Document:

Exhibit 10.16

 

SEVENTH AMENDMENT

TO

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

This
Seventh Amendment to Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into this 21st
day of June, 2021, by and between SILICON VALLEY BANK (“Bank ”) and OUTBRAIN INC., a Delaware corporation
(“Borrower”) whose address is 39 West 13th Street, 3rd Floor, New York, New York 10011.

 

Recitals

 

A.           Bank and
Borrower have entered into that certain Amended and Restated Loan and Security Agreement dated as of September 15, 2014, as amended by
that certain First Amendment to Amended and Restated Loan and Security Agreement by and between Borrower and Bank dated as of November
20, 2014, as further amended by that certain Second Amendment to Amended and Restated Loan and Security Agreement by and between Borrower
and Bank dated as of January 27, 2016, as further amended by that certain Third Amendment to Amended and Restated Loan and Security Agreement
by and between Borrower and Bank dated as of August 25, 2016, as further amended by that certain Fourth Amendment to Amended and Restated
Loan and Security Agreement dated as of October 6, 2016, amended by that certain Fifth Amendment to Amended and Restated Loan and Security
Agreement, dated as of November 2, 2018, and as further amended by that certain Sixth Amendment to Amended and Restated Loan and Security
Agreement, dated as of March 27, 2020 (as amended, and as the same may from time to time be further amended, modified, supplemented or
restated, the “Loan Agreement”).

 

B.            Bank
has extended credit to Borrower for the purposes permitted in the Loan Agreement.

 

C.           
Borrower has requested that Bank amend the Loan Agreement to make certain revisions to the Loan Agreement as more fully set forth
herein.

 

D.          
Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject
to the conditions and in reliance upon the representations and warranties set forth below.

 

Agreement

 

NOW, THEREFORE,
in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

1.            
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

 

 2.             Amendments to Loan Agreement. 

 

2.1        Section 6.8(a) (Operating Accounts).
     Section 6.8(a) is amended in its entirety and replaced with the following:

 

     

     

    

 

“            (a)       Maintain all of Borrower’s,
any of its Subsidiaries’ operating accounts, depository accounts and excess cash with Bank or Bank’s Affiliates with the exception
of the Offshore Accounts.”

 

2.2        Section 6.9 (Financial Covenants).
     Section 6.9(b) is amended in its entirety and replaced with the following:

 

              “(b)       EBITDA.
Achieve, measured as of the last day of each period set forth below on a trailing six (6) month basis, EBITDA of at least the following
amounts:

 

	Period	 	Minimum
    EBITDA	 
	June 30,
    2021	 	$	14,000,000	 
	September
    30, 2021 and thereafter	 	$	11,000,000	 

 

For the avoidance of doubt, Bank waives testing of the
foregoing covenant for the six (6) month period ending March 30, 2021.”

 

2.3        Section 13.1 (Definitions).
    The following terms and their definitions set forth in Section 13.1 are amended in their entirety and replaced with the following:

 

“            “Offshore Accounts”
are accounts maintained by Borrower’s Subsidiaries outside the United States and United Kingdom with financial institutions other
than Bank or Bank’s Affiliates, provided that the maximum balance maintained in such accounts does not exceed the aggregate amount
of Forty-Five Million Dollars ($45,000,000.00) at any time.”

 

2.4         Section 13.1 (Definitions).
      The following defined terms set forth in Section 13.1 are deleted in their entirety:

 

“            “HSBC Accounts”
is defined in Section 6.8(a).”

 

“            “Outbrain UK”
means Outbrain UK Ltd., a company organized under the laws of England and Wales, and a wholly-owned Subsidiary of Borrower.”

 

2.5         Exhibit B (Compliance
Certificate).    The Compliance Certificate appearing as Exhibit B to the Loan Agreement is amended in its entirety and replaced
with the Compliance Certificate in the form of Schedule 1 attached hereto.

 

3.             Limitation
of Amendments.

 

3.1        The amendments
set forth in Section 2 above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be
deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise
prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.

 

     

     

    

 

3.2        This Amendment
shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants
and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force
and effect.

 

4.            Representations
and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:

 

4.1        Immediately
after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete
in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in
which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

 

4.2         Borrower
has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended
by this Amendment;

 

4.3        The organizational
documents, as amended, of Borrower previously delivered to Bank remain true, accurate and complete and have not been amended, supplemented
or restated and are and continue to be in full force and effect, or have otherwise been delivered by Borrower to Bank in connection with
this Amendment;

 

4.4        The execution
and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by
this Amendment, have been duly authorized;

 

4.5        The execution and
delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this
Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction
with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority,
or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

 

4.6        The execution
and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by
this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration
with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has
been obtained or made; and

 

4.7        This Amendment
has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other
similar laws of general application and equitable principles relating to or affecting creditors’ rights.

 

     

     

    

 

5.            Ratification
of Intellectual Property Security Agreement. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions
of a certain Intellectual Property Security Agreement dated as of November 20, 2014 between Borrower and Bank, as supplemented by that
certain First Supplement to Intellectual Property Security Agreement between Borrower and Bank dated as of January 27, 2016, as further
supplemented by that certain Second Supplement to Intellectual Property Security Agreement between Borrower and Bank dated as of August
9, 2016, as further supplemented by that certain Third Supplement to Intellectual Property Security Agreement between Borrower and Bank
dated as of April 24, 2020, and as further supplemented by that certain Fourth Supplement to Intellectual Property Security Agreement
between Borrower and Bank dated as of the date hereof (as supplemented, the “Intellectual Property Security Agreement”)
and acknowledges, confirms and agrees that said Intellectual Property Security Agreement (a) contains an accurate and complete listing
of all Intellectual Property Collateral, as defined in said Intellectual Property Security Agreement, except for such additional Intellectual
Property Collateral set forth in the Updated Perfection Certificate and (b) shall remain in full force and effect.

 

6.            Perfection Certificate. Attached
as Schedule 2 hereto is an updated Perfection Certificate (the “Updated Perfection Certificate”). Borrower agrees that
all references in the Loan Agreement to “Perfection Certificate” shall hereinafter be deemed to be a reference to the Updated
Perfection Certificate.

 

7.           
Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations
or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject
matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.

 

8.            
Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed
to constitute one and the same instrument. Each party hereto may execute this Amendment by electronic means and recognizes and accepts
the use of electronic signatures and records by any other party hereto in connection with the execution and storage hereof.

 

9.            
Effectiveness. As a condition precedent to the effectiveness of this Amendment (the “Seventh Amendment Effective
Date”) and the Bank’s obligation to make further Advances under the Revolving Line, the Bank shall have received the
following documents prior to or concurrently with this Amendment, each in form and substance acceptable to Bank:

 

		9.1	this Amendment duly executed by each party hereto;

 

9.2          a good
standing certificate of Borrower, certified by the Secretary of State of the state of incorporation of Borrower, dated as of a date
no earlier than thirty (30) days prior to the Seventh Amendment Effective Date;

 

9.3         certified
copies, dated as of a recent date, of financing statement searches of Borrower, as Bank may request and which shall be obtained by
Bank, accompanied by written evidence (including any UCC termination statements) that the Liens revealed in any such search either
(i) will be terminated prior to or in connection with the Agreement, or (ii) in the sole discretion of Bank, will constitute
Permitted Liens;

 

     

     

    

 

9.4         the
Updated Perfection Certificate;

 

9.5         Borrower’s
payment of Bank’s legal fees and expenses incurred in connection with this Amendment;

 

9.6         evidence
satisfactory to Bank that the insurance policies required for Borrower are in full force and effect, together with appropriate evidence
showing lender loss payable, notice of cancellation and additional insured clauses or endorsements in favor of Bank and

 

9.7         such additional
documents as Bank may reasonably request to effectuate the terms of this Amendment.

 

[Signature page follows.]

 

     

     

    

 

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

 

 

	BANK	 	BORROWER
	 
	SILICON VALLEY BANK	 	OUTBRAIN INC.
	 	 	 
	By:		 	By:	
	Name:	Dylan Wong	 	Name:	Barry Schofield
	Title:	Vice President	 	Title:	Vice President, Corporate Finance & Treasurer

 

     

     

    

 

	 	EXHIBIT B	Schedule 1 to Seventh Amendment	 
	 	 	 	 
	 	COMPLIANCE CERTIFICATE	 	 	 
	TO:	SILICON VALLEY BANK	Date:	 
	FROM:	OUTBRAIN INC.	 	 	 

 

The undersigned,
in his or her capacity as authorized officer of Outbrain Inc. (“Borrower”) and not in her or her individual capacity
certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (as amended, the “Agreement”):
(1) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below; (2) there
are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this
date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those
representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as
of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely
paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted
pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its
Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank.
Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with
GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges
that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the
Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise
defined herein shall have the meanings given them in the Agreement.

 

Please indicate compliance status by circling Yes/No under
 “Complies” column.

 

	Reporting Covenants	Required	Complies
	 	 	 	 
	Monthly financial statements with	Monthly within 30 days	Yes	No
	Compliance Certificate	 	 	 
	Annual financial statement (CPA Audited) + CC	FYE within 180 days	Yes	No
	10-Q, 10-K and 8-K	Within 5 days after filing with SEC	Yes	No
	A/R & A/P Agings	Monthly within 30 days	Yes	No
	Borrowing Base Reports	Monthly
    within 7 Business Days and with each request for an Advance	Yes	No
	Projections	FYE within 30 days	Yes	No
	409A Report	As completed, but at least annually	Yes	No
	Capitalization Table	As updated, but at least annually	Yes	No
	The
    following Intellectual Property was registered (or a registration application submitted) after the Effective Date (if no registrations,
    state “None).	 
	 	                           	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 

 

     

     

    

 

	Financial Covenants	Required	Actual	Complies
	 	 	 	 
	Maintain as indicated:	 	 	 
	Liquidity Ratio	1.15:1.00	_____:1.00	Yes  No
	EBITDA	*	$_____	Yes  No

*See Section 6.9(b)

 

	Streamline Period	Applies
	 	 	   
	Liquidity Ratio > 1.75:1.00 or	Prime + 0.25%	Yes  No
	Uncapped Availability Ratio > 1.50:1.00	 	   
	Liquidity Ratio ≤ 1.75:1.00 and	Prime + 0.75%	Yes  No
	Uncapped Availability Ratio < 1.50:1.00	 	   

 

The following financial covenant analysis
and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate.

 

The following are the exceptions with
respect to the certification above: (If no exceptions exist, state “No exceptions to note.”)

 

 

 

 

	OUTBRAIN INC.	 	BANK USE ONLY
	 	 	 
		 	Received by:  	 
	By:	 	 	 	AUTHORIZED SIGNER
	Name:	 	 	Date:	 
	Title:	 	 	 
	   	 	 	Verified:	
	   	 	 	 	AUTHORIZED SIGNER
	   	 	 	Date:	
	 	 	 	 	 
	   	 	 	Compliance Status:
Yes   No

  

     

     

    

 

Schedule 1 to Compliance Certificate

 

Financial Covenants of Borrower

 

In the event of a conflict between
this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern.

 

I.       Liquidity Ratio
(Section 6.9(a))

 

		Required:	Maintain at all times, to be certified to Bank as of the last day of each month,
a Liquidity Ratio of greater than 1.15 to 1.00. In connection therewith, Borrower shall also comply with the requirement set forth in
the definition of Quick Assets.

 

	Actual:	 	 	 	 	 
	 	 	 	 	 	 
	A.	Aggregate value of Borrower’s unrestricted and unencumbered cash	$	 
	B.	Aggregate value
    of Borrower’s net billed accounts receivable, determined according to GAAP	$	 
	C.	Quick Assets (the sum of lines A and B)	 	 	$	 
	D.	Aggregate value of accounts payable of Borrower	 	 	$	 
	E.	Aggregate value of traffic acquisition cost accruals	 	 	$	 
	F.	Line C minus line D minus line E	 	 	$	 
	G.	Aggregate value of all Obligations	 	 	$	 
	H.	Liquidity Ratio (line E divided by line G)	 	 	 	 
	 	 	 	 	 	 
	Is line H greater than 1.15:1:00?	 	 	 	 
	 	 	 	 	 

	 	No, not in compliance	 	Yes, in compliance

 

Is the unrestricted and unencumbered cash of Borrower in
Deposit Accounts at Bank equal to or greater than $12,500,000?

 

	 	No, not in compliance	 	Yes, in compliance

 

     

     

    

 

II.       EBITDA (Section
6.9(b))

 

	Required:	Achieve, measured as of the last day of each period set forth below on a trailing six (6) month basis, EBITDA of at least the following
amounts:

 

	Period	 	Minimum
    EBITDA	 
	June 30,
    2021	 	$	14,000,000	 
	September
    30, 2021 and thereafter	 	$	11,000,000	 

 

Actual: all amounts measured on a trailing six (6) month basis:

 

	A.	Net Income of Borrower	$	           	 
	 	 	 	 	 	 	 
	B.	To the extent included in the determination of Net Income:	 	 	 	 
	 	 	 	 	 	 	 
	 	1.	Interest Expense	$	           	 
	 	 	 	 	 	 	 
	 	2.	Depreciation expense	$	           	 
	 	 	 	 	 	 	 
	 	3.	Amortization expense	$	           	 
	 	 	 	 	 	 	 
	 	4.	To
    the extent deducted in the calculation of Net Income, federal, state and local income taxes, whether paid, payable or accrued	$	           	 
	 		 	 	 	 
	 	5.	Non-cash
    expenses reflected in Net Income in an amount not to exceed $2,500,000 in any fiscal year	$	           	 
	 	 	 	 	 	 	 
	 	6.	Non-cash stock compensation expense	$	           	 
	 	 	 	 	 	 	 
	 	7.	Non-recurring
    add-backs in an amount not to exceed $2,500,000 in any fiscal year	$	           	 
	 	 	 	 	 	 	 
	 	8.	Other
    add-backs to EBITDA approved by Bank on a case-by-case basis in its sole
    discretion (including non-recurring deal related costs, such approval not to be unreasonably withheld)	$	           	 
	 		 	 	 	 
	 	9.	The sum of lines 1 through 8	$	           	 
	 	 	 	 	 	 
	C.	EBITDA (line A plus line B.9)	 	  	           	 
	 	 	 	 	 	 	 

 

Is line C at least (loss not worse than) $_________________?

  

	 	No, not in compliance	 	Yes, in compliance

 

     

     

    

 

 

 

 

	III.	Streamline Period (Liquidity Ratio or Uncapped Availability
Ratio)

 

Was
the Liquidity Ratio set forth in line H above greater than 1.75:1:00 for each consecutive day in the immediately preceding calendar month?
   

 

		 No, not in Streamline Period	 	 Yes, in Streamline Period

 

Uncapped
Availability Ratio:    

 

	A.	Borrowing Base	$	 
	 	 	 	 
	B.	Aggregate value of all Obligations of Borrower to Bank including the amount of all outstanding Letters of Credit, but excluding all Obligations under the Mezzanine Loan Agreement	$	 
	 	 
	 	 
	C.	Uncapped Availability Ratio (line A divided by line B)	 	 

 

Was
the Uncapped Availability Ratio set forth in line C above greater than 1.50:1:00 for each consecutive day in the immediately preceding
calendar month?

 

		 No, not in Streamline Period	 	 Yes, in Streamline Period

 

     

     

    

 

Schedule 2 to Seventh Amendment

 

Updated Perfection Certificate

 

(Attached.)

 

     

     

    

 

	To: Silicon Valley Bank	 	Perfection Certificate

 

Notes:

 

	1.	This is a form designed to be completed in Microsoft Word. 

 

	2.	If there is not enough space for your answer, use the continuation sheet at the
end of this form or attach a separate Word document with the additional information. 

 

	3.	When completed, submit this form by e-mail or fax to Silicon Valley Bank. Please
also print this form and submit a hard copy signed by an officer of the Company. 

 

	4.	This completed and executed certificate is a condition to closing and funding the loan. Information
contained herein may have an impact on the drafting of the loan documents. The sooner this completed certificate is received by Silicon
Valley Bank, the more likely it is that the transaction can be finalized in a timely manner. 

 

PERFECTION CERTIFICATE

 

	TO: 	SILICON VALLEY BANK

 

The undersigned, the Vice President,
Corporate Finance & Treasury of Outbrain Inc. (the “Company”), hereby represents and warrants to
you on behalf of the Company as follows:

 

	 	1.	NAMES OF THE COMPANY

 

a.            The name of the Company as it appears in its current Articles or Certificate of Incorporation is:

 

Outbrain Inc.

 

 b.            The federal employer identification number of the Company is:

 

20 5391629

 

 c.            The Company is formed under the laws of the State of

 

Delaware

 

 d.            The organizational identification number issued to the Company under its jurisdiction of formation is:

 

4203949

 

e.            The Company transacts
business in the following states (and/or countries) (list jurisdictions other than jurisdiction of formation):

 

Throughout
the USA and internationally. The Company has offices in: New York, Illinois, California, Brazil, the United Kingdom, Spain, France,
Germany, Italy, Israel, Slovenia, Netherlands, Belgium, Singapore, Japan and Australia. The Company’s data centers are located in:
New Jersey, Illinois and California, Amsterdam and Singapore.

 

f.            The Company is duly
qualified to transact business as a foreign entity in the following states (and/or countries) (list jurisdictions other than jurisdiction
of formation):

 

    -1-

     

    

 

The Company is duly qualified to transact business in
the following states:

 

	To: Silicon Valley Bank	 	Perfection Certificate

 

	California	 
	Colorado	 
	Delaware	 
	Georgia	 
	Illinois	 
	Massachusetts	 
	Michigan	 
	Minnesota	 
	North Carolina	 
	Ohio	 
	Texas	 
	Washington	 
	New York	 
	Washington DC	 
	Pennsylvania	 
	Indiana	 
	Rhode Island	 

 

g.            Does the Company
have any employee(s) performing work in the State of California?

 

Yes      x
          No     ̈

 

h.             The following is a list of all other
names (including fictitious names, d/b/a’s, trade names or similar names) currently used by the Company or used within the past
five years:

 

	Name	Period of Use	Note whether prior legal name,
	 	 	fictitious  name,  d/b/a,  trade
	 	 	name, etc.
	 	 	 
	N/A	 	 
	 	 	 

 

h.              The following
are the legal names and jurisdictions of formation of all entities which have been merged into the Company during the past five years:

 

	Legal Name of Merged Entity	Entity Jurisdiction of Formation	Year of Merger
	N/A	 	 

 

    -2-

     

    

 

	To: Silicon Valley Bank	 Perfection Certificate

 

i.                The following
are the legal names and addresses (including jurisdictions of formation) of all entities from whom the Company has acquired any personal
property in a transaction not in the ordinary course of business during the past five years, together with the date of such acquisition
and the type of personal property acquired (e.g., equipment, inventory, etc.):

 

	Legal Name	Jurisdiction
    of Formation / Address	Date
    of Acquisition	Type of Property
	 	 	 	 
	 	 	 	 
	Monitization Advanced	Israel	2018	IP, license to their
	Advertising Technologies	 	 	AdNgin
	Ltd.	 	 	technology
	 	 	 	 
	Zemanta Holding USA,	Delaware	July 13, 2017	 
	Inc.	 	 	 
	 	 	 	 
	Ligatus GmbH	Germany	April 1, 2019	 
	 	 	 	 

 

		2.	EQUITY-RELATED MATTERS 

 

	 	a.	Is the Company publicly-traded or privately held?
	 	 	 	 
	 	 	Public  ̈	Private þ
	 	 	 	 
	 	b.	If public, provide the following information:

 

	Date
    of Listing	N/A
	 	 
	Exchange (e.g., NASDAQ, NYSE, LSE,
    etc.)	 
	 	 
	Ticker/Trading symbol	 
	 	 
	Tax/Accounting Year	 
	 	 
	Is the Company current in its SEC
    and/or other reporting?	 
	 	 
	Last report filed	 
	 	 

 

		c.	If private, attach a current capitalization table as a schedule.

 

		3.	PARENT/SUBSIDIARIES OF THE COMPANY 

 

a.            The legal name of
each subsidiary and parent of the Company is as follows. (A “parent” is an entity directly owning more than 50% of the
outstanding capital stock of the Company. A “subsidiary” is an entity, 50% or more of the outstanding capital stock of
which is directly owned by the Company.)

 

    -3-

     

    

 

	To:
    Silicon Valley Bank	 	Perfection Certificate
	Name	Subsidiary/Parent	Fed. Employer ID No.
	Outbrain UK Ltd	Sub þ   Parent  ̈	 
	Outbrain Israel Ltd	Sub
    þ   Parent
     ̈	 
	Outbrain Singapore Pty. Ltd	Sub
    þ   Parent
     ̈	 
	Outbrain Australia PTY Ltd	Sub
    þ   Parent
     ̈	 
	Outbrain Monetizacao de Contuedo Ltda	Sub
    þ   Parent
     ̈	 
	Outbrain Japan KK	Sub
    þ   Parent
     ̈	 
	Outbrain Germany Gmbh	Sub
    þ   Parent
     ̈	 
	Outbrain New Zealand Limited	Sub
    þ   Parent
     ̈	 
	Outbrain India Private Limited	Sub
    þ   Parent
     ̈	 
	Outbrain AMC LLC	Sub
    þ   Parent
     ̈	 
	Zemanta Holding USA, Inc.	Sub
    þ   Parent
     ̈	 
	Ligatus GmbH	Sub
    þ   Parent
     ̈	 
	Outbrain Spain S.L. (Spain)	Sub
    þ   Parent
     ̈	 
	Outbrain Italy S.r.l. (Italy)	Sub
    þ   Parent
     ̈	 
	Outbrain Netherlands B.V. (NL)	Sub
    þ   Parent
     ̈	 
	Outbrain Belgium BVBA (BE)	Sub
    þ   Parent
     ̈	 
	Outbrain France SAS (France)	Sub
    þ   Parent
     ̈	 
	New Ottawa, Inc.	Sub
    þ   Parent
     ̈	 
	Ottawa Merger Sub, Inc.	Sub
    þ   Parent
 ̈    	 

 

b. The following is a list of the respective
jurisdictions and dates of formation of the parent and each subsidiary of the Company:

 

	Name	Jurisdiction	Date of Formation
	Outbrain Inc.	Delaware, U.S.A.	August 11, 2006
	Outbrain UK Ltd	United Kingdom	December 29, 2010
	Outbrain Israel Ltd	Israel	September 5, 2006
	Outbrain Singapore Pty. Ltd	Singapore	July 10, 2012
	Outbrain Australia PTY Ltd	Australia	July 4, 2012
	Outbrain Monetizacao de Contuedo Ltda	Brazil	April 18, 2013

 

    -4-

     

    

  

	To:
    Silicon Valley Bank	 	Perfection
    Certificate
	Outbrain Japan KK	Japan	October 3, 2013
	Outbrain India Private Limited	India	August 4, 2015
	Outbrain Germany Gmbh	Germany	August 1, 2014
	Outbrain New Zealand Limited	New Zealand	August 24, 2016
	Outbrain AMC LLC	Delaware	September 10, 2015
	Zemanta Holding USA, Inc.	Delaware	July 13, 2017
	Ligatus GmbH	Germany	April 1, 2019
	Outbrain France SAS	France	 
	Outbrain Italy S.r.l.	Italy	 
	Outbrain Netherlands B.V.	Netherlands	 
	Outbrain Belgium BVBA	Belgium	 
	New Ottawa, Inc.	Delaware	September 27, 2019
	Ottawa Merger Sub, Inc.	Delaware	September 27, 2019

 

c. The following
is a list of all other names (including fictitious names, d/b/a’s, trade names or similar names) currently used by each subsidiary
of the Company or used during the past five years:

 

	Name	Subsidiary
	N/A	 

 

d. The following
are the names of all entities which have been merged into a subsidiary of the Company during the five years:

 

	Name	Subsidiary
	Visual Revenue Inc.	Visual Revenue LLC
	Zemanta Holding USA, Inc.	Zemanta, Inc.
	OBL Inc.; OBL Acquisition Inc.	Ligatus GmbH

 

e. The following
are the names and addresses of all entities from whom each subsidiary of the Company has acquired any personal property in a transaction
not in the ordinary course of business during the past five years, together with the date of such acquisition and the type of personal
property acquired (e.g., equipment, inventory, etc.):

 

    -5-

     

    

 

	To: Silicon Valley Bank	Perfection Certificate

 

	Name	Address	Date of	Type of Property	Subsidiary
	 	 	Acquisition	 	 
	 	 	 	 	 
	Zemanta, Inc.  	N/A  	July 13, 2017  	All tangible and intangible property	Zemanta Holding USA, Inc.
	Ligatus GmbH  	N/A  	April 1, 2019  	All tangible and intangible property	Ligatus, S.L.U. (Spain);
	Ligatus S.r.l. (Italy);
	 	 	 	 	Outbrain Netherlands
	 	 	 	 	B.V. (NL); Outbrain
	 	 	 	 	Belgium BVBA (BE);
	 	 	 	 	Outbrain France SAS (France)

 

4.           LOCATIONS
OF COMPANY AND ITS SUBSIDIARIES

 

a.        The Company and each of its subsidiaries
maintain books or records at the following addresses:

 

	Complete street and mailing address, including county	Name of Company/Subsidiary	 
	 	 	 
	 	Outbrain Inc.	 
	615 South DuPont Highway, Dover, Delaware 19901	 	 
	 	 	 
	 	Outbrain AMC LLC	 
	 	 	 
	 	Zemanta Holding USA, Inc.	 
	 	 	 
	 	 	 
	100 New Bridge Street	Outbrain UK Ltd	 
	 	 
	EC4V 6JA	 	 
	London, UK	 	 
	 	 	 
	c/o COVISORY C & A LIMITED PARTNERSHIP, 12a Jack	Outbrain New Zealand Ltd	 
	 	 
	Conway Avenue, Manukau, Auckland, 2104 , New Zealand	 	 
	 	 	 
	Suite 2204 Level 22, 520 Oxford Street, Bondi Junction, NSW, 2022	Outbrain Australia PTY Ltd	 
	 	 
	 	 	 
	30 Cecil Street, #19-08 Prudential Tower, Singapore 049712	Outbrain Singapore Pty. Ltd	 
	 	 
	 	 	 

 

    -6-

     

    

 

	To: Silicon Valley Bank	Perfection Certificate

 

	 	 	 
	Oberanger 28, 80331 Munich / Germany	Outbrain Germany Gmbh	 
	 	 
	 	 	 
	6 Arye Regev Street, 1st & 2nd Floor, Netanya, Israel 4250213	Outbrain Israel Ltd	 
	 	 	 
	1206, Lodha Supremus, Senapati Bapat Marg, Upper Worli, Opp. Lodha	Outbrain India Private Limited	 
	World Tower, Lower Parel West, Mumbai 400013, Maharashtra, India	 	 
	 	Outbrain Monetizacao de	 
	Alameda Santos, 2300, suite 11 – part, CEP 01418-200	Contuedo Ltda	 
	 	 	 
	Ebisu SA building, 1-20-5 Ebisu nishi, Shibuya-ku, Tokyo	Outbrain Japan KK	 
	 	 	 
	Zemanta d.o.o.	Zemanta, Inc.	 
	Celovska 32	 	 
	SI-1000 Ljubljana	 	 
	Slovenia	 	 
	 	 	 
	Christophstr. 19, 50670 Koln	Ligatus GmbH	 
	 	 	 
	10 rue chaptal, 75009 Paris	Outbrain France SAS	 
	 	 	 
	Ronda General Mitre, 28-30, Barcelona	Outbrain Spain S.L.	 
	08017 Barcelona	 	 
	Spain	 	 
	 	 	 
	Louis Schmidtlaan 87, Etterbeek (1040 Brussel)	Outbrain Belgium BVBA	 
	 	 	 
	Corso Magenta 56	Outbrain Italy Srl	 
	Milano (MI),	 	 
	Cap 20123	 	 
	Italy	 	 
	 	 	 
	Nieuwezijds Voorburgwal 162, 1012 SJ Amsterdam	Outbrain Netherlands BV	 
	 	 	 

 

b.          The Company and its subsidiaries own,
lease, or occupy real property located at the following addresses and maintain equipment, inventory, or other property at such address:

 

    -7-

     

    

 

	To: Silicon Valley Bank	Perfection Certificate

 

	Complete
street and mailing address, including county	Name of	Equipment/Inventory/other
Collateral	 
	 	Company/Subsidiary	 
	 	 	 	 
	In process of securing new NY office address	Outbrain Inc.	Office furniture & computer
equipment	 
	 	 	 	 
	150 North Wacker Drive, Chicago, IL 60606	 	 	 
	 	 	 	 
	 	 	 	 
	175 High Holborn, London WC1V 7AA	Outbrain UK Ltd	Office furniture & computer	 
	 	 
	 	 	equipment	 
	Paseo de la Castellana, 43 Madrid, M, 28046, Spain	 	 	 
	 	 	 	 
	Oberanger 28, 80331 München	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Ligatus GmbH	Office furniture & computer	 
	10 rue chaptal, 75009 Paris	 
	(and subsidiaries)	equipment	 
	 	 	 	 
	Christophstr. 19, 50670 Koln	 	 	 
	 	 	 	 
	Nieuwezijds Voorburgwal 162, Amsterdam	 	 	 
	 	 	 	 
	Louis Schmidtlaan 87 Blvd, 1040, Etterbeek (Belgium)	 	 	 
	 	 	 	 
	Via Sant'Antonio 5, 20122 Milano	 	 	 
	 	 	 	 
	6 Arye Regev Street, 1st   2nd, and 5th  Fl., Netanya, Israel	Outbrain Israel Ltd	Office furniture & computer	 
	4250213	 	equipment	 
	 	 	 	 
	1 George Street, #10-01, Singapore 049145	Outbrain	Office furniture & computer	 
	 	Singapore Pty. Ltd	equipment	 
	 	 	 	 
	N/A	Outbrain India	 	 
	 	 	 
	 	Private Limited	 	 
	 	 	 	 
	241 Commonwealth Street, Surry Hills, NSW 2010 (The	Outbrain Australia	Office furniture & computer	 
	Georges – shared space)	PTY Ltd	equipment	 
	 	 	 	 
	N/A	Outbrain	 	 
	 	 	 
	 	Monetizacao de	 	 
	 	Contuedo Ltda	 	 
	 	 	 	 
	Ebisu SA building, 1-20-5 Ebisu nishi, Shibuya-ku, Tokyo  	Outbrain Japan KK	Office furniture & computer equipment	
	 	 	 	 
	Outbrain Cage IE136 c/o ServerCentral, 2200 Busse	Outbrain Inc.	Data center / serving equipment	 
	Road, Elk Grove Village, IL, 60007	 		 
	 	 	 
	Outbrain / Internap, 1 North Enterprise Ave, Secaucus,	 	 	 
	NJ 07094	 	 	 

 

    -8-

     

    

 

 

	To: Silicon Valley Bank	 	Perfection Certificate

 

	 	 	 	 
	Raging
    Wire Data Centers	 	 	 
	1625
    National Dr (CA3) Sacramento, CA 95834	 	 	 
	Zemanta
    d.o.o.

Celovska
    32	Zemanta,
    Inc.	Office furniture & computer
    equipment	 
	 	 	 
	SI-1000
    Ljubljana	 	 	 
	Slovenia	 	 	 
	 	 	 	 
	 	 	 	 
	Zemanta
    – Data centers:	Zemanta,
    Inc.	Data
    center / serving equipment	 
	 	 
	Amsterdam
    AMS-01 Data Center	 	 	 
	J.W.
    Lucasweg 35, 2031 BE Haarlem, The Netherlands	 	 	 
	 	 	 	 
	Singapore
    SIN-01 Data Center, 1 Serangoon North Ave	 	 	 
	6,
    Singapore 554502	 	 	 
	 	 	 	 
	 	 	 	 

 

c.
The following are the names and addresses of all warehousemen, bailees, or other third parties who have possession of any of the Company’s
inventory, equipment, or other property or that of its subsidiaries:

 

	Name
    and complete mailing address of	Description
    of assets held with third party	Name
    of
	third
    party	including
    estimated FMV	Company/Subsidiary
	 	 	 
	N/A	 	 
	 	 	 

 

5.       SPECIAL
TYPES OF COLLATERAL

 

a. The Company and its subsidiaries own
(or have any ownership interest in) the following kinds of assets. Overview explanation

 

	Copyrights
    or copyright applications registered with the U.S. Copyright Office	Yes
     ̈	No
    þ
	Software
    registered with the U.S. Copyright Office	Yes
     ̈	No
    þ
	Software
    not registered with the U.S. Copyright Office	Yes
     ̈	No
    þ
	Patents
    and patent applications	Yes
    þ	No
     ̈
	Trademarks
    or trademark applications (including any service marks, collective marks and certification marks)	Yes
    þ	No
     ̈
	Licenses
    to use trademarks, patents and copyrights of others	Yes
     ̈	No
    þ
	Licenses,
    permits (including environmental), authorizations, or certifications issued by federal, state, or local governments issued to the
    Company and/or its subsidiaries or with respect to their assets, properties, or businesses	Yes
     ̈	No
    þ

 

    -9-

     

    

 

	To: Silicon Valley Bank	 	Perfection Certificate

 

	Stocks,
    bonds or other securities held by the Company or its subsidiaries in other entities (Company or sub is the stock owner)	Yes
     ̈	No
    þ
	Promissory
    notes, or other instruments or evidence of indebtedness issued in favor of the Company or any of its subsidiaries (Company or sub
    is the lender)	Yes
     ̈	No
    þ
	Leases
    of equipment, security agreements naming the Company or its subsidiaries as secured party or other chattel paper (Company or sub
    is the lessor/secured party)	Yes
    þ	No
     ̈
	Aircraft	Yes
     ̈	No
    þ
	Vessels,
    Boats or Ships	Yes
     ̈	No
    þ
	Railroad
    Rolling Stock	Yes
     ̈	No
    þ
	Motor
    Vehicles	Yes
     ̈	No
    þ

 

 

If the answer
is “yes” to any of the above questions, attach a Schedule 5(a) listing each asset owned by the Company and/or its subsidiaries
(separately identified and scheduled for each entity) and identifying which party owns the asset, the relevant jurisdiction (such as
IP registered in non-U.S. jurisdictions or the jurisdiction under which a motor vehicle is registered), each registration, application,
or other identification number, and all other relevant information. In the cases of licenses, include the relevant parties and the specific
property being licensed, and, if any licenses are material to the Company’s and/or any of its subsidiaries’ business, provide
copies of such licenses.

 

b. The following
are all banks, brokerages, or financial institutions at which the Company and its subsidiaries maintain deposit or securities accounts:

 

	Institution
    Name and Address	Account
    Number	Average
    Monthly	Name
    of Account Owner
	 	 	Balance
    in Account	 
	Silicon Valley Bank

    3003 Tasman Drive,

    Santa Clara, CA 95054
	3300992448	$563
    USD	Outbrain
    Inc.
	6600000031	$68,304,190
    USD	 
	3301163387	ZBA	 
	 	00500009274	$
    368,025 AUD	 
	 	00500009240	$682,714
    SGD	 
	 	0050009255	ILS
    1,000,054	 
	 	00500009289	$196,557
    CAD	 
	 	0500138806	$432  Euro	 
	 	0050030856	$76,069
    NZD	 
	HSBC	84028820	€12,127	Outbrain
    UK Ltd
	133
    Regent Street, UK W1B 4HX, UK	189/8843/005	€187,331	 
	 	84028839	€0	 
	 	74400725	€346,495	 

 

    -10-

     

    

 

	To: Silicon Valley Bank	 	Perfection Certificate

 

	 	71478822	€15,027,954	 
	 	73930660	€ 7,733	 
	 	73930679	€ 92,176	 
	 	74201124	£ 855,060	 
	 	84966414	€ 38,731	 
	 	71481369	$3,627,028 USD	 
	
    Leumi Bank

    10 arie shenkar st. herzelia pitha, Israel
	744-111100/30	ILS 11,125,043	Outbrain Israel Ltd
	 	USD 288,022	 
	
    HSBC

    Level 32, 580 George Street, Sydney

    NSW 2000, Australia
	011-472891-001	$158,752 AUD	Outbrain Australia PTY Ltd
	011-472891-091	$0 USD
	 	 	 
	OCBC	641795349001	$157,041 SGD	Outbrain Singapore Pty. Ltd
	65 Chulia St. Singapore	503134744301	$0 USD
	Shinsei Bank	4006398575	663,535,419 JPY	Outbrain Japan KK
	4-3, 2 chrome, Muromachi,	 	 	 
	Nihombashi, Chuo-ku, Tokyo 103-8303	4006491641	$1,081 USD	 
	
    Banco Itau

    Av. Jardim Japao, 1420

    Jardim Brasil, Sao Paulo - SP
	61895-6	BRL 4,156,027	
    Outbrain Monetizacao de

    Contuedo Ltda

	 
	
    HSBC Trinkaus & Burkhardt AG

    Königsallee 21/23

    40212 Düsseldorf

    Germany
	1/4009/019 	€ 13,016	
    Outbrain Germany Gmbh

     

     

	
    Axis Bank

    Block No 3.Ground Floor, 120,Dinshaw

    Vachha Road Opp K.C.College,

    Churchgate Mumbai 400020
	917020063559067	INR 51,839,589 	
    Outbrain India

     

     

	
    UniCredit Banka Slovenija

    Smartinska 140

    SI 1000 Ljubjana
	SI56 2900 00050148 954	€ 107,424	Zemanta d.o.o
	Silicon Valley Bank	3300961446	$2,594,460 USD	Outbrain Inc (Zemanta)
	3003 Tasman Drive,	3301299706	ZBA	 
	Santa Clara, CA 95054	3301140229	$1,316 USD	 
	 	0050030860	0 AUD	 
	 	0500263809	366,228 Euro	 
	
    Deutsche Bank

    Alter Wall 53 Street

    20457 Hamburg
	20070000/03019860000	€ 121,259	Ligatus GmbH
	
    Deutsche Bank

    Sussrsale de Paris

    23-25 Avene Franklin Roosevelt

    Paris 75008
	10510092002	€76,334	Outbrain France SAS

 

    -11-

     

    

 

	To: Silicon Valley Bank	 	Perfection Certificate

 

	 	 	 	 
	Deutsche Bank

    Via Flippo Turati 25-27

    Milan, Italy 20121
	460770152	€627	Ligatus
    S.R.L
	Deutsche Bank

    Bijkantoor Brussel/Succ.de Bruxelles

    Marnixlaan 13-15 Av. Marnix B-1000

    Brussel/Burxelles
	BE85826000600306	€17,255	Outbrain
    Belgium BVBA
	Deutsche Bank

    Paseo de la Castellana, 18 28046

    Madrid
	00190030614010220115	€17,142	Ligatus
    SL
	 	 	 
	 	 	 
	ING	652280420	€24,083	Outbrain
    Netherlands B.V.
	Antwoordnummer
    6135	 	 	 
	8900VC
    Leeuwarden, Netherlands	 	 	 
	Wells Fargo Bank

    420 Montgomery Street, San

    Francisco, CA

     

     

     

     

     

     

     
	4122526254

    7775024156

    7775033793

    7770798184

    7770811508

    7770801202

    4122526254

    7775018570

    4122526254
	0.22 (SGD)

    0.08 (AUD)

    0.00 (CAD)

    0.18 (ILS)

    0.00 (INR)

    0.55 (NZD)

    0.25 (USD)

    0.21 (Zemanta)

    0.19 (Zemanta)
	Outbrain Inc and Zemanta Inc where noted (accounts only used for
    Tipalti)

     

     

     

     

     

     

     

Offshore Limit: 45,000,000 (Total USD 36M)

 

c.
             The following is a list of all payment transmitters or services (including, but not limited to: PayPal, Stripe, Square, Dwolla, Bitcoin,
or similar services) at or through which the Company and/or its subsidiaries hold, deposit, or transmit funds:

 

	Name
    of	Name
    of Payment	Type
    of	 	Average
    Monthly Balance
	Company/Subsidiary	Transmitter/Service	Account	Account
    ID/Name	in
    Account
	N/A	 	 	 	 

 

d.      Does or is it
contemplated that the Company will regularly receive letters of credit from customers or other third parties to secure payments of sums
owed to the Company? The following is a list of letters of credit naming the Company as “beneficiary” thereunder:

 

	LC
    Number	Name
    of LC Issuer	LC
    Applicant
	N/A	 	 

 

6.     DEBT/ENCUMBRANCES

 

a.     The Company and its subsidiaries
have the following outstanding debt for money borrowed (whether or not convertible) (please attach copies of all instruments evidencing
the debt):

 	Name
    and Address of Lender	Original
    Principal	Maturity
    Date	Secured/Unsecured
    (if
	 	Amount/
    Principal	 	secured,
    complete 6(b))
	 	Outstanding	 	 
	Silicon
    Valley Bank	0.00	November
    2, 2021	Secured
	3003
    Tasman Drive; Santa Clara,	 	 	 
	CA
    95054	 	 	 
	 	 	 	 
	Dell
    Financial Services	$4.2M	Various  (3  year	Secured
	One
    Dell Way Round Rock, TX	 	lease
    terms)	 

 

    -12-

     

    

 

 

 

	To: Silicon Valley Bank	 Perfection Certificate

 

Do not list debt that is to be repaid prior to or concurrently
with the SVB loan.

 

b.       The Company’s
and its subsidiaries’ properties are subject to the following liens or encumbrances:

 

	 	Description
    of Property Encumbered	 	 
	Name
    of Holder of

    Lien/Encumbrance	Name
    of

    Company/Subsidiary	 
	 	 
	 	 	 	 
	Spansion
    Israel Ltd.	Lien
    on rent deposit	Outbrain
    Israel LTD	 
	 	 	 	 
	The
    New School	LOC
    issued by SVB $1,150,000 re: year of	Outbrain
    Inc.	 
	 	rent	 	 
	 	 	 	 
	SVF
    North Wacker Chicago	LOC
    issued by SVB $19,521 for Chicago	Outbrain
    Inc.	 
	 	office	 	 
	 	 	 	 
	HSBC	Bank
    Guarantee for €346,333 for German	Outbrain
    UK Ltd.	 
	and
    French offices	 
	 	 	 	 
	Dell
    Financial Services	Data
    center equipment	Outbrain
    Inc.	 
	 	 	 	 

 

Do not list liens that are
to be terminated prior to or concurrently with the SVB loan.

 

7.       GOVERNMENT
REGULATION

 

The Company and its subsidiaries are
subject to regulation by the following federal, state or local government entity or any department, agency, or instrumentality thereof:

 

	Name
    of Regulatory Entity	Description
    of Regulation	Company/Subsidiary	 
	 	 	 	 
	N/A	 	 	 
	 	 	 	 

 

    -13-

     

    

 

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8.       LITIGATION

 

a.
The following is a complete list of pending and threatened litigation or claims involving amounts claimed against the Company in an indefinite
amount or in excess of $50,000 in each case:

 

1. On April 18, 2019, an Application For The Approval of
a Class Action Lawsuit (“Application”) was filed against, inter alia, Outbrain Inc. and Outbrain Israel Ltd., with the
District Court of Tel Aviv – Jaffa in Israel, alleging violations of Israel's Consumer Protection Law. The claim is on account
of advertising on publishers sites, which the plaintiffs allege is not sufficiently labeled to allow the reader to distinguish
between articles (editorial) and promotional content. As of the date of this report, the litigation is in preliminary stages and we
are therefore unable to reasonably estimate the possible loss or range of loss, if any.

 

2. On April 29, 2021, we were
notified that the Antitrust Division of the U.S. Department of Justice (“DOJ”) is conducting a criminal investigation into
the hiring activities in our industry that includes us. Though the subpoena indicated a May 27, 2021 production date, Outbrain’s
attorneys Wilson Sonsini have had several meetings with the DOJ and are mutually agreeing on the timing and priority of document production
to facilitate the DOJ’s investigation. The Company is unable at this time to express any opinion as to the outcome of this matter
or as to the possible range of loss, if any.

 

b. The following
are the only claims which the Company has against others (other than claims on accounts receivable), which the Company is asserting or
intends to assert, and in which the potential recovery exceeds $50,000:

 

(see above)

 

9.         TAXES

 

The following taxes are currently outstanding and unpaid:

 

	Assessing Authority	Amount and Description
	 	 
	None	n/a
	 	 

 

10.       INSURANCE
BROKER

 

The following broker handles the Company’s property
and liability insurance:

 

	Broker	Contact	Telephone	Fax	Email
	 	 	 	 	 
	Rollins Insurance /	John P. Moccia	914-406-8314	914-337-1596	jmoccia@bbinsy.com
	Brown & Brown	 	 	 	 
	of NY, Inc.	 	 	 	 
	 	 	 	 	 

  

    -14-

     

    

 

	To: Silicon Valley Bank	 Perfection Certificate

 

11.          OFFICERS OF THE COMPANY AND ITS SUBSIDIARIES 

 

The following are the names and titles
of the officers of the Company and its subsidiaries.

 

	Office/Title	 	Name of Officer	Name of Company/Subsidiary	 
	Co-CEO	 	Yaron Galai	Outbrain Inc.	 
	 	 	 	 	 
	Co-CEO	 	David Kostman	Outbrain Inc.	 
	 	 	 	 	 
	CFO	 	Elise Garafalo	Outbrain Inc.	 
	 	 	 	 	 
	CTO	 	Ori Lahav	Outbrain Inc.	 
	 	 	 	 	 
	Head of Staff	 	Daphna Michaeli	Outbrain Inc.	 
	 	 	 	 	 
	CIO	 	Yossi Amara	Outbrain Inc.	 
	 	 	 	 	 
	CRO	 	Eytan Galai	Outbrain Inc.	 
	 	 	 	 	 
	 	 	Outbrain UK Ltd	 
	 	 	 	 
	 	 	 	Outbrain Israel Ltd	 
	 	 	 	 
	 	 	 	Outbrain Singapore Pty. Ltd	 
	 	 	 	 
	 	 	 	Outbrain Australia PTY Ltd	 
	 	 	 	 
	 	 	 	Outbrain Monetizacao de Contuedo Ltda	 
	 	N/A – No officers	 	 	 
	 	 	 	Outbrain Japan KK	 
	 	 	 	 	 
	 	 	 	Outbrain India Private Limited	 
	 	 	 	 
	 	 	 	Outbrain New Zealand Ltd	 
	 	 	 	 
	 	 	 	Outbrain Germany Gmbh	 
	 	 	 	 
	 	 	 	Outbrain AMC LLC	 
	 	 	 	 
	 	 	 	Zemanta Holding USA, Inc.	 
	 	 	 	 
	 	 	 	Ligatus GmbH and subsidiaries	 
	 	 	 	 	 

 

12.       IRS
FORM W9

 

The Company’s completed and executed IRS Form W9 is
attached hereto as Exhibit A.

 

13.       LEGAL
COUNSEL

 

The following attorney(s) will represent the Company in connection
with the loan documents:

 

	Name of Attorney	Name of law firm /	Telephone	Fax	Email
	 	address	 	 	 
	 	 	 	 	 
	Miriam Cohen	Loeb & Loeb LLP	212-407-4103	646.417.7487	mcohen@loeb.com
	 	 	 	 	 

 

    -15-

     

    

 

	To: Silicon Valley Bank	 Perfection Certificate

 

		14.	BENEFICIAL
OWNERSHIP INFORMATION 
	 	 	 
	 	 	a.             Is the Company any of the following:
	 	 	 

		(i)	a public company or an issuer of securities that are registered with the Securities and Exchange Commission
under Section 12 of the Securities Exchange Act of 1934 or that is required to file reports under Section 15(d) of that Act;

 

		(ii)	an investment company registered with the Securities and Exchange Commission under the Investment Company
Act of 1940;

 

		(iii)	an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers
Act of 1940; or

 

		(iv)	a pooled investment vehicle operated or advised by a regulated financial institution (including an SEC-registered
investment adviser)?

 

Yes    ̈    No     x

 

If yes, no further information is
required for Sections 14(b), 14(c) or 14(d) below. If no, continue to Section 14(b).

 

b. Is the Company a pooled investment
vehicle that is not operated or advised by a regulated financial institution?

 

Yes    ̈    No     x

 

If yes, skip to Section 14(d) below. If no, continue to
Section 14(c).

 

c. Does any individual,
directly or indirectly (for example, if applicable, through such individual’s equity interests in the Company’s parent
entity), through any contract, arrangement, understanding, relationship or otherwise, own 25% or more of the equity interests
of the Company:

 

Yes    ̈    No     x

 

If
yes, complete the following information. If no, continue to Section 14(d) below.

 

	 	Name	 	Date of birth	Residential	For US Persons,	For Non-US	Percentage	 
	 	 	 	 	address	Social Security	Persons: Type of	of	 
	 	 	 	 	 	Number:	ID, ID number,	ownership	 
	 	 	 	 	 	 	country of	 	 
	 	 	 	 	 	(non-US	issuance,	(if indirect	 
	 	 	 	 	 	persons should	expiration date	ownership,	 
	 	 	 	 	 	provide SSN if	 	explain	 
	 	 	 	 	 	available)	 	structure)	 
	 	 	 	 	 	 	 	 	 
	1	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	2	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	4	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    -16-

     

    

 

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d. Identify one individual with significant
responsibility for managing the Company, i.e., an executive officer or senior manager (e.g., Chief Executive Officer, President, Vice
President, Chief Financial Officer, Treasurer, Chief Operating Officer, Managing Member or General Partner) or any other individual who
regularly performs similar functions. If appropriate, an individual listed in Section 14(c) above may also be listed here.

 

	 	Name	Date of birth	Residential	For US Persons, Social	For Non-US Persons:
	 	 	 	address	Security Number:	Type of ID, ID
	 	 	 	 	 	number, country of
	 	 	 	 	(non-US persons should	issuance, expiration
	 	 	 	 	provide SSN if available)	date
	 	 	 	 	 	 
	1	David Kostman (Co-	12/31/1964	62 Beach	###-##-####	 
	 	CEO)	 	Street, Apt 3D	 	 
	 	 	 	New York NY	US Citizen	 
	 	 	 	10013	 	 
	 	 	 	 	 	 

 

The Company acknowledges
that SVB’s acceptance of this Perfection Certificate and any continuation pages does not imply any commitment on SVB’s part
to enter into a loan transaction with the Company, and that any such commitment may only be made by an express written loan commitment,
signed by one of SVB’s authorized officers

 

The undersigned hereby certifies,
to the best of his or her knowledge, that the information set out in this Perfection Certificate is true, complete and correct.

 

	Date: 	  June 21, 2021 	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Name:
    	Barry
    Schofield
	 	 	Its:
    	Vice
    President,
	 	 	 	Corporate
    Finance & Treasury
	 	 	 	 
	 	 	E-mail:
    	bschofield@outbrain.com
	 	 	Phone:	646-586-8957
	 	 	Fax:	 

 

    -17-

     

    

 

	To: Silicon Valley Bank	 Perfection Certificate

 

Continuation Page—Additional Information

 

    -18-

     

    

 

 

OUTBRAIN CAP TABLE

 

	Period End	 	31-May-21	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
    Authorized	 	 	110,812,435	 	 	 	7,065,907	 	 	 	14,565,760	 	 	 	6,477,447	 	 	 	5,735,026	 	 	 	1,080,197	 	 	 	5,343,425	 	 	 	5,666,172	 	 	 	1,269,223	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Stockholders	 	 	Common
                                            Stock	 	 	 	Series
                                            A	 	 	 	Series
                                            B	 	 	 	Series
                                            C	 	 	 	Series
                                            D	 	 	 	Series
                                            E	 	 	 	Series
                                            F	 	 	 	Series
                                            G	 	 	 	Series
                                            H	 	 	 	Total
                                            Preferred Stock	 	 	 	Total	 	 	 	%
                                            Outstanding

Shares
                                            Ownership	 	 	 	%
                                            Fully Diluted

                                            Ownership	 
	Early
    Common Stockholders	 	 	4,034,620	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	4,034,620	 	 	 	5.25	%	 	 	4.30	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	Early Preferred Stockholders	 	 	7,174,385	 	 	 	742,836	 	 	 	862,645	 	 	 	798,529	 	 	 	35,350	 	 	 	-	 	 	 	119,269	 	 	 	385,300	 	 	 	-	 	 	 	2,943,929	 	 	 	10,118,314	 	 	 	13.16	%	 	 	10.79	%
	Venture
    Capital Groups and Other Preferred Stockholders	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	Marshfield
    Advisers, LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,699,851	 	 	 	 	 	 	 	1,699,851	 	 	 	1,699,851	 	 	 	2.21	%	 	 	1.81	%
	MTS Investments
    Inc.	 	 	343,056	 	 	 	-	 	 	 	-	 	 	 	83,645	 	 	 	-	 	 	 	-	 	 	 	100,000	 	 	 	-	 	 	 	 	 	 	 	183,645	 	 	 	526,701	 	 	 	0.68	%	 	 	0.56	%
	Provident Fund
    of the Employees of the Hebrew University of	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jerusalem Ltd.	 	 	343,056	 	 	 	95,285	 	 	 	-	 	 	 	106,879	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	 	 	 	 	202,164	 	 	 	545,220	 	 	 	0.71	%	 	 	0.58	%
	Startify A.S.
    (1992) Ltd. (fka Sigma Investments (1992) Ltd.)	 	 	74,517	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	74,517	 	 	 	0.10	%	 	 	0.08	%
	Viola Ventures,
    III L.P.	 	 	-	 	 	 	-	 	 	 	7,282,880	 	 	 	1,784,105	 	 	 	814,239	 	 	 	-	 	 	 	298,174	 	 	 	566,617	 	 	 	 	 	 	 	10,746,015	 	 	 	10,746,015	 	 	 	13.97	%	 	 	11.46	%
	Gemini	 	 	914,815	 	 	 	2,834,053	 	 	 	2,603,211	 	 	 	1,589,920	 	 	 	-	 	 	 	-	 	 	 	372,717	 	 	 	-	 	 	 	 	 	 	 	7,399,901	 	 	 	8,314,716	 	 	 	10.81	%	 	 	8.87	%
	Harbourvest	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	2,415,207	 	 	 	-	 	 	 	 	 	 	 	2,415,207	 	 	 	2,415,207	 	 	 	3.14	%	 	 	2.58	%
	Index	 	 	649,548	 	 	 	279,840	 	 	 	-	 	 	 	-	 	 	 	2,931,262	 	 	 	-	 	 	 	298,174	 	 	 	-	 	 	 	 	 	 	 	3,509,276	 	 	 	4,158,824	 	 	 	5.41	%	 	 	4.44	%
	LSVP VII, L.P.	 	 	914,815	 	 	 	3,113,893	 	 	 	2,603,211	 	 	 	1,624,637	 	 	 	1,954,175	 	 	 	-	 	 	 	447,261	 	 	 	-	 	 	 	 	 	 	 	9,743,177	 	 	 	10,657,992	 	 	 	13.86	%	 	 	11.37	%
	RH Internet
    II LLC	 	 	-	 	 	 	-	 	 	 	1,213,813	 	 	 	489,732	 	 	 	-	 	 	 	-	 	 	 	596,347	 	 	 	-	 	 	 	 	 	 	 	2,299,892	 	 	 	2,299,892	 	 	 	2.99	%	 	 	2.45	%
	Susquehanna
    Growth Equity Fund IV, LLLP	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1,903,821	 	 	 	 	 	 	 	1,903,821	 	 	 	1,903,821	 	 	 	2.48	%	 	 	2.03	%
	Vintage	 	 	100,000	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	670,891	 	 	 	566,617	 	 	 	 	 	 	 	1,237,508	 	 	 	1,337,508	 	 	 	1.74	%	 	 	1.43	%
	Nikkei Inc.	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	113,323	 	 	 	 	 	 	 	113,323	 	 	 	113,323	 	 	 	0.15	%	 	 	0.12	%
	Dentsu Inc	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	296,684	 	 	 	 	 	 	 	296,684	 	 	 	296,684	 	 	 	0.39	%	 	 	0.32	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	Visual
    Revenue Stockholders (Acquisition)	 	 	65,208	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1,080,197	 	 	 	-	 	 	 	-	 	 	 	 	 	 	 	1,080,197	 	 	 	1,145,405	 	 	 	1.49	%	 	 	1.22	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revee
    Stockholders (Acquisition)	 	 	532,713	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	532,713	 	 	 	0.69	%	 	 	0.57	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	Zemanta
    Stockholders (Acquisition)	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1,211,912	 	 	 	1,211,912	 	 	 	1,211,912	 	 	 	1.58	%	 	 	1.29	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gruner
    + Jahr GmbH (Acquisition)	 	 	6,125,404	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	6,125,404	 	 	 	7.97	%	 	 	6.53	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	Monetization
    Advanced Technologies LTD (Adngin) (Acquisition)	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	22,664	 	 	 	22,664	 	 	 	22,664	 	 	 	0.03	%	 	 	0.02	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current
    and Former Employees	 	 	8,617,604	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	 	 	 	 	-	 	 	 	8,617,604	 	 	 	11.21	%	 	 	9.19	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 
	Common
    Stock and Preferred Stock	 	 	29,889,741	 	 	 	7,065,907	 	 	 	14,565,760	 	 	 	6,477,447	 	 	 	5,735,026	 	 	 	1,080,197	 	 	 	5,318,040	 	 	 	5,532,213	 	 	 	1,234,576	 	 	 	47,009,166	 	 	 	76,898,907	 	 	 	100.00	%	 	 	82.01	%
	Stock
    Options Outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	8,281,458	 	 	 	 	 	 	 	8.83	%
	Warrants	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,055,852	 	 	 	 	 	 	 	1.13	%
	Stock
    Awards, RSAs, RSUs Unvested	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	6,569,962	 	 	 	 	 	 	 	7.01	%
	SARs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	5,764	 	 	 	 	 	 	 	0.01	%
	Shares
    Available for Issuance Under Option Plan	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	954,438	 	 	 	 	 	 	 	1.02	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grand
    Total	 	 	29,889,741	 	 	 	7,065,907	 	 	 	14,565,760	 	 	 	6,477,447	 	 	 	5,735,026	 	 	 	1,080,197	 	 	 	5,318,040	 	 	 	5,532,213	 	 	 	1,234,576	 	 	 	47,009,166	 	 	 	93,766,381	 	 	 	100.00	%	 	 	100.00	%

 

     

     

    

 

OUTBRAIN, INC’S ACTIVE
TRADEMARK/SERVICE MARK APPLICATIONS/REGISTRATIONS WORLDWIDE

 

(STATUS AS OF 03/26/2020)

 

	 	Mark	Country	Status	App. No.	File Date	Reg. No.	Reg. Date	Class
	1.	                                   	Argentina	Registered	3346871	15-Aug-2014	2750376	09-Jul-2015	9
	 	Amelia
    Face Logo 	 	 	 	 	 	 	 
	2.	                                   	Argentina	Registered	3346872	15-Aug-2014	2750377	09-Jul-2015	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	3.	                                   	Australia	Registered	1641207	15-Aug-2014	1641207	10-Dec-2014	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	4.	                                   	Brazil	Registered	908137680	18-Aug-2014	908137680	21-Feb-2017	9
	 	Amelia Face Logo	 	 	 	 	 	 	 
	5.	                                   	Brazil	Registered	908137761	18-Aug-2014	908137761	21-Feb-2017	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	6.	                                   	Canada	Registered	1689804	15-Aug-2014	TMA951429	05-Oct-2016	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	7.	                                   	China	Registered	15172024	18-Aug-2014	15172024	07-Oct-2015	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	8.	                                   	China	Registered	17237263	18-Jun-2015	17237263	28-Aug-2016	42
	 	Amelia Face Logo	 	 	 	 	 	 	 
	9.	                                   	Costa Rica	Registered	2014007074	19-Aug-2014	240557	09-Jan-2015	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	10.	                                   	European	Registered	13175823	15-Aug-2014	13175823	18-Mar-2015	9, 35,
	 	Amelia Face Logo	Union	 	 	 	 	 	42
	11.	                                   	Hong Kong	Registered	303102948	15-Aug-2014	303102948	24-Apr-2015	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	12.	                                   	Israel	Registered	271121	30-Dec-2014	271121	02-Jan-2017	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	13.	                                   	Japan	Registered	691492014	18-Aug-2014	5761919	01-May-2015	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	14.	                                   	Mexico	Registered	1517096	15-Aug-2014	1496202	14-Nov-2014	9
	 	Amelia Face Logo	 	 	 	 	 	 	 
	15.	                                   	Mexico	Registered	1517095	15-Aug-2014	1496201	14-Nov-2014	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	16.	                                   	Singapore	Registered	T1413031C	15-Aug-2014	T1413031C	26-Feb-2016	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	17.	                                   	So. Korea	Registered	4520140006472	18-Aug-2014	4556340	20-May-2015	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	18.	                                   	South Africa	Registered	201421736	15-Aug-2014	201421736	09-Feb-2017	9
	 	Amelia Face Logo	 	 	 	 	 	 	 
	19.	                                   	South Africa	Registered	201421737	15-Aug-2014	201421737	09-Feb-2017	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	20.	                                   	U.S.	Registered	86256857	18-Apr-2014	4767037	07-Jul-2015	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	21.	OUTBRAIN	Argentina	Registered	3087666	17-May-2011	3087666	29-Aug-2014	9
	22.	OUTBRAIN	Argentina	Registered	3087667	17-May-2011	2521989	29-Aug-2012	35
	23.	OUTBRAIN	Australia	Registered	1459321	10-Nov-2011	1459321	4-Dec-2013	9, 35
	24.	OUTBRAIN	Brazil	Registered	831116641	13-Jul-2011	831116641	29-Oct-2014	9
	25.	OUTBRAIN	Brazil	Registered	831029811	16-May-2011	831029811	19-Aug-2014	35
	26.	OUTBRAIN	Brazil	Registered	831116633	13-Jul-2011	831116633	29-Oct-2014	35
	27.	OUTBRAIN	Canada	Registered	1528118	17-May-2011	TMA883849	12-Aug-2014	9, 35
	28.	OUTBRAIN	China	Registered	10221726	23-Nov-2011	10221726	28-Jan-2013	9
	29.	OUTBRAIN	China	Registered	9474161	17-May-2011	9474161	07-Aug-2012	35
	30.	OUTBRAIN	China	Registered	9474168	17-May-2011	9474168	14-Aug-2012	35
	31.	OUTBRAIN	Costa Rica	Registered	2011012378	15-Dec-2011	218873	28-May-2012	35
	32.	OUTBRAIN	Costa Rica	Registered	2011007934	18-Aug-2011	217902	26-Apr-2012	9, 35
	33.	OUTBRAIN	European	Registered	10197812	16-Aug-2011	10197812	29-Mar-2012	9, 35,
	 	 	Union	 	 	 	 	 	42
	34.	OUTBRAIN	Hong Kong	Registered	301919025	17-May-2011	301919025	30-Apr-2012	9, 35
	35.	OUTBRAIN	India	Registered	2144776	16-May-2011	2144776	08-Sep-2017	9
	36.	OUTBRAIN	India	Registered	2144775	16-May-2011	2144775	14-Apr-2018	35
	37.	OUTBRAIN	India	Registered	2144777	16-May-2011	2144777	20-Oct-2017	35
	38.	OUTBRAIN	Israel	Registered	271120	30-Dec-2014	271120	05-May-2016	9, 35
	39.	OUTBRAIN	Japan	Registered	331602011	16-May-2011	5555557	8-Feb-2013	9, 35
	40.	OUTBRAIN	Mexico	Registered	1178692	17-May-2011	1259647	10-Feb-2012	9
	41.	OUTBRAIN	Mexico	Registered	1178685	17-May-2011	1178685	10-Jan-2012	35
	42.	OUTBRAIN	Mexico	Registered	1178689	17-May-2011	1261913	23-Jan-2012	35

 

    1

     

    

 

 

	 	Mark	Country	Status	App. No.	File Date	Reg. No.	Reg. Date	Class
	43.	OUTBRAIN	Singapore	Registered	T1106400Z	16-May-2011	T1106400Z	16-May-2013	9, 35
	44.	OUTBRAIN	So. Korea	Registered	4520110002052	16-May-2011	450042963	3-Jan-2013	9, 35
	45.	OUTBRAIN	South Africa	Registered	201128578	09-Nov-2011	201125878	2-Apr-2014	9
	46.	OUTBRAIN	South Africa	Registered	201128579	09-Nov-2011	201128579	2-Apr-2014	35
	47.	OUTBRAIN	U.S.	Registered	85317579	10-May-2011	4070711	13-Dec-2011	9
	48.	OUTBRAIN	U.S.	Registered	85179286	17-Nov-2010	4287469	12-Feb-2013	35
	49.	OUTBRAIN	U.S.	Registered	85317587	10-May-2011	4287520	12-Feb-2013	35
	50.	OUTBRAIN in Hebrew	Israel	Registered	281193	23-Dec-2015	281193	04-Sep-2018	9, 35
	 	 	 	 	 	 	 	 	 
	51.	OUTBRAIN with	Argentina	Registered	3346869	15-Aug-2014	2750374	09-Jul-2015	9
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	52.	OUTBRAIN with	Argentina	Registered	3346870	15-Aug-2014	2750375	09-Jul-2015	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	53.	OUTBRAIN with	Australia	Registered	1641205	15-Aug-2014	1641205	10-Dec-2014	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	54.	OUTBRAIN with	Brazil	Registered	908137567	18-Aug-2014	908137567	21-Feb-2017	9
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	55.	OUTBRAIN with	Brazil	Registered	908137648	18-Aug-2014	908137648	21-Feb-2017	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	56.	OUTBRAIN with	Canada	Registered	1689803	15-Aug-2014	TMA951426	05-Oct-2016	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	57.	OUTBRAIN with	China	Registered	15172026	18-Aug-2014	15172026	07-Oct-2015	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	58.	OUTBRAIN with	China	Registered	17237261	18-Jun-2015	17237261	28-Aug-2016	42
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	59.	OUTBRAIN with	Costa Rica	Registered	20140007075	19-Aug-2014	240557	09-Jan-2015	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	60.	OUTBRAIN with	European	Registered	13175773	15-Aug-2014	13175773	19-Mar-2015	9, 35,
	 	Amelia Face Logo	Union	 	 	 	 	 	42
	 	 	 	 	 	 	 	 	 
	61.	OUTBRAIN with	Hong Kong	Registered	303102957	15-Aug-2014	303102957	24-Apr-2015	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	62.	OUTBRAIN with	India	Registered	2794731	21-Aug-2014	2794731	30-Sep-2017	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	63.	OUTBRAIN with	Israel	Registered	271119	30-Dec-2014	271119	02-Jan-2017	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	64.	OUTBRAIN with	Japan	Registered	691482014	18-Aug-2014	5761918	01-May-2015	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	65.	OUTBRAIN with	Mexico	Registered	1517098	15-Aug-2014	1502114	10-Dec-2014	9
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    2

     

    

 

	 	Mark	Country	Status	App. No.	File Date	Reg. No.	Reg. Date	Class
	66.	OUTBRAIN with	Mexico	Registered	1517097	15-Aug-2014	1502113	10-Dec-2014	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	67.	OUTBRAIN with	Singapore	Registered	T1413030E	15-Aug-2014	T1413030E	26-Feb-2016	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	68.	OUTBRAIN with	So. Korea	Registered	4520140006471	18-Aug-2014	4556341	20-May-2015	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	69.	OUTBRAIN with	South Africa	Registered	201421733	15-Aug-2014	201421733	09-Feb-2017	9
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	70.	OUTBRAIN with	South Africa	Registered	201421734	15-Aug-2014	201421734	09-Feb-2017	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	71.	OUTBRAIN with	U.S.	Registered	86256859	19-Apr-2014	4767038	07-Jul-2015	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	72.	RECOMMENDED BY with	Australia	Registered	1658565	15-Nov-2014	1658565	12-Jun-2015	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	73.	RECOMMENDED BY with	Brazil	Registered	908606354	17-Nov-2014	908606354	16-May-2017	9
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	74.	RECOMMENDED BY with	Brazil	Registered	908606486	17-Nov-2014	908606486	10-Apr-2018	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	75.	RECOMMENDED BY with	Canada	Registered	1702831	14-Nov-2014	TMA1001431	24-Jul-2018	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	76.	RECOMMENDED BY with	Canada	Registered	1702831	14-Nov-2014	TMA1001431	24-Jul-2018	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	77.	RECOMMENDED BY with	China	Registered	16935305	13-May-2015	16935305	14-Jul-2016	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	78.	RECOMMENDED BY with	China	Registered	16935305	13-May-2015	16935305	14-Jul-2016	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	79.	RECOMMENDED BY with	China	Registered	19454817	29-Mar-2016	19454817	07-May-2017	42
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	80.	RECOMMENDED BY with	European	Registered	13463419	17-Nov-2014	13463419	30-Mar-2015	9, 35,
	 	Amelia Face Logo	Union	 	 	 	 	 	42
	 	 	 	 	 	 	 	 	 
	81.	RECOMMENDED BY with	India	Registered	2843636	17-Nov-2014	2843636	23-Oct-2017	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	82.	RECOMMENDED BY with	Israel	Registered	271118	30-Dec-2014	271118	02-Jan-2017	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	83.	RECOMMENDED BY with	Japan	Registered	201496872	17-Nov-2014	5783217	31-Jul-2015	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	84.	RECOMMENDED BY with	Mexico	Registered	1549553	14-Nov-2014	1521704	12-Mar-2015	9
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    3

     

    

 

	 	Mark	Country	Status	App. No.	File Date	Reg. No.	Reg. Date	Class
	85.	RECOMMENDED BY with	Mexico	Registered	1549556	14-Nov-2014	1530070	16-Apr-2015	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	86.	RECOMMENDED BY with	Singapore	Registered	40201500783U	18-Nov-2014	40201500783U	04-Jun-2015	9, 35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	87.	RECOMMENDED BY with	U.S.	Registered	86454164	13-Nov-2014	5258538	08-Aug-2017	35
	 	Amelia Face Logo	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	88.	SPHERE	U.S.	Pending	87794424	14-Feb-2018	 	 	9, 35
	89.	SPHERE & Design	U.S.	Pending	87797955	14-Feb-2018	 	 	9, 35
	 	 	 	 	 	 	 	 	 
	90.	SPHERE BY OUTBRAIN & Design	U.S.	Pending	87797958	14-Feb-2018	9, 35	 	 
	 	 	 	 	 	 	 	 	 
	91.	SPHERE BY OUTBRAIN & Design	European Union	Registered	017967770	12-Oct-2018	017967770	26-Feb-2018	9, 35 
	 	 	 	 	 	 	 	 	 
	92.	SPHERE BY OUTBRAIN & Design 	Japan	Pending	2018-128510	15-Oct-2018	9, 35	 	 
	 	 	 	 	 	 	 	 	 
	93.	SPHERE BY OUTBRAIN & Design 	U.S.	Pending	88076720	13-Aug-2018	9, 35	 	 
	 	 	 	 	 	 	 	 	 
	94.	YOU ARE WHAT YOU	Argentina	Registered	3461867	02-Dec-2015	2853019	25-Nov-2016	9
	 	RECOMMEND	 	 	 	 	 	 	 
	95.	YOU ARE WHAT YOU	Argentina	Registered	3461868	02-Dec-2015	2853020	25-Nov-2016	35
	 	RECOMMEND	 	 	 	 	 	 	 
	96.	YOU ARE WHAT YOU	Australia	Registered	1706323	09-Jul-2015	1706323	15-Jan-2016	9, 35
	 	RECOMMEND	 	 	 	 	 	 	 
	97.	YOU ARE WHAT YOU	Brazil	Registered	910355304	02-Dec-2015	910355304	14-Feb-2018	9
	 	RECOMMEND	 	 	 	 	 	 	 
	98.	YOU ARE WHAT YOU	Brazil	Registered	910355363	02-Dec-2015	910355363	14-Feb-2018	35
	 	RECOMMEND	 	 	 	 	 	 	 
	99.	YOU ARE WHAT YOU	Costa Rica	Registered	20150011598	02-Dec-2015	251839	29-Apr-2016	9, 35
	 	RECOMMEND	 	 	 	 	 	 	 
	100.	YOU ARE WHAT YOU	European	Registered	14349005	09-Jul-2015	14349005	03-Nov-2015	9, 35,
	 	RECOMMEND	Union	 	 	 	 	 	42
	101.	YOU ARE WHAT YOU	Hong Kong	Registered	303468204	09-Jul-2015	303468204	18-Feb-2016	9, 35
	 	RECOMMEND	 	 	 	 	 	 	 
	102.	YOU ARE WHAT YOU	India	Registered	3112931	02-Dec-2015	3112931	15-Dec-2017	9, 35
	 	RECOMMEND	 	 	 	 	 	 	 
	103.	YOU ARE WHAT YOU	Israel	Registered	280438	02-Dec-2015	280438	09-Apr-2018	9, 35
	 	RECOMMEND	 	 	 	 	 	 	 
	104.	YOU ARE WHAT YOU	Japan	Registered	1185782015	02-Dec-2015	5863021	01-Jul-2016	9, 35
	 	RECOMMEND	 	 	 	 	 	 	 
	105.	YOU ARE WHAT YOU	Mexico	Registered	1635199	20-Jul-2015	1597564	19-Dec-2015	9
	 	RECOMMEND	 	 	 	 	 	 	 
	106.	YOU ARE WHAT YOU	Mexico	Registered	1635200	20-Jul-2015	1663871	12-Aug-2016	35
	 	RECOMMEND	 	 	 	 	 	 	 
	107.	YOU ARE WHAT YOU	New Zealand	Registered	1023064	10-Jul-2015	1023064	12-Jan-2016	9, 35
	 	RECOMMEND	 	 	 	 	 	 	 
	108.	YOU ARE WHAT YOU	Singapore	Registered	40201521159X	02-Dec-2015	40201521159X	01-Jun-2016	9, 35
	 	RECOMMEND	 	 	 	 	 	 	 
	109.	YOU ARE WHAT YOU	So. Korea	Registered	4520150011033	02-Dec-2015	4569325	11-Nov-2016	9, 35
	 	RECOMMEND	 	 	 	 	 	 	 

 

    4

     

    

 

  

	 	Mark	Country	Status	App. No.	File Date	Reg. No.	Reg. Date	Class
	110.	YOU ARE WHAT YOU	South Africa	Registered	201534740	02-Dec-2015	201534740	31-May-2018	9
	 	RECOMMEND	 	 	 	 	 	 	 
	111.	YOU ARE WHAT YOU	South Africa	Registered	201534741	02-Dec-2015	201534741	31-May-2018	35
	 	RECOMMEND	 	 	 	 	 	 	 
	112.	YOU ARE WHAT YOU	U.S.	Registered	86649618	02-Jun-2015	5032852	30-Aug-2017	9, 35
	 	RECOMMEND	 	 	 	 	 	 	 
	 	Mark	Country	Status	App. No.	File Date	Reg. No.	Reg. Date	Class
	113.	ZEMANTA	Australia	Registered	1988420	08-Feb-2019	1988420	16-Sep-2019	42
	114.	ZEMANTA	Brazil	Registered	916707105	08-Feb-2019	916707105	22-Oct-2019	42
	115.	ZEMANTA	Canada	Pending	1945223	08-Feb-2019	 	 	42
	116.	ZEMANTA	China	Registered	36304890	08-Feb-2019	36304890	07-Nov-2019	42
	117.	ZEMANTA	European Union	Registered	018020862	08-Feb-2019	018020862	25-Jun-2019	42
	118.	ZEMANTA	Hong Kong	Registered	304824955	08-Feb-2019	304824955	10-Jul-2019	42
	119.	ZEMANTA	Israel	Registered	313495	08-Feb-2019	313495	02-Dec-2019	42
	120.	ZEMANTA	Japan	Allowed	2019-022886	08-Feb-2019	 	 	42
	121.	ZEMANTA	Mexico	Registered	2163601	08-Feb-2019	1999348	13-May-2019	42
	122.	ZEMANTA	Singapore	Registered	40201902866T	08-Feb-2019	40201902866T	01-Aug-2019	42
	123.	ZEMANTA	So. Korea	Registered	40-2019-20029	08-Feb-2019	40-1574509	12-Feb-2020	42
	124.	ZEMANTA	UK	Registered	3373814	08-Feb-2019	3373814	26-Apr-2019	42
	125.	ZEMANTA	U.S.	Registered	88072287	08-Aug-2019	5848811	03-Sep-2019	42
	 	Mark	Country	Status	App.
    No.	File
    Date	Reg.
    No.	Reg.
    Date	Class
	1.	L Design	European	Registered	014522031	28-Aug-2015	014522031	04-May-2016	9, 16,
	 	 	Union	 	 	 	 	 	35,
    38,

 41, 42, 

45
	 		 	 	 	 	 	 	
	 	 	Base of	 	 	 	 	 	
	 	 	IR No	 	 	 	 	 	 
	 	 	1318200	 	 	 	 	 	 
	2.	L Design	Switzerland	Registered	 	 	1318200	24-Feb-2016	9, 16,
	 	 	Designation	 	 	 	 	 	35,
    38, 

41, 42, 

45
	 		 	 	 	 	 	 	
	 	 	IR No	 	 	 	 	 	
	 	 	1318200	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base: EU	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 
	3.	L Design	Turkey	Registered	 	 	1318200	24-Feb-2016	9, 16,
	 	 	Designation	 	 	 	 	 	35,
    38, 

41, 42,

 45
	 		 	 	 	 	 	 	
	 	 	IR No	 	 	 	 	 	
	 	 	1318200	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base: EU	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 
	4.	L Design	U.S.	Registered	79195803	24-Feb-2016	5488605	12-Jun-2018	9, 16,
	 	 	Designation	 	 	 	 	 	35,
    38,

 41, 42, 

45
	 		 	 	 	 	 	 	
	 	 	IR No	 	 	 	 	 	
	 	 	1318200	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base: EU	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 

 

    5

     

    

 

	 	Mark	Country	Status	App.
    No.	File
    Date	Reg.
    No.	Reg.
    Date	Class
	5.	L
    LIGATUS & Design	European	Registered	014522049	28-Aug-2015	014522049	13-Apr-2017	9,
    16,
	 	 	Union	 	 	 	 	 	35,
    38,

     41, 42, 

    45
	 	 	 	 	 	 	 	 	
	 	 	Base
    of	 	 	 	 	 	
	 	 	IR
    No	 	 	 	 	 	 
	 	 	1316654	 	 	 	 	 	 
	6.	L
    LIGATUS & Design	Switzerland	Registered	 	 	1316654	24-Feb-2016	9,
    16,
	 	 	Designation	 	 	 	 	 	35,
    38, 

    41, 42,

    45
	 	 	 	 	 	 	 	 	
	 	 	IR
    No	 	 	 	 	 	
	 	 	1316654	 	 	 	 	 	 
	 	 	Int’l
    Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:
    EU	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 
	7.	L
    LIGATUS & Design	Turkey	Registered	 	 	1316654	24-Feb-2016	9,
    16,
	 	 	Designation	 	 	 	 	 	35,
    38,

     41, 42, 

    45
	 	 	 	 	 	 	 	 	
	 	 	IR
    No	 	 	 	 	 	
	 	 	1316654	 	 	 	 	 	 
	 	 	Int’l
    Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:
    EU	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 
	8.	L
    LIGATUS & Design	U.S.	Registered	79195107	24-Feb-2016	5298720	03-Oct-2017	9,
    16,
	 	 	Designation	 	 	 	 	 	35,
    38,

     41, 42,

    45
	 	 	 	 	 	 	 	 	
	 	 	IR
    No	 	 	 	 	 	
	 	 	1316654	 	 	 	 	 	 
	 	 	Int’l
    Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:
    EU	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 
	9.	LIGATUS	Canada	Allowed	1759391	14-Dec-2015	 	 	09
    16
	 	 	 	 	 	 	 	 	35
    36
	 	 	 	 	 	 	 	 	38
    42
	10.	LIGATUS	Germany	Registered	305084291	15-Feb-2005	30508429	21-Apr-2005	9,
    16, 

    35, 36, 

    38, 42
	 	 	 	 	 	 	 	 	
	11.	LIGATUS	European	Registered	004829396	28-Dec-2005	004829396	05-Apr-2007	9,
    16,
	 	 	Union	 	 	 	 	 	35,
    36,
	 	 	 	 	 	 	 	 	38,
    42
	 	 	Base
    of	 	 	 	 	 	 
	 	 	IR
    No	 	 	 	 	 	 
	 	 	1225159	 	 	 	 	 	 
	12.	LIGATUS	Switzerland	Registered	 	 	1225159	03-Jul-2014	9,
    16,
	 	 	Designation	 	 	 	 	 	35,
    36, 

    38, 42
	 	 	 	 	 	 	 	 	
	 	 	IR
    No	 	 	 	 	 	 
	 	 	1225159	 	 	 	 	 	 
	 	 	Int’l
    Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:
    EU	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 

 

    6

     

    

 

	 	Mark	Country	Status	App. No.	File Date	Reg. No.	Reg. Date	Class
	13.	LIGATUS	Turkey	Registered	 	 	1225159	03-Jul-2014	9, 16,
	 	 	Designation	 	 	 	 	 	35,
    36,

 38, 42
	 	 	 	 	 	 	 	 	
	 	 	IR No	 	 	 	 	 	 
	 	 	1225159	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base: EU	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 
	14.	LIGATUS	U.S.	Registered	79178257	23-Oct-2015`	5202120	16-May-2017	9, 16,
	 	 	Designation	 	 	 	 	 	35,
    36, 

38, 42
	 	 	 	 	 	 	 	 	
	 	 	IR No	 	 	 	 	 	 
	 	 	1225159	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base: EU	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 
	15.	LIGATUS & Design	Germany	Registered	305640747	31-Oct-2005	30564074	30-Mar-2006	9, 16,
	 		 	 	 	 	 	 	35,
    36, 

38, 42
	 		Base of IR	 	 	 	 	 	
	 	 	No 1239745	 	 	 	 	 	 
	16.	LIGATUS & Design	European	Registered	 	 	1239745	03-Jul-2014	9, 16,
	 		Union

Designation	 	 	 	 	 	35,
    36, 

38, 42
	 	 		 	 	 	 	 	
	 	 	IR No	 	 	 	 	 	 
	 	 	1239745	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:	 	 	 	 	 	 
	 	 	Germany	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	EU, U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 
	17.	LIGATUS & Design	Switzerland	Registered	 	 	1239745	03-Jul-2014	9, 16,
	 		Designation	 	 	 	 	 	35,
    36, 

38, 42
	 	 	 	 	 	 	 	 	
	 	 	IR No	 	 	 	 	 	 
	 	 	1239745	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:	 	 	 	 	 	 
	 	 	Germany	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	EU, U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 
	18.	LIGATUS & Design	Turkey	Registered	 	 	1239745	03-Jul-2014	9, 16,
	 		Designation	 	 	 	 	 	35, 36,

38, 42
	 	 	 	 	 	 	 	 	
	 	 	IR No	 	 	 	 	 	 
	 	 	1239745	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:	 	 	 	 	 	 
	 	 	Germany	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	EU, U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 

 

    7

     

    

 

	 	Mark	Country	Status	App. No.	File Date	Reg. No.	Reg. Date	Class
	19.	LIGATUS & Design	U.S.	Registered	79178993	23-Oct-2015`	5202125	16-May-2017	9, 16,
	 		Designation	 	 	 	 	 	35, 36,

38, 42
	 	 	 	 	 	 	 	 	
	 	 	IR No	 	 	 	 	 	 
	 	 	1239745	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:	 	 	 	 	 	 
	 	 	Germany	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	EU, U.S.,	 	 	 	 	 	 
	 	 	Switzerland,	 	 	 	 	 	 
	 	 	Turkey	 	 	 	 	 	 
	20.	LIGATUS DIRECTADS	Germany	Registered	307569004	30-Aug-2007	30756900	28-Nov-2007	9, 35,
	 	 	 	 	 	 	 	 	38, 42,
	 	 	Base of	 	 	 	 	 	45
	 	 	IR No	 	 	 	 	 	 
	 	 	1241574	 	 	 	 	 	 
	21.	LIGATUS DIRECTADS	European	Registered	 	 	1241574	03-Jul-2014	9, 35,
	 	 	Union	 	 	 	 	 	35, 38,
	 	 	Designation	 	 	 	 	 	42, 45
	 	 	 	 	 	 	 	 	 
	 	 	IR No	 	 	 	 	 	 
	 	 	1241574	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:	 	 	 	 	 	 
	 	 	Germany	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	EU, Turkey	 	 	 	 	 	 
	22.	LIGATUS DIRECTADS	Turkey	Registered	 	 	1241574	03-Jul-2014	9, 35,
	 	 	Designation	 	 	 	 	 	35, 38,
	 	 	 	 	 	 	 	 	42, 45
	 	 	IR No	 	 	 	 	 	 
	 	 	1241574	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:	 	 	 	 	 	 
	 	 	Germany	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	EU, Turkey	 	 	 	 	 	 
	23.	REVENEE	Germany	Registered	3020170254490	09-Oct-2017	302017025449	19-Oct-2017	9, 16,
	 	 	 	 	 	 	 	 	35, 38,
	 	 	Base of	 	 	 	 	 	41, 42,
	 	 	IR No	 	 	 	 	 	45
	 	 	1419867	 	 	 	 	 	 
	24.	REVENEE	European	Registered	 	 	1419867	05-Apr-2018	9, 16,
	 	 	Union	 	 	 	 	 	35, 38,
	 	 	Designation	 	 	 	 	 	41, 42,
	 	 	 	 	 	 	 	 	45
	 	 	IR No	 	 	 	 	 	 
	 	 	1419867	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:	 	 	 	 	 	 
	 	 	Germany	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	EU, UK,	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland	 	 	 	 	 	 
	25.	REVENEE	Switzerland	Registered	 	 	1419867	05-Apr-2018	9, 16,
	 	 	Designation	 	 	 	 	 	35, 38,
	 	 	 	 	 	 	 	 	41, 42,
	 	 	IR No	 	 	 	 	 	45
	 	 	1419867	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:	 	 	 	 	 	 
	 	 	Germany	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	EU, UK,	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland	 	 	 	 	 	 

 

    8

     

    

 

	 	Mark	Country	Status	App. No.	File Date	Reg. No.	Reg. Date	Class
	26.	REVENEE	UK	Registered	 	 	1419867	05-Apr-2018	9, 16,
	 	 	Designation	 	 	 	 	 	35, 38,
	 	 	 	 	 	 	 	 	41, 42,
	 	 	IR No	 	 	 	 	 	45
	 	 	1419867	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base:	 	 	 	 	 	 
	 	 	Germany	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	EU, UK,	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland	 	 	 	 	 	 
	27.	VEESEO	European	Registered	009192428	07-Jun-2010	009192428	02-Nov-2010	9, 35,
	 	 	Union	 	 	 	 	 	42, 45
	 	 	Base of	 	 	 	 	 	 
	 	 	IR No	 	 	 	 	 	 
	 	 	1231702	 	 	 	 	 	 
	28.	VEESEO	Switzerland	Registered	 	 	1231702	22-Oct-2014	9, 35,
	 	 	Designation	 	 	 	 	 	42, 45
	 	 	IR No.	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	1231702	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base: EU	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland	 	 	 	 	 	 
	29.	VEESEO	U.S.	Registered	79158675	22-Oct-2014	4961942	24-May-2016	9, 35,
	 	 	Designation	 	 	 	 	 	42, 45
	 	 	IR No.	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	1231702	 	 	 	 	 	 
	 	 	Int’l Reg	 	 	 	 	 	 
	 	 	(Madrid)	 	 	 	 	 	 
	 	 	Base: EU	 	 	 	 	 	 
	 	 	Designations:	 	 	 	 	 	 
	 	 	U.S.,	 	 	 	 	 	 
	 	 	Switzerland	 	 	 	 	 	 
	30.	VSEO	European	Registered	009192436	07-Jun-2010	009192436	02-Nov-2010	9, 35,
	 	 	Union	 	 	 	 	 	42, 45

 

    9

     

    

 

Outbrain Patents

 

	LS
    Case Number	Country	Application/
    

    Publication/ 

    Patent 

    Number	Filing/

    Publication/

    Issue 

    Date	Application
    Status	Title	Inventors	Scope	Protection	Next
    Steps
	26136-
    0003	US	13/676,471 
 US 2013/0132191

                                                                                Al 
 US 10,354,274
	11/14/12

    5/23/13

    7/16/19	GRANTED
                                            

                                                                                                                                                                                    No

                                                                                                                                                                                    continuation application filed

                                                                                 

                                                                                20-year
                                            patent term expires in 2034
	System
    and method for providing feed-based advertisements	Yaron
    Galai, David Sasson, Itai Hochman, Amit Elisha	UTILITY,
    CORE 

    Generic Outbrain 

    functionality	Provides
    Outbrain with core IP protection	None
	26136-
    0009	US	14/055,291

    N/A

    US 10,275,795	10/16/13
 N/A

                                                                                4/30/19
	GRANTED
                                            

                                                                                                                                                                                    No

 continuation application filed

                                                                                 

                                                                                20-year
                                            patent term expires in 2034
	System
    and method for ranking, allocation and pricing of content recommendations	Ron
    Karidi, Yaron Galai	UTILITY,
    CORE Optimizes the ranking, allocation and pricing of content recommendations based on buyer campaign data	Provides
    Outbrain with core IP protection	None
	26136-
    0010	US	13/956,865

    N/A

    US10,304,081	8/1/13

    N/A 

    5/28/19	GRANTED

                                                                                                                                                                                    No

 continuation application filed

                                                                                 

                                                                                20-year
                                            patent term expires in 2034
	Yielding
    content recommendations based on serving by probabilistic grade proportions	Shlomy
    Boshy, Yatir Ben Shlomo, Yaron Galai	UTILITY,
                                            CORE Recommendation grading process that calculates serving probabilities based on the proportion
                                            of the user, document and destination grades
 	Provides
    Outbrain with core IP protection	None
     

 

Privileged & Confidential

 

     

     

    

 

Outbrain Patents

 

	LS
    Case Number	Country	Application/
    

    Publication/ 

    Patent 

    Number	Filing/

    Publication/

    Issue 

    Date	Application
    Status	Title	Inventors	Scope	Protection	Next
    Steps
	26136-
    0011	US	14/193,900

                                                                                N/A

                                                                                US 9,324,028
	2/28/14
 N/A

                                                                                26/4/16
	GRANTED Continuation application abandoned

                                                                                 
 20-year patent term expires in 2034 
	Collaborative
    filtering of content recommendations	Shlomy
    Boshy, Yaron Galai	UTILITY,
    CORE User activity data is used to generate connection pairs between sources and recommendations and a recommendation serving grade
    is calculated for each target document	Provides
    Outbrain with core IP protection	None
	26136-
    0013	US	14/266,171

                                                                                N/A

                                                                                US 9,432,471
	4/30/14
 N/A

                                                                                30/8/16
	GRANTED Continuation application granted (0091)

                                                                                 

                                                                                 20-year patent term expires in 2034
	Recommendation
    source-related user activity calculator	Shlomy
    Boshy, Yaron Galai	UTILITY,
    CORE Page views after click user engagement calculator for content recommendations	Provides
    Outbrain with core IP protection	None
	26136-
    0021	US	12/367,968 

US 2009/0204478

                                                                                Al

                                                                                US 10,269,024
	2/9/09

                                                                                8/13/09 23/4/19
	GRANTED

                                                                                                                                                                                    No

 continuation application filed

                                                                                                                                                                                     

                                                                                                                                                                                    

                                                                                20-year patent term expires in 2030
	Systems
    and methods for identifying and measuring trends in consumer content demand within vertically associated websites and related content	Paul
    Edward Kaib, Brent Allen Walker, Joshua Michael Hofmann, Gregg Freishtat	UTILITY,
    ACQUISITION Consumer vertical keywords are matched to vertical websites and the matched prospects notified to brand managers	Provides
    Outbrain with useful IP protection	None
	26136-
    0026	US	12/965,417 

US 2011/0202827

                                                                                                                                                                                    Al

                                                                                US 10,607,235
	12/10/10
    8/18/11 3/31/20	GRANTED

                                                                                                                                                                                    No

 continuation application
 

                                                                                 

                                                                                20-year patent term expires in 2029
	Systems
    and methods for curating content	Gregg
    Freishtat, Paul Edward Kaib	UTILITY,
    ACQUISITION Means to access, select and distribute licensed vertical content from third party websites	Provides
    Outbrain with useful IP protection	None

 

Privileged & Confidential

 

     

     

    

 

Outbrain Patents

 

	LS
    Case Number	Country	Application/
    

    Publication/ 

    Patent 

    Number	Filing/

    Publication/

    Issue 

    Date	Application
    Status	Title	Inventors	Scope	Protection	Next
    Steps
	26136-
    0028	US	12/965,440

 US 2011/0161479

                                                                                Al

                                                                                US 9,396,485
	12/10/10

    6/30/13

 7/19/16	GRANTED
                                            Continuation application abandoned (0090)

                                                                                                                                                                                     

                                                                                                                                                                                    

                                                                                20-year patent term expires in 2031
	Systems
    and methods for presenting content	Gregg
    S. Freishtat, Paul Edward Kaib	UTILITY,
    ACQUISITION Means to provide access to third party content in industry verticals to brand managers	Provides
    Outbrain with useful IP protection	None
	26136-
    0030	US	13/665,250

 US 2013/0060858

                                                                                Al

                                                                                US 10,713,666
	10/31/12

 3/7/13

                                                                                7/14/20
	GRANTED 

                                                                                                                                                                                    No

 continuation application

                                                                                 
 20-year patent term expires in 2032
	Systems
    and methods for curating content	Gregg
    S. Freishtat, Paul Edward Kaib, Danny Sehr	UTILITY,
    ACQUISITION Means to access, select and distribute licensed vertical content from third party websites in selected web page positions	Provides
    Outbrain with useful IP protection	None
	26136-
    0034	US	14/312,948

                                                                                N/A

                                                                                US 9,552,437
	6/24/14
 N/A

                                                                                1/24/17
	GRANTED

                                                                                                                                                                                    No

                                                                                                                                                                                    continuation application

                                                                                 
 20-year patent term expires in 2034
	Content
    position recommendations	Dennis
    R. Mortensen, Alex Poon, Varun Vijayaraghavan	UTILITY,
    CORE Optimizes content recommendation placements on web page content link positions	Provides
    Outbrain with core IP protection	None
	26136-
    0038	US	14/146,279

                                                                                N/A

                                                                                US 10,521,824
	1/2/14
 N/A

                                                                                12/31/19
	GRANTED 

                                                                                                                                                                                    No

                                                                                                                                                                                    continuation application 

                                                                                 

                                                                                20-year patent term expires in 2035
	System
    and method for personalized content recommendations	Shlomy
    Boshy, Yaron Galai	UTILITY,
    CORE User cluster types associated with interest categories are used to generate personalized content recommendations for each user	Provides
    Outbrain with core IP protection	None

 

Privileged & Confidential

 

     

     

    

 

 

Outbrain Patents

 

	LS Case

 Number	Country	Application/ 
 Publication/ 
 Patent 
 Number	Filing/

 Publication/

 Issue Date	Application 

Status	Title	Inventors	Scope	Protection	Next Steps
	26136- 0041  	US	10/350,869

 N/A 

US 7,587,381  	1/24/03

 N/A

9/8/09 	GRANTED
  No continuation application

                                                                 

                                                                20-year patent term expires
in 2024  
	Method for extracting a compact representation of the topical content of an electronic text	Martin Remy, 

Steve Nieker	UTILITY, ACQUISITION Document text is mapped and scored into content element pairs for efficient retrieval	Provides Outbrain with core IP protection	None
	 	 	 	 	 	 	 	 	 	 
	26136- 0043  	US	14/529,667

 N/A

 US 10,607,253  	10/31/14

 N/A 

3/31/20 	GRANTED 
 No continuation appication

                                                                 

                                                                20-year patent term expires
in 2037  
	Content title user engagement optimization	Amir Shachar, Alex Bennett, Yatir Ben Shlomo, Kevin Selhi  	UTILITY, CORE Content title analysis tool to improve expected CTR  	Provides Outbrain with core IP protection	None
	 	 	 	 	 	 	 	 	 	 
	26136- 0045  	US	14/657,457

 US 2015/0269488 Al 

US 10,165,069  	3/18/14

 Provisional

 3/13/15

 Utility

 9/24/15

 12/25/18 	GRANTED

 Continuation application granted (0104)

 Also provides priority for granted LTV continuation application (0101)

 

20-year patent term expires in 2036  	Provisioning personalized content recommendations	Yaron Galai, Roy Bass, Conn Doody, Yaniv Gilad, Daniel Sternlicht, Ido Tamir	UTILITY, CORE Outbrain personalization functionality  	Provides Outbrain with core IP protection	None

 

Privileged & Confidential

 

     

     

    

 

Outbrain Patents

 

	LS Case Number	Country	Application/ 

Publication/ 

Patent 

Number	Filing/ Publication/ Issue Date	Application

 Status	Title	Inventors	Scope	Protection	Next Steps
	
    26136- 0046 through 26136-

    0054

     
	US	
    29/522,494,

    29/522,500,

    29/522,506,

    29/522,526,

    29/522,519,

    29/522,501,

    29/522,511,

    29/522,515,

    29/522,517

    N/A

     

    US Design Patents D743,431 D743,989 D743,990 D743,991 D744,517
    D745,032 D745,033 D745,034 D745,035

     
	3/31/15 

N/A 

11/17/15 

11/24/15 

11/24/15 

11/24/15 

12/1/15 

12/8/15 

12/8/15 

12/8/15 

12/8/15	
    GRANTED

     

    14-year design patent term expires in
    2029

     
	Display screen or portion thereof with graphical user interface	Savitha Thankam Pal, Roy Bass, Conn Doody, Yaniv Gilad, Daniel Sternlicht	DESIGN, CORE Outbrain recommendation widget designs (tablet)	Provides Outbrain with core IP protection	None

 

Privileged & Confidential

 

     

     

    

 

Outbrain Patents

 

	LS Case Number	Country	Application/ 

Publication/ 

Patent 

Number	Filing/ Publication/ Issue Date	Application Status	Title	Inventors	Scope	Protection	Next Steps
	26136- 0056 through 26136- 0073 	US	
    29/541,937,

    29/541,940,

    29/541,942,

    29/541,943,

    29/541,946,

    29/541,961,

    29/541,950,

    29/541,951,

    29/541,953,

    29/541,956,

    29/541,957,

    29/541,960,

    29/541,967,

    29/541,968,

    29/541,979,

    29/541,981,

    29/541,984,

    29/541,991

    N/A

     

    US Design Patents D759,097 D759,098 D759,099 D759,100 D759,101
    D759,102 D759,103 D759,104 D759,105 D759,106 D759,107 D759,108 D759,109

     
	10/9/15 

N/A 6/14/16 	GRANTED

                                                                                 

                                                                                 Decision to Abandon: 29/541,946, 29/541,950, 29/541,953, 29/541,979, 29/541,981 15-year design patent term expires in 2031
	Display screen or portion thereof with graphical user interface	Savitha Thankam Pal, Roy Bass, Conn Doody, Yaniv Gilad, Daniel Sternlicht	DESIGN, CORE Outbrain recommendation widget designs (mobile & desktop) 	Provides Outbrain with core IP protection	None

 

Privileged & Confidential

 

     

     

    

 

Outbrain Patents

 

	LS
    Case

    Number	Country	Application/
    

    Publication/ 

    Patent 

    Number	Filing/

    Publication/

    Issue Date	Application

    Status	Title	Inventors	Scope	Protection	Next
    Steps
	26136-
    0074 through 26136- 0079

 (US filings)

    

    26136- 0084 

(EU filing)  	US,
    EU  	29/548,888,

    29/548,904,

    29/548,907,

    29/548,938,

    29/548,945,

    29/548,952

    001446025 (EU)

    N/A 

    EU 001-446025

    US Design Patents

    D775,152

    D775,153

    D775,154

    D775,155

    D775,156

    D775,157	12/17/15
    

    N/A 

    2/19/16 (EU)

    12/27/16

    (US) 	GRANTED
     

    

    15-year design patent term expires in 2031	Mobile
    device screen or portion thereof with a graphical user interface	Ofer
    Perach, Uta Knablein, Amit Erental  	DESIGN,
    CORE TopBox & BottomDrawer mobile content recommendation widgets  	Provides
    Outbrain with core IP protection	None
     
	 	 	 	 	 	 	 	 	 	 
	26136-
    0080 (US) and 26136- 86 (EU)	US,
    EU	29/550,819
    

    N/A 

    EU 001447353-1	1/7/16

    (US) 

    N/A 

    3/31/16

    (EU) 

    N/A (US)	US
    Abandoned

    

    EU GRANT

    

    5-year EU design patent (RCD) term expires in 2021	Electronic
    device display or portion thereof with a graphical user interface	Shaked
    Simchi, Avi Solomon	DESIGN,
    CORE Outbrain Smart watch news notification app design	Provides
    Outbrain with useful IP protection in Europe	None

 

Privileged & Confidential

 

     

     

    

 

Outbrain Patents

 

	LS
    Case

 Number	Country	Application/
    

    Publication/ 

    Patent 

    Number	Filing/

    Publication/

 Issue

 Date	Application

    Status	Title	Inventors	Scope	Protection	Next
    Steps
	26136-
    0082

 (US)

    and 26136- 0087

 (EU)	US,
    EU	29/554,194
    

N/A

 US Design Patent D800,738

 

EU 

001447361	2/9/16
    (US)

 N/A

 3/31/16 (EU)

 10/24/17 

(US)  	US
    GRANT

    

    15-year design patent term expires in 2032

    

    EU GRANT

    

    5-year EU design patent (RCD) term expires in 2021	Device
    display or portion thereof with a graphical user interface	Eric
    Xu, Anita Campbell	DESIGN,
    CORE Virtual reality content recommendation design	Provides
    Outbrain with useful IP protection	None
	 	 	 	 	 	 	 	 	 	 
	26136-
    0091 (Cont. of 13)	US	15/221,032
    

    N/A

 US

 9,787,788  	7/27/16
    

    N/A 

10/10/17	GRANTED

    No further continuation

    

    20-year patent term expires in 2034	User
    activity measurement relating to a recommendation source	Shlomy
    Boshy, Yaron Galai	UTILITY,
    CORE Page views after click user engagement calculator for content recommendations	Provides
    Outbrain with core IP protection	None

 

Privileged & Confidential

 

     

     

    

 

Outbrain Patents

 

	LS Case

 Number	Country	Application/ 

Publication/ 

Patent 

Number	Filing/

 Publication/

 Issue

 Date	Application Status	Title	Inventors	Scope	Protection	Next Steps
	26136- 0092 

(US)

 

26136- 0094

 (EU)	US, EU	29/582,646 

N/A

 US Design Patent 

D832,291	10/28/16 

(US)

 N/A

 11/3/16

 (EU) 

10/30/18 

(US)	US GRANTED

 

15-year design patent term expires in 2033

 

EU GRANT

 

5-year EU design patent (RCD) term expires in 2021  	Device display or portion thereof with a messaging graphical user interface	Savitha Pal, Yuval Ben Itzhak, Oded Regev	DESIGN, CORE Chatbot interface design	Provides Outbrain with useful IP protection	None
	26136-
    0099 

    

    (EU 26136- 0102)	US, EU	N/A 

N/A

 US Design Patent D850,466	11/17/17 N/A 6/4/19  	US GRANTED

 

15-year design patent term expires in 2034

 

EU GRANT

 

5-year EU design patent (RCD) term expires in 2023  	Electronic device display screen with a graphical user interface	Aynat Ben Ari, Liron Zluf, Oren Aghion, Uriel Elster	DESIGN, CORE Outbrain Smartfeed 

widget design	Provides Outbrain with core IP protection	None

 

Privileged & Confidential

 

     

     

    

 

Outbrain Patents

 

	LS Case

 Number	Country	Application/ 
 Publication/ 
 Patent 
 Number	Filing/

 Publication/

 Issue 

Date	Application Status	Title	Inventors	Scope	Protection	Next Steps
	26136- 0100	US, EU	N/A

 N/A

 US Design Patent D851,674

 

EU

 005269222-0001	11/17/17 

N/A

 6/18/19

 EU 

15/05/2018	US GRANTED 15-year design patent term expires in 2034

 

EU GRANT 5-year EU design patent (RCD) term expires in 2023

  	Display screen or portion thereof with graphical user interface	Roy Bass, Jonathan Sellam, Ela Eldar Raskin	DESIGN, CORE Outbrain video widget animation design	Provides Outbrain with core IP protection	None
	26136- 0101	US	N/A

 U520190058770A 1

 US 10,785,332	10/24/18

 2/21/19

 9/22/20	Granted 

Continuation -In-Part of 0045

 

No further continuation application 

20-year patent term expires in 2040	User lifetime revenue allocation associated with provisioned content recommendations	Yaron Galai, Ronny Lempel, Sagiv Gurevitch, Sonya Lieberman, Ido Tamir, Roy Bass, Conn Doody, Yaniv Gilad, Daniel Sternlicht, Elad Bar, Carmel Bregman, Danny Rosenstein, Ilan Orlov	UTILITY, CORE Outbrain LTV functionality and revenue model	Provides Outbrain with core IP protection	None
	 	 	 	 	 	 	 	 	 	 

 

Privileged & Confidential

 

     

     

    

Outbrain Patents

 

 

	LS Case Number	Country	Application/ 

Publication/ 

Patent 

Number	Filing/ Publication/ Issue Date	Application Status	Title	Inventors	Scope	Protection	Next Steps
	26136- 0104 (Cont of 45)	US	N/A

 US20180375949A 1

 US 10,693,981	8/31/18 

12/27/18

 6/23/20	GRANTED 

No further continuation application

 

20-year patent term expires in 2040 	Provisioning personalized content recommendations	Yaron Galai, Roy Bass, Colin Doody, Yaniv Gilad, Daniel Sternlicht, Ido Tamir	UTILITY, CORE Outbrain personalization functionality	Provides Outbrain with core IP protection	None
	 	 	 	 	 	 	 	 	 	 
	26136- 0106 

0114 EU	US, EU	N/A 

N/A 

US Design Patent

 D871,436	10/25/18 

N/A 

12/31/19	GRANTED

 15-year design patent term expires in 2034

 

EU GRANT 5-year EU design patent (RCD) term expires in 2023  	Mobile device display or portion thereof with a graphical user interface	Yaron Galai, Asaf Harari, Aynat Ben Ari	DESIGN, CORE Outbrain LTV widget design	Provides Outbrain with core IP protection	None
	26136- 0108  	US	17/109,857 

N/A 

N/A  	12/2/20	PENDING	Provisioning serendipitous content recommendations in a targeted content zone	Ido Tamir	UTILITY, CORE Generation and zoning of serendipitous recommendations for optimal user content discovery, engagement and revenue	Provides Outbrain with core IP protection	Pending first office action

 

Privileged & Confidential

 

     

     

    

 

Outbrain Patents

 

	LS Case

 Number	Country	Application/ 
 Publication/ 
 Patent 
 Number	Filing/

 Publication/

 Issue

 Date	Application

 Status	Title	Inventors	Scope	Protection	Next Steps
	26136- 0113

 

26136- 0115

 

26136- 0116 

26136- 0119

 26136- 0120  	US, EU	N/A	05/23/19
 N/A 

N/A  	US GRANTED 15-year design patent term expires in 2036 

EU RCD GRANTED  	Display screen or portion thereof with graphical user interface	Nati Berkover, Hadas Ozer, Amit Elisha, Sagiv Gurevitch	DESIGN, CORE Smartfeed Timeline Card Design & Variant  	Provides Outbrain with core IP protection	None

 

Privileged & Confidential

     

     

    

 

	To: Silicon Valley Bank	 	Perfection Certificate

 

Exhibit A

 

IRS Form W9

 

See
attached.

 

    -19-

     

    

 

 

	
	3/27/2020
DocuSign Envelope ID: D601DA71-6BCC-41AE-86B1-3E1E853E9B92 DocuSign Envelope ID: 3080D40B-F9EB-4DFC-A6FC-1084448076BA

     

     

    

	
	DocuSign Envelope ID: D601DA71-6BCC-41AE-86B1-3E1E853E9B92 DocuSign Envelope ID: 3080D40B-F9EB-4DFC-A6FC-1084448076BAEX-4.1

 Exhibit 4.1 

INDENTURE, dated as of June 24, 2021 (this “Agreement” or this “Indenture”), among CARVANA AUTO
RECEIVABLES TRUST 2021-P2, a Delaware statutory trust (the “Issuing Entity”), CARVANA AUTO RECEIVABLES GRANTOR TRUST 2021-P2, a Delaware statutory trust
(the “Grantor Trust”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as indenture trustee and not in its individual capacity (the “Indenture Trustee”). 

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

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

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

(b) the Transaction Documents; 

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

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

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

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

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

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

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

(f) [reserved]; and 

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

  
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 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

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

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

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

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

THE NOTES 

Section 2.1 Form. 

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

  
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 (b) The Notes shall be typewritten, printed, lithographed or engraved or produced by any
combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

(c) The terms of each Class of Notes as provided for in Exhibits A and B hereto are part of the terms of this
Indenture. 
 Section 2.2 Execution, Authentication and Delivery. 

(a) Each Note shall be dated the date of its authentication and shall be issuable as a registered Note in the minimum denomination set forth
in Part IV of Appendix A to the Receivables Purchase Agreement. 
 (b) The Notes shall be executed on behalf of the Issuing Entity by any of
its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 (c) Notes bearing the
manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals or any of them have ceased to hold such office prior to the
authentication and delivery of such Notes or did not hold such office at the date of such Notes. 
 (d) The Indenture Trustee, in exchange
for the Grant of the Issuing Entity Collateral, shall cause to be authenticated and delivered to or upon the order of the Issuing Entity (an “Authentication Order”) Notes for original issue in the aggregate principal amounts set
forth in Part IV to Appendix A of the Receivables Purchase Agreement. The aggregate principal amount of all Notes (other than the Class XS Notes) outstanding at any time may not exceed the amount set forth in Part IV to Appendix A of the
Receivables Purchase Agreement, except as provided in Section 2.5. 
 (e) No Note shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form set forth in Exhibits A and B, as applicable, executed by the Indenture
Trustee by the manual signature of one of its Authorized Officers; such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.3 Temporary Notes. 

(a) Pending the preparation of Definitive Notes, if any, the Issuing Entity may execute, and upon receipt of an Issuing Entity Order the
Indenture Trustee shall authenticate and deliver, such Temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations
as are consistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

  
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 (b) If Temporary Notes are issued, the Issuing Entity shall 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 Issuing Entity to be maintained as
provided in Section 3.2, without charge to the related Noteholder. Upon surrender for cancellation of any one or more Temporary Notes, the Issuing Entity shall execute and the Indenture Trustee shall authenticate and
deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so delivered in exchange, the Temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive
Notes. 
 Section 2.4 Registration of Notes; Registration of Transfer and Exchange of Notes. 

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

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

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

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

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

(g) No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Issuing Entity or Indenture
Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Sections 2.3 or
9.5 not involving any transfer. 
 (h) By acquiring a Class A Note, Class B Note, Class C Note or Class D Note
(or any beneficial ownership therein), each purchaser and transferee shall be deemed to represent and warrant that either (i) it is not acquiring the Note (or beneficial interest) with the assets of a Benefit Plan Investor or other plan that is
subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (including, without limitation, foreign or governmental plans) or (ii) the acquisition and holding of the
Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law. 

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

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

  
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 Section 2.5 Mutilated, Destroyed, Lost or Stolen Notes. 

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

(b) If, after the delivery of a replacement Note or payment in respect of a destroyed, lost or stolen Note pursuant to subsection (a), a
protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment)
from (i) any Person to whom it was delivered, (ii) the Person taking such replacement Note from the Person to whom such replacement Note was delivered or (iii) any assignee of such Person, except a protected purchaser, and the Issuing
Entity and the Indenture Trustee shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuing Entity or the Indenture Trustee in connection therewith. 

(c) In connection with the issuance of any replacement Note under this Section 2.5, the Issuing Entity or the
Indenture Trustee may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including all fees and expenses of the
Indenture Trustee) connected therewith. 
 (d) Any replacement Note issued pursuant to this Section 2.5 in
replacement for any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be found at any time or be
enforced by any Person, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

(e) The provisions of this Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

  
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 Section 2.6 Persons Deemed Noteholders. Prior to due presentment
for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the
Noteholder for the purpose of receiving payments of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any agent of the Issuing
Entity or the Indenture Trustee shall be affected by notice to the contrary. 
 Section 2.7 Payment of Principal and
Interest. 
 (a) [Reserved] 

(b) Prior to any acceleration of the Notes pursuant to Section 5.2(a), on each Distribution Date, the Paying Agent
shall, solely in accordance with the Servicer’s Certificate for such Distribution Date made available by the Servicer, apply (i) the Available Funds for such Distribution Date, (ii) pursuant to
Section 8.2(b)(iv), the Reserve Account Draw Amount, if any, for that Distribution Date solely in connection with the payment of clauses (i) through (xi) below, and (iii) pursuant to
Section 8.2(b)(v), the Class N Reserve Account Draw Amount, if any, (A) prior to the Final Scheduled Distribution Date for the Class N Notes solely in connection with the payment of clause (xiv) below
for that Distribution Date and (B) upon the occurrence of the Final Scheduled Distribution Date for the Class N Notes, solely in connection with the payment of clauses (xiv) and (xvi) below for that Distribution Date, to make the
following payments and deposits in the following order of priority: 
 (i) the Servicing Strip Amount for the related
Collection Period shall be used to pay the Servicer or any Successor Servicer, as applicable, the related Servicing Fee for such Distribution Date, and any Excess Servicing Strip Amount for such Distribution Date will be distributed to the
Class XS Notes; 
 (ii) pro rata, (a) to the extent not previously paid, to the Backup Servicer, if the Backup
Servicer has replaced Bridgecrest Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer
(including any boarding fees or other expenses payable by the Issuing Entity), provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(a) shall only be payable during the calendar year
beginning on the date that the Backup Servicer has replaced Bridgecrest Credit Company, LLC as Servicer and will not exceed $150,000 in such calendar year, (b) to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the
Administrator, the Collateral Custodian and the Independent Accountant any fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Administrator, the Collateral Custodian and the
Independent Accountant and all unpaid fees, expenses and indemnity amounts from prior Collection Periods, provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(b) will not
exceed (1) $125,000 in any calendar year 

  
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to the Indenture Trustee and Collateral Custodian, (2) $75,000 in any calendar year to the Grantor Trust Trustee and Owner Trustee combined and (3) $9,000 in any calendar year to the Independent
Accountant, (c) to the Asset Representations Reviewer, the fees, expenses and indemnities due and owing under the Asset Representations Review Agreement, which have not been previously paid in full, up to a maximum of $175,000 per year,
(d) to each Rating Agency, annual surveillance fees not to exceed $42,500 in any calendar year and (e) $36,000 in any calendar year to the Financial Printer; 

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

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

(vi) to the Note Distribution Account, for the payment of interest on the Class B Notes, the Aggregate Class B
Interest Distributable Amount for such Distribution Date; 
 (vii) to the Note Distribution Account, for the payment of
principal on the Notes (other than the Class N Notes and the Class XS Notes) in the priority specified in Section 8.2(c), the Second Priority Principal Distributable Amount for such Distribution Date; 

(viii) to the Note Distribution Account, for the payment of interest on the Class C Notes, the Aggregate Class C
Interest Distributable Amount for such Distribution Date; 
 (ix) to the Note Distribution Account, for the payment of
principal on the Notes (other than the Class N Notes and the Class XS Notes) in the priority specified in Section 8.2(c), the Third Priority Principal Distributable Amount for such Distribution Date; 

(x) to the Note Distribution Account, for the payment of interest on the Class D Notes, the Aggregate Class D
Interest Distributable Amount for such Distribution Date; 
 (xi) to the Note Distribution Account, for the payment of
principal on the Notes (other than the Class N Notes and the Class XS Notes) in the priority specified in Section 8.2(c), the Fourth Priority Principal Distributable Amount for such Distribution Date; 

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

(xiv) to the Note Distribution Account, for the payment of interest on the Class N Notes, the Aggregate Class N Note
Interest Distributable Amount for such Distribution Date; 
 (xv) to the Class N Reserve Account, the amount, if any,
necessary to fund the Class N Reserve Account up to the Class N Reserve Account Required Amount; 
 (xvi) to the
Note Distribution Account, for the payment of the principal of the Class N Notes; 
 (xvii) pro rata, (a) to the
Backup Servicer, if the Backup Servicer has replaced Bridgecrest Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer plus any unpaid transition expenses due in respect of the transfer of
servicing to the Backup Servicer that are in excess of the related cap described under clause (ii)(b) above (including any boarding fees or other expenses payable by the Issuing Entity), (b) to the extent not previously paid, to each of the
Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Rating Agencies, the Administrator, the Asset Representations Reviewer, the Collateral Custodian, the Financial Printer and the Independent Accountant any unpaid fees, expenses and
indemnity amounts due to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Rating Agencies, the Administrator, the Asset Representations Reviewer, the Collateral Custodian, the Financial Printer and the Independent
Accountant that are in excess of the related caps described under clause (ii) above, (c) to the Backup Servicer, any unpaid expenses and indemnity amounts due to the Backup Servicer and (d) to the Servicer, any out of pocket costs and
expenses due to the Servicer under the Asset Representations Review Agreement; and 
 (xviii) any remaining Available Funds
will be deposited in the Certificate Distribution Account and applied by the Paying Agent under the Trust Agreement in accordance with the priorities set forth in the Trust Agreement, including distributions to the Certificateholders. 

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

  
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 (d) Each Class of Notes (other than the Class XS Notes) shall accrue interest
during each Collection Period at the related Interest Rate, and such interest shall be due and payable on each Distribution Date in accordance with the priorities set forth in Section 2.7(b) and
Section 2.7(f). Interest on each Class of Notes (other than the Class A-1 Notes and the Class XS Notes) shall be calculated in the manner described in Part IV to
Appendix A of the Receivables Purchase Agreement. Notwithstanding any other provision hereof, no Interest Rate may exceed the maximum rate permitted by law. 

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

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

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

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

  
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 (ii) pro rata, (a) to the extent not previously paid, to the Backup
Servicer, if the Backup Servicer has replaced Bridgecrest Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing
to the Backup Servicer, (b) to the extent not previously paid, to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Administrator, the Collateral Custodian and the Independent Accountant any unpaid fees, expenses
and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Administrator, the Collateral Custodian and the Independent Accountant and all unpaid fees, expenses and indemnity amounts from the prior
Collection Periods, (c) to each Rating Agency, annual surveillance fees not to exceed $42,500 in any calendar year, (d) to the Asset Representations Reviewer, any fees, expenses and indemnity amounts due to the Asset Representations
Reviewer, (e) to the Backup Servicer, any unpaid expenses and indemnity amounts due to the Backup Servicer, (f) to the Servicer, any out of pocket costs and expenses due to the Servicer under the Asset Representations Review Agreement and
(g) $36,000 in any calendar year to the Financial Printer; 
 (iii) to the Backup Servicer, the Backup Servicing Fee; 

(iv) to the Holders of the Class A Notes, pro rata among the Class A Notes, the Aggregate Class A Interest
Distributable Amount for such Distribution Date; 
 (v) to the Holders of the
Class A-1 Notes in respect of principal thereof until the Outstanding Amount of the Class A-1 Notes is reduced to zero; 

(vi) to the Holders of the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes, pro rata in respect of principal thereof until the Outstanding Amount of the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes is reduced to zero; 

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

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

(xiii) to the Holders of the Class N Notes, the Aggregate Class N Interest Distributable Amount for such
Distribution Date; 
 (xiv) to the Holders of the Class N Notes, in respect of principal thereof until the Outstanding
Amount of the Class N Notes is reduced to zero; and 
 (xv) any remaining Available Funds will be deposited in the
Certificate Distribution Account and applied by the Paying Agent under the Trust Agreement in accordance with the priorities set forth in the Trust Agreement, including distributions to the Certificateholders. 

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

Section 2.8 Cancellation of Notes. All Notes surrendered for payment, redemption, exchange or registration of
transfer shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for
cancellation any Notes previously authenticated and delivered hereunder which the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.8, except as expressly permitted by this Indenture. All canceled Notes may be held or disposed of by the Indenture Trustee in
accordance with its standard retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it; provided, however, that such Issuing Entity Order is
timely and the Notes have not been previously disposed of by the Indenture Trustee. The Indenture Trustee shall certify to the Issuing Entity upon request that surrendered Notes have been duly canceled and retained or destroyed, as the case may be.

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

  
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obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in
such exemptive order. 
 Section 2.10 Book-Entry Notes. The Notes, upon original issuance, shall be issued in the
form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered to Cede & Co., as nominee of The Depository Trust Company, as the initial Clearing Agency, or its custodian, by or on behalf of the Issuing Entity, or in
the case of Retained Notes, at the Depositor’s option, as Definitive Notes delivered to the Depositor or its representative. Such Book-Entry Note or Notes shall be registered on the Note Register in the name of Cede & Co., the nominee
of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until the Definitive Notes have
been issued to Note Owners pursuant to Section 2.12: 
 (a) the provisions of this
Section 2.10 shall be in full force and effect; 
 (b) the Note Registrar, the Indenture Trustee and the Paying
Agent shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on such Notes and the giving of instructions or directions hereunder) as the sole Holder of such Notes
and shall have no obligation to the Note Owners; 
 (c) to the extent that the provisions of this Section 2.10
conflict with any other provisions of this Indenture, the provisions of this Section 2.10 shall control; 
 (d)
the rights of the Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency or the Clearing Agency Participants. Unless and until
Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency shall make book-entry transfers between the Clearing Agency Participants and receive and transmit payments of principal of and interest on
such Notes to such Clearing Agency Participants, pursuant to the Note Depository Agreement; and 
 (e) whenever this Indenture requires or
permits actions to be taken based upon instructions or directions of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the Controlling Class, the Clearing Agency shall be deemed to represent such percentage only to the
extent that it has (i) received instructions to such effect from Note Owners or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes; and (ii) delivered such
instructions to the Indenture Trustee. 
 Section 2.11 Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Noteholders to the Clearing Agency and shall have no other obligation to the Note Owners. 

Section 2.12 Definitive Notes. If (i) the Administrator advises the Indenture Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge 

  
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its responsibilities with respect to the Notes and the Issuing Entity is unable to locate a qualified successor; (ii) the Administrator, at its option, advises the Indenture Trustee in
writing that it elects to terminate the book-entry system through the Clearing Agency; or (iii) after the occurrence of an Event of Default, Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount
of the Controlling Class advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners
and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes
by the Clearing Agency, accompanied by registration instructions, the Issuing Entity shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuing
Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the
Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. The Issuing Entity represents that the Notes are of the type of debt instruments where payments under such debt instruments may be accelerated by reason of
prepayments of other obligations securing such debt instruments. 
 Section 2.13 Depositor as Noteholder. The
Depositor in its individual or any other capacity may become the owner or pledgee of Notes of any Class and may otherwise deal with the Issuing Entity or its affiliates with the same rights it would have if it were not the Depositor. 

Section 2.14 Tax Treatment. 

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

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

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

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

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

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

Section 2.15 Special Terms Applicable to the Class N Notes and the Class XS
Notes. 
 (a) The Class N Notes and the Class XS Notes have not been or will be registered under the Securities Act or the
securities laws of any other jurisdiction. Consequently, the Class 

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

(c) Each of the Class N Notes and the Class XS Notes shall bear a legend to the effect set forth in subsection (b) above. 

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

COVENANTS 

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

Section 3.2 Maintenance of Agency Office. As long as any of the Notes remains outstanding, the Issuing Entity shall
maintain in Minneapolis, Minnesota, an office (the “Agency Office”), being an office or agency where Notes may be surrendered to the Issuing Entity for registration of transfer or exchange, and where notices and demands to or upon
the Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing 

  
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purposes. The Issuing Entity shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of the Agency Office. If at any time the Issuing Entity
shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee and the Paying Agent with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture
Trustee, and the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

Section 3.3 Money for Payments To Be Held in Trust. 

(a) As provided in Section 8.2(a) and Section 8.2(b), all payments of amounts due and
payable with respect to any Notes that are to be made from amounts withdrawn from the Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn from the Note Distribution Account for payments of Notes shall be paid over to the Issuing Entity except as provided in this Section 3.3. 

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

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

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

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

(v) comply with all requirements of the Code (and applicable provisions of State, local or
non-U.S. tax law) with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in
connection therewith. 

  
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 (d) The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by an Issuing Entity Order, direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts
as those upon which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

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

Section 3.4 Existence. Each of the Issuing Entity and the Grantor Trust shall keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity or successor Grantor Trust, as the case may be, hereunder is or becomes, organized under the laws of any other
State or of the United States of America, in which case each of the Issuing Entity and the Grantor Trust, or any successor, shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain
and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement
included in the Collateral. 
 Section 3.5 Protection of Collateral; Acknowledgment of Pledge. 

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

(i) maintain or preserve the Lien (and the priority thereof) of this Indenture or carry out more effectively the purposes
hereof; 

  
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 (ii) perfect, publish notice of or protect the validity of any Grant made
or to be made by this Indenture and the priority thereof; 
 (iii) enforce the rights of the Indenture Trustee and the
Noteholders in any of the Collateral; or 
 (iv) preserve and defend title to the Collateral and the rights of the Indenture
Trustee and the Secured Parties in such Collateral against the claims of all persons and parties, and the Issuing Entity hereby designates the Indenture Trustee its agent and
attorney-in-fact to authorize or execute any financing statement, continuation statement or other instrument required by this Section 3.5;
provided, however, that the Indenture Trustee shall not be obligated to execute or authorize such instruments except upon the written direction from the Administrator or the Issuing Entity. 

(b) The Indenture Trustee acknowledges the pledge by the Issuing Entity to the Indenture Trustee, pursuant to the Granting Clause of
this Indenture, of all of the Issuing Entity’s right, title and interest in and to (i) the Class N Reserve Account, so long as the Class N Notes remain Outstanding and (ii) the Reserve Account, so long as the Class D
Notes remain Outstanding, in order to provide for the payment to the Securityholders and the Servicer in accordance with Section 2.7 and to assure availability of the amounts maintained in the Class N Reserve Account
and the Reserve Account for the benefit of the Securityholders and the Servicer. 
 (c) Each of the Issuing Entity and the Grantor Trust
hereby authorizes the Indenture Trustee to file all financing statements naming the Issuing Entity and the Grantor Trust, as applicable, as debtor that are necessary or advisable to perfect, make effective or continue the lien and security interest
of this Indenture, and authorizes the Indenture Trustee to take any such action without its signature, it being understood that the Indenture Trustee has no obligation to effect any filings of financing or continuation statements. 

Section 3.6 Opinions as to Collateral. 

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

(b) On or before April 30 (and, if such date is not a Business Day, the next succeeding Business Day) in each calendar year, beginning
April 30, 2022, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization, execution and filing of any financing statements and
continuation 

  
 20 

 
statements as is necessary to maintain the Lien created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to
maintain the Lien created by this Indenture. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and the authorization, execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the Lien of this Indenture until April 30 in the
following calendar year. 
 Section 3.7 Performance of Obligations; Servicing of Receivables. 

(a) Neither the Issuing Entity nor the Grantor Trust shall take any action and each shall use commercially reasonable efforts not to permit
any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation,
subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as otherwise expressly provided in, or permitted by, this Indenture and the other Transaction Documents or such other
instrument or agreement. 
 (b) Either of the Issuing Entity or the Grantor Trust may contract with other Persons to assist it in performing
its duties under this Indenture, and any performance of such duties by any such person shall be deemed to be action taken by the Issuing Entity or the Grantor Trust, as applicable. Initially, the Issuing Entity has contracted with the Servicer and
the Administrator to assist the Issuing Entity in performing its duties under this Indenture, and each Noteholder acknowledges that the Administrator is acceptable to it. Each of the parties hereto acknowledges and agrees that unless otherwise
notified by an Authorized Officer of the Issuing Entity, the Administrator shall be entitled to provide notices and directions on behalf of, and otherwise act for or on behalf of, the Issuing Entity for all purposes under this Indenture, and, unless
otherwise specified herein, each such party shall be entitled to conclusively rely on any notice or direction received from an Authorized Officer of the Administrator as having been originated by the Issuing Entity. 

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

(d) If the Issuing Entity or the Grantor Trust shall have actual knowledge of the occurrence of a Servicer Termination Event under the
Servicing Agreement, the Issuing Entity or the Grantor Trust, as applicable, shall promptly notify the Indenture Trustee and the Rating Agencies, and shall specify in such notice the response or action, if any, the Issuing Entity or the Grantor
Trust, as applicable, plans to take with respect of such Servicer Termination Event. 
 (e) Without derogating from the absolute nature of
the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, each of the Issuing Entity and the Grantor Trust agrees that, except as permitted by the Transaction

  
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Documents, it shall not, without the prior written consent of the Indenture Trustee or acting at the direction of the Holders of at least a majority in Outstanding Amount of the Controlling
Class, as applicable in accordance with the terms of this Indenture, (i) amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any
Collateral or any of the Transaction Documents, or (ii) waive timely performance or observance by the Servicer under the Servicing Agreement, the Depositor under the Receivables Transfer Agreement, the Collateral Custodian under the Custodial
Agreement, the Administrator under the Administration Agreement or the Sponsor or the Depositor under the Receivables Purchase Agreement, unless such amendment is made: 

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

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

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

(v) to cure any ambiguity, to correct or supplement any provision herein or in any Transaction Document which may be
inconsistent with any other provision herein or in any supplemental indenture or in the Prospectus or any other Transaction Document; or 

(vi) to evidence and provide for the acceptance of the appointment hereunder by a successor or additional trustee with respect
to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI. 

Section 3.8 Negative Covenants. So long as any Notes are Outstanding, neither the Issuing Entity nor the Grantor
Trust shall: 
 (a) sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuing Entity or the Grantor
Trust, except as permitted in Section 3.10(b) and except the Issuing Entity may cause the Servicer to (i) collect, liquidate, sell or otherwise dispose of Receivables (including Purchased Receivables and Charged-Off Receivables), (ii) make cash payments out of the Designated Accounts and the Certificate Distribution Account and (iii) take other actions, in each case as permitted by the Transaction Documents;

  
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 (b) claim any credit on, or make any deduction from the principal or interest payable in
respect of the Notes (other than amounts properly withheld from such payments under the Code or applicable provisions of State, local or non-U.S. tax law) or assert any claim against any present or former
Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Collateral; 
 (c) voluntarily commence any
insolvency, readjustment of debt, marshaling of assets and liabilities or other proceeding, or apply for an order by a court or agency or supervisory authority for the winding-up or liquidation of its affairs
or any other event specified in Section 5.1(f); or 
 (d) either (i) permit the validity or effectiveness of
this Indenture or any other Transaction Document to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with
respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than the Permitted Liens and the Lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the
Collateral or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an
action or omission of the related Obligor), or (iii) permit the Lien of this Indenture not to constitute a valid first priority security interest in the Collateral (other than with respect to any such tax, mechanics’ or other lien). 

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

 Section 3.10 Consolidation, Merger, etc., of Issuing Entity; Disposition of Issuing Entity Assets. 

(a) The Issuing Entity shall not consolidate or merge with or into any other Person, unless: 

(i) the Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person
organized and existing under the laws of the United States of America, or any State and shall expressly 

  
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assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, the due and timely payment of the principal of and interest on all Notes and the performance or
observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein; 

(ii) immediately after giving effect to such merger or consolidation, no Default or Event of Default shall have occurred and
be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and such
Person; 
 (iv) any action as is necessary to maintain the Lien created by this Indenture shall have been taken; and 

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

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

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

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

  
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 (B) expressly agrees that all right, title and interest so sold, conveyed,
exchanged, transferred or otherwise disposed of shall be subject and subordinate to the rights of the Secured Parties; and 

(C) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the
Issuing Entity against and from any loss, liability or expense arising under or related to this Indenture and expressly agrees that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any
other appropriate Person) required by the Exchange Act in connection with the Notes; 
 (ii) immediately after giving effect
to such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency
Condition shall have been satisfied with respect to such transaction and such Person; 
 (iv) any action as is necessary to
maintain the Lien created by this Indenture shall have been taken; and 
 (v) the Issuing Entity shall have delivered to the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel addressed to the Issuing Entity and the Indenture Trustee, each stating that: 

(A) such sale, conveyance, exchange, transfer or disposition and such supplemental indenture comply with this
Section 3.10; 
 (B) such sale, conveyance, exchange, transfer or disposition and such
supplemental indenture have no material adverse tax consequence to the Issuing Entity or to any Financial Parties; and 

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

(a) Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.10(a), the Person formed by
or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this Indenture and the other Transaction Documents with the
same effect as if such Person had been named as the Issuing Entity herein. 
 (b) Upon a conveyance or transfer of substantially all the
assets and properties of the Issuing Entity pursuant to Section 3.10(b), the Issuing Entity shall be released from every covenant and agreement of this Indenture and the other Transaction Documents to be observed or
performed on the part of the Issuing Entity with respect to the Notes immediately upon the delivery 

  
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of written notice to the Indenture Trustee from the Person acquiring such assets and properties stating that the Issuing Entity is to be so released, subject to any survival provisions contained
herein. 
 Section 3.12 No Other Business. The Issuing Entity shall not engage in any business or activity other
than acquiring, holding and managing the Collateral and the proceeds therefrom in the manner contemplated by the Transaction Documents, issuing the Notes and the Certificates, making payments on the Notes and the Certificates and such other
activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto, as set forth in Section 2.3 of the Trust Agreement. 

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

Section 3.14 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture or the
other Transaction Documents, neither the Issuing Entity nor the Grantor Trust shall make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance
on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

Section 3.15 Servicer’s Obligations. The Issuing Entity shall use its best efforts to cause the
Servicer to comply with its obligations under Section 2.1 of the Servicing Agreement. 
 Section 3.16 Capital
Expenditures. The Issuing Entity shall not make any expenditure (whether by long-term or operating lease or otherwise) for capital assets (either real, personal or intangible property) other than the purchase of the Receivables and other
property and rights from the Depositor pursuant to the Receivables Transfer Agreement. 
 Section 3.17
[RESERVED]. 
 Section 3.18 Restricted Payments. Except for payments of principal or interest on or
redemption of the Notes, so long as any Notes are Outstanding, the Issuing Entity shall not, directly or indirectly: 
 (a) pay any dividend
or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee, the Grantor Trust Trustee or any owner of a beneficial interest in the Issuing Entity, the Grantor
Trust or otherwise, in each case with respect to any ownership or equity interest or similar security in or of the Issuing Entity or the Grantor Trust, as applicable; 

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

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

Section 3.20 Further Instruments and Acts. Upon request of the Indenture Trustee, each of the Issuing Entity and
the Grantor Trust shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture and the other Transaction Documents. 

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

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

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

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

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

SATISFACTION AND DISCHARGE 

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

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

  
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 (ii) all Notes not theretofore delivered to the Indenture Trustee for
cancellation have become due and payable and the Issuing Entity has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee (or if the Indenture Trustee is not the Paying Agent, the Paying Agent), in trust, cash or
direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such
Notes when due on the Final Scheduled Distribution Date for such Notes or the Redemption Date for such Notes (if such Notes have been called for redemption pursuant to Section 10.1), as the case may be; and 

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

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

  
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 ARTICLE V 

DEFAULT AND REMEDIES 

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

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

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

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

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

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

  
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or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuing Entity to the appointment or taking possession by
a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Collateral, or the making by the Issuing Entity of any general assignment for the benefit of creditors,
or the failure by the Issuing Entity generally to pay its debts as such debts become due, or the taking of action by the Issuing Entity in furtherance of any of the foregoing. 

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

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

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

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

(c) If the Notes have been declared to be immediately due and payable following an Event of Default, the Indenture Trustee may, as more
particularly provided in Section 5.4, and shall at the direction of the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class, proceed to protect and enforce its rights
and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee or Holders of such Notes shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by applicable law. 

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

  
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of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor trustee, and their respective agents, attorneys and counsel, and for
reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such
Proceedings; 
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any
election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 
 (iii) to collect
and receive any monies or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims
of the Indenture Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuing Entity or the Grantor Trust, their creditors and their property; and any trustee, receiver, liquidator, custodian or other similar official
in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee for application in accordance with the priorities set forth in the Transaction Documents, and, if the Indenture Trustee shall consent
to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor trustee and their respective agents, attorneys
and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor trustee except as a result of negligence, bad faith or willful misconduct. 

(e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such
proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f) All rights of action and of
asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the reasonable expenses, disbursements and compensation of the Indenture
Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes in accordance with the priorities set forth in the Transaction Documents. 

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

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

(v) cause the Grantor Trust, by means of a written direction, to sell or otherwise liquidate the Receivables or any portion
thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; 

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

  
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however, that the Depositor shall have received such notice from the Indenture Trustee at least two (2) Business Days prior thereto. In determining such sufficiency or insufficiency
with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Collateral or the assets of the Grantor Trust, as applicable, for such purpose; provided, however, that prior to the exercise of the right to sell all or any portion of the Collateral as provided
herein, the Indenture Trustee shall provide a notice in writing to the Issuing Entity (with a copy to the Grantor Trust, the Grantor Trust Trustee, the Depositor and the Owner Trustee) (the “Event of Default Sale Notice”) of its
intention to sell all or any portion of the Collateral (the part to be sold being the “Subject Estate”), and if the Subject Estate is less than all of the Collateral, the portion of the Collateral to be sold. The Indenture Trustee
shall not consummate any sale until at least seven (7) Business Days after the Event of Default Sale Notice has been given to the Issuing Entity (with a copy to the Grantor Trust and the Depositor). 

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

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

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

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

(e) no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the
Holders of a majority of the Outstanding Amount of the Controlling Class; 
 it being understood and intended that no one or more Holders of Notes shall
have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other
Holders of Notes or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable (on the basis of the respective aggregate amount of principal and interest, respectively, due and unpaid on the Notes held
by each Noteholder) and common benefit of all holders of Notes. For the protection and enforcement of the provisions of this Section 5.6, each and every Noteholder shall be entitled to such relief as can be given either at
law or in equity. 
 If the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than a majority of the Outstanding Amount of the Controlling Class, the Indenture Trustee shall follow the request of the group of Holders of Notes representing the highest percentage of Outstanding Amount of the Controlling
Class, notwithstanding any other provisions of this Indenture. 
 Section 5.7 Unconditional Rights of Noteholders To
Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on or
after the respective due dates thereof expressed in such Note or in this Indenture in accordance with the terms thereof, and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such
Holder. 
 Section 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has
instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every
such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally to their respective former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.9
Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given 

  
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hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
 Section 5.10 Delay or Omission Not a Waiver. No delay or
omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the
Noteholders, as the case may be. 
 Section 5.11 Control by Noteholders. The Holders of Notes evidencing not less
than a majority of the Outstanding Amount of the Controlling Class shall have the right to direct in writing the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or
exercising any trust or power conferred on the Indenture Trustee; provided, however, that: 
 (a) such direction shall not be in conflict
with any rule of law or with this Indenture; 
 (b) subject to the express terms of Section 5.4, any direction to
the Indenture Trustee to sell or liquidate the Collateral or cause the Grantor Trust to sell or liquidate the Receivables shall be by the Holders of Notes representing not less than 100% of the Outstanding Amount of the Notes; 

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

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

  
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 (b) Upon any such waiver, such Default shall cease to exist and be deemed to have been cured
and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of
Default or impair any right consequent thereto. 
 Section 5.13 Undertaking for Costs. All parties to this
Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the enforcement of any right or remedy under this Indenture, or
in any Proceeding against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such Proceeding, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 shall not apply to: 
 (a) any Proceeding instituted by the Indenture Trustee;

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

Section 5.14 Waiver of Stay or Extension Laws. Each of the Issuing Entity and the Grantor Trust covenants (to the
extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that
may affect the covenants or the performance of this Indenture. Each of the Issuing Entity and the Grantor Trust (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall
not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under
this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders
shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity or the Grantor Trust or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets of the
Issuing Entity or the Grantor Trust. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 

  
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 Section 5.16 Performance and Enforcement of Certain Obligations.

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

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

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

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

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

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or any other Transaction Document against the Indenture Trustee; and 

(ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture or the other Transaction Documents; provided, however, that
the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

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

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

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

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

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

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

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

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

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

(f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture or any other Transaction Document, unless such Holders shall have offered to the Indenture Trustee security or indemnity satisfactory to the Indenture Trustee against the costs, expenses
and liabilities which might be incurred by it in compliance with such request or direction. 
 (g) The Indenture Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, 

  
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request direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document unless requested in writing to do so by a majority of the Controlling Class;
provided, however, that if the Indenture Trustee determines that payment within a reasonable time of such costs, expenses and losses or liabilities is not reasonably assured to it, the Indenture Trustee may require indemnity or
security satisfactory to it from the Noteholders requesting such an investigation, against such costs, expenses and losses or liabilities as a condition to proceeding with such investigation. 

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

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

(o) The parties hereto acknowledge that in accordance with laws, regulations and executive orders of the United States or any state or
political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities 

  
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and money laundering, including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Assets Control
(collectively, “AML Law”), the Indenture Trustee is required to obtain, verify, and record information relating to individuals and entities that establish a business relationship or open an account with the Indenture Trustee. Each party
hereby agrees that it shall provide the Indenture Trustee with such identifying information and documentation as the Indenture Trustee may request in writing from time to time in order to enable the Indenture Trustee to comply with all applicable
requirements of AML Law. 
 (p) The rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including its
right to be indemnified, are extended to, and shall be enforceable by, Wells Fargo Bank, National Association, in each of its capacities hereunder, including its capacity under Section 4.4 hereof, and in connection with the
performance of any of its duties or obligations under any of the Transaction Documents. 
 (q) For the avoidance of doubt, the Indenture
Trustee shall not be responsible for determining whether any breach of representations or warranty or document defect constitutes a breach or defect or a material breach or defect, or the enforcement of any repurchase obligation. 

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

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

  
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 Section 6.7 Compensation; Indemnity. 

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

(b) The Issuing Entity’s payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall
survive the discharge or assignment of this Indenture and the resignation or removal of any party. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(e) or
Section 5.1(f) with respect to the Issuing Entity or the Grantor Trust, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or State
bankruptcy, insolvency or similar law. 
 Section 6.8 Replacement of Indenture Trustee. 

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

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

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

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

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

(c) A successor Indenture Trustee shall deliver a written acceptance of its appointment and designation to the retiring Indenture Trustee and
the other parties to this Indenture. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this
Indenture. The successor Indenture Trustee shall deliver a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 

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

Section 6.9 Merger or Consolidation of Indenture Trustee. 

(a) Any corporation into which the Indenture Trustee may be merged or with which it may be consolidated, or any corporation resulting from any
merger or consolidation to which the Indenture Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee under this Indenture; provided,
however, that such corporation shall be eligible under the provisions of Section 6.11, without the execution or filing of any instrument or any further act on the part of any of the parties to this Indenture,
anything in this Indenture to the contrary notwithstanding. 
 (b) If at the time such successor or successors by merger or consolidation to
the Indenture Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee. In all such cases such certificate of authentication shall have the same full force as is provided anywhere in the Notes or herein with respect to the certificate of authentication of the Indenture
Trustee. 

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

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

(iii) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or
co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred,
shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be 

  
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provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 
 (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of
TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and (unless waived by the Rating Agencies) it shall have a long term
unsecured debt rating that falls within an investment grade category by the Rating Agencies. The Indenture Trustee shall comply with TIA § Section 310(b), including the optional provision permitted by the second sentence of TIA
§ 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements for
such exclusion set forth in TIA § 310(b)(1) are met. 
 Section 6.12 Preferential Collection of Claims Against
Issuing Entity. The Indenture Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated. 
 Section 6.13 Representations and Warranties of Indenture Trustee. The Indenture
Trustee represents and warrants as of the Closing Date that: 
 (a) the Indenture Trustee (i) is a national banking association duly
organized, validly existing and in good standing under the laws of the United States of America and (ii) satisfies the eligibility criteria set forth in Section 6.11; 

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

  
 47 

 
is a party, which violation, default or Lien could reasonably be expected to have a materially adverse effect on the Indenture Trustee’s performance or ability to perform its duties under
this Indenture or on the transactions contemplated in this Indenture; 
 (d) the execution, delivery and performance by the Indenture
Trustee of this Indenture shall not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental authority or agency regulating the
banking and corporate trust activities of the Indenture Trustee; and 
 (e) this Indenture has been duly executed and delivered by the
Indenture Trustee and constitutes the legal, valid and binding agreement of the Indenture Trustee, enforceable in accordance with its terms. 

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

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

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

  
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 Section 6.17 Reports by Indenture Trustee. 

(a) The Indenture Trustee shall: 

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

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

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

NOTEHOLDERS’ LISTS AND REPORTS 

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

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

Section 7.2 Preservation of Information, Communications to Noteholders. 

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The
Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 

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

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

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

  
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TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b). A copy of any report delivered
pursuant to this Section 7.4(a) shall, at the time of its mailing to Noteholders, be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. 

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

Section 7.5 Noteholder Communications. 

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

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

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

Section 8.2 Designated Accounts; Payments. 

(a) Establishment of Other Accounts. 

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

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

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

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

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

(B) All securities or other property underlying any Financial Assets credited to the Designated Accounts shall be registered
in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any
of the Designated Accounts be registered in the name of the Issuing 

  
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Entity, the Servicer or the Seller, payable to the order of the Issuing Entity, the Servicer or the Seller or specially indorsed to the Issuing Entity, the Servicer or the Seller except to the
extent the foregoing have been specially indorsed to the Securities Intermediary or in blank. 
 (C) All property delivered
to the Securities Intermediary pursuant to this Agreement or the Indenture will be promptly credited to the appropriate Designated Account. 

(D) Each item of property (whether investments, investment property, Financial Asset, security, instrument or cash) credited
to a Designated Account shall be treated as a “Financial Asset” within the meaning of Section 8-102(a)(9) of the New York UCC. 

(E) If at any time the Securities Intermediary shall receive any entitlement order from the Indenture Trustee directing
transfer or redemption of any Financial Asset relating to the Designated Accounts, the Securities Intermediary shall comply with such entitlement order without further consent by the Grantor Trust, the Issuing Entity, the Servicer, the Seller or any
other Person. 
 (F) The Designated Accounts shall be governed by the laws of the State of New York, regardless of any
provision in any other agreement. For purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Designated Accounts (as well as the Securities Entitlements related thereto) shall be governed by the
laws of the State of New York. The laws of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention with respect to each “account agreement” (within the meaning of the Hague Securities
Convention) of each Designated Account. The Securities Intermediary shall have at the time of entry of each such account agreement and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities
Convention) in the United States of America which satisfies the criteria provided in Article 4(1)(a) or (b) of the Hague Securities Convention. 

(G) The Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any
agreement with any other person relating to the Designated Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in
Section 8-102(a)(8) of the New York UCC) of such other person and the Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with the
Issuing Entity, the Seller, the Servicer or the Indenture Trustee purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 8.2(a)(iii)(E). 

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

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

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

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

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

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

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

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

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

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

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

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

 (ii) The amount deposited in the Note Distribution Account pursuant to Section 2.7(b) (v), (vii),
(ix), (xi) and (xiii), as applicable, shall be applied to each Class of Notes in the following amounts and in the following order of priority and any amount so applied shall be paid on such Distribution Date to the Holders
of such Class of Notes: 
 (1) to the Class A-1 Notes, until the
Outstanding Amount of the Class A-1 Notes is reduced to zero; 
 (2) to the Class A-2 Notes, until the Outstanding Amount of the Class A-2 Notes is reduced to zero; 

(3) to the Class A-3 Notes, until the Outstanding Amount of the Class A-3 Notes is reduced to zero; 
 (4) to the
Class A-4 Notes, until the Outstanding Amount of the Class A-4 Notes is reduced to zero; 

(5) to the Class B Notes, until the Outstanding Amount of the Class B Notes is reduced to zero; 

(6) to the Class C Notes, until the Outstanding Amount of the Class C Notes is reduced to zero; 

(7) to the Class D Notes, until the Outstanding Amount of the Class D Notes is reduced to zero. 

  
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 (iii) The amount deposited in the Note Distribution Account pursuant to
Section 2.7(b)(xvi) shall be applied to the Class N Notes, until the Outstanding Amount of the Class N Notes is reduced to zero. 

Section 8.3 General Provisions Regarding Accounts. 

(a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Designated Accounts
shall be invested in Eligible Investments upon Issuing Entity Order. Absent such direction, the funds shall remain uninvested. All such investments shall mature or be liquidated no later than the Business Day preceding the next Distribution Date.
All income or other gain (net of losses and investment expenses) from investments of monies deposited in the Collection Account, the Reserve Account or the Class N Reserve Account shall be withdrawn (or caused to be withdrawn) by the Indenture
Trustee from such accounts and distributed as provided herein to the Depositor. Each of the Issuing Entity and the Administrator acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the
completion of each purchase and sale of Eligible Investments or the Indenture Trustee’s receipt of a broker’s confirmation. Each of the Issuing Entity and the Administrator agrees that such notifications shall not be provided by the
Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. No statement need be made available for any account if no
activity has occurred in such account during such period. 
 (b) Subject to Section 6.1(c), the Indenture Trustee
shall not in any way be held liable by reason of any insufficiency in any of the Designated Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure to make
payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

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

Section 8.4 Release of Trust Estate. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when
required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are consistent with
the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any monies. 

  
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 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums
due to the Indenture Trustee pursuant to Section 6.7 have been paid and the Grantor Trust has been dissolved, release any remaining portion of the Collateral that secured the Notes from the Lien of this Indenture and
release to the Issuing Entity, the Grantor Trust or any other Person entitled thereto any funds then on deposit in the Designated Accounts, including distribution of the funds in the Reserve Account, less Investment Earnings, to the Certificate
Distribution Account (for further distribution to the Certificateholders). The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this Section 8.4(b) only upon receipt by it of an Issuing
Entity Request, an Officer’s Certificate, an Opinion of Counsel addressed to the Indenture Trustee and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable
requirements of Section 11.1. 
 (c) The Indenture Trustee shall, at such time as there are no Class N Notes Outstanding and all
sums due to the Indenture Trustee in connection with, and reasonably attributable (as determined by the Administrator) to, such Class N Notes pursuant to Section 6.7 have been paid, release any remaining portion of the
Collateral that secured the Class N Notes from the Lien of this Indenture and release to the Depositor any funds then on deposit in the Class N Reserve Account, including Investment Earnings. The Indenture Trustee shall release such
property from the Lien of this Indenture pursuant to this Section 8.4(c) only upon receipt by it of an Issuing Entity Request and an Officer’s Certificate certifying that all conditions precedent to such release have
been satisfied. 
 Section 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven
(7) calendar days’ notice when requested by the Issuing Entity or the Grantor Trust to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall
also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all
conditions precedent to the taking of such action have been complied with and such action shall not materially and adversely impair the security for the Secured Obligations or the rights of the Secured Parties in contravention of the provisions of
this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Collateral. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 
 ARTICLE IX

 SUPPLEMENTAL INDENTURES 

Section 9.1 Supplemental Indentures Without Consent of Noteholders. 

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

  
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 (ii) to subject additional property to the Lien of this Indenture,
provided that in the case of this clause (ii), the consent of the Certificateholders shall be required; 

(iii) to add to the covenants of the Issuing Entity or the Grantor Trust, for the benefit of the Securityholders or to
surrender any right or power herein conferred upon the Issuing Entity; 
 (iv) to convey, transfer, assign, mortgage or
pledge any property to or with the Indenture Trustee; 
 (v) to cure any ambiguity or to correct or supplement any provision
herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or in the Prospectus or any other Transaction Document; 

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

(vii) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the
qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA, and the Indenture Trustee is hereby authorized to join
in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 

(b) The Issuing Entity and the Grantor Trust and, when authorized by an Issuing Entity Order, the Indenture Trustee, may, also without the
consent of any of the Noteholders but with prior written notice by the Issuing Entity to the Rating Agencies, at any time and from time to time enter into one or more indentures supplemental hereto for the purpose of adding any provisions to,
changing in any manner, or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that such action shall not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any Noteholder. 
 (c) Notwithstanding anything to the contrary herein,
an Opinion of Counsel shall be delivered to the effect that any amendment pursuant to this Section 9.1 would not cause either of the Issuing Entity or the Grantor Trust to fail to qualify as a grantor trust for United
States federal income tax purposes. 

  
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 (d) The Owner Trustee and the Grantor Trust Trustee may, but shall not be obligated to,
enter into any such supplemental indenture that affects the Owner Trustee’s or the Grantor Trust Trustee’s rights, duties, immunities, indemnities or liabilities under this Indenture. No amendment which adversely affects the rights,
duties, indemnities, immunities or liabilities of the Owner Trustee or the Grantor Trust Trustee under this Agreement shall be effective without its prior written consent. 

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

Section 9.2 Supplemental Indentures With Consent of Noteholders. 

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

(i) change the due date of any installment of principal of or interest on any Note, or reduce the principal amount thereof,
the interest rate applicable thereto, or the Redemption Price with respect thereto, change any place of payment where, or the coin or currency in which, any Note or any interest thereon is payable, or impair the right to institute suit for the
enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case
of redemption, on or after the Redemption Date); 
 (ii) reduce the percentage of the Outstanding Amount of the Controlling
Class, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and
their consequences as provided for in this Indenture; 
 (iii) modify or alter the provisions of the proviso to the
definition of the term “Outstanding”; 

  
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 (iv) reduce the percentage of the Outstanding Amount of the Notes required
to direct the Indenture Trustee to sell or liquidate the Collateral pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the principal amount of and accrued but unpaid interest on the
Outstanding Notes; 
 (v) modify any provision of this Section 9.2 to decrease the required
minimum percentage necessary to approve any amendments to any provisions of this Indenture or any of the Transaction Documents; 

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

(c) It shall be sufficient if an Act of Noteholders approves the substance, but not the form, of any proposed supplemental indenture. 

(d) Promptly after the execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant to this
Section 9.2, the Indenture Trustee shall deliver to the Noteholders a copy of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture. 
 (e) Notwithstanding anything to the contrary herein, an Opinion of
Counsel shall be delivered to the effect that any amendment pursuant to this Section 9.2 would not cause either of the Issuing Entity or the Grantor Trust to fail to qualify as a grantor trust for United States federal
income tax purposes. 
 Section 9.3 Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.1
and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental 

  
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indenture is authorized or permitted by this Indenture and an Officer’s Certificate stating that all conditions precedent to the execution and delivery of such supplemental indenture have
been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

Section 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the
provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities
under this Indenture of the Indenture Trustee, the Issuing Entity, the Grantor Trust and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.5 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of
any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Issuing Entity as to any matter provided for in such supplemental indenture. If the Issuing
Entity, the Grantor Trust or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and executed by the
Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes of the same Class. 

Section 9.6 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture
executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

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

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

(ii) the applicable Redemption Price; and 

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

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

ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Compliance Certificates and Opinions, etc. 

(a) Upon any application or request by the Issuing Entity or the Grantor Trust to the Indenture Trustee to take any action under any provision
of this Indenture that requires an application or request hereunder, the Issuing Entity shall, if requested by the Indenture Trustee, furnish to the Indenture Trustee: (i) an Officer’s Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) (if
required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section 11.1, except that, in the case of any such application or request as to which
the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. Every certificate or opinion delivered with respect to compliance with a condition or covenant
provided for in this Indenture shall include: 
 (i) a statement that each signatory of such certificate or opinion has read
or has caused to be read such covenant or condition and the definitions herein relating thereto; 

  
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 (ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement
that, in the judgment of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with;
and 
 (iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied
with. 
 (b) 

(i) Prior to the deposit with the Indenture Trustee of any Collateral or other property or securities that is to be made the
basis for the release of any property or securities subject to the Lien of this Indenture, the Issuing Entity shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within ninety (90) calendar days of such deposit) to the Issuing Entity of the Collateral or other
property or securities to be so deposited. 
 (ii) Whenever the Issuing Entity is required to furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (b)(i) above, the Issuing Entity shall also deliver to the Indenture Trustee an Independent Certificate as to the
same matters, if the fair value to the Issuing Entity of the property or securities to be so deposited and of all other such securities made on the basis of any such withdrawal or release since the commencement of the then current fiscal year of the
Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause (b)(ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities
so deposited, if the fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes. 

(iii) Other than with respect to the release of any Purchased Receivables, whenever any property or securities are to be
released from the Lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within ninety
(90) calendar days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not impair the security under this Indenture in contravention of the provisions
hereof. 

  
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 (iv) Whenever the Issuing Entity is required to furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in clause (b)(iii) above, the Issuing Entity shall also furnish to the Indenture Trustee an Independent Certificate
as to the same matters if the fair value of the property or securities and of all other property, other than Purchased Receivables or Receivables valued at their Principal Balance of the Receivables, or securities released from the lien of this
Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (b)(iii) above and this clause (b)(iv), equals 10% or more of the Outstanding Amount of the Notes, but such
certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of
the Notes. 
 (v) Notwithstanding Section 2.9 or any other provision of this
Section 11.1, the Issuing Entity or the Grantor Trust, as applicable, may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Transaction Documents,
(B) make cash payments out of the Designated Accounts and the Certificate Distribution Account as and to the extent permitted or required by the Transaction Documents and (C) take any other action not inconsistent with the TIA. 

Section 11.2 Form of Documents Delivered to Indenture Trustee. 

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

(b) Any certificate or opinion of an Authorized Officer of the Issuing Entity may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that any certificate, opinion or representation with respect to the matters upon which his certificate or
opinion is based is erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the
Servicer, the Sponsor, the Depositor, the Issuing Entity, the Grantor Trust or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Sponsor, the Depositor, the Issuing Entity,
the Grantor Trust or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

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

(d) Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the
Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of
such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuing Entity to have such application
granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document
as provided in Article VI. 
 Section 11.3 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders or a Class of Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise
expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity and the Grantor Trust. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee, the Grantor Trust and the Issuing Entity, if made in the manner provided in
this Section 11.3. 
 (b) The fact and date of the execution by any person of any such instrument or writing may
be proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register.

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

(a) the Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing to or with the Indenture Trustee at its Corporate Trust Office; 

  
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 (b) the Grantor Trust Trustee by the Indenture Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to the Grantor Trust Trustee at the
address specified in Part III of Appendix A to the Receivables Purchase Agreement; 
 (c) to the Owner Trustee at the Corporate Trust Office
of the Owner Trustee; 
 (d) the Grantor Trust by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder
if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to the Grantor Trust and the Grantor Trust Trustee each at the address
specified in Part III of Appendix A to the Receivables Purchase Agreement; or 
 (e) the Issuing Entity by the Indenture Trustee or by any
Noteholder shall be sufficient for every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to the Issuing
Entity and the Owner Trustee each at the address specified in Part III of Appendix A to the Receivables Purchase Agreement. 
 The Issuing
Entity and the Grantor Trust shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. The Indenture Trustee shall likewise promptly transmit any notice received by it from the Noteholders to the Issuing Entity
and the Grantor Trust. 
 Notices required to be given to the Rating Agencies by the Issuing Entity and the Indenture Trustee or the Owner
Trustee shall be delivered as specified in Part III of Appendix A to the Receivables Purchase Agreement. 
 Section 11.5
Notices to Noteholders; Waiver. 
 (a) Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Person’s address as it appears on the Note Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. If notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder
shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of whether such notice is in fact actually
received. 

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

(e) In the case of Book-Entry Notes, if the Note Depository allows for delivery of notice and other communications by electronic means, mail
shall mean such electronic means, unless otherwise required by law. 
 Section 11.6 Alternate Payment and Notice
Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuing Entity may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or
any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuing Entity shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall
cause payments to be made and notices to be given in accordance with such agreements. 
 Section 11.7 Conflict with
Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall
control. 
 The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions automatically
deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

Section 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the table of
contents are for convenience only and shall not affect the construction hereof. 
 Section 11.9 Successors and
Assigns. 
 (a) All covenants and agreements in this Indenture and the Notes by the Issuing Entity and the Grantor Trust shall bind its
successors and assigns, whether so expressed or not. 
 (b) All covenants and agreements of the Indenture Trustee in this Indenture shall
bind its successors and assigns, whether so expressed or not. 

  
 69 

 Section 11.10 Severability. In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby. 

Section 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to
any Person, other than the parties hereto and their successors hereunder, and to the extent expressly provided herein, the Noteholders, the Certificateholders, the Owner Trustee, the Grantor Trust Trustee, any other party secured hereunder and any
other Person with an ownership interest in any part of the Trust Estate, each of which shall be considered to be a third party beneficiary hereof. The Asset Representations Reviewer shall be a third-party beneficiary to this Indenture, but only to
the extent that it has any rights specified herein. Except as otherwise provided in this Agreement, no other Person will have any right or obligation hereunder. 

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

Section 11.13 Governing Law; Waiver of Jury Trial. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. EACH OF THE PARTIES HERETO AND EACH HOLDER BY ACCEPTANCE OF A NOTE AGREES TO THE
NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. THE PARTIES HERETO AND EACH HOLDER BY ACCEPTANCE OF A NOTE HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. This Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual
on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National
Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in
each case to the extent applicable. Each faxed, scanned, or 

  
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photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party
hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or
otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended
character of the writings; provided, however, that any documentation with respect to transfer of the Notes or other securities presented to the Indenture Trustee or any transfer agent must contain original documents with
manually executed signatures. 
 Section 11.15 Recording of Indenture. If this Indenture is subject to recording
in any appropriate public recording offices, such recording is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders
or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

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

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

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

(c) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee or the Grantor
Trust Trustee in their individual capacities, the Depositor or any other holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in their individual capacities (or any of their successors or assigns), except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations
in their individual capacities) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles VI, VII and VIII of the Trust Agreement. For all purposes of this Indenture, in the performance of any duties or obligations of the Grantor Trust hereunder, the Grantor Trust Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles VI, VII and VIII of the Grantor Trust Agreement. 

  
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 Section 11.17 No Petition. The Indenture Trustee, by entering
into this Indenture, and each Noteholder and Note Owner, by accepting a Note (or interest therein) issued hereunder, hereby covenant and agree that they shall not, prior to the date which is one year and one day after the termination of this
Indenture, acquiesce, petition or otherwise invoke or cause the Depositor, the Grantor Trust or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor,
the Grantor Trust or the Issuing Entity under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor, the Grantor Trust
or the Issuing Entity or any substantial part of the property of such entity, or ordering the winding up or liquidation of the affairs of the Depositor, the Grantor Trust or the Issuing Entity under any federal or State bankruptcy or insolvency
proceeding. 
 Section 11.18 Inspection. The Issuing Entity agrees that, on reasonable prior notice, it shall
permit any representative of the Indenture Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuing Entity, to make copies and extracts therefrom, to
cause such books to be audited by Independent certified public accountants, and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and Independent certified public accountants, all
at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law to a court of
competent jurisdiction pursuant to a subpoena or valid court order or to its regulators and any authorized governmental agency in connection with any audit or regulatory examination (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

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

  
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entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to,
Section 510(a) of the Bankruptcy Code. 
 Section 11.20 Concerning the Owner Trustee. It is expressly
understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by BNY Mellon Trust of Delaware (“BNY Delaware”), not individually or personally but solely as Owner Trustee of the Issuing Entity
and Grantor Trust Trustee of the Grantor Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity or Grantor Trust,
as applicable, is made and intended not as personal representations, undertakings and agreements by BNY Delaware but is made and intended for the purpose of binding only the Issuing Entity or Grantor Trust, as applicable, (c) nothing herein
contained shall be construed as creating any liability on BNY Delaware, individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity or the Grantor Trust, respectively, as applicable, all
such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) BNY Delaware has made no investigation as to the accuracy or completeness of any representations and
warranties made by the Issuing Entity or Grantor Trust, as applicable, in this Agreement and (e) under no circumstances shall BNY Delaware be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or Grantor
Trust, as applicable, or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity or Grantor Trust, as applicable, under this Agreement. 

ARTICLE XII- COMPLIANCE WITH REGULATION AB 

Section 12.1 Information to be Provided by the Indenture Trustee. 

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

  
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 (c) The Indenture Trustee shall notify the Depositor in writing on or before March 15
(or, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March 15, 2022, of any Form 10-D Disclosure Item of which a Responsible Officer of the Indenture
Trustee has actual knowledge together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Depositor; provided, however, that the Indenture
Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Indenture Trustee to Depositor. 

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

(ii) Carvana, LLC, as sponsor; 

(iii) the Issuing Entity; 

(iv) the Grantor Trust; 

(v) the Owner Trustee; 

(vi) the Grantor Trust Trustee; 

(vii) the Servicer; 

(viii) the Backup Servicer; 

(ix) the Asset Representations Reviewer; 

(x) the Collateral Custodian; and 

(xi) any other material transaction party. 

(e) In connection with the parties listed in clauses (i) through (xi) above, the Indenture Trustee shall include a
description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the
asset backed securities issued in this securitization transaction. 
 (f) The Indenture Trustee shall provide the Depositor with
notification, as soon as practicable and in any event within five (5) Business Days, of all demands delivered in writing to a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any

  
 74 

 
Receivable pursuant to any Transaction Document. Subject to this Section 12.1, the Indenture Trustee shall have no obligation to take any other action with respect to
any demand. In no event shall the Indenture Trustee have (i) any responsibility or liability in connection with any filing to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any
investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities except as expressly set forth in this Section 12.1. 

Section 12.2 Noteholder Demand for Asset Representations Review. 

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

(b) Upon the direction of the requisite Noteholders or Note Owners set forth in Section 12.2 (a), the Indenture
Trustee shall conduct a vote of all Noteholders in accordance with the Indenture Trustee’s standard vote solicitation process and shall cause a vote to be conducted in accordance with applicable Depository Trust Company procedures of all
Noteholders and Note Owners. The Indenture Trustee shall provide to the Depositor, to the extent available from the Depository Trust Company, if applicable, the voting instructions and procedures applicable to the Noteholders and Note Owners to be
included in the Form 10-D filed by the Issuing Entity with the Commission. Such Form 10-D will also include a statement that sufficient Noteholders are requesting a full
Noteholder vote to commence an Asset Representations Review and will describe the applicable voting deadline. Each Noteholder that elects to vote shall vote on the issue of whether or not the Asset Representations Reviewer should be directed to
conduct an Asset Representations Review. The vote will remain open until the 150th day after the filing of the Form 10-D reporting that the Delinquency Percentage for the related Distribution Date exceeds the
Delinquency Trigger. 
 (c) In the event that a Verified Note Owner exercises its right to vote such Note Owner’s beneficial interest,
the Indenture Trustee shall provide a copy of the supporting evidence provided to the Indenture Trustee to the Issuing Entity. 
 (d) If
Noteholders holding at least 5.0% of the aggregate Outstanding Amount of the Notes (other than the Class N Notes) participate in such vote, and Noteholders representing a majority of the Outstanding Amount of such Notes vote for an Asset
Representations Review, the Indenture Trustee will promptly send an Asset Representations Review Notice to the Asset Representations Reviewer, the Issuing Entity and the Servicer at the address specified in Part III of Appendix A to the Receivables
Purchase Agreement notifying the Asset Representations Reviewer that the Noteholders have requested the Asset Representations Review. 

  
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 (e) The Indenture Trustee shall reasonably cooperate with the Asset Representations Reviewer
in the event an Asset Representations Review is commenced pursuant to this Section 12.2 and shall provide the Asset Representations Reviewer with any documents or other information in its possession and requested by the
Asset Representations Reviewer in connection with the Asset Representations Review. The Indenture Trustee shall have no obligation to obtain missing information from any other party or source. 

(f) For the avoidance of doubt, the Indenture Trustee shall not be required to (i) give notice to Noteholders that or determine whether
the Delinquency Percentage for any Distribution Date exceeds the Delinquency Trigger or (ii) determine which assets are subject to an Asset Representations Review by the Asset Representations Reviewer. 

*    *    *    *    * 

  
 76 

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

			
	CARVANA AUTO RECEIVABLES TRUST 2021-P2
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President
	
	CARVANA AUTO RECEIVABLES GRANTOR TRUST 2021-P2
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 /s/ Jeanine C. Casey

	Name:	 	Jeanine C. Casey
	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 EXHIBIT A 

FORM OF CLASS A-1 / A-2 /
A-3 / A-4 / B / C / D / N ASSET BACKED NOTES 
  

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

 NO. R- 
 CUSIP
NO.                     
 UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF. 
 [SOLELY FOR THE CLASS N][THIS RULE 144A GLOBAL CLASS N NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS RULE 144A GLOBAL CLASS N NOTE (OR
INTEREST THEREIN) THE HOLDER OF THIS RULE 144A GLOBAL CLASS N NOTE (OR SUCH INTEREST) IF, OTHER THAN THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL CLASS N NOTE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH
OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS). 
 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS RULE 144A GLOBAL CLASS N NOTE (OR INTEREST THEREIN) MAY BE
MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN
THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903
OR RULE 904 OF REGULATION S OF THE SECURITIES ACT AND THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE INDENTURE OR (iv) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE IN THE EVENT THE NOTES ARE DEFINITIVE NOTES (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE
DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE 

  
 Exhibit A-1 

 
TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE SPONSOR, THE DEPOSITOR, THE ADMINISTRATOR, THE
SERVICER, THE ISSUING ENTITY, THE INDENTURE TRUSTEE, THE GRANTOR TRUST TRUSTEE OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT.] 

[THIS REGULATION S GLOBAL CLASS N NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS REGULATION S GLOBAL CLASS N NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS
REGULATION S GLOBAL CLASS N NOTE (OR SUCH INTEREST) IS DEEMED TO REPRESENT TO THE DEPOSITOR, THE INDENTURE TRUSTEE, AND THE OWNER TRUSTEE THAT IT IS A NON-U.S. PERSON (AS DEFINED IN REGULATION S) WHO ACQUIRED
THE NOTE OUTSIDE OF THE UNITED STATES IN ACCORDANCE WITH REGULATION S. 
 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS REGULATION S GLOBAL CLASS N NOTE (OR
INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN
RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S
OF THE SECURITIES ACT AND THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO TERMS OF THE INDENTURE, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, IN WHICH CASE IN THE EVENT THE NOTES ARE DEFINITIVE NOTES (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE, THE INDENTURE TRUSTEE, AND THE
DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH
SHALL NOT BE AT THE EXPENSE OF THE SPONSOR, THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY, THE INDENTURE TRUSTEE, THE GRANTOR TRUST TRUSTEE OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE
EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT.] 
 EACH CLASS N NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE OR A BENEFICIAL INTEREST
THEREIN, WILL BE DEEMED TO REPRESENT AND WARRANT THAT (I) IT IS NOT ACQUIRING THE NOTE (OR BENEFICIAL INTEREST) WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR (C) AN ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, AND (II) EITHER (A) IT IS NOT A PLAN THAT IS SUBJECT TO ANY LAW THAT IS
SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) (INCLUDING, WITHOUT LIMITATION, FOREIGN OR GOVERNMENTAL PLANS) OR (B) THE ACQUISITION AND HOLDING OF THE NOTE (OR BENEFICIAL INTEREST) WILL NOT GIVE
RISE TO A VIOLATION OF ANY SIMILAR LAW. 
 EACH CLASS N NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS N NOTE OR, IN THE CASE OF A NOTE OWNER, A
BENEFICIAL INTEREST IN A NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF 

  
 Exhibit A-2 

 
THE ISSUING ENTITY, THE OWNER TRUSTEE, THE NOTE REGISTRAR OR THE INDENTURE TRUSTEE ON THE CLASS N NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION
THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY PARTNER, OWNER,
BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE, THE NOTE REGISTRAR OR
THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR
BENEFICIARY SHALL BE FULLY LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 

EACH CLASS N NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS N NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS N NOTE, COVENANTS
AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH CLASS N NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION
OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE
BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER OF THEM, OR
ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 

EACH CLASS N NOTEHOLDER BY ACCEPTING A CLASS N NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S CLASS N NOTE (OR INTEREST THEREIN)
REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE SPONSOR, THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE NOTE REGISTRAR, THE INDENTURE TRUSTEE OR ANY
AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE TRANSACTION DOCUMENTS. EACH CLASS N NOTEHOLDER BY THE ACCEPTANCE OF A NOTE
(OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE SPONSOR, THE DEPOSITOR, THE
SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE NOTE REGISTRAR, THE INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH CLASS N NOTEHOLDER IS PROHIBITED BY, OR
DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH CLASS N NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A CLASS N NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE
DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING ENTITY, EACH CLASS N NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER
PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A
“SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 

  
 Exhibit A-3 

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

NO TRANSFER (OR PURPORTED TRANSFER) OF ALL OR ANY PART OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) SHALL BE EFFECTIVE UNLESS, PRIOR TO AND AS A CONDITION
TO EACH SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE (INCLUDING THE INITIAL BENEFICIAL OWNER AS THE INITIAL TRANSFEREE) AND ANY SUBSEQUENT TRANSFEREE REPRESENTS AND WARRANTS, IN WRITING TO THE INDENTURE TRUSTEE, THE DEPOSITOR AND ANY OF THEIR
RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE
FOREGOING) (EACH SUCH ENTITY A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER
WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE NOTES, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUING ENTITY, OR ANY INTEREST CREATED UNDER THE
INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, AND (B) IT DOES NOT AND WILL NOT BENEFICIALLY OWN A NOTE (OR
ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE, ANY TRANSFER OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB
INITIO.]2 
 [Insert additional legends, as applicable] 

 

	2 	 To be included for the Class N Notes. 

  
 Exhibit A-4 

 CARVANA AUTO RECEIVABLES TRUST 2021-P2 

CLASS [    ] [    ]% ASSET BACKED NOTES 

CARVANA AUTO RECEIVABLES TRUST 2021-P2, a statutory trust organized and existing under the laws of the State of
Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of up to
[                    ] DOLLARS ($[            ]) or such lesser outstanding amount as may
be payable in accordance with the Indenture dated as of June 24, 2021 (such indenture, as amended or supplemented, is herein called the “Indenture”), among the Issuing Entity, Carvana Auto Receivables Grantor Trust 2021-P2 (the “Grantor Trust”), and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), on each
Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for this
Class of Note by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of principal on this Class of Note pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture;
provided, however, that the entire unpaid principal amount of this Note shall be due and payable on [            ] (the “Final Scheduled Distribution Date”) unless this Note is
earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date [, provided further, however, that the aggregate principal sum of the Class N Regulation S Global
Notes and the Rule 144A Global Note shall not exceed the principal sum of [            ]]. The Issuing Entity shall pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding
Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on this Note shall accrue from and including the Closing Date and shall be payable on each Distribution Date in an amount
equal to the Note Class Interest Distributable Amount for such Distribution Date for this Note. Interest shall be computed on the basis of a [Solely for the Class A-1 Notes][the actual number of days
elapsed during the period for which interest is payable and a 360-day year] [For the other Class A Notes, Class B Notes, Class C Notes, Class D and Class N Notes] [360-day year of twelve 30-day months (or, in the case of the initial Distribution Date, from and including the Closing Date, a 16-day
period)]. Such principal of and interest on this Note shall be paid in the manner specified in the Indenture. All interest payments on this Class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such
Class entitled thereto. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America which, at
the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid
principal of this Note. 
 Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or
facsimile signature, this Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 
 This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class [    ] [    ]% Asset Backed Notes (herein called this “Note”), issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. This Class of Note is one of several duly authorized
Classes of Notes of the Issuing Entity issued pursuant to the Indenture (collectively, as to all Notes of all such Classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated
herein and made a part hereof), to which Indenture the Holder of this Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Note that are defined in the Indenture
shall have the meanings assigned to them in or pursuant to the Indenture. 
 The Notes issued pursuant to the Indenture are and shall be equally and ratably
secured by the Collateral pledged as security therefor as provided in the Indenture. 
 [SOLELY FOR THE CLASS A,
CLASS B, CLASS C AND CLASS D NOTES] [Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial
interest in this Note, shall be deemed to 

  
 Exhibit A-5 

 
represent and warrant that either (i) it is not acquiring the Note (or beneficial interest) with the assets of (a) an “employee benefit plan” as defined in Section 3(3)
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that is subject to the provisions of Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code of
1986, as amended (the “Code”), (c) an entity or account whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) a plan that is subject to any law that is
substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) or (ii) the acquisition and holding of the Note (or beneficial interest therein) shall not give rise to a
non-exempt exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law]. 

[SOLELY FOR THE CLASS N NOTES] [Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a
Note Owner, a beneficial interest in this Note, shall be deemed to represent and warrant that (x) it is not acquiring the Note (or beneficial interest) with the assets of (a) an “employee benefit plan” as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that is subject to the provisions of Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”), or (c) an entity or account whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity and (y) either (i) it is
not a plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (including, without limitation, foreign or governmental plans), or (ii) its acquisition and
holding of the Note (or beneficial interest) shall not give rise to a violation of any Similar Law.] 
 Each Noteholder or Note Owner, by acceptance of this
Note or, in the case of a Note Owner, a beneficial interest in this Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Grantor Trust, the Grantor Trust
Trustee, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in
their individual capacities, (ii) the Depositor or any other owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Owner Trustee or
the Grantor Trust Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee, the
Owner Trustee or the Grantor Trust Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or
Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner shall not, prior to the date which is one
year and one day after the termination of the Indenture, acquiesce, petition or otherwise invoke or cause the Depositor, the Grantor Trust or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing
or sustaining a case against the Depositor, the Grantor Trust or the Issuing Entity under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Depositor, the Grantor Trust or the Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or State
bankruptcy or insolvency proceeding. 
 Each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees
to provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each
Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in this Note that fails to comply with the requirements of the preceding sentence. 

[Each Noteholder or Note Owner or beneficial owner of this Note, by acceptance of such this Note or such interest therein, agrees that (A) either (I) it
is not and shall not become for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded entity the single owner of which is any of the foregoing) (each such entity a “Flow-Through
Entity”) or (II) if it is or becomes a Flow-Through Entity, then (x) none of the 

  
 Exhibit A-6 

 
direct or indirect beneficial owners of any of the interests in such Flow-Through Entity has or ever shall have more than 50% of the value of its interest in such Flow-Through Entity attributable
to the interest of such Flow-Through Entity in the Notes, other interest (direct or indirect) in the Issuing Entity, or any interest created under the Indenture and (y) it is not and shall not be a principal purpose of the arrangement involving
the investment of such Flow-Through Entity in any Note to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such
partnership not to be classified as a publicly traded partnership under the Code, and (B) it shall not transfer such Notes to a Flow-Through Entity (other than a Flow-Through Entity described in subpart (A)(II) above).] 

Each Noteholder by accepting this Note (or any interest therein) acknowledges that such Person’s Note (or interest therein) represents an obligation of
the Issuing Entity only and does not represent interests in or obligations of the Grantor Trust, the Depositor, the Servicer, the Administrator, the Owner Trustee, the Grantor Trust Trustee, the Indenture Trustee or any Affiliate thereof and no
recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Transaction Documents. Each Noteholder by the acceptance of this Note (or beneficial interest
therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect to this Class of Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator,
the Owner Trustee, the Indenture Trustee, the Grantor Trust Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise
unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor
other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been
expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and
subject to, Section 510(a) of the Bankruptcy Code. 
 Except a Noteholder which is considered for federal income tax purposes the issuer of this Note
(or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, expresses its intention that this Note qualifies under applicable tax law as
indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat this Note as indebtedness secured by the Collateral for the purpose of federal income taxes (to the extent this Class of
Notes are treated as beneficially owned by a person other than the Issuing Entity or its affiliates), state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 

Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note shall be
overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the
Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling
Class, on behalf of all the Holders of this Class of Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class or the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or
waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 
 The term “Issuing Entity” as used in this
Note includes any successor to the Issuing Entity under the Indenture. 

  
 Exhibit A-7 

 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate with
or into another person, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in
registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTION 5-1401 AND SECTION
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed.

 Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, neither the Depositor, the Servicer, the
Indenture Trustee, the Grantor Trust Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing Entity. The
Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears
below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to herein or be valid or obligatory for any purpose. 

  
 Exhibit A-8 

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

			
	CARVANA AUTO RECEIVABLES TRUST 2021-P2
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

		
	Name:	 	
		
	Title:	 	

  
 Exhibit A-9 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	Wells Fargo Bank, National Association, not in its individual capacity but solely as Indenture Trustee

 
					
			
		 	By:	 	  

			
		 	Name:	 	
			
		 	Title:	 	

  
 Exhibit A-10 

 ASSIGNMENT 
  

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

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

									
	Dated:	  	  
	 		  	  2
 	  	
					
		  		 		  	Signature Guaranteed:	  	
				
	  
	 		  	  
	  	

  
  

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

  
 Exhibit A-11

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