Document:

Purchase and Sale Agreement

 Exhibit 10.1 
 REAL ESTATE 
 PURCHASE AND SALE AGREEMENT 

AND 

JOINT ESCROW INSTRUCTIONS 
  

			
		
	 PROPERTY:
	  	Gilroy Crossing Shopping Center Gilroy, California
		
	 SELLER:
	  	Lakha Properties – Gilroy, LLC
		
	 BUYER:
	  	Excel Trust, L.P., a Delaware limited partnership
		
	 EFFECTIVE DATE:
	  	December 9, 2010

 TABLE OF CONTENTS 

 

					
	 Article I DEFINITION OF BASIC TERMS AND DATES
	  	 	2	  
		
	 Article II PURCHASE PRICE
	  	 	5	  
		
	 Article III THE DEPOSIT/DESIGNATION OF ESCROW AGENT
	  	 	5	  
		
	 Article IV INSPECTION OF PROPERTY
	  	 	6	  
		
	 Article V CONDITIONS AND COVENANTS
	  	 	7	  
		
	 Article VI LEASES AND AGREEMENTS AFFECTING THE PROPERTY
	  	 	17	  
		
	 Article VII CONDITIONS TO CLOSING
	  	 	20	  
		
	 Article VIII DAMAGE AND DESTRUCTION AND CONDEMNATION
	  	 	22	  
		
	 Article IX CLOSING
	  	 	23	  
		
	 Article X DELIVERY OF POSSESSION OF THE PROPERTY
	  	 	30	  
		
	 Article XI REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	30	  
		
	 Article XII REPRESENTATIONS AND WARRANTIES OF BUYER
	  	 	33	  
		
	 Article XIII NOTICES
	  	 	34	  
		
	 Article XIV BROKERAGE COMMISSION
	  	 	35	  
		
	 Article XV DEFAULT AND REMEDIES
	  	 	35	  
		
	 Article XVI MISCELLANEOUS
	  	 	39	  

			
	 Exhibit A
	  	Legal Description of Land
	 Exhibit B
	  	Form of Deed
	 Exhibit C
	  	Form of Bill of Sale
	 Exhibit D
	  	Form of Lease Assignment
	 Exhibit E
	  	Form of General Assignment
	 Exhibit F
	  	Property Information
	 Exhibit G
	  	List of Leases
	 Exhibit H
	  	Tenant Estoppel Form
	 Exhibit I
	  	Landlord Estoppel Form
	 Exhibit J
	  	Seller Post-Closing Documents
	 Exhibit K
	  	Disapproved Matters

 REAL ESTATE PURCHASE AND SALE AGREEMENT 

AND 

JOINT ESCROW INSTRUCTIONS 
 THIS REAL ESTATE PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS (this “Agreement”) is made and entered as of the 9th of December, 2010 (the “Effective Date”), by and between Lakha Properties – Gilroy, LLC, a
Delaware limited liability company, referred to herein as “Seller,” and Excel Trust, L.P., a Delaware limited partnership and/or (subject to Section 16.3 hereof) its assignees, collectively referred to herein as
“Buyer.” (Each of Seller and/or Buyer may hereinafter be individually referred to as a “Party” and collectively referred to as the “Parties”). 

R E C I T A L S 
 A. Seller owns certain real property located in Gilroy, California legally described on Exhibit “A” hereto (the “Land”), together with the buildings, structures, fixtures, trade
fixtures, systems, machinery, equipment and other improvements now or hereafter located on the Land (collectively, the “Improvements”) which comprise the shopping center commonly referred to as Gilroy Crossing consisting of
approximately 325,431 square feet of leasable commercial retail space (the “Shopping Center”). The Land and Improvements, together with all right, title and interest of Seller in, to and under: (i) all easements, rights-of-way,
development rights, entitlements and appurtenances relating or appertaining to the Land and/or the Improvements; (ii) all water rights applicable to the Land and/or the Improvements; (iii) all sewer, septic and waste disposal rights and
interests applicable or appurtenant to or used in connection with the Land and/or the Improvements; (iv) all minerals, oil, gas and other hydrocarbons located in, on or under the Land, together with all rights to surface or subsurface entry;
and (v) all streets, roads, alleys or other public ways adjoining or servicing the Land, free and clear of any and all lien, liabilities, encumbrances, exceptions and claims, other than the Permitted Exceptions are hereinafter collectively
referred to herein as the “Real Property.” The Real Property, together with the Personal Property, Intangible Property, Leases and Security Deposits, Assumed Contracts, Permits and Entitlements and Books and Records (as such terms
are defined below) are hereinafter collectively referred to as the “Property.” 
 B. Seller desires to sell and
Buyer desires to purchase the Property on the terms and subject to the conditions set forth in this Agreement. 
 AGREEMENTS

 Seller therefore agrees to sell and convey the Property to Buyer, and Buyer therefore agrees to purchase and accept the
Property from Seller, on the terms and subject to the conditions expressly set forth in this Agreement. 

 ARTICLE I 
 DEFINITION OF BASIC TERMS AND DATES 
 In addition to those terms defined
elsewhere in this Agreement, the following terms shall have the meanings ascribed to such terms in this Article I. 
 1.1.
Additional Deposit. Nine Hundred Thousand Dollars ($900,000.00). 
 1.2. Assumed Contracts. All of the contracts
(expressly excluding the Leases) which Buyer has expressly agreed to assume in writing upon the Closing pursuant to a written notice by Buyer delivered to Seller prior to the expiration of the Inspection Period. 

1.3. Intentionally Deleted. 
 1.4. Books and Records. All books and records relating to the business of operating, maintaining and/or managing the Property, including, without limitation, all accounting, financial, tax, sales
and other records pertaining to the operations, maintenance, leasing, improvement and management of the Shopping Center, but specifically excluding confidential or proprietary information of Seller and further excluding records pertaining to
Seller’s income taxes and communications among Seller’s members. 
 1.5. Closing Date. The date on which the
Closing (defined in Section 9.1) actually occurs. 
 1.6. Deposit. The Initial Deposit and Additional Deposit. All
references in this Agreement to the “Deposit” shall mean the total of said funds to the extent delivered by Buyer to Escrow Agent plus all interest, if any, earned thereon. 

1.7. Escrow Agent. First American Title Insurance Company, located at 135 Main Street, 12th Floor, San Francisco, California
94105; Attn: Heather Kucala, Direct: (415) 837-2295; FAX: (415) 398-1750; E-mail: hkucala@firstam.com. 
 1.8.
Initial Deposit. One Hundred Thousand Dollars ($100,000.00). 
 1.9. Inspection Period. The period commencing on
the Effective Date and ending at 11:59 p.m. Pacific Time on December 9, 2010. 
 1.10. Intangible Property. To the
extent owned by or in the possession of Seller, all intangible personal property relating to the Real Property or the business of owning, operating, maintaining and/or managing the Real Property including, without limitation: (i) all
warranties, guarantees and bonds from third parties; (ii) all deposits, reimbursement rights, refund rights, receivables and other similar rights from any governmental or quasi-governmental agency; (iii) all liens and security interests in
favor of Seller, together with any instruments or documents evidencing the same; (iv) all good will relating to the business of owning, operating, maintaining and managing the Real Property; (v) all trade names, trademarks, service marks
and logos used in conjunction with the ownership, operation and management of the Real Property, including, without limitation, the trade name “Gilroy Crossing” and any and all derivatives and forms thereof, together with all trademarks,
service marks and logos of “Gilroy Crossing,” whether or 

  
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not registered, and all trademark, service mark, fictitious business name and other intellectual property registrations or filings with regard to the foregoing, (vi) all advertising
campaigns and marketing and promotional materials relating to the Real Property; and (vii) all artwork, photographs and other intellectual property utilized in conjunction with the ownership, operation and/or management of the Real Property,
free and clear of any and all liens, liabilities, encumbrances, exceptions and claims. 
 1.11. Leases. All leases in
effect or in process on the Closing with respect to the Real Property, including any Proposed New Leases approved by Buyer and entered into by Seller prior to Closing, together with any amendments, guarantees and other agreements relating thereto,
all rentals, deposits, receivables, reimbursements and other similar items payable by Tenants under the Leases, together with all Tenant files in Seller’s possession and/or control with respect to the Leases, and all claims, demands, causes of
action and other rights against Tenants and all guarantors of the Leases arising during the period from and after the Closing Date (all such rights and interests arising prior to Closing remaining with Seller), together with all of Seller’s
right, title and interest in and to all Security Deposits and other collateral relating to the leases. 
 1.12. Leasing
Commissions. Any and all commissions, finder’s fees or similar payments in connection with any Lease, including any options to extend, expand or renew. 
 1.13. Loan Assumption Application Submission Date. Not later than one (1) business day following the expiration of the Investigation Period (Section 5.10.2). 

1.14. Monetary Obligations. Any and all liens, liabilities and encumbrances placed, or caused to be placed, of record against the
Real Property on or before the Closing Date evidencing a monetary obligation which can be removed by the payment of money, including, without limitation, delinquent real property taxes and assessments, deeds of trust, mortgages, mechanic’s
liens, attachment liens, execution liens, tax liens and judgment liens. Notwithstanding the foregoing, the term “Monetary Obligations” shall not include and shall specifically exclude the liens, liabilities and encumbrances relating to the
Permitted Exceptions and the Loan and any matters caused by any act or omission of Buyer, or its agents or representatives. 

1.15. Outside Closing Date. The date by which Closing must have occurred, as specified in Section 9.1. The Outside Closing
Date is April 29, 2011. 
 1.16. Permits and Entitlements. All of Seller’s right, title and interest in, to and
under: (i) all permits, licenses, certificates of occupancy, approvals, authorizations and orders obtained from any governmental authority and relating to the Real Property or the business of owning, maintaining and/or managing the Real
Property, including, without limitation, all land use entitlements, development rights, density allocations, certificates of occupancy, sewer hook-up rights and all other rights or approvals relating to or authorizing the ownership, operation,
management and/or development of the Real Property; (ii) all preliminary, proposed and final drawings, renderings, blueprints, plans and specifications (including “as-built” plans and specifications), and tenant improvement plans and
specifications for the Improvements (including “as-built” tenant improvement plans and specifications; (iii) all maps and surveys for 

  
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any portion of the Real Property; (iv) all items constituting the Seller’s Deliveries; and (v) any and all other items of the same or similar nature pertaining to the Real
Property, and all changes, additions, substitutions and replacements for any of the foregoing, free and clear of any and all liens, liabilities, encumbrances, exceptions and claims. 

1.17. Permitted Exceptions. The following exceptions to title: (a) non-delinquent real and personal property taxes and
assessments; (b) any lien voluntarily imposed by Buyer; (c) any matters set forth in the Title Documents and Updated Survey (if ordered by Buyer) that are approved or deemed approved by Buyer prior to the expiration of the Inspection
Period as set forth in Section 4.1 hereof; and (d) any New Matters approved or deemed approved by Buyer pursuant to Section 4.2 hereof. 
 1.18. Personal Property. All equipment, facilities, machinery, tools, appliances, fixtures, furnishings, furniture, paintings, sculptures, art, inventories, supplies, computer equipment and
systems, telephone equipment and systems, satellite dishes and related equipment and systems, security equipment and systems, fire prevention equipment and systems, excluding any of the same owned by Tenants, and all other items of tangible personal
property owned by Seller and located on or about the Real Property or used in conjunction therewith, free and clear of any and all liens, liabilities, encumbrances, exceptions and claims, other than the Assumed Contracts. 

1.19. Purchase Price. Sixty-Eight Million Five Hundred Thousand Dollars ($68,500,000.00) payable as provided in Article II.

 1.20. Scheduled Closing Date. The later to occur of (a) fifteen (15) calendar days after Assumption Approval
is received or (b) forty-five (45) calendar days after Buyer delivers written notice (the “Notice of Closing Date”) to Seller, in which latter case the Scheduled Closing Date shall be the date that is forty-five (45) days
after the date on which the Notice of Closing Date is received by Seller, but in any event, not later than the Outside Closing Date. The Notice of Closing Date must be given not later than forty-five (45) days preceding the Outside Closing
Date. If Buyer fails to deliver a Notice of Closing Date within the time stated above, the Scheduled Closing Date shall be the Outside Closing Date, and for purposes of Section 6.2, the Buyer shall be deemed to have provided the Notice of
Closing Date on the date that is forty-five (45) days prior to the Outside Closing Date. Provided, Seller shall under either of the above scenarios have the right to extend the Scheduled Closing Date (and, if applicable, the Outside
Closing Date) for a period of not more than ten (10) business days as provided in Section 6.3. 
 1.21. Security
Deposits. The original amount of all refundable security deposits, advance rentals and other deposits and collateral deposited or paid by the Tenants pursuant to the Leases, whether in the form of cash, negotiable instruments, letters or credit
or other forms of security 
 1.22. Tenant Inducement Costs. Any and all: (a) out-of-pocket payments required under
a Lease to be paid by the landlord thereunder to or for the benefit of the tenant thereunder which is in the nature of a tenant inducement, including, without limitation, tenant improvements costs, lease buyout costs, moving, design and
refurbishment allowances and reimbursements, attorney’s fees incurred in connection with the Lease; and (b) economic concessions granted to a Tenant under a Lease including, without limitation, rent holidays, free rent periods, reduced
rent periods, rent accrual and deferment periods and similar economic concessions. 

  
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 1.23. Tenants. Those persons or entities renting or occupying space in the Real
Property under the Leases. 
 1.24. Title Company. First American Title Insurance Company, located at 135 Main Street,
12th Floor, San Francisco, California 94105; Attn: Heather Kucala, Direct: (415) 837-2295; FAX: (415) 398-1750; E-mail: hkucala@firstam.commailto:. 
 ARTICLE II 
 PURCHASE PRICE 

The Purchase Price shall be paid in full in immediately available funds at Closing, with credit to Buyer at Closing for (i) the
Deposit, (ii) the unpaid principal balance of the Loan (hereinafter defined) as of Closing, and (iii) the other items to be credited to Buyer pursuant to this Agreement, including the Security Deposits. Provided, at Closing, in addition to
payment of the Purchase Price, Buyer shall purchase from Seller (and receive assignment of), or replace, all reserves and escrows held pursuant to the Loan in accordance with this Agreement. 

ARTICLE III 

THE DEPOSIT/DESIGNATION OF ESCROW AGENT 
 3.1. Designation of Escrow Agent. On execution of this Agreement, Seller will open an escrow with the Escrow Agent. 
 3.2. Deposit. Within three (3) business days following the Effective Date, Buyer shall deliver the Initial Deposit to Escrow Agent. In the event Buyer timely delivers to Seller Buyer’s
Election Not to Terminate this Agreement pursuant to Section 5.4 hereof, Buyer shall deposit with Escrow Agent the Additional Deposit within three (3) business days after Buyer delivers to Seller Buyer’s Election Not to Terminate
pursuant to Subsection 5.4 hereof. Subject to the applicable termination and default provisions contained in this Agreement, the Deposit shall remain in Escrow prior to the Closing. Buyer may direct Escrow Agent to invest the Deposit in one or more
interest bearing accounts designated by Buyer and approved by Escrow Agent. All interest earned on the Deposit shall be for the benefit of Buyer. Buyer agrees to deliver a W-9 to Escrow Agent for purposes of establishing the account. 

3.3. Disbursement and Retention of Deposit. Except as provided in the next sentence, the Deposit shall promptly be disbursed to
Buyer: (a) if Buyer does not deliver Buyer’s Election Not to Terminate pursuant to Subsection 5.4 hereof, (b) if Buyer terminates this Agreement due to a default by Seller pursuant to Section 9.1 hereof or as the result of a
failed condition precedent to Buyer’s obligation to close pursuant to Section 7.1 hereof; or (c) pursuant to any other term of this Agreement expressly stating that upon such termination the Deposit is to be returned to Buyer,
including, without limitation, Section 4.2, Section 5.4, Section 5.10, Section 6.3, Sections 7.1 and 7.3, Section 8.1, Section 8.2 and Section 9.1 hereof. The Deposit shall be disbursed to Seller (i) at
Closing pursuant to Article II hereof, or (ii) as liquidated damages pursuant to the terms of Section 15.2 in the event of a default by Buyer that results in a termination of this Agreement. 

  
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 ARTICLE IV 
 INSPECTION OF PROPERTY 
 4.1. Delivery of Title Materials. On or
before the Effective Date, Buyer shall have ordered a preliminary title report (the “Title Report”) from the Title Company setting forth the condition of title to the Land as of the date of the Title Report, along with complete and
legible copies of all documents of record referred to in the Schedule B Special Exceptions (the “Title Documents”). To help expedite Buyer’s review of title, not later than the Effective Date, Seller shall have delivered to
Buyer the title insurance policy Seller obtained when it acquired the Property (the “Existing Report”) along with the most recent ALTA/ACSM survey of the Property in Seller’s possession (the “Survey,” and
collectively with the Title Report, the Title Documents and the Existing Report, the “Title Materials”). Buyer shall have the right to obtain a current ALTA/ACSM survey of the Property, which shall be prepared in according to the
standards of Buyer (the “Updated Survey”). Buyer shall have until the expiration of the Inspection Period to review and approve, in Buyer’s sole and absolute discretion, all matters relating to the Title Materials and any
Updated Survey received by Buyer. 
 4.2. Post-Inspection Period Matters. Notwithstanding the provisions of Sections 4.1
and 5.4 and notwithstanding that Buyer may have given an Election Not to Terminate, Buyer shall have the right to object to any new title exceptions which first appear after the end of the Inspection Period by way of supplement to the Title Report
or by supplement to the Survey or Updated Survey (if ordered by Buyer) (each, a “New Matter” and collectively, the “New Matters”). However, Buyer’s right to object to such New Matters shall be deemed waived
unless not later than five (5) calendar days after receipt by Buyer or its counsel of written notice of such New Matter, Buyer or its counsel delivers written notice to Seller objecting to such New Matter (the “New Matter Objection
Notice”). Failure to timely deliver such New Matter Objection Notice shall constitute a waiver of Buyer’s right to disapprove or object to such New Matter, in which case such New Matter shall be deemed approved and, to the extent such
New Matter relates to fee title to the Real Property, shall be deemed a Permitted Exception. If Buyer timely delivers to Seller a New Matter Objection Notice, Seller shall have the right, but not the obligation, to elect to cure such New Matters in
a manner satisfactory to Buyer, in Buyer’s reasonable discretion, by delivering written notice (the “New Matter Cure Notice”) to Buyer within five (5) calendar days after receiving Buyer’s New Matter Objection Notice
(the “New Matter Cure Period”). If Seller fails to timely deliver to Buyer a New Matter Cure Notice, Seller shall be deemed to have declined to cure any of Buyer’s objections to such New Matters as outlined in the New Matter
Objection Notice. If Seller has declined or is deemed to have declined to cure any of Buyer’s objections to such New Matters, or the corrective measures outlined in Seller’s New Matter Cure Notice are not satisfactory to Buyer, in
Buyer’s reasonable discretion, Seller shall not be in default hereunder, but Buyer shall in that event have the right, but not the obligation, to either continue with the purchase of the Property or terminate this Agreement by giving written
notice of its election to Seller within three (3) business days after the later of (a) Buyer’s receipt of Seller’s New Matter Cure Notice or (b) the expiration of the New Matter Cure Period. If Buyer fails to provide written
notice of its election, Buyer shall be deemed to have elected to terminate this Agreement under this Section. In the event Buyer timely elects (or is deemed to have elected) to terminate this Agreement, the Deposit shall be returned to Buyer and
Buyer shall have no further right, title or interest in the Property. The Closing shall be postponed as necessary, but only up to a maximum of ten (10) business days, to 

  
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allow the parties to take and complete the actions set forth in this Section; provided, however, if such New Matter is first disclosed to Buyer after Assumption Approval has been obtained, all
time periods in this Section, as to both Buyer and Seller, shall be deemed to read three (3) business days instead, in that the time for addressing such New Matter(s) shall be shortened if first disclosed after Assumption Approval has been
obtained. Buyer shall not have the right to terminate this Agreement as to any New Matter affecting title to the Property which is the direct result of any act or omission on the part of Buyer, including any lien, levy or other matter attaching to
title to the Property by reason of any unsatisfied obligation of Buyer. 
 4.3. Deed. Title to the Land and Improvements
thereon will be conveyed at Closing by grant deed substantially in the form attached hereto as Exhibit “B” (the “Deed”), and title to all Personal Property, if any, comprising any part of the Property, shall be conveyed to
Buyer by Bill of Sale in the form of Exhibit “C” hereto (the “Bill of Sale”) the form of each of which documents is hereby approved by the Parties. 
 4.4. Assignment of Leases and General Assignment. At the Closing, Buyer and Seller shall each execute and deliver to Escrow Agent two (2) identical counterparts of an Assignment and Assumption
of Leases, referring to all of the Leases in effect as of the Closing Date which are to be assigned to Buyer, in the form attached hereto as Exhibit “D,” the form of which is hereby approved and agreed upon by Buyer and Seller
(“Lease Assignment”), along with instructions that one (1) fully-executed counterpart thereof shall be delivered to each of Buyer and Seller at Closing. In addition, at Closing, Buyer and Seller shall each execute and deliver
to Escrow Agent two (2) identical counterparts of a General Assignment, referring to all of the Permits and Entitlements, Intangible Property and Assumed Contracts affecting the Property which are to be assigned to Buyer, in the form of Exhibit
“E” hereto, the form of which is hereby approved and agreed upon by Buyer and Seller (“General Assignment”), along with instructions that one (1) fully-executed counterpart thereof shall be delivered to each of Buyer
and Seller at Closing. 
 ARTICLE V 
 CONDITIONS AND COVENANTS 
 5.1. Inspection Condition. Buyer’s
obligation to purchase the Property is contingent upon Buyer determining during the Inspection Period, in Buyer’s sole and absolute discretion, that it is satisfied with its investigation into all aspects of the Property including the terms of
the Loan to be assumed by Buyer and the Loan Documents (hereinafter defined); the Tenants; terms and conditions of the Leases; the location, value, condition, and marketability of the Property; the condition of title and matters affecting title to
or use of the Property; environmental conditions; zoning and land use matters; parking; past and projected income and expenses; neighboring properties and overall area in which the Property is located; and all other factors and conditions which
Buyer, in its sole discretion and judgment, considers relevant to its prospective purchase and ownership of the Property (“Inspection Condition”). 
 5.2. Property Information; Return of Buyer’s Information to Seller. Not later than the Effective Date, Seller shall have delivered to Buyer those documents identified on Exhibit “F”
hereto (collectively, the “Property Information”). In addition, Seller agrees to make available to Buyer for its inspection, in the offices of Seller’s property manager, copies of all such other

  
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documents or reports in the possession of Seller or Seller’s property manager relating to the Property, which additional materials, to the extent reviewed by Buyer, shall be deemed included
within the Property Information. All of the Property Information shall be in a form normally maintained by Seller as part of its ownership and operation of the Property; Seller shall have no obligation to place the Property Information into a
separate or different format. Buyer acknowledges that to the extent reports included in the Property Information have been prepared or provided by persons or entities other than Seller (“Third Party Reports”), including (to the
extent included within the Property Information) surveys, title reports, property condition reports, soil studies, building plans, site plans, environmental assessments, appraisals, traffic studies, tenant sales and financial reports (if any), and
materials provided by Tenants or prior owners, have been prepared and provided to Seller by third parties and may contain information that is outdated, incomplete, or inaccurate. The fact that a certain type of report is included in the above list
of examples does not, however, mean that such type of report is necessarily included within the Property Information. Buyer acknowledges and agrees that Seller makes no representation or warranty as to the accuracy or completeness of the information
contained in the Property Information or as to the information contained in any of the Third Party Reports. Buyer acknowledges and agrees that the Property Information constitutes only one source of information for Buyer to review as part of its
inspection and investigation of the Property, and except for reports specifically prepared by Seller or its property manager, and subject to the provisions of Article XI hereof, Buyer expressly releases and waives any claim against Seller for the
contents of the Property Information. Buyer agrees, if this transaction fails to close for any reason other than a default by Seller, Buyer shall promptly (and in any event within not more than 10 business days) return to Seller all of the Property
Information provided by Seller to Buyer. 
 5.3. Right of Access. Buyer and its officers, agents, employees and designees
will be afforded access and entry onto and into the Property for inspection and investigation to conduct studies, tests and inspections and such other tests as are determined by Buyer in its discretion in order to fully investigate the Property,
except that no excavation, drilling, roof or wall penetrations, or other invasive testing will occur without Seller’s prior written consent, which consent Seller agrees not to withhold unreasonably. Any excavation, drilling, penetrations or
other invasive testing consented to by Seller will be conducted by Buyer or its consultants or contractors in accordance with accepted industry practices, and Buyer will cause the Property to be promptly repaired and restored to a condition
substantially equivalent to that immediately preceding such action by Buyer’s consultants or contractors, at Buyer’s expense and at no expense to Seller or Seller’s insurers. All such investigations and inspections will occur at
Buyer’s sole risk, cost and expense and at no cost or expense to Seller. Buyer will notify Seller a reasonable time in advance of any such on-site investigation. In exercising the right of inspection as provided herein, and with respect to any
inspections conducted in the interior of the building located on the Property, Buyer will abide by all reasonable measures imposed by Seller to ensure that such inspections and investigations do not unreasonably interfere with the use, occupancy and
quiet enjoyment of the Property by any Tenant of the Property or by any employee or invitee thereof. Buyer’s access to the Property is conditioned upon the following requirements, with which Buyer hereby agrees: 

5.3.1 Insurance for Inspections. Buyer will cause any consultant or contractor retained by it, at Buyer’s or Buyer’s
consultants’ sole cost and expense, prior to commencement 

  
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of any investigative activities on the Property, to provide evidence of a policy of commercial general liability insurance covering any and all liability of Buyer with respect to or arising out
of any investigative activities. Such policy of insurance will be an occurrence policy and will have liability limits of not less than Two Million Dollars ($2,000,000) combined single limit per occurrence for bodily injury, personal injury and
property damage liability; provided, nothing in this Section prescribing the minimum amount of insurance required shall act, expressly or impliedly, to limit Buyer’s obligation to indemnify Seller pursuant to Subsection 5.3.2 below or limit
Seller’s right of recourse against any contractor or other party that may cause damage or injury to Seller or the Property in connection with such inspection-related activity. 

5.3.2 Indemnity for Losses Resulting From Inspection Activities. Buyer will protect, indemnify, defend and hold the Property,
Seller and Seller’s officers, directors, members, fiduciaries, affiliates, and employees, free and harmless from and against any and all claims, demands, causes of action and other legal proceedings, and from all liabilities, judgments,
damages, liens, stop notices, costs and expenses, including reasonable attorneys’ fees and court costs (collectively, “Liabilities”), arising therefrom, resulting from the acts of Buyer or its agents relating to the inspection
and testing of the Property, including, without limitation, repairing any and all damages to any portion of the Property caused by Buyer or its agents, arising out of or related (directly or indirectly) to Buyer’s conducting such inspections,
surveys, tests, and studies, except to the extent that such Liabilities are caused by the negligence or intentional wrongdoing of Seller or Seller’s agents. Buyer will keep the Property free and clear of any liens by any persons providing
labor, materials, equipment or services in connection with Buyer’s inspection of the Property. Buyer’s indemnification obligations set forth herein will survive Closing and and/or the termination of this Agreement, irrespective of the
cause or reason for termination, and will not be merged with the Deed; provided, Buyer’s obligation under this Subsection 5.3.2 to indemnify and hold harmless Seller shall not apply to liabilities arising from the existence, discovery, or
disclosure of any pre-existing environmental, physical or title condition of the Property. 
 5.3.3 Compliance with
Leases. Buyer further covenants and agrees that it will not unreasonably interfere with or disturb the rights, duties and obligations of the Tenants under the Leases. Buyer shall be deemed to have complied with this provision if, prior to its
on-site inspection of the Property or communication with any Tenant of the Property, Buyer notifies Seller and acts in accordance with any instructions Seller or Seller’s property manager provides to Buyer with respect to any specific
requirements in connection with Buyer’s entry into or onto any Tenant’s premises or communications with Tenants. 

5.4. Contingency Removal. Buyer shall have the right to terminate this Agreement, in Buyer’s sole and absolute discretion and
receive immediate return of the Deposit, by giving written notice to Seller with a copy to Escrow Agent, at any time prior to the end of the Inspection Period, stating Buyer desires to terminate the Agreement. In addition, this Agreement shall
terminate automatically, without need of any notice from Buyer, unless, prior to the end of the Inspection Period, Buyer gives written notice (the “Election Not to Terminate”) to Seller stating the Inspection Condition has been
satisfied or is waived and Buyer has elected not to allow this Agreement to be terminated as otherwise provided for in this Section 5.4. If Buyer does not deliver an Election Not to Terminate to Seller by the end of the Inspection Period, then
this Agreement shall terminate without requirement of notice from either Party, Buyer shall have 

  
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no further right, title or interest in or to the Property, and the Deposit shall be returned to Buyer. Seller and Buyer shall execute such cancellation instructions as may be necessary to
effectuate the cancellation of the Escrow, as may be required by Escrow Agent. Any escrow cancellation, title cancellation or other cancellation costs in connection therewith shall be borne equally by Seller and Buyer. Except with respect to the
Disapproved Matters (as defined below), an Election Not to Terminate, if given, must state unequivocally and without qualification that the Inspection Condition is satisfied or waived. Except with respect to the Disapproved Matters, a conditional,
qualified or equivocal notice, or a notice purporting to state conditions or terms on which Buyer may or may not waive the Inspection Condition shall not constitute an Election Not to Terminate for purposes of this Section 5.4. 

Seller and Buyer hereby acknowledge and agree that, concurrently with the execution and delivery of this Agreement by Seller and Buyer,
Buyer is also delivering to Seller Buyer’s Election Not to Terminate pursuant to this Section 5.4. Notwithstanding the provisions of the last two sentences of the immediately preceding paragraph of this Section 5.4, Buyer has advised
Seller in writing that there are certain matters concerning the Property and Buyer’s review thereof that are disapproved by Buyer (collectively, the “Disapproved Matters”), all of which are identified on Exhibit “K”
attached hereto. Seller hereby covenants and agrees to take, on or before the date of Closing, the actions specified on Exhibit “K” with respect to each Disapproved Matter listed thereon, which actions Buyer hereby accepts as sufficient
cure as to the Disapproved Matters. Accordingly, Buyer’s delivery of the Election Not to Terminate is given in reliance on and conditioned on Seller’s agreement to take the actions specified on Exhibit “K” as to the Disapproved
Matters. In the event Seller fails to complete, on or before the date of Closing all of the actions described on Exhibit “K” as to the Disapproved Matters, Buyer shall be entitled to terminate this Agreement and exercise the remedies set
forth in Section 15.1.1 hereof. 
 5.5. Effect of Satisfaction or Waiver of Inspection Condition. Within two
(2) business days following Buyer’s delivery of Buyer’s Election Not to Terminate, Buyer shall deliver the Additional Deposit to Escrow Agent. Thereafter, the entire Deposit shall be non-refundable to Buyer and paid by Escrow Agent to
Seller on the earlier of Closing or termination of this Agreement unless: (a) this Agreement is terminated due to a default by Seller pursuant to Section 9.1 hereof; (b) this Agreement is terminated due to a failed condition precedent
to Buyer’s obligation to close pursuant to Section 7.1 hereof; (c) this Agreement is terminated pursuant to Buyer’s disapproval of the Loan Assumption Condition; or (d) this Agreement is terminated pursuant to any other term
or provision hereof expressly stating that, on termination pursuant to such term or provision, the Deposit is to be returned to Buyer, including, without limitation, Section 4.2, Section 5.4, Section 5.10, Section 6.3, Sections
7.1 and 7.3, Section 8.1, Section 8.2 and Section 9.1 hereof. Subject to the provisions of Section 4.2 hereof, if Buyer provides an Election Not to Terminate, such notice shall further be deemed, without requirement of expressly
so stating, Buyer’s approval of the Title Materials and the Loan Documents as provided in Section 5.10.3. 
 5.6.
Continued Operation and Other Operating Covenants of Seller. From and after the Effective Date and until the Closing or earlier termination of this Agreement, Seller shall: (i) continue to operate and maintain the Property in a manner
consistent with Seller’s existing business practices so that the Property is in substantially the same condition on the Closing Date as it is on the Effective Date, reasonable wear and tear excepted, including, addressing all

  
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required and/or advisable maintenance and repair issues in a timely and prudent manner; (ii) keep its existing policies of insurance in full force and effect; (iii) not subject the
Property to any additional liens, liabilities, encumbrances, covenants, conditions, restrictions, easements, rights of way or similar matters (provided, in the event a lien should be recorded against the Property as to any matter that is in good
faith disputed by Seller, Seller shall not be in default of this covenant so long as Seller proceeds promptly and diligently to cause such additional lien to be removed not later than Closing); (iv) Seller shall not make any alterations to the
Property except in the ordinary course of business; and (v) Seller shall pay for all capital and other improvements which are performed or contracted for by Seller at or prior to the Closing Date. From and after the Effective Date and until the
Closing or earlier termination of this Agreement, Seller shall administer and timely perform all of its material obligations under the contracts affecting the Property and, following the expiration of the Inspection Period, shall not terminate,
amend or modify any of the Assumed Contracts or enter into any new contract affecting the Property without the prior written consent of Buyer, which consent shall not be unreasonably withheld. Furthermore, during the time period commencing upon the
Effective Date of this Agreement and terminating on the Closing or the earlier termination of this Agreement, Seller shall promptly deliver to Buyer any and all notices and/or other written communications delivered to or received from: (a) any
Tenant; (b) any party under any of the contracts affecting the Property; and/or (c) any governmental authority. During the time period commencing upon the Effective Date of this Agreement and terminating on the Closing or the earlier
termination of this Agreement, Seller shall deliver to Buyer prompt notice of any notice of default under the terms of any of the Leases, delivered by Seller to any Tenant or by any Tenant to Seller, and any written notices of violations of laws,
ordinances, orders, directives, regulations or requirements delivered to Seller or its property manager by any governmental agency with respect to or affecting the Property. 
 5.7. Lease Changes. After the Effective Date, Seller shall continue to administer the Leases consistent with Seller’s administration thereof prior to the Effective Date. After the Effective
Date, Seller will not enter into any new Leases or terminate any of the Leases then in effect or enter into modifications or amendments to any of the Leases then in effect (each, a “Proposed New Lease”) or make any material changes
to the Property without giving notice to Buyer thereof at least five (5) business days prior to the expiration of the Inspection Period and, following the end of the Inspection Period, Seller shall not take such actions without first obtaining
Buyer’s prior written consent to such actions, which consent will not be unreasonably withheld or delayed. Each Proposed New Lease that is approved by Buyer pursuant to this Section 5.7 shall be referred to herein as a “New
Lease” and collectively as “New Leases.” All references in this Agreement to a “Lease” or to the “Leases” shall include a “New Lease” or the “New Leases,” as the
context requires. Notwithstanding the foregoing, if any of the Leases are terminated by action of the Tenant or if any action is required with respect to the Property due to casualty or other unforeseen event, or if a Tenant defaults under a Lease
and Seller reasonably determines such Lease should be terminated due to such default, Seller will provide notice thereof to Buyer, and Buyer hereby agrees Seller will have the right to take all actions deemed reasonable and necessary by Seller, in
Seller’s commercially reasonable judgment, in response to such events, except that Buyer’s prior written consent (not to be unreasonably withheld or delayed) will be required for any termination, modification or amendment of any existing
Lease. 

  
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 5.8. Confidentiality. All information of any nature furnished to or obtained by Buyer
relating to the Property (other than matters of public record or information obtained by Buyer from a source other than Seller or its representatives) including, all information obtained by Buyer or its agents, consultants, contractors or
representatives through inspection and investigation of the Property (but not including inspection and investigation of public records), will be treated by Buyer as confidential and, except as may be required to enforce Buyer’s rights under
this Agreement or pursuant to applicable law or the order of any court or other governmental authority, will not be disclosed or provided to any other person or entity except Buyer’s manager, members, investors, agents, affiliates, legal
counsel, other advisors and lenders (and such lenders’ agents, legal counsel and other advisors) to the extent required for Buyer’s financing or in connection with Buyer’s due diligence activities related to the purchase of the
Property or in connection with the consummation of the Closing and the performance of Buyer’s obligations under this Agreement. This covenant and obligation will survive termination of this Agreement but will terminate upon the Closing.

 5.9. Intentionally Deleted. 
 5.10. Assumption Approval. 
 5.10.1 Assumption Approval Condition.
Notwithstanding any provision in this Agreement to the contrary, it shall be a condition precedent to the obligations of both Buyer’s and Seller’s consummation of the purchase and sale of the Property that (i) Buyer, in its sole and
absolute discretion, approves the existing loan secured by the Property, in the original principal amount of $49,000,000, with a principal balance of approximately $48,522,000 as of June 30, 2010 (the “Loan”) and all documents
evidencing or securing the Loan (the “Loan Documents”); (ii) the present holder of the Loan (the “Lender”) consents to the sale of the Property pursuant to this Agreement and Buyer’s assumption of the Loan
in accordance with the transfer provisions set forth in Article 8 of the Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of September 20, 2004, recorded against the Property, as amended by the Loan Assumption
and Substitution Agreement dated as of July 27, 2006, between Seller and Lender, recorded July 27, 2006, as Document No. 19037153 in the Records of Santa Clara County, California (the “Transfer Provisions”);
(iii) the Lender’s consent is upon terms and conditions acceptable to Buyer, in Buyer’s sole and absolute discretion; and (iv) Buyer approves the assumption documents required by Lender to be executed in connection with the
assumption of the Loan pursuant to Subsection 5.10.8 (collectively, the “Assumption Approval Condition”). Lender’s consent to the transfer of the Property to Buyer (or a Single Purpose Entity owned in whole or in part by Buyer,
an affiliate of Buyer or Buyer’s principals) pursuant to the Transfer Provisions, subject to no conditions other than Accepted Conditions (defined below) is referred to herein as the “Assumption Approval.” 

5.10.2 Submission of Application for Assumption Approval. Following the Effective Date, Seller shall notify Lender of the pendency
of this transaction and request instructions from the Lender setting forth the Lender’s instructions for the Parties’ commencement of the loan assumption process. Provided Buyer has delivered Buyer’s Election Not to Terminate, then on
or before the Loan Assumption Application Submission Date (and provided Seller has delivered the appropriate application documents and Lender instructions), Buyer shall submit its written application to Lender using and completing such forms and
providing such documents and information as Lender reasonably requires for its consideration of the Loan assumption application. Buyer shall copy Seller on Buyer’s transmittal letter or other

  
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communication forwarding such documents and information to Lender (but without requirement to disclose the contents thereof to Seller), and the date of Buyer’s first submission of such
documents and information to Lender shall be referred to herein as the “Submission Date.” With the submission, Buyer shall deliver to Lender payment of all fees, deposits and other amounts required by Lender for consideration of the
Loan assumption application (including a processing fee in the amount of One Hundred Three Thousand Dollars ($103,000.00) and a deposit toward legal fees by Lender’s counsel at such time as necessary in order to bring Lender’s counsel into
the transaction for purposes of promptly commencing the drafting of assumption documents and providing the Parties with the legal closing check-list). 
 5.10.3 Buyer Approval of Loan Documents. Buyer’s delivery of Buyer’s Election Not to Terminate shall constitute Buyer’s acknowledgement to Seller that Buyer has reviewed, approved
and accepted all of the Loan Documents provided to Buyer prior to the Inspection Period and the terms and conditions therein stated. Following the delivery of Buyer’s Election Not to Terminate, Buyer shall not have the right to cease its
application for Loan Approval or terminate this Agreement based on disapproval of or inability to perform or conform to any term, condition or requirement stated in the Loan Documents to the extent true, correct and complete copies thereof have been
provided to Buyer no later than five (5) business days prior to the end of the Inspection Period, and a condition of Assumption Approval imposed by Lender which is already included in the Loan Documents shall be deemed an Accepted Condition, as
defined below. 
 5.10.4 Application for Assumption Approval. Each of Buyer and Seller agrees and covenants to the other
to promptly apply for and diligently and in good faith seek Assumption Approval. As part of such agreement and covenant, each Party agrees to submit to the Lender or Lender’s representatives all applications, deposits information and other
materials and matters reasonably required by the Lender for consideration of the Parties’ application to the Lender for Assumption Approval and shall promptly submit comments and requested changes, if any, to Lender’s counsel with respect
to Lender’s proposed Loan assumption documentation. 
 5.10.5 Single Purpose Entity and Guarantors. 

(a) Single Purpose Entities. Buyer covenants and agrees that, as part of its application for Assumption Approval, Buyer will agree
to take title to the Property and assume the Loan through one “Single Purpose Entity” in the organizational form and structure required for a Borrower under the Loan Documents, and prior to the Closing Buyer will not seek secondary,
mezzanine or similar additional financing encumbering the Property, Buyer’s Single Purpose Entity or any interests therein, except as permitted under the Loan Documents; provided, Buyer may seek Lender approval for Buyer to acquire the Property
through up to two (2), but no more than two (2) separate Single Purpose Entities, as tenants in common in the Property, but in such event Seller shall have no obligation, directly or indirectly, expressly or impliedly, to perform, pay or
otherwise satisfy any condition, if any, that Lender may attach to its consent to transfer of the Property to tenants in common. 
 (b) Qualified Guarantor(s). Buyer acknowledges the Loan Documents include a guaranty and indemnity as to certain matters which are exceptions to the non-recourse terms of the Loan. Buyer agrees to
designate not less than one (1) individual or entity with reasonably substantial financial qualifications who or which will agree to become a substitute guarantor and indemnitor and assume the obligations of the existing guarantor and
indemnitor with respect to the Loan 

  
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 5.10.6 Notice of Assumption Approval. Lender’s notice of Assumption Approval
must be obtained in writing (“in writing,” for purposes of the notice of Assumption Approval, to include a notice transmitted by Lender via facsimile or pdf attachment to email) not later than the Closing. 

5.10.7 Accepted Conditions. If the Lender (including the master loan servicer and any special servicer, lead certificate-holder,
rating agency or other entity whose approval is required by the terms of the Loan) imposes conditions on approval of the transfer of the Property to and assumption of the Loan by Buyer (or Buyer’s Single Purpose Entity), Assumption Approval
shall not be deemed obtained until all of such conditions are either accepted in writing by Buyer in Buyer’s sole and absolute discretion (except as set forth after the proviso below), or waived or removed by Lender. Buyer shall have a
period of five (5) business days following the date of its receipt of written notification from Lender of any conditions on its approval of the transfer and assumption (which written notification may take the form of electronic mail or any
other form capable of transmission in readable form), to determine, in Buyer’s sole and absolute discretion, whether Buyer will accept such conditions, if any. If Buyer does not consent to or approve each Lender condition within said five
(5) business day period, then this Agreement shall terminate, the Deposit shall be returned to Buyer, and Buyer shall have no further right, title or interest in or to the Property. Each condition imposed by the Lender which is expressly
accepted or approved by Buyer in the manner described here shall be an “Accepted Condition.” Assumption Approval shall be deemed obtained at such time as the Lender has consented to and/or approved, in writing as specified in Subsection
5.10.6 above, the transfer of the Property to Buyer and Buyer’s assumption of the Loan (including Lender approval of the substitute guarantor(s) and/or indemnitor(s)), subject to no condition other than Accepted Conditions; provided, the
following shall be deemed Accepted Conditions accepted by Buyer without further requirement of Buyer’s express approval or consent: (a) that the names of the parties in the Loan Documents be amended to reflect Buyer as substitute Borrower
and the names of the substitute guarantor(s) and/or indemnitor(s); (b) that there be no material, adverse change in the financial condition of Buyer and its proposed substitute guarantor(s) and/or indemnitor(s) between the time of Buyer’s
submission of its application materials to Lender and Closing; (c) that all financial statements, certifications and other materials submitted to Lender by Buyer regarding Buyer, any proposed substitute guarantor(s) and otherwise in connection
with the application for Assumption Approval contain no material misrepresentation or inaccuracy; (d) that Buyer and Seller and, as applicable, any guarantor and/or indemnitor parties, execute the Approved Assumption Documents, as described
below; and (e) any term or condition already contained in the Loan Documents. 
 5.10.8 Approved Assumption
Documents. After the Submission Date and prior to Assumption Approval, Buyer or Seller may request Lender to forward or have its counsel forward draft forms of documents Lender or its counsel anticipate some or all of Buyer and Seller and any
guarantor and/or indemnitor will be required to execute at Closing if Lender approves transfer of the Property to and assumption of the Loan by Buyer (the “Draft Assumption Documents”), which may be in a standard form Lender or its
counsel typically uses 

  
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for loan assumptions similar to that contemplated for this transaction. Each of Buyer and Seller shall have the period of ten (10) business days following receipt of such documents to give
written notice of its objection to the form or content of the Draft Assumption Documents. Such notice of objection may take the form of submission by such Party of “red-line” or “black-line” revisions to such documents or a
written listing given by such Party to Lender or its counsel setting forth each of the terms in such documents which the Party requests be changed. Any term or provision in the Draft Assumption Documents to which a Party does not so object or which
a Party does not so request to have changed shall be deemed accepted by that Party (irrespective of whether the other Party has objected or requested a change as to any term). If a Party timely gives such written notice of objection or request for
change of terms and receives revised documents from the Lender or Lender’s counsel, that Party shall have five (5) business days from the date of its receipt thereof to object or request change to any revisions to the Draft Assumption
Documents made by the Lender or Lender’s counsel, and if the Party makes no objections or request for change as to the revisions made by the Lender (or as to other terms in the documents affected by any change made by the Lender), that Party
shall be deemed to accept the Draft Assumption Documents as so revised. If Lender or its counsel thereafter makes changes to the Draft Assumption Documents, either in response to communications from either Party or for any other reason, each Party
shall have a further period of three (3) business days in which to make written objection or request change to such further revisions made by the Lender to the documents. Once the Draft Assumption Documents have been revised to such form and
content that a Party has no further objection or request for change or as to which the Party makes no objection or request for change within the time period here stated, such documents shall be deemed “Approved Assumption Documents” as to
that Party. 
 5.10.9 Right to Terminate. If Assumption Approval is not obtained by the Assumption Approval Deadline (as
extended, if applicable), either Party (provided such Party is not in default under the terms and conditions of this Agreement), shall have the right, but not the obligation, to terminate this Agreement by giving written notice of termination to the
other Party; provided, if Assumption Approval is obtained after the Assumption Approval Deadline but before such notice of termination is given, then the right to terminate this Agreement on such basis shall be deemed waived. If this Agreement is
terminated due to failure to obtain Assumption Approval by the Assumption Approval Deadline (including any extension thereof), so long as the failure to obtain Assumption Approval by the Assumption Approval Deadline is not caused by a default by
Buyer hereunder, the Deposit, together with all interest earned thereon, shall be returned to Buyer. If the failure or inability to obtain Assumption Approval by the Assumption Approval Deadline is due to the default or failure to perform by either
Party, then, in addition to the right to terminate this Agreement, the non-defaulting Party shall have the remedies available to it for such default under either of Section 15.1 or Section 15.2 of this Agreement, whichever is applicable.
Unless the Agreement is terminated due to a Seller default, Buyer shall continue to be responsible for and shall indemnify and hold harmless Seller from all fees, costs, charges and expenses charged, invoiced, billed or demanded by the Lender and by
the Lender’s consultants and attorneys in relation to the assumption of the Loan (including all such charges from rating agencies), other than the expenses incurred by Seller which relate to Seller’s obligations to cooperate in
Buyer’s attempts to obtain Assumption Approval from Lender. 

  
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 5.10.10 Satisfaction of Assumption Approval Condition. On obtaining of Assumption
Approval, the Assumption Approval Condition shall be deemed satisfied. 
 5.10.11 Assumption-Related Costs. Provided
Buyer has delivered Buyer’s Election Not to Terminate, Buyer hereby agrees thereafter to promptly and timely pay all Lender application fees and Lender charges and third-Party costs associated with the assumption application, including all
rating agencies’ fees and charges, Lender and rating agencies’ legal fees, and title and record search fees, provided that any transfer fee or loan assumption fees shall not be required to be paid by Buyer until the Closing (except Buyer
acknowledges Lender may require an advance, refundable deposit of a portion of such transfer or assumption fee, in which case, if required by Lender, Buyer shall either deliver such advance, refundable deposit or shall have the right to terminate
this Agreement without proceeding further and to receive back its Deposit, together with all interest accrued thereon). Buyer acknowledges the Lender may require payment of certain fees or deposits as a condition to proceeding to review any
application for Assumption Approval and, if Buyer elects not to pay such fees until after Buyer has delivered Buyer’s Election Not to Terminate, the process of application for Assumption Approval may be delayed until such fees and/or deposits
are paid. If Assumption Approval is obtained, at or before Closing, Buyer shall pay any all assumption fee, transfer fee, sales fee and other amounts required by Lender as a condition of the Loan assumption by Buyer, including, the “assumption
fee” or “transfer fee” or similar fee specified in the Loan Documents and all costs and expenses referred to in the Transfer Provisions (but not including any amounts due under the Loan Documents but not relating to the transfer,
which excluded amounts include, without limitation, any principal, interest, costs and expenses payable in connection with Seller’s ownership and operation of the Property and any costs and expenses incurred by Seller in connection with its
obligation to assist Buyer in obtaining the Assumption Approval); provided, to the extent these Lender-required amounts are other than the transfer or assumption fee(s) expressly required by the Loan Documents as a condition of Lender consent,
Buyer’s obligation to pay the same shall be contingent on Buyer’s approval, in accordance with Section 5.10.1 and Section 5.10.7 above, of the condition requiring its payment of such amounts. Buyer’s obligations under this
Section shall survive Closing or any other termination of this Agreement. 
 5.10.12 Assumption Approval Deadline. Seller
and Buyer shall have until January 31, 2011, to secure Assumption Approval (“Assumption Approval Deadline”). Each of Buyer and Seller shall have the right, in each Party’s sole discretion, to extend the Assumption Approval
Deadline for up to two (2) consecutive thirty (30) calendar day periods (each, an “AAD Extension Option”). In order for a Party to exercise an AAD Extension Option, on or before 12:00 p.m. PST on the last business day
immediately preceding the Assumption Approval Deadline (as the same may be extended pursuant to this Section 5.10.12), that Party shall deliver written notice to the other Party and Escrow Agent of the notifying Party’s election to
exercise an AAD Extension Option. Thereafter, all references in this Agreement to the “Assumption Approval Deadline” shall mean January 31, 2011, as extended pursuant to this Section 5.10.12. There shall be a total of two
(2) AAD Extension Options, regardless of which Party exercises the applicable AAD Extension Option, which shall extend the Assumption Approval Deadline for an aggregate maximum of sixty (60) calendar days. If a Party elects to exercise the
applicable AAD Extension Option for less than thirty (30) calendar days, upon receipt of the written notice of exercise, the other Party shall have the right to cause such extension to be increased up to (but not greater than) thirty
(30) calendar days in total if, but only if, such other Party gives written notice of such additional extension to the originally exercising Party and Escrow Agent within three (3) business days after receipt of the written notice of
exercise. 

  
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 ARTICLE VI 
 LEASES AND AGREEMENTS AFFECTING THE PROPERTY 
 6.1. Assignment and
Assumption of Leases. As of the Effective Date, the Property is subject to the Leases identified on Exhibit “G” hereto (the “Leases”), which Buyer agrees to assume and take assignment of at Closing pursuant to the
Lease Assignment (providing the same continue to be in effect as of Closing). Seller and Buyer will update Exhibit “G” on or before the Closing to reflect any and all New Leases pursuant to Section 5.7 hereof. 

6.2. Tenant Estoppels. Seller will use commercially reasonable efforts to obtain tenant estoppel certificates (each, a
“Tenant Estoppel” and collectively, the “Tenant Estoppels”) from each Tenant of the Property in such form as is prescribed by the terms of the Tenant’s Lease or, if no such form is prescribed, substantially in the
form attached hereto as Exhibit ”H.” Each Tenant Estoppel shall be dated effective no earlier than the date of Buyer’s delivery of the Notice of Closing Date referred to in Section 1.20 (the “Estoppels Submission
Date”) and shall be duly executed by the applicable Tenant thereof and each guarantor of the applicable Lease, if any. Seller shall prepare and forward the proposed form of Tenant Estoppel to each of the Tenants within two (2) business
days after Seller’s receipt of the Notice of Closing Date. As a condition to Closing (the “Minimum Required Estoppels Condition”) (which condition Buyer may waive, in Buyer’s sole and absolute discretion), Buyer must
receive, not later than five (5) business days before the Scheduled Closing Date (the “Estoppel Delivery Deadline”)(subject to extension as described in Section 6.3), Tenant Estoppels from: (a) all Tenants that have
entered into Leases covering more than fifteen thousand (15,000) net rentable square feet in the Shopping Center (each, a “Major Tenant” and collectively, the “Major Tenants”); and (b) Tenants that have
entered into Leases covering not less than seventy-five percent (75%) of the remaining leased square footage in the Shopping Center (the “Minimum Required Estoppels”). Failure by Seller to obtain and/or deliver to Buyer Tenant
Estoppels amounting to the Minimum Required Estoppels shall not constitute a default by Seller, but the timely delivery to Buyer of the Minimum Required Estoppels and Buyer’s approval of such Minimum Required Estoppels in accordance with
Section 6.3 shall be a condition to Closing for Buyer. 
 In the event Seller is able to obtain the Minimum Required
Estoppels, but is unable to obtain a Tenant Estoppel from all of the Tenants, then Seller shall deliver to Buyer, prior to the Estoppel Delivery Deadline, a landlord estoppel certificate in the form of Exhibit “I” (each, a
“Landlord Estoppel” and collectively, the “Landlord Estoppels”), with respect to each Lease for which a Tenant Estoppel has not been obtained in lieu of the Tenant Estoppel for such Lease. The failure by Seller to
deliver a Landlord Estoppel for every Tenant from whom a Tenant Estoppel has not been delivered shall not constitute a default by Seller, but the timely delivery to Buyer of a Landlord Estoppel with respect to any remaining Lease for which Seller
has not obtained and timely delivered a Tenant Estoppel and Buyer’s approval of such Landlord Estoppel in accordance with Section 6.3 shall be a condition to Closing for Buyer. For purposes of this Agreement, the term “Estoppel”
shall mean any Tenant Estoppel or Landlord Estoppel and the term “Estoppels” shall mean all of the Tenant Estoppels and Landlord Estoppels. If Seller delivers a Landlord Estoppel to Buyer and thereafter delivers a Tenant Estoppel
applicable 

  
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to the Lease to which the Landlord Estoppel applied and conforming to the requirements of this Section and Section 6.3 below, the original of the Landlord Estoppel shall be returned to
Seller, and Seller (and any principal, agent or representative of Seller signing the Landlord Estoppel) shall have no liability or obligation arising under or with respect to or as a result of delivery of the Landlord Estoppel. 

All Estoppels shall contain the following statement: “Tenant is required to pay real estate taxes, insurance and its proportionate
or pro-rata share of Common Area Maintenance expenses in accordance with the terms expressly stated in the Lease.” As to Leases which prescribe the form of tenant estoppel certificate, notwithstanding that the lease-prescribed form may not
include such statement, Seller agrees to include the above-quoted statement in the estoppel submitted to the Tenant. However, Buyer agrees, as to those Leases prescribing the form of estoppel and not including the quoted statement, the Tenant’s
modification of or refusal to retain the quoted statement in the Estoppel shall not be grounds for Buyer’s objection to the Estoppel under Section 6.3. 
 6.3. Buyer Approval or Rejection of Tendered Estoppels. Seller may periodically forward to Buyer true copies of Estoppels after Seller’s receipt of the same from Tenants or after execution by
Seller, as applicable. Buyer shall have the right to approve or disapprove of any of the Estoppels, subject to and in accordance with the following terms and conditions: 
 6.3.1 Form of Estoppel. At any time after the Effective Date and prior to the date on which Seller receives the Notice of Closing Date, Seller shall submit to Buyer copies of the Estoppels (each, a
“Proposed Estoppel”) Seller intends to send to the Tenants. Within five (5) business days after Buyer’s receipt of the Proposed Estoppels, Buyer shall notify Seller in writing as to any objection Buyer has to the form or content
thereof; provided that Buyer shall not be entitled to object to the form or content of a Proposed Estoppel so long as the form and content comply with the provisions of Section 6.2 above and the content thereof matches the same
information on the Rent Roll provided to Buyer during the Inspection Period. Buyer shall be deemed to have accepted and approved the form of each Proposed Estoppel to which it does not send written objection within the time stated in the second
sentence of this Subsection 6.3.1. If Buyer sends timely written objection, Seller shall modify or correct the Proposed Estoppel in response to such objection and deliver the modified or corrected Proposed Estoppel to Buyer, and Buyer shall have
three (3) business days after its receipt of the modified or corrected Proposed Estoppel to notify Seller of any objection Buyer has to the form and content thereof (provided, Seller shall have no duty to modify a Proposed Estoppel which
conforms to the requirements of Section 6.2 and in which the content does not conflict with the information contained on the applicable Lease and Rent Roll provided to Tenant during the Inspection Period). Once the Estoppel forms are
established pursuant to this procedure, Seller shall submit to the Tenants, in accordance with the procedure described in Section 6.2, Estoppel forms conforming to the Proposed Estoppels approved, or deemed approved by Buyer pursuant to this
Subsection. 
 6.3.2 Approval of or Objections to Estoppels. Seller may deliver Tenant-signed Estoppels to Buyer when and
as received for Buyer’s review, and such Landlord Estoppels as Seller proposes to submit in lieu of a Tenant-signed Estoppel. If an Estoppel is not properly executed or dated (or is dated prior to the date specified in Section 6.2 hereof);
if the Tenant or 

  
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the Landlord has made any material modification, addition or qualification to the Estoppel as submitted; if the Estoppel indicates that there is a Landlord breach or default or a Tenant breach or
default under the Lease; or if the Estoppel is in a form or content different than the form of Proposed Estoppel established pursuant to Section 6.3.1 hereof, Buyer shall have the right to object thereto by providing written notice of such
objection to Seller within the time period stated in the next two sentences (provided, correction of a typographical or clerical error that does not have any economic effect and that does not cause the Estoppel to be inconsistent with any
term or provision in the applicable Lease or the Rent Roll, shall not constitute a basis to object to or disapprove of the form of such Estoppel). As to all Estoppels of which originals or copies have been delivered to Buyer as of the day that is
thirty (30) calendar days after the Estoppels Submission Date (the “First Tranche Date”), Buyer shall give Seller notice of all objections Buyer has thereto not later than five (5) business days after the First Tranche
Date. With respect to Estoppels of which Buyer has received an original or copy as of the First Tranche Date, any objection not communicated by Buyer to Seller in writing by the fifth (5th) business day after the First Tranche Date shall be waived. As to Estoppels not delivered to Buyer (original or
copy) as of the First Tranche Date (including any correction or revision to any Estoppels as to which Buyer has given timely objection), Buyer shall not be obligated to give Seller notice of Buyer’s objection until three (3) business days
after the Second Tranche Date. The “Second Tranche Date” is that date on which Buyer has, at that point, received an Estoppel for each Lease. For purposes of determining the Second Tranche Date, Buyer shall be deemed to have
received an Estoppel for each Lease once Buyer has received an Estoppel signed by Tenant or Landlord for each Lease, notwithstanding that Buyer may timely have objected to a received Estoppel and that Seller may be making efforts to obtain a
revised, corrected or replacement Estoppel. If Buyer receives an Estoppel from Seller and does not give Seller notice of an objection to the Estoppel within the applicable time period as stated above, Buyer shall be deemed to have accepted and
approved the Estoppel for purposes of counting such Estoppel toward satisfaction of the Minimum Required Estoppels condition of Section 6.2 and Buyer’s Closing Condition under Section 7.1.3 of this Agreement. If Buyer timely objects
to an Estoppel, Seller shall have the right either to seek a modified or corrected Estoppel from the applicable Tenant which modification or correction remedies Buyer’s objections or to submit a Landlord Estoppel therefor; provided,
Buyer shall not be obligated to (but may, in its sole discretion) accept a Landlord Estoppel as to (i) a Lease as to which the Tenant-signed Estoppel submitted by Seller contained a modification or discrepancy having a material economic
effect or (ii) a Lease to a Major Tenant. If an Estoppel signed by a Tenant other than a Major Tenant contains a discrepancy or modification which does not amount to a matter having a material economic effect, Seller shall have
the right (subject to the 25% limitation stated in Section 6.2) to submit a Landlord Estoppel in place of such Tenant-signed Estoppel, which shall count toward the Minimum Required Estoppels providing such Landlord Estoppel conforms to all
other requirements of this Section 6.3 and Section 6.2. If Seller obtains a modified or corrected Estoppel from the Tenant which remedies Buyer’s objections, Seller shall submit the same or, at Seller’s option, a Landlord
Estoppel to Buyer, in which event Buyer shall be deemed to have approved the modified or corrected Estoppel or Landlord Estoppel unless, within three (3) business days after its receipt thereof, Buyer gives written notice to Seller of any
remaining objection Buyer has to such Estoppel. If Buyer timely objects to such modified or corrected Estoppel or Landlord Estoppel, the procedure set forth in the immediately preceding two sentences shall apply. 

  
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 An Estoppel timely and properly objected to by Buyer shall not be counted as a delivered Estoppel for
purposes of satisfying the Minimum Required Estoppels condition and/or the requirement to deliver Landlord Estoppels pursuant to Section 6.2 hereof, as applicable. 
 6.3.3 If Buyer assigns its interests under this Agreement, the Estoppel shall not be required to be certified to such assignee unless Buyer has provided notice to Seller of such assignment and the name of
such assignee prior to the date Seller has tendered the Estoppel to the Tenant. 
 6.3.4 If: (a) the Minimum Required
Estoppels Condition is not satisfied prior to Closing; (b) Seller fails to timely deliver a Landlord Estoppel for any Lease for which an approved Tenant Estoppel has not been delivered; or (c) Seller is unable to cure to Buyer’s
reasonable satisfaction all of Buyer’s objections timely made to any Estoppel, Seller shall not be in default as a result thereof, but Buyer may in that event (but shall not be required to) terminate this Agreement by delivering written notice
to Seller prior to Closing, in which event, the Deposit shall be returned to Buyer and Buyer shall have no further interest in the Property. 
 6.3.5 Seller shall have the right to extend the Scheduled Closing Date (and, if required, the Outside Closing Date) by up to ten (10) business days by giving written notice of such extension (which
notice must specify the date to which the Scheduled Closing Date, and if applicable, the Outside Closing Date, is extended) to Buyer not later than two business days immediately preceding the then-existing Scheduled Closing Date, if the Minimum
Required Estoppels conditions has not then been satisfied and if Seller reasonably believes in good faith that the Minimum Required Estoppels condition can be satisfied during such extension period. 

ARTICLE VII 

CONDITIONS TO CLOSING 
 7.1. Buyer’s Conditions. Buyer’s obligation to purchase the Property is subject to the fulfillment prior to Closing of each of the following conditions: 

7.1.1 Assumption Approval. Buyer shall have received Lender’s Assumption Approval on or before the Assumption Approval
Deadline. 
 7.1.2 Title Policy. The Title Company shall be irrevocably committed to issue an American Land Title
Association Owner’s Policy of Title Insurance with Extended Coverage (ALTA Form 2006), together with such endorsements as may be requested by Buyer, with liability in the amount of the Purchase Price, insuring that fee title to the Real
Property is vested in Buyer, subject only to: (i) the exclusions listed in the “Exclusions from Coverage” of the ALTA Extended Coverage Policy; and (ii) the Permitted Exceptions (“ALTA Extended Coverage Policy”
or the “Title Policy”). 
 7.1.3 Estoppels. Buyer shall have received the Minimum Required Estoppels and
Landlord Estoppels so that, in total, Buyer has received an approved Estoppel for each Lease, as provided for in Sections 6.2 and 6.3. 

  
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 7.1.4 Seller’s Deliveries. Seller shall have delivered all of Seller’s
Deliveries to Escrow Agent on or before the date and time specified in Section 9.2 of this Agreement. 
 7.1.5
Representations and Warranties. Seller’s representations and warranties contained in or made pursuant to this Agreement shall have been true and correct without material exception when made and shall be true and correct without material
exception on the Closing Date. 
 7.1.6 Covenants. Seller shall have complied, in all material respects, with all of
Seller’s covenants and agreements expressed in this Agreement. 
 7.1.7 Litigation. No suit, action, claim or other
proceeding shall have been instituted or threatened against Seller which results, or reasonably might be expected to result, in the transactions contemplated by this Agreement being enjoined or declared unlawful, in any lien attaching to or against
the Property and/or in any liabilities or obligations being imposed upon Buyer or the Property, other than the Permitted Exceptions. 
 7.1.8 No Bankruptcy. There are no assignments for the benefit of creditors, receiverships, conservatorships or voluntary or involuntary proceedings in bankruptcy pursuant to any other laws for
relief of debtors filed by or pending against any Major Tenant or Seller. 
 7.1.9 Capital Raise. By no later than
January 31, 2011, Buyer shall have secured sufficient capital to: (a) pay the balance of the Purchase Price due from Buyer at Closing in cash; and (b) purchase or replace all reserves and escrows held pursuant to the Loan; if Buyer is
unable to secure sufficient capital to satisfy this condition by the date herein stated, Buyer shall not be in default under this Agreement, but in such event, Buyer shall give Seller notice of such failure not later than said date, in which
event this Agreement shall terminate, the Deposit shall be returned to Buyer, and Buyer shall have no further interest in the Property; provided, Buyer shall have the right to waive this condition, which Buyer shall be deemed to have done if
Buyer does not give notice and terminate this Agreement as stated above in this Subsection. If Buyer waives this condition but then is unable to close due to failure to raise sufficient capital in time for Closing by the Scheduled Closing Date,
provided the failure to close is not also due in any part to a Seller default, Buyer shall be deemed to be in default, and Seller shall have the remedy provided under Section 15.2. 

7.2. Seller’s Conditions. In addition to any conditions provided in other provisions of this Agreement, Seller’s
obligation to sell the Property is subject to the fulfillment prior to Closing of each of the following conditions: 
 7.2.1
Assumption Approval. Lender shall have given Assumption Approval on or before the Assumption Approval Deadline. 
 7.2.2
Buyer’s Deliveries. Buyer shall have delivered all of Buyer’s Deliveries to Escrow Agent on or before the date and time specified in Section 9.2 of this Agreement. 

7.2.3 Representations and Warranties. Buyer’s representations and warranties contained in or made pursuant to this Agreement
shall have been true and correct without material exception when made and shall be true and correct without material exception on the Closing Date. 

  
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 7.2.4 Covenants. Buyer shall have complied, in all material respects, with all of
Buyer’s covenants and agreements contained in or made pursuant to this Agreement, including payment of all amounts associated with Buyer’s assumption of the Loan as provided in Section 5.10 hereof. 

7.3. Failure of Conditions. If any of the conditions set forth in Section 7.1 or 7.2 above is not satisfied or waived by the
Scheduled Closing Date, the Party entitled to benefit of such condition will have the right to terminate this Agreement providing such Party gives written notice of such termination to the other Party and to Escrow Agent prior to the completion of
the Closing (except, as to the condition stated in Subsection 7.1.9, the notice must be given by the date stated in that Subsection). In the event such notice of termination is timely given, all escrow charges will be divided equally between the
Parties (unless one Party is in default, in which case, the Party which is in default will be responsible for payment of all escrow charges), all documents delivered to Escrow Agent will be returned to the depositing Party, and Buyer will return to
Seller all of the Property Information delivered by Seller to Buyer. If the failure to close is due to a default by Seller, Buyer shall have the right to enforce the remedies set forth in Section 15.1 of this Agreement. Unless the failure to
close is due to a default on Buyer’s part, the Deposit shall promptly be returned to Buyer by Escrow Agent as provided in Section 3.3 without the need of any further authorization or consent from Seller. 

ARTICLE VIII 
 DAMAGE AND DESTRUCTION AND CONDEMNATION 
 8.1. Risk of Physical
Loss. Risk of physical loss to the Property will be borne by Seller prior to the Closing Date. If the Property is damaged by fire, flood, earthquake or other casualty and the cost of repair is reasonably determined by estimate given by a
knowledgeable third party reasonably acceptable to Buyer and Seller to exceed One Million Dollars ($1,000,000.00), then Buyer may, at its option, elect not to acquire the Property by giving written notice of its intent not to purchase within the
earlier of the Closing Date or the date that is thirty (30) calendar days after notice has been given to Buyer of such event (or, if it is not readily apparent that the cost of such repair will exceed the amount stated above, within thirty
(30) calendar days after such determination has been communicated to Buyer), in which case this Agreement will be terminated and the Deposit shall be returned by Escrow Agent to Buyer without the need of any further authorization or consent of
Seller. On receipt of the Deposit, Buyer shall have no further right, title or interest in the Property (or in any award, damages, insurance proceeds or other payment resulting from such damage or loss). If despite the occurrence of the foregoing,
Buyer does not so elect to terminate this transaction, or if the cost to repair the damage from such casualty and to restore the Property to a condition equal to that existing immediately prior to such casualty is less than the amount stated in the
second sentence hereof (determined in accordance with such sentence), then, providing the Property is insured at the time of such event and the damage is covered in whole or in part by insurance maintained by or for Seller (subject to reasonable and
normal deductibles), Buyer will close the purchase in accordance with the terms and timetables herein stated, in which event, at Closing, Seller will assign to Buyer Seller’s interest in all insurance proceeds relating to such damage and the
right to 

  
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collect same (including all of Seller’s rights in any insurance maintained by any tenant of the Property or any contractor or subcontractor of Seller or of any tenant). Any deductible under
such insurance policies as are maintained by Seller to cover such damage and destruction, as well as the amount of any uninsured damage, shall be credited to Buyer at Closing and offset against the Purchase Price to be paid hereunder. If the cost of
repair is estimated to exceed the amount stated above in this Section but Buyer nonetheless elects to proceed with its acquisition of the Property, Buyer will close the purchase in accordance with the terms and timetables herein stated, in which
event, at Closing, Seller will assign to Buyer Seller’s interest in all insurance proceeds relating to such damage and the right to collect same (including all of Seller’s rights in any insurance maintained by any tenant of the Property or
any contractor or subcontractor of Seller or of any tenant), and Buyer shall receive a credit against the Purchase Price in the amount of any insurance deductible and the amount of any uninsured damage. 

8.2. Condemnation. If prior to Closing any governmental entity commences any actions of eminent domain or similar type proceedings
to take any material portion of the Property, Buyer will have the option either to: (a) elect not to acquire the Property, in which event the Deposit shall be returned to Buyer without the need of any further authorization or consent by Seller,
and Buyer shall have no further interest in the Property or to any proceeds from such condemnation, or (b) complete the acquisition of the Property, in which event Buyer will be entitled to all the proceeds of such taking. Buyer must make its
election by giving notice to Seller within ten (10) days after receipt of notice of such threatened or pending condemnation or governmental taking. If Buyer provides no notice, Buyer shall be deemed to have elected to terminate this Agreement.
A taking shall be “material” under this Section if: (i) it will result in a taking of ten percent (10%) or more of the total square footage of the Land; (ii) it will result in the Property taking in a loss of ten percent
(10%) or more of the rental income of the Property; (iii) it will result in the Property failing to comply with any applicable law (including, without limitation, any zoning requirements), Title Document or Lease; or (iv) it
constitutes a breach or a default by the Landlord under a Lease or gives rise to the right of any Tenant to terminate a Lease. 

ARTICLE IX 

CLOSING 

9.1. Closing and Closing Date. “Closing” as used herein means that circumstance that exists when the Deed has been
recorded and the Purchase Price (adjusted for credits and debits to Seller’s account made in accordance with this Agreement) either has been paid over to Seller or is held by the Escrow Agent for the benefit of the Seller and all pre-conditions
for release of the same to Seller (or to parties designated and approved by Seller pursuant its signed closing statement) have been satisfied. If requested by Seller, Buyer agrees to complete Closing as a “gap closing” so long as the Title
Company will insure the “gap,” and Seller agrees to provide any affidavits required by the Title Company to insure such “gap.” 
 Closing will take place through the offices of Escrow Agent on the Scheduled Closing Date (as defined in Section 1.20). The Scheduled Closing Date (and, if required, Outside Closing Date) shall be
extended, if necessary, to allow time sufficient for Lender or its counsel to complete its documentation for Closing of the transaction and only for so long as required for such purpose (including loan assumption documents prepared by Lender’s
counsel), and neither 

  
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Buyer nor Seller shall be in default due to such extension, provided that the delay in Lender’s preparation and submission of its required documents is not due to unreasonable delay by Buyer
or Seller in responding to Lender’s requests for approval of such documents or other requests within the scope of the conditions for assumption approval as stated in the Loan Documents. The Scheduled Closing Date shall be further extended, but
only to the extent reasonably required, for such additional time as may be necessary to comply with or satisfy any conditions, including Accepted Conditions, set forth in any conditional Assumption Approval given by Lender (and, to the extent Lender
conditions Assumption Approval on approval by one or more rating agencies, the Scheduled Closing Date shall be extended for such time as is necessary to obtain such rating agency approval and for such reasonable time thereafter as is necessary for
completion of all Lender-prepared documentation and other actions required for Closing as promptly as possible following receipt of rating agency approval). Notwithstanding any other term hereof to the contrary, express or implied, except as
expressly provided for in this Agreement, Closing may not be extended past the “Outside Closing Date” specified in Section 1.15 of this Agreement unless Buyer and Seller mutually agree in writing to such extension. If Closing
has not occurred by the Outside Closing Date, either Party may elect to terminate this Agreement by providing written notice to the other Party; provided, a Party shall not be permitted to elect to terminate this agreement as contemplated in
this sentence if the failure to close is due to that Party’s default or material breach of or failure to perform its obligations under this Agreement. If Closing fails to occur due to Seller’s default, Buyer shall have the right to enforce
the remedies available to Buyer pursuant to Section 15.1 of this Agreement. If Closing fails to occur due to Buyer’s default, Seller shall have the right to enforce the remedies available to Seller pursuant to Section 15.2 of this
Agreement. 
 9.2. The Parties’ Deliveries to Escrow. Except as to Buyer’s Funds (as hereinafter defined),
which may be delivered to Escrow Agent not later than the federal wiring deadline on the business day immediately preceding the Closing Date, the Parties must deliver the following documents and funds to the Escrow Agent not later than 12:00
o’clock, Noon, Pacific Time, at least (1) business day prior to the Closing Date (or at such earlier time as required by Escrow Agent, Lender or Title Company if necessary in order to complete Closing on the Scheduled Closing Date, as
extended pursuant to the terms of this Agreement): 
 9.2.1 By Seller. Seller must deliver to Escrow Agent the following
original documents and agreements, duly executed and acknowledged by Seller (collectively, “Seller’s Deliveries”): 
 (a) Deed; 
 (b) Bill of Sale 

(c) Lease Assignment or counterpart signature page thereto; 
 (d) General Assignment or counterpart signature page thereto; 
 (e) Seller’s
counterpart signature pages to the Approved Assumption Documents required by Lender to be signed by Seller for Buyer’s assumption of the Loan; 

  
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 (f) Originals of all Leases and all amendments thereto (which, however, may be delivered to
Buyer outside of escrow on the Closing date); 
 (g) Originals, and where not available, true, correct and complete copies of
all plans, specifications, reports, licenses, permits, entitlements, surveys, maps, agreements and contracts relating to the Property (which, however, may be delivered to Buyer outside of escrow on the Closing date); 

(h) Original Estoppels, if not previously delivered; 
 (i) A Certificate of Non-Foreign Status; 
 (j) A California Form 593-W; and

 (k) any and all such other documents as may be reasonably required by the terms of this Agreement, Lender, Escrow Agent, or
the Title Company providing the same are consistent with the terms of this Agreement and/or the Loan Documents including, without limitation, authorizing resolutions, an owner’s affidavit and any other affidavits necessary for the Title Company
to issue the Title Policy. 
 9.2.2 By Buyer. Buyer must deliver to Escrow Agent the following funds and documents, which
documents shall be duly executed and acknowledged by Buyer (“Buyer’s Deliveries”): 
 (a) Lease
Assignment or counterpart signature page thereto; 
 (b) General Assignment or counterpart signature page thereto; 

(c) Cash or immediately-available funds in the amount of the Purchase Price plus Buyer’s Closing Costs, with credit for the
Deposit, the amount of the Loan being assumed, and any other items of credit agreed to by Seller or as provided in this Agreement (“Buyer’s Funds”); 
 (d) Buyer’s counterpart signature pages to all Approved Assumption Documents required by Lender to be signed by Buyer for its assumption of the Loan; and 

(e) Any and all other documents, funds and agreements as required by the terms of this Agreement, Lender, Escrow Agent, or the Title
Company to Close this transaction, providing only that the same will be consistent with the terms of this Agreement and/or the Loan Documents. 
 9.3. Seller’s Closing Costs. In connection with and at the Closing, Seller will pay: (a) the recording cost for the Deed and any documentary transfer taxes, sales tax or similar taxes
required for the transaction, the premium for the Title Policy to the extent of CLTA Standard Owner’s coverage (not to exceed $30,825); (b) one-half of Escrow Agent’s fee; (c) any real estate commission agreed to be paid by
Seller under its separate commission agreement with Seller’s Broker; (d) Seller’s own attorneys’ fees; and (e) Seller’s share of prorations. 

  
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 9.4. Buyer’s Closing Costs. In connection with and at the Closing, Buyer will
pay: (a) the premium for the Title Policy, to the extent such cost exceeds $30,825, along with the cost of any special endorsements requested by Buyer or Lender; (b) the cost of any survey required for extended title coverage or any
amendment, update or recertification to the Survey as required or requested by Lender or Buyer; (c) one-half of the Escrow Agent’s fee; (d) the recording costs for the Approved Assumption Documents; (e) all costs, expenses and
reserves payable to Lender or third parties (including rating agencies) relating to the assumption of the Loan including the transfer fee referred to in the Loan Agreement; (f) Buyer’s own attorneys’ and consultants’ fees and
charges; and (g) Buyer’s share of prorations. 
 9.5. Prorations. All prorations will be made as of the Closing
Date on the basis of the actual days of the month in which the Closing Date occurs. The date of the Closing Date will be an income and expense day for Buyer. Seller will be responsible for all expenses of operation of the Property applicable to the
period prior to the Closing Date, and Buyer will be responsible for all expenses of operation of the Property applicable to the period from and after the Closing Date. If any expenses are not determinable on Closing Date, at the earliest possible
opportunity following the Closing Date, Seller and Buyer will make any final adjustments and make a cash settlement between themselves outside of escrow. The following pro-rations will apply: 

9.5.1 Real and Personal Property Taxes. All general and special real and personal property taxes and assessments (collectively,
the “Taxes”), based on the regular tax bill for the current fiscal year (or, if such tax bill has not been issued as of the date of the Closing, the regular tax bill for the fiscal year preceding the current fiscal year) shall be
prorated between Seller and Buyer at the Closing as of the Closing Date. Without limiting the foregoing, any and all accrued and unpaid supplemental or special real property taxes or assessments that relate to any time period prior to the Closing
Date shall be the responsibility of Seller and, if not paid prior to or at Closing, shall be credited to Buyer at Closing, and any and all supplemental or special real property taxes or assessments that relate to any time period on or after the
Closing Date shall be the responsibility of Buyer and if paid by Seller prior to or at Closing, shall be credited to Seller at Closing. Without limiting the foregoing, in the event any supplemental or special real property taxes or assessments are
levied prior to Closing, but are due and payable in one or more installments subsequent to the Closing, such supplemental or special real property taxes or assessments shall be allocated on a prorata basis over the applicable payment period in
question and prorated between Seller and Buyer as of the Closing Date. Notwithstanding any of the terms and conditions to the contrary contained in this Section 9.5.1, in the event any such Taxes are paid for directly by a Tenant to the
applicable taxing authorities pursuant to such Tenant’s Lease, such Taxes shall not be prorated between Seller or Buyer. 

9.5.2 Interest with Respect to the Loan. Any unpaid interest with respect to the Loan due for the month in which Closing occurs
shall be prorated by Escrow Agent as of the Closing Date, with Seller responsible for interest for that portion of the month pre-dating the Closing Date and Buyer responsible for interest on the Closing Date and through the end of the month.

 9.5.3 Utility Costs and Deposits. To the extent applicable, Seller will notify all water, gas, electric and other
utility companies servicing the Property (collectively, “Utility Companies”) of the sale of the Property to Buyer and will request that all Utility Companies send 

  
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Seller a final bill for the period ending on the last day prior to the Closing Date. Buyer will notify all Utility Companies servicing the Property that as of the Closing Date, Buyer will own the
Property and that all utility bills for the period commencing on the Closing Date are to be sent to Buyer. If any of the Utility Companies sends Seller or Buyer a bill for a period in which the Closing occurs, Buyer and Seller will prorate such
bills outside of Escrow. In connection with such proration, it will be presumed that utility charges were uniformly incurred during the billing period. 
 9.5.4 Rents. 
 (a) As used herein, “Rents” means the combined
total of all receipts, revenues and rents under each Tenant’s Lease including, without limitation, base rent, minimum rent, fixed rent, percentage rent, additional rent, and tenant’s contributions to operating and/or common area
maintenance charges and taxes and insurance. 
 (b) Escrow Agent shall prorate Rents based on the total of Rents actually
received by Seller as of the last business day preceding the Closing Date. Seller shall provide Escrow Agent and Buyer a written statement of Rents received for the month of Closing, on or before the three (3) business days prior to the Closing
Date (which shall then be updated by a statement given the last business day before Closing). 
 (c) All Rents received by
Seller as of the Closing Date, but which are properly allocable to the period after the Closing, shall be credited to Buyer at the Closing. To the extent there are any Rents owing to Seller as of the Closing which relate to periods of time prior to
the Closing Date, but which have not actually been collected by Seller as of the Closing (“Delinquent Revenues”), Buyer shall not be obligated to pay to Seller (or give Seller a credit for), the amount of such Delinquent Revenues on
the Closing. All Rents which are received by Seller or Buyer subsequent to the Closing Date shall be applied: first, to amounts due to Buyer; and second, to Delinquent Revenues due to Seller. Each Party shall promptly notify the other when it
receives a payment of Rents from any Tenant after Closing and shall allocate such payment in accordance with this subsection. 

(d) Following the Closing, Seller will have the right to make such demands and pursue all such actions available to Seller at law or
equity against any Tenant whose payment of Rents or other amounts due from such tenant to Seller under its lease is not then paid in full, except that Seller will not have the right to pursue or seek eviction or unlawful detainer as to such tenant
or seek any termination of the applicable lease. 
 9.5.5 Security Deposits. Buyer will receive a credit against the
Purchase Price in an amount equal to the amount of all Security Deposits, the liability for which Buyer is assuming, whether or not such amounts are actually in Seller’s possession, and Seller will retain said deposits in its possession. After
Closing, Buyer shall indemnify and hold Seller harmless from any and all claims relating to all Security Deposits for which Buyer receives credit pursuant to this Section. 

  
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 9.5.6 Adjustments for Common Area Expenses. Amounts billed to and received from
Tenants (which, for purposes of this Section, includes parties to any agreement in addition to a Lease whereby such party shares in the CAM Expenses as defined below) for estimated common area maintenance and shopping center operating expenses,
including service contracts, maintenance, repairs, administration, management, utilities, insurance and real property taxes (collectively, “CAM Expenses”), shall be reconciled with the actual expenses therefor, as between Seller and
Buyer, as follows: 
 (a) With respect to each Tenant that owes any amount to Seller relating to billings for CAM Expenses
incurred for any calendar year or other period ending prior to the year in which Closing occurs, whether such amount is owing because the estimated CAM Expenses were less than the actual expenses or because the Tenant has failed to pay in full the
amounts billed, Seller and Buyer shall jointly sign a letter to be sent to such Tenant on or immediately after the Closing Date giving the Tenant notice of the sale of the Property to Buyer and also advising the Tenant of its obligation to pay
directly to Seller all amounts owing for CAM Expenses for such prior year or period. Seller shall prepare a draft of such notice and submit to Buyer for its approval, not to be unreasonably delayed or withheld, prior to Closing. Buyer shall have no
responsibility to collect the amounts so due from the Tenants to Seller for such CAM Expenses, but if a Tenant should pay any portion of such amount to Buyer, Buyer shall promptly forward such payment to Seller. 

(b) Within thirty (30) calendar days following the end of the calendar year in which the Closing takes place, utilizing the
information provided by Seller to Buyer pursuant to this Section 9.5.6(b), together with all other information in Buyer’s possession or control, Seller and Buyer shall reconcile all CAM Expenses, in accordance with the terms and conditions
described below (“CAM Reconciliation”). 
 (i) If the total amount billed to all Tenants in the
aggregate for estimated CAM Expenses during Seller’s ownership for the year in which the Closing takes place is greater than the amount actually incurred and paid by Seller for such expenses, then, within ten (10) days after delivery of
such statement to Buyer, Seller shall deliver to Buyer payment of the difference. 
 (ii) If the total amount
billed to all Tenants in the aggregate for estimated CAM Expenses during Seller’s ownership for the year in which the Closing takes place is less than the amount actually incurred and paid by Seller for such expenses, then as Buyer collects
payments from Tenants following delivery of the year-end CAM Reconciliation provided to the Tenants following the year in which the Closing occurs, Buyer shall pay over to Seller the amount so received from each Tenant, as received, which represents
such Tenant’s payment of the amount so due Seller for Seller’s portion of the paid but unbilled CAM Expenses for the year in which Closing occurs. Without limitation on the foregoing, if a Tenant makes a payment to Buyer that is designated
by the Tenant as a payment toward the CAM Reconciliation for the year in which Closing has occurred (or if the Tenant indicates to the Buyer that a specified portion of a payment from such Tenant to the Buyer is for such purpose), then Buyer shall
either retain or shall promptly forward such payment to Seller, as applicable, irrespective of whether such Tenant owes other amounts to Buyer, subject to and in accordance with the provisions of this Section 9.5.6. 

  
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 (iii) With respect to amounts owing to or from Tenants relating to CAM
Expenses or CAM Reconciliations for any lease year ending prior to the year in which Closing occurs, and as to Rents past due for any period ending more than ninety (90) days before Closing, Seller shall have the right to make demand upon and
deal directly with those Tenants as to those amounts. The notice letter to be jointly signed by Seller and Buyer and sent to Tenants on or immediately after Closing as referenced in Subsection (a) above shall so state. 

(iv) For purposes of calculating the CAM Reconciliation pursuant to this Section 9.5.6, CAM Expenses for the year in
which the Closing takes place shall be prorated on the basis of a 365 day year, provided that the obligation as between Seller and Buyer under this Section 9.5 shall be based on the respective periods of Seller’s and Buyer’s ownership
of the Property. 
 9.6. Tenant Inducement Costs and Leasing Commissions. Except as provided below, all unpaid Tenant
Inducement Costs and unpaid Leasing Commissions for Leases in place as of the Effective Date shall be credited to Buyer at the Closing. For any Proposed New Lease entered into by Seller after the Effective Date pursuant to Section 5.7 hereof,
provided such Proposed New Lease was approved by Buyer in accordance with Section 5.7 hereof (and therefore constitutes a New Lease): (a) Buyer shall not be entitled to receive a credit at the Closing for any Leasing Commissions or Tenant
Inducement Costs with respect to such New Lease; and (b) on the Closing, Buyer shall pay or reimburse Seller for all out-of-pocket Leasing Commissions and Tenant Inducement Costs paid by Seller with respect to such New Lease as of the Closing,
and shall be responsible for any such remaining Tenant Inducement Costs and Leasing Commissions thereafter. 
 9.7.
Percentage Rents. To the extent percentage rents will become due under any of the Leases after Closing relating to any period prior to Closing, such percentage rents shall be pro-rated and divided between Buyer and Seller post-closing,
outside of escrow, based strictly on a per diem basis, with Seller to receive that portion of the percentage rent attributable, on a per-diem basis, to the portion of the percentage rent period in which Seller owned the Property, and Buyer to
receive the remainder. 
 9.8. Loan Reserves. At Closing, Seller shall either: (a) assign to Buyer all reserves and
escrows held pursuant to the Loan and seller shall be entitled to receive a credit at Closing for the aggregate amount of such reserves or escrows; or (b) Buyer shall replace such reserves and escrows. 

9.9. Escrow Instructions. This Agreement constitutes the Parties’ joint closing instructions to Escrow Agent. Each Party
agrees to sign any additional escrow instructions or escrow agreement as Escrow Agent may reasonably require providing the same is in accordance with Escrow Agent’s or Title Company’s standard processes for closing of transactions in the
county in which the Property is located, in accordance with or consistent with customary escrow practice in such county, and not inconsistent with or in conflict with any of the terms or conditions of this Agreement. Either or both of the Parties,
and the Lender, if it desires, may provide Escrow Agent with additional closing instructions, providing that such instructions shall not contradict the terms of this Agreement. Escrow Agent may disregard any instructions from a Party which conflict
with the terms of this Agreement. 

  
 29 

 ARTICLE X 
 DELIVERY OF POSSESSION OF THE PROPERTY 
 10.1. Possession at
Closing. Seller will deliver possession of the Property to Buyer upon Closing, subject to the rights of Tenants under the Leases. Seller will deliver all keys, passcards, locks, combinations, and similar items relating to the Property.

 ARTICLE XI 
 REPRESENTATIONS AND WARRANTIES OF SELLER 
 11.1. Representations and
Warranties of Seller. Seller hereby represents and warrants the following as of the Effective Date, and, as a condition to Buyer’s obligation to purchase the Property, the following shall be true on the Closing Date: 

11.1.1 Organization. Seller is a limited liability company duly organized and validly existing under the laws of the State of
Washington and in good standing under the laws of the State of California and is qualified to do all things required of it under this Agreement. 
 11.1.2 Authority. Seller has the full right, title, authority and capacity to execute and perform this Agreement and to consummate all of the transactions contemplated herein, and the individual(s)
who on each Seller’s behalf executes and delivers this Agreement and all documents to be delivered to Buyer hereunder, are and will be duly authorized to do so, and have full authority to bind the Seller to this Agreement. 

11.1.3 Non-Foreign. Seller is not a foreign person, non-resident alien, foreign corporation, foreign partnership, foreign trust,
or foreign estate, as those terms are defined in the Internal Revenue Code and the Income Tax Regulations promulgated thereunder. 
 11.1.4 No Conflict. Neither the execution of this Agreement nor the consummation by Seller of the transactions contemplated hereby will (i) conflict with or result in a breach of the terms,
conditions or provisions of or constitute a default, or result in a termination of any agreement or instrument to which Seller is a party; (ii) violate any restriction to which Seller is subject; or (iii) constitute a violation of any
applicable law or legal requirement of which Seller is aware. 
 11.1.5 Assessments. Seller has no actual knowledge of
any pending special assessments or improvement districts, except as shown on the Title Report. 
 11.1.6 Loan. Seller is
not in default under the Loan. The Loan Documents delivered to Buyer are true, correct and complete copies thereof and are all the documents evidencing the Loan. 

  
 30 

 11.1.7 Leases and Rent Roll. To the best of Seller’s knowledge, the Rent Roll
provided to Buyer as part of the Property Information contains no material misstatement or inaccuracy. The Leases provided to Buyer as part of the Property Information are true and correct copies thereof and such Leases have not been amended or
modified except as set forth in the documents provided to Seller as part of the Property Information. The Leases set forth the entire agreement between the landlord and tenant respecting the premises affected thereby. There are no Leases in effect
which have not been disclosed by Seller to Buyer. Seller has no knowledge of any oral agreements with respect to the occupancy of the Property. Seller is the “Landlord” or “Lessor” under the Leases and has full
power and authority to assign the same to Buyer. Except as pledged to Lender pursuant to the Loan, Seller has not previously assigned, pledged, transferred, hypothecated or conveyed the Leases or any interest therein. Seller has not received written
notice of any uncured event of default with respect to the performance of any of its obligations under the Leases. Each of the Leases is in full force and effect and, to Seller’s knowledge, there is no monetary or non-monetary default under any
Lease by the landlord thereunder, nor has an event occurred which with the giving of notice or the passage of time or both would result in a default thereunder by the landlord thereunder. To Seller’s knowledge, no valid claims or rights of
offset exist with respect to the Leases. To Seller’s knowledge, all of the work (including all tenant improvements) to be constructed and installed by the landlord in the leased premises pursuant to the Leases is complete and fully paid for
and/or will be complete and fully paid for on or before the Closing. 
 11.1.8 Hazardous Materials. Except as set forth
on reports provided to Buyer as part of the Property Information, Seller has no actual knowledge of the presence on or in or the release from the Property of any Hazardous Materials except in minimal quantities which do not exceed any limitation
under applicable environmental laws or as is disclosed in or by the environmental reports and documents provided to Buyer as part of the Property Information. As used herein, “Hazardous Material” means any as substance defined as such or
as a “hazardous substance” in the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq.; or the federal
Clean Water Act (33 U.S.C. Section 1251 et seq.). 
 11.1.9 Liabilities. To Seller’s knowledge, upon the
Closing, neither Buyer nor the Property will be subject to any liabilities or obligations, whether secured, unsecured, accrued, absolute, contingent or otherwise, that relate to Seller’s ownership of the Property prior to the Closing, other
than the Leases, the Permitted Title Exceptions, and the Assumed Contracts and other than such matters as are subject to payment or reimbursement by Tenants pursuant to their Leases. 

11.1.10 Adverse Claims. Except as expressly disclosed to Buyer in writing prior to or during the Inspection Period, Seller has not
received written notice of, and to the best of Seller’s knowledge there are no, pending, threatened or contemplated actions, suits, arbitrations, claims or proceedings at law or in equity, affecting the Property or Seller or relating to
Seller’s ownership of the Property. 
 11.1.11 Insolvency. Seller has not made a general assignment for benefit of
creditors or filed for bankruptcy or reorganization and has not received any written notice of any attachments, execution proceedings, appointment of a receiver, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or
other proceedings pending or threatened against Seller, nor are any such actions or proceedings contemplated by Seller. 

  
 31 

 11.1.12 Default Notices and Governmental Regulations. Seller has not received any
written notice of any material, uncured violations of governmental regulations by the Property. Seller does not have any actual knowledge of any material non-compliance by Seller with any federal, state and local laws, regulations and ordinances
applicable to the development, ownership, operation, maintenance and management of the Real Property. 
 11.1.13 Contracts
Relating to the Property. To the best of Seller’s knowledge, there or no service or maintenance contracts, warranties, guarantees, listing agreements, parking agreements, bonds, reciprocal easement agreements, (whether oral or written)
which affect or will affect the Property after Closing or will be obligations of Buyer, other than those specifically disclosed by Seller to Buyer as part of the Property Information (the “Contracts”). All of the Contracts are
terminable by Seller within thirty (30) days’ written notice. Seller has not received written notice of any current default or breach under the terms and provisions of any of such Contracts included in the Property Information and to the
best of Seller’s knowledge no other party is in default thereunder. Seller has obtained, or on or before the Closing will have obtained, all requisite consents of third parties to the assignment to and assumption by Buyer of the Assumed
Contracts. 
 11.1.14 Employees. Seller has no employees who will become employees of Buyer on Buyer’s acquisition
of the Property. 
 11.1.15 Condemnation; Land Use Regulation. There are no condemnation, environmental, zoning or other
land use regulation proceedings pending or, to Seller’s knowledge, threatened against the Property or any portion thereof. 

11.1.16 Financial Statements; Books and Records. Those records of Property income and expense prepared by Seller or its property
manager and delivered to Buyer as part of the Property Information (collectively, the “Financial Statements”) have been delivered to Buyer in the form and content used by Seller and its property manager in the normal and ordinary
course of their ownership and operation of the Property. Such Financial Statements have been prepared by Seller’s staff or the employees of the property manager in the ordinary course of Seller’s business for Seller’s internal use,
and to the best of Seller’s knowledge, each of the Financial Statements presents fairly and accurately the results of the operations for the respective periods covered thereby and does not contain any material omissions or statements of fact.

 11.1.17 Option to Purchase/Right of First Refusal. Seller has not previously granted any option to purchase the
Property or any right of first refusal with respect to the Property and, to the best of Seller’s knowledge, no such options to purchase or rights of first refusal with respect to the Property are in existence. 

11.1.18 Transactions with Affiliates. There are no agreements between Seller and any of its affiliates respecting the Property
which will not be terminated as of the Closing date, including the use, operation and maintenance thereof. 
 As used herein,
the term, “to the best of Seller’s knowledge,” or “to the actual knowledge of Seller,” or similar terms referring to “Seller’s knowledge,” means the actual (as opposed to constructive or imputed) knowledge
possessed by Amin S. Lakha (“Seller’s Principal”), the 

  
 32 

 
Manager Seller’s sole Member. Seller’s Principal is the representative of Seller with all relevant knowledge pertaining to the matters being represented herein. Except as expressly
stated in the Deed, the foregoing statements in this Section 11.1 constitute all of the warranties and representations of Seller with respect to the Property, this Agreement or this transaction, and Seller makes no other warranties or
representations, express or implied, direct or indirect. 
 11.2. Survival. All of the representations and warranties of
Seller contained herein will survive the Closing Date. 
 ARTICLE XII 

REPRESENTATIONS AND WARRANTIES OF BUYER 
 12.1. Representations and Warranties of Buyer. Buyer hereby represents and warrants, as of the Effective Date and as of the Closing Date, that: 

12.1.1 Organization. Buyer is a limited partnership formed and existing under the laws of the State of Delaware. 

12.1.2 Authority. Buyer has full right, title, authority and capacity to execute and perform this Agreement and to consummate all
of the transactions contemplated herein, and the individual(s) who on Buyer’s behalf execute and deliver the Agreement and all documents to be delivered to Seller hereunder are and will be duly authorized to do so and have the full authority to
bind Buyer to this Agreement. 
 12.1.3 No Conflict. Neither the execution of this Agreement nor the consummation by
Buyer of the transactions contemplated hereby will (i) conflict with or result in a breach of the terms, conditions or provisions of or constitute a default, or result in a termination of any agreement or instrument to which Buyer is a party;
(ii) violate any restriction to which Buyer is subject; or (iii) constitute a violation of any applicable law or legal requirement of which Buyer or any of its members is aware. 

12.1.4 Buyer’s Non-Reliance Upon Representation or Warranty of Seller Other than as Stated Herein. Buyer acknowledges and
agrees that, except for Seller’s express representations and warranties stated in writing in Section 11.1 of this Agreement and the warranties arising by way of the Deed, and except for any rights Buyer may have under the Leases, the
Assumed Contracts, and/or the contractors’ or suppliers’ warranties transferred at Closing (which, if assigned or transferred by Seller are assigned and transferred without recourse to Seller), Buyer will acquire the Property “AS
IS,” with any and all faults and defects and that except for the foregoing, neither Seller nor any agent or representative on Seller’s behalf has made any representation, promise, prediction, assertion, assurance or statement of any
nature, express or implied, relating to the value, condition, desirability, marketability, future value, or otherwise with respect to the Property. Except for the foregoing, Buyer has and will rely solely upon Buyer’s own investigation and the
advice and counsel of Buyer’s own consultants, contractors, agents and representatives as to such matters and has not and will not rely upon any statement or absence of statement with respect to such matters by Seller or by any person whose
actions, statements or omissions are binding upon Seller. 

  
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 12.2. Survival. All of the representations and warranties of Buyer contained in this
Agreement will survive the Closing Date. 
 12.3. Effect at Closing. If a representation or warranty made by a party
herein is true as of the Effective Date but becomes untrue as of the date of Closing not as a result of any intentional act of the party making such representation or warranty, the party making such representation or warranty shall not be in default
under this Agreement, but the failure of such representation or warranty to be true as of Closing shall be a failure of a condition to Closing as provided in Article VII of this Agreement. 

ARTICLE XIII 
 NOTICES 
 13.1. Notices. Wherever in this Agreement any notice,
demand or other communication is required or permitted to be given, such notice, demand or other communication will be in writing, addressed to the person entitled to such notice, and will be sent by (i) personal service, (ii) recognized
overnight express service which customarily maintains a contemporaneous permanent delivery record, or (iii) fax transmission, to the fax number of such person as set forth in this Agreement, or such other fax number as is designated in writing
from time to time, provided the telefacsimile machine confirms transmission and receipt. The notice will be deemed delivered on the earlier of (i) the date of actual delivery by personal service, (ii) the delivery date as shown in the
regular business records of the overnight courier service, or (iii) the date sent, if sent by fax, provided that a contemporaneously, mechanically generated receipt is obtained. Notices will be sent to: 

 

			
	If to Seller:	  	Lakha Properties – Gilroy, LLC
		  	Attn: Amin S. Lakha
		  	500 - 108th Ave. N.E., #2050
		  	Bellevue, Washington 98004
		  	Fax: (425) 454-3407
		
	With copy to:	  	Inslee, Best, Doezie & Ryder, P.S.
		  	Attn: Andrew L. Symons
		  	777 - 108th Ave. N.E., Suite 1900
		  	Bellevue, Washington 98004
		  	Fax: (425) 635-7720

  
 34 

			
	If to Buyer:	  	Excel Trust, L.P.
		  	801 North 500 West, Suite 201
		  	West Bountiful, Utah 84010
		  	Attention: Mark T. Burton
		  	Facsimile (801) 294-7479
		
	With copy to:	  	Van A. Tengberg, Esq.
		  	Kelly C. Spicher, Esq.
		  	Foley & Lardner LLP
		  	402 West Broadway, Suite 2100
		  	San Diego, California 92101-3542
		  	Facsimile: (619) 234-3510

 ARTICLE XIV

 BROKERAGE COMMISSION 
 14.1. Brokerage Commission. Seller agrees to pay a real estate commission to Lucescu Realty, 500 Newport Center Drive, Suite 550, Newport Beach, California 92660 (“Broker”)
pursuant to the terms and conditions set forth in a separate, written commission agreement signed by Seller and Broker. Such commission shall be payable through Escrow at Closing, and it is a condition precedent to Seller’s obligation therefor
that Closing occurs. Seller represents and warrants to Buyer that Seller has not contracted with nor engaged any other real estate agent, broker or other person or entity to whom any real estate commission, finder’s fee or other amount is due
or owing as a result of entry into this Agreement other than Broker, and Seller hereby agrees to indemnify, defend and hold harmless Buyer and all of Buyer’s members, managers, principals and affiliates from any and all claims by any person
claiming a right to a real estate commission, fee or other amount based upon any promise, contract, agreement or arrangement entered into or made by Seller with respect to this Agreement, the Property or the transaction described herein. Buyer
represents and warrants to Seller that Buyer has not contracted with nor engaged any real estate agent, broker or other person or entity to whom any real estate commission, finder’s fee or other amount is due or owing as a result of entry into
this Agreement, and Buyer agrees to and shall indemnify, defend and hold harmless Seller and all of Seller’s members, managers, principals and affiliates from any and all claims by any person claiming a right to a real estate commission, fee or
other amount based upon any promise, contract, agreement or arrangement entered into or made by Buyer with respect to this Agreement, the Property or the transaction described herein. The Parties agree their respective obligations expressed in and
arising under this Article will survive Closing and shall further survive and not be canceled by any termination of this Agreement. 
 ARTICLE XV 
 DEFAULT AND REMEDIES 

15.1. Buyer’s Remedies. 
 15.1.1 Buyer’s Remedy for Seller’s Default Prior to Closing. In the event Seller fails to perform any act required to be performed by Seller pursuant to this Agreement on or before the
Closing, then Buyer will execute and deliver to Seller written notice of such breach, 

  
 35 

 
which notice will set forth complete information about the nature of the breach. Seller will have a period of two (2) business days following receipt of such notice to cure such breach and
the Closing Date will be extended accordingly to permit Seller to cure such breach, if necessary. Notwithstanding the foregoing, no such notice and opportunity to cure, or extension of Closing shall apply in the case of a failure by Seller timely to
deliver all of Seller’s Deliveries to Escrow as called for in Section 9.2.1 of this Agreement. If such breach remains uncured beyond the two (2) business day period described above (or in the event of a breach for failure timely to
deliver all of Seller’s Deliveries), then Buyer shall have the right either (i) to terminate this Agreement and receive return of the Deposit along with a reimbursement by Seller to Buyer of an amount equal to Buyer’s actual
out-of-pocket expenditures made in connection with this Agreement and Buyer’s due diligence investigation of the Property, provided, however, such expenditures to be reimbursed by Seller to Buyer pursuant hereto shall not exceed the sum of One
Hundred Fifty Thousand Dollars ($150,000.00), or (ii) to seek specific performance of this Agreement, in which event, Buyer may record a lis pendens against the Property in connection therewith, provided, if Buyer seeks specific performance,
any action therefor must be commenced not later than sixty (60) days after the date then set for the Closing Date, and any claim for specific performance first commenced, brought or asserted after the end of said 60-day period shall be forever
barred. 
 15.1.2 Limits on Buyer’s Claims. Notwithstanding any term, condition or provision in this Agreement to
the contrary, express or implied, in the event the Closing occurs and Buyer receives possession of the Property, Buyer hereby expressly waives, relinquishes and releases any right or remedy available to Buyer, at law, in equity or under this
Agreement, to make a claim against Seller for damages that Buyer may incur, or to rescind this Agreement and the transactions contemplated hereby, as the result of any of Seller’s representations or warranties being untrue, inaccurate or
incorrect if (a) Buyer knew that such representation or warranty was untrue, inaccurate or incorrect at the time of the Closing and Buyer nevertheless permitted Closing to occur and the Deed to be recorded, or (b) Buyer’s damages and
losses, if any, as a result of the breach, inaccuracy or untruthfulness of a Seller’s representation or warranty, in the aggregate, are less than Twenty-Five Thousand Dollars ($25,000). Notwithstanding anything contained herein to the contrary,
if the Closing occurs, the total aggregate liability of Seller arising pursuant to or in connection with Seller’s representations, warranties, covenants and other obligations under this Agreement and/or any documents executed by Seller in
connection with this Agreement (including the Deed, the General Assignment and the Lease Assignment), will not exceed One Million Dollars ($1,000,000) in the aggregate. Notwithstanding the foregoing, the limitations set forth in this
Section 15.1.2 shall not be applicable to Seller’s covenant and agreement to transfer and convey title to the Property to Buyer subject only to the Permitted Exceptions and/or the covenants in the Deed nor to any award of attorney’s
fees to Buyer under Section 16.1 of this Agreement. Buyer acknowledges and agrees that the limits and restrictions upon any claim by Buyer as set forth in this Section have been specifically negotiated and agreed upon by and between the
Parties and that Seller would not be willing to enter into this Agreement without Buyer’s agreement to these restrictions and that the same are therefore binding and effective upon Buyer and its successors and assigns. All of the provisions of
this Section 15.1.2 will survive the Closing. 
  

			
	M.T.B.	 	
	Buyer’s Initials	 	

  
 36 

 15.2. SELLER’S REMEDIES – LIQUIDATED DAMAGES. IN THE EVENT BUYER FAILS TO
PERFORM ANY ACT REQUIRED TO BE PERFORMED BY BUYER PURSUANT TO THIS AGREEMENT ON OR BEFORE THE CLOSING (PROVIDED SUCH FAILURE IS NOT DIRECTLY CAUSED BY OR THE DIRECT RESULT OF A SELLER DEFAULT), THEN, AS A CONDITION TO EXERCISE OF ANY REMEDY
THEREFOR, SELLER WILL EXECUTE AND DELIVER TO BUYER WRITTEN NOTICE OF SUCH BREACH, WHICH NOTICE WILL SET FORTH COMPLETE INFORMATION ABOUT THE NATURE OF THE BREACH. BUYER WILL HAVE A PERIOD OF Two (2) BUSINESS DAYS AFTER RECEIPT OF SUCH NOTICE TO
CURE SUCH BREACH AND THE CLOSING DATE WILL BE EXTENDED ACCORDINGLY TO PERMIT BUYER TO CURE SUCH BREACH, IF NECESSARY. NOTWITHSTANDING THE FOREGOING, NO SUCH NOTICE AND OPPORTUNITY TO CURE, OR EXTENSION OF CLOSING SHALL APPLY IN THE CASE OF A FAILURE
BY BUYER TIMELY TO DELIVER ALL OF BUYER’S DELIVERIES TO ESCROW AS CALLED FOR IN SECTION 9.2.2 OF THIS AGREEMENT (EXCEPT WHERE SUCH FAILURE IS DUE TO DELAY ON THE PART OF LENDER OR SELLER). IF SUCH BREACH REMAINS UNCURED BEYOND THE PERIOD
DESCRIBED ABOVE (OR IN THE EVENT OF A BREACH FOR FAILURE TIMELY TO DELIVER ALL OF BUYER’S DELIVERIES IF NOT DUE TO DELAY ON THE PART OF LENDER OR SELLER), THEN SELLER’S SOLE AND EXCLUSIVE REMEDY WILL BE THE RIGHT TO TERMINATE THIS
AGREEMENT AND RECEIVE THE DEPOSIT AS LIQUIDATED DAMAGES AS SELLER’S SOLE AND EXCLUSIVE REMEDY THEREFOR. THE PARTIES AGREE IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO ASCERTAIN THE ACTUAL DAMAGES SUSTAINED BY SELLER IN THE EVENT OF
BUYER’S DEFAULT HEREUNDER AND THAT, UNDER THE CIRCUMSTANCES EXISTING AND KNOWN AS OF THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT (INCLUDING ANY ADDITIONS THERETO AS MAY BE NEGOTIATED IN THE EVENT OF A MODIFICATION OR EXTENSION OF THIS
AGREEMENT) REPRESENTS A REASONABLE ESTIMATE OF THE DAMAGES SELLER WILL INCUR IN SUCH EVENT. THE PARTIES ACKNOWLEDGE PAYMENT OF THE DEPOSIT TO SELLER IN THE EVENT OF BUYER’S DEFAULT IS NOT INTENDED AS A FORFEITURE OR PENALTY BUT IS INTENDED TO
CONSTITUTE LIQUIDATED DAMAGES TO SELLER AS SELLER’S SOLE AND EXCLUSIVE REMEDY IN THE EVENT OF BUYER’S DEFAULT HEREUNDER. PROVIDED, THE FOREGOING WILL NOT LIMIT ANY RIGHTS OF SELLER TO BE INDEMNIFIED BY BUYER PURSUANT TO ANY PROVISION OF
THIS AGREEMENT REFERRING TO BUYER’S DUTY TO INDEMNIFY OR HOLD SELLER HARMLESS, NOR WILL ANYTHING IN THIS SECTION LIMIT, QUALIFY OR OTHERWISE AFFECT ANY RIGHT OR REMEDY OF SELLER IN THE EVENT OF A BREACH OF THIS AGREEMENT BY BUYER OCCURRING
AFTER CLOSING, OR THE RIGHT OF SELLER TO RECEIVE ATTORNEYS’ FEES AND COSTS, AS PROVIDED IN THIS AGREEMENT. THE PARTIES HAVE ENTERED THEIR INITIALS IN THE SPACE HERE PROVIDED TO FURTHER EVIDENCE THEIR READING, APPROVAL OF AND AGREEMENT WITH THE
FOREGOING STATEMENT. 
  

											
	M.T.B. 	 		 		 		 	 A.S.L.
	  	
	Buyer’s Initials	 		 		 		 	Seller’s Initials	  	

  
 37 

 15.3. Time Limitations for Actions. Each Party hereby expressly agrees that no action
will lie, at law or in equity, in any court or in arbitration or before any other adjudicatory body, for damages, losses, costs, indemnity, contribution, or any other relief arising from or relating to any breach by any representation or warranty of
any Party relating in any way to the Property, the Land, or this Agreement, including, any representation or warranty expressly or impliedly arising hereunder, unless the party making such claim actually commences an action therefor within one
(1) year after the Closing Date. Each Party acknowledges this provision imposes a limitation upon all such actions that is shorter than the statute of limitations as provided for by applicable case and statutory law and that this limitation
upon actions may foreclose or bar a claim for matters unknown or undiscovered within the limitations period here agreed upon, but each Party agrees that the limitation of actions herein provided is fair and reasonably and mutually beneficial to each
Party for the sake of limiting the time in which either Party could commence an action against the other for any matter as herein encompassed, and consequently, neither Party will commence an action or seek relief inconsistent with the limitation
herein provided. The one-year limitations period herein provided will not apply to any action arising from any provision of this Agreement expressly providing for either Party to indemnify the other as to certain matters herein specified, including,
the indemnities provided under the Lease Assignment, General Assignment and Article V hereof. 
 15.4. Intentionally
Deleted 
 15.5. Waiver of Trial by Jury. Seller and Buyer each hereby expressly waives any right to trial by jury of
any claim, demand, action, cause of action, or proceeding arising under or with respect to this Agreement, or in any way connected with or related to, or incidental to, the dealings of the Parties hereto with respect to this Agreement or the
transactions related hereto or thereto, in each case whether now existing or hereafter arising, and irrespective of whether sounding in contract, tort, or otherwise. To the extent they may legally do so, Seller and Buyer hereby agree that any such
claim, demand, action, cause of action, or proceeding will be decided by a court trial without a jury and that any Party hereto may file an original counterpart or a copy of this Section with any court as written evidence of the consent of the other
Party or Parties hereto to waiver of its or their right to trial by jury. Buyer and Seller further acknowledge and agree that this provision has been expressly negotiated and agreed upon between them and is for their mutual benefit. 

15.6. Post-Closing Remedies of Seller. If after the Closing, Buyer fails to perform its obligations which expressly survive the
Closing pursuant to this Agreement, including, Buyer’s obligations to indemnify Seller, then, subject to the limitations contained in Section 15.3 and Section 15.8, and subject to the waiver of right to trial by jury in
Section 15.5, Seller may exercise any remedies available to it at law or in equity, in any order it deems appropriate in its sole and absolute discretion, including but not limited to seeking specific performance or damages. In such event, the
liquidated damages provisions contained in Section 15.2 will not apply to nor limit nor be an offset against Seller’s recoverable damages. 
 15.7. Post-Closing Remedies of Buyer. If after the Closing, Seller fails to perform its obligations which expressly survive the Closing pursuant to this Agreement, then, subject to the limitations
contained in Subsection 15.1.2 and Sections 15.3 and 15.8, and subject to the waiver of right to trial by jury in Section 15.5, Buyer may exercise any remedies available to it at law or 

  
 38 

 
in equity, in any order it deems appropriate in its sole and absolute discretion, including but not limited to seeking specific performance or damages. In such event, the duty of notice and
opportunity to cure and the limitation on damages contained in Section 15.1.1 will not apply. 
 15.8. No Consequential,
Incidental or Punitive Damages. Each Party further hereby agrees, except as provided in the last sentence of this Section, as to any relief it may seek for the other Party’s default or breach hereunder, it shall not have the right to seek
or claim, and shall not seek, claim, demand, bring suit for or pray for any relief in the nature of consequential, incidental, punitive, exemplary or statutory damages in the event of any breach of this Agreement by the other Party, whether
occurring before or after Closing, which excluded damages include, without limitation, any claim for “lost opportunities,” “changes in markets,” “loss of tax benefits,” or the like. Nothing in this Section is intended
to contradict or bar a Party’s right to damages or compensation in accordance with any provision in any of Sections 15.1 or 15.2 hereof or the right to recover attorney’s fees pursuant to Section 17.1 hereof, whether or not such
damages or compensation might otherwise be characterized as “consequential” or “incidental” damages. 

ARTICLE XVI 

MISCELLANEOUS 
 16.1. Attorneys’ Fees. In the event of any litigation, arbitration or other proceeding brought to enforce or interpret or otherwise arising out of this Agreement, the substantially prevailing
Party therein will be entitled to an award of its reasonable attorneys’ fees and associated costs incurred therein, in the preparation therefor and on any appeal or rehearing thereof. 

16.2. Tender of Agreement not an Offer; Right to Continue Negotiations. The tendering of this Agreement by either Party to the
other shall not constitute, expressly or impliedly, an offer by the Party making such tender, and this Agreement shall not be binding upon a Party until actually executed by that Party or by the authorized agent or representative of such Party.
Prior to its execution of this Agreement, Seller shall continue to have the right to offer the Property to other persons or entities for possible purchase on terms identical to or different than those contained in this Agreement, and Buyer
acknowledges that Seller reserves the right to negotiate, accept and enter into a contract or agreement with another person or entity for sale of the Property to such person or entity, unless and until Seller shall execute and deliver to Buyer this
Agreement. Provided that said right and reservation to Seller shall terminate upon execution of this Agreement by both of Buyer and Seller. Until this Agreement has been executed by both of Buyer and Seller, either Party may withdraw its prior
execution hereof. From the Effective Date until the Closing Date, Seller shall not market the Property or respond substantively to offers or inquiries respecting the sale of the Property. 

16.3. Assignment. Buyer may not assign its rights under this Agreement without Seller’s express consent, not to be
unreasonably withheld, other than (i) to an entity that is an affiliate of Buyer; (ii) to an entity in which Buyer or any affiliate of Buyer holds a controlling ownership and management interest, (iii) for purposes of allowing
tenancy-in-common investors (provided that assignment to such additional parties shall not operate to release or relieve Buyer from its obligations hereunder or to close) or (iv) for purposes of a Section 1031 exchange, in

  
 39 

 
each case subject to the provisions of Section 16.8 below. No assignment shall be effective until Seller has received written notice thereof. In the event of any assignment of Buyer’s
interests herein, with or without Seller’s consent, such assignment shall not relieve Buyer of its obligations under this Agreement. 
 16.4. Seller Entity Requirements. For a minimum of thirteen (13) months following the Closing, Seller shall not dissolve or liquidate and shall remain an active entity in good standing in the
state of its formation. 
 16.5. SEC Requirements. Upon Buyer’s written request, for a period of two (2) years
following the Closing, Seller shall make available to Buyer, for inspection, copying and audit by Buyer’s designated accountants, at Buyer’s expense, such documents in Seller’s possession or control as specified on Exhibit
“J” hereto, to the extent, and only to the extent, such information has not previously been provided to Buyer, if and to the extent such documents or information is necessary for Buyer’s compliance with requirements of the Securities
and Exchange Commission or otherwise by applicable law. Buyer acknowledges and agrees that Seller’s agreement in this Section to make such documents available for the purposes stated herein is given solely as an accommodation to Buyer and that
neither Buyer nor any assignee, successor or other person or entity claiming by or through Buyer shall have any claim, right of action, cause of action or other right or remedy against Seller on any basis referring or relating to, arising from or
based on any such documents, or information contained therein or obtained or acquired as a result of any actions taken with respect to such documents or information (including any inspection, copying, auditing or additional inquiries based thereon),
or information otherwise provided by Seller or any employee, agent or representative of Seller pursuant to this Section or Exhibit “J” hereto, and Buyer hereby affirmatively, unconditionally, knowingly and irrevocably waives, for itself
and for its successors and assigns and any person or entity that might claim by, through or on behalf of Buyer, any and all such claims, rights of action, causes of action and other rights and remedies that might be based on, arise from or relate in
any way to any such document or information or as a result of the disclosures and actions described in this Section. Buyer further acknowledges and agrees that such documents and any information as Seller may provide pursuant to this Section or
Exhibit “J” hereto may consist of or contain information provided to Seller by third parties or information used by Seller solely for its own internal purposes, that Seller is not a publicly-traded entity, and that Seller does not make,
and specifically disclaims, any representation or warranty, express or implied, as to the accuracy, completeness, correctness, currency, adequacy, or consistency of the documents or information that may be provided pursuant to this Section or
Exhibit “J” or as to the conformance of any such documents or information to “GAAP” or any other standard, Buyer acknowledging and agreeing that such requirements or standards are not applicable to Seller and that Seller has no
duty or obligation to Buyer or to any other person or entity as to the content, format or substance of such documents and information. Buyer further acknowledges and agrees that persons who were employed by Seller or by any consultant, advisor or
professional who may have been involved in the creation or the providing of information found in any documents provided pursuant to this Section may no longer be employed by Seller or such third-party or may not be so employed at the time of any
request made under this Section, and Seller shall have no duty to locate or obtain the services of such person or third-party nor a duty or obligation to retain or employ persons who might be able to interpret, decipher or otherwise explain the
information such former employee might have been able to provide. Further, nothing in this Section or in Exhibit “J” 

  
 40 

 
requires Seller or its employees or agents to create or prepare any document which does not exist as of the date of Closing or compile information that has not been compiled by Seller or its
employees as of Closing. Buyer acknowledges and agrees that, except as provided in this Section, Seller would have no duty or obligation, under this Agreement, by law, or otherwise, to provide any of the documents or information which may be
provided pursuant to this Section or Exhibit “J” hereto and that Seller would not agree to this Section without the express covenants, agreements and waivers made by Buyer in this Section, all of which are material to Seller’s
agreement to the terms of this Section, shall survive Closing, and shall remain conditions to Seller’s performing any obligation under this Section. 
 16.6. Time of Essence. Time is of the essence of each provision of this Agreement. Provided, if by the terms of this Agreement any deadline stated herein or date by which a notice is to be given, a
condition is to be satisfied, or other event is to occur is on a Saturday, Sunday or holiday recognized by the State of California, then such deadline or date shall be automatically deemed to be the first day thereafter that is not a Saturday,
Sunday or holiday. 
 16.7. Governing Law. This Agreement will be governed by and construed in accordance with the laws
of the State of California. The proper venue for any claims, causes of action or other legal proceedings concerning this Agreement shall be in the state and federal courts located in the County of Santa Clara, State of California. 

16.8. Binding Effect; Non-Assignment; 1031 Exchange. This Agreement is mutually intended each Party to be binding upon and to
inure to the benefit of each of the Parties hereto and upon and to each Party’s respective successors and assigns. Buyer may not assign or transfer its rights under this Agreement without the prior written consent of Seller, which consent may
be withheld by Seller in its absolute discretion; provided, notwithstanding the foregoing, Buyer may, without having obtained the consent of Seller, assign all of its rights and obligations under this Agreement to any entity providing the same is a
is a direct or indirect parent, subsidiary or other affiliate of Buyer so long as, upon such assignment, Buyer and such assignee shall be and remain jointly and severally liable for the obligations of Buyer under this Agreement and prompt notice of
such assignment is given to Seller, which notice must be in writing and signed by Buyer and the assignee, and/or its attorneys, and recite that such assignment does not relieve Buyer of any of its duties or obligations arising pursuant to this
Agreement. Notwithstanding the foregoing, Buyer, or its assignee may not assign or further assign the interests of Buyer under this Agreement if such assignment is or would be to a person or entity not meeting the organizational or other
underwriting requirements of Lender for assumption of the Loan. Any attempted or purported assignment by Buyer of its rights or interests under this Agreement or in the Property, prior to Closing, if not in accordance with this Section, will be of
no force or effect and may be wholly disregarded by Seller, unless Seller has consented thereto. No assignment of this Agreement nor consent thereto will in any event, relieve the assigning Party of its obligations hereunder, including, such
Party’s obligations to indemnify as provided in this Agreement. If Buyer elects to assign its rights hereunder, whether or not Seller consents or is required to consent thereto, such assignment will be of no force or effect until Seller and
Escrow Agent receive a notice of such assignment signed by Buyer and Buyer’s assignee(s), and or their attorneys, and expressly stating Buyer’s acknowledgment that such assignment does not relieve Buyer of its obligations arising under
this Agreement. Provided, either Party may assign its rights hereunder to a Section 1031 Exchange Facilitator solely for purposes of completing a 

  
 41 

 
like-kind exchange under Section 1031 of the Internal Revenue Code, and each Party agrees reasonably to cooperate with the other Party in such exchange, including timely execution of such
documents as may be required to effect this transaction as part of such exchange, providing that effecting and closing the transaction described in this Agreement as part of such an exchange does not delay the Closing, materially change any term of
this Agreement, or increase the cost or risk of liability to the Party not participating in such exchange. By consenting to such exchange neither Party represents or warrants in any way, expressly or impliedly, the suitability of the Property or
this transaction for such exchange nor the qualification of this transaction as an exchange pursuant to such Code Section. 

16.9. Commonly-Used Terms. As used herein, “including” means “including, but not limited to.” All references
to periods comprised of days shall mean calendar days unless the term “business days” is specifically used. 
 16.10.
Survival of Provisions. The covenants, representations, agreements, terms and provisions contained herein will survive the Closing and will not be deemed to have merged with or into the Deed. 

16.11. Exhibits. The Exhibits hereto are made a part of and incorporated into and made an express part of this Agreement.

 16.12. Headings and Captions. The headings and captions of Articles and Sections and otherwise used in this Agreement
are for the convenience of the Parties only and are not part of the substantive terms of this Agreement and shall not be used for interpretation, construction, application or enforcement of this Agreement. 

16.13. Further Acts. The Parties will execute and deliver such further instruments and documents, and take such other further
actions, as may be reasonably necessary to carry out the intent and provisions of this Agreement. 
 16.14. Counterparts;
Fax. This Agreement and any amendments hereto may be executed in one or more identical counterparts, and may be delivered by fax transmission or pdf attachment to electronic mail, which in any such event shall be treated as an original binding
on the Party so signing and so delivering a counterpart of this Agreement or amendment hereto. 
 16.15. Business Days.
If the Closing Date or any other date described in this Agreement by which one Party must give notice to the other Party hereto or perform or fulfill an obligation hereunder is a calendar day that is not a business day, then the Closing Date or such
other date shall automatically be extended to the next succeeding business day. 
 16.16. Entire Agreement. This
Agreement, including the Exhibits, embodies and constitutes the entire understanding between the Parties hereto with respect to the transactions contemplated herein, and all prior or contemporaneous agreements, understandings, representations and
statements, oral or written, are merged into this Agreement. 
 [Signatures on Next Following Page] 

  
 42 

 EXECUTED by each Party as of the Effective Date. 

 

							
	 SELLER:
  

LAKHA PROPERTIES – GILROY, a
 Delaware
limited liability company,
	 	 BUYER:
  

EXCEL TRUST, L.P., a Delaware limited

partnership

			
	 By its Sole Member, Lakha Gilroy Holdings,
 LLC, a Delaware limited liability company
	 	By:	 	 Excel Trust, Inc., a Maryland

corporation, its General Partner

				
		 	 By its Manager, Lakha Properties –
 Lakewood SPE, LLC
	 		 	 By:/s/Mark T. Burton
 Name:
Mark T. Burton
 Title: Chief Investment Officer

				
		 	 By:/s/Amin S. Lakha

          Amin S. Lakha, Manager
	 		 	

 EXHIBITS 
  

			
	 Exhibit A
	  	Legal Description of Land
	 Exhibit B
	  	Form of Deed
	 Exhibit C
	  	Form of Bill of Sale
	 Exhibit D
	  	Form of Lease Assignment
	 Exhibit E
	  	Form of General Assignment
	 Exhibit F
	  	Property Information
	 Exhibit G
	  	List of Leases
	 Exhibit H
	  	Tenant Estoppel Form
	 Exhibit I
	  	Landlord Estoppel Form
	 Exhibit J
	  	Seller Post-Closing Documents
	 Exhibit K
	  	Disapproved Matters

  
 43 

 CONSENT OF ESCROW AGENT 

The undersigned Escrow Agent hereby agrees to: (i) accept the foregoing Agreement; (ii) be Escrow Agent under said Agreement;
(iii) to make all filings required under Section 6045 of the Internal Revenue Code of 1986, as amended; and (iv) be bound by said Agreement in the performance of its duties as Escrow Agent; provided, however, the undersigned shall
have no obligations, liability or responsibility under (a) this Consent or otherwise, unless and until said Agreement, fully signed by the parties, has been delivered to the undersigned, or (b) any amendment to said Agreement unless and
until the same is accepted by the undersigned in writing. 
 Dated: December 15, 2010 

 

			
	 FIRST AMERICAN TITLE INSURANCE
 COMPANY

		
	By:	 	 /s/ Heather
Kuckla

			
	Title:	 	 Authorized signatoree

  
 44 

 EXHIBIT “A” 

LEGAL DESCRIPTION 
 All that certain real property situated in the City of Gilroy, County of Santa Clara, State of California, being more particularly described as follows: 

PARCEL ONE: 
 All of Lots 2, 3
and 4, as said Lots are shown upon that certain map entitled, “Tract No. 9487, Gilroy Crossing . . . ,” which map was filed for record in the Office of the Recorder of the County of Santa Clara, State of California on July 8,
2003 in Book 762 of Maps at Pages 20 through 25, inclusive. 
 PARCEL TWO: 

All of Parcel 1 as said parcel is shown upon that map entitled, “Parcel 3 as Shown and Described on ‘Certificate of Compliance
No. 2003-10” filed in Document No. 17520707. . .”, which map was filed for record in the Office of the Recorded of the County of Santa Clara, State of California, on May 12, 2004 in Book 770 of Maps at Pages 1 and 2.

 PARCEL THREE: 

Non-exclusive easements for the benefit of said land and created in that certain “Operation and Easement Agreement” executed by
and among Target Corporation, a Minnesota corporation, Kohl’s Department Stores, Inc., a Delaware corporation, and Regency Realty Group, Inc., a Florida corporation, recorded March 3, 2003, Instrument No. 16871019, Official Records,
and as amended by that certain First Amendment to Operations and Easement Agreement recorded September 27, 2004 as Instrument No. 18020898. 
 [End of Legal Description] 

 EXHIBIT “B” 

FORM OF DEED 
  

			
	
RECORDING REQUESTED BY AND    
  

WHEN RECORDED RETURN TO:
  

 
	 	 

 Assessor’s Parcel Numbers: 

The undersigned grantor declares: 
 Documentary
Transfer Tax not shown, pursuant to Section 11932 
 of the Revenue and Taxation Code, as amended. 

GRANT DEED 
 For valuable consideration, receipt of which is hereby acknowledged,
                            , a
                             (“Grantor”), hereby conveys to
                                , a
                     (“Grantee”), that certain real property and improvements thereon located in the City of
                    , County of
                    , State of
                            , and more particularly described in Exhibit “A” attached hereto
and incorporated herein by reference (“Property”), together with all of Grantor’s right, title and interest in and to: (a) all easements, rights-of-way, development rights, entitlements, air rights and appurtenances
relating or appertaining to the Property and/or the Improvements; (b) all water wells, streams, creeks, ponds, lakes, detention basins and other bodies of water in, on or under the Property, whether such rights are riparian, appropriative,
prospective or otherwise, and all other water rights applicable to the Property and/or the Improvements; (c) all sewer, septic and waste disposal rights and interests applicable or appurtenant to or used in connection with the Property;
(d) all minerals, oil, gas and other hydrocarbons located in, on or under the Property, together with all rights to surface or subsurface entry; and (e) all streets, roads, alleys or other public ways adjoining or serving the Property,
including any land lying in the bed of any street, road, alley or other public way, open or proposed, and any strips, gaps, gorse, culverts and rights-of-way adjoining or serving the Property. 

SUBJECT to all non-delinquent taxes and other assessments, easements, rights-of-way, covenants, conditions, restrictions, obligations and
liabilities as may appear of record. 

 Grantor hereby binds itself and its successors to warrant and defend the title, as against
all acts of Grantor herein and none other, subject to the matters above set forth. 
 IN WITNESS WHEREOF, Grantor has caused
this Grant Deed to be executed as of the      day of             , 201    . 

 

					
	 LAKHA PROPERTIES – GILROY, a Delaware
 limited liability company
  
 By
its Sole Member, Lakha Gilroy Holdings, LLC, a
 Delaware limited liability company

		
		 	 By its Manager, Lakha Properties – Lakewood
 SPE, LLC

			
		 	By:	 	  

		 		 	 Amin S. Lakha, Manager

 Mail Tax Statements To: 

 ALL-PURPOSE ACKNOWLEDGMENT 

 

			
	State of Washington	 	)
		 	)
	County of King	 	)

 On
                                    , before me,
                                 (Here Insert Name and Title of Officer)
personally appeared Amin S. Lakha, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 

 

	
	WITNESS my hand and official seal.
	
	  

	Signature of Notary Public

 EXHIBIT “A” 

TO GRANT DEED 
 LEGAL DESCRIPTION 

			
	 Document No.
                                         
           
	 	Date Recorded
                                         
       

 STATEMENT OF TAX DUE AND REQUEST THAT TAX DECLARATION

 NOT BE MADE A PART OF THE PERMANENT RECORD 
 IN THE OFFICE OF THE COUNTY RECORDER 
 (Pursuant to Section 11932 R
& T Code) 
  

	To:	Registrar-Recorder 

	 	County of Santa Clara: 

 Request is hereby made
in accordance with the provisions of the Documentary Transfer Tax Act that the amount of tax due not be shown on the original document which names: 
 Lakha Properties – Gilroy, LLC, a Delaware limited liability company, as grantor, 
 and 

                      
               a
                            , as grantee, 
 Property described in the accompanying document is located in 
  

	
	Gilroy
	(Show name of city or unincorp.)

 The amount of
documentary transfer tax due on the attached deed is                             , computed on the
full value of the property (less the value of any liens and encumbrances remaining on the property at the time of sale). 
  

	
	
	  

	Signature of Declarant or Agent
	
	
	  

	Print Name

 DO NOT RECORD 

 EXHIBIT “C” 

BILL OF SALE 
 THIS BILL OF SALE (“Bill of Sale”) is made and delivered as of the      day of             ,
20    , by Lakha Properties-Gilroy, LLC, a Delaware limited liability company (“Seller”) and accepted by
                    (“Buyer”), as follows. 
 FOR GOOD AND VALUABLE CONSIDERATION, receipt and sufficiency of which are hereby acknowledged, Seller does hereby absolutely and unconditionally give, grant, bargain, transfer, sell, set over, assign,
convey, release, confirm and deliver to Buyer all personal property of Seller located at, on or in the real property legally described on Exhibit 1 hereto and known generally as Gilroy Crossing Shopping Center, Gilroy, California, including, without
limitation, the personal property more particularly described on Exhibit 2 hereto, excluding all personal property owned, leased or otherwise properly possessed by the lessees, tenants or occupants lawfully therein. Buyer acknowledges Seller makes
no representation or warranty, express or implied, regarding the value, merchantability, condition, fitness or usefulness of said personal property, and Buyer takes the same in its AS-IS, WHERE-IS CONDITION, WITHOUT WARRANTY, EITHER EXPRESS OR
IMPLIED, OTHER THAN AS TO TITLE. 
 This Bill of Sale shall be binding upon and inure to the benefit of the successors, assigns,
personal representatives, heirs and legatees of Buyer and Seller. 
 This Bill of Sale shall be governed by, interpreted under,
and construed and enforced in accordance with, the laws of the State of California. 
 IN WITNESS WHEREOF, the parties have
executed this Bill of Sale as of the date hereof first written above. 
  

									
	SELLER:	 		 		 	BUYER:
				
	 LAKHA PROPERTIES – GILROY, a
 Delaware limited liability company,
  
 By its Sole Member, Lakha Gilroy Holdings,
 LLC, a Delaware limited liability
company,
	 		 		 	

											
					
		 	 By its Manager, Lakha Properties –
 Lakewood SPE, LLC
	 		 	By:	 	  

						
		 		 		 		 		 	                             
                           , Manager
						
		 	By:	 	  
	 		 		 	
		 		 	 Amin S. Lakha, Manager
	 		 		 	

 EXHIBIT 1 
 TO BILL OF SALE 
 LEGAL DESCRIPTION 

[End of Legal Description] 

 EXHIBIT 2 
 TO BILL OF SALE 
 PERSONAL PROPERTY 

 EXHIBIT “D” 

ASSIGNMENT AND ASSUMPTION OF LEASES 
 THIS ASSIGNMENT AND ASSUMPTION OF LEASES (“Assignment”) is executed by
                            ,
                            (“Seller”), and
                            , a
                            (“Buyer”), with reference to the following facts:

 A. Seller and Buyer have entered into that certain Real Estate Purchase and Sale Agreement and Joint Escrow Instructions,
dated as of             , 20    (the “Purchase Agreement”), in which Seller has agreed to sell and Buyer has agreed to purchase the real
property described in Exhibit “1” attached thereto and the improvements located thereon (collectively, the “Property”). Capitalized terms used herein without definition shall have the meaning ascribed to such terms in the
Purchase Agreement. 
 B. Pursuant to the Purchase Agreement, Seller has agreed to assign to Buyer all of Seller’s right,
title and interest to those certain leases described in Exhibit “2” attached hereto (the “Leases”). 

THEREFORE, for valuable consideration, Seller and Buyer agree as follows: 

1. Assignment. Seller hereby assigns, sells and transfers to Buyer all of Seller’s right, title and interest (as the
landlord) in and to the Leases and the Security Deposits as of the date hereof. Seller further agrees to indemnify, defend and hold Buyer harmless from and against any and all claims, demands, causes of action and other legal proceedings and from
all liabilities, judgments, damages, costs, fees and expenses (including reasonable attorneys’ fees and court costs), arising therefrom, arising out of or relating to the breach by Seller of any of the obligations, terms and/or covenants of the
lessor or the landlord under or pursuant to the Leases, which obligations, terms and/or covenants accrue prior to the Closing. 

2. Assumption. Buyer hereby assumes all of the benefits and burdens of the Leases arising on or after the date hereof. Buyer
further agrees to indemnify, defend and hold Seller harmless from and against any and all claims, demands, causes of action and other legal proceedings and from all liabilities, judgments, damages, costs, fees and expenses (including reasonable
attorneys’ fees and court costs), arising therefrom, arising out of or relating to the breach by Buyer of any of the obligations, terms and/or covenants of the lessor or the landlord under or pursuant to the Leases, which obligations, terms
and/or covenants accrue on or subsequent to the Closing. 
 3. Counterparts. This Assignment may be executed in
counterparts, each of which shall be deemed an original, and both of which together shall constitute one and the same instrument. 
 4. Miscellaneous. This Assignment shall be binding on the Parties and their respective successors and assigns. The headings to paragraphs of this Assignment are for convenient reference only and
shall not be used in interpreting this Assignment. 

 5. Cooperation. Seller hereby agrees to and shall execute and deliver to Buyer any
and all documents, agreements and instruments necessary to consummate the transactions contemplated by this Assignment. 
 6.
California Law. This Assignment shall be governed by and interpreted in accordance with the laws of the State of California. 
 Dated as of             , 200    . 

 

			
	 SELLER:

	
	  

		
	 By:
	 	  

	 Title:
	 	  

	
	 BUYER:

	
	  

		
	 By:
	 	  

	 Title:
	 	  

 EXHIBIT “1” 

TO ASSIGNMENT AND ASSUMPTION OF LEASES 
 LEGAL DESCRIPTION 
 [End of Legal Description] 

 EXHIBIT “2” 

TO ASSIGNMENT AND ASSUMPTION OF LEASES 
 LIST OF TENANTS LEASES 
  

					
	Unit                	  	Tenant Name	  	Sqft

 EXHIBIT “E” 

GENERAL ASSIGNMENT 
 THIS GENERAL ASSIGNMENT AND ASSUMPTION (“Assignment”) is executed by
                            ,
                                , referred to herein as
“Assignor,” and                             , a
                            , referred to herein as “Assignee” with reference to the
following facts: 
 A. Assignor and Assignee, have entered into that certain Real Estate Purchase and Sale Agreement and Joint
Escrow Instructions, dated as of             , 20     (the “Purchase Agreement”), in which Assignor has agreed to sell and Assignee have
agreed to purchase the real property described in Exhibit “1” attached thereto and the improvements located thereon (collectively, the “Property”). Capitalized terms used herein without definition shall have the meanings
ascribed to such terms in the Purchase Agreement. 
 B. Pursuant to the Purchase Agreement, Assignor has agreed to assign to
Assignee all of Assignor’s right, title and interest if any, in and to the Assumed Contracts, Intangible Property and Permits and Entitlements (the “Assigned Property”), subject to any rights of consent as provided therein.

 THEREFORE, for valuable consideration, Assignor and Assignee agree as follows: 

1. Assignment. Assignor hereby assigns, sells and transfers to Assignee all of Assignor’s right, title and interest, if any,
in and to the Assigned Property, subject to any rights of consent as provided therein as of the date hereof. Assignor further agrees to indemnify, defend and hold Assignee harmless from and against any and all claims, demands, causes of action and
other legal proceedings and from all liabilities, judgments, damages, costs, fees and expenses (including reasonable attorneys’ fees and court costs), arising therefrom, arising out of or relating to the breach by Assignor of any of the
obligations, terms and/or covenants of Assignor under or pursuant to the Assigned Property, which obligations, terms and/or covenants accrue prior to the Closing. 
 2. Assumption. Assignee hereby assumes all of the benefits and burdens of the Assigned Property arising on or after the date hereof. Assignee further agrees to indemnify, defend and hold Assignor
harmless from and against any and all claims, demands, causes of action and other legal proceedings and from all liabilities, judgments, damages, costs, fees and expenses (including reasonable attorneys’ fees and court costs), arising
therefrom, arising out of or relating to the breach by Assignee of any of the obligations, terms and/or covenants of the Assignee under or pursuant to the Assigned Property, which obligations, terms and/or covenants accrue on or subsequent to the
Closing. 
 3. Counterparts. This Assignment may be executed in counterparts, each of which shall be deemed an original,
and both of which together shall constitute one and the same instrument. 

 4. Cooperation. Assignor hereby agrees to and shall execute and deliver to Assignee
any and all documents, agreements and instruments necessary to consummate the transactions contemplated by this Assignment. 

5. Miscellaneous. This Assignment shall be binding on the Parties and their respective successors and assigns. The headings to
paragraphs of this Assignment are for convenient reference only and shall not be used in interpreting this Assignment. 
 Dated
as of              , 200    . 
  

			
	 ASSIGNOR:
  

	
 

			
		
	By:	 	
 

			
	Title:	 	  

	  
 ASSIGNEE:

	
	  

			
		
	By:	 	
 

			
	Title:	 	  

 EXHIBIT 1 TO GENERAL ASSIGNMENT 

LEGAL DESCRIPTION 
 [End of Legal Description] 

 EXHIBIT “F” 

PROPERTY INFORMATION 
 Pursuant to Section 5.2 of the Agreement to which this is affixed, Seller agrees to provide Buyer copies of each of the following, to the extent in existence, pertaining to the Property, and in the
possession of Seller or Seller’s property manager: 
  

	a.	All tenant leases with all amendments; 

  

	b.	All service contracts, insurance policies and latest tax bill; 

  

	c.	Income and Expense operating statements for the Property for 2008, 2009 and 2010 year-to-date, including CAM reconciliations (if any); 

 

	d.	All Loan Documents; 

  

	e.	Tenant and guarantor financials, to the extent in Seller’s possession and, to the extent provided by tenants to Seller, tenant’s sales reports;

  

	f.	Environmental Reports in Seller’s possession; 

  

	g.	Soils or engineering reports in Seller’s possession; 

  

	h.	Architectural drawings, plans and specifications of the Property; 

  

	i.	Existing Owner’s Title Policy from Seller’s acquisition of the Property; 

 

	i.	Existing ALTA/ACSM Survey acquired in connection with Seller’s acquisition of the Property. 

 EXHIBIT “G” 

LIST OF TENANTS WITH LEASES 

 EXHIBIT “H” 

FORM OF TENANT’S ESTOPPEL CERTIFICATE 
  

	To:	Excel Trust, L.P., a Delaware limited partnership 

	 	801 North 500 West, Suite 201 

	 	West Bountiful, Utah 84010 

  

	To:	Wells Fargo Commercial Mortgage - Servicing 

	 	 1901 Harrison Street,
7th Floor 

	 	Oakland, CA 94612 

	 	(“Lender”) 

  

	RE:	That certain lease agreement dated             , 201    , as amended by
that certain                      dated             ,
201     (as amended or modified, the “Lease”), whereby
                            , as tenant therein (“Tenant”), leased from
                            , as landlord therein (“Landlord”), approximately
         net rentable square feet of space located in
                                 (the “Premises”), which is located in
the City of                     , State of
                     (the “Property”). 

 Gentlemen: 
 Tenant acknowledges that Excel Trust, L.P., a Delaware limited
partnership, or its nominee (“Buyer”) is reviewing the possible purchase of the Property from Landlord. Tenant further acknowledges that, in the event Buyer elects to purchase the Property, such purchase is subject to Lender’s
approval of Buyer’s assumption of the existing first mortgage loan on the Property. In connection each of the foregoing, Tenant hereby certifies, represents and warrants to Buyer, Landlord and Lender, and their respective successors and
assigns, as follows: 
 1. Lease Copy. A true and correct copy of the Lease is attached hereto as Exhibit “1”
and incorporated herein by reference. The Lease constitutes the entire agreement between Landlord and Tenant with respect to the Premises and the Property, is in good standing full force and effect, and has not been amended, modified or assigned
either orally or in writing, except as provided in the Preamble of this Tenant Estoppel Certificate. 
 2. Square Footage of
Premises. Tenant’s net rentable square footage of Tenant’s Premises is equal to                      square feet. 

3. Term. The term of the Lease commenced on             ,
    , and will terminate on             , 201    . Tenant has
                     renewal options of          years each. 

4. Rent. The current monthly amount of base rent payable by the Tenant is
$        . No rent has been prepaid by more than thirty (30) days. Tenant is required to pay real estate taxes, insurance and its proportionate or pro-rata share of Common Area Maintenance expenses
in accordance with the terms expressly stated in the Lease. 

 [Use the following only if Percentage Rent applies]: Percentage Rent is due on the
date specified in Paragraph              of the Lease, in the amount of
                     percent (    %) of Gross Sales in excess of the break point described in said Paragraph.
Tenant’s last payment of Percentage Rent was made on                     , 200    . 

6. Security Deposit. Except for its Security Deposit in the amount of
$            , Tenant has not deposited any monies or instruments to secure any of its agreements and obligations under the Lease and has not paid any advance rentals or other
amounts, excepts as specified below (if none, state “None”):
                                         
               . 
 7. To the best of
Tenant’s knowledge, there are no defaults of Landlord or Tenant under the Lease, and there are no existing circumstances which with the passage of time, or giving of notice, or both, would give rise to a default by Landlord or Tenant under the
Lease. As of the date of this Estoppel Certificate, to the best of Tenant’s present knowledge, Landlord and Tenant are in full compliance with their respective obligations under the Lease. 

8. Tenant has accepted the Premises and is occupying and operating in the Premises. 

10. Tenant has no charge, lien, claim of set-off, abatement or defense against rents or other charges due or to become due under the
Lease or otherwise under any of the terms, conditions, and covenants contained therein, and Tenant is not entitled to any concessions, rebates, allowances or other considerations for free or reduced rent. 

11. Tenant is not aware of any attachments, executions, assignments for the benefit of creditors, receiverships, conservatorships, or
voluntary or involuntary proceedings in bankruptcy filed by Tenant or pending against Tenant. 
 12. Tenant has not subleased
all or any portion of the Premises or assigned any of its rights under the Lease, nor pledged any interest therein. 
 13.
Tenant does not have any rights or options to purchase the Property, the Premises or any portion thereof. 
 14. If the Lease is
subject to a signed, written Guaranty, then Guarantor, signing below, certifies that: (i) the Guaranty has not been amended and is in full force and effect and (ii) no bankruptcy, receivership or similar proceeding has been filed by or
against Guarantor. 
 15. Tenant has never permitted or suffered the generation, treatment, use, storage, disposal or discharge
of any hazardous, toxic or dangerous substance, waste or materials in, on or about the Leased Premises or any adjacent property other than as permitted by law or provided for in the Lease. 

16. The person(s) whose signature(s) appear(s) below is duly and fully authorized to execute this Tenant Estoppel Certificate and has
knowledge of the facts and statements recited herein. 

 The certifications, representations and warranties herein made shall be binding upon Tenant,
its heirs, legal representatives, successors and assigns, and shall inure to Buyer’s, Landlord’s and Lender’s benefit and to the benefit of Buyer’s, Landlord’s and Lender’s respective successors and assigns. Tenant
acknowledges that Buyer may rely on this Tenant Estoppel Certificate in conjunction with its purchase and thereafter its ownership and operation of the Property and that Landlord may rely hereon for purposes of selling and conveying the Property to
Buyer. Tenant further acknowledges that Lender may rely on this Tenant Estoppel Certificate in conjunction with its decision to allow Buyer’s assumption of the existing mortgage loan affecting the Property. 

IN WITNESS WHEREOF, the Tenant has executed and delivered this Tenant Estoppel Certificate this      day of
            , 201    . 
  

			
	TENANT:
	
	  

		
	By	 	  

	Title	 	  

	
	GUARANTOR:
	(If Applicable)
	  

		
	By	 	  

	Title	 	  

 EXHIBIT “1” 

TO FORM OF TENANT ESTOPPEL CERTIFICATE 
 LEASE 

 EXHIBIT “I” 

FORM OF LANDLORD ESTOPPEL CERTIFICATE 
 LANDLORD’S ESTOPPEL CERTIFICATE 
  

	To:	Excel Trust, L.P., a Delaware limited partnership 

 801 North 500 West, Suite 201 
 West Bountiful, Utah 84010 

 

	 	RE:	That certain lease agreement dated             ,     , [as amended by that
certain                      dated             ,
        ]([as amended or modified,] the “Lease”), whereby
                            , (“Tenant”) is tenant and Lakha Properties – Gilroy, LLC
(“Landlord”) is landlord, with respect to the “Premises” consisting of approximately          net rentable square feet of space located in Gilroy Crossing (the “Property”),
a shopping center located in the City of Gilroy, State of California. 

 Ladies and Gentlemen: 

The above-referenced Landlord, signing below, acknowledges that Excel Trust, L.P., a Delaware limited partnership, or its nominee
(“Buyer”) is reviewing the possible purchase of the Property from Landlord and in connection therewith, Landlord hereby certifies to Buyer and its successors and assigns as follows: 

1. A true and correct copy of the Lease is attached hereto. The Lease constitutes the entire agreement between Landlord and Tenant with
respect to the Premises and the Property, is in full force and effect according to its terms as written and attached hereto, and has not been amended, modified or assigned either orally or in writing, except as provided in the reference line of this
Estoppel Certificate. 
 2. The net rentable square footage of Tenant’s Premises is
                     square feet. 
 3. The term of the Lease commenced on             ,     , and will terminate on
            , 201    . Tenant has          renewal options of
         years each, exercise of which is subject to the conditions stated in the Lease. 
 4. The current monthly base/fixed/minimum rent payable by the Tenant is $        . No rent has been prepaid by more than thirty (30) days. 

5. Tenant is required to pay real estate taxes, insurance and its proportionate or pro-rata share of Common Area Maintenance expenses in
accordance with the terms expressly stated in the Lease. 
 6. Except for its Security Deposit in the amount of
$        , Tenant has not deposited any monies or instruments to secure any of its agreements and obligations under the Lease and has not paid any advance rentals or other amounts. 

7. Neither Landlord nor Tenant has delivered to the other any notice of default under the Lease. 

8. To the best of Landlord’s knowledge, there are no receiverships or voluntary or involuntary proceedings in bankruptcy filed by or
pending against Tenant. 

 9. Except as expressly stated in the Lease, Tenant does not have any rights or options to
purchase the Property, the Premises or any portion thereof. 
 10. To the best of Landlord’s knowledge, Tenant has not
permitted or suffered the generation, treatment, use, storage, disposal or discharge of any hazardous, toxic or dangerous substance, waste or materials in, on or about the Leased Premises or any adjacent property other than as permitted by law or
provided for in the Lease. 
 11. Landlord is not in default of any of its obligations under the Lease. 

The certifications herein are made as of the date hereof based on matters coming to the actual notice or knowledge of Landlord as of such
date and shall inure to the benefit of Buyer, its successors and assigns. This Landlord’s Estoppel Certificate is provided solely for the benefit of Buyer, its successors and assigns and not for the benefit of any other party. No party other
than Buyer or its successor(s) or assign(s) shall have the right to rely hereon, and Landlord gives no certification and makes no representation or warranty of any nature, express or implied, to or for the benefit of any party other than Buyer, its
successor(s) and assign(s). Landlord acknowledges that Buyer may rely on this Tenant Estoppel Certificate in conjunction with its purchase of the Property. Landlord, however, reserves the right to seek a Tenant Estoppel Certificate signed by Tenant
certifying to the matters recited in this Landlord’s Estoppel Certificate, on the delivery of which Tenant Estoppel Certificate to Buyer, which may occur before or after the close of escrow of Buyer’s purchase of the Property, this
Landlord’s Estoppel Certificate shall be of no further force or effect, Buyer shall have no further right to rely hereon, and Landlord shall have no further obligation or liability to Buyer, its successors or assigns or any other party based
hereon. 
 DATED:
                    ,             . 

 

									
	 LAKHA PROPERTIES – GILROY, LLC, a Delaware limited liability company,

 

		 	 By its Sole Member, LAKHA – GILROY HOLDINGS, LLC, a Delaware limited liability company,

 

		 		 	 By its Manager, LAKHA PROPERTIES – LAKEWOOD SPE, LLC, a Delaware limited liability company

 

		 		 	By:	 	  

		 		 		 		 	 Amin S. Lakha, Manager,
 Lakha Properties –Lakewood SPE, LLC

 EXHIBIT “J” 

SELLER’S POST-CLOSING DOCUMENT DISCLOSURES 

Pursuant to and subject to all of the terms and conditions stated in Section 16.5 of the Real Estate Purchase
and Sale Agreement of which this Exhibit is made a part, for the period of time commencing on the Effective Date (as defined in such Agreement) and continuing through the second (2nd) anniversary of the Closing Date (as defined in such Agreement), if requested in writing, Seller shall, from time
to time, upon reasonable advance notice from Buyer, provide Buyer and its representatives, agents and employees with the following documents, to the extent such documents exist and are within the possession or reasonable access of Seller and to the
extent not provided to Buyer during the Inspection Period under the Real Estate Purchase and Sale Agreement of which this Exhibit is made a part: 
 REQUIRED INFORMATION 
  

	 	1.	MONTHLY INCOME STATEMENTS WITH YTD TOTALS FOR 2008, 2009, 2010 AND THROUGH THE DATE OF CLOSING. 

 

	 	2.	BALANCE SHEET AS OF 12-31-2008, 12-31-2009, 12-31-10, AND THROUGH THE DATE OF CLOSING 

 

	 	3.	TRIAL BALANCES AND GENERAL LEDGER FOR 2008, 2009, 2010 THROUGH THE DATE OF CLOSING THAT TIE TO THE ABOVE STATEMENTS 

 

	 	4.	RENT ROLLS AND CHECK REGISTER/DISBURSEMENTS FOR ABOVE PERIODS THAT TIE TO THE GENERAL LEDGERS 

 

	 	5.	LIST OF ITEMS CAPITALIZED DURING THE ABOVE PERIODS. LIST SHOULD TIE TO G/L. 

 

	 	6.	CERTIFICATES OF COMMENCEMENTS FOR LEASES 

  

	 	7.	SCHEDULE OF EXPENSE REIMBUSREMENTS BY TENANT AND SUPPORT FOR THE CALCULATION IF ESTIMATES. EXPENSE REIMBURSEMENTS SHOULD TIE TO ABOVE G/LS 

 

	 	8.	DETAIL OF ANY ACCOUNTS PAYABLE, ACCRUED EXPENSES, INTEREST EXPENSE, INCOME OR OTHER INCOME FOR THE ABOVE PERIODS THAT TIES TO ABOVE G/LS. 

ADDITIONAL REQUESTS 
  

	 	1.	DURING THE AUDIT, DELOITTE WILL NEED: 

  

	 	A.	SOME TIME TO DISCUSS W/ THE SELLER’S CFO OR CONTROLLER INTERNAL CONTROLS POTENTIAL FRAUD 

 

	 	B.	THE AUDITORS WILL REQUEST BACK-UP FOR SOME PAYMENTS AND CASH RECEIPTS TO TEST THE G/L SO NEED COOPERATION WITH THAT. 

IF AVAILABLE 
  

	 	1.	LIST OF ANY CASH RECEIPTS/PAYMENTS FROM RELATED PARTIES. 

  

	 	2.	SUMMARY OF ANY ONGOING LITIGATION ON THE PROPERTY 

  

	 	3.	FAS 13 (STRAIGHT-LINING) OF RENTS FOR THE ABOVE PERIODS. 

  

	 	4.	COPIES OF ALL REAL AND PERSONAL PROPERTY TAX BILLS (INCLUDING SUPPLEMENTALS), AND INSURANCE BILLS FOR THE ABOVE PERIODS THAT TIE TO THE G/LS. 

 

	 	5.	COPIES OF MANAGEMENT AGREEMENTS FOR THE ABOVE PERIODS. 

 EXHIBIT “K’ 

DISAPPROVED MATTERS 
 Lease Objections 
 Seller’s response is shown in italics. 

Kohls 
 Section 4.7
(a) states that the Tenant was to receive a $4,420,400 as a Landlord Contribution. We require the Tenant to state in their estoppel that they have received the full amount of the Landlord Contribution. The estoppel will state that the
Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation reasonably satisfactory to Buyer as to the foregoing. 
 Barnes & Noble 
 Section 3. This section states that the Leasable
Square Footage of the Premises shall be determined and certified in writing within 30 days after the commencement date. Please provide us with a copy. We do not have in our possession. The estoppel provided will suffice as confirmation between
the parties as to the square footage of the leased premises. 
 Payless 
 Section 4.06. The Landlord was to pay $70,000.00 to reimburse the Tenant for their construction cost. We require that the Tenant confirm in their estoppel that they have received the $70,000
reimbursement. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation reasonably satisfactory to Buyer as to the foregoing.

 Perfect Studio 

Article 28. The Landlord has agreed to reimburse Tenant $5.00 per square foot as a tenant finish allowance. We require the Tenant to acknowledge in
their estoppel certificate that they have received the tenant finish allowance. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation
reasonably satisfactory to Buyer as to the foregoing. 
 Layne Bryant 
 Section 1.1.13 and Section 12.19 refers to a Tenant’s Allowance of $148,800. We require the Tenant to state in their estoppel that they have received their Tenant Allowance. The
estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation reasonably satisfactory to Buyer as to the foregoing. 

 Sally Beauty 
 Article 34. Landlord has agreed to provide Tenant a Tenant Allowance in the amount of $5 per square foot. We require the tenant to state in their estoppel certificate that they have received their
Tenant Allowance. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation reasonably satisfactory to Buyer as to the foregoing.

 Eye Q Optometry 

Article 33. Landlord has agreed to provide Tenant a Tenant Allowance in the amount of $5 per square foot. We require the tenant to state in their
estoppel certificate that they have received their Tenant Allowance. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation reasonably
satisfactory to Buyer as to the foregoing. 
 Leslie’s Poolmart 
 Section 4.9 of the Lease requires the Landlord to reimburse the Tenant for $12,025 as a Tenant Improvement Allowance. We require the Tenant to state in their estoppel certificate that they
have received their Tenant Improvement Allowance. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation reasonably satisfactory to
Buyer as to the foregoing. 
 Santa Clara County Federal Credit Union 
 Article 27 (b). The Landlord was to reimburse Tenant as a Tenant Allowance the lesser of the sum total of all the receipts or $10.00 per square foot. We require the Tenant to verify in their
estoppel certificate that they have received their Tenant Allowance. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation reasonably
satisfactory to Buyer as to the foregoing. 
 Sushi Omakase 
 Section 1 (y) states that the Landlord will provide the Tenant with a Tenant Improvement Allowance in the amount of $21,770,000. We require the Tenant to verify in their estoppel
certificate that they have received the full amount of their Tenant Improvement Allowance. The allowance was cut and sent on 8/11/10. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by
Landlord, or Seller will provide written confirmation reasonably satisfactory to Buyer as to the foregoing. 

 Red Brick Pizza 
 Article 30 states that the Landlord has agreed to reimburse Tenant $24,048 as a tenant finish allowance. We require that the Tenant state in their estoppel certificate that they have receive their tenant
finish allowance. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation reasonably satisfactory to Buyer as to the foregoing.

 Gilroy Crossing Dental 

1. Section 1 (q) and Exhibit “C” states that the Tenant will receive from the Landlord a Tenant Improvement Allowance of
$22,665. We require that the Tenant verify in their estoppel certificate that they have received their Tenant Improvement Allowance. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by
Landlord, or Seller will provide written confirmation reasonably satisfactory to Buyer as to the foregoing. 
 2. We are missing Exhibit
“F”. We require a copy of this exhibit. 
 Fro-Yo Delite 
 Section 1 (y) refers to a Tenant Improvement Allowance in the amount of $7,910. We require the Tenant to verify in their estoppel certificate that they have received their Tenant
Improvement Allowance. The tenant has not submitted the documents needed to consider a release of the TIA; therefore, it will not be included in the estoppel. 
 T-Mobile 
 Section 10 (b) states that the Tenant will contract for the
preventive maintenance of the HVAC system and will provide Landlord with copies. Please provide us with a copy. We can provide a copy of the HVAC contract from Verizon and will deliver to Lucescu. 

CitiFinancial Services 
 Exhibit
“C” of the Lease refers to a Tenant Improvement Allowance in the amount of $7,965. We require the Tenant to verify in their estoppel certificate that they have received their Tenant Improvement Allowance. This tenant went dark in June
2010. They continue to make the monthly payments. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation reasonably satisfactory to Buyer
as to the foregoing. 
 Panera Bread 
 Section 8.7 of the Lease states that the Landlord will pay a Landlord’s Cash Allowance to Tenant in the amount of $20 per square foot. We require the Tenant to confirm in their estoppel
certificate the they have received their Landlord’s Cash Allowance. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation
reasonably satisfactory to Buyer as to the foregoing. 

 Starbucks 
 Section 4.4 requires the Landlord to pay the Tenant an improvement Allowance in the amount of $25.00 per square foot or $45,075.00. We require the Tenant to state in their estoppel certificate
that they are no longer owed the Tenant improvement Allowance. The estoppel will state that the Landlord’s Contribution obligations have been satisfactorily completed by Landlord, or Seller will provide written confirmation reasonably
satisfactory to Buyer as to the foregoing. 
 TITLE OBJECTIONS 
 (TO THE FOLLOWING PTR SCHEDULE B SPECIAL EXCEPTIONS): 
 “EXCEPTION
11; ACCESS EASEMENT. BUYER OBJECTS TO EXCEPTION 11 IN LIGHT OF THE FACT SUCH ACCESS EASEMENT AUTOMATICALLY TERMINATES, PER ITS TERMS, UPON APPROVAL OF THE EXTENSION OF A PUBLIC STREET AT THE SHOPPING CENTER. SUBSEQUENT TO THE DATE OF SUCH
EASEMENT, CAMINO ARROYO AND HOLLOWAY ROAD WERE DEDICATED TO THE PUBLIC. ACCORDINGLY, BUYER WILL REQUIRE THAT SELLER CAUSE THE TITLE COMPANY TO DELETE SUCH EXCEPTION FROM THE PTR.” RESPONSE: SELLER WILL INVESTIGATE AND DETERMINE IF IT CAN
HAVE THE TITLE COMPANY DELETE FROM THE PTR FOR THE REASONS BUYER HAS NOTED. 
 “EXCEPTION 13; ACCESS EASEMENT.
BUYER OBJECTS TO EXCEPTION 13 TO THE EXTENT THAT SUCH ACCESS EASEMENT IS TO TERMINATE WHEN CERTAIN IMPROVEMENTS ENUMERATED IN A PURCHASE AGREEMENT (AS DEFINED IN THE ACCESS EASEMENT), DATED FEBRUARY 7, 2000, HAVE BEEN COMPLETED AND CERTAIN QUIT
CLAIM DEEDS HAVE BEEN RECORDED. BUYER WILL REQUIRE THAT SELLER DETERMINE WHETHER SUCH QUIT CLAIM DEEDS HAVE BEEN RECORDED AND, IF SO, CAUSE THE TITLE COMPANY TO DELETE SUCH EXCEPTION FROM THE PTR.” RESPONSE: SELLER WILL COMPLY WITH
BUYER’S REQUEST TO DETERMINE WHETHER SUCH QUIT CLAIM DEED(S) HAVE BEEN RECORDED AND, IF SO, REQUEST THE TITLE COMPANY TO DELETE THIS EXCEPTION FROM THE PTR. 
 “EXCEPTION 14; DEVELOPMENT AGREEMENT. BUYER OBJECTS TO EXCEPTION 14 TO THE EXTENT THAT THE DEVELOPMENT AGREEMENT IS TO TERMINATE FIVE (5) YEARS AFTER THE DATE ON WHICH CERTIFICATES OF
OCCUPANCY HAVE BEEN ISSUED FOR THE BUILDING GROUPS (AS DEFINED IN THE DEVELOPMENT AGREEMENT). BUYER WILL REQUIRE THAT SELLER EITHER CAUSE THE CITY TO (I) TERMINATE THE DEVELOPMENT AGREEMENT OF RECORD, OR (II) PROVIDE A LETTER TO BUYER
EVIDENCING (A) THAT ALL OBLIGATIONS OF “REGENCY” UNDER THE DEVELOPMENT AGREEMENT HAVE BEEN COMPLETED TO THE SATISFACTION OF THE CITY, AND (B) THE DATE ON WHICH CERTIFICATES OF OCCUPANCY WERE ACTUALLY ISSUED FOR THE BUILDING
GROUPS.” RESPONSE: THE AGREEMENT STATES IN ITS ARTICLE II THAT IT 

 
TERMINATES ON THE EARLIER OF FIVE (5) YEARS AFTER ISSUANCE OF THE CERTIFICATE OF OCCUPANCY OR DECEMBER 31, 2010. THUS, THE AGREEMENT WILL
TERMINATE BY ITS OWN TERMS THE END OF THIS MONTH. 
 “EXCEPTION 17; ACCESS EASEMENT. BUYER OBJECTS TO EXCEPTION
17 IN LIGHT OF THE DEDICATION OF THE ACCESS EASEMENT AREA IDENTIFIED THEREIN TO THE PUBLIC, AND NOW KNOWN AS CAMINO ARROYO. BUYER WILL REQUIRE THAT SELLER OBTAIN FROM TARGET A TERMINATION OF SUCH EASEMENT OF RECORD OR OTHERWISE CAUSE THE TITLE
COMPANY TO DELETE SUCH EXCEPTION FROM THE PTR.” RESPONSE: SELLER AGREES TO SEND A NOTICE TO TARGET WITHIN TEN (10) BUSINESS DAYS AFTER THE PARTIES’ EXECUTION OF THE PURCHASE AND SALE AGREEMENT REFERRING TO SECTION 2(D) OF THE
ACCESS EASEMENT AGREEMENT AND REQUESTING TARGET SIGN A RECORDABLE AGREEMENT OF TERMINATION AS PROVIDED IN THAT SECTION.Indenture

 Exhibit 4.1 

 
  

 
 ALLY AUTO RECEIVABLES TRUST
2010-5 
 Class A-1 0.31469% Asset Backed Notes 

Class A-2 0.80% Asset Backed Notes 
 Class A-3 1.11% Asset Backed Notes 
 Class A-4 1.75% Asset Backed Notes

 Class B 2.45% Asset Backed Notes 
 Class C 2.90% Asset Backed Notes 
  

 
 INDENTURE

 Dated as of December 10, 2010 

 
  

DEUTSCHE BANK TRUST COMPANY AMERICAS 
 Indenture Trustee 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	  
				
		 	 SECTION 1.1
	  	DEFINITIONS	  	 	2	  
		 	 SECTION 1.2
	  	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT	  	 	2	  
		
	 ARTICLE II THE NOTES
	  	 	3	  
				
		 	 SECTION 2.1
	  	FORM	  	 	3	  
		 	 SECTION 2.2
	  	EXECUTION, AUTHENTICATION AND DELIVERY	  	 	3	  
		 	 SECTION 2.3
	  	TEMPORARY NOTES	  	 	4	  
		 	 SECTION 2.4
	  	REGISTRATION OF NOTES; REGISTRATION OF TRANSFER AND
EXCHANGE OF NOTES	  	 	5	  
		 	 SECTION 2.5
	  	MUTILATED, DESTROYED, LOST OR STOLEN NOTES	  	 	7	  
		 	 SECTION 2.6
	  	PERSONS DEEMED NOTEHOLDERS	  	 	7	  
		 	 SECTION 2.7
	  	PAYMENT OF PRINCIPAL AND INTEREST	  	 	8	  
		 	 SECTION 2.8
	  	CANCELLATION OF NOTES	  	 	10	  
		 	 SECTION 2.9
	  	RELEASE OF COLLATERAL	  	 	10	  
		 	 SECTION 2.10
	  	BOOK-ENTRY NOTES	  	 	10	  
		 	 SECTION 2.11
	  	NOTICES TO CLEARING AGENCY	  	 	11	  
		 	 SECTION 2.12
	  	DEFINITIVE NOTES	  	 	11	  
		 	 SECTION 2.13
	  	DEPOSITOR AS NOTEHOLDER	  	 	12	  
		 	 SECTION 2.14
	  	TAX TREATMENT	  	 	12	  
		 	 SECTION 2.15
	  	SPECIAL TERMS APPLICABLE TO THE PRIVATE NOTES	  	 	12	  
		
	 ARTICLE III COVENANTS
	  	 	13	  
				
		 	 SECTION 3.1
	  	PAYMENT OF PRINCIPAL AND INTEREST	  	 	13	  
		 	 SECTION 3.2
	  	MAINTENANCE OF AGENCY OFFICE	  	 	13	  
		 	 SECTION 3.3
	  	MONEY FOR PAYMENTS TO BE HELD IN TRUST	  	 	13	  
		 	 SECTION 3.4
	  	EXISTENCE	  	 	15	  
		 	 SECTION 3.5
	  	PROTECTION OF TRUST ESTATE; ACKNOWLEDGMENT OF PLEDGE	  	 	15	  
		 	 SECTION 3.6
	  	OPINIONS AS TO TRUST ESTATE	  	 	16	  
		 	 SECTION 3.7
	  	PERFORMANCE OF OBLIGATIONS; SERVICING OF RECEIVABLES	  	 	16	  
		 	 SECTION 3.8
	  	NEGATIVE COVENANTS	  	 	17	  
		 	 SECTION 3.9
	  	ANNUAL STATEMENT AS TO COMPLIANCE	  	 	18	  
		 	 SECTION 3.10
	  	CONSOLIDATION, MERGER, ETC., OF ISSUING ENTITY; DISPOSITION
OF TRUST ASSETS	  	 	18	  
		 	 SECTION 3.11
	  	SUCCESSOR OR TRANSFEREE	  	 	20	  
		 	 SECTION 3.12
	  	NO OTHER BUSINESS	  	 	21	  
		 	 SECTION 3.13
	  	NO BORROWING	  	 	21	  
		 	 SECTION 3.14
	  	GUARANTEES, LOANS, ADVANCES AND OTHER LIABILITIES	  	 	21	  
		 	 SECTION 3.15
	  	SERVICER’S OBLIGATIONS	  	 	21	  
		 	 SECTION 3.16
	  	CAPITAL EXPENDITURES	  	 	21	  
		 	 SECTION 3.17
	  	REMOVAL OF ADMINISTRATOR	  	 	21	  
		 	 SECTION 3.18
	  	RESTRICTED PAYMENTS	  	 	21	  
		 	 SECTION 3.19
	  	NOTICE OF EVENTS OF DEFAULT	  	 	22	  
		 	 SECTION 3.20
	  	FURTHER INSTRUMENTS AND ACTS	  	 	22	  
		 	 SECTION 3.21
	  	INDENTURE TRUSTEE’S ASSIGNMENT OF ADMINISTRATIVE RECEIVABLES
AND WARRANTY RECEIVABLES	  	 	22	  
		 	 SECTION 3.22
	  	REPRESENTATIONS AND WARRANTIES BY THE ISSUING ENTITY TO
THE INDENTURE TRUSTEE	  	 	23	  
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	23	  
				
		 	 SECTION 4.1
	  	SATISFACTION AND DISCHARGE OF INDENTURE	  	 	23	  
		 	 SECTION 4.2
	  	APPLICATION OF TRUST MONEY	  	 	24	  

  
 i 

									
		 	 SECTION 4.3
	  	REPAYMENT OF MONIES HELD BY PAYING AGENT	  	 	24	  
		 	 SECTION 4.4
	  	DURATION OF POSITION OF INDENTURE TRUSTEE	  	 	25	  
		
	 ARTICLE V DEFAULT AND REMEDIES
	  	 	25	  
				
		 	 SECTION 5.1
	  	EVENTS OF DEFAULT	  	 	25	  
		 	 SECTION 5.2
	  	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT	  	 	26	  
		 	 SECTION 5.3
	  	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE	  	 	27	  
		 	 SECTION 5.4
	  	REMEDIES; PRIORITIES	  	 	29	  
		 	 SECTION 5.5
	  	OPTIONAL PRESERVATION OF THE RECEIVABLES	  	 	30	  
		 	 SECTION 5.6
	  	LIMITATION OF SUITS	  	 	30	  
		 	 SECTION 5.7
	  	UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL
AND INTEREST	  	 	31	  
		 	 SECTION 5.8
	  	RESTORATION OF RIGHTS AND REMEDIES	  	 	31	  
		 	 SECTION 5.9
	  	RIGHTS AND REMEDIES CUMULATIVE	  	 	31	  
		 	 SECTION 5.10
	  	DELAY OR OMISSION NOT A WAIVER	  	 	31	  
		 	 SECTION 5.11
	  	CONTROL BY NOTEHOLDERS	  	 	32	  
		 	 SECTION 5.12
	  	WAIVER OF PAST DEFAULTS	  	 	32	  
		 	 SECTION 5.13
	  	UNDERTAKING FOR COSTS	  	 	33	  
		 	 SECTION 5.14
	  	WAIVER OF STAY OR EXTENSION LAWS	  	 	33	  
		 	 SECTION 5.15
	  	ACTION ON NOTES	  	 	33	  
		 	 SECTION 5.16
	  	PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS	  	 	33	  
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	34	  
				
		 	 SECTION 6.1
	  	DUTIES OF INDENTURE TRUSTEE	  	 	34	  
		 	 SECTION 6.2
	  	RIGHTS OF INDENTURE TRUSTEE	  	 	36	  
		 	 SECTION 6.3
	  	INDENTURE TRUSTEE MAY OWN NOTES	  	 	37	  
		 	 SECTION 6.4
	  	INDENTURE TRUSTEE’S DISCLAIMER	  	 	37	  
		 	 SECTION 6.5
	  	NOTICE OF DEFAULTS	  	 	37	  
		 	 SECTION 6.6
	  	REPORTS BY INDENTURE TRUSTEE	  	 	37	  
		 	 SECTION 6.7
	  	COMPENSATION; INDEMNITY	  	 	38	  
		 	 SECTION 6.8
	  	REPLACEMENT OF INDENTURE TRUSTEE	  	 	38	  
		 	 SECTION 6.9
	  	MERGER OR CONSOLIDATION OF INDENTURE TRUSTEE	  	 	39	  
		 	 SECTION 6.10
	  	APPOINTMENT OF CO-INDENTURE TRUSTEE OR SEPARATE INDENTURE
TRUSTEE	  	 	40	  
		 	 SECTION 6.11
	  	ELIGIBILITY; DISQUALIFICATION	  	 	41	  
		 	 SECTION 6.12
	  	PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUING
ENTITY	  	 	41	  
		 	 SECTION 6.13
	  	REPRESENTATIONS AND WARRANTIES OF INDENTURE TRUSTEE	  	 	41	  
		 	 SECTION 6.14
	  	INDENTURE TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
NOTES	  	 	42	  
		 	 SECTION 6.15
	  	SUIT FOR ENFORCEMENT	  	 	42	  
		 	 SECTION 6.16
	  	RIGHTS OF NOTEHOLDERS TO DIRECT INDENTURE TRUSTEE	  	 	42	  
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	 	43	  
				
		 	 SECTION 7.1
	  	ISSUING ENTITY TO FURNISH INDENTURE TRUSTEE NAMES AND
ADDRESSES OF NOTEHOLDERS	  	 	43	  
		 	 SECTION 7.2
	  	PRESERVATION OF INFORMATION, COMMUNICATIONS TO NOTEHOLDERS	  	 	43	  
		 	 SECTION 7.3
	  	REPORTS BY THE ISSUING ENTITY	  	 	43	  
		 	 SECTION 7.4
	  	REPORTS BY TRUSTEE	  	 	44	  
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	44	  
				
		 	 SECTION 8.1
	  	COLLECTION OF MONEY	  	 	44	  
		 	 SECTION 8.2
	  	DESIGNATED ACCOUNTS; PAYMENTS	  	 	44	  
		 	 SECTION 8.3
	  	GENERAL PROVISIONS REGARDING ACCOUNTS	  	 	46	  
		 	 SECTION 8.4
	  	RELEASE OF TRUST ESTATE	  	 	47	  
		 	 SECTION 8.5
	  	OPINION OF COUNSEL	  	 	47	  

  
 ii 

									
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	47	  
				
		 	 SECTION 9.1
	  	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS	  	 	47	  
		 	 SECTION 9.2
	  	SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS	  	 	49	  
		 	 SECTION 9.3
	  	EXECUTION OF SUPPLEMENTAL INDENTURES	  	 	50	  
		 	 SECTION 9.4
	  	EFFECT OF SUPPLEMENTAL INDENTURE	  	 	50	  
		 	 SECTION 9.5
	  	CONFORMITY WITH THE TRUST INDENTURE ACT	  	 	50	  
		 	 SECTION 9.6
	  	REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES	  	 	50	  
		
	 ARTICLE X REDEMPTION OF NOTES
	  	 	51	  
				
		 	 SECTION 10.1
	  	REDEMPTION	  	 	51	  
		 	 SECTION 10.2
	  	FORM OF REDEMPTION NOTICE	  	 	51	  
		 	 SECTION 10.3
	  	NOTES PAYABLE ON REDEMPTION DATE	  	 	51	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	52	  
				
		 	 SECTION 11.1
	  	COMPLIANCE CERTIFICATES AND OPINIONS, ETC.	  	 	52	  
		 	 SECTION 11.2
	  	FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE	  	 	53	  
		 	 SECTION 11.3
	  	ACTS OF NOTEHOLDERS	  	 	54	  
		 	 SECTION 11.4
	  	NOTICES, ETC., TO INDENTURE TRUSTEE, ISSUING ENTITY AND
RATING AGENCIES	  	 	55	  
		 	 SECTION 11.5
	  	NOTICES TO NOTEHOLDERS; WAIVER.	  	 	55	  
		 	 SECTION 11.6
	  	ALTERNATE PAYMENT AND NOTICE PROVISIONS	  	 	56	  
		 	 SECTION 11.7
	  	CONFLICT WITH THE TRUST INDENTURE ACT	  	 	56	  
		 	 SECTION 11.8
	  	EFFECT OF HEADINGS AND TABLE OF CONTENTS	  	 	56	  
		 	 SECTION 11.9
	  	SUCCESSORS AND ASSIGNS	  	 	56	  
		 	 SECTION 11.10
	  	SEVERABILITY	  	 	56	  
		 	 SECTION 11.11
	  	BENEFITS OF INDENTURE	  	 	56	  
		 	 SECTION 11.12
	  	LEGAL HOLIDAYS	  	 	57	  
		 	 SECTION 11.13
	  	GOVERNING LAW	  	 	57	  
		 	 SECTION 11.14
	  	COUNTERPARTS	  	 	57	  
		 	 SECTION 11.15
	  	RECORDING OF INDENTURE	  	 	57	  
		 	 SECTION 11.16
	  	NO RECOURSE	  	 	57	  
		 	 SECTION 11.17
	  	NO PETITION	  	 	58	  
		 	 SECTION 11.18
	  	INSPECTION	  	 	58	  
		 	 SECTION 11.19
	  	INDEMNIFICATION BY AND REIMBURSEMENT OF SERVICER	  	 	58	  
		 	 SECTION 11.20
	  	SUBORDINATION	  	 	58	  
		 	 SECTION 11.21
	  	COMPLIANCE WITH APPLICABLE ANTI-TERRORISM AND ANTI-MONEY
LAUNDERING REGULATIONS	  	 	59	  

  

							
	 EXHIBIT A
	 	LOCATIONS OF SCHEDULE OF RECEIVABLES	  	 	Ex. A	  
	 EXHIBIT B
	 	NOTE DEPOSITORY AGREEMENT FOR THE NOTES	  	 	Ex. B	  
	 EXHIBIT C-1
	 	FORM OF CLASS A-1 FIXED RATE ASSET BACKED NOTES	  	 	Ex. C-1-1	  
	 EXHIBIT C-2
	 	FORM OF CLASS A-2, CLASS A-3 AND CLASS A-4 Fixed Rate Asset Backed Notes	  	 	Ex. C-2-1	  
	 EXHIBIT C-3
	 	FORM OF CLASS B Fixed Rate Asset Backed Notes	  	 	Ex. C-3-1	  
	 EXHIBIT C-4
	 	FORM OF CLASS C Fixed Rate Asset Backed Notes	  	 	Ex. C-4-1	  
	 EXHIBIT D
	 	SERVICING CRITERIA TO BE ADDRESSED IN INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE	  	 	Ex. C-4-11	  
	 EXHIBIT E
	 	 FORM OF CERTIFICATION
	  	 	Ex. E	  
			
	 APPENDIX A
	 	ADDITIONAL REPRESENTATIONS AND WARRANTIES	  	 	APP. A	  

  
 iii

 INDENTURE, dated as of December 10, 2010, between ALLY AUTO RECEIVABLES TRUST 2010-5, a
Delaware statutory trust (the “Issuing Entity”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as trustee and not in its individual capacity (the “Indenture Trustee”). 

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

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): 
 (a) all right, title and interest of the Issuing Entity in, to and under the
Receivables listed on the Schedule of Receivables and all monies received thereon on and after the Cutoff Date, exclusive of any amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the
Servicer, covering any related Financed Vehicle; 
 (b) the interest of the Issuing Entity in the security interests in the
Financed Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; 

(c) the interest of the Issuing Entity in any proceeds from claims on any physical damage, credit life, credit disability or other
insurance policies covering Financed Vehicles or Obligors; 
 (d) the interest of the Issuing Entity in any proceeds from
recourse against Dealers on the Receivables; 
 (e) all right, title and interest of the Issuing Entity in, to and under the
First Step Receivables Assignment; 
 (f) all right, title and interest of the Issuing Entity in, to and under the Second Step
Receivables Assignment; 
 (g) all right, title and interest in the Reserve Account Property and all other funds on deposit from
time to time in the Collection Account and the Note Distribution Account; 
 (h) all right, title and interest of the Issuing
Entity in, to and under the Trust Sale and Servicing Agreement and any other Further Transfer and Servicing Agreements, including all rights of the “Depositor” under the Pooling and Servicing Agreement and the Custodian Agreement assigned
to the Issuing Entity pursuant to the Trust Sale and Servicing Agreement; and 
 (i) all present and future claims, demands,
causes and choses in action 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 “Collateral”). 
 The foregoing Grant is made in trust to secure the Secured Obligations, equally and ratably without prejudice, priority or distinction, 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 Grant includes
all rights, powers and options (but none of the obligations, if any) of the Issuing Entity 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 otherwise and generally to do and receive anything that the Issuing Entity 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 Grant and accepts the trusts under this Indenture in accordance with the provisions of this Indenture. 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1 Definitions. Certain capitalized terms used in this Indenture shall have the respective meanings assigned to them in
Part I of Appendix A to the Trust Sale and Servicing Agreement, dated as of the date hereof (as amended from time to time, the “Trust Sale and Servicing Agreement”), among the Issuing Entity, Ally Auto Assets LLC and
Ally Financial Inc. All references in this Indenture to Articles, Sections, subsections and Exhibits are to the same contained in or attached to this Indenture unless otherwise specified. All terms defined in this Indenture shall have the defined
meanings when used in any certificate, notice, Note or other document made or delivered pursuant hereto unless otherwise defined therein. The rules of construction set forth in Part II of Appendix A to the Trust Sale and Servicing
Agreement shall be applicable to this Indenture. 
 SECTION 1.2 Incorporation by Reference of Trust Indenture Act.

 Whenever this Indenture refers to a provision of the TIA, such provision is incorporated by reference in and made a part of
this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission”
means the Securities and Exchange Commission. 

  
 2 

 “indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture 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 reference to another statute or defined by
a Commission rule have the respective meanings assigned to them by such definitions. 
 ARTICLE II 

THE NOTES 

SECTION 2.1 Form. 
 (a) Each of the Class A-1 Notes, together, with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit C-1, each of the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes together, in each case, with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit C-2, each of the
Class B Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit C-3, and each of the Class C Notes, together with the Indenture Trustee’s certificate of
authentication, shall be substantially in the form set forth in Exhibit C-4, 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 the Notes. Any portion
of the text of any Note may be set forth on the reverse thereof with an appropriate reference thereto on the face of the Note. 

(b) The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or
without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 (c) The terms of each class of Notes as provided for in Exhibits C-1, C-2, C-3 and C-4 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 of $1,000 and in integral multiples thereof (except, if applicable, for
one Note representing a residual portion of each class which may be issued in a different denomination). 

  
 3 

 (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 Receivables and the other components of the Trust Estate, simultaneously with the Grant to the Indenture Trustee of the Receivables and the constructive delivery to the Indenture Trustee of the Receivables Files and the other assets and
components of the Trust Estate, shall cause to be authenticated and delivered to or upon the order of the Issuing Entity Notes for original issue in the aggregate principal amount of $977,990,000 comprised of (i) Class A-1 Notes in the
aggregate principal amount of $173,510,000 (ii) Class A-2 Notes in the aggregate principal amount of $212,000,000, (iii) Class A-3 Notes in the aggregate principal amount of $338,000,000, (iv) Class A-4 Notes in the
aggregate principal amount of $200,000,000, (v) Class B Notes in the aggregate principal amount of $26,750,000 and (vi) Class C Notes in the aggregate principal amount of $27,730,000. The aggregate principal amount of all Notes outstanding
at any time may not exceed $977,990,000, 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 Exhibit C-1, C-2, C-3 or C-4, 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. 
 (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 Agency
Office of the Issuing Entity to be maintained as provided in Section 3.2, without charge to the 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. 

  
 4 

 SECTION 2.4 Registration of Notes; Registration of Transfer and Exchange of Notes.

 (a) The Issuing Entity shall cause to be kept the Note Register, comprising separate registers for each class of Notes, in
which, subject to such reasonable regulations as the Issuing Entity may prescribe, the Issuing Entity shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes. The Indenture Trustee shall initially
be the Note Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor Note Registrar or, if it elects not to
make such an appointment, assume the duties of the Note Registrar. 
 (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 Executive
Officer thereof as to the names and addresses of the Noteholders and the principal amounts and number of such Notes. 
 (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 (and following the delivery, in the former case, of such Notes to the Issuing Entity by the
Indenture Trustee), 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 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 (and following the delivery, in the former case, of such Notes to the Issuing Entity by the Indenture Trustee), the Issuing Entity shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture
Trustee, such Notes which the Noteholder making the exchange is entitled to receive. 
 (e) All Notes issued upon any
registration of transfer or exchange of other Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer
or exchange. 
 (f) Every Note presented or surrendered for registration of transfer or exchange shall 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 located, or having a correspondent located, in The City of New York or the city in which the Corporate Trust Office of the Indenture Trustee is located, or 

  
 5 

 
by a member firm of a national securities exchange, and such other documents as the Indenture Trustee 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 Section 2.3 or 9.6 not involving any transfer. 

(h) By acquiring a Class A Note, Class B Note or Class C Note, each purchaser and transferee shall be deemed to represent and
warrant that either (i) it is not acquiring the Note with the plan assets of a Benefit Plan or other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code 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 substantially similar applicable law. 

(i) 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) days
of submission to the Corporate Trust Office or the Agency Office. 
 (j) (i) Sale, pledge, or transfer of a Retained Note may
only be made to a Person who is a United States Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code). A Person other than the Depositor 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 (x) to any one person in an amount less than 100% of the Note Principal Balance of that class of Retained Note or
(y) to a Special Pass-Through Entity, in each case, unless (A) an opinion of counsel satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause the Issuing Entity to be treated as an
association (or publicly traded partnership) taxable as a corporation for federal income tax purposes shall have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall have provided prior written approval;

 provided, however, that the restrictions in this Section 2.4(j) shall not continue to apply to such Notes (covered by the
opinion described in this clause) in the event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an opinion, with respect to the initial sale, pledge or transfer by the Depositor, to the effect that the Retained Notes to
be sold, pledged, or transferred will be characterized as indebtedness for federal income tax purposes. Any attempted transfer in contravention of this Section 2.4(j) will be void ab initio and the purported transferor will continue to be
treated as the owner of the Retained Note. 
 For the purposes of this Section 2.4(j), “Special Pass-Through
Entity” means a grantor trust, S corporation, or partnership where more than 50% of the value of a beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Retained Note.

  
 6 

 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the 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) 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 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 duplicate Note issued pursuant to this Section 2.5 in replacement for any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be found at any time or be enforced by any Person, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

(e) The provisions of this Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.6 Persons Deemed
Noteholders. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any Note is registered (as
of the day of determination) as the Noteholder for the purpose of receiving 

  
 7 

 
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) Interest on each class of Notes shall accrue in the manner set forth in Exhibit C-1,
C-2, C-3 or C-4, as applicable for such class, at the applicable Interest Rate for such class and will be due and payable on each Distribution Date in accordance with the priorities set forth in Section 8.2(c). Any
installment of interest payable on any Note shall be punctually paid or duly provided for by a deposit by or at the direction of the Issuing Entity into the Note Distribution Account on the applicable Distribution Date and shall be paid to the
Person in whose name such Note (or one or more Predecessor Notes) is registered on the applicable Record Date, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date;
provided, however, that, unless and until Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the applicable Record Date in the name of the Note Depository (initially,
Cede & Co.), payment shall be made by wire transfer in immediately available funds to the account designated by the Note Depository; provided, further, that with respect to any Private Notes (other than Private Notes
registered on the applicable Record Date in the name of the Note Depository), upon written request of the Holder thereof, payment shall be made by wire transfer of immediately available funds to the account designated by such Holder until further
written notice from such Holder. 
 (b) Prior to the occurrence of an Event of Default and a declaration in accordance with
Section 5.2(a) that the Notes have become immediately due and payable, the principal of each class of Notes shall be payable in full on the Final Scheduled Distribution Date for such class and, to the extent of funds available therefor,
in installments on the Distribution Dates (if any) preceding the Final Scheduled Distribution Date for such class, in the amounts and in accordance with the priorities set forth in Section 8.2(c)(ii) or 8.2(c)(iii), as applicable.
All principal payments on each class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto. Any installment of principal payable on any Note shall be punctually paid or duly provided for by a
deposit by or at the direction of the Issuing Entity into the Note Distribution Account on the applicable Distribution Date and shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the applicable
Record Date, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided, however, that (A), unless and until Definitive Notes have been issued pursuant to
Section 2.12, with respect to Notes registered on the Record Date in the name of the Note Depository, payment shall be made by wire transfer in immediately available funds to the account designated by the Note Depository and
(B) with respect to any Private Notes (other than Private Notes registered on the applicable Record Date in the name of the Note Depository), upon written request of the Holder thereof, payment shall be made by wire transfer of immediately
available funds to the account designated by such Holder until further written notice from such Holder, each case, except for: (i) the final installment of principal on any Note; and (ii) the Redemption Price for the Notes redeemed
pursuant to Section 10.1, which, in each case, shall be payable as provided herein. The funds 

  
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represented by any such checks in respect of interest or principal returned undelivered shall be held in accordance with Section 3.3. 

(c) From and after the occurrence of an Event of Default and a declaration in accordance with Section 5.2(a) that the Notes
have become immediately due and payable, until such time as all Events of Default have been cured or waived as provided in Section 5.2(b), all interest and principal payments shall be allocated: 

(i) first, an amount equal to the Aggregate Class A Interest Distributable Amount for payment of interest on the Class A
Notes; and 
 (ii) second, an amount equal to the Note Principal Balance of the Class A Notes (after giving effect to the
reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of principal on the Class A Notes, sequentially by class, as
follows: 
 (A) to the Class A-1 Notes, until the Outstanding Amount of the Class A-1 Notes is reduced
to zero; 
 (B) to the Class A-2 Notes, until the Outstanding Amount of the Class A-2 Notes is reduced
to zero; 
 (C) to the Class A-3 Notes, until the Outstanding Amount of the Class A-3 Notes is reduced
to zero; and 
 (D) to the Class A-4 Notes, until the Outstanding Amount of the Class A-4 Notes is
reduced to zero. 
 (iii) third, an amount equal to the Aggregate Class B Interest Distributable Amount for payment of interest
on the Class B Notes; 
 (iv) fourth, an amount equal to the Note Principal Balance of the Class B Notes (after giving effect
to the reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of principal on the Class B Notes; 

(v) fifth, an amount equal to the Aggregate Class C Interest Distributable Amount for payment of interest on the Class C Notes; and

 (vi) sixth, an amount equal to the Note Principal Balance of the Class C Notes (after giving effect to the reduction in the
Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of principal on the Class C Notes. 

(d) With respect to any Distribution Date on which the final installment of principal and interest on a class of Notes is to be paid, the
Indenture Trustee on behalf of the Issuing Entity shall notify each Noteholder of record of such class as of the Record Date for such 

  
 9 

 
Distribution Date of the fact that the final installment of principal of and interest on such Note is to be paid on such Distribution Date. With respect to any such class of Notes, such notice
shall be sent (i) on such Record Date by facsimile, if Book-Entry Notes are outstanding; or (ii) not later than three (3) Business Days after such Record Date in accordance with Section 11.5(a) if Definitive Notes are
outstanding, and shall specify 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 and the manner
in which such payment shall be made. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. Within sixty (60) days of the surrender pursuant to this Section 2.7(d) or
cancellation pursuant to Section 2.8 of all of the Notes of a particular class, the Indenture Trustee if requested shall provide to the Depositor, who shall promptly deliver to each of the Rating Agencies, written notice stating that all
Notes of such class have been surrendered or canceled. 
 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 3.21, 8.2, 8.4 and 11.1, and then 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). 
 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 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 the Retained Notes, at the Depositor’s option, as Definitive Notes delivered to the Depositor or its representative. Such Note or Notes shall be registered on the Note Register
in the name of the Note Depository, 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; 

  
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 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing
Agency for all purposes of this Indenture (including the payment of principal of and interest on 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 and/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 and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes; and (ii) delivered such instructions to the Indenture
Trustee. 
 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is
required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to
Noteholders to the Clearing Agency and shall have no other obligation to the Note Owners. 
 SECTION 2.12 Definitive
Notes. If (i) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes and the Issuing Entity is unable to locate a
qualified successor; (ii) the Administrator, at its option, advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency; or (iii) after the occurrence of an Event of Default or a
Servicer 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 

  
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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. 

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. 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 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, state and local income and franchise taxes, and any other taxes
imposed upon, measured by or based upon gross or net income. 
 SECTION 2.15 Special Terms Applicable to the Private
Notes. 
 (a) None of the Private Notes has been or will be registered under the Securities Act or the securities laws of
any other jurisdiction. Consequently, the Private Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions specified herein. 

(b) No sale, pledge or other transfer of the Private Notes or an interest in the Private Notes may be made by any person other than 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. 
 (c) Each Private Note shall bear a legend to the effect set forth in subsection (b) above. 
 (d) The Retained Notes shall initially be issued as Definitive Notes at the Depositor’s option. Upon the subsequent request of the Depositor, the Retained Notes shall be issued as Book-Entry Notes,
to be delivered to The Depository Trust Company. 

  
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 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 by any Person from a payment to any Noteholder of
interest and/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 the Borough of Manhattan, The City of New York, an office (the
“Agency Office”), being an office or agency where Notes may be surrendered to the Issuing Entity for registration of transfer or exchange, and where notices and demands to or upon the Issuing Entity in respect of the Notes and this
Indenture may be served. The Issuing Entity hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuing Entity shall give prompt written notice to the Indenture Trustee of the location, and of any
change in the location, of the Agency Office. If at any time the Issuing Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee 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 Sections 8.2(a) and 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 4.06 of the Trust Sale and Servicing Agreement 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 

  
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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 with respect to the withholding from any payments made by it on any Notes of
any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 (d) The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by 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) 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 

  
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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. The Issuing Entity 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 hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuing Entity
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 Trust Estate. 
 SECTION 3.5 Protection of Trust Estate; Acknowledgment of Pledge. 
 (a) The
Issuing Entity 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, including by making the necessary filings of financing statements or amendments thereto within sixty (60) days after the
occurrence of any of the following and by promptly notifying the Indenture Trustee of any such filings: (A) any change in the Issuing Entity’s true legal name or any of its trade names, (B) any change in the location of the Issuing
Entity’s principal place of business, (C) any merger or consolidation or other change in the Issuing Entity’s identity or organizational structure or jurisdiction of organization or in which the Issuing Entity is located for purposes
of the UCC and (D) any other change or occurrence that would make any financing statement or amendment thereto seriously misleading within the meaning of the UCC; 
 (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 Trust Estate and the rights of the Indenture Trustee and the Secured Parties in such Trust Estate
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 and/or execute any financing statement, continuation statement or other instrument required by the Indenture Trustee pursuant to this Section 3.5. 
 (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 the Issuing Entity’s right, title
and interest in and to the Reserve Account Property in order to provide for the payment to the Securityholders and the Servicer in accordance with Sections 4.06(c) and 4.06(d) 

  
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of the Trust Sale and Servicing Agreement, to assure availability of the amounts maintained in the Reserve Account for the benefit of the Securityholders and the Servicer, and as security for the
performance by the Depositor of its obligations under the Trust Sale and Servicing Agreement. 
 (c) The Issuing Entity hereby
authorizes the Indenture Trustee to file all financing statements naming the Issuing Entity 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 Trust Estate. 
 (a) On the Closing Date, 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 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, or stating that, in the opinion of such counsel, no such action is necessary to make such Lien effective. 

(b) On or before March 15 (and, if such date is not a Business Day, the next succeeding Business Day) in each calendar year,
beginning March 15, 2011, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization, execution and filing of any financing statements and continuation statements as is necessary to maintain the Lien
created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the Lien created by this Indenture. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the authorization, execution and filing of any financing statements and continuation statements that will, in the opinion
of such counsel, be required to maintain the Lien of this Indenture until March 15 in the following calendar year. 

SECTION 3.7 Performance of Obligations; Servicing of Receivables. 

(a) The Issuing Entity shall not take any action and shall use all 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 Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or agreement, except as otherwise expressly provided in this Indenture, the Trust Sale and Servicing Agreement, the Pooling and Servicing Agreement, the Administration Agreement or
such other instrument or agreement. 

  
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 (b) The Issuing Entity may contract with other Persons to assist it in performing its duties
under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in the Basic Documents or an Officer’s Certificate of the Issuing Entity shall be deemed to be action taken by the Issuing Entity.
Initially, the Issuing Entity has contracted with the Servicer and the Administrator to assist the Issuing Entity in performing its duties under this Indenture. 
 (c) The Issuing Entity shall punctually perform and observe all of its obligations and agreements contained in this Indenture, the other Basic Documents and in the instruments and agreements included in
the Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture, the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement in
accordance with and within the time periods provided for herein and therein. 
 (d) If the Issuing Entity shall have knowledge
of the occurrence of a Servicer Default under the Trust Sale and Servicing Agreement, the Issuing Entity 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 has taken or is taking with respect of such default. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Trust Sale and Servicing Agreement or the Pooling and
Servicing Agreement with respect to the Receivables, the Issuing Entity and the Indenture Trustee shall take all reasonable steps available to them pursuant to the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement to remedy
such failure. 
 (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, the Issuing Entity agrees that, except as permitted by the Basic 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, 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 Basic Documents, or waive timely performance or observance by the Servicer or the Depositor under the Trust Sale and Servicing Agreement, the Custodian
Agreement or the Pooling and Servicing Agreement, the Administrator under the Administration Agreement or the Seller under the Pooling and Servicing Agreement. 
 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuing Entity shall not: 
 (a) sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuing Entity, 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 Warranty Receivables, Administrative Receivables and Liquidating 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 Basic 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 state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part
of the Trust Estate; 
 (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 Basic 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 Lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens,
mechanics’ liens and other liens that arise by operation of law, in each case on 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 Trust Estate (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 March 15 (and, if such date is not a Business Day, the next succeeding
Business Day) of each year, beginning March 15, 2011, 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. A copy of such
certificate may be obtained by any Noteholder by a request in writing to the Issuing Entity addressed to the Corporate Trust Office of the Indenture Trustee. 
 SECTION 3.10 Consolidation, Merger, etc., of Issuing Entity; Disposition of Trust 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

  
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United States of America, or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory 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, 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 Basic 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 Trust Estate, 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; 
 (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; 

  
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 (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 the Notes; and 

(D) 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, 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 Trust 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 Basic 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 Basic Documents to be observed or performed on the part of the Issuing Entity with respect to the Notes immediately
upon the delivery of written notice to the Indenture Trustee from the Person acquiring such assets and properties stating that the Issuing Entity is to be so released. 

  
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 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 Basic 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 Basic Documents. 
 SECTION 3.14
Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture or the other Basic Documents, the Issuing Entity shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

SECTION 3.15 Servicer’s Obligations. The Issuing Entity shall use its best efforts to cause the Servicer to comply with its
obligations under Section 3.10 of the Pooling and Servicing Agreement and Sections 4.01 and 4.02 of the Trust Sale and 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 Trust Sale and Servicing Agreement. 
 SECTION 3.17 Removal of Administrator. So long as any Notes are Outstanding, the Issuing Entity shall not remove the Administrator without cause unless the Rating Agency Condition shall have been
satisfied in connection with such removal. 
 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 or any owner of a beneficial
interest in the Issuing Entity or otherwise, in each case with respect to any ownership or equity interest or similar security in or of the Issuing Entity or to the Servicer; 
 (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; 

  
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 provided, however, that the Issuing Entity may make, or cause to be made, distributions to the
Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, and the Financial Parties as permitted by, and to the extent funds are available for such purpose under, the Trust Sale and Servicing Agreement, the Trust Agreement or the other
Basic Documents. The Issuing Entity shall not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with the Basic 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 Default, each default on the part of the Depositor or the Servicer of its respective obligations under the Trust Sale and Servicing Agreement and each default on the part of the Seller
or the Servicer of its respective obligations under the Pooling and Servicing Agreement. 
 SECTION 3.20 Further Instruments
and Acts. Upon request of the Indenture Trustee, the Issuing Entity 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.

 SECTION 3.21 Indenture Trustee’s Assignment of Administrative Receivables and Warranty Receivables. Upon receipt
of the Administrative Purchase Payment, the Warranty Payment or the Liquidation Proceeds with respect to an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable, as the case may be, the Servicer, the Warranty Purchaser, or
the purchaser and assignee of the Liquidating Receivable, as applicable, shall thereupon own such purchased or repurchased Receivable, all monies due thereon, the security interest in the related Financed Vehicle, proceeds from any Insurance
Policies, proceeds from recourse against the Dealer on such Receivable and the interests in certain rebates of premiums and other amounts relating to the Insurance Policies and any documents relating thereto. Any such Administrative Receivable,
Warranty Receivable or Liquidating 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 Administrative Purchase Payment or Warranty
Payment or upon receipt of the Liquidation Proceeds, as applicable, and the Servicer, Warranty Purchaser, or purchaser or assignee of the Liquidating Receivable, as applicable, shall own, such Administrative Receivable, Warranty Receivable, or
Liquidating Receivable, as applicable, and all such security and documents, free of any further obligation to 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 an Administrative Receivable, Warranty Receivable or Liquidating 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, Warranty Purchaser’s or such other purchaser’s or assignee’s expense, as applicable, take such steps as the Servicer, Warranty Purchaser or such other purchaser or
assignee deems 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 to the Indenture
Trustee. The Issuing Entity hereby 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 to any Person other than the Indenture Trustee; immediately prior to the conveyance of the Receivables pursuant to this Indenture, the Issuing Entity had good and
marketable title thereto, free of any Lien; and, upon execution and delivery of this Indenture by the Issuing Entity, 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; and 

(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. 
 (c) Additional Representations and
Warranties. The additional representations and warranties regarding creation, perfection and priority of security interests in the Receivables, which are attached to this Indenture as Appendix A, are true and correct to the extent they are
applicable. 
 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 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 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 
 (ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation: 

  
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 (A) have become due and payable, 

(B) will be due and payable on their respective Final Scheduled Distribution Dates within one year, or 

(C) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the
giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuing Entity or such Notes have been redeemed in accordance with Section 10.1, 
 and the Issuing Entity, in the case of clauses (A), (B) or (C) of subsection 4.1(a)(ii) above, has irrevocably deposited or caused to be irrevocably deposited with
the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States 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 unpaid principal and accrued interest on such Notes not theretofore delivered to the Indenture Trustee for cancellation 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 and (if required by the TIA or the Indenture Trustee to the extent the Notes are not paid in full) an Independent Certificate from a firm
of certified public accountants, 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 the Noteholders have been paid in full. 
 SECTION 4.2 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment 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 and to payment of any other Secured Party of all sums, if any, due or to become due to any other Secured Party under and in accordance with
this Indenture; but such monies need not be segregated from other funds except to the extent required herein, in the Trust Sale and Servicing Agreement, 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. 

  
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 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 pursuant to Section 3.1, 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 Sections 5.01(a), 7.02 and 7.03 of the Trust Sale and Servicing Agreement, as appropriate, until
such time as all distributions due to the Certificateholders have been paid in full and in such capacity the Indenture Trustee shall have the rights, benefits and immunities set forth in Article VI hereof. 

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) failure to pay the full Note Class Interest Distributable Amount to the Controlling Class on any Distribution Date, and such default
shall continue for a period of five (5) days; or 
 (b) except as set forth in Section 5.1(c), failure to pay
any installment of the principal of any Note as and when the same becomes due and payable, and such default continues unremedied for a period of thirty (30) days after there shall have been given, by registered or certified mail, to the
Servicer by the Indenture Trustee or to the Servicer and the Indenture Trustee by the Holders of not less than 25% of the Outstanding Amount of the Controlling Class, a written notice specifying such default and demanding that it be remedied and
stating that such notice is a “Notice of Default” hereunder; or 
 (c) failure to pay in full the outstanding
principal balance of any class of Notes by the Final Scheduled Distribution Date for such class; or 
 (d) default in the
observance or performance in any material respect of any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this specifically
dealt with in this Section 5.1) which failure materially and adversely affects the rights of the Noteholders, and such default shall continue or not be cured, for a period of thirty (30) days after there shall have been given, by
registered or certified mail, to the Issuing Entity and the Depositor (or the Servicer, as applicable) by the Indenture Trustee or to the Issuing Entity and the Depositor (or the Servicer, as applicable) and the Indenture Trustee by the Holders of
at least 25% of the Outstanding Amount of the Controlling Class, a written notice specifying such default, demanding that it be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(e) 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 Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,

  
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sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, 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 
 (f) the
commencement by the Issuing Entity of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for relief in an
involuntary case under any such law, or the consent by the Issuing Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial
part of the Trust Estate, 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. 
 The Issuing Entity 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 under Section 5.1(d), its status
and what action the Issuing Entity 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, then and in every such
case, unless the principal amount of the Notes shall have already become due and payable, either the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class may declare all
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 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) At any time after such declaration of acceleration of maturity of the Notes has been made and before a judgment or decree for payment of the money due thereunder has been obtained by the Indenture
Trustee as hereinafter provided in this Article V, the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class, by written notice to the Issuing Entity and the Indenture Trustee, may waive all Defaults set
forth in the notice delivered pursuant to Section 5.2(a), and rescind and annul such declaration 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 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, and may enforce the same against the Issuing Entity or other obligor upon such Notes
and may collect in the manner provided by law out of the property of the Issuing Entity or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable. 

(c) If an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.4,
in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by applicable
law. 
 (d) If there shall be pending, relative to the Issuing Entity or any other obligor upon the Notes or any Person having
or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or 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 or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to
the Issuing Entity or other obligor upon the Notes, or to the creditors or property of the Issuing Entity 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 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 

  
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and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor trustee, except as a result of negligence or bad faith) 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, its creditors and its property; 

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to
make payments to the Indenture Trustee for application in accordance with the priorities set forth in the Basic 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 or bad faith. 
 (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 expenses, disbursements and compensation of the Indenture Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the benefit of the Secured Parties
in accordance with the priorities set forth in the Basic Documents. 
 (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. 

  
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 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 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 Trust Estate; 
 (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; and

 (iv) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales
called and conducted in any manner permitted by law or elect to have the Issuing Entity maintain possession of the Receivables and continue to apply collections on such Receivables as if there had been no declaration of acceleration;
provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate 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), 5.1(b) or 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 Trust Estate 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 Controlling Class and (ii) ten (10) days’ prior written notice of sale or liquidation has been given to the Rating Agencies
by the Depositor, provided, however, that the Depositor shall have received such notice from the Indenture Trustee at least two 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 Trust Estate for such purpose; 
 provided, however, that prior to the exercise of the right to sell all or any
portion of the Trust Estate as provided herein, the Indenture Trustee shall provide a notice in writing to the Issuing Entity (with a copy to the Depositor and the Owner Trustee) (the “Event of Default Sale Notice”) of its intention
to sell all or any portion of the Trust Estate (the part to be sold being the “Subject Estate”), and if the Subject Estate is less than all of the Trust Estate, the portion of the Trust Estate to be sold. The Indenture Trustee shall
not consummate any sale until at least seven 

  
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Business Days after the Event of Default Sale Notice has been given to the Issuing Entity (with a copy to the Depositor). 
 (b) If the Indenture Trustee collects any money or property pursuant to this Article V, it shall pay out the money or property in the following order: 

FIRST: to the Indenture Trustee for amounts due under Section 6.7 and then to the Owner Trustee for amounts
due to the Owner Trustee (not including amounts due for payments to the Certificateholders) under the Trust Agreement or the Trust Sale and Servicing Agreement; and 

SECOND: to the Collection Account, for distribution pursuant to Sections 8.01(b) and 8.01(e) of the Trust Sale and
Servicing Agreement. 
 SECTION 5.5 Optional Preservation of the Receivables. 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 Trust Estate. It is the desire of the parties hereto and the Secured Parties that there be at all times sufficient funds for the payment of the Secured Obligations to the Secured Parties and the Indenture Trustee
shall take such desire into account when determining whether or not to take and maintain possession of the Trust Estate. In determining whether to take and maintain possession of the Trust Estate, 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 Trust Estate 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; 
 (c)
such Holder or Holders have offered to the Indenture Trustee reasonable indemnity 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 

  
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 (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 in its sole discretion may determine
what action, if any, shall be taken, 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 (or, in the case of redemption, if applicable, on or after the Redemption Date) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such Holder. 
 SECTION 5.8 Restoration of Rights and
Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the
Indenture Trustee or to such Noteholder, then and in every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally to their respective former positions
hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 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

  
 31 

 
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 a majority of the Outstanding Amount of the Controlling Class shall, subject
to provision being made for indemnification against costs, expenses and liabilities in a form satisfactory to the Indenture Trustee, 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 Trust Estate 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 Trust Estate 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
Trust Estate 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 or 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 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. In the case of any such waiver, the Issuing Entity, 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. 
 (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

  
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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. The
Issuing Entity 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. The Issuing Entity (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 by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuing Entity. Any money or property
collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 
 SECTION 5.16
Performance and Enforcement of Certain Obligations. 
 (a) Promptly following a request from the Indenture Trustee to do
so and at the Administrator’s expense, the Issuing Entity agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor and the Servicer of their respective
obligations to the Issuing Entity under or in 

  
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connection with the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement or by the Seller of its obligations under or in connection with the Pooling and Servicing Agreement
in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with the Trust Sale and Servicing Agreement and the Pooling and Servicing
Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the 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 Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement, as applicable. 

(b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which
direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66- 2/3% of the Outstanding Amount of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuing Entity against the Depositor or the Servicer
under or in connection with the Trust Sale and Servicing Agreement or the Pooling and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor or the Servicer of each of
their obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Trust Sale and Servicing Agreement, and any right of the Issuing Entity to take such action shall be
suspended. 
 (c) If an Event of Default has occurred and is continuing, the Indenture Trustee may,
and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66- 2/3% of the Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Depositor against each of the Seller and
the Servicer under or in connection with the Pooling and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by each of the Seller and the Servicer of its obligations to the Depositor
thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Pooling and Servicing Agreement, and any right of the Depositor to take such action shall be suspended. 

ARTICLE VI 

THE INDENTURE TRUSTEE 
 SECTION 6.1 Duties of Indenture Trustee. 
 (a) If an Event of Default has
occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the
Trust Sale and Servicing 

  
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Agreement and no implied covenants or obligations shall be read into this Indenture, the Trust Sale and Servicing Agreement or any other Basic 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; 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, 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 Basic Document. 
 (d) The Indenture Trustee shall not be liable for interest on any money received by it except 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 or the Trust Sale and Servicing Agreement or the Trust Agreement. 
 (f) No provision of this Indenture
or any other Basic Document 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 Basic Document relating to the Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA.

 (h) The Indenture Trustee shall have no liability or responsibility for the acts or omissions of any other party to any of
the Basic Documents. 
 (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. 
 (j) If and for so long as Certificates representing in the
aggregate a 100% beneficial interest in the Trust are held by the Depositor, the Indenture Trustee shall make 

  
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distributions to the Depositor, rather than the Certificate Distribution Account, under the circumstances described in Section 5.2 of the Trust Agreement. 

SECTION 6.2 Rights of Indenture Trustee. 
 (a) The Indenture Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter
stated in the document. 
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s
Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due
care by it hereunder. 
 (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, 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, request direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Indenture Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
 (h) The Indenture Trustee shall not be deemed to have notice of any Default, Event of Default or Servicer Default unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or
unless written notice of any event which is in fact such a default is received by the Indenture Trustee at the Corporate Trust Office of the Indenture Trustee, and such notice references the Securities and this Indenture. 

  
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 (i) 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, the Indenture Trustee 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 Basic Documents. 
 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 Basic Document, including this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from the Notes, and it shall not be responsible for any
statement of the Issuing Entity 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 Defaults. If a Default occurs and is continuing and if it is known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within the later of (a) ninety (90) days after it occurs or (b) ten (10) days after it is known to a Responsible Officer of the Indenture Trustee.
Except in the case of a 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. 

(a) 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. 
 (b) The Indenture Trustee shall: 
 (i) deliver to the Depositor, the Owner
Trustee and the Servicer a report of its assessment of compliance with the Servicing Criteria set forth in Exhibit D, 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 Owner Trustee 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 

  
 37 

 
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 E 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. 

(c) The reports referred to in Section 6.6(b) 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, 2011 (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, 2012. 
 SECTION 6.7 Compensation; Indemnity. 
 (a) The Issuing Entity shall cause
the Servicer pursuant to Section 3.09 of the Pooling and Servicing Agreement to 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 cause the Servicer pursuant to Section 3.09 of the Pooling and Servicing Agreement to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred
or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, external
counsel, accountants and experts. The Issuing Entity shall cause the Servicer to indemnify the Indenture Trustee in accordance with Section 6.01 of the Trust Sale and Servicing Agreement. 

(b) The Issuing Entity’s obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the discharge
of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(e) or 5.1(f) with respect to the Issuing Entity, 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 

  
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Holders of a majority in Outstanding Amount of the Controlling Class may remove the Indenture Trustee by so notifying the Indenture Trustee 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; 
 (ii)
the Indenture Trustee is adjudged bankrupt or insolvent; 
 (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 to the Issuing Entity. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture.
The successor Indenture Trustee shall mail a notice of its succession to 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) 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. 
 (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. 
 (f) Notwithstanding the replacement of the Indenture Trustee pursuant to this Section 6.8, the Issuing Entity’s obligations under Section 6.7 and the Servicer’s
corresponding obligations under the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement shall continue for the benefit of the retiring 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

  
 39 

 
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. 

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 Trust Estate 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 Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Secured Parties (only to the extent expressly provided herein), such
title to the Trust Estate, 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 trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under
Section 6.8. 
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and
act subject to the following provisions and conditions: 
 (i) 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 Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or
co-trustee, but solely at the direction of the Indenture Trustee; 
 (ii) no trustee hereunder shall be personally liable by
reason of any act or omission of any other trustee hereunder; and 

  
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 (iii) the Indenture Trustee may at any time accept the resignation of or remove any
separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article
VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be
provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such
instrument shall be filed with the Indenture Trustee. 
 (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 Standard &
Poor’s Ratings Services) it shall have a long term unsecured debt rating that falls within an investment grade category by Standard & Poor’s Ratings Services. The Indenture Trustee shall comply with TIA § 310(b);
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 the Issuing Entity. The Indenture
Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A 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 New York banking corporation 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; 

  
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 (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 Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation,
default or Lien could reasonably be expected to have a materially adverse effect on the Indenture Trustee’s performance or ability to perform its duties under this Indenture or on the transactions contemplated in this Indenture; 

(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, in its
discretion 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 Proceeding 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 advised by counsel, 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 being advised by 

  
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counsel 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. 
 ARTICLE VII 
 NOTEHOLDERS’ LISTS AND REPORTS 

SECTION 7.1 Issuing Entity To Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuing Entity shall furnish or
cause to be furnished by the Servicer to the Indenture Trustee (a) not more than five (5) days before each Distribution Date a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of
Notes as of the close of business on the related Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within fourteen (14) 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) days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar, 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. 
 (a) The Issuing Entity shall: 
 (i) file with the Indenture Trustee, within
fifteen (15) 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 

  
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information, documents and reports with respect to compliance by the Issuing Entity 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 otherwise determines, the fiscal
year of the Issuing Entity shall end on December 31 of such year. 
 SECTION 7.4 Reports by Trustee 

(a) If required by TIA § 313(a), within sixty (60) days after each April 15, beginning with April 15, 2011, the
Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b). A copy of any
report delivered pursuant to this Section 7.4(a) shall, at the time of its mailing to Noteholders, be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing Entity
shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 
 (b) On each Distribution Date the
Indenture Trustee shall include with each payment to each Noteholder a copy of the statement for the related Monthly Period or Periods applicable to such Distribution Date as required pursuant to Section 4.09 of the Trust Sale and Servicing
Agreement. 
 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 and the Trust Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as
otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to
enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V. 
 SECTION 8.2 Designated Accounts; Payments. 

  
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 (a) On or prior to the Closing Date, the Issuing Entity shall cause the Servicer to
establish and maintain, in the name of the Indenture Trustee for the benefit of the Financial Parties (and with respect to the Reserve Account, for the benefit of the Servicer) the Designated Accounts as provided in Articles IV and V of the Trust
Sale and Servicing Agreement. 
 (b) On or before each Distribution Date, (i) amounts shall be deposited in the Collection
Account as provided in Section 4.06 of the Trust Sale and Servicing Agreement and (ii) the Aggregate Noteholders’ Interest Distributable Amount and the Aggregate Noteholders’ Principal Distributable Amount shall be transferred
from the Collection Account to the Note Distribution Account as and to the extent provided in Section 4.06 of the Trust Sale and Servicing Agreement. 
 (c) On each Distribution Date in accordance with the Servicer’s Accounting, the Indenture Trustee shall notify the Account Holder to apply and, as required, distribute to the Noteholders all amounts
on deposit in the Note Distribution Account (subject to the Servicer’s rights under Section 5.03 of the Trust Sale and Servicing Agreement to Investment Earnings) in the following order of priority and in the amounts determined as
described below: 
 (i) On each Distribution Date, except as otherwise provided in clause (iii) below, 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; 
 (B) the
Aggregate Class B Interest Distributable Amount shall be paid to the holders of the Class B Notes; and 
 (C)
the Aggregate Class C Interest Distributable Amount shall be paid to the holders of the Class C 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) Unless otherwise provided in clause
(iii) below, (A) an amount equal to the Aggregate Noteholders’ Principal Distributable Amount 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; 

  
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 (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; and 
 (6) to the Class C Notes, until the Outstanding Amount of the Class C Notes
is reduced to zero. 
 (iii) If the Notes have been declared immediately due and payable following an Event of Default as
provided in Section 5.2, until such time as all Events of Default have been cured or waived as provided in Section 5.2(b), any amounts deposited in the Note Distribution Account shall be applied in accordance with
Section 2.7(c). 
 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 and reinvested by the Indenture Trustee upon Issuing Entity Order, subject to the provisions of Section 5.01(b) of the Trust Sale and Servicing Agreement. The Issuing Entity 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, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuing Entity shall
deliver to the Indenture Trustee an Opinion of Counsel acceptable to the Indenture Trustee, to such effect. 
 (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 Trust Estate are being applied in accordance with Section 5.5 as if there had not been such a declaration; then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Designated Accounts in
one or more Eligible Investments selected by the Indenture Trustee or alternatively, in accordance with the last instructions received by the Indenture Trustee. 

  
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 SECTION 8.4 Release of Trust Estate. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by
the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are consistent with the provisions
of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any monies. 
 (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes and the other Secured Obligations from the Lien of this Indenture and
release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Designated Accounts. 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 and an Officer’s Certificate, an Opinion of Counsel meeting the applicable requirements of Section 11.1 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. 
 SECTION 8.5
Opinion of Counsel. The Indenture Trustee shall receive at least seven (7) days’ notice when requested by the Issuing Entity 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 Trust Estate. Counsel rendering any such opinion may
rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

ARTICLE IX 

SUPPLEMENTAL INDENTURES 
 SECTION 9.1 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 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), in form satisfactory to the Indenture Trustee, for any of the following
purposes: 

  
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 (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, or to subject to additional property to the Lien of this Indenture; 

(ii) to evidence the succession, in compliance with Section 3.10 and the applicable provisions hereof, of another Person to
the Issuing Entity, and the assumption by any such successor of the covenants of the Issuing Entity contained herein and in the Notes contained; 
 (iii) to add to the covenants of the Issuing Entity, 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 supplemental indenture which may be inconsistent with
any other provision herein or in any supplemental indenture or in any other Basic Document; 
 (vi) 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;or 

(vii) 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. 

(b) The Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, may, also without the consent of any of the
Noteholders but with prior 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. 

  
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 SECTION 9.2 Supplemental Indentures With Consent of Noteholders. 

(a) The Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, also may, with prior 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 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 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”; 

(iv) reduce the percentage of the Outstanding Amount of the Notes required to direct the Indenture Trustee to sell or liquidate the Trust
Estate 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 Basic 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 modify or alter the
provisions of the Indenture regarding the voting of Notes held by the Issuing Entity, the Depositor or any Affiliate of either of them; 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 Trust Estate or, except as otherwise permitted or contemplated herein,
terminate the Lien of this Indenture on any property at any 

  
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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 in its discretion determine 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. The
Indenture Trustee shall not be liable for any such determination made in good faith. 
 (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 mail to the Noteholders to which such amendment or supplemental indenture relates a notice
setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture. 
 SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created
by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall be
fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. 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 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 Conformity with the 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 TIA as then in effect so long as this Indenture shall then be qualified under the TIA. 

SECTION 9.6 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 

  
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by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuing Entity 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. 
 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 (or the Holder of all the Certificates that is not the Depositor or any Affiliate thereof) of its option to purchase the Receivables pursuant to Section 8.01 of the
Trust Sale and 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. The Servicer or 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 twenty-five (25) days prior to the Redemption Date and the Indenture Trustee (based on such notice) shall withdraw
from the Collection Account and deposit into the Note Distribution Account, on the Redemption Date, the aggregate Redemption Price of the Notes, whereupon all such Notes shall be due and payable on the Redemption Date. 

SECTION 10.2 Form of Redemption Notice. Notice of redemption of the Notes under Section 10.1 shall be given by the
Indenture Trustee by first-class mail, postage prepaid, mailed not less than five (5) days prior to the applicable Redemption Date to each Noteholder of record at such Noteholder’s address appearing in the Note Register. 

(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 Agency Office 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 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 

  
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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 to the Indenture Trustee to take any action under any provision of this Indenture, the Issuing Entity shall 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 with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
 (i) a
statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(iii) a statement that, in the judgment of each such signatory, such signatory has made such examination or investigation as is
necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 
 (b) (i) Prior to the deposit with the Indenture Trustee of any Collateral or other property or securities that is to be made the basis for the release of any property or securities subject to the Lien of
this Indenture, the Issuing Entity shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each
Person signing such certificate as to the fair value (within ninety (90) 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

  
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the 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 Warranty Receivables, Administrative Receivables or Liquidating 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) days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not impair the security under this
Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuing Entity is required to furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in clause (b)(iii) above, the Issuing Entity shall also furnish to the Indenture Trustee an Independent
Certificate as to the same matters if the fair value of the property or securities and of all other property, other than Warranty Receivables, Administrative Receivables and Liquidating Receivables or Receivables valued at their Receivables
Principal Balance, 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 may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic 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 Basic 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. 

  
 53 

 (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 Depositor, the Issuing Entity or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Depositor, the Issuing Entity or the
Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

(c) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 (d)
Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of
the Issuing Entity’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and
opinions stated in such document shall in such case be conditions precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to
affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 SECTION 11.3 Acts of Noteholders. 
 (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders or a class of Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby
expressly required, to the Issuing Entity. 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 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. 

  
 54 

 (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 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, 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 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, or 
 (b) 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 Appendix B to the Trust Sale and Servicing Agreement. 
 The Issuing Entity 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. 

(c) 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 Appendix B to the Trust Sale and Servicing Agreement. 
 SECTION 11.5 Notices to
Noteholders; Waiver. 
 (a) Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Person’s address as it appears on the Note Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. If notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder
shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of whether such notice is in fact actually
received. 
 (b) Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person
entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such a waiver. 

  
 55 

 (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. 

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 the Trust Indenture Act. 

(a) If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this
Indenture by any of the provisions of the TIA, such required provision shall control. 
 (b) 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 shall bind its successors
and assigns, whether so expressed or not. 
 (b) All covenants and agreements of the Indenture Trustee in this Indenture shall
bind its successors and assigns, whether so expressed or not. 
 SECTION 11.10 Severability. In case any provision in
this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions 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, 

  
 56 

 
any other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this
Indenture. 
 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 no
interest shall accrue for the period from and after any such nominal date. 
 SECTION 11.13 Governing Law. 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. 
 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. 

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 (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

SECTION 11.16 No Recourse. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing
Entity, 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 or the Owner Trustee in its individual capacity; 

(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 in its
individual capacity, the Depositor or any other holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity
(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 capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

  
 57 

 
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. 
 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 with respect to the Issuing Entity pursuant to Section 4.1, 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 its property, 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. 
 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 (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 Indemnification by and Reimbursement of Servicer. The Indenture Trustee acknowledges and agrees to reimburse
(i) the Servicer and its directors, officers, employees and agents in accordance with Section 6.03(b) of the Trust Sale and Servicing Agreement and (ii) the Depositor and its directors, officers, employees and agents in accordance
with Section 3.04 of the Trust Sale and Servicing Agreement. The Indenture Trustee further acknowledges and accepts the conditions and limitations with respect to the Servicer’s obligation to indemnify, defend and hold the Indenture
Trustee harmless as set forth in Section 6.01(a)(iv) of the Trust Sale and Servicing Agreement. 
 SECTION 11.20
Subordination. Each Note represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner 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 Basic Documents. Except as expressly provided in the Basic 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 or any Affiliate for any deficiency, loss
or claim therefrom. In the event that any of the covenants above of each 

  
 58 

 
Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a
result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is,
subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set
forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 SECTION 11.21 Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations. In order to comply with laws, rules and regulations applicable to banking institutions, including
those relating to the funding of terrorist activities and money laundering, the Indenture Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the
Indenture Trustee. Accordingly, the Issuing Entity agrees to provide, and agrees to cause the Administrator and the Servicer to provide, to the Indenture Trustee upon its request from time to time such identifying information and documentation as
may be reasonably available to such party without undue expense in order to enable the Indenture Trustee to comply with applicable law. 
 *    *    *    *    * 

  
 59 

 IN WITNESS WHEREOF, the Issuing Entity 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. 
  

			
	ALLY AUTO RECEIVABLES TRUST 2010-5
		
	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
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 /s/    MICHELE H. Y. VOON

	Name:	 	Michele H.Y. Voon
	Title:	 	Attorney-in-fact
		
	By:	 	 /s/    DORIT
RITTER-HADDAD

	Name:	 	Dorit Ritter-Haddad
	Title:	 	Attorney-in-fact

 EXHIBIT A 
 LOCATIONS OF SCHEDULE OF RECEIVABLES 
 The Schedule of Receivables is on file at
the offices of: 
  

	1.	The Indenture Trustee 

  

	2.	The Owner Trustee 

  

	3.	The Servicer 

  

	4.	The Seller 

  

	5.	The Depositor 

  
 Ex. A

 EXHIBIT B 
 NOTE DEPOSITORY AGREEMENT FOR THE NOTES 
 (On File) 

  
 Ex. B

 EXHIBIT C-1 
 FORM OF CLASS A-1 FIXED RATE ASSET BACKED NOTES 
  

			
	REGISTERED	  	$173,510,000

 NO. R- 

SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 
 THIS RULE 144A GLOBAL CLASS A-1 NOTE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. 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 A-1 NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS RULE 144A GLOBAL CLASS A-1 NOTE (OR SUCH INTEREST) 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 U.S. SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL CLASS A-1 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 A-1 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 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, OR (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE
TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR,
AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE
INDENTURE 

  
 Ex. C-1-1

 
TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT. 
 EACH HOLDER OF A CLASS A-1 NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE 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” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY
SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE 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
SUBSTANTIALLY SIMILAR APPLICABLE LAW. 
 EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE
CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE
CLASS A-1 NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN 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 OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE
ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE 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 A-1 NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN
A CLASS A-1 NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH CLASS A-1 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 

  
 Ex. C-1-2

 
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 A-1 NOTEHOLDER BY
ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER,
THE ADMINISTRATOR, THE OWNER 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 BASIC
DOCUMENTS. EACH CLASS A-1 NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE BASIC DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO
CLAIM AGAINST ANY OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH NOTEHOLDER IS
PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH CLASS A-1 NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A CLASS A-1 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 A-1 NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL
RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE
(I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 
 EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 NOTE, EXPRESSES ITS INTENTION THAT THIS CLASS A-1 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 A-1 NOTES AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE PURPOSE OF FEDERAL
INCOME TAXES, 

  
 Ex. C-1-3

 
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. 

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. 
 ALLY AUTO RECEIVABLES TRUST 2010-5 

CLASS A-1 0.31469% ASSET BACKED NOTES 
 ALLY AUTO RECEIVABLES TRUST 2010-5, 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 Ally Auto Assets LLC the principal sum of ONE HUNDRED SEVENTY-THREE MILLION FIVE HUNDRED TEN THOUSAND DOLLARS ($173,510,000) or such lesser outstanding amount as may be payable in accordance with the Indenture (as defined
on the reverse side of this Note), 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 such Class A-1 Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of principal on the Class A-1 Notes 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 December 15, 2011 (the “Final Scheduled Distribution
Date”) unless the 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. The Issuing Entity shall pay interest on this Class A-1
Note at the rate per annum shown above on each Distribution Date until the principal of this Class A-1 Note is paid or made available for payment on the principal amount of this Class A-1 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 the Class A-1 Notes will accrue from and
including the Closing Date and will be payable on each Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the Class A-1 Notes. Interest will be computed on the basis of actual
number of days elapsed from and including the prior Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding the current Distribution Date and a 360-day year. Such principal of and
interest on this Class A-1 Note shall be paid in the manner specified on the reverse hereof. All interest payments on each 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 Class A-1 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 Class A-1 Note shall be applied first to interest due and payable on this
Class A-1 Note as provided above and then to the unpaid principal of this Class A-1 Note. 

  
 Ex. C-1-4

 Reference is made to the further provisions of this Class A-1 Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this Class A-1 Note. 
 Unless
the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Class A-1 Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or
be valid or obligatory for any purpose. 

  
 Ex. C-1-5

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer. 
 Dated: December 10, 2010 

 

			
	ALLY AUTO RECEIVABLES TRUST 2010-5
		
	By: 	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By: 	 	  

	Name:	 	
	Title:	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee
		
	By: 	 	  

	Name:	 	
	Title:	 	

  
 Ex. C-1-6

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class A-1 0.31469% Asset Backed Notes
(herein called the “Class A-1 Notes”), all issued under an indenture, dated as of December 10, 2010 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and
Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class A-1 Notes are 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 Class A-1 Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class A-1 Note that are defined in the Indenture shall have the meanings
assigned to them in or pursuant to the Indenture. 
 The Class A-1 Notes and all other Notes issued pursuant to the
Indenture are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 
 Each Noteholder or Note Owner of a Class A-1 Note will be deemed to represent and warrant that either (i) it is not acquiring the Note with the assets of (a) an “employee benefit
plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason
of investment by an employee benefit plan or plan in such entity or (d) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code 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 substantially similar applicable law. 

Each Noteholder or Note Owner, by acceptance of a Class A-1 Note or, in the case of a Note Owner, a beneficial interest in a
Class A-1 Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in 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 or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee 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. 

  
 Ex. C-1-7

 Each Noteholder or Note Owner, by acceptance of a Class A-1 Note or, in the case of a
Note Owner, a beneficial interest in a Class A-1 Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the
Indenture with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against
the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or
any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy or insolvency proceeding. 

Each Noteholder by accepting a Class A-1 Note (or any interest therein) acknowledges that such Person’s Class A-1 Note (or
interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner 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 Basic Documents. Each Noteholder by the acceptance of a Class A-1 Note (or beneficial
interest therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Class A-1 Notes, it shall have no claim against any of the Depositor, the Servicer, the
Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise
unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor
other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been
expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and
subject to, Section 510(a) of the Bankruptcy Code. 
 Each Noteholder, by acceptance of a Class A-1 Note or, in the
case of a Note Owner, a beneficial interest in a Class A-1 Note, expresses its intention that this Class A-1 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 A-1 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 or net income. 
 Prior to the due presentment for registration of transfer of this Class A-1 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 Class A-1 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 

  
 Ex. C-1-8

 
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 the Holders of all Class A-1 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 Holder of this Class A-1 Note (or any one of more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Class A-1 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 Class A-1 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 Class A-1 Note includes any successor to the Issuing Entity under the
Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, 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 Class A-1
Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Class A-1 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 Class A-1 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 Basic Documents, neither the Depositor,
the Servicer, the Indenture 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 Class A-1 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 

  
 Ex. C-1-9

 
Holder of this Class A-1 Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing
Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-1 Note. 

  
 Ex. C-1-10

 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:	 	  
	 		 	  
	 	1	 	
						
		 		 		 	Signature Guaranteed:	 		 	
						
		 	  
	 		 	  
	 		 	

  

	1	 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. 

  
 Ex. C-1-11

 EXHIBIT C-2 
 FORM OF CLASS A-2, CLASS A-3 AND CLASS A-4 FIXED RATE ASSET BACKED NOTES 
  

			
	REGISTERED	  	$                    

NO. R- 
 SEE REVERSE FOR CERTAIN
DEFINITIONS 
 CUSIP NO.              

EACH HOLDER OF A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT
ACQUIRING THE NOTE 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” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR
PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE 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 SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE OR, IN THE
CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE
INDENTURE TRUSTEE ON THE [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN 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 OR THE OWNER TRUSTEE IN THEIR
INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY
SUCH PERSON MAY HAVE EXPRESSLY AGREED 

  
 Ex. C-2-1

 
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 A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER OR NOTE
OWNER, BY ITS ACCEPTANCE OF A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH
[CLASS A-2] [CLASS A-3] [CLASS A-4] 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 A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE
ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER 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 BASIC DOCUMENTS. EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS
EXPRESSLY PROVIDED IN THE BASIC DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, 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 A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH [CLASS
A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A [CLASS A-2] [CLASS A-3] [CLASS A-4] 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 A-2] [CLASS A-

  
 Ex. C-2-2

 
3] [CLASS A-4] NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM
RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION
AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 
 EACH [CLASS A-2] [CLASS
A-3] [CLASS A-4] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE, EXPRESSES ITS INTENTION THAT THIS [CLASS
A-2] [CLASS A-3] [CLASS A-4] 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 A-2] [CLASS A-3] [CLASS A-4] 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. 

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. 
 ALLY AUTO RECEIVABLES TRUST 2010-5 
 [CLASS A-2] [CLASS A-3] [CLASS A-4]
            % ASSET BACKED NOTES 
 ALLY AUTO RECEIVABLES
TRUST 2010-5, 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                      DOLLARS
($                    ) or such lesser outstanding amount as may be payable in accordance with the Indenture (as defined on the reverse side
of this Note), 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

  
 Ex. C-2-3

 
aggregate initial principal amount for such [Class A-2] [Class A-3] [Class A-4] Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution
Account in respect of principal on the [Class A-2] [Class A-3] [Class A-4] Notes 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 the 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. 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 the [Class A-2] [Class A-3] [Class A-4] Notes will accrue from and including the Closing Date and will be payable on each Distribution Date
in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the [Class A-2] [Class A-3] [Class A-4] Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in the case of the
initial Distribution Date, a 35 day period). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each 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. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 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 on the reverse hereof or be valid or
obligatory for any purpose. 

  
 Ex. C-2-4

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer. 
 Dated: December 10, 2010 

 

			
	ALLY AUTO RECEIVABLES TRUST 2010-5
		
	By: 	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By: 	 	  

	Name:	 	
	Title:	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee
		
	By: 	 	  

	Name:	 	
	Title:	 	

  
 Ex. C-2-5

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as [Class A-2] [Class A-3] [Class A-4]
            % Asset Backed Notes (herein called the “[Class A-2] [Class A-3] [Class A-4] Notes”), all issued under an indenture, dated as of December 10, 2010
(such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Noteholders. The [Class A-2] [Class A-3] [Class A-4] Notes are 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 [Class A-2] [Class A-3] [Class A-4] Note by virtue of acceptance hereof assents
and by which such Holder is bound. All capitalized terms used and not otherwise defined in this [Class A-2] [Class A-3] [Class A-4] Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.

 The [Class A-2] [Class A-3] [Class A-4] Notes and all other Notes issued pursuant to the Indenture are and will be equally
and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 
 Each Noteholder or Note
Owner of a [Class A-2] [Class A-3] [Class A-4] Note will be deemed to represent and warrant that either (i) it is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA
that is subject to the provisions of Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan
in such entity or (d) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code 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 substantially similar applicable law. 
 Each Noteholder or Note Owner, by acceptance of a [Class A-2] [Class A-3] [Class A-4] Note or, in the case of a Note Owner, a beneficial interest in a [Class A-2] [Class A-3] [Class A-4] Note, covenants
and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in 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 or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor
or assign of the Indenture Trustee 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. 

  
 Ex. C-2-6

 Each Noteholder or Note Owner, by acceptance of a [Class A-2] [Class A-3] [Class A-4] Note
or, in the case of a Note Owner, a beneficial interest in a [Class A-2] [Class A-3] [Class A-4] Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year
and one day after the termination of the Indenture with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Depositor or the Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy or insolvency
proceeding. 
 Each Noteholder by accepting a [Class A-2] [Class A-3] [Class A-4] Note (or any interest therein) acknowledges
that such Person’s [Class A-2] [Class A-3] [Class A-4] Note (or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator,
the Owner 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 Basic Documents. Each
Noteholder by the acceptance of a [Class A-2] [Class A-3] [Class A-4] Note (or beneficial interest therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the [Class A-2]
[Class A-3] [Class A-4] Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the
foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is
deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate
in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding
clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 Each Noteholder, by acceptance of a [Class A-2] [Class A-3] [Class A-4] Note or, in the case of a Note Owner, a beneficial interest in a [Class A-2] [Class A-3] [Class A-4] Note, expresses its intention
that this [Class A-2] [Class A-3] [Class A-4] 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 A-2] [Class A-3] [Class A-4]
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 or net income. 

Prior to the due presentment for registration of transfer of this [Class A-2] [Class A-3] [Class A-4] 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 [Class A-2] [Class A-3] 

  
 Ex. C-2-7

 
[Class A-4] 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 [Class A-2]
[Class A-3] [Class A-4] 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 the Holders of all the [Class A-2] [Class A-3] [Class A-4] 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 Holder of this [Class A-2] [Class A-3] [Class A-4] Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all
future Holders of this [Class A-2] [Class A-3] [Class A-4] 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 [Class A-2]
[Class A-3] [Class A-4] 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 [Class A-2] [Class A-3] [Class A-4] Note includes any successor to the Issuing
Entity under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or
consolidate, 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 [Class A-2] [Class A-3] [Class A-4] Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No
reference herein to the Indenture and no provision of this [Class A-2] [Class A-3] [Class A-4] 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 [Class A-2] [Class A-3] [Class A-4] 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 Basic Documents, neither the Depositor, the Servicer, the Indenture 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 

  
 Ex. C-2-8

 
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 [Class A-2] [Class A-3] [Class A-4] 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 [Class A-2] [Class A-3] [Class A-4] Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this [Class A-2] [Class A-3] [Class A-4] Note. 

  
 Ex. C-2-9

 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:	 	  
	 		 	  
	 	1	 	
						
		 		 		 	Signature Guaranteed:	 		 	
						
		 	  
	 		 	  
	 		 	

  

	1	 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. 

  
 Ex. C-2-10

 EXHIBIT C-3 
 FORM OF CLASS B FIXED RATE ASSET BACKED NOTES 
  

			
	REGISTERED	  	$26,750,000

 NO. R-1 

SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 02005R AD3 
 THIS RULE 144A GLOBAL CLASS B NOTE HAS NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. 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 B NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS RULE 144A GLOBAL CLASS B 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 U.S. SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL CLASS B 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 B 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, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE U.S. SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS
SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE
OF THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE 

  
 Ex. C-3-1

 
INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT. 

EACH HOLDER OF A CLASS B NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE 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”
SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR
(D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE 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 SUBSTANTIALLY SIMILAR APPLICABLE LAW. 
 EACH CLASS B NOTEHOLDER
OR NOTE OWNER, BY ACCEPTANCE OF A CLASS B NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS B NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING
ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE CLASS B NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN 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 OR THE OWNER TRUSTEE IN THEIR
INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE 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 B NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS B NOTE OR, IN
THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS B NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH CLASS B 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 

  
 Ex. C-3-2

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

EACH CLASS B NOTEHOLDER OR NOTE OWNER (EXCEPT A CLASS B NOTEHOLDER WHICH IS CONSIDERED FOR FEDERAL INCOME TAX PURPOSES THE ISSUER OF THE
CLASS B NOTE (OR IS DISREGARDED AS AN ENTITY SEPARATE FROM SUCH ISSUER)), BY ACCEPTANCE OF A CLASS B NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS B NOTE, EXPRESSES ITS INTENTION THAT THIS CLASS B NOTE QUALIFIES UNDER
APPLICABLE TAX LAW 

  
 Ex. C-3-3

 
AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS B 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. 
 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. 
 ALLY AUTO RECEIVABLES TRUST 2010-5 

CLASS B 2.45% ASSET BACKED NOTES 
 ALLY AUTO RECEIVABLES TRUST 2010-5, 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 TWENTY-SIX MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($26,750,000) or such lesser outstanding amount as may be payable in accordance with the Indenture (as
defined on the reverse side of this Note), 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 such Class B Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of principal on the Class B Notes 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 June 15, 2016 (the “Final Scheduled Distribution Date”) unless the
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. 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 the Class B Notes will accrue from and including the Closing Date and will be payable on each Distribution Date in an
amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the Class B Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in the case

  
 Ex. C-3-4

 
of the initial Distribution Date, a 35 day period). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each 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. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

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 on the reverse hereof or be valid or obligatory for any purpose. 

  
 Ex. C-3-5

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer. 
 Dated: December 10, 2010 

 

			
	ALLY AUTO RECEIVABLES TRUST 2010-5
		
	By:	 	 BNY MELLON TRUST OF DELAWARE,
 not in its individual capacity but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 not in its individual capacity but solely as Indenture Trustee 

		
	By: 	 	  

	Name:	 	
	Title:	 	

  
 Ex. C-3-6

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as Class B 2.45% Asset Backed Notes (herein called
the “Class B Notes”), all issued under an indenture, dated as of December 10, 2010 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and Deutsche Bank
Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class B Notes are 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 Class B Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class B Note that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture. 
 The Class B Notes and all other Notes issued pursuant to the Indenture are and will be equally and
ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 
 Each Noteholder or Note Owner of
a Class B Note will be deemed to represent and warrant that either (i) it is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of
Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) any other
plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code 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 substantially similar applicable law. 
 Each Noteholder or Note
Owner, by acceptance of a Class B Note or, in the case of a Note Owner, a beneficial interest in a Class B Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the
Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in 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 or the Owner Trustee in their individual
capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee 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. 

  
 Ex. C-3-7

 Each Noteholder or Note Owner, by acceptance of a Class B Note or, in the case of a Note
Owner, a beneficial interest in a Class B Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the Indenture with
respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor
or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any
substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy or insolvency proceeding. 

Each Noteholder by accepting a Class B Note (or any interest therein) acknowledges that such Person’s Class B Note (or interest
therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner 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 Basic Documents. Each Noteholder by the acceptance of a Class B Note (or beneficial interest
therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Class B Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such
Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity,
each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to
the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of
the Bankruptcy Code. 
 Except a Noteholder which is considered for federal income tax purposes the issuer of the Class B Note
(or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of a Class B Note or, in the case of a Note Owner, a beneficial interest in a Class B Note, expresses its intention that this Class B 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 B 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 or net income. 
 Prior
to the due presentment for registration of transfer of this Class B 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 Class B 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 

  
 Ex. C-3-8

 
purposes, whether or not this Class B 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 the Holders of all the Class B 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 Holder of this Class B Note (or any one of more Predecessor Notes) shall be conclusive and binding upon
such Holder and upon all future Holders of this Class B 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 Class B 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 Class B Note includes any successor to the Issuing Entity under the Indenture. 

The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, 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 Class B Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in
accordance with such laws. 
 No reference herein to the Indenture and no provision of this Class B 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 Class B 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 Basic Documents, neither the Depositor, the
Servicer, the Indenture 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 Class B 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

  
 Ex. C-3-9

 
Holder of this Class B Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall
have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class B Note. 

  
 Ex. C-3-10

 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:	 	  
	 		 	 1
	 	
					
		 		 		 	Signature Guaranteed:	 	
					
		 	  
	 		 	  
	 	

  

	1	 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. 

	

  
 Ex. C-3-11

 EXHIBIT C-4 
 FORM OF CLASS C FIXED RATE ASSET BACKED NOTES 
  

			
	REGISTERED	  	$27,730,000

 NO. R-1 

SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 02005R AE1 
 THIS RULE 144A GLOBAL CLASS C NOTE HAS NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. 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 C NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS RULE 144A GLOBAL CLASS C 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 U.S. SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL CLASS C 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 C 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, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE U.S. SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS
SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE
OF THE 

  
 Ex. C-4-1

 
DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE
THE U.S. SECURITIES ACT. 
 EACH HOLDER OF A CLASS C NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT
ACQUIRING THE NOTE 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” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR
PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE 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 SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH CLASS C NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS
C NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE CLASS C NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR
OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN 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 OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE OR
OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE 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 C NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS C NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF
THE INDENTURE SUCH CLASS C 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 

  
 Ex. C-4-2

 
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 C NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE
(OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER 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 BASIC DOCUMENTS. EACH CLASS C NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR BENEFICIAL INTEREST
THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE BASIC DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE,
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 C NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH CLASS C
NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A CLASS C 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 C NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY
GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO,
SECTION 510(A) OF THE BANKRUPTCY CODE. 
 EACH CLASS C NOTEHOLDER OR NOTE OWNER (EXCEPT A CLASS C NOTEHOLDER WHICH IS
CONSIDERED FOR FEDERAL INCOME TAX PURPOSES THE ISSUER OF THE CLASS C NOTE (OR IS DISREGARDED AS AN ENTITY SEPARATE FROM SUCH ISSUER)), BY ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS C NOTE,
EXPRESSES ITS 

  
 Ex. C-4-3

 
INTENTION THAT THIS CLASS C 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 C 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.

 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. 
 ALLY AUTO RECEIVABLES TRUST 2010-5 
 CLASS C 2.90% ASSET BACKED NOTES 

ALLY AUTO RECEIVABLES TRUST 2010-5, 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 TWENTY-SEVEN MILLION SEVEN HUNDRED THIRTY THOUSAND DOLLARS ($27,730,000) or such lesser
outstanding amount as may be payable in accordance with the Indenture (as defined on the reverse side of this Note), 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 such Class C Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in
respect of principal on the Class C Notes 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 May 15,
2017 (the “Final Scheduled Distribution Date”) unless the 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. 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 the Class C Notes will accrue from and
including the Closing Date and will be payable on each Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the 

  
 Ex. C-4-4

 
Class C Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in the case of the initial Distribution Date, a 35 day period). Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each 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. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the
same effect as though fully set forth on the face of this Note. 
 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 on the reverse hereof or be valid or obligatory for any purpose. 

  
 Ex. C-4-5

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer. 
 Dated: December 10, 2010 

 

			
	ALLY AUTO RECEIVABLES TRUST 2010-5
		
	By: 	 	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity but solely as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 not in its individual capacity but solely as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. C-4-6

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as Class C 2.90% Asset Backed Notes (herein called
the “Class C Notes”), all issued under an indenture, dated as of December 10, 2010 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and Deutsche Bank
Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class C Notes are 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 Class C Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class C Note that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture. 
 The Class C Notes and all other Notes issued pursuant to the Indenture are and will be equally and
ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 
 Each Noteholder or Note Owner of
a Class C Note will be deemed to represent and warrant that either (i) it is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of
Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) any other
plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code 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 substantially similar applicable law. 
 Each Noteholder or Note
Owner, by acceptance of a Class C Note or, in the case of a Note Owner, a beneficial interest in a Class C Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the
Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in 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 or the Owner Trustee in their individual
capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee 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. 

  
 Ex. C-4-7

 Each Noteholder or Note Owner, by acceptance of a Class C Note or, in the case of a Note
Owner, a beneficial interest in a Class C Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the Indenture with
respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor
or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any
substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy or insolvency proceeding. 

Each Noteholder by accepting a Class C Note (or any interest therein) acknowledges that such Person’s Class C Note (or interest
therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner 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 Basic Documents. Each Noteholder by the acceptance of a Class C Note (or beneficial interest
therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Class C Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such
Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity,
each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to
the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of
the Bankruptcy Code. 
 Except a Noteholder which is considered for federal income tax purposes the issuer of the Class C Note
(or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of a Class C Note or, in the case of a Note Owner, a beneficial interest in a Class C Note, expresses its intention that this Class C 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 C 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 or net income. 
 Prior
to the due presentment for registration of transfer of this Class C 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 Class C 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 

  
 Ex. C-4-8

 
purposes, whether or not this Class C 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 the Holders of all the Class C 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 Holder of this Class C Note (or any one of more Predecessor Notes) shall be conclusive and binding upon
such Holder and upon all future Holders of this Class C 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 Class C 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 Class C Note includes any successor to the Issuing Entity under the Indenture. 

The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, 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 Class C Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in
accordance with such laws. 
 No reference herein to the Indenture and no provision of this Class C 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 Class C 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 Basic Documents, neither the Depositor, the
Servicer, the Indenture 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 Class C 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

  
 Ex. C-4-9

 
Holder of this Class C Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall
have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class C Note. 

  
 Ex. C-4-10

 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:	 	  
	 		 	  
	 	1	 	
						
		 		 		 	Signature Guaranteed:	 		 	
						
		 	  
	 		 	  
	 		 	

  

	1	 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. 

  
 Ex. C-4-11

 EXHIBIT D 
 SERVICING CRITERIA TO BE ADDRESSED IN 
 INDENTURE TRUSTEE’S
ASSESSMENT OF COMPLIANCE 
 The assessment of compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria
identified as below as “Applicable Servicing Criteria”: 
  

					
	 Servicing
Criteria
	  	
Applicable Servicing
 Criteria

			
	 Reference
	  	 Criteria
	  	 
			
		  	General Servicing Considerations	  	
			
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	
			
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with
such servicing activities.	  	
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage
required by and otherwise in accordance with the terms of the transaction agreements.	  	
			
		  	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such
other number of days specified in the transaction agreements.	  	
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	ü
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as
specified in the transaction agreements.	  	
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect
to commingling of cash) as set forth in the transaction agreements.(1)	  	ü
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally
insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. (1)	  	ü
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	

  

	(1)	 To extent such accounts relate to accounts maintained at the Indenture Trustee. 

  
 Ex. D-1

  

					
	 Servicing
Criteria
	  	
Applicable Servicing
 Criteria

			
	 Reference
	  	 Criteria
	  	 
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These
reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the
person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	  	
			
		  	Investor Remittances and Reporting	  	
			
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.
Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed
with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	  	
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. 1	  	ü
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction
agreements.	  	ü
			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	ü
			
		  	Pool Asset Administration	  	
			
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  	
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  	
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction
agreements.	  	
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than
two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	
			
	1122(d)(4)(v)	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in
accordance with the transaction agreements and related pool asset documents.	  	
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated,
conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	  	

  

	1	 In accordance with the Servicer’s Accounting as set forth in the Basic Documents, as applicable. 

  
 Ex. D-2

  

					
	 Servicing
Criteria
	  	
Applicable Servicing
 Criteria

			
	 Reference
	  	 Criteria
	  	 
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on
at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in
cases where delinquency is deemed temporary (e.g., illness or unemployment).	  	
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	  	
			
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an
annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor
within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or
notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the
late payment was due to the obligor’s error or omission.	  	
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in
the transaction agreements.	  	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction
agreements.	  	

  
 Ex. D-3

 EXHIBIT E 
 FORM OF CERTIFICATION 
 Re: the
                                         
                                         
       dated as of             , 20     (the “Agreement”), among  
                                         
                                         
                                      . 

I,
                                         
                       , the
                                         
                        of Deutsche Bank Trust Company Americas (the “Company”), certify to Ally Auto Assets LLC
(the “Depositor”), and its officers, with the knowledge and intent that they will rely upon this certification, that: 
 (1) I have reviewed the report on assessment of the Company’s compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) and Item 1122 of Regulation AB (the “Report on Assessment”), and the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the
Exchange Act and Section 1122(b) of Regulation AB that were delivered by the Company to the Depositor pursuant to the Agreement (collectively, the “Company Information”); 

(2) To the best of my knowledge, the Report on Assessment, taken as a whole, does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Report on Assessment; and 

(3) To the best of my knowledge, all of the Company Information required to be provided by the Company under the Agreement has been
provided to the Depositor. 
  

			
	Dated:	 	  

		
	By: 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee
	Name:	 	  

	Title:	 	  

  
 Ex. E

 APPENDIX A 
 Additional Representations and Warranties 
  

	1.	This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Indenture Trustee, which security
interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Issuing Entity. 

  

	2.	All steps necessary to perfect the Issuing Entity’s security interest against each Obligor in the property securing the Receivables have been taken.

  

	3.	The Receivables constitute “tangible chattel paper” within the meaning of the applicable UCC. 

 

	4.	The Issuing Entity owns and has good and marketable title to the Receivables free and clear of any Lien, claim or encumbrance of any Person. 

 

	5.	The Issuing Entity has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Indenture Trustee under this Indenture. 

 

	6.	Other than the security interest granted to the Indenture Trustee under the Indenture, the Issuing Entity has not pledged, assigned, sold, granted a security interest
in, or otherwise conveyed any of the Receivables. The Issuing Entity has not authorized the filing of, nor is the Issuing Entity aware of, any financing statements against the Seller, the Depositor or the Issuing Entity that include a description of
collateral covering the Receivables other than the financing statements relating to the security interests granted to the Depositor, the Issuing Entity and the Indenture Trustee under the Basic Documents or any financing statement that has been
terminated. The Issuing Entity is not aware of any judgment or tax lien filings against the Seller, the Depositor or the Issuing Entity. 

  

	7.	The Custodian has in its possession or with other third party vendors all original copies of the Receivables Files and other documents that constitute or evidence the
Receivables. The Receivables Files and other documents that constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Depositor.

  
 App. A

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