall continue for the benefit of the retiring Trustee.

 

(d)          Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this
Section 11.7 shall not become effective until acceptance of appointment by the successor Trustee pursuant to this Section 11.7
and payment of all fees and expenses owed to the retiring Trustee.

 

(e)          No successor Trustee shall accept appointment as provided in this Section 11.7 unless at the time of such acceptance
such successor Trustee shall be eligible under the provisions of Section 11.9 hereof.

 

Section 11.8. Successor
Trustee by Merger, etc. Any Person into which the Trustee may be merged or converted or with which it may be consolidated,
or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding
to the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such Person shall be
eligible under the provisions of Section 11.9 hereof, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

 

    74

     

    

 

In case at the time
such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate
of authentication of any predecessor Trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes
shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which
it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have.

 

Section 11.9. Eligibility:
Disqualification. The Trustee shall at all times satisfy the requirements of TIA Section 310(a) (if this Indenture is
required to be qualified under the TIA).

 

The Trustee hereunder
shall at all times be organized and doing business under the Laws of the United States of America or any State thereof authorized
under such laws to exercise corporate trust powers, having a long term senior, unsecured debt rating of investment grade by any
Rating Agency or, if not rated by any Rating Agency, from another nationally recognized statistical rating organization, having,
in the case of an entity that is subject to risk-based capital adequacy requirements, risk-based capital of at least $50,000,000
or, in the case of an entity that is not subject to risk-based capital adequacy requirements, having a combined capital and surplus
of at least $50,000,000 and subject to supervision or examination by federal or state authority. If such corporation publishes
reports of condition at least annually, pursuant to Law, then for the purpose of this Section 11.9, 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.

 

The Trustee shall comply
with TIA Section 310(b) (if this Indenture is required to be qualified under the TIA), including the optional provision permitted
by the second sentence of TIA Section 310(b)(9) (if this Indenture is required to be qualified under the TIA); provided,
however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under
which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1)
are met.

 

In case at any time
the Trustee shall cease to be eligible in accordance with the provisions of this Section 11.9, the Trustee shall resign
immediately in the manner and with the effect specified in Section 11.7.

 

    75

     

    

 

Section 11.10. Appointment
of Co-Trustee or Separate Trustee.

 

(a)          Notwithstanding any
other provisions of this Base Indenture or any Series Supplement, at any time, for the purpose of meeting any legal requirements
of any jurisdiction in which any part of the Receivables Trust Estate may at the time be located, the Trustee shall have the power
and may execute and deliver all instruments to appoint one or more persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Receivables Trust Estate, and to vest in such Person or Persons, in such
capacity and for the benefit of the Secured Parties, such title to the Receivables Trust Estate, or any part thereof, and, subject
to the other provisions of this Section 11.10 such powers, duties, obligations, rights and trusts as the Trustee may
consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility
as a successor trustee under Section 11.9 and no notice to Noteholders of the appointment of any co-trustee or separate
trustee shall be required under Section 11.7. No co-trustee shall be appointed without the consent of the Issuer unless
such appointment is required as a matter of Law or to enable the Trustee to perform its functions hereunder (including, without
limitation, for jurisdictional issues, enforcement actions and where an actual or potential conflict of interests exists). The
appointment of any co-trustee or separate trustee shall not relieve the Trustee of any of its obligations hereunder.

 

(b)          Every separate trustee
and co-trustee shall, to the extent permitted by Law, be appointed and act subject to the following provisions and conditions:

 

(i)           the Notes
of each Series shall be authenticated and delivered solely by the Trustee or an authenticating agent appointed by the Trustee;

 

(ii)          all
rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised
or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Trustee joining in such act), except to the extent that under any Law
(whether as Trustee hereunder or as successor to the Servicer under the Servicing Agreement), the Trustee shall be incompetent
or unqualified to perform, such act or acts, in which event such rights, powers, duties and obligations (including the holding
of title to the Receivables Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly
by such separate trustee or co-trustee, but solely at the direction of the Trustee;

 

(iii)          no
trustee hereunder shall be personally liable by reason of any act or omission of any other trustees, hereunder, including acts
or omissions of predecessor or successor trustees;

 

(iv)         the
Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee; and

 

(v)          the Trustee shall not be liable or responsible for appointment of any co-trustee or for the actions or omissions of any
co-trustee.

 

(c)          Any notice, request
or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Indenture and the conditions of this Article 11. Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee
or separately, as may be provided therein, subject to all the provisions of this Base Indenture and any Series Supplement, specifically
including every provision of this Base Indenture or any Series Supplement relating to the conduct of, affecting the liability
of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee and a copy thereof given to
the Servicer.

 

    76

     

    

 

(d)          Any separate trustee or co-trustee may at any time constitute the Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by Law, to do any lawful act under or in respect to this Base Indenture or any Series
Supplement 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 Trustee, to the extent
permitted by Law, without the appointment of a new or successor Trustee.

 

(e)          Any separate trustee
or co-trustee appointed in accordance herewith shall not be deemed an agent of the Trustee for any purpose.

 

Section 11.11. Preferential
Collection of Claims Against the Issuer. The Trustee shall comply with TIA Section 311(a), excluding any creditor relationship
listed in TIA Section 311(b) (if this Indenture is required to be qualified under the TIA). A Trustee who has resigned or
been removed shall be subject to TIA Section 311(a) to the extent indicated (if this Indenture is required to be qualified
under the TIA).

 

Section 11.12. Tax
Returns. Neither the Trustee nor (except to the extent the initial Servicer breaches its obligations or covenants contained
in the Servicing Agreement) the Servicer shall be liable for any liabilities, costs or expenses of the Issuer, the Noteholders
nor the Note Owners arising under any tax Law, including without limitation federal, state, local or foreign income or franchise
taxes or any other tax imposed on or measured by income (or any interest or penalty with respect thereto or arising from a failure
to comply therewith).

 

Section 11.13. Trustee
May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or any Series of Notes
may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any Proceeding
relating thereto, and any such Proceeding instituted by the Trustee shall be brought in its own name as trustee. Any recovery of
judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, be for the ratable benefit of any Series of Noteholders in respect of which such judgment has been obtained.

 

Section 11.14. Suits
for Enforcement. If an Event of Default shall occur and be continuing, the Trustee in its discretion may (and, pursuant to
Section 10.7, at the written direction of the Required Noteholders, shall), subject to the provisions of Section 2.01
of the Servicing Agreement, proceed to protect and enforce its rights and the rights of any Secured Party under this Indenture
or any other Transaction Document by a Proceeding, whether for the specific performance of any covenant or agreement contained
in this Indenture or such other Transaction Document or in aid of the execution of any power granted in this Indenture or such
other Transaction Document or for the enforcement of any other legal, equitable or other remedy as the Trustee, being advised by
counsel, shall deem most effectual to protect and enforce any of the rights of the Trustee or any Secured Party.

 

    77

     

    

 

Section 11.15. Reports
by Trustee to Holders. The Trustee shall deliver to each Noteholder such information as delivered to it by the Servicer pursuant
to the Code, as further described in the applicable Series Supplement.

 

Section 11.16. Representations
and Warranties of Trustee. The Trustee represents and warrants to the Issuer and the Secured Parties that:

 

(i)           the Trustee
is a banking association duly organized, existing and authorized to engage in the business of banking under the Laws of the United
States of America;

 

(ii)          the
Trustee has full power, authority and right to execute, deliver and perform this Base Indenture and any Series Supplement issued
concurrently with this Base Indenture and to authenticate the Notes issued concurrently with this Base Indenture, and has taken
all necessary action to authorize the execution, delivery and performance by it of this Base Indenture and any Series Supplement
issued concurrently with this Base Indenture and to authenticate the Notes issued concurrently with this Base Indenture;

 

(iii)         this
Base Indenture and any Series Supplement issued concurrently with this Base Indenture has been duly executed and delivered by
the Trustee; and

 

(iv)         the
Trustee meets the requirements of eligibility hereunder set forth in Section 11.9.

 

Section 11.17. Issuer
Indemnification of the Trustee. The Issuer shall fully indemnify, protect, defend and hold harmless the Trustee (and any predecessor
Trustee) and its directors, officers, shareholders, agents and employees (collectively, “Trustee Indemnified Persons”)
from and against any and all loss, liability, claim, fees, costs, expense (including reasonable attorneys’ fees and costs),
damage or injury (including, without limitation, any legal fees, costs and expenses incurred in connection with any enforcement
(including any action, claim or suit brought) by the Trustee of any indemnification or other obligation of the Issuer, and reasonable
attorneys’ fees, expenses, court costs and any losses incurred in connection with a successful defense, in whole or in part,
of any claim that the Trustee breached its standard of care) (collectively, “Trustee Indemnified Amounts”) suffered
or sustained arising out of or in connection with this Base Indenture or any Series Supplement and any other Transaction Document,
including, by reason of any acts, omissions or alleged acts or omissions arising out of the activities of the Trustee pursuant
to this Base Indenture or any Series Supplement and any other Transaction Document to which it is a party, including but not limited
to any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with the
defense of any actual or threatened action, Proceeding or claim; provided, however, that the Issuer shall not indemnify
any Trustee Indemnified Person for the extent of any Trustee Indemnified Amounts caused by such acts or omissions by such Trustee
Indemnified Person constituting negligence or willful misconduct thereby. The indemnity provided herein shall survive the termination
and assignment of this Indenture and the resignation and removal of the Trustee.

 

    78

     

    

 

 

Section 11.18. Trustee’s
Application for Instructions from the Issuer. Any application by the Trustee for written instructions from the Issuer or the
initial Servicer may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee
under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. Subject
to Section 11.1, the Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance
with a proposal included in such application on or after the date specified in such application (which date shall not be less than
thirty (30) days after the date any Responsible Officer of the Issuer or the initial Servicer actually receives such application,
unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective
date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying
the action to be taken or omitted.

 

Section 11.19. [Reserved]

 

Section 11.20. Maintenance
of Office or Agency. The Trustee will maintain at its expense, an office or offices, or agency or agencies, where notices and
demands to or upon the Trustee in respect of the Notes and this Indenture may be served. The Trustee initially appoints its Corporate
Trust Office as its office for such purposes. The Trustee will give prompt written notice to the Issuer, the Servicer and to Noteholders
of any change in the location of the Note Register or any such office or agency.

 

Section 11.21.Concerning
the Rights of the Trustee. The rights, privileges and immunities afforded to the Trustee in the performance of its duties under
this Indenture shall apply equally to the performance by the Trustee of its duties under each other Transaction Document to which
it is a party.

 

Section 11.22.Direction
to the Trustee. The Issuer hereby directs the Trustee to enter into the Transaction Documents to which it is a party.

 

ARTICLE
12.

DISCHARGE OF INDENTURE

 

Section 12.1. Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights
of Noteholders to receive payments of principal thereof and interest thereon and any other amount due to Noteholders, (ii) Sections
8.1, 11.6, 11.12, 12.2, 12.5(b), 15.16 and 15.17, (iii) the rights, obligations and
immunities of the Trustee hereunder (including the rights of the Trustee under Sections 11.6 and 11.17 and the obligations
of the Trustee under Section 12.2) and (iv) the rights of Noteholders as beneficiaries hereof with respect to the property
deposited with the Trustee as described below payable to all or any of them, and the Trustee, in accordance with an Issuer Order
and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes (and their related Secured Parties), and release its Lien in the Receivables Trust Certificate and all Collections
with respect thereto received on or after the date of the deposit of the Discharge Amount (as described in the immediately succeeding
paragraph) (and, notwithstanding anything in the Transaction Documents to the contrary, the Issuer may sell or otherwise distribute
the Receivables) on the Business Day (the “Indenture Termination Date”) on which the Issuer has paid, caused
to be paid or irrevocably deposited or caused to be irrevocably deposited in the applicable Payment Account and any applicable
Series Account funds sufficient to pay in full all Issuer Obligations and Collateral Interests, if any (the “Discharge
Amount”), and the Issuer has delivered to the Trustee a Conn Officer’s Certificate, an Opinion of Counsel and,
if required by the TIA (if this Indenture is required to be qualified under the TIA), an Independent Certificate from a firm of
certified public accountants, each meeting the applicable requirements of Section 15.1(a) and each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been satisfied.

 

    79

     

    

 

After any irrevocable
deposit of the Discharge Amount made pursuant to Section 12.1 and satisfaction of the other conditions set forth in
this Section 12.1, the Trustee promptly upon Issuer Request shall acknowledge in writing the discharge of the Issuer’s
obligations under this Indenture except for those surviving obligations specified above.

 

Section 12.2. Application
of Issuer Money. All moneys deposited with the Trustee pursuant to Section 12.1 shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Base Indenture and the related Series Supplement, to the payment,
either directly or through any Paying Agent, as the Trustee may determine, to the Holders of the particular Notes for the payment
or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal
and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the other Transaction
Documents to which the Trustee is a party or required by Law.

 

The provisions of this
Section 12.2 shall survive the expiration or earlier termination of this Indenture.

 

Section 12.3. 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 Trustee under the provisions of this Indenture with respect to such Notes
shall, upon demand of the Issuer, be paid to the Trustee to be held and applied according to Section 8.1 and thereupon
such Paying Agent shall be released from all further liability with respect to such moneys.

 

Section 12.4. [Reserved]

 

    80

     

    

 

Section 12.5. Final
Payment with Respect to Any Series.

 

(a)              
Written notice of any termination, specifying the Payment Date upon which the Noteholders of any Series may surrender their
Notes for final payment with respect to such Series and cancellation, shall be given (subject to at least two (2) Business Days’
notice from the Issuer to the Trustee prior to the date the Trustee must mail notice to any Noteholder) by the Trustee to Noteholders
of such Series mailed not later than five (5) Business Days preceding such final payment (or in the manner provided by the Series
Supplement relating to such Series) specifying (i) the Payment Date (which shall be the Payment Date in the month (x) in which
the deposit is made as may be specified in the related Series Supplement, or (y) in which the related Series Termination Date
occurs) upon which final payment of such Notes will be made upon presentation and surrender of such Notes at the office or offices
therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment
Date is not applicable, payments being made only upon presentation and surrender of the Notes at the office or offices therein
specified. The Issuer’s notice to the Trustee in accordance with the preceding sentence shall be accompanied by a Conn Officer’s
Certificate setting forth the information specified in Article 6 of this Base Indenture covering the period during the then
current calendar year through the date of such notice and setting forth the date of such final distribution. The Trustee shall
give such notice to the Transfer Agent and Registrar, and the Paying Agent at the time such notice is given to such Noteholders.

 

(b)              
Notwithstanding the termination or discharge of the Indenture pursuant to Section 12.1 or the occurrence of
the Series Termination Date with respect to any Series, all funds then on deposit in the applicable Payment Account shall continue
to be held in trust for the benefit of the Noteholders of the related Series and the Paying Agent or the Trustee shall pay such
funds to the Noteholders of the related Series upon surrender of their Notes. In the event that all of the Noteholders of any Series
shall not surrender their Notes for cancellation within six (6) months after the date specified in the above-mentioned written
notice, the Trustee shall give second written notice to the remaining Noteholders of such Series upon receipt of the appropriate
records from the Transfer Agent and Registrar to surrender their Notes for cancellation and receive the final distribution with
respect thereto. If within one and one-half years after the second notice with respect to a Series, all the Notes of such Series
shall not have been surrendered for cancellation, the Trustee may take appropriate steps or may appoint an agent to take appropriate
steps, to contact the remaining Noteholders of such Series concerning surrender of their Notes, and the cost thereof shall be paid
out of the funds in the Payment Account or any Series Account held for the benefit of such Noteholders. Subject to applicable Laws
with respect to escheat of funds, the Trustee and the Paying Agent shall pay to the Issuer upon request any monies held by them
for the payment of principal or interest which remains unclaimed for two (2) years. After such payment to the Issuer, Noteholders
entitled to the money must look to the Issuer for payment as general creditors unless an applicable abandoned property Law designates
another Person other than the Trustee.

 

(c)              
All Notes surrendered for payment of the final distribution with respect to such Notes and cancellation shall be cancelled
by the Transfer Agent and Registrar and be disposed of in a manner satisfactory to the Trustee and the Issuer.

 

Section 12.6. Termination
Rights of Issuer. Upon the termination of the Lien of the Indenture pursuant to Section 12.1, and after payment
of all amounts due hereunder on or prior to such termination, the Trustee shall upon receipt of an Issuer Request execute a written
release and reconveyance substantially in the form of Exhibit A pursuant to which it shall release the Lien of the Indenture
on the Receivables Trust Estate and the Trust Estate and reconvey to the Issuer (without recourse, representation or warranty)
all right, title and interest in the Receivables Trust Estate, whether then existing or thereafter created, all moneys due or to
become due with respect to such Receivables Trust Estate (including all accrued interest theretofore posted as Finance Charges)
and all proceeds of the Receivables Trust Estate, except for amounts held by the Trustee or any Paying Agent pursuant to Section 12.5(b).
The Trustee shall execute and deliver such instruments of transfer and assignment, in each case without recourse, as shall be reasonably
requested by the Issuer or the Servicer to release the Lien of the Indenture on the Receivables Trust Estate and the Trust Estate
and to vest in the Issuer all right, title and interest in the Receivables Trust Estate.

 

    81

     

    

 

Section 12.7. Repayment
to the Issuer. The Trustee and the Paying Agent shall promptly pay to the Issuer upon written request any excess money or,
pursuant to Sections 2.10 and 2.13, return any Notes held by them at any time.

 

ARTICLE
13.

AMENDMENTS

 

Section 13.1. Without
Consent of the Noteholders. Without the consent of the Noteholders, and subject to satisfaction of the Rating Agency Condition,
and, unless otherwise provided in any Series Supplement, with the consent of the Servicer or Back-Up Servicer (including, as successor
Servicer) if the rights and/or obligations of the Servicer or the Back-Up Servicer, as applicable, are materially and adversely
affected thereby, the Issuer and the Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter
into one or more indenture supplements or amendments hereto or amendments to any Series Supplement (which shall conform to any
applicable provisions of the TIA as in force at the date of execution thereof), in form satisfactory to the Trustee, unless otherwise
provided in a Series Supplement, for any of the following purposes:

 

(a)           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 Trustee any property subject or required to be subjected to the Lien of this Indenture, or to subject
to the Lien of this Indenture additional property;

 

(b)          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;

 

(c)          to add to the covenants of the Issuer for the benefit of any Secured Parties or to surrender any right or power herein conferred
upon the Issuer;

 

(d)          to convey, transfer, assign, mortgage or pledge to the Trustee any property or assets as security for the Issuer Obligations
and to specify the terms and conditions upon which such property or assets are to be held and dealt with by the Trustee and to
set forth such other provisions in respect thereof as may be required by this Indenture or as may, consistent with the provisions
of this Indenture, be deemed appropriate by the Issuer and the Trustee, or to correct or amplify the description of any such property
or assets at any time so mortgaged, pledged, conveyed and transferred to the Trustee;

 

(e)          to
cure any ambiguity, or correct or supplement any provision of this Indenture which may be inconsistent with any other provision
of this Indenture or to make any other provisions with respect to matters or questions arising under this Indenture; provided,
however, that such action shall not adversely affect the interests of any Holder of the Notes in any material respect without
its consent;

 

    82

     

    

 

(f)           to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of
one or more Series or to add to or change any of the provisions of this Indenture as shall be necessary and permitted to provide
for or facilitate the administration of the trusts hereunder by more than one trustee pursuant to the requirements of Article
11;

 

(g)          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;

 

(h)          to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the treatment
of the Receivables Trust (or any part thereof), for United States federal income tax purposes, as a fixed investment trust described
in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under subpart E, Part I of subchapter J, chapter
1 of Subtitle A of the Code;

 

(i)           to add any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or modify in any
manner the rights of the Holders of the Notes under this Indenture; or

 

(j)           to reduce the Class C Note Rate with the consent of each Class C Noteholder;

 

provided, however,
that no such amendment or supplement under this Section 13.1 shall be permitted unless such amendment or supplement (a) would not
result in a taxable event to any Noteholder (unless each Series 2019-B Noteholder subject to a taxable event has consented thereto)
and (b) would not have a material adverse effect with respect to Noteholders (unless such amendment or supplement is permitted
under clause (j) above or each Series 2019-B Noteholder materially and adversely affected thereby has consented thereto), in each
case as evidenced by: (i) an Opinion of Counsel or (ii) Conn’s Officer Certificate.

 

Upon the request of
the Issuer and upon receipt by the Trustee of the documents described in Section 2.2, the Trustee shall join with the
Issuer in the execution of any supplemental indenture or amendment authorized or permitted by the terms of this Base Indenture
and shall make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be
obligated to enter into such supplemental indenture or amendment that affects its own rights, duties or immunities under this Indenture
or otherwise.

 

Section 13.2. Supplemental
Indentures with Consent of Noteholders. The Issuer and the Trustee, when authorized by an Issuer Order, also may, and unless
otherwise provided in any Series Supplement, with the consent of the Required Noteholders of each Series and, if the Servicer’s
or Back-Up Servicer’s (including, as successor Servicer) rights and/or obligations are materially and adversely affected
thereby, the Servicer or Back-Up Servicer, as applicable, enter into one or more indenture supplements or amendments hereto for
the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes of any Series under this Indenture; provided, however,
that no such indenture supplement or amendment shall, without the consent of the Required Noteholders and without the consent of
the Holder of each outstanding Note affected thereby (and in the case of clause (iii) below, the consent of each Secured Party):

 

    83

     

    

 

(i)           change the date of payment of any installment of principal of or interest on, or any premium payable upon the redemption
of, any Note or reduce in any manner the principal amount thereof, the interest rate thereon or the Redemption Price with respect
thereto, modify the provisions of this Base Indenture or any Series Supplement relating to the application of Collections on, or
the proceeds of the sale of, the Receivables Trust Estate to payment of principal of, or interest on, the Notes, or change any
place of payment where, or the coin or currency in which, any Note or the interest thereon is payable;

 

(ii)          change the voting requirements in any Transaction Document;

 

(iii)         impair the right to institute suit for the enforcement of the certain provisions of this Indenture requiring the application
of funds available therefor, as provided in Article 9, to the payment of any such amount due on the Notes on or after the
respective due dates thereof (or, in the case of redemption, on or after the Redemption Date);

 

(iv)         reduce the percentage of the aggregate outstanding principal amount of the Notes, the consent of the Holders of which is
required for any such indenture supplement or amendment, or the consent of the Holders of which is required for any waiver of compliance
with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

 

(v)          modify or alter the provisions of this Indenture regarding the voting of Notes held by the Issuer, the Depositor, the Seller
or an Affiliate of the foregoing;

 

(vi)         reduce the percentage of the aggregate outstanding principal amount of the Notes, the consent of the Holders of which is
required to direct the Trustee to sell or liquidate the Receivables Trust Estate pursuant to Section 10.4 if the proceeds
of such sale would be insufficient to pay the principal amount and accrued but unpaid interest on the outstanding Notes;

 

(vii)        modify any provision of this Section 13.2, except to increase any percentage specified herein or to provide that
certain additional provisions of this Indenture cannot be modified or waived without the consent of the Holder of each outstanding
Note affected thereby;

 

(viii)       modify
any of the provisions of this Indenture in such manner as to affect in any material respect the calculation of the amount of any
payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components
of such calculation), to alter the application of “Investor Principal Collections” or to affect the rights of the
Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained in this Indenture; or

 

    84

     

    

 

(ix)         permit
the creation of any Lien ranking prior to or on a parity with the Lien of this Indenture with respect to any part of the Receivables
Trust Estate for the Notes (except for Permitted Encumbrances) or, except as otherwise permitted or contemplated in this Indenture,
terminate the Lien of this Indenture on any such collateral at any time subject hereto or deprive any Secured Party of the security
provided by the Lien of this Indenture; provided, further, that no amendment will be permitted if it would result
in a taxable event to any Noteholder, as evidenced by an Opinion of Counsel, unless such Noteholder’s consent is obtained
as described above.

 

The Trustee may, but
shall not be obligated to, enter into any such amendment or supplement that affects the Trustee’s rights, duties or immunities
under this Indenture or otherwise.

 

Notwithstanding anything
in Sections 13.1 and 13.2 to the contrary but subject to Section 13.11, the Series Supplement with respect
to any Series may be amended with respect to the items and in accordance with the procedures provided in such Series Supplement.

 

Without the consent
of the Noteholders, the Issuer and the Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter
into one or more indenture supplements or amendments hereto or amendments to any Series Supplement (which shall conform to any
applicable provisions of the TIA as in force at the date of execution thereof), in form satisfactory to the Trustee to conform
to the terms of the Offering Memorandum.

 

No supplemental indenture
or amendment to this Base Indenture or any Series Supplement shall be effective if the result will cause (i) the Issuer or the
Receivables Trust to be classified as an association or publicly traded partnership taxable as a corporation, or (ii) the Receivables
Trust (or any part thereof) to be classified, for United States federal income tax purposes, as other than a fixed investment trust
described in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under subpart E, Part I of subchapter
J, chapter 1 of Subtitle A of the Code.

 

It shall not be necessary
for any consent of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such consent shall approve the substance thereof.

 

The manner of obtaining
such consents and of evidencing the authorization of the execution thereof by Note shall be subject to such reasonable requirements
as the Trustee may prescribe.

 

Promptly after the
execution by the Issuer and the Trustee of any supplemental indenture or amendment to this Base Indenture or any Series Supplement
pursuant to this Section, the Trustee shall mail to each Holder of the Notes of all Series (or with respect to an amendment or
supplemental indenture of a Series Supplement, to the Noteholders of the applicable Series), the Back-Up Servicer, the Servicer
and the Rating Agencies a copy of such supplemental indenture or amendment. Any failure of the Trustee to mail such notice, or
any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or amendment.

 

    85

     

    

 

Section 13.3. Execution
of Supplemental Indentures. In executing any amendment or supplemental indenture permitted by this Article 13 or the
modifications thereby of the trust created by this Indenture, the Trustee shall be entitled to receive, and subject to Section 11.1,
shall be fully protected in conclusively relying upon, an Opinion of Counsel stating that the execution of such amendment or supplemental
indenture is authorized, permitted or not prohibited (as the case may be) by this Indenture and that all conditions precedent to
the execution of such amendment or supplemental indenture in accordance with the relevant provisions hereof and thereof have been
met. Such Opinion of Counsel may be subject to reasonable qualifications and assumptions of fact. The Trustee may, but shall not
be obligated to, enter into any such amendment or supplemental indenture that affects the Trustee’s own rights, duties, liabilities
or immunities under this Indenture or otherwise.

 

Section 13.4. Effect
of Supplemental Indenture. Upon the execution of any amendment or supplemental indenture pursuant to the provisions hereof,
this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby,
and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Trustee,
the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects
to such modifications and amendments, and all the terms and conditions of any such amendment or supplemental indenture shall be
and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. Any supplemental indenture which
affects the rights, duties, immunities or liabilities of the Receivables Trust Trustee shall require the Receivables Trust Trustee’s
written consent.

 

Section 13.5. Conformity
With TIA. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article 13 shall
conform to the requirements of the TIA as then in effect so long as this Indenture shall then be required to be qualified under
the TIA. The Trustee shall be entitled to rely conclusively on the advice of one counsel, obtained at the Issuer’s reasonable
expense, regarding whether any such amendment or supplemental indenture conforms to the requirements of the TIA as then in effect.

 

Section 13.6. Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any amendment or supplemental
indenture pursuant to this Article 13 may, and if required by the Trustee shall, bear a notation in form approved by the
Trustee as to any matter provided for in such amendment or supplemental indenture. If the Issuer or the Trustee shall so determine,
new Notes so modified as to conform, in the opinion of the Trustee and the Issuer, to any such amendment or supplemental indenture
may be prepared, executed, authenticated and delivered by the Trustee in exchange for outstanding Notes.

 

Section 13.7. Series
Supplements. In addition to the manner provided in Sections 13.1 and 13.2 but subject to Section 13.11,
the Series Supplement may be amended as provided therein.

 

    86

     

    

 

Section 13.8. Revocation
and Effect of Consents. Until an amendment, supplemental indenture or waiver becomes effective, a consent to it by a Noteholder
of a Note is a continuing consent by the Noteholder and every subsequent Noteholder of a Note or portion of a Note that evidences
the same debt as the consenting Noteholder’s Note, even if notation of the consent is not made on any Note. However, any
such Noteholder or subsequent Noteholder may revoke the consent as to his Note or portion of a Note if the Trustee receives written
notice of revocation before the date the amendment, supplemental indenture or waiver becomes effective. An amendment, supplemental
indenture or waiver becomes effective in accordance with its terms and thereafter binds every Noteholder. The Issuer may fix a
record date for determining which Noteholders must consent to such amendment, supplemental indenture or waiver.

 

Section 13.9. Notation
on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplemental indenture or waiver
on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall authenticate new Notes
that reflect the amendment, supplemental indenture or waiver. Failure to make the appropriate notation or issue a new Note shall
not affect the validity and effect of such amendment, supplemental indenture or waiver.

 

Section 13.10. The
Trustee to Sign Amendments, etc. The Trustee shall sign any amendment or supplemental indenture authorized pursuant to this
Article 13 if the amendment or supplemental indenture does not adversely affect in any material respect the rights, duties,
liabilities or immunities of the Trustee, as determined by the Trustee. If any amendment or supplemental indenture does have such
a materially adverse effect, the Trustee may, but need not, sign it. In signing such amendment or supplemental indenture, the Trustee
shall be entitled to receive, if requested, an indemnity reasonably satisfactory to it and to receive and, subject to Section 11.1,
shall be fully protected in relying upon, a Conn Officer’s Certificate and an Opinion of Counsel as conclusive evidence that
such amendment or supplemental indenture is authorized, permitted or not prohibited (as the case may be) by this Indenture, that
all conditions precedent to the execution of such amendment or supplemental indenture in accordance with the relevant provisions
hereof and thereof have been met, and that it will be valid and binding upon the Issuer in accordance with its terms. All fees
and expenses (including reasonable attorney’s fees) incurred by the Trustee in connection with any amendment or supplemental
indenture authorized pursuant to this Article 13, unless paid by the party requesting such amendment or supplemental indenture
or by another Person, shall be paid by the Issuer.

 

Section 13.11. Back-Up
Servicer Consent. No amendment or indenture supplement hereto executed after the Closing Date (including pursuant to Section
2.2 hereof) shall be effective if such amendment or supplement shall adversely affect the rights, duties or obligations of
the Back-Up Servicer (including in its capacity as successor Servicer) without its prior written consent, notwithstanding anything
to the contrary.

 

Section 13.12. Receivables Trust Trustee
Consent. No amendment or indenture supplement hereto executed after the Closing Date (including pursuant to Section 2.2
hereof) shall be effective if such amendment or supplement shall adversely affect the rights, duties or obligations of the Receivables
Trust Trustee without its prior written consent, notwithstanding anything to the contrary contained in this Indenture.

 

    87

     

    

 

ARTICLE
14.

REDEMPTION AND REFINANCING OF NOTES

 

Section 14.1. Redemption
and Refinancing. If specified in a Series Supplement, the Notes of any Series are subject to redemption as may be specified
in the related Series Supplement, on any Business Day on which 100% of the Outstanding Class R Noteholders exercises their option
to redeem the Notes (other than the Class R Notes) for the Redemption Price; provided, however, that the Issuer has
available funds sufficient to pay the Redemption Price. If the Notes (other than the Class R Notes) of any Series are to be redeemed
pursuant to this Section 14.1, the Issuer shall furnish notice of such election to the Trustee not later than fifteen
(15) days prior to the Redemption Date and the Issuer shall deposit with the Trustee in a Trust Account that is within the sole
control of the Trustee no later than the Business Day prior to the Redemption Date the Redemption Price of the Notes (other than
the Class R Notes) of such Series to be redeemed (and deliver the Conn Officer’s Certificate described in Section 2.14,
which shall also provide the Redemption Date and the Redemption Price) whereupon all such redeemed Notes shall be due and payable
on the Redemption Date upon the furnishing of a notice complying with Section 14.2 to each Holder of such Notes.

 

Section 14.2. Form
of Redemption Notice. Notice of redemption under Section 14.1 shall be given by the Trustee by facsimile or by
first-class mail, postage prepaid, transmitted or mailed no later than one day prior to the applicable Redemption Date to each
Holder of Notes (other than the Class R Notes) of the Series to be redeemed, as of the close of business on the Record Date preceding
the applicable Redemption Date, at such Holder’s address appearing in the Note Register.

 

All notices of redemption
shall state:

 

(i)           the Redemption Date;

 

(ii)          the
Redemption Price (and the amounts payable out of the Reserve Account, the Collection Account and the Payment Account pursuant
to clauses (a) through (d) of the definition of “Redemption Price” to the Secured Parties, including such amounts
payable to the Noteholders of each Class of Series 2019-B Notes);

 

(iii)         that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only
upon presentation and surrender of such Notes and the place where such Notes are to be surrendered for payment of the Redemption
Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 8.2); and

 

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

 

Notice of redemption
of the Notes shall be given by the Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption,
or any defect therein, to any Holder of any Note to be redeemed shall not impair or affect the validity of the redemption of any
other Note. The Trustee shall be entitled to conclusively rely on the notice of redemption delivered to it pursuant to Section
14.2 in making any redemption payments or distributions pursuant to this Indenture.

 

    88

     

    

 

Section 14.3. Notes
Payable on Redemption Date. The Notes (other than the Class R Notes) of any Series to be redeemed shall, following notice of
redemption as required by Section 14.2 (in the case of redemption pursuant to Section 14.1), on the Redemption
Date become due and payable at the portion of the Redemption Price applicable thereto and (unless the Issuer shall default in the
payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued
interest is calculated for purposes of calculating the Redemption Price. On the Redemption Date, the Trustee shall distribute the
Redemption Price (plus the amounts, if any, on deposit on such Business Day in the Reserve Account, the Collection Account and
the Payment Account for the payment of the amounts specified in clauses (a) through (d) of the definition of “Redemption
Price”) to the Secured Parties entitled thereto pursuant to the notice of redemption delivered pursuant to Section 14.2).

 

Section 14.4.Release
of Receivables Trust Certificate. Upon deposit of the Redemption Price, which deposit may not be revoked, in accordance with
Section 14.1, the Trustee shall, with the consent of 100% of the Class R Noteholders and delivery of the Conn Officer’s
Certificate in accordance with Section 2.14(b), contemporaneously with such deposit, release its Lien in the Receivables
Trust Certificate and all Collections with respect thereto received on or after the date of such deposit (and, notwithstanding
anything in the Transaction Documents to the contrary, the Issuer may sell or distribute the Receivables).

 

ARTICLE
15.

MISCELLANEOUS

 

Section 15.1. Compliance
Certificates and Opinions, etc.

 

(a)          Upon any application or request by the Issuer to the Trustee to take any action under any provision of this Indenture, the
Issuer shall furnish to the Trustee if requested thereby (i) a Conn Officer’s Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel (subject
to reasonable assumptions and qualifications) stating that in the opinion of such counsel such action is authorized or permitted
by this Indenture and that all such conditions precedent, if any, have been complied with and (iii) (if this Indenture is required
to be qualified under the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements
of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically
required by any provision of this Indenture, no additional certificate or opinion need be furnished.

 

    89

     

    

 

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 property or securities (other than cash) with the Trustee that is to be made the basis for
the release of any property or securities subject to the Lien of this Indenture, the Issuer shall, in addition to any obligation
imposed in Section 15.1(a) or elsewhere in this Indenture, furnish to the Trustee upon the Trustee’s request
a Conn Officer’s Certificate certifying or stating the opinion of each individual signing such certificate as to the fair
value (within ninety (90) days of such deposit) to the Issuer of the Receivables Trust Estate or other property or securities to
be so deposited.

 

(ii)          Whenever
the Issuer is required to furnish to the Trustee a Conn 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 Trustee an Independent Certificate
as to the same matters, if (which the Trustee shall have no duty to determine or confirm) the fair value to the Issuer of the
securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement
of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this
clause (ii), is 10% or more of the aggregate outstanding principal amount of all the Notes of all Series issued by the Issuer,
but such a certificate need not be furnished with respect to any securities so deposited, if (which the Trustee shall have no
duty to determine or confirm) the fair value thereof to the Issuer as set forth in the related Conn Officer’s Certificate
is less than $25,000 or less than 1% percent of the aggregate outstanding principal amount of all the Notes of all Series issued
by the Issuer of the Notes.

 

(iii)           
Other than with respect to the release of any cash (including Collections) in accordance with the Series Supplements, Removed
Receivables or liquidated Receivables (and the Related Security therefor), and except for discharges of this Indenture as described
in Section 12.1, whenever any property or securities are to be released from the Lien of this Indenture, the Issuer shall
also furnish to the Trustee a Conn Officer’s Certificate certifying or stating the opinion of each individual 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 individual the proposed release will not impair the security under this Indenture in contravention
of the provisions hereof.

 

    90

     

    

 

(iv)         Whenever
the Issuer is required to furnish to the Trustee a Conn Officer’s Certificate certifying or stating the opinion of any signer
thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Trustee an Independent Certificate
as to the same matters if (which the Trustee shall have no duty to determine or confirm) the fair value of the property or securities
and of all other property other than cash (including Collections) in accordance with the Series Supplements, Removed Receivables
and Defaulted Receivable, or securities released from the Lien of this Indenture since the commencement of the then current calendar
year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the aggregate
outstanding principal amount of all Notes of all Series issued by the Issuer, but such certificate need not be furnished in the
case of any release of property or securities if (which the Trustee shall have no duty to determine or confirm) the fair value
thereof as set forth in the related Conn Officer’s Certificate is less than $25,000 or less than 1% percent of the then
aggregate outstanding principal amount of all Notes of all Series issued by the Issuer of the Notes.

 

Section 15.2. Form
of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect
to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

 

Any certificate or
opinion of a Responsible Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous.
Any such certificate of a Responsible 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 initial Servicer, the Seller or the Issuer, stating
that the information with respect to such factual matters is in the possession of or known to the initial Servicer, the Seller
or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

 

Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.

 

    91

     

    

 

Whenever in this Indenture,
in connection with any application or certificate or report to the Trustee, it is provided that the Issuer shall deliver any document
as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is
intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate
or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to
the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall
not, however, be construed to affect the Trustee’s right to rely upon the truth and accuracy of any statement or opinion
contained in any such document as provided in Article 10; it being agreed that, subject to Section 11.1, the Trustee
shall be entitled to assume the truth and accuracy of any such statement or opinion without any duty to make any investigation
or determination with respect thereto.

 

Section 15.3. Acts
of Noteholders.

 

(a)          Wherever in this Indenture a provision is made that an action may be taken or a notice, demand or instruction given by Noteholders,
such action, notice or instruction may be taken or given by any Noteholder, unless such provision requires a specific percentage
of Noteholders. Notwithstanding anything in this Indenture to the contrary, none of the Seller, the Depositor, the initial Servicer,
the Issuer or any Affiliate controlled by Conn Appliances or controlling Conn Appliances shall have any right to make any request,
demand, authorization, direction, notice, consent, vote or waiver with respect to any Note. (other than with respect to any Class
R Notes in connection with the exercise of the Optional Redemption unless the only Class R Notes held by such entities are equal
to the Tax Matters Partner Amount) unless all of the Notes are then owned by the Issuer, the Seller, the Depositor, the initial
Servicer, or any of their respective Affiliates or any of their respective Affiliates, except that, in determining whether the
Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, vote or waiver,
only Notes that Trust Officer of the Trustee actually knows to be so owned shall be so disregarded.

 

(b)          Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders
in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective
when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Noteholders signing such instrument or instruments. 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 11.1) conclusive in favor
of the Trustee and the Issuer, if made in the manner provided in this Section.

 

(c)          The fact and date of the execution by any Person of any such instrument or writing may be proved in any customary manner
of the Trustee.

 

(d)          The
ownership of Notes shall be proved by the Note Register.

 

    92

     

    

 

(e)          Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any such Notes shall
bind such Noteholder and the Holder of every Note and every subsequent Holder of such Notes issued upon the registration thereof
or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Servicer
or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

 

Section 15.4. Notices.
All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if personally
delivered at, sent by facsimile to, sent by courier (overnight or hand-delivered) at or mailed by registered mail, return receipt
requested, to (a) in the case of the Issuer, to 3295 College Street, Beaumont, Texas 77701, Attention: Office of the General Counsel,
(b) in the case of the Servicer or Conn Appliances, to 3295 College Street, Beaumont, Texas 77701, Attention: Office of the General
Counsel, (c) in the case of the Trustee, to the Corporate Trust Office and (d) in the case of the Rating Agencies, Fitch Ratings,
Inc., 33 Whitehall Street, New York, NY 10004; and Kroll Bond Rating Agency, Inc., 845 Third Avenue, Fourth Floor, New York, NY,
10022, or, as to each party, at such other address as shall be designated by such party in a written notice to each other party.
Unless otherwise provided with respect to any Series in the related Series Supplement or otherwise expressly provided herein, any
notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of
such Noteholder as shown in the Note Register. Any notice so mailed or published, as the case may be, within the time prescribed
in this Indenture shall be conclusively presumed to have been duly given, whether or not the Noteholder receives such notice.

 

The Issuer or the Trustee
by notice to the other may designate additional or different addresses for subsequent notices or communications; provided,
however, the Issuer may not at any time designate more than a total of three (3) addresses to which notices must be sent
in order to be effective.

 

Any notice (i) given
in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given
five (5) days after the date that such notice is mailed, (iii) delivered by telex or telecopier shall be deemed given on the date
of confirmation of the delivery of such notice by e-mail or telephone, and (iv) delivered by overnight air courier shall be deemed
delivered one Business Day after the date that such notice is delivered to such overnight courier.

 

Notwithstanding any
provisions of this Indenture to the contrary, the Trustee shall have no liability based upon or arising from the failure to receive
any notice required by or relating to this Indenture or the Notes.

 

If the Issuer mails
a notice or communication to Noteholders, it shall mail a copy to the Trustee at the same time.

 

Section 15.5. Notices
to Noteholders: Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected
by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to
mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice
with respect to other Noteholders, and any notice that is mailed in the manner here in provided shall conclusively be presumed
to have been duly given.

 

    93

     

    

 

Where this Indenture
provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with
the Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

 

In case, by reason
of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to
mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then
any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

 

Section 15.6. Alternate
Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Trustee
on behalf of the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by
the Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments
or notices, provided that such methods are consented to by the Issuer (which consent shall not be unreasonably withheld). The Trustee
will cause payments to be made and notices to be given in accordance with such agreements.

 

Section 15.7. Conflict
with TIA. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included
in this Indenture by any of the provisions of the TIA, such required provision shall control (if this Indenture is required to
be qualified under the TIA).

 

The provisions of TIA
Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein (if this
Indenture is required to be qualified under the TIA). Notwithstanding the foregoing, and regardless of whether the Indenture is
required to be qualified under the TIA, the provisions of Section 316(a)(1) of the TIA shall be excluded from this Indenture.

 

Section 15.8. Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents and Cross-Reference Table
are for convenience of reference only, are not to be considered a part hereof, and shall not affect the meaning or construction
hereof.

 

Section 15.9. Successors
and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns,
whether so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors.

 

    94

     

    

 

Section 15.10. Separability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Indenture or Notes shall for any
reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Indenture and shall in no way affect the validity or enforceability of the other
provisions of this Indenture or of the Notes or rights of the Holders thereof.

 

Section 15.11. Benefits
of Indenture. Except as set forth in this Indenture, nothing in this Indenture or in the Notes, expressed or implied, shall
give to any Person, other than the parties hereto and their successors hereunder, the Receivables Trust Trustee and the Secured
Parties, any benefit or any legal or equitable right, remedy or claim under the Indenture.

 

Section 15.12. Legal
Holidays. In any case where the date on which any payment is due to any Secured Party shall not be a Business Day, then (notwithstanding
any other provision of the Notes or this Indenture) any such 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 15.13. GOVERNING
LAW; JURISDICTION. THIS INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS. EACH OF THE PARTIES TO THIS INDENTURE AND EACH SECURED PARTY HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION
OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT HAVING JURISDICTION TO REVIEW
THE JUDGMENT THEREOF. EACH OF THE PARTIES AND EACH SECURED PARTY HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS
AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING
OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

 

Section 15.14. Counterparts.
This Indenture may be executed in any number of counterparts, and by different parties on separate counterparts, each of which
so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

Section 15.15. Recording
of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Trustee or any other
counsel reasonably acceptable to the Trustee) to the effect that such recording is necessary either for the protection of the Noteholders
or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Trustee under this Indenture.

 

    95

     

    

 

Section 15.16. Issuer
Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or under this Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer or the
Trustee or (ii) any partner, owner, incorporator, member, manager, beneficiary, beneficial owner, agent, officer, director, employee,
shareholder or agent of the Issuer, the Seller, the Servicer or the Trustee, except (x) as any such Person may have expressly agreed
and (y) nothing in this Section shall relieve the Seller or the Servicer from its own obligations under the terms of
any Servicer Transaction Document. Nothing in this Section 15.16 shall be construed to limit the Trustee from exercising
its rights hereunder with respect to the Receivables Trust Estate.

 

Section 15.17. No
Bankruptcy Petition Against the Issuer. Each of the Secured Parties and the Trustee by entering into the Indenture, any Series
Supplement or any Note Purchase Agreement (as defined in such Series Supplement) and in the case of a Noteholder and Note Owner,
by accepting a Note, hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full
of the latest maturing Note and the termination of the Indenture, it will not institute against, or join with any other Person
in instituting against, the Issuer, the Depositor or the Receivables Trust any bankruptcy, reorganization, arrangement, insolvency
or liquidation Proceedings, or other Proceedings, under any United States Federal or state bankruptcy or similar Law in connection
with any obligations relating to the Notes, the Indenture or any of the Transaction Documents. In the event that any such Secured
Party or the Trustee takes action in violation of this Section 15.17, the Issuer, the Depositor or the Receivables
Trust, as applicable, shall file an answer with the bankruptcy court or otherwise properly contesting the filing of such a petition
by any such Secured Party or the Trustee against the Issuer, the Depositor or the Receivables Trust, as applicable, or the commencement
of such action and raising the defense that such Secured Party or the Trustee has agreed in writing not to take such action and
should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions
of this Section 15.17 shall survive the termination of this Indenture, and the resignation or removal of the Trustee.
Nothing contained herein shall preclude participation by any Secured Party or the Trustee in the assertion or defense of its claims
in any such Proceeding involving the Issuer.

 

Section 15.18. No
Joint Venture. Nothing herein contained shall be deemed or construed to create a co-partnership or joint venture between the
parties hereto and the services of the Servicer shall be rendered as an independent contractor and not as agent for the Trustee.

 

Section 15.19. Rule
144A Information. For so long as any of the Notes of any Series or any Class are “restricted securities” within
the meaning of Rule 144(a)(3) under the Securities Act, the Issuer and the Trustee agree to reasonably cooperate with each other
to provide to any Noteholders of such Series or Class and to any prospective purchaser of Notes designated by such Noteholder upon
the request of such Noteholder or prospective purchaser, any information required to be provided to such holder or prospective
purchaser (in the case of the Trustee, if such information is in the Trustee’s possession) to satisfy the condition set forth
in Rule 144A(d)(4) under the Securities Act if at the time of the request the Issuer is not a reporting company under Section 13
or Section 15(d) of the Exchange Act and the Servicer agrees to reasonably cooperate with the Issuer and the Trustee in connection
with the foregoing.

 

    96

     

    

 

Section 15.20. No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Trustee, any Secured Party,
any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any
rights, remedies, powers and privileges provided by Law.

 

Section 15.21. Third-Party
Beneficiaries. This Indenture will inure to the benefit of and be binding upon the parties hereto, the Receivables Trust Trustee,
the Secured Parties, and their respective successors and permitted assigns. Except as otherwise provided in this Article 15,
no other Person will have any right or obligation hereunder.

 

Section 15.22. Merger
and Integration. Except as specifically stated otherwise herein, this Indenture sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Indenture.

 

Section 15.23. Rules
by the Trustee. The Trustee may make reasonable rules for action by or at a meeting of any Secured Parties.

 

Section 15.24. Duplicate
Originals. The parties may sign any number of copies of this Indenture. One signed copy is enough to prove this Indenture.

 

Section 15.25. Waiver
of Trial by Jury. To the extent permitted by applicable Law, each of the parties hereto and each Secured Party irrevocably
waives all right of trial by jury in any action or Proceeding arising out of or in connection with this Indenture or the Transaction
Documents or any matter arising hereunder or thereunder.

 

Section 15.26. USA
Patriot Act. In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to
banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable
KYC Law”), the Trustee is required to obtain, verify and record certain information relating to individuals and entities
which maintain a business relationship with the Trustee. Accordingly, the Issuer and each of the Holders agrees to provide, and
cause any agent thereof to provide, to the Trustee upon its request from time to time such identifying information and documentation
as may be available for such Person in order to enable the Trustee to comply with Applicable KYC Law.

 

    97

     

    

 

Section 15.27. Limitation
of Liability. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered
by Wilmington Trust, National Association (“WTNA”), not individually or personally but solely as Receivables
Trust Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings
and agreements by WTNA but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall
be construed as creating any liability on WTNA, individually or personally, to perform any covenant either expressed or implied
contained herein of the Issuer, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming
by, through or under the parties hereto, (d) WTNA has made no investigation as to the accuracy or completeness of any representations
and warranties made by the Issuer in this Agreement and (e) under no circumstances shall WTNA be personally liable for the payment
of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty
or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

 

[THIS SPACE LEFT INTENTIONALLY BLANK]

 

    98

     

    

 

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

 

	 	CONN’S
RECEIVABLES FUNDING 2019-B, LLC,

	 	as Issuer
	 	 
	 	 
	 	By:	/s/ Melissa Allen
	 	Name: Melissa Allen
	 	Title: VP & Treasurer
	 	 
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity, but solely as Trustee
	 	 
	 	 
	 	By:	/s/ Brett Hudson
	 	Name: Brett Hudson
	 	Title: Vice President

 

    	 	S-1	BASE INDENTURE

     

    

 

	Acknowledged and Agreed
    solely
 with respect to the Granting Clause:	 
	 	 
	 	 
	CONN’S RECEIVABLES 2019-B TRUST,	 
	 	 
	By: Wilmington Trust, National Association,

    not in its individual capacity but solely as	 
	Receivables Trust Trustee	 
	 	 
	 	 
	By:	/s/ Drew Davis 	 
	Name: Drew Davis	 
	Title: Vice President	 
	 	 
	 	 
	WILMINGTON
TRUST, NATIONAL ASSOCIATION,
	 
	not in its individual capacity but solely as	 
	Receivables Trust Trustee	 
	 	 
	 	 
	By:	/s/ Drew Davis 	 
	Name: Drew Davis	 
	Title: Vice President	 

 

    	 	S-2	BASE INDENTURE

     

    

 

EXHIBIT A

TO BASE INDENTURE

Form of Release and Reconveyance of
Receivables Trust Estate

 

RELEASE AND RECONVEYANCE OF RECEIVABLES
TRUST ESTATE

 

RELEASE AND RECONVEYANCE
OF RECEIVABLES TRUST ESTATE, dated as of __________, _____, between CONN’S RECEIVABLES FUNDING 2019-B, LLC (the “Issuer”)
and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (solely in such capacity, the “Trustee”)
pursuant to the Base Indenture referred to below.

 

W I T N E S S E T H:

 

WHEREAS, the Issuer
and the Trustee are parties to the Base Indenture dated as of November 26, 2019 (hereinafter as such agreement may have been, or
may from time to time be, amended, supplemented or otherwise modified, the “Base Indenture”);

 

WHEREAS, pursuant to
the Base Indenture, upon the termination of the Lien of the Base Indenture pursuant to Section 12.1 of the Base Indenture
and after payment of all amounts due under the terms of the Base Indenture on or prior to such termination, the Trustee shall upon
receipt of an Issuer Request reconvey and release the Lien on the Receivables Trust Estate;

 

WHEREAS, the conditions
to termination of the Base Indenture pursuant to Sections 12.1 and 12.6 have been satisfied;

 

WHEREAS, the Issuer
has requested that the Trustee terminate the Lien of the Indenture on the Receivables Trust Estate pursuant to Section 12.6;
and

 

WHEREAS, the Trustee
is willing to execute such release and reconveyance subject to the terms and conditions hereof;

 

NOW, THEREFORE, the
Issuer and the Trustee hereby agree as follows:

 

1.       Defined
Terms. All terms defined in the Base Indenture and used herein shall have such defined meanings when used herein, unless
otherwise defined herein.

 

2.       Release
and Reconveyance. (a) The Trustee does hereby release and reconvey to the Issuer, without recourse, representation or warranty,
on and after ____, ____ (the “Reconveyance Date”) all right, title and interest in the Receivables Trust Estate
whether then existing or thereafter created, all monies due or to become due with respect thereto (including all accrued interest
theretofore posted as Finance Charges) and all proceeds of such Receivables Trust Estate, except for amounts, if any, held by the
Trustee or any Paying Agent pursuant to Section 12.5 of the Base Indenture.

 

(b)     In
connection with such transfer, the Trustee does hereby release the Lien of the Indenture on the Receivables Trust Estate and the
Trust Estate and agrees, upon the request and at the expense of the Issuer, to authorize the filing of any necessary or reasonably
desirable UCC termination statements in connection therewith.

 

    	 	EXHIBIT A-1	BASE INDENTURE

     

    

 

3.       Counterparts.
This Release and Reconveyance may be executed in two or more counterparts (and by different parties on separate counterparts),
each of which shall be an original, but all of which together shall constitute one and the same instrument.

 

4.       Governing
Law. THIS RELEASE AND RECONVEYANCE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

 

    	 	EXHIBIT A-2	BASE INDENTURE

     

    

 

IN WITNESS WHEREOF, the undersigned have caused this Release
and Reconveyance of Receivables Trust Estate to be duly executed and delivered by their respective duly authorized officers on
the day and year first above written.

 

	 	Conn’s
    Receivables Funding 2019-B, LLC, as Issuer
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	Wells Fargo Bank, National
    Association, not in its individual capacity, but solely as Trustee
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 	EXHIBIT A-3	BASE INDENTURE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]