Document:

EX-4.2

 Exhibit 4.2 
  

 
 CLOVIS ONCOLOGY, INC. 

and 

[    ] 

, as Trustee 
 INDENTURE

 DATED AS OF 

 CROSS REFERENCE TABLE 

 

			
	 TIA Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N.A.
	 (a)(4)
	  	N.A.
	 (a)(5)
	  	N.A.
	 (b)
	  	7.08; 7.10
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 312(a)
	  	2.07
	 (b)
	  	12.04
	 (c)
	  	12.04
	 313(a)
	  	7.06
	 (b)(1)
	  	7.06
	 (b)(2)
	  	7.06
	 (c)
	  	7.06
	 (d)
	  	7.06
	 314(a)(1)
	  	4.02
	 (a)(2)
	  	12.03
	 (a)(4)
	  	4.04
	 (b)
	  	N.A.
	 (c)
	  	2.04; 7.02(b); 8.01
	 (c)(1)
	  	12.05
	 (c)(2)
	  	12.05
	 (c)(3)
	  	12.05
	 (d)
	  	N.A.
	 (e)
	  	4.04; 12.05
	 (f)
	  	4.04
	 315(a)(1)
	  	6.05; 7.01(b)(i)
	 (a)(2)
	  	7.01(b)(ii)
	 (b)
	  	7.05; 12.03
	 (c)
	  	7.01(a)
	 (d)(1)
	  	7.01(b)
	 (d)(2)
	  	7.01(c)
	 (d)(3)
	  	6.05; 7.01(d)
	 (e)
	  	6.13
	 316(a)(last sentence)
	  	12.06
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	N.A.
	 (b)
	  	6.08
	 (c)
	  	9.02; 9.04
	 317(a)(1)
	  	6.09
	 (a)(2)
	  	6.10
	 (b)
	  	2.06
	 318(a)
	  	1.02; 12.01

  
 N.A. means
Not Applicable. 
 Note: This cross-reference table shall not, for any purpose, be deemed to be a part of the Indenture. 

  
 - 2 - 

 TABLE OF CONTENTS 
  

											
	 ARTICLE ONE
	   
	  	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	  
				
		 	 	SECTION 1.01.	  	  	Definitions	  	 	1	  
		 	 	SECTION 1.02.	  	  	Incorporation by Reference of Trust Indenture Act	  	 	3	  
		 	 	SECTION 1.03.	  	  	Rules of Construction	  	 	4	  
			
	 ARTICLE TWO
	   
	  	THE SECURITIES	  	 	4	  
				
		 	 	SECTION 2.01.	  	  	Form and Dating	  	 	4	  
		 	 	SECTION 2.02.	  	  	Amount Unlimited; Issuable in Series	  	 	4	  
		 	 	SECTION 2.03.	  	  	Denominations	  	 	6	  
		 	 	SECTION 2.04.	  	  	Execution and Authentication	  	 	6	  
		 	 	SECTION 2.05.	  	  	Registrar and Paying Agent	  	 	6	  
		 	 	SECTION 2.06.	  	  	Paying Agent to Hold Money in Trust	  	 	6	  
		 	 	SECTION 2.07.	  	  	Securityholder Lists	  	 	7	  
		 	 	SECTION 2.08.	  	  	Transfer and Exchange	  	 	7	  
		 	 	SECTION 2.09.	  	  	Replacement Securities	  	 	8	  
		 	 	SECTION 2.10.	  	  	Outstanding Securities	  	 	8	  
		 	 	SECTION 2.11.	  	  	Temporary Securities	  	 	8	  
		 	 	SECTION 2.12.	  	  	Cancellation	  	 	8	  
		 	 	SECTION 2.13.	  	  	Defaulted Interest	  	 	9	  
		 	 	SECTION 2.14.	  	  	CUSIP Numbers	  	 	9	  
			
	 ARTICLE THREE
	   
	  	REDEMPTION	  	 	9	  
				
		 	 	SECTION 3.01.	  	  	Company’s Option to Redeem	  	 	9	  
		 	 	SECTION 3.02.	  	  	Notices to Trustee	  	 	9	  
		 	 	SECTION 3.03.	  	  	Selection of Securities to Be Redeemed	  	 	10	  
		 	 	SECTION 3.04.	  	  	Notice of Redemption at the Company’s Option	  	 	10	  
		 	 	SECTION 3.05.	  	  	Effect of Notice of Redemption	  	 	10	  
		 	 	SECTION 3.06.	  	  	Deposit of Redemption Price	  	 	11	  
		 	 	SECTION 3.07.	  	  	Holder’s Right to Require Redemption	  	 	11	  
		 	 	SECTION 3.08.	  	  	Procedure for Requiring Redemption	  	 	11	  
		 	 	SECTION 3.09.	  	  	Securities Redeemed in Part	  	 	11	  
			
	 ARTICLE FOUR
	   
	  	COVENANTS	  	 	12	  
				
		 	 	SECTION 4.01.	  	  	Payment of Securities	  	 	12	  
		 	 	SECTION 4.02.	  	  	Reporting	  	 	12	  
		 	 	SECTION 4.03.	  	  	Corporate Existence	  	 	12	  
		 	 	SECTION 4.04.	  	  	Compliance Certificate	  	 	12	  
		 	 	SECTION 4.05.	  	  	Further Instruments and Acts	  	 	12	  
			
	 ARTICLE FIVE
	   
	  	SUCCESSOR CORPORATION	  	 	13	  
				
		 	 	SECTION 5.01.	  	  	Company May Consolidate, etc., Only on Certain Terms	  	 	13	  

  
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		 	 	SECTION 5.02.	  	  	Successor Corporation Substituted	  	 	13	  
			
	 ARTICLE SIX
	   
	  	DEFAULTS AND REMEDIES	  	 	13	  
				
		 	 	SECTION 6.01.	  	  	Events of Default	  	 	13	  
		 	 	SECTION 6.02.	  	  	Acceleration	  	 	15	  
		 	 	SECTION 6.03.	  	  	Other Remedies	  	 	15	  
		 	 	SECTION 6.04.	  	  	Waiver of Existing Defaults	  	 	15	  
		 	 	SECTION 6.05.	  	  	Control by Majority	  	 	16	  
		 	 	SECTION 6.06.	  	  	Payments of Securities on Default; Suit Therefor	  	 	16	  
		 	 	SECTION 6.07.	  	  	Limitation on Suits	  	 	16	  
		 	 	SECTION 6.08.	  	  	Rights of Holders to Receive Payment and to Demand Conversion	  	 	17	  
		 	 	SECTION 6.09.	  	  	Collection Suit by Trustee	  	 	17	  
		 	 	SECTION 6.10.	  	  	Trustee May File Proofs of Claim	  	 	17	  
		 	 	SECTION 6.11.	  	  	Restoration of Positions	  	 	17	  
		 	 	SECTION 6.12.	  	  	Priorities	  	 	17	  
		 	 	SECTION 6.13.	  	  	Undertaking for Costs	  	 	18	  
		 	 	SECTION 6.14.	  	  	Stay, Extension or Usury Laws	  	 	18	  
		 	 	SECTION 6.15.	  	  	Liability of Stockholders, Officers, Directors and Incorporators	  	 	18	  
			
	 ARTICLE SEVEN
	   
	  	TRUSTEE	  	 	19	  
				
		 	 	SECTION 7.01.	  	  	Duties of Trustee	  	 	19	  
		 	 	SECTION 7.02.	  	  	Rights of Trustee	  	 	20	  
		 	 	SECTION 7.03.	  	  	Individual Rights of Trustee	  	 	22	  
		 	 	SECTION 7.04.	  	  	Trustee’s Disclaimer	  	 	22	  
		 	 	SECTION 7.05.	  	  	Notice of Defaults	  	 	22	  
		 	 	SECTION 7.06.	  	  	Reports by Trustee	  	 	22	  
		 	 	SECTION 7.07.	  	  	Compensation and Indemnity	  	 	23	  
		 	 	SECTION 7.08.	  	  	Replacement of Trustee	  	 	23	  
		 	 	SECTION 7.09.	  	  	Successor Trustee by Merger, etc	  	 	24	  
		 	 	SECTION 7.10.	  	  	Eligibility; Disqualification	  	 	25	  
		 	 	SECTION 7.11.	  	  	Preferential Collection of Claims	  	 	25	  
			
	 ARTICLE EIGHT
	   
	  	DISCHARGE OF INDENTURE	  	 	25	  
				
		 	 	SECTION 8.01.	  	  	Termination of the Company’s Obligations	  	 	25	  
		 	 	SECTION 8.02.	  	  	Application of Trust Money	  	 	26	  
		 	 	SECTION 8.03.	  	  	Repayment to the Company	  	 	26	  
		 	 	SECTION 8.04.	  	  	Deposited Money and U.S. Government Obligations to Be Held in Trust	  	 	26	  
			
	 ARTICLE NINE
	   
	  	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	 	26	  
				
		 	 	SECTION 9.01.	  	  	Without Consent of Holders	  	 	26	  
		 	 	SECTION 9.02.	  	  	With Consent of Holders	  	 	27	  
		 	 	SECTION 9.03.	  	  	Compliance with Trust Indenture Act	  	 	28	  
		 	 	SECTION 9.04.	  	  	Revocation and Effect of Consents	  	 	28	  
		 	 	SECTION 9.05.	  	  	Notation on or Exchange of Securities	  	 	29	  

  
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		 	 	SECTION 9.06.	  	  	Trustee to Sign Amendments, etc	  	 	29	  
			
	 ARTICLE TEN
	   
	  	CONVERSION OR EXCHANGE OF SECURITIES	  	 	29	  
				
		 	 	SECTION 10.01.	  	  	Provisions Relating to Conversion or Exchange of Securities	  	 	29	  
			
	 ARTICLE ELEVEN
	    
	  	SINKING OR PURCHASE FUNDS	  	 	29	  
				
		 	 	SECTION 11.01.	  	  	Provisions Relating to Sinking or Purchase Funds	  	 	29	  
			
	 ARTICLE TWELVE
	   
	  	MISCELLANEOUS	  	 	30	  
				
		 	 	SECTION 12.01.	  	  	Trust Indenture Act Controls	  	 	30	  
		 	 	SECTION 12.02.	  	  	Supplemental Indentures Contract	  	 	30	  
		 	 	SECTION 12.03.	  	  	Notices	  	 	30	  
		 	 	SECTION 12.04.	  	  	Communication by Holders with Other Holders	  	 	31	  
		 	 	SECTION 12.05.	  	  	Certificate and Opinion as to Conditions Precedent	  	 	31	  
		 	 	SECTION 12.06.	  	  	When Treasury Securities Disregarded	  	 	32	  
		 	 	SECTION 12.07.	  	  	Rules by Trustee, Paying Agent, Registrar	  	 	33	  
		 	 	SECTION 12.08.	  	  	Legal Holidays	  	 	33	  
		 	 	SECTION 12.09.	  	  	Governing Law and Submission to Jurisdiction	  	 	33	  
		 	 	SECTION 12.10.	  	  	Actions by the Company	  	 	33	  
		 	 	SECTION 12.11.	  	  	No Adverse Interpretation of Other Agreements	  	 	33	  
		 	 	SECTION 12.12.	  	  	Successors	  	 	33	  
		 	 	SECTION 12.13.	  	  	Duplicate Originals	  	 	33	  
		 	 	SECTION 12.14.	  	  	Table of Contents, Headings, etc	  	 	34	  
		 	 	SECTION 12.15.	  	  	Authenticating Agent	  	 	34	  
		 	 	SECTION 12.16.	  	  	Execution in Counterparts	  	 	35	  
		 	 	SECTION 12.17.	  	  	Severability	  	 	35	  
		 	 	SECTION 12.18.	  	  	Waiver of Jury Trial	  	 	35	  
		 	 	SECTION 12.19.	  	  	Force Majeure	  	 	35	  

  
 iii 

 INDENTURE, dated as of [    ] between Clovis Oncology, Inc. (the “Company”), a
Delaware corporation having its principal office at 5500 Flatiron Parkway, Suite 100, Boulder, Colorado 80301, and [    ] (the “Trustee”). Each party agrees as follows for the benefit of each other party and for the
equal and ratable benefit of the Holders of the Company’s debentures, notes or other evidences of unsecured indebtedness to be issued in one or more series (“Securities”): 

ARTICLE ONE 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 SECTION 1.01. Definitions. 

“Bankruptcy Law” has the meaning provided in Section 6.01. 

“Board Resolution” means a resolution by the Board of Directors of the Company certified by its Secretary or an Assistant Secretary
as being duly adopted and in full force and effect. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on
which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 
 “Capital
Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 

“Common Stock” means the common stock, par value $.001 per share, of the Company, as that stock may be reconstituted from time to
time. 
 “Company” means the Person named as such in this Indenture until a successor replaces it and after that means the
successor. 
 “Company Order” means a written order of the Company, signed by (a) the Company’s Chief Executive Officer,
Chief Financial Officer, President or any Executive Vice President and (b) any such other Officer designated in clause (a) of this definition or the Company’s Treasurer or Assistant Treasurer or Secretary or any Assistant Secretary,
and delivered to the Trustee. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its
corporate trust business is principally administered (which at the date of this Indenture is at the location set forth in the first paragraph of this Indenture), Attention: [ ], or such other address as the Trustee may designate from time to time by
notice to Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 

“Corporation” includes corporations, associations, companies and business trusts. 

“Custodian” has the meaning provided in Section 6.01. 

  
 1 

 “Default” means any event that, upon the giving of notice or passage of time, or both,
would be an Event of Default. 
 “$” means the lawful currency of the United States. 

“Event of Default” has the meaning provided in Section 6.01. 

“Holder” or “Securityholder” means a Person in whose name a Security is registered on the Registrar’s books. 

“Indenture” means this Indenture as amended or supplemented from time to time and will include the form and terms of the Securities
of each series established as contemplated by Section 2.01. 
 “Interest Payment Date” means the date on which an installment
of interest on the Securities is due and payable. 
 “Maturity Date” means the date the principal of Securities is due and
payable. 
 “Officer” means, with respect to the Company, the President, the Chief Executive Officer, the Chief Financial Officer,
the Treasurer, the Secretary or any Executive Vice President. 
 “Officers’ Certificate” when used with respect to the
Company means a certificate signed by an Officer, and delivered to the Trustee. Each such certificate will comply with Section 314 of the TIA and include the statements described in Section 12.05. 

“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, that
is delivered to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein. Each such opinion will include the statements described in Section 12.05 if and to the extent required by that
Section. 
 “Paying Agent” has the meaning provided in Section 2.05. 

“Person” means any individual, corporation, partnership, joint venture, joint-stock company, trust, unincorporated organization or
government or any government agency or political subdivision. 
 “Registrar” has the meaning provided in Section 2.05. 

“SEC” means the Securities and Exchange Commission. 

“Securities” has the meaning set forth in the first paragraph of this Indenture. 

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

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

  
 2 

 “State” means any state of the United States or the District of Columbia. 

“Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which more
than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or
trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 

“Supplemental Indenture” means an indenture between the Company and the Trustee which supplements this Indenture. 

“TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date of this Indenture, except to the extent that the
Trust Indenture Act or any amendment thereto expressly provides for application of the Trust Indenture Act as in effect on another date. 

“Trustee” means the Person named as such in this Indenture and, subject to the provisions of Article 7, any successor to that
person. 
 “Trust Officer” means, when used with respect to the Trustee, any officer assigned to the corporate trust department of
the Trustee, who shall have direct responsibility for the administration of this Indenture, and for the purposes of Section 7.01(c)(2) and Section 7.05 shall also include any other officer of the Trustee to whom any corporate trust matter
is referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “United States” means the
United States of America. 
 “U.S. Government Obligations” means: 

(1) direct obligations of the United States for the payment of which its full faith and credit is pledged; or 

(2) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States. 
 SECTION 1.02. Incorporation by
Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. In addition, the provisions of Sections 310 to and including 317 of the TIA
that impose duties on any person are incorporated by reference in, and form a part of, this Indenture. The following TIA terms mean the following when used in this Indenture: 

“Commission” means the SEC; 

“indenture securities” means the Securities; 

“indenture securityholder” means a Holder or Securityholder; 

  
 3 

 “indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the indenture securities means the Company. 

All other TIA terms used in this Indenture that are defined in the TIA, defined in the TIA by reference to another statute or defined by SEC
rule have the meanings assigned to them. 
 SECTION 1.03. Rules of Construction. Unless the context otherwise requires: 

 

	 	(1)	a term has the meaning assigned to it; 

  

	 	(2)	an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles in the United States; 

 

	 	(3)	“or” is not exclusive; 

  

	 	(4)	the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision;

  

	 	(5)	words importing any gender include the other genders; 

  

	 	(6)	references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; 

  

	 	(7)	the words “including,” “includes” and “include” shall be deemed to be followed by the words “without limitation”; and 

 

	 	(8)	words in the singular include the plural, and in the plural include the singular. 

 ARTICLE TWO

 THE SECURITIES 
 SECTION
2.01. Form and Dating. (a) The Securities of each series will be substantially in the form established by a Supplemental Indenture relating to the Securities of that series. The Securities may have notations, legends or endorsements required by
law, stock exchange rules or usage. The Company will approve the form of the Securities and any notation, legend or endorsement on them. Each Security will be dated the date of its authentication. 

(b) The Trustee’s certificate of authentication will be substantially in the form of Exhibit A. 

SECTION 2.02. Amount Unlimited; Issuable in Series. The aggregate principal amount of the Securities that may be authenticated and delivered
under this Indenture is unlimited. The Securities may be issued in one or more series. Prior to the issuance of Securities of a series, the Company and the Trustee will execute a Supplemental Indenture that will set forth as to the Securities of
that series, to the extent applicable: 
  

	 	(1)	the title of the Securities; 

  
 4 

	 	(2)	any limit upon the aggregate principal amount of Securities which may be issued; 

  

	 	(3)	the date or dates on which the Securities will mature and the amounts to be paid upon maturity of the Securities; 

  

	 	(4)	the rate or rates (which may be fixed or variable) at which the Securities will bear interest, if any, or contingent interest, if any, the dates from which interest will accrue, the dates on which interest will be
payable and the record date for the interest payable on any interest payment date; 

  

	 	(5)	the currency or currencies in which principal, premium, if any, and interest, if any, will be payable; 

  

	 	(6)	the place or places where principal of, premium, if any, and interest, if any, on the Securities will be payable; 

  

	 	(7)	any provisions regarding the right of the Company to redeem or repurchase Securities or of holders to require the Company to redeem or repurchase Securities; 

 

	 	(8)	whether the Securities are senior or subordinated debt securities, and if subordinated debt securities, the terms of such subordination; 

 

	 	(9)	the right, if any, of holders of the Securities to convert them into common stock or other securities of the Company, including any contingent conversion provisions and any provisions intended to prevent dilution of
those conversion rights; 

  

	 	(10)	any provisions by which the Company will be required or permitted to make payments to a sinking fund which will be used to redeem Securities or a purchase fund which will be used to purchase Securities;

  

	 	(11)	any index or formula used to determine the required payments of principal, premium, if any, or interest, if any; 

  

	 	(12)	the percentage of the principal amount of the Securities that is payable if maturity of the Securities is accelerated because of a default; 

 

	 	(13)	any special or modified events of default or covenants with respect to the Securities; 

  

	 	(14)	any other terms of the Securities, which may be different from the terms set forth in this Indenture. 

  
 5 

 SECTION 2.03. Denominations. Unless otherwise provided in the Supplemental Indenture relating to
a series of Securities, the Securities of each series will be issuable in registered form without coupons in denominations of $1,000 and multiples of $1,000. 

SECTION 2.04. Execution and Authentication. The Securities of each series shall be signed in the name and on behalf of the Company by the
manual or facsimile signature of its Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or any of its Executive Vice Presidents. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities executed by the
Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities. A Security will
not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security. The signature will be conclusive evidence that the Security has been authenticated under this Indenture. 

In case any Officer of the Company who shall have signed any of the Securities shall cease to be such Officer before the Securities so signed
shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Securities nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Securities had not ceased to be such
Officer of the Company; and any Security may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Security, shall be the Officers of the Company, although at the date of the execution of this Indenture
any such Person was not such an Officer. 
 SECTION 2.05. Registrar and Paying Agent. The Company will maintain an office or agency where
Securities of each series may be presented for conversion, registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities of each series may be presented for payment (“Paying Agent”). The
Registrar will keep a register of the Securities of each series and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional
paying agent. 
 The Company will enter into an appropriate agency agreement with any Registrar, Paying Agent or co-registrar not a party to
this Indenture that will incorporate the terms of the TIA. The agreement will implement the provisions of this Indenture that relate to that agent. The Company will notify the Trustee of the name and address of any such agent. If the Company fails
to maintain a Registrar or Paying Agent, the Trustee will act as such. The Company or any Subsidiary may act as Paying Agent, Registrar, co-registrar or transfer agent. 

The Company initially appoints the Trustee to act as Registrar and Paying Agent in connection with the Securities of each series, except in
instances in which the Supplemental Indenture relating to a series of Securities appoints a different Registrar or Paying Agent. 
 SECTION
2.06. Paying Agent to Hold Money in Trust. Prior to each due date of the principal of, premium, if any, or interest, if any, on any Security, the Company will deposit with the Paying Agent a sum sufficient to pay that principal, premium or interest

  
 6 

 
when due. The Paying Agent will hold in trust for the benefit of the Holders of the Securities of a series, and if the Paying Agent is not the Trustee, in trust for the benefit of the Trustee,
all sums held by the Paying Agent for the payment of principal, premium or interest on the Securities of that series and, in the case of a Paying Agent other than the Trustee, the Paying Agent will give the Trustee notice of any default by the
Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it will segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money
held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent will have no further liability for the money. 

SECTION 2.07. Securityholder Lists. The Trustee will preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of the Holders of the Securities of each series. If the Trustee is not the Registrar, in accordance with Section 312(a) of the TIA, the Company will furnish to the Trustee in writing at least five Business Days
before each Interest Payment Date and at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request all information in the possession or control of the Company or its Paying Agent as to
the names and addresses of Holders of the Securities of a series. 
 SECTION 2.08. Transfer and Exchange. Unless otherwise provided in the
Supplemental Indenture relating to Securities of a series, Securities which are issued in registered form will be transferred only upon the surrender of the Securities for registration of transfer. When a Security is presented to the Registrar or a
co-registrar with a request to register a transfer, the Registrar will register the transfer as requested if the requirements of Article 8 of the New York Uniform Commercial Code are met. When Securities are presented to the Registrar or a
co-registrar with a request to exchange them for an equal principal amount of Securities of the same series of other denominations, the Registrar will make the exchange as requested if the same requirements are met. To permit registration of
transfers and exchanges, the Company will execute and the Trustee will authenticate Securities at the Registrar’s or co-registrar’s request. The Company will not charge a fee for transfers or exchanges, but the Company may require payment
from the applicable Securityholder of a sum sufficient to cover any tax or other governmental charge and any other expenses (including fees and expenses of the Trustee) that may be imposed in connection with any registration of transfer or exchange
of the Securities, other than exchanges pursuant to Sections 2.11, 3.09, 9.05 not involving any transfer. 
 The Company will not be
required to make, and the Registrar need not register, transfers or exchanges of (i) Securities selected for redemption (except, in the case of Securities to be redeemed in part, transfers or exchanges of the portion of the Securities not to be
redeemed) or (ii) any Securities of a series for a period of 15 days before the first mailing of a notice of the Securities of that series which are to be redeemed. 

Prior to the due presentation for registration or transfer of any Security which was issued in registered form, the Company, the Trustee, the
Paying Agent, any authenticating agent, the Registrar or any co-registrar may deem and treat the person in whose name the Security is registered as the absolute owner of the Security for all purposes, and none of the Company, the Trustee, the Paying
Agent, the Registrar or any co-registrar will be affected by notice to the contrary. 

  
 7 

 SECTION 2.09. Replacement Securities. If a mutilated Security which had been issued in registered
form is surrendered to the Registrar or if the Holder presents evidence to the satisfaction of the Company and the Trustee that a Security which had been issued in registered form has been lost or destroyed, the Company will issue and the Trustee or
an authenticating agent appointed by the Trustee will authenticate a replacement Security of the same series if the requirements of Section 8-405 of the New York Uniform Commercial Code are met and the Holder satisfies any other reasonable
requirements of the Trustee. If required by the Trustee or the Company, the replacement Security will not be issued until the Holder furnishes an indemnity bond sufficient in the judgment of the Company and the Trustee to protect the Company, the
Trustee, and if applicable, the authenticating agent, the Paying Agent and the Registrar or any co-registrar from any loss which any of them may suffer if the Security is replaced. The Company may charge the Holder for its expenses in replacing a
Security. 
 Every replacement Security will be an obligation of the Company, even if the replaced Security is subsequently found. 

SECTION 2.10. Outstanding Securities. The Securities outstanding at any time will be all the Securities authenticated by the Trustee, except
those cancelled by it, those delivered to it for cancellation and those described in this Section as not outstanding. A Security does not cease to be outstanding because the Company or its affiliate holds the Security. 

If a Security is replaced pursuant to Section 2.09, it ceases to be outstanding unless the Trustee and the Company receive proof
satisfactory to them that the replaced Security is held by a protected purchaser (in which case the replaced Security will be treated as outstanding to the extent permitted by Section 8-210 of the New York Uniform Commercial Code). 

If the Paying Agent (other than the Company or a Subsidiary) segregates and holds in trust, in accordance with this Indenture, on a redemption
date or Maturity Date money sufficient to pay all principal, premium, if any, and interest, if any, payable on that date with respect to the Securities to be redeemed or maturing, as the case may be, then on that date those Securities will cease to
be outstanding and interest on them will cease to accrue. 
 SECTION 2.11. Temporary Securities. Until definitive Securities of a series are
ready for delivery, the Company may prepare and the Trustee or an authenticating agent appointed by the Trustee will authenticate temporary Securities of that series. Temporary Securities will be substantially in the form of definitive Securities
but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company will prepare and the Trustee or an authenticating agent appointed by the Trustee will authenticate definitive Securities
and deliver them in exchange for temporary Securities. 
 SECTION 2.12. Cancellation. The Company at any time may deliver Securities of a
series to the Trustee for cancellation and the Trustee will reduce accordingly the aggregate amount of the Securities of that series which are outstanding. The Registrar and the Paying Agent will forward to the Trustee any Securities surrendered to
them for registration of transfer, exchange, payment, or conversion. 

  
 8 

 
The Trustee and no one else will cancel and dispose of all Securities surrendered for registration of transfer, exchange, payment, conversion or cancellation in accordance with its procedures for
the disposition of cancelled securities and deliver certificates of such disposition to the Company unless the Company directs the Trustee to deliver the cancelled Securities to the Company. Subject to Section 2.09, the Company may not issue
new Securities of a series to replace Securities of the series it has redeemed, paid, converted or delivered to the Trustee for cancellation. 

SECTION 2.13. Defaulted Interest. If the Company defaults in a payment of interest on the Securities of a series, it will pay defaulted
interest (plus interest on such defaulted interest to the extent lawful) to the persons who are Holders of the Securities of that series on a subsequent special record date, which date will be at least five Business Days prior to the payment date.
The Company will fix the special record date and payment date, and, at least 15 days before the special record date, the Company will mail to each Holder of Securities of that series a notice that states the special record date, the payment date and
the amount of defaulted interest and any interest on that defaulted interest which is to be paid. Notwithstanding the foregoing, the Company may pay defaulted interest in any other lawful manner. 

SECTION 2.14. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP,” “ISIN” or other similar numbers (if
then generally in use), and, if so, the Trustee shall use “CUSIP,” “ISIN” or other similar numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders; provided that any such notice may
state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP,” “ISIN” or other similar numbers. 

ARTICLE THREE 
 REDEMPTION 

SECTION 3.01. Company’s Option to Redeem. The Company will have the option to redeem Securities of a series only to the extent, if any,
and only on the terms, set forth in the Supplemental Indenture relating to the Securities of that series. If the Company has the option to redeem Securities of a series, unless otherwise provided in the Supplemental Indenture relating to the series,
the terms of the redemption will include those set forth in Sections 3.02 through 3.06 and 3.08. 
 SECTION 3.02. Notices to Trustee. If the
Company elects to redeem Securities of a series, it will notify the Trustee of the redemption date and the principal amount and series of Securities to be redeemed. The Company will give each notice provided for in this Section not less than 35 days
before the redemption date (or such shorter period of time as may be acceptable to the Trustee). If fewer than all the Securities of a series are to be redeemed, the record date for determining which Securities of the series are to be redeemed will
be selected by the Company, which will give notice of the record date to the Trustee at least 15 days before the record date. 

  
 9 

 SECTION 3.03. Selection of Securities to Be Redeemed. If fewer than all the Securities of a
series are to be redeemed at the Company’s option, the Trustee will select the Securities of that series to be redeemed by lot or, in its sole discretion, pro-rata. The Trustee will make the selection from outstanding Securities of that series
not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities that have denominations larger than the minimum denomination in which Securities of the applicable series may be issued. Securities
and portions of Securities the Trustee selects will be in amounts equal to the minimum denomination in which Securities of the applicable series may be issued and multiples of that amount. Provisions of this Indenture that apply to Securities called
for redemption also apply to portions of Securities called for redemption. The Trustee will notify the Company promptly of the Securities or portions of Securities to be redeemed. 

SECTION 3.04. Notice of Redemption at the Company’s Option. At least 30 days and not more than 60 days before a date set for redemption
at the Company’s option, the Company will mail a notice of redemption by first-class mail to each Holder of Securities to be redeemed in whole or in part. The notice will identify the principal amount and series of each Security to be redeemed
and will state: 
  

	 	(1)	the redemption date; 

  

	 	(2)	the redemption price plus accrued interest, if any; 

  

	 	(3)	the name and address of the Paying Agent; 

  

	 	(4)	that Securities called for redemption in whole or in part must be surrendered to the Paying Agent to collect the redemption price plus accrued interest, if any; 

 

	 	(5)	that, unless the Company defaults in making the redemption payment, interest on Securities (or portions of Securities) called for redemption will cease to accrue on the redemption date and, if applicable, that those
Securities (or the portions of then called for redemption) will cease on the redemption date (or such other date as is provided in the Supplemental Indenture relating to the Securities) to be convertible into, or exchangeable for, other securities
or assets; 

  

	 	(6)	if applicable, the current conversion or exchange price; and 

  

	 	(7)	the CUSIP, ISIN or other similar numbers, if any, assigned to such Securities. 

 At the
Company’s request delivered at least five (5) days prior to the date such notice of redemption is to be given (unless a shorter period shall be acceptable to the Trustee), the Trustee will give the notice of redemption in the
Company’s name and at the Company’s expense. In such event, the Company will provide the Trustee with the information required by clauses (1) through (3), (6) and (7). 

SECTION 3.05. Effect of Notice of Redemption. Once notice of redemption is mailed, Securities, or portions of Securities called for redemption
will become due and payable on the redemption date and at the redemption price. 

  
 10 

 
Upon surrender to the Paying Agent, those Securities will be paid at the redemption price, plus accrued and unpaid interest to the redemption date. On and after the date fixed for redemption
(unless the Company defaults in the payment of the redemption price, together with interest accrued to the redemption date) interest on the Securities, or portions of them, which are redeemed will cease to accrue and any right to convert those
Securities into, or exchange them for, other securities or assets will terminate and those Securities will cease to be convertible or exchangeable. Failure to give notice or any defect in the notice to any Holder will not affect the validity of the
notice to any other Holder. 
 SECTION 3.06. Deposit of Redemption Price. No later than the Business Day prior to the redemption date
specified in a notice of redemption, the Company will deposit with the Paying Agent (or, if the Company or a Subsidiary is the Paying Agent, segregate and hold in trust) money sufficient to redeem on the redemption date all the Securities called for
redemption on that redemption date at the appropriate redemption price, together with accrued interest to the redemption date, other than Securities or portions of Securities called for redemption which have been delivered by the Company to the
Trustee for cancellation or Securities which have been surrendered for conversion or exchange. If any Securities called for redemption are converted or exchanged, any money deposited with the Paying Agent for redemption of those Securities will be
paid to the Company upon its request, or, if the money is held in trust by the Company or a Subsidiary as Paying Agent, the money will be discharged from the trust. 

SECTION 3.07. Holder’s Right to Require Redemption. Holders of Securities of a series will have the right to require the Company to
redeem those Securities only to the extent, and only on the terms, set forth in the Supplemental Indenture relating to the Securities of that series. If Holders of Securities of a series have the right to require the Company to redeem those
Securities, unless otherwise provided in the Supplemental Indenture relating to the Securities of that series, the terms of the redemption will include those set forth in Section 3.08. 

SECTION 3.08. Procedure for Requiring Redemption. If a Holder has the right to require the Company to redeem Securities, to exercise that
right, the Holder must deliver the Securities to the Paying Agent, endorsed for transfer and with the form on the reverse side entitled “Option to Require Redemption” completed. Delivery of Securities to the Paying Agent as provided in
this Section will constitute an irrevocable election to cause the specified principal amount of Securities to be redeemed. When Securities are delivered to the Paying Agent as provided in this Section, unless the Company fails to make the payments
due as a result of the redemption within 20 days after the Securities are delivered to the Paying Agent as provided in this Section interest on the Securities will cease to accrue and, if the Securities are convertible or exchangeable, the
Holder’s right to convert or exchange the Securities will terminate. 
 The Company’s determination of all questions regarding the
validity, eligibility (including time of receipt) and acceptance of any Security for redemption will be final and binding. 
 SECTION 3.09.
Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company will execute and the Trustee will authenticate and deliver to the Holder (at the Company’s expense) a new Security equal of the same series in
principal amount equal to the unredeemed portion of the Security which was surrendered. 

  
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 ARTICLE FOUR 

COVENANTS 
 SECTION 4.01. Payment
of Securities. The Company will promptly pay or cause to be paid the principal of, premium, if any, and interest, if any, on each of the Securities of a series at the places and time and in the manner provided in the Securities and in the
Supplemental Indenture relating to the series. An installment of principal, premium or interest will be considered paid on the date it is due if the Trustee or Paying Agent holds on that date in accordance with this Indenture or the applicable
Supplemental Indenture money designated for and sufficient to pay the installment then due. 
 The Company will pay or cause to be paid
interest on overdue principal at the rate specified in the Securities; it will also pay interest on overdue installments of interest at the same rate (or such other rate as is provided in the applicable Supplemental Indenture), to the extent lawful.

 SECTION 4.02. Reporting. The Company will file with the Trustee within 15 days after filing with the SEC, copies of its annual reports
and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 (the “Exchange Act”). Any such document or report that the Company files with the Commission via the Commission’s EDGAR system shall be deemed to be filed with the Trustee for purposes of this
Section 4.02 at the time such documents are filed via the EDGAR system. 
 Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). 

SECTION 4.03. Corporate Existence. Subject to Article 5, the Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence. 
 SECTION 4.04. Compliance Certificate. The Company will deliver to the Trustee within 120
days after the end of each year an Officer’s Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any default by the Company and whether or not
the signers know of any default that occurred during such year. If they do, the certificate will describe the default, its status and what action the Company is taking or proposes to take with respect thereto. The Company also will comply with TIA
Section 314(a)(4). 
 SECTION 4.05. Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver
such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

  
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 ARTICLE FIVE 

SUCCESSOR CORPORATION 
 SECTION
5.01. Company May Consolidate, etc., Only on Certain Terms. The Company will not consolidate with or merge into any other corporation or convey, transfer or lease all or substantially all of its properties and assets to another Person, unless: 

 

	 	(1)	the corporation formed by the consolidation or into which the Company is merged or the person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an
entirety will be a corporation organized and existing under the laws of the United States of America, a State of the United States of America or the District of Columbia and expressly assumes, by one or more supplemental indentures, executed and
delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, premium, if any, and interest, if any, on all the Securities of each series and the performance of every covenant of this Indenture and
of all Supplemental Indentures to be performed or observed by the Company; 

  

	 	(2)	with regard to each series of Securities, immediately after giving effect to the transaction, no Event of Default with respect to that series of Securities, and no event which, after notice or lapse of time or both,
would become an Event of Default with respect to that series of Securities, will have occurred and be continuing; and 

  

	 	(3)	the Company has delivered to the Trustee an Officers’ Certificate, each stating that the consolidation, merger, conveyance, transfer or lease and the supplemental indenture (or the supplemental indentures together)
comply with this Article and that all the conditions precedent relating to the transaction set forth in this Section have been fulfilled. 

SECTION 5.02. Successor Corporation Substituted. Upon any event described in Section 5.01, the successor corporation will succeed to, and
be substituted for, and may exercise every right and power of, the Company under this Indenture and all the Supplemental Indentures relating to outstanding series of Securities, and the predecessor corporation will be relieved of all obligations and
covenants under this Indenture and each of those Supplemental Indentures. 
 ARTICLE SIX 

DEFAULTS AND REMEDIES 
 SECTION
6.01. Events of Default. An “Event of Default” occurs if: 
  

	 	(1)	The Company defaults in the payment of interest on any Security of any series when it becomes due and payable and the default continues for a period of 30 days (or such other period, which may be no period) as is
specified in the Supplemental Indenture relating to the series; 

  
 13 

	 	(2)	The Company defaults in the payment of the principal of, or premium, if any, on any Security of any series as and when it becomes due and payable at its stated maturity or upon redemption, acceleration or otherwise and,
if provided in the Supplemental Indenture relating to a series, the default continues for a period specified in the Supplemental Indenture; 

  

	 	(3)	The Company fails to comply with any of its other covenants or agreements with regard to Securities of a series or this Indenture (other than a covenant or agreement, a default in whose performance or whose breach is
dealt with specifically elsewhere in this Section) and that failure continues for a period of 90 days after the date of the notice specified below; 

  

	 	(4)	the Company, pursuant to any Bankruptcy Law applicable to the Company: 

  

	 	(A)	commences a voluntary case; 

  

	 	(B)	consents to the entry of an order for relief against it in an involuntary case; 

  

	 	(C)	consents to the appointment of a Custodian of it or for any substantial part of its property; or 

  

	 	(D)	makes a general assignment for the benefit of its creditors; or 

  

	 	(5)	a court of competent jurisdiction enters an order or decree under any applicable Bankruptcy Law: 

  

	 	(A)	for relief in an involuntary case; 

  

	 	(B)	appointing a Custodian of the Company or for any substantial part of its property; or 

  

	 	(C)	ordering its winding up or liquidation; and the order or decree remains unstayed and in effect for 90 days. 

Each of the occurrences described in clauses (1) through (5) will constitute an Event of Default whatever the reason for the
occurrence and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The term “Bankruptcy Law” means Title 11 of the United States Code or any similar United States Federal or State law for the relief
of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

A Default under clause (3) of this Section is not an Event of Default until the Trustee notifies the Company, or the Holders of at least
25% in principal amount of the then outstanding Securities of a series with regard to which the Company has failed to comply with a covenant or agreement notify the Company and the Trustee, of the Default and the Company does not cure the Default
within 90 days after the giving of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 

  
 14 

 A Default under clause (1), (2) or (3) with regard to Securities of a series will not
constitute a Default with regard to Securities of any other series except to the extent, if any, provided in the Supplemental Indenture relating to the other series. 

SECTION 6.02. Acceleration. If an Event of Default as to the Securities of a series occurs and is continuing, unless the principal of all of
the Securities of the series has already become due and payable, the Trustee by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities of the series then outstanding by notice to the Company and the
Trustee, may declare the principal of and accrued interest, if any, on all the Securities of the series to be due and payable. Upon such a declaration, that principal and interest will be due and payable immediately. If an Event of Default specified
in Section 6.01(4) or (5) occurs, the principal of, premium, if any, and accrued interest, if any, on all the Securities will automatically become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Securityholders. The Holders of a majority in principal amount of the Securities of a series then outstanding, on behalf of the Holders of all the Securities of the series, by notice to the Trustee may rescind an acceleration and its
consequences if all existing Events of Default have been cured or waived except nonpayment of principal, premium, if any, or interest, if any, that has become due solely because of acceleration, and if the rescission would not conflict with any
judgment or decree. No such rescission will affect any subsequent default or impair any consequent right. 
 SECTION 6.03. Other Remedies.
If an Event of Default as to a series occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium, if any, and interest, if any, on the Securities of the series or to enforce the performance
of any provision under this Indenture or any applicable Supplemental Indenture. 
 The Trustee may maintain a proceeding even if it does not
possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default will not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 

SECTION 6.04. Waiver of Existing Defaults. The Holders of a majority in aggregate principal amount of the Securities of a series then
outstanding, on behalf of the Holders of all the Securities of that series, by notice to the Trustee may consent to the waiver of any past Default with regard to Securities of the series and its consequences except (i) a default in the payment
of interest or premium, if any, on, or the principal of, Securities of the series, or (ii) a default in respect of a covenant or a provision that under Section 9.02 cannot be modified or amended without the consent of the Holders of all
Securities of the series then outstanding. The defaults described in clauses (i) and (ii) in the previous sentence may be waived with the consent of the Holders of all Securities of the series then outstanding. When a Default or Event of
Default is waived, it is deemed cured and not continuing, but no waiver will extend to any subsequent or other Default or impair any consequent right. 

  
 15 

 SECTION 6.05. Control by Majority. The Holders of a majority in principal amount of the
Securities of a series then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee with regard to the Securities of that series or of exercising any trust or power conferred on the
Trustee with regard to the Securities of that series. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights
of other Securityholders or that would involve the Trustee in personal liability provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action as a
result of a direction given under this Section, the Trustee will be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking that action. 

SECTION 6.06. Payments of Securities on Default; Suit Therefor. The Company covenants that upon the occurrence of an Event of Default
described in Section 6.01(1) or (2), then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities in all series, the whole amount that will then have become due and payable on all such
Securities for principal, premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) on the overdue installments of interest at the
rate borne by the Securities in all series; and, in addition, such further amount as will be sufficient to cover the costs and expenses of collection, including a reasonable compensation to the Trustee, its agents, attorneys and counsel, and any
expenses or liabilities incurred by the Trustee hereunder other than through its gross negligence or willful misconduct. Until such demand by the Trustee, the Company may pay the principal of and premium, if any, and interest on the Securities of
all series to the registered Holders, whether or not the Securities in that series are overdue. 
 SECTION 6.07. Limitation on Suits. A
Securityholder may not pursue any remedy with respect to this Indenture, unless: 
  

	 	(1)	the Holder gives to the Trustee written notice stating that an Event of Default as to a series is continuing; 

  

	 	(2)	the Holders of at least 25% in principal amount of the Securities of the series then outstanding make a written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder;

  

	 	(3)	such Holder or Holders offer to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 

 

	 	(4)	the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity, and the Event of Default has not been waived; and 

 

	 	(5)	the Trustee has received no contrary direction from the Holders of a majority in principal amount of the Securities of the series then outstanding during such 60-day period. 

  
 16 

 A Securityholder may not use this Indenture to prejudice the rights of another Holder of the same
series of Securities or to obtain a preference or priority over another Holder of the same series of Securities. 
 SECTION 6.08. Rights of
Holders to Receive Payment and to Demand Conversion. Notwithstanding any other provision of this Indenture, the right of any Holder of a Security of any series to receive payment of principal of, premium, if any, and interest, if any, on the
Security (and interest on overdue principal and interest on overdue installments of interest, if any, as provided in Section 4.01), on or after the respective due dates expressed in the Security or, in the case of redemption, on or after the
redemption date, or in the case of conversion or exchange, to receive the security issuable upon conversion or exchange or to institute suit for the enforcement of any such payment, conversion or exchange on or after the applicable due date,
redemption date or conversion or exchange date, as the case may be, against the Company, will not be impaired or affected without the consent of the Holder. 

SECTION 6.09. Collection Suit by Trustee. If an Event of Default in payment of principal, premium, if any, or interest, if any, specified in
clause (1) or (2) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal, premium, if any, and interest
remaining unpaid (together with interest on that unpaid interest to the extent lawful) and the amounts provided for in Section 7.07. 

SECTION 6.10. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee and the Holders of the Securities of any or all series allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by law or applicable
regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the
Trustee and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel,
and any other amounts due the Trustee under Section 7.07. 
 SECTION 6.11. Restoration of Positions. If a judicial proceeding by the
Trustee or a Securityholder to enforce any right or remedy under this Indenture or any Supplemental Indenture is dismissed or decided favorably to the Company, except as otherwise provided in the judicial proceeding, the Company, the Trustee and the
Securityholders will be restored to the positions they would have been in if the judicial proceeding had not been instituted. 
 SECTION
6.12. Priorities. If the Trustee collects any money pursuant to this Article 6 with respect to Securities of a series, subject to Article 11, or, after an Event of Default set forth in Section 6.01(4) or (5), any money or other property
distributable in respect of the Company’s obligations under this Indenture, it will pay out the money or property in the following order: 
  

	 	FIRST:	to the Trustee (including any predecessor trustee) for amounts due under Section 7.07; 

  
 17 

	 	SECOND:	to Securityholders for amounts due and unpaid on the Securities of the series for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities
of the series for principal and interest, respectively; and 

  

	 	THIRD:	to the Company. 

 The Trustee may fix a record date and payment date for any payment to Holders
of Securities of a series pursuant to this Section. At least 15 days before the record date, the Company will mail to each Holder of Securities of the series and the Trustee a notice that states the record date, the payment date and the amount to be
paid. 
 SECTION 6.13. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or any
Supplemental Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses (whether incurred before trial, at trial or on appeal or in any bankruptcy, arbitration or other administrative proceeding), against any
party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.13 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a
suit by Holders of in aggregate more than 10% in principal amount of the Securities of a series then outstanding, or to any suit instituted by any Holder for the enforcement of the payment of the principal of, premium, if any, or interest on any
Security held by that Holder on or after the due date provided in the Security or to any suit for the enforcement of the right to convert or exchange any Security in accordance with the provisions of a Supplemental Indenture applicable to that
Security. 
 SECTION 6.14. Stay, Extension or Usury Laws. The Company agrees (to the extent that it may lawfully do so) that it will not at
any time insist upon, or plead, or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, any stay or extension law or any usury or other law, wherever enacted, now or at any
subsequent time in force, which would prohibit or forgive the Company from paying all or any portion of the principal of, premium, if any, and/or interest on any of the Securities as contemplated in this Indenture or a Supplemental Indenture, or
which may affect the covenants or performance of this Indenture, and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and agrees that it will not hinder, delay or impede the
execution of any power granted to the Trustee in this Indenture or any Supplemental Indenture, but (to the extent that it may lawfully do so) will suffer and permit the execution of any such power as though no such law had been enacted. 

SECTION 6.15. Liability of Stockholders, Officers, Directors and Incorporators. No stockholder, officer, director or incorporator, as such,
past, present or future, of the Company, or any of its successor corporations, will have any personal liability in respect of the Company’s obligations under this Indenture or any Securities by reason of his or its status as such stockholder,
officer, director or incorporator; provided, however, that nothing in this Indenture or in the Securities will prevent recourse to and enforcement of the liability of any stockholder or subscriber to Capital Stock which have not been fully paid up.

  
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 ARTICLE SEVEN 

TRUSTEE 
 SECTION 7.01. Duties of
Trustee. 
 (a) The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default that may
have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In the event an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested
in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and
is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory
to it against any loss, liability or expense that might be incurred by it in compliance with such request or direction. 
 No provision of
this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that. 

(b) prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred: 

(i) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall
not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith, willful misconduct or gross negligence on the part of the Trustee, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions
that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of any mathematical calculations or other facts stated therein). 
 (c) the Trustee shall not be liable for any
error of judgment made in good faith by a Trust Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(d) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of not less than a majority of the aggregate principal amount of the series of Securities then outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture; 

  
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 (e) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee is subject to the provisions of this Section 7.01 and to the provisions of the TIA; 
 (f) the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any Registrar
with respect to the Securities; 
 (g) if any party fails to deliver a notice relating to an event the fact of which, pursuant to this
Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Trust Officer had actual knowledge of such event; 

(h) in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest
bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or
the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any
amounts held hereunder in the absence of such written investment direction from the Company; and 
 (i) in the event that the Trustee is
also acting as Custodian, Registrar, Paying Agent, or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent, or transfer agent.

 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 
 SECTION 7.02. Rights of
Trustee. Except as otherwise provided in Section 7.01: 
 (a) The Trustee may conclusively rely and shall be fully protected in acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper
party or parties. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate which conforms to
Section 12.05. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such an Officer’s Certificate. 

(c) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 

  
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 (d) The Trustee will not be liable for any action it takes, suffers or omits to take in good
faith which it believes to be authorized or within its rights or powers, except conduct which constitutes willful misconduct or gross negligence. 

(e) The Trustee may consult with counsel of its selection and any advice of such counsel shall be full and complete authorization and
protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or opinion of counsel. 

(f) The 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 or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company for any reasonable
expenses incurred and shall incur no liability of any kind by reason of such inquiry or investigation. 
 (g) Any request or direction of
the Company mentioned herein shall be sufficiently evidenced by a Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. 

(h) Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate. 

(i) The 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 Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction. 
 (j) In no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(k) The Trustee shall not be deemed to have notice of any Default or Event of Default except any Default or Event of Default occurring
pursuant to clause (1) or (2) of Section 6.01 if, at the time of the occurrence of such Default or Event of Default, the Trustee is the Paying Agent, unless a Trust Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a default shall have been given to a Trust Officer of the Trustee at the Corporate Trust Office of the Trustee. 

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

(m) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously
delivered and not superseded. 
 SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become
the owner or pledgee of Securities and may otherwise deal with the Company or any of its affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like
rights. However, the Trustee must comply with Sections 7.10 and 7.11. 
 SECTION 7.04. Trustee’s Disclaimer. The Trustee (i) is
not responsible for and makes no representation as to the validity, sufficiency or adequacy of this Indenture or any Securities, (ii) will not be responsible for and will not make any representation as to the validity, sufficiency or adequacy
of any Supplemental Indenture, (iii) will not be accountable for the Company’s use of the proceeds from the Securities of any series, and (iv) will not be responsible for any recital or statement of the Company in this Indenture any
Supplemental Indenture or any Securities, other than the Trustee’s certificate of authentication, or in any prospectus used in the sale of any of the Securities, other than statements, if any, provided in writing or approved by the Trustee for
use in such a prospectus. The Trustee shall not be responsible to make any calculation with respect to any matter under this Indenture.

SECTION 7.05. Notice of Defaults. The Trustee will give to the Holders of the Securities of a series notice of any Default with regard to the
Securities of that series known to the Trustee, within 90 days after it occurs; provided, that, except in the case of a Default in the payment of the principal of, or premium, if any, or interest on any Security, the Trustee will be protected in
withholding notice of the Default if and so long as a committee of its Trust Officers in good faith determines that the withholding of the notice is in the interests of the Holders of the Securities of the series. 

SECTION 7.06. Reports by Trustee. Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture,
the Trustee will mail to each Securityholder, at the name and address which appears on the registration books of the Company, and to each Securityholder who has, within the two years preceding the mailing, filed that person’s name and address
with the Trustee for that purpose and each Securityholder whose name and address have been furnished to the Trustee pursuant to Section 2.07, a brief report dated as of that May 15 which complies with TIA Section 313(a). The Trustee
also will comply with TIA Section 313(b). 
 A copy of each report will at the time of its mailing to Securityholders be filed with
each stock exchange on which Securities are listed and also with the SEC. The Company will promptly notify the Trustee when the Securities of any series are listed on any stock exchange and of any delisting of Securities of any series. 

  
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 SECTION 7.07. Compensation and Indemnity. The Company will pay to the Trustee from time to time
such compensation for its services as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse
the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Those expenses will include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company will indemnify the Trustee and its agents against any and all loss, liability or expense (including reasonable attorneys’ fees and expenses)
incurred by it in connection with the administration of the trust created by this Indenture or any Supplemental Indenture and the performance of its duties under this Indenture or any Supplemental Indenture, including the costs and expenses of
defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, or in connection with enforcing the
provisions of this Section. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company of its obligations under this Section. The Company
will defend the claim and the Trustee may have separate counsel and the Company will pay the fees and expenses of such counsel. The Company need not pay for any settlement made without its consent. The Company need not reimburse any expense or
indemnify against any loss, expense or liability incurred by the Trustee to the extent it is due to the Trustee’s own willful misconduct or gross negligence. 

To secure the Company’s obligation to make payments to the Trustee under this Section 7.07, the Trustee will have a lien prior to
the Securities on all money or property held or collected by the Trustee, other than money or property held in trust to pay principal or interest on particular Securities. Those obligations of the Company will survive the satisfaction and discharge
of this Indenture, the termination for any reason of this Indenture and the resignation or removal of the Trustee. 
 When the Trustee
incurs expenses or renders services after an Event of Default specified in clause (4) or (5) of Section 6.01 occurs, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services of
the Trustee are intended to constitute expenses of administration under any Bankruptcy Law. 
 For purposes of this Section 7.07,
“Trustee” will include any predecessor Trustee, but the willful misconduct, negligence or bad faith of any Trustee will not affect the rights of any other Trustee under this Section 7.07. 

SECTION 7.08. Replacement of Trustee. The Trustee may resign at any time by giving written notice of such resignation to the Company. The
Holders of a majority in aggregate principal amount of the Securities of all series then outstanding may remove the Trustee by so notifying the Trustee and the Company and may appoint a successor Trustee. The Company may remove the Trustee if: 

 

	 	(1)	the Trustee fails to comply with Section 7.10; 

  
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	 	(2)	the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 

 

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

  

	 	(4)	the Trustee becomes incapable of acting. 

 If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of Securities of all series then
outstanding may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 No removal or appointment of a
Trustee will be valid if that removal or appointment would conflict with any law applicable to the Company. 
 A successor Trustee will
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee will, provided all sums owing to the retiring Trustee hereunder have been paid and subject to the lien provided
for in Section 7.07, transfer all property held by it as a Trustee to the successor Trustee, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the
Trustee under this Indenture and all Supplemental Indentures. A successor Trustee will mail notice of its succession to each Securityholder. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, at the
Company’s expense, the Company or the Holders of a majority in aggregate principal amount of Securities of all series then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, any Securityholder may petition any court of competent jurisdiction for the removal of
the Trustee and the appointment of a successor Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to this Section, the
Company’s obligations under Section 7.07 will continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee
by Merger, etc. Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the
execution or filing of any paper or any further act on the part of any of the parties hereto; provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee
such corporation or other entity shall be eligible under the provisions of Section 7.10. 

  
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 If at the time a successor by merger, conversion or consolidation to the Trustee succeeds to the
trusts created by this Indenture any of the Securities have been authenticated but not delivered, the successor to the Trustee may adopt the certificate of authentication of the predecessor Trustee, and deliver the Securities which were
authenticated by the predecessor Trustee; and if at that time any of the Securities have not been authenticated, the successor to the Trustee may authenticate those Securities either in the name of the predecessor or in its own name as the successor
to the Trustee; and in either case the certificates of authentication will have the full force provided in this Indenture for certificates of authentication. 

SECTION 7.10. Eligibility; Disqualification. The Trustee will at all times satisfy the requirements of TIA Section 310(a). The Trustee
will at all times have a combined capital and surplus of at least $50,000,000 as set forth in its most recently published annual report of condition, which will be deemed for this paragraph to be its combined capital and surplus. The Trustee will
comply with TIA Section 310(b), including the optional provision permitted by the second sentence of TIA Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA §310(b)(1) any
indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA §310(b)(1) are met, other than the fact
that such indentures are not described herein. 
 SECTION 7.11. Preferential Collection of Claims. The Trustee will comply with TIA
Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed will be subject to TIA Section 311(a) to the extent indicated. 

ARTICLE EIGHT 
 DISCHARGE OF
INDENTURE 
 SECTION 8.01. Termination of the Company’s Obligations. When (i) the Company delivers to the Trustee all outstanding
Securities of all series (other than Securities replaced pursuant to Section 2.09) for cancellation or (ii) all outstanding Securities of all series have become due and payable, or are due and payable within one year or are to be called
for redemption within one year, under arrangements satisfactory to the Trustee for giving the notice of redemption, and the Company irrevocably deposits in trust with the Trustee (subject to Article Eleven) money or U.S. Government Obligations
without reinvestment sufficient to pay the principal, premium, if any, and interest, if any, on the Securities of all series to maturity or redemption, as the case may be, and if, in the case of either (i) or (ii) above the Company also
pays or causes to be paid all other sums payable by the Company under this Indenture, then this Indenture will cease to be of further effect. 

Notwithstanding the foregoing, the Company’s obligations to pay principal, premium, if any, and interest, if any, on the Securities and
the Company’s obligations in Sections 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in Article Ten will survive until all the Securities of all series are no longer outstanding. Thereafter, the Company’s obligations in Section 7.07
will survive. 

  
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 Before or after a deposit the Company may make arrangements satisfactory to the Trustee for the
redemption of Securities of a series at a future date to the extent the Securities are redeemable in accordance with Article Three and the applicable Supplemental Indenture. 

After a deposit pursuant to this Section 8.01 or after all outstanding Securities of all series have been delivered to the Trustee for
cancellation, the Trustee upon request from the Company, accompanied by an Officers’ Certificate and an Opinion of Counsel which complies with Section 12.05, and at the cost of the Company, will acknowledge in writing the satisfaction and
discharge of the Company’s obligations under the Securities of all series and this Indenture except for those surviving obligations specified above. 

In order to have money available on payment dates to pay principal, premium, if any, or interest, if any, on the Securities of a series, the
U.S. Government Obligations will be payable as to principal, premium, if any, or interest on or before those payment dates in amounts sufficient to provide the necessary money. U.S. Government Obligations used for this purpose may not be callable at
the issuer’s option. 
 SECTION 8.02. Application of Trust Money. Subject to Article Eleven and Section 8.03, the Trustee will
hold in trust money or U.S. Government Obligations deposited with it pursuant to Section 8.01. It will apply the deposited money and the money from the U.S. Government Obligations through the Paying Agent and in accordance with this Indenture
and any applicable Supplemental Indentures to the payment of principal of, premium, if any, and interest, if any, on the Securities with regard to which the money or U.S. Government Obligations were deposited. 

SECTION 8.03. Repayment to the Company. The Trustee and the Paying Agent will promptly pay to the Company upon request any excess money or
securities held by them at any time. The Trustee and the Paying Agent will pay to the Company upon request any money held by them for the payment of principal, premium or interest that remains unclaimed for two years. After such payment, all
liability of the Trustee and the Paying Agent with respect to that money will cease. 
 SECTION 8.04. Deposited Money and U.S. Government
Obligations to Be Held in Trust. The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 8.01 or the principal and
interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of outstanding Securities. 

ARTICLE NINE 
 AMENDMENTS,
SUPPLEMENTS AND WAIVERS 
 SECTION 9.01. Without Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or
the Securities without notice to or consent of any Securityholder: 
  

	 	(1)	to cure any ambiguity, omission, defect, error or inconsistency; 

  
 26 

	 	(2)	to comply with Article 5; 

  

	 	(3)	to establish the form and terms of the Securities of any series as contemplated in Article Two of this Indenture; 

  

	 	(4)	to provide for uncertificated Securities in addition to or in place of certificated Securities; or 

  

	 	(5)	to amend, modify or supplement any of the provisions contained herein or in any supplemental indenture, provided that no such amendment or supplement shall materially adversely affect the rights of any Securityholder,
and provided further that any amendment, modification or supplement that conforms this Indenture or any supplemental indenture, as applied to a series of Securities, to the terms described in the prospectus (including any prospectus supplement)
pursuant to which such Securities were initially sold shall be deemed not to adversely affect the rights of Securityholders. 

After an amendment under this Section becomes effective, the Company will mail to the Securityholders a notice briefly describing the
amendment. The failure to give such notice to all Securityholders, or any defect in a notice, will not impair or affect the validity of an amendment under this Section. 

SECTION 9.02. With Consent of Holders. The Company and the Trustee may (i) amend or supplement this Indenture or the Securities without
notice to any Securityholder but with the written consent of the Holders of a majority in aggregate principal amount of the Securities of all series then outstanding or (ii) supplement this Indenture with regard to a series of Securities, amend
or supplement a Supplemental Indenture relating to a series of Securities, or amend the Securities of a series, without notice to any Securityholder but with the written consent of the Holders of a majority in aggregate principal amount of the
Securities of that series then outstanding. The Holders of a majority in principal amount of the Securities of all series then outstanding may waive compliance by the Company with any provision of this Indenture or the Securities without notice to
any Securityholder. The Holders of a majority in principal amount of the Securities of any series then outstanding may waive compliance with any provision of this Indenture, any Supplemental Indenture or the Securities of that series with regard to
the Securities of that series without notice to any Securityholder. However, without the consent of the Holder so affected, no amendment, supplement or waiver, including a waiver pursuant to Section 6.04, may: 

 

	 	(1)	extend the fixed maturity of any Security, reduce the rate or extend the time for payment of interest on any Security, reduce the principal amount of any Security or premium, if any, on any Security; 

 

	 	(2)	impair or affect the right of a Holder to institute suit for the payment of interest, if any, principal or premium, if any, on the Securities; 

 

	 	(3)	change the currency in which the Securities are payable from that specified in the Securities or in a Supplemental Indenture applicable to the Securities; 

  
 27 

	 	(4)	impair the right, if any, to convert the Securities into, or exchange the Securities for, other securities or assets; 

  

	 	(5)	reduce the percentage of Securities required to consent to an amendment, supplement or waiver; 

  

	 	(6)	reduce the amount payable upon the redemption of any Security or change the time at which any Security may or will be redeemed; 

  

	 	(7)	modify the provisions of any Supplemental Indenture with respect to subordination of the Securities of a series in a manner adverse to the Securityholders; or 

 

	 	(8)	make any change in Section 6.04 or 6.08 or the fifth sentence of this Section. 

 It will
not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment, supplement or waiver, but it will be sufficient if the consent approves the substance of the amendment, supplement or
waiver. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent
to any indenture supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders
remain Holders after such record date; provided, that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 90 days after such record date, any such consent previously
given shall automatically and without further action by any Holder be cancelled and of no further effect. 
 After an amendment under this
Section becomes effective, the Company will mail to the Securityholders a notice briefly describing the amendment. The failure to give such notice to all Securityholders, or any defect in a notice, will not impair or affect the validity of an
amendment under this Section. 
 SECTION 9.03. Compliance with Trust Indenture Act. Every amendment or supplement to this Indenture, any
Supplemental Indenture or the Securities will comply with the TIA as then in effect. 
 SECTION 9.04. Revocation and Effect of Consents. A
consent to an amendment, supplement or waiver by a Holder of a Security will bind the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation
of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to the Holder’s Security or portion of a Security. For a revocation to be effective, the Trustee must receive notice of the
revocation before the date the amendment, supplement or waiver becomes effective. After an amendment, supplement or waiver becomes effective in accordance with its terms, it will bind every Holder of every Security of every series to which it
applies. 

  
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 SECTION 9.05. Notation on or Exchange of Securities. If an amendment changes the terms of a
series of Securities, the Trustee may require the Holder of a Security of the series to deliver the Holder’s Security to the Trustee, who will place an appropriate notation about the amendment, supplement or waiver on the Security and will
return it to the Holder. Alternatively, the Company may, in exchange for the Security, issue, and the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 12.15) will authenticate, a new Security that reflects
the amendment, supplement or waiver. 
 SECTION 9.06. Trustee to Sign Amendments, etc. In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by Article Two or this Article Nine or the modification thereby of the trusts created by this Indenture, the Trustee shall receive, and shall be fully protected in relying upon, an Opinion of Counsel
and an Officer’s Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee will sign any amendment, supplement or waiver authorized pursuant to Article Two or this Article
Nine if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does adversely affect those rights, duties, liabilities or immunities, the Trustee may but need not sign it.
The Company may not sign an amendment or supplement until the amendment or supplement is approved by an appropriate Board Resolution. 

ARTICLE TEN 
 CONVERSION OR
EXCHANGE OF SECURITIES 
 SECTION 10.01. Provisions Relating to Conversion or Exchange of Securities. Any rights which Holders of Securities
of a series will have to convert those Securities into other securities of the Company or to exchange those Securities for securities of other Persons or other assets, including but not limited to the terms of the conversion or exchange and the
circumstances, if any, under which those terms will be adjusted to prevent dilution or otherwise, will be set forth in a Supplemental Indenture relating to the series of Securities. In the absence of provisions in a Supplemental Indenture relating
to a series of Securities setting forth rights to convert or exchange the Securities of that series into or for other securities or assets, Holders of the Securities of that series will not have any such rights. 

ARTICLE ELEVEN 
 SINKING OR
PURCHASE FUNDS 
 SECTION 11.01. Provisions Relating to Sinking or Purchase Funds. Any requirements that the Company make, or rights of the
Company to make at its option, payments prior to maturity of the Securities of a series which will be used as a fund with which to redeem or to purchase Securities of that series, including but not limited to provisions regarding the amount of the
payments, when the Company will be required, or will have the option, to make the payments and when the payments will be applied, will be set forth in a Supplemental Indenture relating to the series of Securities. In the absence of provisions in a
Supplemental Indenture relating to a series of Securities setting forth requirements that the Company make, or rights of the Company to make at its option, payments to be used as a fund with which to redeem or purchase Securities of the series, the
Company will not be subject to any such requirements and will not have any such rights. 

  
 29 

 
However, unless otherwise specifically provided in a Supplemental Indenture relating to a series of Securities, the Company will at all times have the right to purchase Securities from Holders in
market transactions or otherwise. 
 ARTICLE TWELVE 

MISCELLANEOUS 
 SECTION 12.01.
Trust Indenture Act Controls. If any provision of this Indenture or any Supplemental Indenture limits, qualifies or conflicts with the duties imposed by Section 310 through 317 of the TIA, the imposed duties will control. 

SECTION 12.02. Supplemental Indentures Contract. If any provision of a Supplemental Indenture relating to a series of Securities is
inconsistent with any provision of this Indenture, the provision of the Supplemental Indenture will control with regard to the Securities of the series to which it relates. 

SECTION 12.03. Notices. Any notice or communication under or relating to this Indenture or any Supplemental Indenture will be sufficiently
given if made upon, given or furnished to, or filed with the applicable party, in writing and delivered by facsimile transmission, in person or mailed by first-class mail, certified or registered, return receipt requested, addressed as follows: 

 

			
	 if to the Company:
	  	 Clovis Oncology, Inc.
 5500 Flatiron Parkway,
Suite 100
 Boulder, Colorado 80301
 Attention: General
Counsel
 Facsimile: (303) 245-0360

		
	 with a copy (which shall not

constitute notice and shall not

be required to be delivered in

satisfaction of any

requirement hereof) to:
	  	 Willkie Farr & Gallagher LLP
 787 Seventh
Avenue
 New York, New York 10019
 Attention: Thomas Mark

Facsimile: (212) 728-9667

		
	 if to the Trustee:
	  	[    ]

 Either the Company or the Trustee by a notice to the other may designate additional or different addresses for
subsequent notices or communications. 
 Any notice or communication mailed to a Securityholder will be mailed to the Securityholder at the
Securityholder’s address as it appears on the registration books of the Registrar and will be sufficiently given to the Securityholder if so mailed within the time prescribed. 

  
 30 

 Failure to mail a notice or communication to a Securityholder or any defect in it will not affect
its sufficiency with respect to other Securityholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

If by reason of the suspension of regular mail service, or by reason of any other cause, it is impossible to mail any notice as required by
this Indenture or any Supplemental Indenture, then any method of notification which is approved by the Trustee will constitute a sufficient mailing of the notice. 

The Company may set a record date for purposes of determining the identity of Securityholders entitled to vote or consent to any action by
vote or consent authorized or permitted by Sections 6.04 and 6.05. The record date will be the later of 30 days prior to the first solicitation of consents or the date of the most recent list of Holders furnished to the Trustee pursuant to
Section 2.07 prior to the solicitation. 
 The Trustee shall have the right, but shall not be required, to rely upon and comply with
notices, instructions, directions or other communications sent by e-mail, facsimile and other similar unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and directions on behalf of the Company. The
Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or directions on behalf of the Company; and the Trustee shall have no
liability for any losses, liabilities, costs or expenses incurred or sustained by the Company as a result of such reliance upon or compliance with such notices, instructions, directions or other communications. The Company agrees to assume all risks
arising out of the use of such electronic methods to submit notices, instructions, directions or other communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of
interception and misuse by third parties. The Company shall use all reasonable endeavors to ensure that any such notices, instructions, directions or other communications transmitted to the Trustee pursuant to this Indenture are complete and
correct. Any such notices, instructions, directions or other communications shall be conclusively deemed to be valid instructions from the Company to the Trustee for the purposes of this Indenture. 

SECTION 12.04. Communication by Holders with Other Holders. Securityholders may communicate pursuant to TIA Section 312(b) with other
Securityholders with respect to their rights under this Indenture or the Securities. Each of the Company, the Trustee, the Registrar and anyone else will have the protection of TIA Section 312(c). 

SECTION 12.05. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any
action under this Indenture or any Supplemental Indenture, the Company will furnish to the Trustee: 
  

	 	(1)	an Officers’ Certificate stating that, in the opinion of the signer, all conditions precedent, if any, provided for in this Indenture or any Supplemental Indenture relating to the proposed action have been complied
with; 

  
 31 

	 	(2)	an Opinion of Counsel stating that, in the opinion of such counsel, all those conditions precedent, if any, provided for in this Indenture or any Supplemental Indenture relating to the proposed action have been complied
with; and 

  

	 	(3)	such other opinions and certificates as may be required by applicable provisions of this Indenture or the Supplemental Indenture. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture or a Supplemental Indenture
will include: 
  

	 	(i)	a statement that each person signing the certificate or opinion has 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 the certificate or opinion are based; 

 

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

  

	 	(iv)	a statement as to whether or not, in the opinion of that person, the condition or covenant has been complied with. 

Nothing in this Section 12.05 will be construed as requiring that the Company furnish to the Trustee any evidence of compliance with the
conditions and covenants provided for in this Indenture or any Supplemental Indenture other than the evidence specified in this Section 12.05 except as may be required by any other provision of this Indenture. 

SECTION 12.06. When Treasury Securities Disregarded. In determining whether the Holders of the required principal amount of Securities have
concurred in any direction, waiver or consent, Securities owned by the Company, or anyone under direct or indirect control or under direct or indirect common control with the Company will be disregarded and deemed not to be outstanding, except that
for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Securities which a Trust Officer of the Trustee actually knows are so owned will be so disregarded. Securities so owned
which have been pledged in good faith will not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act with respect to the Securities and that the pledgee is not the Company or a person directly
or indirectly controlling or controlled by, or under common control with, the Company. Nothing in this Section 12.06 will be construed as requiring that the Company furnish to the Trustee any evidence of compliance with the conditions and
covenants provided for in the Indenture other than the evidence specified in this Section 12.06. 

  
 32 

 SECTION 12.07. Rules by Trustee, Paying Agent, Registrar. The Trustee may make reasonable rules
for action by or at a meeting of Securityholders. The Paying Agent or Registrar may make reasonable rules for its functions. 
 SECTION
12.08. Legal Holidays. If a payment date or Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken
on such date, and no interest shall accrue in respect of any payment that would otherwise need to be made on such date on account of the delay. 

SECTION 12.09. Governing Law and Submission to Jurisdiction. The laws of the State of New York will govern this Indenture, each Supplemental
Indenture and the Securities, and any dispute, case or controversy arising thereunder or relating thereto. The Company submits to the jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan, The City of New York, and
of the United States District Court for the Southern District of New York, in any action or proceeding to enforce any of its obligations under this Indenture or any Supplemental Indenture or with regard to the Securities, and agrees not to seek a
transfer of any such action or proceeding on the basis of inconvenience of the forum or otherwise (but the Company will not be prevented from removing any such action or proceeding from a state court to the United States District Court for the
Southern District of New York). The Company agrees that process in any such action or proceeding may be served upon it by registered mail or in any other manner permitted by the rules of the court in which the action or proceeding is brought. 

SECTION 12.10. Actions by the Company. Any action or proceeding brought by the Company to enforce any right, assert any claim or obtain any
relief in connection with this Indenture, any Supplemental Indenture or the Securities will be brought by the Company exclusively in the courts of the State of New York sitting in the Borough of Manhattan, The City of New York or in the United
States District Court for the Southern District of New York. 
 SECTION 12.11. No Adverse Interpretation of Other Agreements. Neither this
Indenture nor any Supplemental Indenture may be used to interpret another indenture, loan or debt agreement of the Company or any Subsidiary. No such indenture, loan or debt agreement may be used to interpret this Indenture or any Supplemental
Indenture. 
 SECTION 12.12. Successors. All agreements of the Company in this Indenture, any Supplemental Indentures and the Securities
will bind its successors. All agreements of the Trustee in this Indenture and any Supplemental Indentures will bind its successors. 

SECTION 12.13. Duplicate Originals. The parties may sign any number of copies of this Indenture or any Supplemental Indenture. Each signed
copy will be an original, but all of them together will represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (i.e., “pdf” or “tif”)
transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. 

  
 33 

 SECTION 12.14. Table of Contents, Headings, etc. The table of contents, cross-reference sheet and
headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only. They are not to be considered a part of this Indenture, and will in no way modify or restrict any of the terms or provisions of this
Indenture. 
 SECTION 12.15. Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its
behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.09,
Section 2.11 and Section 9.05 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture,
the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an
authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant
to Section 7.10. 
 Any corporation or other entity into which any authenticating agent may be merged or converted or with which it may
be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust business of any
authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 12.15, without the execution or filing of any paper or any further act on
the part of the parties hereto or the authenticating agent or such successor corporation or other entity. 
 Any authenticating agent may at
any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the
Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be
the Trustee), shall give written notice of such appointment to the Company and shall mail or transmit notice of such appointment to all Holders as the names and addresses of such Holders appear on the Note Register. 

The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may
terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 
 The provisions of Section 2.08,
Section 7.02, Section 7.03 and Section 7.04 and this Section 12.15 shall be applicable to any authenticating agent. 

  
 34 

 If an authenticating agent is appointed pursuant to this Section 12.15, the Notes may have
endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

                          
      , as Authenticating Agent, certifies that this is one of the Notes described in the within-named Indenture. 
  

			
	By:	 	 
	Authorized Officer

 SECTION 12.16. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each
of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes. 
 SECTION 12.17. Severability. In the event any provision of this Indenture or in the Securities shall be invalid, illegal or
unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

SECTION 12.18. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 12.19. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
 35 

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

			
	CLOVIS ONCOLOGY, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	[ ],
		 	as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  
 1 

 EXHIBIT A 

(Form of Face of Security) 
 [THIS SECURITY IS
ISSUED IN GLOBAL FORM AND REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”) OR A NOMINEE THEREOF. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO THE COMPANY (AS DEFINED
BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR 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. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM IN
ACCORDANCE WITH THE TERMS HEREOF AND OF THE INDENTURE (AS DEFINED BELOW), THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.]* 
  

	*	Insert in Global Security only. 

 CLOVIS ONCOLOGY, INC. 

% [SENIOR/SUBORDINATED] NOTE DUE 
  

	
	   

	CUSIP:
	ISIN:
	 Common Code:

 Clovis Oncology, Inc., a Delaware corporation, promises to pay to [Cede & Co.]*
[    ], or 
 registered assigns, the principal sum of Dollars on 

Interest Payment Dates: and 

Record Dates: and 
 Additional
provisions of this Security are set forth on the reverse hereof. 
  

	*	Insert in Global Security only. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by facsimile by
its duly authorized officer. 
  

			
	CLOVIS ONCOLOGY, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 This is one of the Securities of the series designated herein, referred to in the within-mentioned Indenture. 

 

			
	[ ],
	as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  
 3 

 (Form of Reverse of Security) 

CLOVIS ONCOLOGY, INC. 

%[SENIOR/SUBORDINATED] NOTE DUE 

1. Interest. Clovis Oncology, Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture
referred to below, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the interest rate per annum shown above. The Company will pay interest semiannually on and of each year.
Interest on the Securities of this series will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from . Interest will be computed [on the basis of a 360-day
year consisting of twelve 30-day months] [as set forth in the Officers’ Certificate or supplemental indenture delivered pursuant to the Indenture]. 

2. Method of Payment. The Company will pay interest on the Securities of this series (except defaulted interest) to the persons who are
registered Holders of Securities of this series at the close of business on the record date next preceding the interest payment date even though such Securities are canceled after the record date and on or before the interest payment date. Holders
must surrender Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. However, the
Company may pay principal and interest by check payable in such money. It may mail an interest check to a Holder’s registered address. 

3. Paying Agent, Registrar. Initially, [    ] (the “Trustee”), will act as Paying Agent and
Registrar. The Company may change any Paying Agent, Registrar or co-registrar without notice. The Company may act as Paying Agent, Registrar or co-registrar. 

4. Indenture. The Company issued the Securities of this series under an Indenture dated as of [ ] (the “Indenture”)
between the Company and the Trustee. The Securities are unsecured general obligations of the Company issued and to be issued in one or more series under the Indenture and may be issued in an unlimited principal amount. The terms of the Securities
include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) (the “TIA”). Capitalized terms used herein but not defined herein are
used as defined in the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the TIA for a statement of such terms. 

5. Redemption. [Set forth redemption provision, if any.] 

6. Denominations; Transfer; Exchange. The Securities of this series are in registered form without coupons in denominations of $1,000
and any integral multiple thereof [or as otherwise set forth in the Security]. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Company shall not be required (a) to issue, register the transfer of or exchange any Securities of a series
during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 3.03 of the Indenture and ending at the close of business on the
day of such mailing or (b) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

7. Defeasance. Subject to certain conditions and unless otherwise provided in the terms of the Securities of this series, the Company
at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee money for the payment of principal and interest on the Securities to maturity. 

  
 4 

 8. Persons Deemed Owners. The registered Holder of a Security may be treated as its owner
for all purposes, except that interest (other than defaulted interest) will be paid to the person that was the registered Holder on the relevant record date for such payment of interest. 

9. Amendments and Waivers. Subject to certain exceptions, (i) the Indenture or the Securities may be amended or supplemented with
the consent of the Holders of a majority in principal amount of the Securities of each series affected; and (ii) any existing default with respect to the Securities of this series may be waived with the consent of the Holders of a majority in
principal amount of the Securities of such series. Without the consent of any Securityholder, the Indenture or the Securities may be amended or supplemented to, among other things, cure any ambiguity, omission, defect, error or inconsistency, to
provide for assumption of Company obligations by a successor to provide for uncertificated Securities in addition to or in place of certificated Securities, to provide for guarantees with respect to, or security for, the Securities, or to comply
with the TIA or to add additional covenants or surrender Company rights. 
 10. Remedies. If an Event of Default with respect to the
Securities of this series occurs and is continuing, the Trustee or Holders of at least 25% in principal amount of the Securities of this series may declare all the Securities of this series to be due and payable immediately. Securityholders may not
enforce the Indenture or the Securities of this series except as provided in the Indenture. The Trustee may require an indemnity before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in principal
amount of the Securities of a series may direct the Trustee in its exercise of any trust or power with respect to such series. The Trustee may withhold from Securityholders notice of any continuing default (except a Default in payment of principal
or interest) if it determines that withholding notice is in their interests. The Company must furnish an annual compliance certificate to the Trustee. 

11. Subordination. [Set forth subordination provision, if any.] 

12. Trustee Dealings with Company. Subject to the provisions of the TIA, the Trustee under the Indenture, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not Trustee. The Trustee will initially be
[    ]. 
 13. No Recourse Against Others. A director, officer, incorporator, employee or stockholder, as such,
of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a
Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

14. Authentication. This Security shall not be valid until authenticated by the manual signature of an authorized signatory of the
Trustee or an authenticating agent. 
 15. Abbreviations. Customary abbreviations may be used in the name of a Securityholder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

  
 5 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures the Company has caused CUSIP numbers to be printed on the Securities. No representation is made as to the accuracy of such numbers (or as to the accuracy of ISIN numbers, Common Code numbers or similar numbers) as printed on the
Securities and reliance may be placed only on the other identification numbers placed thereon. 
 THE COMPANY WILL FURNISH TO ANY
SECURITYHOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE INDENTURE, WHICH HAS IN IT THE TEXT OF THIS SECURITY, IN TWELVE-POINT TYPE. REQUESTS MAY BE MADE TO: INVESTOR RELATIONS, CLOVIS ONCOLOGY, INC., 5500 FLATIRON PARKWAY, SUITE 100,
BOULDER, COLORADO 80301, TELEPHONE: (303) 625-5000. 

  
 6 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 

I or we assign and transfer this Security to 

(Insert assignee’s soc. sec or tax I.D. no.) 
  

 
  

 
 (Print or type assignee’s
name, address and zip code) 
 and irrevocably appoint agent to transfer this Security on the books of the Company. The agent may substitute another to act
for him. 
  

							
	 Dated:    
	 	 	  	Signed:    	  	 
		 		  		  	(Sign exactly as your name appears
on the other side of this Security

 Signature Guarantee: 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.EX-4.1

 Exhibit 4.1 
  

 
  

CALIFORNIA REPUBLIC FUNDING, LLC, 

as Depositor 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Owner Trustee 
  

 
 AMENDED AND
RESTATED 
 TRUST AGREEMENT 

Dated as of June 1, 2016 
  

 
  

 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	ARTICLE ONE	  
	DEFINITIONS	  
		
	 Section 1.01. Capitalized Terms; Rules of Construction
	  	 	1	  
	
	ARTICLE TWO	  
	ORGANIZATION	  
		
	 Section 2.01. Name
	  	 	2	  
	 Section 2.02. Office
	  	 	2	  
	 Section 2.03. Purposes and Powers
	  	 	2	  
	 Section 2.04. Appointment of Owner Trustee
	  	 	3	  
	 Section 2.05. Initial Capital Contribution of Trust Estate
	  	 	3	  
	 Section 2.06. Declaration of Trust
	  	 	3	  
	 Section 2.07. Liability of the Depositor and Certificateholders
	  	 	4	  
	 Section 2.08. Title to Trust Property
	  	 	4	  
	 Section 2.09. Situs of Issuer
	  	 	4	  
	 Section 2.10. Representations and Warranties of the Depositor
	  	 	4	  
	
	ARTICLE THREE	  
	CERTIFICATES AND TRANSFER OF INTERESTS	  
		
	 Section 3.01. Initial Ownership
	  	 	6	  
	 Section 3.02. The Certificates
	  	 	6	  
	 Section 3.03. Execution, Authentication and Delivery of Certificates
	  	 	6	  
	 Section 3.04. Registration of Transfer and Exchange of Certificates
	  	 	7	  
	 Section 3.05. Certificate Transfer Restrictions
	  	 	8	  
	 Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates
	  	 	9	  
	 Section 3.07. Persons Deemed Owners
	  	 	10	  
	 Section 3.08. Access to List of Certificateholders’ Names and Addresses
	  	 	10	  
	 Section 3.09. Book-Entry Certificates
	  	 	11	  
	 Section 3.10. Notices to Clearing Agency
	  	 	11	  
	 Section 3.11. Definitive Certificates
	  	 	12	  
	 Section 3.12. Maintenance of Office or Agency
	  	 	12	  
	 Section 3.13. Appointment of Certificate Paying Agent
	  	 	12	  
	 Section 3.14. Indemnification
	  	 	13	  
	 Section 3.15. No Recourse
	  	 	13	  
	 Section 3.16. Certificates Nonassessable and Fully Paid
	  	 	13	  
	
	ARTICLE FOUR	  
	ACTIONS BY OWNER TRUSTEE AND CERTIFICATEHOLDERS	  
		
	 Section 4.01. Prior Notice with Respect to Certain Matters
	  	 	14	  
	 Section 4.02. Standards of Operations; Separateness of the Issuer and the Depositor
	  	 	15	  

  
 i 

					
	 	  	Page	 
	 Section 4.03. Action by Certificateholders with Respect to Certain Matters
	  	 	16	  
	 Section 4.04. Action by Certificateholders with Respect to Bankruptcy
	  	 	17	  
	 Section 4.05. Restrictions on Certificateholders’ Power
	  	 	17	  
	 Section 4.06. Majority Control
	  	 	17	  
	 Section 4.07. Rule 144A
	  	 	17	  
	
	ARTICLE FIVE	  
	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  
		
	 Section 5.01. Establishment of Certificate Distribution Account
	  	 	18	  
	 Section 5.02. Application of Trust Funds
	  	 	18	  
	 Section 5.03. Method of Payment
	  	 	20	  
	 Section 5.04. Accounting and Reports to Certificateholders, the IRS and Others
	  	 	20	  
	 Section 5.05. Signature on Returns, Tax Matters Partner
	  	 	20	  
	 Section 5.06. Sarbanes-Oxley Act
	  	 	21	  
	
	ARTICLE SIX	  
	AUTHORITY AND DUTIES OF OWNER TRUSTEE	  
		
	 Section 6.01. Duties of Owner Trustee
	  	 	22	  
	 Section 6.02. Rights of Owner Trustee
	  	 	23	  
	 Section 6.03. Acceptance of Trusts and Duties
	  	 	23	  
	 Section 6.04. Action upon Instruction by Certificateholders
	  	 	25	  
	 Section 6.05. Furnishing of Documents
	  	 	25	  
	 Section 6.06. Representations and Warranties of Owner Trustee
	  	 	25	  
	 Section 6.07. Reliance; Advice of Counsel
	  	 	26	  
	 Section 6.08. Owner Trustee May Own Securities
	  	 	27	  
	 Section 6.09. Compensation and Indemnity
	  	 	27	  
	 Section 6.10. Replacement of Owner Trustee
	  	 	27	  
	 Section 6.11. Merger or Consolidation of Owner Trustee
	  	 	28	  
	 Section 6.12. Appointment of Co-Trustee or Separate Trustee
	  	 	29	  
	 Section 6.13. Eligibility Requirements for Owner Trustee
	  	 	30	  
	 Section 6.14. Withholding Certificate
	  	 	30	  
	 Section 6.15. Notice to Administrator of Repurchase Requests
	  	 	30	  
	
	ARTICLE SEVEN	  
	TERMINATION OF TRUST AGREEMENT	  
		
	 Section 7.01. Termination of Trust Agreement
	  	 	31	  
	
	ARTICLE EIGHT	  
	AMENDMENTS	  
		
	 Section 8.01. Amendments
	  	 	33	  
	 Section 8.02. Form of Amendments
	  	 	34	  

  
 ii 

			
	 	  	 Page

	ARTICLE NINE
	MISCELLANEOUS
		
	 Section 9.01. No Legal Title to Trust Estate
	  	35
	 Section 9.02. Limitations on Rights of Others
	  	35
	 Section 9.03. Notices
	  	35
	 Section 9.04. Severability
	  	35
	 Section 9.05. Counterparts
	  	35
	 Section 9.06. Successors and Assigns
	  	35
	 Section 9.07. Nonpetition Covenant
	  	35
	 Section 9.08. Table of Contents and Headings
	  	36
	 Section 9.09. GOVERNING LAW
	  	36
	 Section 9.10. Submission to Jurisdiction
	  	36
	
	ARTICLE TEN
	REGULATION AB
		
	 Section 10.01. Intent of the Parties; Reasonableness
	  	37
	 Section 10.02. Representations and Warranties
	  	37
	 Section 10.03. Information to Be Provided by the Owner Trustee
	  	37

  

									
	EXHIBITS	 
				
	Exhibit A	 	–	  	Form of Certificate	 	 	A-1	  
	Exhibit B	 	–	  	Form of Certificate of Trust	 	 	B-1	  
	Exhibit C	 	–	  	Form of Certificate Purchase Agreement	 	 	C-1	  
	Exhibit D	 	–	  	Form of Repurchase Request Notice	 	 	D-1	  

  
 iii 

 This AMENDED AND RESTATED TRUST AGREEMENT, dated as of June 1, 2016 (as amended, restated or
otherwise modified from time to time, this “Agreement”), is between California Republic Funding, LLC, a Delaware limited liability company (the “Depositor”), and Wilmington Trust, National Association, a national banking
association, as owner trustee (the “Owner Trustee”). 
 WHEREAS, California Republic Auto Receivables Trust 2016-2, a Delaware
statutory trust (the “Issuer”), was formed pursuant to a Trust Agreement, dated as of May 18, 2016, between the Depositor and the Owner Trustee (the “Original Trust Agreement”); and 

WHEREAS, the Depositor and the Owner Trustee desire to amend and restate the Original Trust Agreement. 

NOW THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE ONE 

DEFINITIONS 
 Section 1.01.
Capitalized Terms; Rules of Construction. Capitalized terms used in this Agreement that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of June 1, 2016, among
the Issuer, the Depositor, California Republic Bank and U.S. Bank National Association, which Appendix is hereby incorporated into and made a part of this Agreement. Appendix A also contains rules as to usage applicable to this Agreement. 

  
 1 

 ARTICLE TWO 

ORGANIZATION 
 Section 2.01.
Name. The trust created pursuant to the Original Trust Agreement and by the filing of the Certificate of Trust pursuant to the Statutory Trust Act and continued hereby shall be known as “California Republic Auto Receivables Trust
2016-2”, in which name the Owner Trustee may conduct the business of the Issuer, make and execute contracts and other instruments on behalf of the Issuer and sue and be sued. 

Section 2.02. Office. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such
other address in the State of Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 

Section 2.03. Purposes and Powers. 

(a) The purpose of the Issuer is to engage in the following activities, and the Issuer shall have the power and authority: 

(i) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement and to sell, transfer and
exchange the Securities, in each case in accordance with the Basic Documents (as defined in Appendix A to the Sale and Servicing Agreement, and together with the Certificate Depository Agreement and the Note Depository Agreement, hereafter the
“Basic Documents”); 
 (ii) to permit the Depositor to use, or to use, at the direction of the Depositor, the net
proceeds of the sale of the Securities to (i) purchase the Depositor Conveyed Assets, (ii) fund the Reserve Account with an amount equal to the Reserve Account Deposit, (iii) pay the organizational, start-up and transactional expenses
of the Issuer and (iv) pay to the Depositor, or permit the Depositor, to retain, any balance; 
 (iii) to Grant the
Trust Estate pursuant to the Indenture and to hold, acquire, manage and distribute to the Certificateholders pursuant to the terms of this Agreement, any portion of the Trust Estate released from the Lien of, and remitted to the Issuer pursuant to,
the Indenture or the Sale and Servicing Agreement; 
 (iv) to pay interest on and principal of the Notes to the Noteholders
and to cause any Excess Collections to be paid to the Certificateholders in accordance with the Indenture and the Sale and Servicing Agreement; 

(v) to enter into and perform its obligations under the Issuer Basic Documents; 

(vi) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and 

  
 2 

 (vii) subject to compliance with the Basic Documents, to engage in such other
activities as may be required in connection with servicing, administration and conservation of the Trust Estate, the securing and payment of the Notes and the making of distributions to the Certificateholders. 

(b) The Issuer shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the
terms of this Agreement and the other Issuer Basic Documents. 
 Section 2.04. Appointment of Owner Trustee. The Depositor
hereby confirms the appointment of the Owner Trustee as trustee of the Issuer effective as of the date of the Original Trust Agreement, to have all the rights, powers and duties set forth in the Original Trust Agreement, herein and in the Statutory
Trust Act. 
 Section 2.05. Initial Capital Contribution of Trust Estate. The Depositor has previously sold, assigned,
transferred, conveyed and set over to the Owner Trustee, as of the date of the Original Trust Agreement, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor of the foregoing contribution, which shall constitute
the initial property of the Issuer. The Depositor shall pay the organizational expenses of the Issuer as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner
Trustee. The Depositor and the Owner Trustee acknowledge and agree that the Trust Estate shall include all Depositor Conveyed Assets transferred by the Depositor to the Issuer on the Closing Date pursuant to the Sale and Servicing Agreement. 

Section 2.06. Declaration of Trust. 

(a) The Owner Trustee hereby declares that it shall hold the Trust Property in trust upon and subject to the conditions set forth herein for
the use and benefit of the Certificateholders, subject to the obligations of the Issuer under the Basic Documents. The Owner Trustee has filed the Certificate of Trust with the Secretary of State. 

(b) It is the intention of the parties hereto that (i) the Issuer constitutes a statutory trust under the Statutory Trust Act and that
this Agreement constitutes the governing instrument of such statutory trust, (ii) solely for federal, State and local income, single business and franchise tax purposes, the Notes shall be treated as debt and (iii) the Issuer shall not be
treated as an association (or publicly-traded partnership) taxable as a corporation. The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer and, to the extent applicable, the Certificateholders shall file or
cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer provided in the preceding sentence for such tax purposes and shall not take any position contrary to this
characterization in any federal or State tax filings. Effective as of the date hereof, the Owner Trustee shall have all the rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the
Issuer as set forth in Section 2.03(a). The Owner Trustee shall not file or join in, and each Certificateholder, by acceptance of its Certificate, and each Certificate Owner, by acceptance of its beneficial interests in the Certificates, agrees
that it shall not file or join in, an election to treat the Issuer as an association taxable as a corporation for tax purposes. The Depositor intends to treat the Issuer for federal income tax reporting purposes as a

  
 3 

 
grantor trust under subpart E, part 1, subchapter J, chapter 1 of subtitle A of the Code. Each purchaser of a Certificate, by its acceptance of the Certificate, agrees to treat the
Issuer as a grantor trust and will take no action inconsistent with such treatment, unless otherwise required by the appropriate authority. 

Section 2.07. Liability of the Depositor and Certificateholders. 

(a) The Depositor shall be liable directly to and will indemnify the injured party for all losses, claims, damages, liabilities and expenses of
the Issuer (including expenses, to the extent not paid out of the Trust Estate) to the extent that the Depositor would be liable if the Issuer were a partnership under the Delaware Revised Uniform Limited Partnership Act in which the Depositor were
a general partner; provided, however, that the Depositor shall not be liable for any losses incurred by a Certificateholder in the capacity of an investor in the Certificates or a Noteholder in the capacity of an investor in the Notes. Any
third-party creditors of the Issuer (other than in connection with the obligations described in the preceding proviso for which the Depositor shall not be liable) shall be deemed third-party beneficiaries of this subsection. 

(b) The Certificateholders shall not have any personal liability for any liability or obligation of the Issuer. 

Section 2.08. Title to Trust Property. Legal title to the Trust Property shall be vested at all times in the Issuer as a separate
legal entity except where Applicable Law in any jurisdiction requires title to any part of the Trust Property to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee or a separate
trustee, as the case may be; provided, however, that legal title many not be vested in the name of the Owner Trustee without the prior written consent of the Owner Trustee. 

Section 2.09. Situs of Issuer. The Issuer shall be located in the State of Delaware; provided, however, that the Issuer may enter
into administration agreements with Persons located outside of the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the States of Delaware, California or New York. The Issuer shall not
have any employees; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments shall be received by the Issuer only in the States of Delaware,
California or New York, and payments shall be made by the Issuer only from the States of Delaware, California or New York. The only office of the Issuer shall be at the Corporate Trust Office of the Owner Trustee in the State of Delaware. 

Section 2.10. Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee
that, as of the Closing Date: 
 (a) The Depositor is duly formed and validly existing as a limited liability company in good
standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted. 

(b) The Depositor is duly qualified to do business as a foreign limited liability company in good standing and has obtained all
necessary licenses and approvals in all 

  
 4 

 
jurisdictions in which the failure to so qualify of obtain such licenses and approvals would, in the reasonable judgment of the Depositor, materially and adversely affect the performance by the
Depositor of its obligations under, or the validity or enforceability of, this Agreement. 
 (c) The Depositor has the power
and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Issuer and has duly authorized such sale and
assignment and deposit to the Issuer by all necessary corporate action; and the execution, delivery and performance of this Agreement have been duly authorized by the Depositor by all necessary limited liability company action. 

(d) The Depositor has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding
obligation of the Depositor, enforceable against the Depositor in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation, fraudulent conveyance or other
similar laws affecting creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a Proceeding in equity or at law. 

(e) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict
with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company agreement of the Depositor, or any material
indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such material indenture, agreement or
other instrument (other than pursuant to the Basic Documents); nor violate any Applicable Law or, to the knowledge of the Depositor, any order, rule or regulation applicable to the Depositor of any Governmental Authority having jurisdiction over the
Depositor or its properties. 
 (f) There are no Proceedings or investigations pending or, to the knowledge of the Depositor,
threatened against the Depositor, before any Governmental Authority having jurisdiction over the Depositor or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement or (iii) that could materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement. 

(g) The representations and warranties of the Depositor in Section 3.02 of the Sale and Servicing Agreement are true and
correct. 

  
 5 

 ARTICLE THREE 

CERTIFICATES AND TRANSFER OF INTERESTS 

Section 3.01. Initial Ownership. Upon the formation of the Issuer by the contribution and conveyance by the Depositor as described
in Section 2.05 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Issuer. 

Section 3.02. The Certificates. 

(a) The Certificates shall be issued in one or more registered, physical certificates. The Certificates may be in printed or in typewritten
form and shall be executed on behalf of the Issuer by manual or facsimile signature of an Authorized Officer of the Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures
shall have been affixed, authorized to sign on behalf of the Issuer, shall be validly issued and entitled to the benefits of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. 

(b) A transferee of a Certificate, if any, shall become a Certificateholder and shall be entitled to the rights and subject to the obligations
of a Certificateholder hereunder upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.04; provided, however, that no Certificate shall be transferred without the
prospective transferee and the prospective transferor satisfying the requirements of a Certificate Purchase Agreement. 
 Section 3.03.
Execution, Authentication and Delivery of Certificates. 
 (a) The Owner Trustee on behalf of the Issuer shall, on the Closing Date,
upon the written order of the Depositor, execute and cause to be authenticated and delivered to the Depositor, Certificates evidencing 100% of the Percentage Interests. No Certificate shall entitle the respective Certificateholder to any benefit
under this Agreement, or be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or its authenticating agent, by manual
signature; and such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. 

(b) The Certificates shall consist of a single class designated as the “Certificates”. The rights of the Certificateholders to
receive distributions from the proceeds of the Issuer in respect of their Certificates, and all ownership interests of the Certificateholders in such distributions, shall be as set forth in this Agreement. When executed, issued and duly authorized,
the Certificates will be fully paid, validly issued, nonassessable and entitled to all benefits of this Agreement. 

  
 6 

 (c) The Certificates shall be substantially in the form attached hereto as Exhibit A; provided,
however, that any of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this
Agreement, as may be required to comply with any Applicable Law, or with the applicable rules of any securities market in which the Certificates are admitted to trading, or to conform to general usage. The Certificates shall be issuable in
registered form only. 
 Section 3.04. Registration of Transfer and Exchange of Certificates. 

(a) A registrar (the “Certificate Registrar”) shall keep or cause to be kept, at the office or agency maintained pursuant to
Section 3.12, a register (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. U.S. Bank shall be the initial Certificate Registrar. Upon any resignation of any Certificate Registrar, the Owner Trustee shall, upon receipt of written instructions from the Depositor, promptly appoint a successor
thereto. 
 (b) Subject to Sections 3.05 and 3.09, upon surrender for registration of transfer of any Certificate at the office or
agency maintained pursuant to Section 3.12, the Owner Trustee shall execute, authenticate and deliver (or shall cause to be authenticated and delivered), in the name of the designated transferee or transferees, one or more new Certificates in
authorized denominations of a like aggregate Percentage Interest dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Certificates may be exchanged for other Certificates of
authorized denominations of a like aggregate Percentage Interest upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.12. 

(c) Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of
transfer in form satisfactory to the Certificate Registrar duly executed by the related Certificateholder or such Certificateholder’s attorney duly authorized in writing. Each Certificate surrendered for registration of transfer or exchange
shall be cancelled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. 
 (d) No service
charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with any transfer or exchange of Certificates. 
 (e) The preceding provisions of this Section notwithstanding, the Owner Trustee shall not
make, and the Certificate Registrar shall not register transfers or exchanges of, Certificates for a period of 15 days preceding the due date for any payment with respect to the Certificates. 

(f) Each purchaser (including any transferee) of a Certificate must satisfy the transfer restrictions set forth in Section 3.05 and this
Section and in the applicable transfer certificate attached to the related Certificate Purchase Agreement. Each purchaser (including any 

  
 7 

 
transferee) of a Certificate shall be deemed by its acceptance of an ownership interest in a Certificate to have made the representations and warranties set forth under “Notice to
Investors” in the Offering Memorandum. 
 (g) The provisions of this Section are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the transfer of the Certificates. 
 Section 3.05. Certificate Transfer
Restrictions. 
 (a) No transfer, sale, pledge or other disposition of any Certificate or interest therein shall be made unless that
transfer, sale, pledge or other disposition (i) complies with the requirements and restrictions set forth in the related Certificate Purchase Agreement (except that for the initial transfer of the Certificates to the Depositor, the requirements
for transfer shall be deemed to have been met by the Depositor) and (ii) is exempt from the registration and/or qualification requirements of the Securities Act and any applicable State securities laws, or is otherwise made in accordance with
the Securities Act and such State securities laws. Any Certificateholder or Certificate Owner desiring to effect a transfer of Certificates or any interest therein shall, and does hereby agree to, indemnify each of the Issuer, the Depositor, the
Owner Trustee and the Certificate Registrar against any liability that may result if the transfer is not so exempt or is not made in accordance with the Securities Act and such State laws. 

(b) The Certificates may not be acquired by or for the account of a (i) an employee benefit plan, as defined in Section 3(3) of
ERISA, that is subject to Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code that is subject to Section 4975 of the Internal Revenue Code, (iii) a governmental plan, as defined in
Section 3(32) of ERISA, subject to any federal, state or local law which is, to a material extent, similar to the provisions of Section 406 of ERISA or Section 4975 of the Internal Revenue Code, (iv) an entity whose underlying
assets include plan assets by reason of a plan’s investment in the entity (within the meaning of Section 3(42) of ERISA and Department of Labor Regulation 29 C.F.R. Section 2510.3-101) or (v) a Person investing “plan
assets” of any such plan (including without limitation, for purposes of this subsection, an insurance company general account, but excluding any entity registered under the Investment Company Act) (each, a “Benefit Plan”). Each
Certificateholder, by its acceptance of a Certificate, and each Certificate Owner, by its acceptance of a beneficial interest in the Certificates, shall be deemed to have represented and warranted that it is not a Benefit Plan and not a Person
acting on behalf of a Benefit Plan or a Person using the assets of a Benefit Plan to effect the transfer of the related Certificate. 
 Any
Person who is not an Affiliate of the Seller and acquires more than 49.9% of the Percentage Interests of the Certificates will be deemed to represent that it is not a party in interest (within the meaning of ERISA) or a disqualified person (within
the meaning of Section 4975(e)(2) of the Code) with respect to any Benefit Plan, other than a Benefit Plan that it sponsors for the benefit of its employees, and that no Benefit Plan with respect to which it is a party in interest has or will
acquire any interest in the Notes. 
 (c) No transfer (or purported transfer) of a Certificate (or economic interest therein), whether to
another Certificateholder or to a Person who is not a Certificateholder, shall be effective; any such transfer (or purported transfer) shall be void ab initio; no Person shall 

  
 8 

 
otherwise become a Certificateholder, and none of the Issuer, the Owner Trustee, the Certificate Registrar or any of the Certificateholders will recognize such transfer (or purported transfer),
unless the transferee has first represented and warranted in writing to the Issuer and the Certificate Registrar that: 
 (i)
it is acquiring the Certificates for its own account and is the sole beneficial owner of such Certificates; and 
 (ii) the
transfer is not being effected on or through (A) an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including an over-the-counter market or an interdealer quotation system that regularly
disseminates firm buy or sell quotations or (B) a “secondary market” or “substantial equivalent thereof’ within the meaning of Section 7704(b)(2) of the Code and any Treasury Regulations thereunder; 

(d) Notwithstanding anything to the contrary in this Agreement, no transfer (or purported transfer) of any Certificate (or any economic
interest therein) shall be effective, and any such transfer (or purported transfer) shall be void ab initio if, after such transfer (or purported transfer), there would be more than 75 Certificateholders (where, for purposes of determining
the number of Certificateholders, a Person (beneficial owner) owning an interest in a partnership, grantor trust or S corporation (“flow-through entity”), that owns, directly or through other flow-through entities, an interest in the
Issuer, is treated as a Certificateholder if more than 50% of the value of such beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer) unless the
transferee delivers an Opinion of Counsel, in a form acceptable to the Certificate Registrar, that the transfer will not cause the Issuer to become a publicly traded partnership for U.S. federal income tax purposes. 

Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates. 

(a) If (i) any mutilated Certificate shall be surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to
its satisfaction of the destruction, loss or theft of any Certificate and (ii) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then, in
the absence of notice that such Certificate has been acquired by a Protected Purchaser, the Owner Trustee on behalf of the Issuer shall execute, and the Owner Trustee or its authenticating agent shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of a like tenor and Percentage Interest. If after the delivery of such replacement Certificate or payment of a destroyed, lost or stolen Certificate, a Protected
Purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment such original Certificate, the Issuer and the Owner Trustee shall be entitled to recover such replacement Certificate (or such
payment) from the Person to whom such replacement Certificate was delivered or any Person taking such replacement Certificate from such Person to whom such replacement Certificate was delivered or any assignee of such Person, except a Protected
Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, liability, claim, damage or expense incurred by the Issuer or the Owner Trustee in connection therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 

  
 9 

 (b) Upon the issuance of any replacement Certificate under this Section, the Issuer may require
the payment by the Certificateholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with such issuance and any other reasonable expenses (including the fees and expenses of the Owner Trustee)
related thereto. 
 (c) Every replacement Certificate issued pursuant to this Section in replacement of any mutilated, destroyed, lost or
stolen Certificate shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Certificate shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Agreement equally and proportionately with any and all other Certificates duly issued hereunder. 
 (d) The provisions of
this Section 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 Certificates. 

Section 3.07. Persons Deemed Owners. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee,
the Certificate Registrar or any Certificate Paying Agent may treat the Person in whose name any Certificate is registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to
Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Certificate Paying Agent shall be bound by any notice to the contrary. 

Section 3.08. Access to List of Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish or cause to
be furnished to the Servicer, the Certificate Paying Agent, the Owner Trustee and the Depositor, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Servicer, the Certificate Paying Agent, the Owner
Trustee or the Depositor, a list, in such form as the requesting party may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. The Certificate Registrar shall also furnish to the Owner Trustee
and the Certificate Paying Agent a copy of such list at any time there is a change therein. If (i) three or more Certificateholders or (ii) one or more Certificateholders evidencing not less than 25% of the Percentage Interests apply in
writing to the Owner Trustee, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such application is accompanied by a
copy of the communication that such applicants propose to transmit, then the Certificate Registrar shall, within five Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list
of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its
name and address, regardless of the source from which such information was derived. 

  
 10 

 Section 3.09. Book-Entry Certificates. Except as provided in Section 3.11, the
Certificates, upon original issuance, shall be issued in the form of a typewritten certificate or certificates representing the Book-Entry Certificates, which shall be deposited on behalf of the purchasers of the Certificates represented by such
Book-Entry Certificate with the Certificate Registrar, as custodian for DTC, the initial Clearing Agency, and registered on the Certificate Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Certificate
Owner will receive a Definitive Certificate representing such Certificate Owner’s interest in such Certificate, except as provided in Section 3.11. Unless and until Definitive Certificates with respect to such Certificates have been issued
to such Certificate Owners pursuant to Section 3.11, with respect to such Certificates: 
 (a) the provisions of this
Section shall be in full force and effect; 
 (b) the Certificate Registrar, the Certificate Paying Agent and the Owner
Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Agreement (including the payment of principal of and interest on such Certificates and the giving of instructions or directions hereunder) as the sole
Certificateholder and shall have no obligation to the related Certificate Owners; 
 (c) to the extent that the provisions of
this Section conflict with any other provisions of this Agreement, the provisions of this Section shall control; 
 (d) the
rights of the Certificate Owners shall be exercised only through the Clearing Agency and shall be limited to those established by Applicable Law and agreements between such Certificate Owners and the Clearing Agency and/or the Clearing Agency
Participants, and unless and until Definitive Certificates are issued pursuant to Section 3.11, 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 Certificate Depository Agreement; and 

(e) whenever this Agreement requires or permits actions to be taken based upon instructions or directions of Certificateholders
evidencing a specified Percentage Interest, the Clearing Agency shall be deemed to represent such percentage when it has delivered such instructions to the Owner Trustee and the Certificate Registrar; the Owner Trustee and Certificate Registrar may
fully rely on such instructions and it shall be the duty of the Clearing Agency to ensure that it has received written instructions to such effect from Certificate Owners and/or Clearing Agency Participants owning or representing, respectively, such
required Percentage Interest. 
 Section 3.10. Notices to Clearing Agency. With respect to any Certificates issued as Book Entry
Certificates, whenever a notice or other communication to the Certificateholders is required under this Agreement, unless and until Definitive Certificates representing the Certificates shall have been issued to the related Certificate Owners
pursuant to Section 3.11, the Owner Trustee shall give all such notices and communications specified herein to be given to the related Certificateholders to Clearing Agency and shall have no obligation to such Certificate Owners. 

  
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 Section 3.11. Definitive Certificates. If for any Certificates issued as Book-Entry
Certificates (i) the Administrator advises the Owner Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to such Certificates and the Administrator on behalf of the
Issuer is unable to locate a qualified successor; or (ii) after the occurrence of an Event of Default or a Servicer Termination Event, Certificate Owners representing not less than a majority of the Percentage Interests 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 such Certificate Owners, then the Clearing Agency shall notify all Certificate Owners and the Owner Trustee in writing
of the occurrence of any such event and of the availability of Definitive Certificates to such Certificate Owners requesting the same. Upon surrender to the Owner Trustee of the typewritten Certificate or Certificates representing such Book-Entry
Certificates by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute, and the Owner Trustee shall authenticate, the related Definitive Certificates in accordance with the instructions of the Clearing Agency. None
of the Issuer, the Administrator, the Certificate Registrar or the Owner Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the
issuance of such Definitive Certificates, the Issuer, the Certificate Registrar and the Owner Trustee shall recognize the holders of such Definitive Certificates as Certificateholders. The Owner Trustee shall not be liable if the Administrator is
unable to locate a qualified successor Clearing Agency. 
 Section 3.12. Maintenance of Office or Agency. The Certificate
Registrar shall designate in the City of St. Paul, Minnesota, an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in
respect of the Certificates and the Basic Documents may be served. The Certificate Registrar initially designates the Indenture Trustee as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Depositor and
the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 
 Section 3.13.
Appointment of Certificate Paying Agent. The Certificate Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such distributions to
the Owner Trustee. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and
remove the Certificate Paying Agent if the Owner Trustee determines in its sole discretion that the Certificate Paying Agent shall have failed to perform its obligations under this Agreement in any material respect; provided, however, the Owner
Trustee shall have no duty to monitor or oversee the compliance by the Certificate Paying Agent of its obligations under the Basic Documents. The Certificate Paying Agent initially shall be U.S. Bank, and any co-paying agent chosen by the Depositor.
U.S. Bank shall be permitted to resign as Certificate Paying Agent upon 30 days’ prior written notice to the Owner Trustee. In the event that U.S. Bank shall no longer be the Certificate Paying Agent, the Owner Trustee on behalf of the
Issuer, upon receipt of written instructions from the Depositor, shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company). Such successor Certificate Paying Agent or any additional Certificate Paying
Agent shall execute and deliver to the Issuer an instrument in which such successor Certificate Paying Agent or 

  
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additional Certificate Paying Agent shall agree with the Issuer that, as Certificate Paying Agent, such successor or additional Certificate Paying Agent will hold all sums, if any, held by it for
payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee and
upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also return all funds in its possession to the Owner Trustee. If at any time the Owner Trustee shall act as Certificate Paying Agent, the rights, privileges, protections
and immunities afforded to the Owner Trustee hereunder shall apply equally to the Owner Trustee in its role as Certificate Paying Agent. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context
requires otherwise. 
 Section 3.14. Indemnification. The rights, privileges, protections, immunities and benefits given to the
Indenture Trustee under Article Six of the Indenture (including the compensation and indemnification provisions of Section 6.07 of the Indenture), are extended to, and shall be enforceable by, U.S. Bank in its capacities as Certificate
Registrar and Paying Agent hereunder. 
 Section 3.15. No Recourse. Each Certificateholder and Certificate Owner, by accepting a
Certificate or a beneficial interest therein, acknowledges that the Certificates represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, either
Trustee or any of their respective Affiliates and no recourse may be had against any such entities or their assets, except as may be expressly set forth or contemplated in the Certificates or any Basic Document. 

Section 3.16. Certificates Nonassessable and Fully Paid. Certificateholders shall not be personally liable for obligations of the
Issuer. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon the authentication thereof by the Owner Trustee pursuant to Sections 3.03, 3.04 or
3.05, the Certificates are and shall be deemed fully paid. 

  
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 ARTICLE FOUR 

ACTIONS BY OWNER TRUSTEE AND CERTIFICATEHOLDERS 

Section 4.01. Prior Notice with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.05, the
Owner Trustee shall not take action with respect to the following matters unless at least 30 days before the taking of any such action the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and Holders of
Certificates evidencing not less than 51% of the Percentage Interests shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction: 
 (a) the initiation of any claim or lawsuit by
the Issuer and the settlement of any Proceeding, investigation or claim brought by or against the Issuer, in each case other than claims or lawsuits brought by the Servicer on behalf of the Issuer for collection on or in respect of the Receivables
and the Financed Vehicles; 
 (b) the election by the Issuer to file an amendment to the Certificate of Trust (unless such
amendment is required to be filed under the Statutory Trust Act); 
 (c) the amendment of any Basic Document in circumstances
where the consent of any Noteholder or the Indenture Trustee is required; 
 (d) the amendment of the Administration
Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders; 

(e) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to
this Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable; 

(f) the consent to the calling or waiver of any default of any Basic Document; 

(g) the consent to the assignment by the Indenture Trustee or Servicer of their respective obligations under any Basic
Document, unless permitted in the Basic Documents; 
 (h) except as provided in Article Seven, the dissolution,
termination or liquidation of the Issuer in whole or in part; 
 (i) the merger, conversion, or consolidation of the Issuer
with or into any other entity, or the conveyance or transfer of all or substantially all of the Issuer’s assets to any other entity; 

(j) the incurrence, assumption or guaranty of any indebtedness other than as set forth in this Agreement or the Basic
Documents; 

  
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 (k) the confession of a judgment against the Issuer; 

(l) the possession of the Issuer’s assets, or the assignment of the Issuer’s right to property, for other than an
Issuer purpose; 
 (m) the lending by the Issuer of any funds to any entity, unless permitted in the Basic Documents; 

(n) any change to the Issuer’s purpose and powers from those set forth in this Agreement; 

(o) any act that conflicts with any other Basic Document; or 

(p) any act that would make it impossible to carry on the ordinary business of the Issuer as described in Section 2.03.

 Section 4.02. Standards of Operations; Separateness of the Issuer and the Depositor. The operations of the Issuer shall be
conducted in accordance with the following standards: 
 (a) Except as otherwise expressly provided in the Basic Documents,
neither the Depositor nor any other holder of a Certificate shall have any authority to act for, or to assume any obligation or responsibility on behalf of, the Issuer. 

(b) The Issuer shall keep correct and complete books and records of the accounts and minutes of the meetings and other
proceedings of the Issuer and any agents, separate from those of the Depositor or any subsidiary, affiliate or separate account of either. Any such resolutions, agreements and other instruments shall be continuously maintained as official records by
the Issuer. 
 (c) Subject to Sections 2.05 and 2.07, each of the Depositor and the Issuer shall provide for its own
operating expenses and liabilities from its own funds. General overhead and administrative expenses of the Issuer shall not be charged or otherwise allocated to the Depositor (except indirectly, insofar as the Depositor owns any of the
Certificates), and such expenses of the Depositor shall not be charged or otherwise allocated to the Issuer. 
 (d) The
Issuer shall conduct its business under names or trade names so as not to mislead others as to the identity of the Issuer. Without limiting the generality of the foregoing, all oral and written communications, including letters, invoices, contracts,
statements and applications, shall be made solely in the name of the Issuer (or addressed to the Issuer, as applicable) if related to the Issuer. The Depositor and the Issuer each shall have separate stationery, checks, invoices and other business
forms. 
 (e) The Issuer shall be adequately capitalized for the conduct of its business and in light of its purposes. 

(f) There shall be no guarantees made by the Issuer with respect to obligations of the Depositor. There shall not be any
indebtedness among the Issuer and the Depositor. The Issuer shall not hold itself out to be responsible for the debts and obligations of the Depositor or any other entity. 

  
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 (g) The Issuer shall maintain its assets in such a manner that it shall not be
costly or difficult to ascertain or otherwise identify its individual assets and liabilities from those of any other entity. In that regard, the Issuer shall not commingle its assets with those of any other entity. The Issuer shall maintain its
financial and accounting books and records separate from those of any other entity. Except as expressly set forth herein, the Issuer shall not pay the indebtedness, operating expenses and liabilities of any other entity. The Issuer shall maintain
appropriate minutes or other records of all appropriate actions and shall maintain its office separate from the offices of the Depositor and the Servicer. 

(h) The Issuer shall not commingle or pool its funds or other assets with those of the Depositor or any other entity and shall
not maintain any joint bank accounts with the Depositor. 
 (i) The Issuer shall act solely in its name and through its or
the Owner Trustee’s duly authorized officers or agents in the conduct of its business and enter into transactions and agreements with the Depositor solely on an arm’s-length basis. The Issuer shall not (i) operate or purport to
operate as an integrated, single economic unit with respect to the Depositor or any other entity, (ii) seek or obtain credit or incur any obligation to any third party based upon the assets of the Depositor or any other entity or
(iii) induce any such third party to reasonably rely on the creditworthiness of the Depositor or any other affiliated or unaffiliated entity. The Issuer shall correct any known misunderstanding or misrepresentation with respect to its separate
identity. 
 (j) The Depositor shall maintain an office separate from that of the Issuer. Such business office may be a
separately allocated and identifiable office space within the business offices of the other, provided that the name of the Depositor and the Issuer is posted upon the directory of organizations occupying such building. Each of the Depositor and the
Issuer shall maintain a telephone number that is different from that of each other such party. 
 (k) The Issuer shall not
incur any debt or other obligations other than that contemplated herein or in the Issuer Basic Documents. 
 (l) The Issuer
shall not merge with or assent to its acquisition by or of another entity without the prior satisfaction of the Rating Agency Condition. 

(m) Notwithstanding anything to the contrary in this Agreement, the Issuer shall comply with its obligations and
responsibilities under the Basic Documents and will not do any act in contravention of the Basic Documents. 
 Section 4.03. Action
by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power to (i) remove the Administrator under the Administration Agreement pursuant thereto, (ii) appoint a successor Administrator pursuant to
Section 9 of the Administration Agreement, (iii) remove the Servicer under the Sale and Servicing Agreement 

  
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pursuant thereto, (iv) amend the Sale and Servicing Agreement pursuant thereto or (v) except as expressly provided in the Basic Documents, sell the Receivables after the termination of
the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by Certificateholders holding a majority of the Percentage Interests. 

Section 4.04. Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power to
(i) institute proceedings to have the Issuer declared or adjudicated a bankruptcy or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Issuer, (iii) file a petition or consent to a petition
seeking reorganization or relief on behalf of the Issuer under any applicable federal or State law relating to bankruptcy, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of
the Issuer or a substantial portion of the property of the Issuer, (v) make any assignment for the benefit of the Issuer’s creditors, (vi) cause the Issuer to admit in writing its inability to pay its debts generally as they become
due or (vii) take any action, or cause the Issuer to take any action, in furtherance of any of the foregoing without the unanimous prior approval of all Certificateholders and the delivery to the Owner Trustee by each Certificateholder of a
certificate certifying that such Certificateholder reasonably believes that the Issuer is insolvent. 
 Section 4.05. Restrictions
on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action (i) if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee
under any Basic Document or would be contrary to Section 2.03 or (ii) that, for federal, State or local income, single business or franchise tax purposes, would cause the Issuer to be treated as an association (or a publicly-traded
partnership) taxable as a corporation; nor shall the Owner Trustee be obligated to follow any such direction, if given. The Certificateholders shall not direct the Owner Trustee to treat the Issuer as other than a Grantor Trust for federal, State
and local income tax purposes or take any tax reporting positions inconsistent with that intent. With respect to any direction of the Certificateholders, the Certificateholders shall be required to certify as to the compliance with this
Section and the Owner Trustee shall be entitled to conclusively rely on any such certification. 
 Section 4.06. Majority
Control. Except as expressly provided herein, (i) any action that may be taken by the Certificateholders under this Agreement may be taken by the Certificateholders holding not less than a majority of the Percentage Interests and
(ii) any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective only if signed by Certificateholders holding not less than a majority of the Percentage Interests at the time of the delivery of such
notice. 
 Section 4.07. Rule 144A. At any time that the Issuer is not a reporting company under Section 13 or
Section 15(d) of the Exchange Act, or is exempt from reporting pursuant to Rule 12g3-2(b) of the Exchange Act, the Administrator on behalf of the Issuer, upon request by a Certificateholder and at the expense of such Certificateholder,
shall furnish to such Certificateholder and to any prospective purchaser of the Certificates from such Certificateholder, any information to be delivered under Rule 144A(d)(4) under the Securities Act. 

  
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 ARTICLE FIVE 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

Section 5.01. Establishment of Certificate Distribution Account. 

(a) The Certificate Paying Agent, for the benefit of the Certificateholders, shall establish and maintain in the name of the Issuer an Eligible
Account (the “Certificate Distribution Account”) located at the Certificate Paying Agent’s Corporate Office and bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the
Certificateholders. The title of the Certificate Distribution Account shall be “California Republic Auto Receivables Trust 2016-2: Certificate Distribution Account for the benefit of the Certificateholders”. 

(b) The Issuer shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account
and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Certificate Paying Agent for the benefit of the Certificateholders. If, at any time,
the Certificate Distribution Account ceases to be an Eligible Account, the Certificate Paying Agent shall within ten Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a
new Certificate Distribution Account, as applicable, as an Eligible Account and shall transfer all cash and investments to such new Certificate Distribution Account, as applicable. 

Section 5.02. Application of Trust Funds. 

(a) The Certificate Paying Agent shall deposit, or cause to be deposited, in the Certificate Distribution Account all funds received by the
Issuer pursuant to Section 5.04(a) of the Sale and Servicing Agreement or the terms of the Indenture. All funds held in the Certificate Distribution Account shall be held uninvested pending distribution to the Certificateholders. On each
Payment Date or other Business Day on which amounts are deposited into the Certificate Distribution Account pursuant to Section 5.04(a) of the Sale and Servicing Agreement or Section 5.04(b) of the Indenture, the Certificate Paying Agent
shall distribute or cause to be distributed, to the Certificateholders, ratably, in proportion to each Certificateholder’s Percentage Interest, the funds on deposit in the Certificate Distribution Account. 

(b) On each Payment Date, the Certificate Paying Agent shall make available on its website at http://www.usbank.com/abs to each
Certificateholder or record the Servicer’s Monthly Certificate provided to the Certificate Paying Agent by the Servicer pursuant to Section 4.09 of the Sale and Servicing Agreement. 

(c) In the event that any withholding tax is imposed on the Issuer’s payment (or allocations of income) to a Certificateholder, such tax
shall reduce the amount otherwise distributable to such Certificateholder in accordance with this Section. The Owner Trustee and Certificate Paying Agent are hereby authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any such withholding tax that is legally owed by the Issuer (but such authorization shall not prevent the Owner Trustee 

  
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or the Certificate Paying Agent from contesting any such tax in appropriate Proceedings and withholding payment of such tax, if permitted by Applicable Law, pending the outcome of such
Proceedings, it being understood that neither the Owner Trustee nor any Paying Agent shall have any duty to contest such amounts). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to
such Certificateholder at the time it is withheld by the Issuer for remittance to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a.
Certificateholder who is not a United States Person), the Owner Trustee or the Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this Section. If a Certificateholder wishes to apply for a refund of any such
withholding tax, the Owner Trustee and each Paying Agent shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee and each Paying Agent for any out-of-pocket
expenses incurred, as applicable. 
 (d) Any Certificateholder that is a United States Person shall, on or prior to the date that such
Person becomes a Certificateholder, (i) provide the Owner Trustee and the Certificate Paying Agent with IRS Form W-9 (or successor form) or (ii) notify the Owner Trustee and the Certificate Paying Agent that it is exempt from backup
withholding. Any such Certificateholder agrees by its acceptance of a Certificate, upon request of the Issuer, the Owner Trustee or the Certificate Paying Agent, to provide like certification or notification on an ongoing basis and to notify the
Owner Trustee or Certificate Paying Agent should subsequent circumstances render such forms or exemptions incorrect or invalid. The Owner Trustee and the Certificate Paying Agent shall be fully protected in relying upon, and each Certificateholder
by its acceptance of a Certificate hereunder agrees to indemnify and hold the Owner Trustee and the Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s and
the Certificate Paying Agent’s reliance upon, any documents, forms or information provided by any such Certificateholder to the Issuer, the Owner Trustee or the Certificate Paying Agent pursuant to this Section. 

(e) Any Certificateholder that is not a United States Person shall, on or prior to the date such Person becomes a Certificateholder,
(i) so notify the Owner Trustee and the Certificate Paying Agent, and (ii) (A) provide the Owner Trustee and the Certificate Paying Agent with applicable IRS Form W-8 (or successor forms) or (B) notify the Owner Trustee and
the Certificate Paying Agent that it is not entitled to an exemption from United States withholding tax or a reduction in the rate thereof on payments of interest. Any such Certificateholder agrees by its acceptance of a Certificate, on an ongoing
basis, to provide like certification for each taxable year and to notify the Owner Trustee and the Certificate Paying Agent should subsequent circumstances arise affecting the information provided the Owner Trustee or the Certificate Paying Agent in
clauses (i) and (ii) above. The Owner Trustee and the Certificate Paying Agent shall be fully protected in relying upon, and each Certificateholder by its acceptance of a Certificate hereunder agrees to indemnify and hold the Owner Trustee
and the Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s and the Certificate Paying Agent’s reliance upon any documents, forms or information
provided by any Certificateholder to the Owner Trustee or the Certificate Paying Agent. 

  
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 Section 5.03. Method of Payment. Subject to Section 5.02(a), distributions
required to be made to Certificateholders on any Payment Date shall be made by the Certificate Paying Agent to each Certificateholder of record on the related Record Date either by wire transfer, in immediately available funds, to the account of
such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar and the Certificate Paying Agent appropriate written instructions at least five
Business Days prior to such Payment Date, or, if not, by check mailed to such Certificateholder at the address of such Certificateholder appearing in the Certificate Register. Notwithstanding the foregoing, the final distribution in respect of any
Certificate will be payable only upon presentation and surrender of such Certificate at the office or agency maintained for that purpose by the Certificate Registrar pursuant to Section 3.12. 

Section 5.04. Accounting and Reports to Certificateholders, the IRS and Others. The Administrator, on behalf of the Issuer, shall
(i) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis on the cash method of accounting, (ii) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such
information as may be required to enable such Certificateholder to prepare its federal and State income tax returns, (iii) file such tax returns relating to the Issuer and make such elections as may from time to time be required or appropriate
under any applicable State or federal statute or rule or regulation thereunder so as to maintain the Issuer’s characterization as a partnership, if so characterized, for federal income tax purposes, (iv) cause such tax returns to be signed
in the manner required by Applicable Law and (v) collect or cause to be collected any withholding tax described in and in accordance with Section 5.02(d) with respect to income or distributions to the Certificateholders. 

Section 5.05. Signature on Returns, Tax Matters Partner. The Owner Trustee shall sign, on behalf of the Issuer, all tax returns of
the Issuer that are prepared and delivered to it for execution by the Administrator, unless Applicable Law requires a Certificateholder to sign such documents, in which case such documents shall be signed by the Depositor if the Depositor is a
Certificateholder at the applicable time. To the extent that the Issuer is treated as a partnership, the Depositor shall be the “tax matters partner” of the Issuer pursuant to the Code if the Depositor is a Certificateholder at the
applicable time. If the Depositor is not a Certificateholder at the applicable time, the “tax matters partner” of the Issuer shall be the partner with the largest Percentage Interest in the Issuer. Under no circumstances shall the Owner
Trustee be the “tax matters partner” of the Issuer. If the Issuer is classified as a partnership for federal income tax purposes (i) for any taxable period beginning before December 31, 2017, the “tax matters partner”
shall represent the Issuer in connection with all examinations of the Issuer’s affairs by tax authorities, including resulting judicial and administrative proceedings and (ii) for any taxable period beginning after December 31, 2017,
the “tax matters partner” shall be designated as the “partnership representative” within the meaning of Section 6223 of the Code (as amended by the Bipartisan Budget Act) and the Administrator will cause the Issuer, to the
extent practicable, to make the election described in Section 6226 of the Code (as amended by the Bipartisan Budget Act). Finally, if the Issuer is treated as a partnership for federal income tax purposes, the Issuer will not elect to apply
Sections 6221-6241 of the Code (as amended by the Bipartisan Budget Act) to any taxable period of the Issuer beginning before December 31, 2017. 

  
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 Section 5.06. Sarbanes-Oxley Act. Notwithstanding anything to the contrary in any
Basic Document, the Owner Trustee shall not be required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant to the Exchange Act
or any other documents pursuant to the Sarbanes-Oxley Act, as amended. 

  
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 ARTICLE SIX 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

Section 6.01. Duties of Owner Trustee. 

(a) The Owner Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this Agreement and the other
Issuer Basic Documents, including the administration of the Issuer in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Agreement. No implied covenants or obligations shall be read
into this Agreement. 
 (b) Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the other Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or the Issuer hereunder or under any Issuer
Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement and shall have no duty to monitor the Administrator. 

(c) The Owner Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any document (whether in its
original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper Person. The Owner Trustee shall not be bound to make any investigation into any fact or matter stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document. 
 (d) The Owner 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 subsection shall not limit the effect of Section 6.01(a) or (b); 

(ii) the Owner Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Owner
Trustee unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Owner
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 Sections 4.01, 4.03, 4.04 or 6.04. 

(e) Subject to Sections 5.01 and 5.02, monies received by the Owner Trustee hereunder need not be segregated in any manner except to the
extent required by Applicable Law or the Sale and Servicing Agreement and the Indenture and may be deposited under such general conditions as may be prescribed by Applicable Law, and the Owner Trustee shall not be liable for any interest thereon.

  
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 (f) The Owner Trustee shall not take any action that (i) is inconsistent with the purposes
of the Issuer set forth in Section 2.03 or (ii) would result in the Issuer’s becoming taxable as a corporation for federal income tax purposes. The Owner Trustee shall not treat the Issuer as other than a Grantor Trust for federal,
State and local income tax purposes and shall not take any tax reporting positions inconsistent with that intent. 
 (g) The
Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section. 

Section 6.02. Rights of Owner Trustee. The Owner Trustee is authorized and directed to execute and deliver the Issuer Basic
Documents and each certificate or other document attached as an exhibit to or contemplated by this Agreement and the Issuer Basic Documents, in such form as the Depositor shall approve, as evidenced conclusively by the Owner Trustee’s execution
thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such
action as the Administrator or Certificateholders recommends with respect to the Basic Documents. 
 Section 6.03. Acceptance of
Trusts and Duties. Except as otherwise provided in this Article, in accepting the trusts hereby created, the Owner Trustee acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the
Owner Trustee by reason of the transactions contemplated by the Basic Documents shall look only to the Trust Estate for payment or satisfaction thereof. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Trust Estate upon the terms of the Basic Documents. The Owner Trustee shall
not be liable or accountable under any Basic Document under any circumstances, except (i) for its own negligent action, its own negligent failure to act or its own willful misconduct or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 6.06 and expressly made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

(a) the Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and
enforceability of any Receivable held by the Issuer, or the perfection and priority of any security interest created by any such Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Trust Estate or its ability to generate the distributions and payments to be made to the Certificateholders under this Agreement or to Noteholders under the Indenture, including the existence and contents of any such Receivable on
any computer or other record thereof; the validity of the assignment of any such Receivable to the Issuer or of any intervening assignment; the completeness of any such Receivable; the performance or enforcement of any such Receivable; or the
compliance by the Seller or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation or any action of the Administrator, the Indenture Trustee or
the Servicer or any subservicer taken in the name of the Owner Trustee; 

  
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 (b) the Owner Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in accordance with the instructions of the Servicer, the Administrator, the Depositor or any Certificateholder, provided such instructions are in accordance with the Basic Documents; 

(c) no provision of any Basic Document shall require the Owner Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers hereunder or under any Basic Document, if the Owner Trustee shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
 (d) under no
circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any Basic Document, including the principal of and interest on the Notes or any amounts payable on the Certificates; 

(e) the Owner Trustee shall not be responsible for or in respect of and makes no representation as to the validity or
sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Basic
Documents, the Notes or of any Receivables held by the Issuer or any related documents, other than the signature and the certificate of authentication of the Owner Trustee on the Certificates, and the Owner Trustee shall in no event assume or incur
any liability, duty or obligation to any Securityholder, other than as expressly provided for in the Basic Documents; 
 (f)
the Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Indenture Trustee, the Depositor or the Servicer under the Basic Documents or otherwise, and the Owner Trustee shall have no obligation or liability to
perform the obligations of the Issuer under the Basic Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Depositor, the Seller or the Servicer under
the Sale and Servicing Agreement; 
 (g) the Owner Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to any Basic Document, at the request, order or direction of any of the Certificateholders, unless such
Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby; and the right of the Owner Trustee to perform any
discretionary act enumerated in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of any such act; and 

(h) The Owner Trustee shall not be liable (i) for any losses due to forces beyond the control of the Owner Trustee,
including strikes, work stoppages, acts of war 

  
 24 

 
or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware)
services provided to the Owner Trustee by third parties caused by such events or (ii) for any damages in the nature of special, indirect or consequential damages, however styled, including lost profits. 

Section 6.04. Action upon Instruction by Certificateholders. 

(a) Subject to Sections 4.05 and 4.06, the Certificateholders may by written instruction direct the Owner Trustee in the management of the
Issuer. 
 (b) Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action any Basic Document if the Owner
Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms of any Basic Document or is otherwise contrary to
Applicable Law. 
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the
terms of any Basic Document, or is unsure as to the application, intent, interpretation or meaning of any provision of the Basic Documents, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances)
to the Certificateholders requesting instruction as to the course of action to be adopted, and, to the extent the Owner Trustee acts in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable on account of
such action to any Person. If the Owner Trustee shall not have received appropriate instructions within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the
circumstances) it may, but shall be under no duty to, take or refrain from taking such action, and the Owner Trustee shall have no liability to any Person for any such action or inaction. 

Section 6.05. Furnishing of Documents. The Owner Trustee shall furnish to Certificateholders, promptly upon receipt of a written
request therefor and at the expense of the related Certificateholders, copies of (i) all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents
and (ii) the Receivables Purchase Agreement, the Sale and Servicing Agreement, the Administration Agreement, the Indenture and this Agreement. 

Section 6.06. Representations and Warranties of Owner Trustee. The Owner Trustee hereby represents and warrants to the Depositor,
for the benefit of the Certificateholders, that: 
 (a) It is a national banking association duly organized and validly
existing under the laws of the United States. 
 (b) It has full power, authority and legal right to execute, deliver and
perform this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement. The eligibility requirements set forth in Section 6.14 are satisfied with respect to it. 

  
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 (c) The execution, delivery and performance by it of this Agreement shall not
(i) violate any provision of any law or regulation governing the Owner Trustee or any order, writ, judgment or decree of any Governmental Authority applicable to the Owner Trustee or any of its assets, (ii) violate any provision of the
corporate charter or by-laws of the Owner Trustee and (iii) 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
Issuer 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 Owner
Trustee’s performance or ability to perform its duties as Owner Trustee under this Agreement or on the transactions contemplated in this Agreement. 

(d) The execution, delivery and performance by the Owner Trustee of this Agreement 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 regulating the banking and corporate trust activities of the Owner Trustee. 

(e) This Agreement has been duly executed and delivered by the Owner Trustee and constitutes the legal, valid and binding
agreement of the Owner Trustee, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights in general and by
general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(f) There are no pending or, to the best of its knowledge, threatened actions or proceedings against the Owner Trustee before
any court, administrative agency or tribunal which, if determined adversely to it, would materially and adversely affect its ability, either in its individual capacity or as Owner Trustee, as the case may be, to perform its obligations under this
Agreement or the Basic Documents. 
 Section 6.07. Reliance; Advice of Counsel. 

(a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter in any such document. The Owner Trustee may accept
a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or
matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by any Authorized Officer of the relevant party, as to such fact or matter, and such
certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under the Basic Documents,
the Owner Trustee (i) may act directly or 

  
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through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the negligent conduct or misconduct of
such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Owner Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals
to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons
and not contrary to any Basic Document. 
 Section 6.08. Owner Trustee May Own Securities. The Owner Trustee in its individual
or any other capacity may become the owner or pledgee of Securities and may deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer in transactions in the same manner as it would have if it were not the Owner Trustee. 

Section 6.09. Compensation and Indemnity. The Owner Trustee shall receive as compensation for its services hereunder such fees as
have been separately agreed upon before the date hereof between the Depositor and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Servicer for its other expenses hereunder, including the reasonable compensation,
expenses and disbursements of such agents, custodians, nominees, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. The Servicer shall
indemnify the Owner Trustee and its successors, assigns, agents, servants, officers, directors and employees in accordance with the provisions of Section 7.03 of the Sale and Servicing Agreement. To the extent these fees and indemnification
amounts are not paid by the Servicer, they will be paid out of Available Funds as described in the Sale and Servicing Agreement. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the
termination of this Agreement. Any amounts paid to the Owner Trustee pursuant to this Section shall be deemed not to be a part of the Trust Estate immediately after such payment. 

Section 6.10. Replacement of Owner Trustee. 

(a) The Owner Trustee may at any time give notice of its intent to resign and be discharged from the trusts hereby created by giving written
notice thereof to the Administrator; provided that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c). Upon giving such notice, the Owner Trustee will provide to
the Depositor in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the
resignation of the Owner Trustee. The Administrator may appoint a successor Owner Trustee by delivering a written instrument, in duplicate, to the resigning Owner Trustee and the successor Owner Trustee. If no successor Owner Trustee shall have been
appointed and have accepted appointment within 30 days after the giving of such notice, the resigning Owner Trustee giving such notice may petition at the expense of the Servicer any court of competent jurisdiction for the appointment of a
successor Owner Trustee. The Depositor or the Administrator shall remove the Owner Trustee if: 
 (i) the Owner Trustee shall
cease to be eligible in accordance with the provisions of Section 6.13 and shall fail to resign after written request therefor by the Administrator; 

  
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 (ii) the Owner Trustee shall be adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer shall be appointed or take charge or control of the Owner Trustee or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation; 
 (iv) the Owner Trustee shall otherwise be
legally incapable of acting; or 
 (v) the Owner Trustee shall fail to comply with any of its obligations under this
Agreement during the period that the Depositor is required to file Exchange Act Reports with respect to the Issuer, and such failure is not remedied within the lesser of ten calendar days and the period of time in which the related Exchange Act
Report is required to be filed. 
 (b) If the Owner Trustee resigns or is removed or if a vacancy exists in the office of Owner Trustee for
any reason, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing Owner Trustee and one copy to the successor Owner Trustee) and shall
pay all fees owed to the outgoing Owner Trustee. 
 (c) Any resignation or removal of the Owner Trustee and appointment of a successor Owner
Trustee pursuant to any of the provisions of this Section shall not become effective, and no such resignation shall be deemed to have occurred, until a written acceptance of appointment is delivered by the successor Owner Trustee to the outgoing
Owner Trustee and the Administrator, and all fees and expenses due to the outgoing Owner Trustee are paid. Any successor Owner Trustee appointed pursuant to this Section shall be eligible to act in such capacity in accordance with Section 6.13
and, following compliance with the preceding sentence, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. 

(d) The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents, computer
files and statements and monies held by it under this Agreement. The Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting
and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
 (e) Upon acceptance of appointment by a
successor Owner Trustee pursuant to this Section, the Administrator shall mail notice of the successor of such Owner Trustee to all Certificateholders, the Indenture Trustee and the Rating Agencies. 

Section 6.11. Merger or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee 

  
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shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such
Person shall be eligible pursuant to Section 6.13, and without the execution or filing of any instrument or any further act on the part of any of the parties hereto. The Owner Trustee shall provide the Depositor in writing and in form and
substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the successor Owner Trustee. The Administrator and the
predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and
obligations. 
 Section 6.12. Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Trust Estate or any of the Dealers may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved
by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment
within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a
successor trustee pursuant to Section 6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 6.10. 

(b) Each separate trustee and co-trustee shall, to the extent permitted by Applicable Law, be appointed and act subject to the following
provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee
shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee
joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights,
powers, duties and obligations (including the holding of title to the Issuer or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner
Trustee; 
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other
trustee under this Agreement; and 
 (iii) the Administrator and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 

  
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 (c) Any notice, request or other writing given to the Owner Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate
trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to
all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner
Trustee and a copy thereof given to the Administrator. 
 (d) Any separate trustee or co-trustee may at any time appoint the Owner Trustee
as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become
incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by Applicable Law, without the appointment of a new or successor
trustee. 
 Section 6.13. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the
requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times (i) be authorized to exercise corporate trust powers; (ii) have an aggregate capital, surplus and undivided profits of at least
$50,000,000 and be subject to supervision or examination by federal or State authorities and (iii) have (or have a parent which has) a long-term unsecured debt rating of at least “BBB-” by Standard and Poor’s. If such corporation
shall publish reports of condition at least annually, pursuant to Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the aggregate capital, surplus and undivided profits
of such corporation shall be deemed to be its aggregate capital, surplus and undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner Trustee shall comply at all times with
subsection (a)(4)(i) of Rule 3a-7 of the Investment Company Act. At all times, at least one trustee of the Issuer shall satisfy the requirements of Section 3807(a) of the Statutory Trust Act. 

Section 6.14. Withholding Certificate. Prior to the first Payment Date, the Administrator, on behalf of the Issuer, shall deliver
to the Servicer a properly completed and executed IRS Form W-9. 
 Section 6.15. Notice to Administrator of Repurchase
Requests. Not later than the fifth day of the month following the end of a calendar quarter (or, if such day is not a Business Day, the immediately following Business Day), beginning July 5, 2016, the Owner Trustee shall provide to the
Administrator a notice in substantially the form of Exhibit D with respect to any requests received by the Owner Trustee during the immediately preceding calendar quarter (or, in the case of the initial notice, since the Closing Date) that any
Receivable be repurchased by the Depositor or the Seller pursuant to Section 3.03 of the Sale and Servicing Agreement or pursuant to the Receivables Purchase Agreement. 

  
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 ARTICLE SEVEN 

TERMINATION OF TRUST AGREEMENT 

Section 7.01. Termination of Trust Agreement. 

(a) This Agreement shall terminate (other than the provisions of Section 6.09) and be of no further force or effect and the Issuer shall
dissolve and wind-up in accordance with Section 3808 of the Statutory Trust Act upon the earlier of (i) the payment to the Servicer, the Trustees, any Backup Servicer and the Securityholders of all amounts required to be paid to them
pursuant to the Indenture, the Sale and Servicing Agreement and Article Five of this Agreement, (ii) the Payment Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the disposition
of any amounts received upon liquidation or any property remaining in the Issuer or (iii) upon the purchase of the Receivables by the Servicer in connection with an Optional Purchase and retirement of the Securities. 

(b) Except as provided in Section 7.01(a), none of the Depositor or the Certificateholders shall be entitled to revoke, dissolve or
terminate the Issuer. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Issuer, (ii) entitle any Certificateholder’s legal representatives
or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate or (iii) otherwise affect the rights, obligations and liabilities of the parties
hereto. 
 (c) Notice of any termination of the Issuer, specifying the Payment Date upon which Certificateholders shall surrender their
Certificates to the Owner Trustee for payment of the final distribution and cancellation, shall be given by the Owner Trustee to Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer, stating
(i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the Certificate Paying Agent’s Corporate Office, (ii) the amount of any such
final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable and that payments are being made only upon presentation and surrender of the Certificates at the office of the Certificate Paying
Agent’s Corporate Office therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Certificate Paying Agent at the time such notice is given to Certificateholders. Upon
presentation and surrender of the Certificates, the Certificate Paying Agent shall cause to be distributed to Certificateholders, subject to Section 3808 of the Statutory Trust Act, amounts distributable on such Distribution Date pursuant to
Section 5.02. 
 (d) In the event that all of the Certificateholders shall not surrender their Certificates for cancellation within six
months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the
remaining Certificateholders concerning surrender of their 

  
 31 

 
Certificates and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable escheat laws, any funds remaining in the
Issuer after exhaustion of such remedies shall be distributed by the Owner Trustee to the Seller. 
 (e) Upon dissolution of the Issuer, the
Administrator shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating
that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against
the Issuer, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act, and the Depositor shall
instruct the Owner Trustee in writing, and the Owner Trustee, at the expense of the Depositor, shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions
of Section 3810 of the Statutory Trust Act, at which time the Issuer shall terminate and this Agreement (other than Section 6.09) shall be of no further force or effect. 

  
 32 

 ARTICLE EIGHT 

AMENDMENTS 
 Section 8.01.
Amendments. 
 (a) This Agreement may be amended by the Depositor and the Owner Trustee without the consent of any of the
Certificateholders to: 
 (i) cure any ambiguity; 

(ii) correct or supplement any provisions in this Agreement that may be defective or inconsistent with any other provision in
this Agreement; 
 (iii) add or supplement any credit, liquidity or other enhancement arrangement for the benefit of all
Certificateholders; 
 (iv) add to the covenants, restrictions or obligations of the Depositor or the Owner Trustee; 

(v) evidence and provide for the acceptance of the appointment of a successor trustee with respect to the Trust Estate and add
to or change any provisions as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee pursuant to Article Six; 

(vi) restrict transfers of the Certificates (or interest therein) or as otherwise required to prevent the Issuer from being
treated as a “publicly traded partnership” under Section 7704 of the Code; 
 (vii) add provisions to, delete
or modify the existing provisions of this Agreement as appropriate to allow the Issuer to acquire and issue securities backed by any assets other than the Collateral, subject to satisfaction of the Rating Agency Condition with respect thereto; or

 (viii) add, change or eliminate any other provision of this Agreement in any manner that shall not, as evidenced by an
Opinion of Counsel, materially and adversely affect the interests of the Certificateholders; 
 provided, however, that no such amendment may materially and
adversely affect the interests of any Securityholder. 
 (b) This Agreement may be amended from time to time by the Depositor and the Owner
Trustee, with the consent of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class, and the consent of the Certificateholders representing a majority of the Percentage Interests for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Securityholders; provided, however, that no amendment may (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collection on payments on the Trust Estate or payments that are required to be made for the benefit of the Noteholders without the consent of each Noteholder adversely affected by such amendment. 

  
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 (c) Notwithstanding the foregoing, this Agreement may not be amended in any way that would
significantly change the permitted activities or powers of the Issuer even if such amendment would not have an adverse effect on the Holders of the Notes, without the consent of the Holders representing not less than 51% of the Note Balance. 

(d) An amendment to this Agreement shall be deemed not to materially and adversely affect the interests of any Securityholders if (i) the
Person requesting such amendment obtains and delivers to the Owner Trustee an Opinion of Counsel or an Officer’s Certificate of the Depositor to that effect and (ii) with respect to the Notes, the Rating Agency Condition has been
satisfied. 
 Section 8.02. Form of Amendments. 

(a) Prior to the execution of any amendment to this Agreement, the Depositor shall provide each Rating Agency with written notice of the
substance of such amendment. Promptly after the execution of any amendment, the Owner Trustee shall furnish a copy of such amendment to each Rating Agency and the Indenture Trustee. 

(b) It shall not be necessary for the consent of Securityholders pursuant to Section 8.01(b) to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such Person consents to the substance thereof. The manner of obtaining such consents (and any other consents of Securityholders provided for in the Basic Documents) and of evidencing the
authorization of the execution thereof by Noteholders and the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe; provided, that the consent of a Certificateholder shall be deemed to have been
given if the Depositor does not receive a written objection from such Person within ten Business Days after a written request for consent shall have been given. Promptly after the execution of any amendment to the Certificate of Trust, the Owner
Trustee shall file such amendment or cause such amendment to be filed with the Secretary of State. 
 (c) Prior to the execution of any
amendment to this Agreement, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel to the effect that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the
execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or
otherwise. 

  
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 ARTICLE NINE 

MISCELLANEOUS 

Section 9.01. No Legal Title to Trust Estate. The Certificateholders shall not have legal title to any part of the Trust Estate.
The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles Five and Seven. No transfer, by operation of law or otherwise, of any right, title,
and interest of the Certificateholders to and in their ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any
part of the Trust Estate. 
 Section 9.02. Limitations on Rights of Others. The provisions of this Agreement are solely for the
benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

Section 9.03. Notices. All demands, notices and communications upon or to the Depositor, the Servicer, the Administrator, the
Trustees or the Rating Agencies or Certificateholders under this Agreement shall be delivered as specified in Section 10.03 of the Sale and Servicing Agreement. 

Section 9.04. Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement or the
Certificates shall be for any reason whatsoever held invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement
and the Certificates and shall in no way affect the validity or enforceability of the other provisions of this Agreement, the Certificates or the rights of the Certificateholders. 

Section 9.05. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but
all of which together shall constitute one and the same instrument. 
 Section 9.06. Successors and Assigns. All covenants and
agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and Certificateholders and their respective successors and permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 

Section 9.07. Nonpetition Covenant. The Owner Trustee, by entering into this Agreement, and each Noteholder, Note Owner,
Certificateholder and Certificate Owner, by accepting the benefits of this Agreement, hereby covenants that will not at any time institute against, or join any Person in instituting against, the Issuer or the Depositor any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the Basic Documents, and agrees that it will not cooperate with or encourage others to
file a bankruptcy petition against the Issuer or the Depositor. 

  
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 Section 9.08. Table of Contents and Headings. The Table of Contents and the various
headings herein are for purposes of reference only and shall not affect the meaning or interpretation of any provision hereof. 

Section 9.09. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 9.10. Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement, any documents executed
and delivered in connection herewith or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York located in the Borough of Manhattan, the courts of the
United States of America for the Southern District of New York, and appellate courts from any thereof; 
 (b) consents that
any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address in Section 10.03 of the Sale and Servicing Agreement; and 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction. 

  
 36 

 ARTICLE TEN 

REGULATION AB 

Section 10.01. Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of this Article is
to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance under these
provisions other than in good faith, or for purposes other than the Depositor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of
disclosure comparable to that required under the Securities Act). The Owner Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for information regarding the Owner Trustee which is required in order to enable the
Depositor to comply with the provisions of Regulation AB, including Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB as such items relate to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement. 

Section 10.02. Representations and Warranties. The Owner Trustee represents that: 

(a) there are no affiliations relating to the Owner Trustee with respect to any Item 1119 Party; 

(b) other than the transactions contemplated by the Basic Documents, there are no relationships or transactions with respect to
any Item 1119 Party and the Owner Trustee that are outside the ordinary course of business or on terms other than would be obtained in an arm’s-length transaction with an unrelated third party that are material to the investors’
understanding of the Notes; and 
 (c) there are no Proceedings pending, or known to be contemplated by Governmental
Authorities, against the Owner Trustee, or of which the property of the Owner Trustee is subject, that are material to the Noteholders. 

Section 10.03. Information to Be Provided by the Owner Trustee. 

(a) For so long as the Depositor is required to report under Regulation AB, the Owner Trustee shall, as promptly as practicable, notify the
Depositor, in writing, of (i) the commencement of, a material development in or, if applicable, the termination of, any and all Proceedings against the Owner Trustee or any and all Proceedings of which any property of the Owner Trustee is the
subject, that is material to the Noteholders and (ii) any such Proceedings known to be contemplated by Governmental Authorities. The Owner Trustee shall also notify the Depositor, in writing, as promptly as practicable following notice to or
discovery by a Responsible Officer of the Owner Trustee of any material changes to Proceedings described in the preceding sentence. In addition, the Owner Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the
Owner Trustee describing such Proceedings required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the Exchange Act. 

  
 37 

 (b) For so long as the Depositor is required to report under Regulation AB, the Owner Trustee
shall (i) on or before the fifth Business Day of each January, April, July and October, provide to the Depositor such information regarding the Owner Trustee as is required for the purpose of compliance with Items 1109(a), 1109(b) and
1119 of Regulation AB; provided, however, the Owner Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Owner Trustee to the Depositor, and (ii) as
promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any changes to such information, provide to the Depositor, in writing, such updated information. Such information shall include, at a minimum:

 (i) the Owner Trustee’s name and form of organization; 

(ii) a description of the extent to which the Owner Trustee has had prior experience serving as a trustee for asset-backed
securities transactions involving auto finance receivables; and 
 (iii) a description of any affiliation between the Owner
Trustee and any of the following parties to a Securitization Transaction, as such parties are identified by name to the Owner Trustee by the Depositor in writing in advance of such Securitization Transaction: (1) the sponsor, (2) any
depositor, (3) the issuing entity, (4) any servicer or subservicer, (5) any other trustee, (6) any originator, (7) any significant obligor, (8) any enhancement or support provider and (9) any other material party
related to any Securitization Transaction. 
 In addition, the Owner Trustee shall provide a description of whether there is, and if so the
general character of, any business relationship, agreement, arrangement, transaction or understanding between the Owner Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would
be obtained in an arm’s-length transaction with an unrelated third party, apart from the Securitization Transactions, that currently exists or that existed during the past two years and that is material to an investor’s understanding of
the Notes. 

  
 38 

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

			
	CALIFORNIA REPUBLIC FUNDING, LLC
	as Depositor
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2016-2 A&R Trust
Agreement 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2016-2 A&R Trust
Agreement 

			
	 In acknowledgement of its obligations as Servicer

and Administrator, including, but not limited to, its obligations under Section 6.09:

	
	 CALIFORNIA REPUBLIC BANK,
 not in
its individual capacity but solely as

	Servicer and Administrator
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2016-2 A&R Trust
Agreement 

			
	In acknowledgement of its obligations as Certificate Paying Agent and Certificate Registrar:

	
	 U.S. BANK NATIONAL ASSOCIATION,
 not
in its individual capacity but solely
 as Certificate Paying Agent and Certificate Registrar

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2016-2 A&R Trust
Agreement 

 EXHIBIT A 

FORM OF CERTIFICATE 
 THIS
CERTIFICATE IS SUBORDINATE TO THE NOTES TO THE EXTENT DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE REFERRED TO HEREIN. 

THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY. 

THIS CERTIFICATE HAS NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE SECURITIES LAWS OR SECURITIES LAWS OF ANY OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM. IN ADDITION, THE TRANSFER OF THIS CERTIFICATE IS
SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN THE TRUST AGREEMENT UNDER WHICH THIS CERTIFICATE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE OWNER TRUSTEE UPON REQUEST), INCLUDING RECEIPT BY THE OWNER TRUSTEE OF AN INVESTMENT LETTER
IN WHICH THE TRANSFEREE MAKES CERTAIN REPRESENTATIONS. 
 THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR AN OBLIGATION OF CALIFORNIA
REPUBLIC FUNDING, LLC, CALIFORNIA REPUBLIC BANK, WILMINGTON TRUST, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. 
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME 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. 
 THIS CERTIFICATE MAY NOT BE ACQUIRED BY OR WITH PLAN ASSETS OF(A)
AN EMPLOYEE BENEFIT PLAN, AS DEFINED IN SECTION 3(3) OF ERISA, THAT IS SUBJECT TO TITLE I OF ERISA, (B) A PLAN DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) A
GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE, (D) AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S 

  
 A-1 

 
INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF SECTION 3(42) OF ERISA AND DEPARTMENT OF LABOR REGULATION 29 C.F.R. SECTION 2510.3-101) OR (E) A PERSON INVESTING “PLAN ASSETS” OF
ANY SUCH PLAN. 

  
 A-2 

			
	Registered: R-1	  	Percentage Interest: 100%

 CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2016-2 

CERTIFICATE 
 evidencing a
fractional undivided beneficial interest in the California Republic Auto Receivables Trust 2016-2 (the “Issuer”), the property of which includes a pool of motor vehicle retail installment sale contracts and/or installment loans that are
secured by new and used automobiles, sport utility vehicles and light-duty trucks sold by California Republic Bank, a California corporation authorized to transact a banking business (“CRB”), to California Republic Funding, LLC, a Delaware
limited liability company (the “Depositor”), and sold by the Depositor to the Issuer. The property of the Issuer has been pledged by the Issuer under the Indenture, dated as of June 1, 2016 (as amended, restated, supplemented or
otherwise modified from time to time, the “Indenture”), between the Issuer and U.S. Bank National Association, as trustee (the “Indenture Trustee”), to secure the payment of the Notes issued thereunder. 

This certifies that CEDE & CO. is the registered owner of a 100% Percentage Interest nonassessable, fully paid, validly issued
undivided beneficial interest in the Issuer. The Issuer is governed pursuant to an Amended and Restated Trust Agreement, dated as of June 1, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Trust
Agreement”), between the Depositor and Wilmington Trust, National Association, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used herein that
are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of June 1, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Sale and
Servicing Agreement”), among the Issuer, the Depositor, CRB, as Seller, Servicer, Administrator and Custodian, and the Indenture Trustee. 

This Certificate is subordinate to the Notes to the extent set forth in the Sale and Servicing Agreement, the Trust Agreement and the
Indenture. Subject to the foregoing, this Certificate represents a right to amounts in the Certificate Distribution Account distributable to Certificateholders. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust Agreement, to which Trust Agreement the Holder of this Certificate by virtue of its acceptance hereof assents and by which such Holder is bound. 

Pursuant to the Trust Agreement, there will be distributed on each Payment Date to the Person in whose name this Certificate is registered at
the close of business on the related Record Date such Certificateholder’s Percentage Interest in any amount to be distributed to Certificateholders on such Payment Date. 

THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE
SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE. 

  
 A-3 

 A Certificateholder, by its acceptance of a Certificate, and each Certificate Owner, by its
acceptance of an interest in a Certificate, covenants and agrees that such Certificateholder or Certificate Owner shall not at any time direct the Owner Trustee to take or to refrain from taking any action (ii) if such action or inaction would
be contrary to any obligation of the Issuer or the Owner Trustee under the Trust Agreement or any other Basic Document or would be contrary to Section 2.03 of the Trust Agreement or (ii) that, for federal, State or local income, single
business or franchise tax purposes, would cause the Issuer to be treated as an association (or a publicly-traded partnership) taxable as a corporation; nor shall the Owner Trustee be obligated to follow any such direction, if given. 

Distributions on this Certificate shall be made as provided in the Trust Agreement by the Owner Trustee or Certificate Paying Agent by wire
transfer or check mailed to the Certificateholder of record in the Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and,
notwithstanding the above, the final distribution on this Certificate shall be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency
designated for that purpose in the Borough of Manhattan, The City of New York. 
 Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. In the event of any discrepancies between this Certificate and the terms of the Trust Agreement, the
Trust Agreement shall govern. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the
Owner Trustee or authenticating agent, by manual signature, this Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 

THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 A-4 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuer and not in its individual
capacity, has caused this Certificate to be duly executed, as of the date set forth below. 
  

			
	CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2016-2
	
	By: WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated:
                     
 OWNER
TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Certificates referred to in the within-mentioned Trust Agreement. 

[To be authenticated by either signatory below] 
  

									
	WILMINGTON TRUST, NATIONAL ASSOCIATION,	 		 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	as Owner Trustee	 	as Owner Trustee
		 		 		 		 	 By: U.S. Bank National Association,

                as Authenticating Agent

					
	By:	 	  
	 		 	By:	 	  

		 	Authorized Signatory	 		 		 	Authorized Signatory

  
 A-5 

 [REVERSE OF CERTIFICATE] 

The Certificates do not represent an obligation of, or an interest in, Depositor, the Servicer, the Owner Trustee or any Affiliates of any of
them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement or the other Basic Documents. In addition, this Certificate is not guaranteed by any Governmental
Authority and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and certain other amounts), all as more specifically set forth in the Trust Agreement, the Sale and Servicing Agreement and the
Indenture. A copy of each of the Receivables Purchase Agreement, the Sale and Servicing Agreement, the Indenture and the Trust Agreement will be furnished by the Depositor to any Certificateholder promptly upon receipt by the Depositor of a written
request therefor. 
 The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of
the rights and obligations of the Depositor and the rights of Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of the Noteholders representing not less than 51% of the Note Balance of
the Controlling Class and the Holders of the Certificates evidencing not less than a majority of the Percentage Interests. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and on all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Certificate. The Trust Agreement also permits the amendment thereof, in
certain circumstances, without the consent of the Holders of any of the Certificates. 
 As provided in the Trust Agreement and subject to
certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar designated by
the Owner Trustee in the Borough of Manhattan, The City of New York, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney duly authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate interest in the Issuer shall be issued to the designated transferee. The initial Certificate Registrar
appointed under the Trust Agreement is U.S. Bank. The Certificates are issuable only in registered form in Percentage Interests as provided in the Trust Agreement. 

As provided in the Trust Agreement and subject to certain limitations therein set forth, including the transfer limitations and restrictions
provided for therein, Certificates are exchangeable for new Certificates of authorized Percentage Interests evidencing the same aggregate Percentage Interest, as requested by the Certificateholder surrendering the same. No service charge shall be
made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 

The Owner Trustee, the Certificate Registrar and any Certificate Paying Agent may treat the Person in whose name this Certificate is
registered in the Certificate Register (as of the day of determination) as the owner of this Certificate for the purpose of receiving distributions 

  
 A-6 

 
pursuant to the Trust Agreement and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Certificate Paying Agent shall be affected by any notice to
the contrary. 
 The Trust Agreement, with certain exceptions therein provided, shall terminate and be of no further force or effect and the
Issuer shall dissolve upon the earlier of (i) the payment to the Servicer, the Trustees, any Backup Servicer and the Securityholders of all amounts required to be paid to them pursuant to the terms of the Indenture, the Sale and Servicing
Agreement and the Trust Agreement, (ii) the Payment Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the disposition of any amounts received upon liquidation of any property
remaining in the Issuer or (iii) upon the purchase of the Receivables by the Servicer in connection with an Optional Purchase and retirement of the Securities. 

The Certificates may not be acquired by or for the account of a (A) an employee benefit plan, as defined in Section 3(3) of ERISA,
that is subject to Title I of ERISA, (B) a plan described in Section 4975(e)(1) of the Internal Revenue Code that is subject to Section 4975 of the Internal Revenue Code, (C) a governmental plan, as defined in Section 3(32)
of ERISA, subject to any federal, state or local law which is, to a material extent, similar to the provisions of Section 406 of ERISA or Section 4975 of the Internal Revenue Code, (D) an entity whose underlying assets include plan
assets by reason of a plan’s investment in the entity (within the meaning of Section 3(42) of ERISA and Department of Labor Regulation 29 C.F.R. Section 2510.3-101) or (E) a Person investing “plan assets” of any such
plan (including without limitation, for purposes of this paragraph, an insurance company general account, but excluding any entity registered under the Investment Company Act) (each, a “Benefit Plan”). Each Certificateholder, by its
acceptance of a Certificate, and each Certificate Owner, by its acceptance of a beneficial interest in the Certificates, shall be deemed to have represented and warranted that it is not a Benefit Plan and not a Person acting on behalf of a Benefit
Plan or a Person using the assets of a Benefit Plan to effect the transfer of the related Certificate. 

  
 A-7 

 ASSIGNMENT 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

 
 (Please print or type name and address, including
postal zip code, of assignee) 
 the within Certificate, and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the
premises. 
 Dated:                     

  

 1 

 
  

 
  

 

	1 	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without alteration, enlargement or any change
whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP. 

  
 A-8 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRUST 

This Certificate of Trust of California Republic Auto Receivables Trust 2016-2 (the “Issuer”), is being duly executed and filed on
behalf of the Issuer by Wilmington Trust, National Association, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801, et seq. (the “Act”)). 

1. Name. The name of the statutory trust being formed hereby is California Republic Auto Receivables Trust 2016-2. 

2. Delaware Trustee. The name and business address of the trustee of the Issuer in the State of Delaware is Wilmington Trust, National
Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration. 

3. Effective Date. This Certificate of Trust shall be effective upon filing. 

IN WITNESS WHEREOF, the undersigned, being the trustee of the Issuer, has executed this Certificate of Trust in accordance with
Section 3811(a)(1) of the Act. 
  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	not in its individual capacity, but solely as owner trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-1 

 EXHIBIT C 

FORM OF CERTIFICATE PURCHASE AGREEMENT 

  
 C-1 

 EXHIBIT D 

FORM OF REPURCHASE REQUEST NOTICE 

            , 201   

California Republic Bank 
 18400 Von Karman, Suite 1100 

Irvine, California 92612 
 Attn: General Counsel 

Tel:   949-270-9700 
 Fax:  949-270-9799 

 

	 	Re:	California Republic Auto Receivables Trust 2016-2 

 Noteholder Request to Repurchase
Receivables 
 Ladies and Gentlemen: 

Reference is hereby made to (i) the Indenture, dated as of June 1, 2016 (the “Indenture”), between California Republic
Auto Receivables Trust 2016-2, as issuer (the “Issuer”), and U.S. Bank, as indenture trustee (the “Indenture Trustee”), and (ii) the Amended and Restated Trust Agreement of the Issuer, dated as of June 1, 2016, between
California Republic Funding, LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association, as owner trustee (in such capacity, the “Owner Trustee”). Capitalized terms used but not defined herein shall have the
meanings given them in the Indenture. 
 [During the period from and including
            , 201   to but excluding             , 201  , the Owner Trustee
received no requests requesting that Receivables be repurchased by the Seller or the Depositor pursuant to Section 3.03 of the Sale and Servicing Agreement or Section 3.03 of the Receivables Purchase Agreement.] 

[During the period from and including             , 201  
to but excluding             , 201  , the Owner Trustee received one or more requests requesting that Receivables be repurchased by the Seller or the Depositor
pursuant to Section 3.03 of the Sale and Servicing Agreement or Section 3.03 of the Receivables Purchase Agreement. The details of such requests are set forth below:] 

 

					
	 Date of Request
	  	Number of Receivables
Subject to Request	  	Aggregate Principal Balance
of Receivables Subject to
Request
		  		  	
		  		  	
		  		  	

  
 D-1 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 D-2

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