Document:

PURCHASE AGREEMENT NUMBER PA-03746

 

between

 

THE
BOEING COMPANY

 

and

 

China
Eastern Airlines Corporation, Ltd.

 

Relating
to Boeing Model 777-300ER Aircraft

 

with

 

China
Eastern Aviation Import & Export Corporation

 

as
consenting party

 

	CEA-PA-03746	 	PA Page 1
	 	 	 
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	ARTICLES
	 	 
	Article 1.	Quantity, Model and Description
	Article 2.	Delivery Schedule
	Article 3.	Price
	Article 4.	Payment
	Article 5.	Additional Terms
	 	 
	TABLE
	 	 
	1.	Aircraft Information Table
	2.	Aircraft Information Table
	 	 
	EXHIBIT
	 	 
	A.	Aircraft Configuration
	B.	Aircraft Delivery Requirements and Responsibilities
	 
	SUPPLEMENTAL EXHIBITS
	 	 
	AE1.	Escalation Adjustment/Airframe and Optional Features
	BFE1.	BFE Variables
	CS1.	Customer Support Variables
	EE1.	Engine Warranty and Patent Indemnity
	SLP1.	Service Life Policy Components

 

	CEA-PA-03746	 	PA Page 2
	 	 	 
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

	LETTER AGREEMENTS
	 
	LA-1107140	LA-Aircraft Minor Model Substitution
	 	 
	LA-1207798	LA-Aircraft Cross Model Substitution
	 	 
	LA-1107141	LA-Shareholder Approval
	 	 
	LA-1107142	LA-Boeing BFE Purchase
	 	 
	LA-1107144	LA-EULA Special Matters
	 	 
	LA-1107145	LA-Board Approval
	 	 
	LA-1107146	LA-Liquidated Damages Non-Excusable Delay
	 	 
	LA-1107147	LA-Loading of Customer Software
	 	 
	LA-1107148	LA-Open Configuration Matters
	 	 
	LA-1107149	LA-Performance Guarantees
	 	 
	LA-1107150	LA-Promotional Support
	 	 
	LA-1107151	LA-Spare Parts Initial Provisioning
	 	 
	LA-1107152	LA-Special Matters
	 	 
	LA-1207193	LA-Payment Matters
	 	 
	LA-1207194	LA-Cabin Systems Equipment
	 	 
	LA-1207195	LA-Customer Support Special Matters –  Extra
    Training     and Services
	 	 
	LA-1207196	LA-Escalation Capped Factors
	 	 
	LA-1207199	LA-Government Approval
	 	 
	LA-1207459	LA-Aircraft Trade-In Matters

 

	CEA-PA-03746	 	PA Page 3
	 	 	 
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

Purchase Agreement No. PA-03746

 

between

 

The Boeing Company

 

and

 

China Eastern Airlines Corporation, Ltd.

 

This Purchase Agreement
No. PA-03746 between The Boeing Company, a Delaware corporation, (Boeing) and China Eastern Airlines Corporation,
Ltd., a China corporation, (Customer) relating to the purchase and sale of Model 777-300ER aircraft together with
all tables, exhibits, supplemental exhibits, letter agreements and other attachments thereto, if any, (Purchase Agreement)
incorporates the terms and conditions (except as specifically set forth below) of the Aircraft General Terms Agreement dated as
of March 7, 2001 between the parties, identified as AGTA-CEA (AGTA).

 

		1.	Quantity, Model andDescription.

 

The aircraft to be
delivered to Customer will be designated as Model 777-300ER aircraft (Aircraft). Boeing will manufacture and sell
to Customer Aircraft conforming to the configuration described in Exhibit A in the quantities listed in Table 1 and Table 2 to
the Purchase Agreement.

 

		2.	Delivery Schedule.

 

The scheduled months
of delivery of the Aircraft are listed in the attached Table 1 and Table 2. Exhibit B describes certain responsibilities for both
Customer and Boeing in order to accomplish the delivery of the Aircraft.

 

		3.	Price.

 

3.1         Aircraft
Basic Price. TheAircraft Basic Price is listed in Table 1 and Table 2 and is subject to escalation in accordance with the
terms of this Purchase Agreement.

 

3.2         Advance
Payment Base Prices. The Advance Payment Base Prices listed in Table 1 and Table 2 were calculated utilizing the latest escalation
factors available to Boeing on the date of this Purchase Agreement projected to the month of scheduled delivery.

 

		4.	Payment.

 

4.1         Boeing
acknowledges receipt of a deposit in the amount shown in Table 1 and Table 2 for each Aircraft (Deposit).

 

4.2         The
standard advance payment schedule for the Model 777-300ER aircraft requires Customer to make certain advance payments, expressed
in a percentage of the Advance Payment Base Price of each Aircraft beginning with a payment of *** less the Deposit, on the effective
date of the Purchase Agreement for the Aircraft. Additional advance payments for each Aircraft are due as specified in and on
the first business day of the months listed in the attached Table 1 and Table 2.

 

4.3        For any Aircraft
whose scheduled month of delivery is less than *** from the date of this Purchase Agreement, the total amount of advance payments
due for payment upon signing of this Purchase Agreement will include all advance payments which are past due in accordance with
the standard advance payment schedule set forth in paragraph 4.2 above.

 

	CEA-PA-03746	 	PA Page 4
	 	 	 
	BOEING PROPRIETARY

 

    	 

    	 

    

 

4.4           Customer will
pay the balance of the AircraftPrice of each Aircraft at delivery.

 

		5.	Additional Terms.

 

5.1         Aircraft
Information Table. Table 1 andTable 2 consolidates information contained in Articles 1, 2, 3 and 4 with respect to (i)
quantity of Aircraft, (ii) applicable Detail Specification, (iii) month and year of scheduled deliveries, (iv) Aircraft Basic Price,
(v) applicable escalation factors and (vi) Advance Payment Base Prices and advance payments and their schedules.

 

5.2         Escalation
Adjustment/Airframe and Optional Features. Supplemental Exhibit AE1 contains the applicable airframe and optional features
escalation formula.

 

5.3         Buyer Furnished
Equipment Variables. Supplemental Exhibit BFE1 contains supplier selection dates, on dock dates and other variables applicable
to the Aircraft.

 

5.4         Customer
Support Variables. Information,training, services and other things furnished by Boeing in support of introduction of the
Aircraft into Customer’s fleet are described in Supplemental Exhibit CS1. The level of support to be provided under Supplemental
Exhibit CS1 (Entitlements) assumes that at the time of delivery of Customer’s first Aircraft under the Purchase Agreement,
Customer has not taken possession of a 777-300ER aircraft whether such 777-300ER aircraft was purchased, leased or otherwise obtained
by Customer from Boeing or another party. If prior to the delivery of Customer’s first Aircraft, Customer has taken possession
of a 777-300ER aircraft, Boeing will revise the Entitlements to reflect the level of support normally provided by Boeing to operators
already operating such aircraft. Under no circumstances under the Purchase Agreement or any other agreement will Boeing provide
the Entitlements more than once to support Customer’s operation of 777-300ER aircraft.

 

5.5         Engine Escalation
Variables. Supplemental Exhibit EE1 describes the applicable engine escalation formula and contains the engine warranty and
the engine patent indemnity for the Aircraft.

 

5.6         Service Life
Policy Component Variables. Supplemental Exhibit SLP1 lists the SLP Components covered by the Service Life Policy for the Aircraft.

 

5.7         Public Announcement.
Boeing reserves the right to make a public announcement regarding Customer’s purchase of the Aircraft upon approval of Boeing’s
press release by Customer’s public relations department or other authorized representative.

 

5.8         Negotiated
Agreement: Entire Agreement. This Purchase Agreement, including the provisions of Article 8.2 of the AGTA relating to insurance,
and Article 11 of Part 2 of Exhibit C of the AGTA relating to DISCLAIMER AND RELEASE and EXCLUSION OF CONSEQUENTIAL
AND OTHER DAMAGES, has been the subject of discussion and negotiation and is understood by the parties; the Aircraft Price
and other agreements of the parties stated in this Purchase Agreement were arrived at in consideration of such provisions. This
Purchase Agreement, including the AGTA, contains the entire agreement between the parties and supersedes all previous proposals,
understandings, commitments or representations whatsoever, oral or written, and may be changed only in writing signed by authorized
representatives of the parties.

 

	CEA-PA-03746	 	PA Page 5
	 	 	 
	BOEING PROPRIETARY

 

    	 

    	 

    

 

	AGREED AND ACCEPTED this	 
	 	 
	 	 
	Date	 	 
	 	 	 
	THE BOEING COMPANY	 
	 	 	 
	By	/s/ Rocky E. Weller	 
	 	 	 
	Its 	Attorney-In-Fact	 
	 	 	 
	CHINA EASTERN AIRLINES CORPORATION,

    LTD.	 
	 	 	 
	By 		 
	 	 	 
	Its 	 	 
	 	 	 
	CHINA EASTERN AVIATION IMPORT &

    EXPORT CORPORATION	 
	 	 	 
	By		 
	 	 	 
	Its	 	 

 

	CEA-PA-03746	 	PA Page 6
	 	 	
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

Table 1 To

Purchase Agreement No. 3746

Aircraft Delivery, Description, Price
and Advance Payments

 

	Airframe Model/MTOW:             777-300ER	***	Detail Specification:	***
	 	 	 	 
	Engine Model/Thrust:              GE90-II5BLI	***	Airframe Price Base Year/Escalation Formula:	***
	 	 	 	 
	Airframe Price:	***	Engine Price Base Year/Escalation Formula:	***
	 	 	 	 
	Optional Features:	***	 	 
	 	 	 	 
	Sub-Total of Airframe and Features:	***	Airframe Escalation Data:	 
	 	 	 	 
	Engine Price (Per Aircraft):	***	Base Year Index (ECI):	***
	 	 	 	 
	Aircraft Basic Price (Excluding BFE/SPE):	***	Base Year Index (ICI):	***
	 	 	 	 
	Buyer Furnished Equipment (BFE) Estimate:	***	 	 
	 	 	 	 
	Seller Purchased Equipment (SPE) Estimate:	***	 	 
	 	 	 	 
	

Refundable Deposit/Aircraft at Proposal Accept: 

	***	 	 

 

	 	 	 	 	Escalation	 	 	 	 	 		 	 	 
	Delivery	 	Number of 	 	Factor	 	 	 	 	 		 	 	 
	Date	 	Aircraft	 	 (Airframe)	 	 	 	 	 	Escalation Estimate	 	Advance
    Payment Per Aircraft (Amts. Due/Mos. Prior Delivery):	 
	Sep-2014	 	1	 	***	 	 	 	 	 	***	 	***	 
	Nov-2014	 	1	 	***	 	 	 	 	 	***	 	***	 
	Dec-2014	 	1	 	***	 	 	 	 	 	***	 	***	 
	Mar-2015	 	1	 	***	 	 	 	 	 	***	 	***	 
	Jun-2015	 	1	 	***	 	 	 	 	 	***	 	***	 
	Jul-2015	 	1	 	***	 	 	 	 	 	***	 	***	 
	Aug-2015	 	1	 	***	 	 	 	 	 	***	 	***	 
	Nov-2015	 	1	 	***	 	 	 	 	 	***	 	***	 
	Feb-2016	 	1	 	***	 	 	 	 	 	***	 	***	 
	Apr-2016	 	1	 	***	 	 	 	 	 	***	 	***	 
	Jun-2016	 	1	 	***	 	 	 	 	 	***	 	***	 
	Aug-2016	 	1	 	***	 	 	 	 	 	***	 	***	 
	Oct-2016	 	1	 	***	 	 	 	 	 	***	 	***	 
	Feb-2017	 	1	 	***	 	 	 	 	 	***	 	***	 

 

	CEA- 58253-1F.TXT	BOEING
    PROPRIETARY	Page 1

 

    	 

    	 

    

 

Table 1 To

Purchase Agreement No. 3746

Aircraft Delivery, Description, Price and Advance Payments

 

	 	 	 	 	Escalation	 	 	 	 	 		 		 
	Delivery	 	Number of	 	Factor	 	 	 	 	 	 	 	 	 
	Dale	 	Aircraft	 	(Airframe)	 	 	 	 	 	Escalation Estimate	 	Advance
    Payment Per Aircraft (Amts. Due/Mos. Prior Delivery):	 
	Apr-2017	 	1	 	***	 	 	 	 	 	***	 	***	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total:	 	15	 		 	 	 	 	 		 		 

 

	CEA- 58253-1F.TXT	BOEING
    PROPRIETARY	Page 2

 

    	 

    	 

    

 

Table 2 To

Purchase Agreement No. 3746

Aircraft Delivery, Description, Price and Advance Payments

 

	Airframe Model/MTOW:              777-300ER	***	Detail Specification:	***
	 	 	 	 
	Engine Model/Thrust:              GE90-II5BLI	***	Airframe Price Base Year/Escalation Formula:	***
	 	 	 	 
	Airframe Price:	***	Engine Price Base Year/Escalation Formula:	***
	 	 	 	 
	Optional Features:	***	 	 
	 	 	 	 
	Sub-Total of Airframe and Features:	 ***	Airframe Escalation Data:	 
	 	 	 	 
	Engine Price (Per Aircraft):	 ***	Base Year Index (ECI):	 ***
	 	 	 	 
	Aircraft Basic Price (Excluding BFE/SPE):	 ***	Base Year Index (ICI):	 ***
	 	 	 	 
	Buyer Furnished Equipment (BFE) Estimate:	 ***	 	 
	 	 	 	 
	Seller Purchased Equipment (SPE) Estimate:	***	 	 
	 	 	 	 
	Refundable Deposit/Aircraft at Proposal Accept:	***	 	 

 

	 	 	 	 	Escalation	 	 	 	 	 	 	 	 	 
	Delivery	 	Number of	 	Factor	 	 	 	 	 	 	 	 	 
	Date	 	Aircraft	 	(Airframe)	 	 	 	 	 	Escalation Estimate	 	Advance
    Payment Per Aircraft (Amts. Due/Mos. Prior Delivery):	 
	Jun-2017	 	1	 	***	 	 	 	 	 	***	 	***	 
	Feb-2018	 	1	 	***	 	 	 	 	 	***	 	***	 
	Apr-2018	 	1	 	***	 	 	 	 	 	***	 	***	 
	Jun-2018	 	1	 	***	 	 	 	 	 	***	 	***	 
	Aug-2018	 	1	 	***	 	 	 	 	 	***	 	***	 
	Total:	 	5	 		 	 	 	 	 	 	 	 	 

 

	CEA- 58253-1F.TXT	BOEING
    PROPRIETARY	Page 1

 

    	 

    	 

    

 

AIRCRAFT
CONFIGURATION

 

between

 

THE BOEING
COMPANY

 

and

 

China
Eastern Airlines Corporation, Ltd.

 

Exhibit
A to Purchase Agreement Number PA-03746

 

	CEA-PA-03746-EXA	 	EXA Page 1
	 	BOEING PROPRIETARY	 

 

 

    	 

    	 

    

 

Exhibit A

 

AIRCRAFT CONFIGURATION

 

Dated _____________

 

relating to

 

BOEING MODEL 777-300ER AIRCRAFT

 

The content of this
Exhibit A will be defined pursuant to the provisions of Letter Agreement CEA-PA-03746-LA-1107148 to the Purchase Agreement, entitled
“Open Configuration Matters”.

 

	CEA-PA-03746-EXA	 	EXA Page 2
	 	BOEING PROPRIETARY	 

  

    	 

    	 

    

 

AIRCRAFT
DELIVERY REQUIREMENTS AND

RESPONSIBILITIES

 

between

 

THE BOEING
COMPANY

 

and

 

China
Eastern Airlines Corporation, Ltd.

 

Exhibit
B to Purchase Agreement Number PA-03746

 

	CEA-PA-03746-EXB	 	 
	 	 	EXB Page
    1
	 	BOEING PROPRIETARY	 

  

    	 

    	 

    

 

  

Exhibit
B

 

AIRCRAFT
DELIVERY REQUIREMENTS AND RESPONSIBILITIES

 

relating
to

 

BOEING
MODEL 777-300ER AIRCRAFT

 

Both
Boeing and Customer have certain documentation and approval responsibilities at various times during the construction cycle of
Customer’s Aircraft that are critical to making the delivery of each Aircraft a positive experience for both parties. This
Exhibit B documents those responsibilities and indicates recommended completion deadlines for the actions to be accomplished.

 

1.          GOVERNMENT
DOCUMENTATION REQUIREMENTS.

 

Certain
actions are required to be taken by Customer in advance of the scheduled delivery month of each Aircraft with respect to obtaining
certain government issued documentation.

 

1.1          Airworthiness
and Registration Documents. Not later than six (6) months
prior to delivery of each Aircraft, Customer will notify Boeing of the registration number
to be painted on the side of the Aircraft. In addition, and not later than three (3) months prior to delivery
of each Aircraft, Customer will, by letter to the regulatory authority having jurisdiction, authorize the temporary use of such
registration numbers by Boeing during the pre-delivery testing of the Aircraft.

 

Customer
is responsible for furnishing any Temporary or Permanent Registration Certificates required by any governmental authority having
jurisdiction to be displayed aboard the Aircraft after delivery.

 

1.2          Certificate
of Sanitary Construction.

 

1.2.1           U.S.
Registered Aircraft. Boeing will obtain from the United States Public Health Service, a United States Certificate of Sanitary Construction
to be displayed aboard each Aircraft after delivery to Customer. The above Boeing obligation only applies to commercial passenger-configured
aircraft.

 

1.2.2           Non-U.S.
Registered Aircraft. If Customer requires a United States Certificate of Sanitary Construction at the time of delivery of the
Aircraft, Customer will give written notice thereof to Boeing at least three
(3) months prior to delivery. Boeing will then use commercially reasonable efforts to obtain
the Certificate from the United States Public Health Service and present it to Customer at the time of Aircraft delivery. The
above Boeing obligation only applies to commercial passenger-configured aircraft.

 

1.3          Customs
Documentation.

 

1.3.1           Import
Documentation. If the Aircraft is intended to be exported from the United States, Customer must notify Boeing not later than
three (3) months prior to delivery
of each Aircraft of any documentation required by the customs authorities or by any other agency of the country of import.

 

1.3.2           General
Declaration - U.S. If the Aircraft is intended to be exported from the United
States, Boeing will prepare Customs Form 7507, General Declaration, for execution by U.S. Customs immediately prior to the ferry
flight of the Aircraft. For this purpose, Customer will furnish to Boeing not later than *** all information required by U.S.
Customs and Border Protection, including without limitation (i) a complete crew and passenger list identifying the names, birth
dates, passport numbers and passport expiration dates of all crew and passengers and (ii) a complete ferry flight itinerary, including
point of exit from the United States for the Aircraft.

 

	CEA-PA-03746-EXB	 	 
	 	 	EXB
    Page 2
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

If
Customer intends, during the ferry flight of an Aircraft, to land at a U.S. airport after clearing Customs at delivery, Customer
must notify Boeing not later than *** prior to delivery of such intention. If
Boeing receives such notification, Boeing will provide to Customer the documents constituting a Customs permit to proceed, allowing
such Aircraft to depart after any such landing. Sufficient copies of completed Form 7507, along with passenger manifest, will
be furnished to Customer to cover U.S. stops scheduled for the ferry flight.

 

1.3.3           Export
Declaration - U.S. If the Aircraft is intended to be exported from the United States
following delivery, and (i) Customer is a non-U.S. customer, Boeing will file an export declaration electronically with U.S. Customs
and Border Protection (CBP),
or (ii) Customer
is a U.S. customer, it is the responsibility of the U.S. customer, as the exporter of record, to file the export declaration with
CBP.

 

2.          Insurance
Certificates.

 

Unless
provided earlier, Customer will provide to Boeing not later than thirty (30) days prior to delivery
of the first Aircraft, a copy of the requisite annual insurance certificate in accordance with the requirements of Article 8 of
the AGTA.

 

3.          NOTICE
OF FLYAWAY CONFIGURATION.

 

Not
later than *** prior to delivery of the Aircraft, Customer will provide to Boeing
a configuration letter stating the requested “flyaway configuration” of the Aircraft for its ferry flight. This configuration
letter should include:

 

(i)          the
name of the company which is to furnish fuel for the ferry flight and any scheduled post-delivery flight training, the method
of payment for such fuel, and fuel load for the ferry flight;

 

(ii)         the
cargo to be loaded and where it is to be stowed on board the Aircraft, the address where cargo is to be shipped after flyaway and
notification of any hazardous materials requiring special handling;

 

(iii)        any
BFE equipment to be removed prior to flyaway and returned to Boeing BFE stores for installation on Customer’s subsequent Aircraft;

 

(iv)        a
complete list of names and citizenship of each crew member and non-revenue passenger who will be aboard the ferry flight; and

 

(v)         a
complete ferry flight itinerary.

 

4.          DELIVERY
ACTIONS BY BOEING.

 

4.1           Schedule
of Inspections. All FAA, Boeing, Customer and, if required, U.S. Customs Bureau inspections will be scheduled by Boeing for
completion prior to delivery or departure of the Aircraft. Customer will be informed of such schedules.

 

4.2           Schedule
of Demonstration Flights. All FAA and Customer demonstration flights will be scheduled by Boeing for completion prior to delivery
of the Aircraft.

 

4.3           Schedule
for Customer’s Flight Crew. Boeing will inform Customer of the date that a flight crew is required for acceptance routines
associated with delivery of the Aircraft.

 

	CEA-PA-03746-EXB	 	 
	 	 	EXB
    Page 3
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

4.4           Fuel
Provided by Boeing. Boeing will provide to Customer, without charge, the amount of fuel shown in U.S. gallons in the table
below for the model of Aircraft being delivered and full capacity of engine oil at the time of delivery or prior to the ferry flight
of the Aircraft.

 

	Aircraft Model	 	Fuel Provided
	737	 	***
	747	 	***
	757	 	***
	767	 	***
	777	 	***
	787	 	***

 

4.5           Flight
Crew and Passenger Consumables. ***

 

4.6           Delivery
Papers, Documents and Data. Boeing will have available at the time of delivery of the Aircraft certain delivery papers, documents
and data for execution and delivery. If title for the Aircraft will be transferred to Customer through a Boeing sales subsidiary
and if the Aircraft will be registered with the FAA, Boeing will pre-position in Oklahoma City, Oklahoma, for filing with the FAA
at the time of delivery of the Aircraft an executed original Form 8050-2, Aircraft Bill of Sale, indicating transfer of title to
the Aircraft from Boeing’s sales subsidiary to Customer.

 

4.7           Delegation
of Authority.     If specifically requested in advance by Customer, Boeing will present a certified
copy of a Resolution of Boeing’s Board of Directors, designating and authorizing certain persons to act on its behalf in connection
with delivery of the Aircraft.

 

5.          DELIVERY
ACTIONS BY CUSTOMER.

 

5.1           Aircraft
Radio Station License. At delivery Customer will provide its Aircraft Radio Station License to be placed on board the
Aircraft following delivery.

 

5.2           Aircraft
Flight Log. At delivery Customer will provide the Aircraft Flight Log for the Aircraft.

 

5.3           Delegation
of Authority.    Customer will present to Boeing at delivery of the Aircraft an original or certified copy of Customer’s
Delegation of Authority designating and authorizing certain persons to act on its behalf in connection with delivery of the specified
Aircraft.

 

5.4           TSA
Waiver Approval.      Customer may be required to have an approved Transportation Security Administration (TSA) waiver
for the ferry flight depending upon the Customer’s en-route stop(s) and destination unless the Customer already has a TSA
approved security program in place. Customer is responsible for application for the TSA waiver and obtaining TSA approval. Customer
will provide a copy of the approved TSA waiver to Boeing upon arrival at the Boeing delivery center.

 

5.5           Electronic
Advance Passenger Information System. Shouldthe ferry flight of an Aircraft leave the United States, the Department of
Homeland Security office requires Customer to comply with the Electronic Advance Passenger Information System (eAPIS). Customer
needs to establish their own account with US Customs and Border Protection in order to file for departure. A copy of the eAPIS
forms is to be provided by Customer to Boeing upon arrival of Customer’s acceptance team at the Boeing delivery center.

 

	CEA-PA-03746-EXB	 	 
	 	 	EXB Page 4
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

ESCALATION
ADJUSTMENT

AIRFRAME
AND OPTIONAL FEATURES

 

between

 

THE
BOEING COMPANY

 

and

 

China
Eastern Airlines Corporation, Ltd.

 

Supplemental
Exhibit AE1

to
Purchase Agreement Number PA-03746

 

	CEA-PA-03746-AE1	 	 
	 	 	AE1 Page 1
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

ESCALATION
ADJUSTMENT

AIRFRAME
AND OPTIONAL FEATURES

 

relating
to

 

BOEING
MODEL 777-300ER AIRCRAFT

 

1.          Formula.

 

Airframe
and Optional Features price adjustments (Airframe Price Adjustment) are used to allow prices to be stated in current year
dollars at the signing of this Purchase Agreement and to adjust the amount to be paid by Customer at delivery for the effects of
economic fluctuation. The Airframe Price Adjustment will be determined at the time of Aircraft delivery in accordance with the
following formula:

 

***

 

Where:

 

***

 

Where:

 

ECIb
is the base year airframe escalation index (as set forth in Table 1 and Table 2 of this Purchase Agreement);

 

ECI
is a value determined using the U.S. Department of Labor, Bureau of Labor Statistics, Employment Cost Index for NAICS
Aircraft Manufacturing - Wages and Salaries (BLS Series ID CIU20232110000001), calculated by establishing a three-month
arithmetic average value (expressed as a decimal and rounded to the nearest tenth) using the values for the *** prior to the
month of scheduled delivery of the applicable Aircraft. As the Employment Cost Index values are only released on a quarterly
basis, the value released for ***

 

***

 

	CEA-PA-03746-AE1	 	 
	 	 	AE1 Page 2
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

 

 

Where:

 

ICIb
is the base year index (as set forth in Table 1 and Table 2 of this Purchase Agreement); and ICI is a value determined using
the U.S. Department of Labor, Bureau of Labor Statistics, Producer Price Index - Industrial Commodities Index (BLS
Series ID WPU03THRU15),calculated as ***

 

Where:

 

***

 

Note:

 

		(i)	***

 

		(ii)	***

 

		(iii)	***

 

		(iv)	***

 

		(iv)	***

 

		(vi)	***

 

2.          Values
to be Utilized in the Event of Unavailability.

 

2.1           If
the Bureau of Labor Statistics substantially revises the methodology used for the determination of the values to be used to determine
the ECI and ICI values (in contrast to benchmark adjustments or other corrections of previously released values), or for any reason
has not released values needed to determine the applicable Airframe Price Adjustment, the parties will, prior to the delivery of
any such Aircraft, select a substitute from other Bureau of Labor Statistics data or similar data reported by non-governmental
organizations. Such substitute will result in the same adjustment, insofar as possible, as would have been calculated utilizing
the original values adjusted for fluctuation during the applicable time period. However, if within *** after delivery of the Aircraft,
the Bureau of Labor Statistics should resume releasing values for the months needed to determine the Airframe Price Adjustment;
such values will be used to determine any increase or decrease in the Airframe Price Adjustment for the Aircraft from that determined
at the time of delivery of the Aircraft.

 

	CEA-PA-03746-AE1	 	 
	 	 	AE1 Page 3
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

2.2           Notwithstanding
Article 2.1 above, if prior to the scheduled delivery month of an Aircraft the Bureau of Labor Statistics changes the base year
for determination of the ECI and ICI values as defined above, such re-based values will be incorporated in the Airframe Price Adjustment
calculation.

 

2.3           In
the event escalation provisions are made non-enforceable or otherwise rendered void by any agency of the United States Government,
the parties agree, to the extent they may lawfully do so, to equitably adjust the Aircraft Price of any affected Aircraft to reflect
an allowance for increases or decreases consistent with the applicable provisions of paragraph 1 of this Supplemental Exhibit AE1
in labor compensation and material costs occurring since August of the year prior to the price base year shown in the Purchase
Agreement.

 

2.4           If
within *** of Aircraft delivery, the published index values are revised due to an acknowleded error by the Bureau of Labor Statistics,
the Airframe Price Adjustment will be re-calculated using the revised index values (this does not include those values noted as
preliminary by the Bureau of Labor Statistics). A credit memorandum or supplemental invoice will be issued for the Airframe Price
Adjustment difference. Interest charges will not apply for the period of original invoice to issuance of credit memorandum or supplemental
invoice.

 

Note:

		(i)	The
values released by the Bureau of Labor Statistics and available to Boeing thirty (30) days prior to the first day of the scheduled
delivery month of an Aircraft will be used to determine the ECI and ICI values for the applicable months (including those noted
as preliminary by the Bureau of Labor Statistics) to calculate the Airframe Price Adjustment for the Aircraft invoice at the time
of delivery. The values will be considered final and no Airframe Price Adjustments will be made after Aircraft delivery for any
subsequent changes in published index values, subject always to paragraph 2.4 above.

 

		(ii)	The
maximum number of digits to the right of the decimal after rounding utilized in any part of the Airframe Price Adjustment equation
will be 4, where rounding of the fourth digit will be increased to the next highest digit when the 5th digit is equal to five
(5) or greater.

 

	CEA-PA-03746-AE1	 	 
	 	 	AE1 Page 4
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

BUYER
FURNISHED EQUIPMENT VARIABLES

 

between

 

THE
BOEING COMPANY 

 

and

 

China
Eastern Airlines Corporation, Ltd.

 

Supplemental
Exhibit BFE1

to
Purchase Agreement Number PA-03746

 

	CEA-PA-03746-BFE1	 	 
	 	 	BFE1 Page 1
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

BUYER
FURNISHED EQUIPMENT VARIABLES

 

relating
to

 

BOEING
MODEL 777-300ER AIRCRAFT

 

This
Supplemental Exhibit BFE1 contains supplier selection dates, on-dock dates and other requirements applicable to the Aircraft.

 

1.          Supplier
Selection.

 

Customer
will:

 

Select
and notify Boeing of the suppliers and part numbers of the following BFE items by the following dates:

 

	Galley
    System	July
    1, 2013
	 	 
	Galley Inserts	July
    1, 2013
	 	 
	Seats (Suites)	June
    1, 2012
	 	 
	Seats (F/C, B/C, Premium
    E/C)	January
    2, 2013
	 	 
	Seats (Economy class)	June
    1, 2013
	 	 
	Overhead & Audio System	November
    1, 2013
	 	 
	In-Seat
    Video System	*****
	 	 
	Miscellaneous Emergency
    Equipment	July
    1, 2013

 

****In-Flight
Entertainment (IFE) In seat video system must be selected concurrent with the longest lead seat program.

 

2.          On-dock
Dates and Other Information.

 

On
or before January 2014, Boeing will provide to Customer the BFE Requirements electronically in My Boeing Fleet (MBF),
through My Boeing Configuration (MBC). These requirements may be periodically
revised, setting forth the items, quantities, on-dock dates and shipping instructions and other requirements relating to the in-sequence
installation of BFE. For planning purposes, preliminary BFE on-dock dates are set forth below:

 

	CEA-PA-03746-BFE1	 	 
	 	 	BFE1
    Page 2
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

	 	 	 	Preliminary
                                                                                                                                            BFE
                                                                                                                                            On-dock
                                                                                                                                            Dates
                                                                                                                                            for
                                                                                                                                            Planning
                                                                                                                                            Purposes
                                                                                                                                            Only
	Scheduled
    
Month of

 Delivery:	 	 	Qty	 	 	Seats	 	Galleys
    / 
Furnishings	 	Antennas
    & 
Mounting 
Equipment	 	Avionics	 	Cabin
    
Systems 
Equipment	 	Miscellaneous/
    
Emergency 
Equipment	 	Textiles
    / 

Raw Material
	Sep
    2014	 	 	1	 	 	07/09/2014	 	07/07/2014	 	05/09/2014	 	07/07/2014	 	07/07/2014	 	07/07/2014	 	04/09/2014
	Nov
    2014	 	 	1	 	 	09/08/2014	 	09/04/2014	 	07/08/2014	 	09/04/2014	 	09/04/2014	 	09/04/2014	 	06/09/2014
	Dec
    2014	 	 	1	 	 	10/09/2014	 	10/07/2014	 	08/08/2014	 	10/07/2014	 	10/07/2014	 	10/07/2014	 	07/11/2014
	Mar
    2015	 	 	1	 	 	01/08/2015	 	01/06/2015	 	11/07/2014	 	01/06/2015	 	01/06/2015	 	01/06/2015	 	09/29/2014
	Jun
    2015	 	 	1	 	 	04/08/2015	 	04/06/2015	 	02/06/2015	 	04/06/2015	 	04/06/2015	 	04/06/2015	 	01/09/2015
	Jul
    2015	 	 	1	 	 	05/06/2015	 	05/02/2015	 	03/06/2015	 	05/02/2015	 	05/02/2015	 	05/02/2015	 	02/07/2014
	Aug
    2015	 	 	1	 	 	06/08/2015	 	06/04/2015	 	04/08/2015	 	06/04/2015	 	06/04/2015	 	06/04/2015	 	03/10/2015
	Nov
    2015	 	 	1	 	 	09/02/2015	 	08/31/2015	 	07/02/2015	 	08/31/2015	 	08/31/2015	 	08/31/2015	 	06/09/2015
	Feb
    2016	 	 	1	 	 	12/01/2015	 	11/30/2015	 	10/01/2015	 	11/30/2015	 	11/30/2015	 	11/30/2015	 	08/31/2015
	Apr
    2016	 	 	1	 	 	02/05/2016	 	02/03/2016	 	12/01/2015	 	02/03/2016	 	02/03/2016	 	02/03/2016	 	10/28/2015
	Jun
    2016	 	 	1	 	 	04/07/2016	 	04/05/2016	 	02/05/2016	 	04/05/2016	 	04/05/2016	 	04/05/2016	 	01/11/2016
	Aug
    2016	 	 	1	 	 	06/08/2016	 	06/06/2016	 	04/08/2016	 	06/06/2016	 	06/06/2016	 	06/06/2016	 	03/10/2016
	Oct
    2016	 	 	1	 	 	08/09/2016	 	06/06/2016	 	06/08/2016	 	06/06/2016	 	06/06/2016	 	06/06/2016	 	05/10/2016
	Feb
    2017	 	 	1	 	 	11/30/2016	 	11/28/2016	 	09/30/2016	 	11/28/2016	 	11/28/2016	 	11/28/2016	 	08/30/2016
	Apr
    2017	 	 	1	 	 	02/06/2017	 	02/02/2017	 	12/16/2016	 	02/02/2017	 	02/02/2017	 	02/02/2017	 	10/27/2016
	Jun
    2017	 	 	1	 	 	04/06/2017	 	04/04/2017	 	02/06/2017	 	04/04/2017	 	04/04/2017	 	04/04/2017	 	01/09/2017
	Feb
    2018	 	 	1	 	 	12/1/2017	 	11/29/2017	 	10/2/2017	 	11/29/2017	 	11/29/2017	 	11/29/2017	 	08/29/2017
	Apr
    2018	 	 	1	 	 	02/06/2018	 	02/02/2018	 	11/29/2017	 	02/02/2018	 	02/02/2018	 	02/02/2018	 	10/27/2017
	Jun
    2018	 	 	1	 	 	04/06/2018	 	04/04/2018	 	02/06/2018	 	04/04/2018	 	04/04/2018	 	04/04/2018	 	01/09/2018
	Aug
    2018	 	 	1	 	 	06/07/2018	 	06/05/2018	 	04/06/2018	 	06/05/2018	 	06/05/2018	 	06/05/2018	 	03/09/2018
	Total
    A/C	 	 	20	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	CEA-PA-03746-BFE1	 	BFE1
    Page 3
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

3.          Additional
Delivery Requirements - Import.

 

Customer
will be the “importer of record” (as defined by the U.S. Customs and Border Protection) for all BFE imported
into the United States, and as such, it has the responsibility to ensure all of Customer’s BFE shipments comply with U.S.
Customs Service regulations. In the event Customer requests Boeing, in writing, to act as importer of record for Customer’s
BFE, and Boeing agrees to such request, Customer is responsible for ensuring Boeing can comply with all U.S. Customs Import Regulations
by making certain that, at the time of shipment, all BFE shipments comply with the requirements in the “international Shipment
Routing Instructions”, including the Customs Trade Partnership Against Terrorism (C-TPAT), as set out on the
Boeing website referenced below. Customer agrees to include the International Shipment Routing Instructions, including C-TPAT
requirements, in each contract between Customer and BFE supplier.

 

http://www.boeing.com/companyoffices/doingbiz/supplier_portal/index_general.html

 

	CEA-PA-03746-BFE1	 	 
	 	 	BFE1 Page 4
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

CUSTOMER
SUPPORT VARIABLES

 

between

 

THE
BOEING COMPANY 

 

and

 

CHINA
EASTERN AIRLINES CORPORATION, LTD.

 

Supplemental
Exhibit CS1

to
Purchase Agreement Number PA-03746

 

	CEA-PA-03746-CS1	 	 
	 	 	CS1 Page 1
	 	BOEING
    PROPRIETARY	 

 

 

    	 

    	 

    

 

CUSTOMER
SUPPORT VARIABLES 

 

relating
to 

 

BOEING
MODEL 777-300ER AIRCRAFT

 

Customer
and Boeing will conduct planning conferences approximately twelve (12) months prior to delivery of the first Aircraft, or as mutually
agreed, in order to develop and schedule a customized Customer Support Program to be furnished by Boeing in support of the Aircraft.

 

The
customized Customer Services Program will be based upon and equivalent to the entitlements summarized below.

 

1.          Maintenance
Training.

 

1.1           ***

 

1.2           ***

 

1.3           ***

 

1.4           ***

 

1.5           ***

 

1.6           ***

 

1.7           ***

 

1.8           ***

 

1.9           ***

 

 

2.          Flight
Training.

 

2.1           ***

 

2.2           ***

 

2.3           ***

 

2.4           ***

 

2.5           ***

 

	CEA-PA-03746-CS1	 	 
	 	 	CS1 Page 2
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

2.6           Additional
Flight Operations Services:

 

		(i)	***

 

		(ii)	***

 

		(iii)	***

 

3.            Planning
Assistance.

 

3.1          Maintenance
Engineering.    Notwithstanding anything in Exhibit B to the AGTA seemingly to the contrary, Boeing will provide the following
Maintenance Engineering support:

 

		3.1.1	Maintenance
Planning Assistance. ***

 

		3.1.2	ETOPS
Maintenance Planning Assistance. ***

 

		3.1.3	GSE/Shops/Tooling Consulting. ***

 

		3.1.4	Maintenance Engineering Evaluation.
***

 

3.2          Spares.

 

		(i)	Recommended
Spares Parts List (RSPL). ***

 

		(ii)	Illustrated
Parts Catalog (IPC). ***

 

		(iii)	Provisioning
Training. ***

 

		(iv)	Spares
Provisioning Conference. ***

 

	CEA-PA-03746-CS1	 	 
	 	 	CS1 Page 3
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

4.          Technical
Data and Documents.

 

4.1           Flight
Operations.

 

***

 

4.2           Maintenance.

 

***

 

4.3           Maintenance
Planning.

 

***

 

4.4           Spares.

 

***

 

	CEA-PA-03746-CS1	 	 
	 	 	CS1
    Page 4
	 	BOEING PROPRIETARY	 

  

    	 

    	 

    

 

4.5           Facilities
and Equipment Planning.

 

***

 

4.6           Supplier
Technical Data.

 

***

 

	CEA-PA-03746-CS1	 	 
	 	 	CS1 Page 5
	 	BOEING
    PROPRIETARY	 

 

 

    	 

    	 

    

 

ENGINE
ESCALATION,

ENGINE
WARRANTY AND PATENT INDEMNITY

 

between

 

THE
BOEING COMPANY

 

and

 

CHINA
EASTERN AIRLINES CORPORATION, LTD.

 

Supplemental
Exhibit EE1

to
Purchase Agreement Number PA-03746

 

	CEA-PA-03746-EE1	 	 
	 	 	EE1
    Page 1
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

ENGINE
ESCALATION

ENGINE
WARRANTY AND PATENT INDEMNITY

 

relating
to

 

BOEING
MODEL 777-300ER AIRCRAFT

 

1.          ENGINE
ESCALATION.

 

No
separate engine escalation methodology is defined for the 777-300ER Aircraft. Pursuant to the AGTA, the engine prices for these
Aircraft are included in and will be escalated in the same manner as the Airframe.

 

2.          ENGINE
WARRANTY AND PRODUCT SUPPORT PLAN.

 

Boeing
has obtained from General Electric Company (GE) GE’s guarantee that GE will extend directly to Customer GE’s warranty,
special guarantees and product support services (hereinafter collectively referred to as Warranty); subject, however,
to Customer’s acceptance of the conditions set forth in the Warranty.

 

In
consideration for Boeing’s having obtained GE’s guarantee to provide the Warranty directly to the Customer, Customer hereby
releases and discharges Boeing from any and all claims, obligations and liabilities whatsoever arising out of the purchase or use
of such Engines and Customer hereby waives, releases and renounces all its rights in all such claims, obligations and liabilities.
THE WARRANTY GE EXTENDS DIRECTLY TO CUSTOMER IS EXCLUSIVE, AND IS IN LIEU OF ALL OTHER WARRANTIES WHETHER WRITTEN, ORAL OR IMPLIED.
THERE ARE NO IMPLIED WARRANTIES OF FITNESS OR MERCHANTABILITY.

 

	CEA-PA-03746-EE1		EE1 Page 2
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

SERVICE
LIFE POLICY COMPONENTS

 

between

 

THE
BOEING COMPANY

 

and

 

CHINA
EASTERN AIRLINES CORPORATION, LTD.

 

Supplemental
Exhibit SLP1

to
Purchase Agreement Number PA-03746

 

	CEA-PA-03746-SLP1	 	 
	 	 	SLP1
    Page
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

SERVICE
LIFE POLICY COMPONENTS

 

relating to

 

BOEING MODEL 777-300ER AIRCRAFT

 

This
is the listing of SLP Components for the Aircraft which relate to Part 3, Boeing Service Life Policy of Exhibit C,
Product Assurance Document to the AGTA and is a part of Purchase Agreement No. PA-03746.

 

1.          Wing.

		(i)	Upper
and lower wing skins and stiffeners between the forward and rear wing spars.

 

		(ii)	Wing
spar webs, chords and stiffeners.

 

		(iii)	Inspar
wing ribs.

 

		(iv)	Inspar
splice plates and fittings.

 

		(v)	Main
landing gear support structure.

 

		(vi)	Wing
center section lower beams, spanwise beams and floor beams, but not the seat tracks attached to floor beams.

 

		(vii)	Wing-to-body
structural attachments.

 

		(viii)	Engine
strut support fittings attached directly to wing primary structure.

 

		(ix)	Support
structure in the wing for spoilers and spoiler actuators; for aileron hinges and reaction links; and for leading edge devices
and trailing edge flaps.

 

		(x)	Leading
edge device and trailing edge flap support system.

 

		(xi)	Aileron
leading edge device and trailing edge flap internal, fixed attachment and actuator support structure.

 

2.          Body.

		(i)	External
surface skins and doublers, longitudinal stiffeners, longerons and circumferential rings and frames between the forward pressure
bulkhead and the vertical stabilizer rear spar bulkhead and structural support and enclosure for the APU but excluding all system
components and related installation and connecting devices, insulation, lining, and decorative panels and related installation
and connecting devices.

 

		(ii)	Window
and windshield structure but excluding the windows and windshields.

 

		(iii)	Fixed
attachment structure of the passenger doors, cargo doors and emergency exits, excluding door mechanisms and movable hinge components.
Sills and frames around the body openings for the passenger doors, cargo doors and emergency exits, excluding scuff plates
and pressure seals.

 

	CEA-PA-03746-SLP1	 	 
	 	 	SLP1 Page 2
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

 

		(iv)	Nose wheel well structure, including the
wheel well walls, pressure deck, forward and aft bulkheads, and the gear support structure.

 

		(v)	Main gear wheel well structure including
pressure deck, bulkheads and landing gear beam support structure.

 

		(vi)	Floor beams and support posts in the control
cab and passenger cabin area, but excluding seat tracks.

 

		(vii)	Forward and aft pressure bulkheads.

 

		(viii)	Keel structure between the wing front
spar bulkhead and the main gear wheel well aft bulkhead, including splices.

 

		(ix)	Wing front and rear spar support bulkheads,
and vertical and horizontal stabilizer front and rear spar support bulkheads including terminal fittings but excluding all system
components and related installation and connecting devices, insulation, lining, and decorative panels and related installation
and connecting devices.

 

		(x)	Support structure in the body for the
stabilizer pivot and stabilizer screw.

 

		3.	Vertical Stabilizer.

 

		(i)	External skins between front and rear
spars.

 

		(ii)	Front and rear spars including stiffeners.

 

		(iii)	Attachment fittings between vertical stabilizer
and body.

 

		(iv)	Inspar ribs.

 

		(v)	Rudder hinges and supporting ribs, excluding
bearings.

 

		(vi)	Support structure in the vertical stabilizer
for rudder hinges, reaction links and actuators.

 

		(vii)	Rudder internal, fixed attachment and
actuator support structure.

 

		4.	Horizontal Stabilizer.

 

		(i)	External skins between front and rear
spars.

 

		(ii)	Front and rear spars including splices
and stiffeners.

 

		(iii)	Inspar ribs.

 

		(iv)	Stabilizer splice fittings and pivot and
screw support structure.

 

		(v)	Support structure in the horizontal stabilizer
for the elevator hinges, reaction links and actuators.

 

		(vi)	Elevator internal, fixed attachment and
actuator support structure.

 

		(vii)	Elevator hinges and supporting ribs, excluding
bearings.

 

	CEA-PA-03746-SLP1	 	 
	 	 	SLP1 Page 3
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

		5.	Engine Strut.

 

		(i)	Strut
external surface skin and doublersand stiffeners.

 

		(ii)	Internal strut chords, frames and bulkheads.

 

		(iii)	Strut
to wing fittings anddiagonalbrace.

 

		(iv)	Engine mount support fittings attached
directly to strut structure.

 

		(v)	For Aircraft equipped with General Electric
or Pratt & Whitney
engines only, the engine-mounted support fittings.

 

		6.	Main Landing Gear.

 

		(i)	Outer cylinder.

 

		(ii)	Inner cylinder.

 

		(iii)	Upper and lower side strut, including
spindles and universals.

 

		(iv)	Upper and lower drag strut, including
spindles and universals.

 

		(v)	Orifice support tube.

 

		(vi)	Downlock
links includingspindlesand universals.

 

		(vii)	Torsion links.

 

		(viii)	Bogie beam.

 

		(ix)	Axles.

 

		(x)	Steering crank arm.

 

		(xi)	Steering rod.

  

		7.	Nose Landing Gear.

 

		(i)	Outer cylinder.

 

		(ii)	Inner cylinder, including axles.

 

		(iii)	Orifice support tube.

 

		(iv)	Upper and lower drag strut, including
lock links.

 

		(v)	Steering plates and steering collar.

 

		(vi)	Torsion links.

 

		(vii)	Actuator support beam and hanger.

 

NOTE: The
Service Life Policy does not cover any bearings, bolts, bushings, clamps, brackets, actuating mechanisms or latching mechanisms
used in or on the SLP Components.

 

	CEA-PA-03746-SLP1	 	 
	 	 	SLP1 Page 4
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

		The Boeing Company
	P.O. Box 3707
	Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1107140

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road 

SHANGHAI
200335 

PEOPLE’S
REPUBLIC OF CHINA

 

		Subject:	Aircraft Minor Model Substitution

 

		Reference:	Purchase
                                                                                                         Agreement No. PA-03746
                                                                                                         (Purchase Agreement)
                                                                                                         between The Boeing Company
                                                                                                         (Boeing)
                                                                                                         and China Eastern Airlines
                                                                                                         Corporation, Ltd. (Customer)
                                                                                                         relating to Model 777-300ER
                                                                                                         aircraft (Aircraft)

 

This
letter agreement (Letter Agreement) amends and supplements the Purchase Agreement.
All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.

 

Customer
may substitute the purchase of Boeing Model 777-Freighter aircraft (Substitute Aircraft)
in place of any Aircraft in Table 1 and Table 2, subject to the following terms and conditions:

 

		1.	Customer’s
Written Notice.

 

Customer
shall provide written notice of its intention to substitute the purchase of an Aircraft with the purchase of a Substitute
Aircraft no later than the first day of the month that is *** prior to the scheduled month of delivery of the Aircraft for
which it will be substituted, provided that a Substitute Aircraft has been previously certified and delivered to
Customer.

 

		2.	Boeing’s
Production Capability.

 

2.1           Customer’s
substitution right is conditioned upon Boeing having production capability for the Substitute Aircraft in the same scheduled delivery
month as the Aircraft for which it will be substituted. Boeing will provide a written response to Customer within ten (10) business
days of Customer’s notice of intent indicating whether or not Boeing’s production capability will support the scheduled
delivery month.

 

2.2           If
Boeing is unable to manufacture the Substitute Aircraft in the same scheduled delivery month as the Aircraft for which it will
be substituted, then within ten (10) business days of Customer’s notice of intent, Boeing shall make a written offer of
an alternate delivery month for Customer’s consideration and written acceptance within thirty days of such offer.

 

2.3           All
of Boeing’s quoted delivery positions for Substitute Aircraft shall be considered preliminary until such time as the parties
enter into a definitive agreement in accordance with paragraph 3. below.

 

	CEA-PA-03746-LA-1107140	 	 
	Aircraft Minor Model Substitution	 	LA Page
    1
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

		3.	Definitive Agreement.

 

Customer’s substitution right and Boeing obligation in this Letter Agreement are further conditioned upon Customer and Boeing’s executing
a definitive agreement for the purchase of the Substitute Aircraft within *** of Customer’s substitution notice to Boeing
or of Customer’s acceptance of an alternate delivery month in accordance with paragraph 2. above.

 

		4.	Price and Advance Payments.

 

4.1           The
Airframe Price, Optional Features Price and, if applicable, Engine Price will be adjusted to Boeing’s and the engine manufacturer’s
then-current prices for such elements as of the date of execution of the definitive purchase agreement for the Substitute Aircraft.
The escalation indices and methodology used to estimate the Advance Payment Base Price (APBP) will be adjusted to
Boeing’s and the engine manufacturer’s then-current provisions for such elements as of thedate of execution of
the definitive purchase agreement for the Substitute Aircraft.

 

4.2            If
the APBP for any Substitute Aircraft is higher than the APBP of the Aircraft, Customer will pay to Boeing the amount of the difference
in Advance Payments as of the date of execution of the definitive agreement for the Substitute Aircraft. If the APBP of the Substitute
Aircraft is lower than the APBP of the Aircraft, Boeing will retain any excess amounts previously paid by Customer until the next
payment is due, at which time Customer may reduce the amount of such payment by the amount of the excess. In no case will Boeing
refund or pay interest on any excess amounts created by virtue of Customer’s exercise of the rights of substitution described
herein.

 

		5.	Assignment.

 

Notwithstanding
any other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer
in consideration of Customer’s becoming the operator of the Aircraft and cannot be assigned in whole or, in part.

 

		6.	Confidential Treatment.

 

The
information contained herein represents confidential business information and has value precisely because it is not available generally
or to other parties. Customer will limit the disclosure of its contents to employees of Customer with a need to know the contents
for purposes of helping Customer perform its obligations under the Purchase Agreement and who understand they are not to disclose
its contents to any other person or entity without the prior written consent of Boeing.

 

	CEA-PA-03746-LA-1107140 

Aircraft Minor Model Substitution	 	LA Page 2
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

Very
truly yours,

 

	THE
    BOEING COMPANY	 
	 	 
	By	/s/
Rocky E. Weller

	 
	 	 	 
	Its	Attorney-In-Fact	 

 

	ACCEPTED
    AND AGREED TO this	 
	 	 
	Date:	 	 

 

	CHINA
    EASTERN AIRLINES CORPORATION, LTD.	 
	 	 
	By		 
	 	 
	Its	 	 

 

	CHINA
    EASTERN AVIATION IMPORT & 

    EXPORT CORPORATION	 
	 	 
	By
    		 
	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1107140	 	 
	Aircraft
    Minor Model Substitution	 	LA Page
    3
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

		The Boeing Company
	P.O. Box 3707
	 
	Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1207798

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road 

SHANGHAI
200335 

PEOPLE’S
REPUBLIC OF CHINA

 

		Subject:	Aircraft Cross Model
Substitution

 

		Reference:	Purchase
                                                                                                         Agreement No. PA-03746
                                                                                                         (Purchase Agreement)
                                                                                                         between The Boeing Company
                                                                                                         (Boeing)
                                                                                                         and China Eastern Airlines
                                                                                                         Corporation, Ltd. (Customer)
                                                                                                         relating to Model 777-300ER
                                                                                                         aircraft (Aircraft)

 

This
letter agreement (Letter Agreement) amends and supplements the Purchase Agreement.
All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.

 

Customer
may substitute the purchase of Boeing Model 737, 747-8, 787-8 and 787-9 aircraft (Substitute Aircraft)
in place of any Aircraft in Table 2 only, subject to the following terms and conditions:

 

		1.	Customer’s
Written Notice.

 

Customer
shall provide written notice of its intention to substitute the purchase of an Aircraft with the purchase of a Substitute
Aircraft no later than the first day of the month that is *** prior to the scheduled month of delivery of the Aircraft for
which it will be substituted.

 

		2.	Boeing’s
Production Capability.

 

2.1          Customer’s
substitution right is conditioned upon Boeing having production capability for the Substitute Aircraft in the same scheduled delivery
month as the Aircraft for which it will
be substituted. Boeing will provide a written response to Customer within *** of Customer’s notice of intent indicating
whether or not Boeing’s production capability will support the scheduled delivery month.

 

2.2          If
Boeing is unable to manufacture the Substitute Aircraft in the same scheduled delivery month as the Aircraft for which it
will be substituted, then within *** of Customer’s notice of intent, Boeing shall make a written offer of an alternate
delivery month for Customer’s consideration and written acceptance within thirty days of such offer.

 

2.3         All
of Boeing’s quoted delivery positions for Substitute Aircraft shall be considered preliminary and quoted STAP (Subject to
Available Position) until such time as the parties enter into a definitive agreement in accordance with paragraph 4. below. The
Substitute Aircraft will be subject to production, lead time and customer introduction constraints.

 

	CEA-PA-03746-LA-1207798	 	 
	Aircraft
    Cross Model Substitution	 	LA Page
    1
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

		3.	Equal Deal Value.

 

***

 

		4.	Definitive Agreement.

 

Customer’s
substitution right and Boeing obligation in this Letter Agreement are further conditioned upon Customer and Boeing’s executing
a definitive agreement for the purchase of the Substitute Aircraft within *** of Customer’s substitution notice to Boeing
or of Customer’s acceptance of an alternate delivery month in accordance with paragraph 2. above.

 

		5.	Price and Advance
Payments.

 

5.1           The
Airframe Price, Optional Features Price and, if applicable, Engine Price will be adjusted to Boeing’s and the engine manufacturer’s
then-current prices for such elements as of the date of execution of the definitive purchase agreement for the Substitute Aircraft.
The escalation indices and methodology used to estimate the Advance Payment Base Price (APBP)
will be adjusted to Boeing’s and the engine manufacturer’s then-current provisions for such elements as of the date
of execution of the definitive purchase agreement for the Substitute Aircraft.

 

5.2           The
APBP for the total number of Substitute Aircraft will be higher than the APBP of the Table 2 Aircraft, and Customer will pay to
Boeing the amount of the difference in Advance Payments as of the date of execution of the definitive agreement for the Substitute
Aircraft.

 

		6.	Assignment.

 

Notwithstanding
any other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer
in consideration of Customer’s becoming the operator of the Aircraft and cannot be assigned in whole or, in part.

 

		7.	Confidential Treatment.

 

The
information contained herein represents confidential business information and has value precisely because it is not available generally
or to other parties. Customer will limit the disclosure of its contents to employees of Customer with a need to know the contents
for purposes of helping Customer perform its obligations under the Purchase Agreement and who understand they are not to disclose
its contents to any other person or entity without the prior written consent of Boeing.

 

	CEA-PA-03746-LA-1207798	 	 
	Aircraft
    Cross Model Substitution	 	LA Page 2
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

Very
truly yours,

 

	THE
    BOEING COMPANY 	 
	 	 	 
	By	/s/
                                                                                                           Rocky E. Weller

	 
	 	 
	Its
    	Attorney-In-Fact	 

 

	ACCEPTED
    AND AGREED TO this	 
	 	 
	Date:	 	 
	 	 	 

	CHINA
    EASTERN AIRLINES CORPORATION, LTD.	 
	 	 
	By		 
	 	 
	Its	 	 

 

	CHINA
    EASTERN AVIATION IMPORT & 

EXPORT CORPORATION	 
	 	 
	By		 
	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1207798	 	 
	Aircraft
    Cross Model Substitution	 	LA Page
    3
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

		The Boeing Company
	P.O. Box 3707
	Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1107141

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road 

SHANGHAI
200335 

PEOPLE’S
REPUBLIC OF CHINA

 

		Subject:	Shareholder Approval

 

		Reference:	Purchase Agreement No. PA-03746
                                                                (Purchase Agreement) between The Boeing Company (Boeing)
                                                                and China Eastern Airlines Corporation, Ltd. (Customer)
                                                                relating to Model 777-300ER aircraft (Aircraft)

 

This
letter agreement (Letter Agreement) amends and supplements the Purchase Agreement.
All terms used but not defined in this Letter Agreement shall havethe same meaning as in the Purchase Agreement.

 

		1.	Listing Matters.

 

***

 

		2.	Shareholder Approval.

 

***

 

	CEA-PA-03746-LA-1107141	 	 
	Shareholder
    Approval	 	LA Page
    1
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

Very
truly yours,

 

	THE BOEING COMPANY 	 
	 	 
	By	/s/ Rocky E. Weller

	 
	 	 
	Its 	Attorney-In-Fact	 

 

	ACCEPTED AND AGREED TO this	 
	 	 
	Date:	 	 
	 	 	 

 

	CHINA EASTERN AIRLINES CORPORATION, LTD.	 
	 	 
	By		 
	 	 
	Its 	 	 

 

	CHINA EASTERN AVIATION IMPORT & 

EXPORT CORPORATION	 
	 	 
	By		 
	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1107141	 	 
	Shareholder
    Approval	 	LA Page
    2
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

		The Boeing Company
	P.O. Box 3707
	Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1107142

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road

SHANGHAI
200335

PEOPLE’S
REPUBLIC OF CHINA

 

		Subject:	Boeing Purchase of Buyer Furnished Equipment

 

		Reference:	Purchase Agreement No. PA-03746 (Purchase Agreement) between The Boeing Company (Boeing)
and China Eastern Airlines Corporation, Ltd. (Customer) relating to Model 777-300ER aircraft (Aircraft)

 

This
letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this
Letter Agreement shall have the same meaning as in the Purchase Agreement.

 

Customer
will sell to Boeing the Buyer Furnished Equipment (BFE) listed in the Annex to Exhibit A to this Letter Agreement under
the terms and conditions set forth below.

 

1.            Customer
will deliver to Boeing a bill of sale for the BFE conveying good title, free of any encumbrances, in the form of Exhibit A to this
Letter Agreement (BFE Bill of Sale) immediately prior to delivery of the Aircraft.

 

2.            The
BFE purchase price will be the amount stated on the BFE Bill of Sale applicable to the Aircraft and will be paid to Customer immediately
after receipt by Boeing of the Aircraft Price balance and Aircraft delivery, at which time Boeing will deliver a bill of sale for
the BFE to Customer at the time of payment in the form of Exhibit B to this Letter Agreement.

 

3.            Customer
will pay to Boeing the amount of any taxes, duties or other charges of whatever nature imposed by any United States, Federal, State
or local taxing authority, or any taxing authority outside the United States required to be paid by Boeing as a result of any sale,
purchase, use, ownership, delivery, transfer, storage or other activity associated with any of the BFE purchased as part of this
Letter Agreement.

 

4.            The
purchase price of the Aircraft will be increased by the amount paid by Boeing for the BFE as shown on the applicable BFE Bill
of Sale plus any amounts which are identified at the time of Aircraft delivery to be due to Boeing from Customer pursuant to the
provisions of paragraph 3, above. The remainder of any charges due Boeing from Customer pursuant to paragraph 3 will be payable
to Boeing upon demand.

 

5.            Customer
will indemnify and hold harmless Boeing from and against all claims, suits, actions, liabilities, damages, costs and expenses
for any actual or alleged infringement of any patent issued or equivalent right under the laws of any country arising out of or
in any way connected with any sale, purchase, use, ownership, delivery, transfer, storage or other activity associated with any
of the BFE purchased as part of this Letter Agreement.

 

	CEA-PA-03746-LA-1107142	 	 
	Boeing Purchase of BFE	 	LA Page 1
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

6.           Customer
will indemnify and hold harmless Boeing from and against all claims and liabilities, including costs and expenses (including attorneys’
fees) incident thereto or incident to successfully establishing the right to indemnification, for injury to or death of any person
or persons, including employees of Customer but not employees of Boeing, or for loss of or damage to any property, including any
aircraft, arising out of or in any way connected with the performance by Boeing of services or other obligations under this Letter
Agreement and whether or not arising in tort or occasioned in whole or in part by the negligence of Boeing.

 

7.           Boeing
makes no warranty other than warranty of such title to the BFE as has been transferred by Customer to Boeing pursuant to this Letter
Agreement. The exclusion of liabilities and other provisions of the AGTA are applicable to this Letter Agreement.

 

8.           For
the purposes of this Letter Agreement, the term “Boeing” includes The Boeing Company, its divisions, subsidiaries, affiliates,
the assignees of each, and their directors, officers, employees and agents.

 

	CEA-PA-03746-LA-1107142	 	 
	Boeing
    Purchase of BFE	 	LA
    Page 2
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

Very Truly Yours,

 

	THE
    BOEING COMPANY	 
	 	 
	By	/s/ Rocky E. Weller	 
	 	 
	Its	Attorney-In-Fact	 

 

	ACCEPTED
    AND AGREED TO this	 
	 	 
	Date:	 	 
	 	 	 

 

	CHINA
    EASTERN AIRLINES CORPORATION, LTD.	 
	 	 
	By		 
	 	 
	Its	 	 

 

	CHINA
    EASTERN AVIATION IMPORT & EXPORT CORPORATION	 
	 	 
	By	 	 
	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1107142	 	 
	Boeing
    Purchase of BFE	 	LA
    Page 3
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

Exhibit
A

FULL
WARRANTY BILL OF SALE

 

China
Eastern Airlines Corporation, Ltd. (Seller) in consideration of the promise of
The Boeing Company (Buyer) to pay to Seller + U.S. Dollars ($+) hereby sells to
Buyer the goods described in the Schedule of Equipment attached hereto (BFE).
Such payment by Buyer will be made immediately after delivery to Seller of and payment for the Aircraft bearing Manufacturer’s
Serial No. + on which the BFE is installed.

 

Seller
warrants to Buyer that it has good title to the BFE free and clear of all liens, encumbrances and rights of others; and that it
will warrant and defend such title against all claims and demands whatsoever.

 

This
Full Warranty Bill of Sale is delivered by Seller to Buyer in Seattle, Washington, and governed by the law of the State of Washington,
U.S.A. EXCLUSIVE OF WASHINGTON’S CONFLICTS OF LAWS PRINCIPLES.

 

	China Eastern Airlines Corporation, Ltd.	 
	 	 
	By:	 	 
	 	 
	Date:	 	 

 

Receipt
of this Full Warranty Bill of Sale is hereby acknowledged by Buyer by its duly authorized representative.

 

	THE BOEING COMPANY	 
	 	 
	By:	 	 
	 	 	 

 

	CEA-PA-03746-LA-1107142	 	 
	Boeing Purchase of BFE	 	LA Page
    4
	 	 	 
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

SCHEDULE
OF EQUIPMENT (BFE)

Applicable
to

Model
777-300ER Aircraft bearing

Manufacturer’s
Serial No. <MSN> 

Document
PED 

Issued
+

Revision
of +

 

	CEA-PA-03746-LA-1107142	 	 
	Boeing
    Purchase of BFE	 	LA Page
    5
	 	BOEING PROPRIETARY	 

 

 

    	 

    	 

    

 

 

Exhibit
B

BOEING
BILL OF SALE

 

The
Boeing Company (Seller) in consideration of the sum of $1.00 and other valuable
consideration hereby sells to China Eastern Airlines Corporation, Ltd. (Buyer)
the goods described in the Schedule of Equipment attached hereto (BFE).

 

Seller
represents and warrants that it has such title to the BFE as was previously transferred to Seller by Buyer and that it hereby conveys
such BFE and such title thereto to Buyer.

 

This
Boeing Bill of Sale is delivered by Seller to Buyer in Seattle, Washington, and governed by the law of the State of Washington,
U.S.A EXCLUSIVE OF WASHINGTON’S CONFLICTS OF LAWS PRINCIPLES.

 

	THE BOEING COMPANY	 
	 	 
	By:	 	 
	 	 	 

 

Receipt
of this Full Warranty Bill of Sale is hereby acknowledged by Buyer by its duly authorized representative.

 

	China Eastern Airlines Corporation, Ltd.	 
	 	 
	By:	 	 
	 	 
	Date:	 	 

 

	CEA-PA-03746-LA-1107142	 	 
	Boeing
    Purchase of BFE	 	LA
    Page 6
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

SCHEDULE
OF EQUIPMENT (BFE)

Applicable
to

Model
777-300ER Aircraft bearing

Manufacturer’s
Serial No. <MSN> 

Document
PED

Issued
+

Revision
of +

 

	CEA-PA-03746-LA-1107142	 	 
	Boeing
    Purchase of BFE	 	LA
    Page 7
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

		The Boeing Company
	P.O. Box 3707
	Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1107144

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road

SHANGHAI
200335

PEOPLE’S
REPUBLIC OF CHINA

 

		Subject:	Special Matters relating to COTS Software and End User License Agreements

 

		Reference:	Purchase Agreement No. PA-03746 (Purchase Agreement) between The Boeing Company (Boeing)
and China Eastern Airlines Corporation, Ltd. (Customer) relating to Model 777-300ER aircraft (Aircraft)

 

This
letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this
Letter Agreement shall have the same meaning as in the Purchase Agreement.

 

Recitals

 

1.           Certain
third party, commercial off-the-shelf software products are available to perform various functions required in the Aircraft (COTS
Software).

 

2.           The
industry practice with respect to COTS Software is to permit manufacturers to install the software in products for sale to customers.
The manufacturer is required to pass to the customer an End User License Agreement (EULA),
which covers the right to use the COTS Software. The EULA also requires each user of the product to further license the software
and pass the EULA to any user to whom he transfers the product.

 

3.           Because
of the described industry practice with respect to COTS Software, Boeing does not acquire title to COTS Software and cannot pass
title to COTS Software at the time of delivery of the Aircraft.

 

4.           Therefore,
the parties desire to amend certain provisions of the Purchase Agreement to properly reflect the respective rights and obligations
of the parties with respect to the COTS Software included in the Aircraft.

 

Agreement

 

1.           At
delivery of the Aircraft, Boeing will furnish to Customer copies of all EULA’s applicable to the Aircraft, and Customer agrees
to comply with all provisions of the applicable EULA’s.

 

2.           Notwithstanding
the provisions of Article 6.3 of the AGTA, at delivery of each Aircraft, Boeing will provide Customer a bill of sale conveying
good title, free of encumbrances except as provided in applicable EULA’s.

 

3.           In
connection with any sale or other transfer of the Aircraft, Customer agrees to comply with all provisions of the applicable EULA’s,
including without limitation the re-licensing of the software to Customer’s transferee and the flow down within such license
of the further requirement that Customer’s transferee comply with and flow to other transferees the obligations of the EULA.

 

	CEA-PA-03746-LA-1107144	 	 
	EULA Special Matters	 	LA Page 1
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

	Very truly yours,	 
	 	 
	THE BOEING COMPANY	 
	 	 
	By	/s/ Rocky E. Weller

	 
	 	 
	Its 	Attorney-In-Fact	 

 

	ACCEPTED AND AGREED TO this	 
	 	 
	Date:	 	 
	 	 	 

 

	CHINA EASTERN AIRLINES CORPORATION, LTD.	 
	 	 
	By		 
	 	 
	Its	 	 

 

	CHINA EASTERN AVIATION IMPORT & 

EXPORT CORPORATION	 
	 	 
	By		 
	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1107144	 	 
	EULA
    Special Matters	 	LA
    Page 2
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

		The Boeing Company
	P.O. Box 3707
	Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1107145

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road 

SHANGHAI
200335 

PEOPLE’S
REPUBLIC OF CHINA

 

		Subject:	Board Approval

 

		Reference:	Purchase
                                                                                                         Agreement No. PA-03746
                                                                                                         (Purchase Agreement)
                                                                                                         between The Boeing Company
                                                                                                         (Boeing)
                                                                                                         and China Eastern Airlines
                                                                                                         Corporation, Ltd. (Customer)
                                                                                                         relating to Model 777-300ER
                                                                                                         aircraft (Aircraft)

 

This
letter agreement (Letter Agreement) amends and supplements the Purchase Agreement.
All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.

 

Board
Approval.

 

***

 

	CEA-PA-03746-LA-1107145	 	 
	Board
    Approval	 	LA
        Page 1

        

	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

Very
truly yours,

 

	THE BOEING COMPANY	 
	 	 
	By	/s/ Rocky E. Weller

	 
	 	 
	Its 	Attorney-In-Fact	 

 

	ACCEPTED AND AGREED TO this	 
	 	 
	Date:	 	 

 

	CHINA EASTERN AIRLINES CORPORATION, LTD.	 
	 	 
	By		 
	 	 
	Its	 	 

 

	CHINA EASTERN AVIATION IMPORT & EXPORT CORPORATION	 
	 	 
	By		 
	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1107145	 	 
	Board
    Approval	 	LA Page
    2
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

		The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1107146

 

China Eastern Airlines Corporation, Ltd.

2550 Hongqiao Road

SHANGHAI 200335

PEOPLE’S REPUBLIC OF CHINA

 

		Subject:	Liquidated Damages – Non-Excusable Delay

 

		Reference:	Purchase Agreement No. PA-03746 (Purchase Agreement) between The Boeing Company (Boeing)
and China Eastern Airlines Corporation, Ltd. (Customer) relating to Model 777-300ER aircraft (Aircraft)

 

This letter agreement
(Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement
shall have the same meaning as in the Purchase Agreement.

 

Definition of Terms:

 

Non-Excusable Delay:
Delay in delivery of any Aircraft beyond the last day of the delivery month (Scheduled Delivery) established in the Purchase
Agreement by any cause that is not an Excusable Delay pursuant to Article 7 of the AGTA and for which Customer is otherwise entitled
to a remedy from Boeing pursuant to applicable law.

 

		1.	Liquidated Damages.

 

***

 

		2.	Interest.

 

***

 

Such interest will
be calculated on a simple interest basis and paid in full at actual delivery.

 

	CEA-PA-03746-LA-1107146	 
	Liquidated Damages Non-Excusable Delay	LA Page 1

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

		3.	Right of Termination.

 

Customer will not
have the right to refuse to accept delivery of any Aircraft because of a Non-Excusable Delay unless and until the aggregate duration
of the Non-Excusable Delay for such Aircraft exceeds *** (Non-Excusable Delay Period). After such Non-Excusable
Delay Period, either party may terminate the Purchase Agreement as to such Aircraft by written or telegraphic notice given to
the other.

 

		4.	Termination.

 

If the Purchase Agreement
is terminated with respect to any Aircraft for a Non- Excusable Delay, Boeing will, in addition to paying Liquidated Damages and
Interest as described above, promptly repay to Customer the entire principal amount of the advance payments received by Boeing
for such Aircraft.

 

		5.	Exclusive Remedies.

 

The Liquidated Damages
and Interest payable in accordance with paragraphs 1 and 2 of this Letter Agreement, and Customer’s right to terminate pursuant
to this Letter Agreement are Customer’s exclusive remedies for a Non-Excusable Delay and are in lieu of all other damages,
claims, and remedies of Customer arising at law or otherwise for any Non-Excusable Delay in the Aircraft delivery. Customer hereby
waives and renounces all other claims and remedies arising at law or otherwise for any such Non-Excusable Delay.

 

		6.	Assignment.

 

Notwithstanding any
other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer
in consideration of Customer’s becoming the operator of the Aircraft and cannot be assigned in whole or, in part.

 

		7.	Confidential Treatment.

 

The information contained
herein represents confidential business information and has value precisely because it is not available generally or to other parties.
Customer will limit the disclosure of its contents to employees of Customer with a need to know the contents for purposes of helping
Customer perform its obligations under the Purchase Agreement and who understand they are not to disclose its contents to any other
person or entity without the prior written consent of Boeing.

 

	CEA-PA-03746-LA-1107146	 
	Liquidated Damages Non-Excusable Delay	LA Page 2

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

	Very truly yours,	 
	 	 
	THE BOEING COMPANY	 
	 	 	 
	By	/s/ Rocky E. Weller	 
	 	 	 
	Its	Attorney-In-Fact	 
	 	 
	ACCEPTED AND AGREED TO this	 
	 	 
	Date:	 	 
	 	 
	CHINA EASTERN AIRLINES CORPORATION,

LTD.	 
	 	 	 
	By		 
	 	 	 
	Its	 	 
	 	 
	CHINA EASTERN AVIATION IMPORT &

EXPORT CORPORATION	 
	 	 	 
	By		 
	 	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1107146	 
	Liquidated Damages Non-Excusable Delay	LA Page 3

BOEING PROPRIETARY

 

    	 

    	 

    

 

		The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1107147

 

China Eastern Airlines Corporation, Ltd.

2550 Hongqiao Road

SHANGHAI 200335

PEOPLE’S REPUBLIC OF CHINA

 

		Subject:	Loading of Customer Software

 

		Reference:	Purchase Agreement No. PA-03746 (Purchase Agreement) between The Boeing Company (Boeing)
and China Eastern Airlines Corporation, Ltd. (Customer) relating to Model 777-300ER aircraft (Aircraft)

 

This letter agreement
(Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter
Agreement shall have the same meaning as in the Purchase Agreement.

 

1.         Customer
may request Boeing to install software owned by or licensed to Customer (Software) in the following systems in the
Aircraft: (i) aircraft communications addressing and reporting system (ACARS), (ii) digital flight data acquisition
unit (DFDAU), (iii) flight management system (FMS), (iv) cabin management system (CMS),
(v) engine indication and crew alerting system (EICAS), (vi) airplane information management system (AIMS),
(vii) satellite communications system (SATCOM), and (viii) In-Flight Entertainment (IFE).

 

2.         For
all Software described in paragraph 1, above, other than Software to be installed in SATCOM and IFE, the Software is not part of
the configuration of the Aircraft certified by the FAA and therefore cannot be installed prior to delivery. If requested by Customer,
Boeing will install such Software after the transfer to Customer of title to the Aircraft, but before fly away.

 

3.         The
SATCOM Software is part of the configuration of the Aircraft and included in the type design. If requested by Customer, Boeing
will install the SATCOM Software prior to transfer to Customer of title to the Aircraft.

 

4.         For
IFE Software, if requested by Customer, Boeing will make the Aircraft accessible to Customer and Customer’s IFE Software
supplier so that the supplier can install the Software after delivery of the Aircraft, but before fly away.

 

5.         All
Software which is installed by Boeing other than the SATCOM Software will be subject to the following conditions:

 

		(i)	Customer and Boeing agree that the Software is BFE for the purposes of Articles 3.1.3, 3.2, 3.4,
3.5, 3.10, 10 and 11 of Exhibit A, Buyer Furnished Equipment Provisions Document, to the AGTA and such articles apply to the installation
of the Software.

 

	CEA-PA-03746-LA-1107147	 
	Loading of Customer Software	LA Page 1

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

		(ii)	Customer and Boeing further agree that the installation of the Software is a service under Exhibit
B, Customer Support Document, to the AGTA.

 

		(iii)	Boeing makes no warranty as to the performance of such installation and Article 11 of Part 2 of
Exhibit C of the AGTA, Disclaimer and Release; Exclusion of Liabilities and Article 8.2, Insurance of the AGTA apply to the installation
of the Software.

 

	CEA-PA-03746-LA-1107147	 
	Loading of Customer Software	LA Page 2

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

	Very truly yours,	 
	 	 
	THE BOEING COMPANY	 
	 	 	 
	By	/s/ Rocky E. Weller	 
	 	 	 
	Its	Attorney-In-Fact	 
	 	 
	ACCEPTED AND AGREED TO this	 
	 	 
	Date:	 	 
	 	 
	CHINA EASTERN AIRLINES CORPORATION,

LTD.	 
	 	 	 
	By		 
	 	 	 
	Its	 	 
	 	 
	CHINA EASTERN AVIATION IMPORT &

EXPORT CORPORATION	 
	 	 	 
	By		 
	 	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1107147	 
	Loading of Customer Software	LA Page 3

BOEING PROPRIETARY

 

    	 

    	 

    

 

		The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1107148

 

China Eastern Airlines Corporation, Ltd.

2550 Hongqiao Road

SHANGHAI 200335

PEOPLE’S REPUBLIC OF CHINA

 

		Subject:	Open Configuration Matters

 

		Reference:	Purchase Agreement No. PA-03746
                                                                (Purchase Agreement) between The Boeing Company
                                                                (Boeing) and China Eastern Airlines Corporation,
                                                                Ltd. (Customer) relating to Model 777-300ER aircraft
                                                                (Aircraft)

 

This letter agreement
(Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement
shall have the same meaning as in the Purchase Agreement.

 

1.            Aircraft
Configuration.

 

1.1        Initial
Configuration. The initial configuration of Customer’s Model 777-300ER Aircraft has been defined by Boeing
Model 777-300ER Detail Specification D019W005 Rev H dated August 31, 2011 as described in Article 1 and Exhibit A of the Purchase
Agreement. Final configuration of the Aircraft will be completed as described in this Letter Agreement.

 

1.2        Final
Configuration Schedule. Customer and Boeing hereby agree to complete the configuration of the Aircraft using
the then-current Boeing configuration documentation (Final Configuration) in accordance with the following schedule:

 

1.2.1        No
later than *** prior to the first Aircraft’s scheduled delivery month, Boeing and Customer will discuss potential optional
features.

 

1.2.2        Within ***
after that meeting, Boeing will provide Customer with a proposal for those optional features that can be incorporated
into the Aircraft during production.

 

1.2.3        Customer
will then have *** to accept or reject the optional features.

 

2.            Amendment
of the Purchase Agreement. Within *** following Final Configuration, Boeing and Customer will execute a
written amendment to the Purchase Agreement which will reflect the following:

 

2.1        Changes
applicable to the basic Model 777-300ER aircraft which are developed by Boeing between the date of signing of the Purchase Agreement
and date of Final Configuration.

 

	CEA-PA-03746-LA-1107148	 
	Open Configuration Matters	LA Page 1

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

2.2        Incorporation
into Exhibit A of the Purchase Agreement, by written amendment, those optional features which have been agreed to by Customer
and Boeing pursuant to Article 1.2 above (Customer Configuration Changes);

 

2.3        Revisions
to the Performance Guarantees to reflect the effects, if any, on Aircraft performance resulting from the incorporation of the Customer
Configuration Changes;

 

2.4        Changes
to the Optional Features Prices, Aircraft Basic Price and Advance Payment Base Price of the Aircraft to adjust for the difference,
if any, between the prices estimated in Table 1 and Table 2 of the Purchase Agreement for optional features reflected in the Aircraft
Basic Price and the actual prices of the optional features reflected in the Customer Configuration Changes; and

 

2.5        Changes
to the Advance Payment Base Price of the Aircraft to adjust for the difference between the estimated amount included in Table
1 and Table 2 of the Purchase Agreement for Seller Purchased Equipment (SPE) and the price of the SPE reflected in the
Customer Configuration Changes.

 

3.            Other
Letter Agreements.

 

Boeing and Customer
acknowledge that as the definition of the Aircraft progresses, there may be a need to execute letter agreements addressing one
or more of the following subjects:

 

3.1        Software.
Additional provisions relating to software.

 

3.2        Seller
Purchased Equipment (SPE) and/or Buyer Furnished Equipment (BFE). Provisions relating to the terms under which
Boeing may offer or install SPE and/or BFE in the Aircraft.

 

	CEA-PA-03746-LA-1107148	 
	Open Configuration Matters	LA Page 2

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

	Very truly yours,	 
	 	 
	THE BOEING COMPANY	 
	 	 	 
	By	 /s/ Rocky E. Weller	 
	 	 	 
	Its	Attorney-In-Fact	 
	 	 
	ACCEPTED AND AGREED TO this	 

 

	Date:	 	 	 

 

	CHINA EASTERN AIRLINES CORPORATION,

LTD.	 
	 	 	 
	By		 
	 	 	 
	Its	 	 
	 	 
	CHINA EASTERN AVIATION IMPORT &

EXPORT CORPORATION	 
	 	 	 
	By		 
	 	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1107148	 
	Open Configuration Matters	LA Page 3

BOEING PROPRIETARY

 

    	 

    	 

    

 

		The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1107149

 

China Eastern Airlines Corporation, Ltd.

2550 Hongqiao Road

SHANGHAI 200335

PEOPLE’S REPUBLIC OF CHINA

 

		Subject:	Aircraft Performance Guarantees

 

		Reference:	Purchase Agreement No. PA-03746 (Purchase Agreement) between The Boeing Company (Boeing)
and China Eastern Airlines Corporation, Ltd. (Customer) relating to Model 777-300ER aircraft (Aircraft)

 

This letter agreement
(Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement
shall have the same meaning as in the Purchase Agreement.

 

Boeing agrees to provide
Customer with the performance guarantees in the Attachment. These guarantees are exclusive and expire upon delivery of the Aircraft
to Customer. Customer agrees to limit the remedy for non-compliance of any performance guarantee to the terms in Letter Agreement
No. CEA-PA-03746-LA-1107146.

 

		1.	Assignment.

 

Notwithstanding any
other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer
in consideration of Customer’s becoming the operator of the Aircraft and cannot be assigned in whole or, in part.

 

		2.	Confidential Treatment.

 

The information contained
herein represents confidential business information and has value precisely because it is not available generally or to other parties.
Customer will limit the disclosure of its contents to employees of Customer with a need to know the contents for purposes of helping
Customer perform its obligations under the Purchase Agreement and who understand they are not to disclose its contents to any other
person or entity without the prior written consent of Boeing.

 

	CEA-PA-03746-LA-1107149	 
	Performance Guarantees	LA Page 1

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

 

 

	Very truly yours,	 
	 	 	 
	THE BOEING COMPANY	 
	 	 	 
	By	/s/ Rocky E. Weller	 
	 	 	 
	Its 	Attorney-In-Fact	 
	 	 	 
	ACCEPTED AND AGREED TO this	 
	 	 	 
	Date:	 	 
	 	 	 
	CHINA EASTERN AIRLINES CORPORATION,	 
	LTD.	 	 
	 	 	 
	By		 
	 	 	 
	Its 	 	 
	 	 	 
	CHINA EASTERN AVIATION IMPORT &	 
	EXPORT CORPORATION	 
	 	 	 
	By		 
	 	 	 
	Its	 	 

  

	CEA-PA-03746-LA-1107149	 	 
	Performance
    Guarantees		LA
    Page 2

BOEING PROPRIETARY

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
1

 

MODEL
777-300ER PERFORMANCE GUARANTEES

 

FOR
CHINA EASTERN AIRLINES CORPORATION, LTD.

 

	SECTION	CONTENTS
	 	 
	1	AIRCRAFT MODEL APPLICABILITY
	 	 
	2	FLIGHT PERFORMANCE
	 	 
	3	MANUFACTURER’S EMPTY WEIGHT
	 	 
	4	AIRCRAFT CONFIGURATION
	 	 
	5	GUARANTEE CONDITIONS
	 	 
	6	GUARANTEE COMPLIANCE
	 	 
	7	EXCLUSIVE GUARANTEES

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A		SS
    12-0114

BOEING PROPRIETARY

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
2

 

		1	AIRCRAFT
                                                                                                 MODEL APPLICABILITY

 

The
guarantees contained in this Attachment (the “Performance Guarantees”) are applicable to the 777-300ER Aircraft
with a maximum takeoff weight of 775,000 pounds, a maximum landing weight of 554,000 pounds, and a maximum zero
fuel weight of 524,000 pounds, and
equipped with Boeing furnished GE90-115BL engines.

 

		2	FLIGHT
                                                                          PERFORMANCE

 

		2.1	Takeoff

 

The
FAA approved takeoff field length at a gross weight at the start of the ground roll of 775,000 pounds, at a temperature of 86°F,
at a sea level altitude, and using maximum takeoff thrust, shall not be more than the following guarantee value: 

 

	GUARANTEE:	10,600  Feet

 

		2.2	Landing

 

The
FAA approved landing field length at a gross weight of 554,000 pounds and at a sea level altitude, shall not be more than the following
guarantee value:

 

	GUARANTEE:	5,850  Feet

 

		2.3	Mission

 

		2.3.1	Mission
                                                                              Payload

 

The
payload for a stage length of 6,725 nautical miles in still air (equivalent to a distance of 6,600 nautical miles with a 9 knot
headwind, representative of a Shanghai to New York route) using the conditions and operating rules defined below, shall not be
less than the following guarantee value:

 

	NOMINAL:	102,670	  Pounds
	TOLERANCE:	-5,600	  Pounds
	GUARANTEE:	97,070	  Pounds

  

Conditions
and operating rules:

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A		SS12-0114

BOEING PROPRIETARY

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
3

 

		Stage

 Length:	The stage length is defined as the sum
of the distances for the climbout maneuver, climb, cruise, and descent.

 

		Fuel Density:	The fuel density is 6.5 pounds per gallon.

 

		Takeoff:	The airport altitude is 10 feet.

 

The
takeoff gross weight is not limited by the airport conditions.

 

Maximum
takeoff thrust is used for the takeoff.

 

The
takeoff gross weight shall conform to FAA Regulations.

 

		Climbout

Maneuver:	Following the takeoff to 35 feet, the Aircraft accelerates
to the recommended speed of 262 KCAS while climbing to 1,500 feet above the departure airport altitude and retracting flaps and
landing gear.

 

		Climb:	The Aircraft climbs from 1,500 feet above the departure
airport altitude to 10,000 feet altitude at the recommended speed of 262 KCAS.

 

The
Aircraft then accelerates at a rate of climb of 300 feet per minute to a climb speed of 320 KCAS.

 

The
climb continues at 320 KCAS until 0.8223 Mach number is reached.

 

The
climb continues at 0.8223 Mach number to the initial cruise altitude.

 

The
temperature is ISA+5°C during climb.

 

Maximum
climb thrust is used during climb.

 

		Cruise:	The Aircraft cruises at 0.84 Mach number.

 

The
initial cruise altitude is 29,000 feet.

  

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A		SS12-0114

BOEING PROPRIETARY

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
4

 

A
step climb or multiple step climbs of 2,000 feet altitude may be used when beneficial to minimize fuel burn.

 

The
temperature is ISA+5°C during cruise.

 

The
cruise thrust is not to exceed maximum cruise thrust except during a step climb when maximum climb thrust may be used.

 

		Descent:	The Aircraft descends from the final cruise altitude
at 0.84 Mach number until 250 KCAS is reached.

 

The
descent continues at 250 KCAS to an altitude of 1,500 feet above the destination airport altitude.

 

Throughout
the descent, the cabin pressure will be controlled to a maximum rate of descent equivalent to 300 feet per minute at sea level.

 

The
temperature is ISA+5°C during descent.

 

		Approach Hold	The Aircraft holds for 9 minutes at the recommended
holding speed at 1,500 feet above the destination airport altitude.

 

The
temperature is ISA+5°C during hold.

 

	 	Approach

and Landing

Maneuver:	The Aircraft decelerates to the final approach speed while extending landing gear and flaps, then descends and lands.

 

The
destination airport altitude is 13 feet.

 

		Fixed Allowances:	For the purpose of this guarantee and
for the purpose of establishing compliance with this guarantee, the following shall be used as fixed quantities and allowances:

 

Operational
Empty Weight, OEW (Paragraph 2.6.3): 391,873 Pounds

  

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A		SS12-0114

BOEING
PROPRIETARY 

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
5

 

Taxi
Out: 

	Fuel	1,400 Pounds

 

Takeoff
and Climbout Maneuver: 

	Fuel	2,370 Pounds
	Distance	    5.1 Nautical Miles

 

Approach
Hold 

	Fuel	2,020 Pounds

 

Approach
and Landing Maneuver: 

	Fuel	   540 Pounds

 

Taxi
In (shall be consumed from the reserve fuel): 

	Fuel	1,050 Pounds

 

Usable
reserve fuel remaining upon completion of the approach and landing maneuver: 21,420 Pounds

 

For
information purposes, the reserve fuel is based on a standard day temperature and a) a contingency fuel allowance equivalent to
10 percent of the trip time required to fly from a redispatch point 5,411 nautical miles from the airport of origin (based on a
Winnipeg initial destination) to the final destination airport, starting at the end of the mission cruise and at a constant 0.84
Mach number, b) a missed approach and flight to a 200 nautical mile alternate, c) an approach and landing maneuver at the alternate
airport, and d) a 30 minute hold at 1,500 feet above the alternate airport at sea level.

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A		SS12-0114

BOEING PROPRIETARY

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
6

 

		2.3.2	MissionBlockFuel

 

The
block fuel for a stage length of 6,725 nautical miles in still air (equivalent to a distance of 6,600 nautical miles with a 9 knot
headwind, representative of a Shanghai to New York route) with a 97,070 pound payload using the conditions and operating rules
defined below, shall not be more than the following guarantee value:

 

	NOMINAL:	258,810	  Pounds
	TOLERANCE:	+6,450	  Pounds
	GUARANTEE:	265,260	  Pounds

 

Conditions
and operating rules are the same as Paragraph 2.3.1 except as follows:

 

		Block Fuel:	The block fuel is
defined as the sum of the fuel used for taxi-out, takeoff and climbout maneuver, climb, cruise, descent, approach hold, approach
and landing maneuver, and taxi-in.

 

		Fixed Allowances:	For the purpose
of this guarantee and for the purpose of establishing compliance with this guarantee, the following shall be used as fixed quantities
and allowances:

 

Operational
Empty Weight, OEW

 (Paragraph 2.3.6): 391,900 Pounds

 

Taxi
Out:

	Fuel	1,400
    Pounds

 

Takeoff
and Climbout Maneuver:

	Fuel	2,330
    Pounds
	Distance	  5. Nautical
    Miles

 

Approach
Hold 

	Fuel	2,000
    Pounds

 

Approach
and Landing Maneuver: 

	Fuel	   540
    Pounds

  

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A		SS12-0114

 BOEING PROPRIETARY

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
7

 

Taxi
In (shall be consumed from the reserve fuel):  

	Fuel	1,050 Pounds

 

Usable
reserve fuel remaining upon completion of the approach and landing maneuver: 21,240 Pounds

 

		2.3.3	Mission
                                                                              Payload

 

The
payload for a stage length of 7,058 nautical miles in still air (equivalent to a distance of 6,599 nautical miles with a 32 knot
headwind, representative of a New York to Shanghai route) using the conditions and operating rules defined below, shall not be
less than the following guarantee value:

 

	NOMINAL:	93,860	Pounds
	TOLERANCE:	-5,720	Pounds
	GUARANTEE:	88,140	Pounds

  

Conditions
and operating rules:

 

		Stage

Length:	The stage length
is defined as the sum of the distances for the climbout maneuver, climb, cruise, and descent.

 

		Fuel Density:	The fuel density
is 6.7 pounds per gallon.

 

		Take off:	The airport altitude
is 13 feet.

 

The
takeoff gross weight is not limited by the airport conditions.

 

Maximum
takeoff thrust is used for the takeoff.

 

The
takeoff gross weight shall conform to FAA Regulations.

 

		Climbout

Maneuver:	Following the takeoff
to 35 feet, the Aircraft accelerates to 262 KCAS while climbing to 1,500 feet above the departure airport altitude and retracting
flaps and landing gear.

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A		SS12-0114

 BOEING PROPRIETARY

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
8

 

		Climb:	The  Aircraft climbs from  1,500 feet above the
                                                                                                                            departure airport altitude to 10,000 feet altitude at 262 KCAS.

 

The
Aircraft then accelerates at a rate of climb of 300 feet per minute to a climb speed of 320 KCAS.

 

The
climb continues at 320 KCAS until 0.8384 Mach number is reached.

 

The
climb continues at 0.8384 Mach number to the initial cruise altitude.

 

The
temperature is ISA+5°C during climb.

 

Maximum
climb thrust is used during climb.

 

		Cruise:	The Aircraft cruises
at 0.84 Mach number.

 

The
initial cruise altitude is 30,000 feet.

 

A
step climb or multiple step climbs of 2,000 feet altitude may be used when beneficial to minimize fuel burn.

 

The
temperature is ISA+5°C during cruise.

 

The
cruise thrust is not to exceed maximum cruise thrust except during a step climb when maximum climb thrust may be used.

 

		Descent:	The Aircraft descends
from the final cruise altitude at 0.84 Mach number until 250 KCAS is reached.

 

The
descent continues at 250 KCAS to an altitude of 1,500 feet above the destination airport altitude.

 

Throughout
the descent, the cabin pressure will be controlled to a maximum rate of descent equivalent to 300 feet per minute at sea level.

 

The
temperature is ISA+5°C during descent.

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A		SS12-0114

 BOEING PROPRIETARY

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
9

 

		Approach Hold	The Aircraft holds
for 9 minutes at the recommended holding speed at 1,500 feet above the destination airport altitude.

 

The
temperature is ISA+5°C during hold.

 

		Approach

and Landing

Maneuver:	The Aircraft decelerates
to the final approach speed while extending landing gear and flaps, then descends and lands.

 

The
destination airport altitude is 10 feet.

 

		Fixed

Allowances:	For the purpose
of this guarantee and for the purpose of establishing compliance with this guarantee, the following shall be used as fixed quantities
and allowances:

 

Operational
Empty Weight, OEW (Paragraph 2.6.3): 391,873
Pounds

 

Taxi
Out:

	Fuel	1,400 
    Pounds

 

Takeoff and Climbout Maneuver:

	Fuel	2,370 
    Pounds
	Distance	    5.1  Nautical Miles

 

Approach Hold

	Fuel	1,990  Pounds

 

Approach
and Landing Maneuver:

	Fuel	    540 Pounds

  

Taxi
In (shall be consumed from the reserve fuel):

	Fuel	1,050  Pounds

 

Usable
reserve fuel remaining upon completion of the approach and landing maneuver: 20,020 Pounds

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A		SS12-0114

 BOEING PROPRIETARY

 

    	 

    	 

    

 

 

Attachment
to Letter Agreement 

No.
CEA-PA-03746-LA-1107149 

GE90-115BL
Engines 

Page
10

 

For information purposes, the reserve fuel is based on a standard day temperature and a) a contingency
fuel allowance equivalent to 10 percent of the trip time required to fly from a redispatch point 6,369 nautical miles from the
airport of origin (based on a Shenyang initial destination) to the final destination airport, starting at the end of the mission
cruise at a constant 0.84 Mach number, b) a missed approach and flight to a 200 nautical mile alternate, c) an approach and landing
maneuver at the alternate airport, and d) a 30 minute hold at 1,500 feet above the alternate airport at sea level.

 

		2.3.4	Mission
                                                                                                         Block Fuel

 

The
block fuel for a stage length of 7,058 nautical miles in still air (equivalent to a distance of 6,599 nautical miles with a 32
knot headwind, representative of a New York to Shanghai route) with a 88,148 pound payload using the conditions and operating
rules defined below, shall not be more than the following guarantee value:

 

	NOMINAL:	 	268,830	 	Pounds
	TOLERANCE:	 	+6,790	 	Pounds
	GUARANTEE:	 	275,620	 	Pounds

 

		Conditions	and operating rules
are the same as Paragraph 2.3.3 except as follows:

 

		Block Fuel:	The
block fuel is defined as the sum of the fuel used for taxi-out, takeoff and climbout maneuver, climb, cruise, descent, approach
hold, approach and landing maneuver, and taxi- in.

 

		Fixed Allowances:	For
the purpose of this guarantee and for the purpose of establishing compliance with this guarantee, the following shall be used
as fixed quantities and allowances:

 

Operational
Empty Weight, OEW 

(Paragraph 2.3.6): 391,900 Pounds

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A	 	SS12-0114
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
11

 

	Taxi Out:	 
	Fuel	1,400 Pounds
	 	 
	Takeoff and Climbout Maneuver:
	Fuel	2,320 Pounds
	Distance	4.9 Nautical Miles
	 	 
	Approach Hold
	Fuel	1,970 Pounds
	 	 
	Approach and Landing Maneuver:
	Fuel	   540 Pounds
	 	 
	Taxi In
    (shall be consumed from the reserve fuel):
	Fuel	1,050 Pounds

 

Usable
reserve fuel remaining upon completion of the approach and landing maneuver: 19,870 Pounds

 

		2.3.5	Operational
                                                                                  Empty Weight Basis

 

The
Operational Empty Weight (OEW) derived in Paragraph 2.3.6 is the basis for the mission guarantees of Paragraphs 2.3.1, 2.3.2, 2.3.3,
and 2.3.4.

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A	 	SS12-0114
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

Attachment
to Letter Agreement 

No.
CEA-PA-03746-LA-1107149 

GE90-115BL
Engines 

Page
12

 

	2.3.6   777-300ER Weight Summary - China Eastern

 

	 	 	Pounds	 
	Standard Model Specification MEW	 	 	337,200	 
	Configuration Specification D019W005, Rev. H,	 	 	 	 
	Dated August 31, 2011	 	 	 	 
	 	 	 	 	 
	365 (22 FC / 70 BC / 273 TC) Interior	 	 	 	 
	GE90-115B Engines	 	 	 	 
	702000 Lb. Maximum Taxi Weight	 	 	 	 
	47890 USG Fuel Capacity	 	 	 	 
	 	 	 	 	 
	Changes for China Eastern:	 	 	 	 
	Interior Change to 318 Passengers (4 FC / 56 CC / 258 YC ) *	 	 	12,907	 
	Ref: LOPA-B7713174B	 	 	 	 
	Selected MTW: 777000
    1b	 	 	0	 
	Engine Thrust Rating: GE90-115B	 	 	0	 
	In-Flight Entertainment System (Non-Seat Mounted Equipt only)	 	 	1,000	 
	In-Flight Overheat Pilot Rest (2 Berths and 2 Seats)	 	 	1,500	 
	In-Flight Overhead Attendant Rest (8 berths)	 	 	2,460	 
	Large Aft Cargo Door	 	 	955	 
	Additional Customer Options Allowance	 	 	1,700	 
	 	 	 	 	 
	China Eastern Manufacturer’s
    Empty Weight (MEW)	 	 	357,722	 
	Standard and Operational Items Allowance	 	 	34,151	 
	(Paragraph 2.4.4)	 	 	 	 
	 	 	 	 	 
	China Eastern Operational
    Empty Weight (OEW)	 	 	391,873	 

	 	 	Quantity	 	 	Pounds	 	 	Pounds	 	 	 	 
	* Seat Weight Included:	 	 	 	 	 	 	 	 	 	 	26,617	 	 	 		 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 
	First Class Singles	 	 	4	 	 	 	1,840	 	 	 		 	 	 		 
	Business Class Singles	 	 	56	 	 	 	12,320	 	 	 		 	 	 		 
	Business Class Monuments	 	 	6	 	 	 	720	 	 	 		 	 	 		 
	Economy Class Doubles	 	 	9	 	 	 	873	 	 	 		 	 	 		 
	Economy Class Triples	 	 	44	 	 	 	5,896	 	 	 		 	 	 		 
	Economy Class Quads	 	 	27	 	 	 	4,968	 	 	 		 	 	 		 

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A	 	SS12-0114
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

Attachment
to Letter Agreement 

No.
CEA-PA-03746-LA-1107149 

GE90-115BL
Engines 

Page
13

 

	2.3.7  Standard and Operational Items Allowance

 

	 	 	Qty	 	 	Pounds	 	 	Pounds	 	 	Pounds
	Standard Items Allowance	 	 	 	 	 	 	 	 	 	 	 	 	 	8,179
	Unusable Fuel	 	 	 	 	 	 	 	 	 	 	344	 	 	
	Oil	 	 	 	 	 	 	 	 	 	 	161	 	 	
	Oxygen Equipment	 	 	 	 	 	 	 	 	 	 	91	 	 	
	Passenger Portable	 	 	13	 	 	 	91	 	 	 	 	 	 	
	Miscellaneous Equipment	 	 	 	 	 	 	 	 	 	 	74	 	 	
	First Aid Kits	 	 	4	 	 	 	12	 	 	 	 	 	 	
	Crash Axe	 	 	1	 	 	 	3	 	 	 	 	 	 	
	Megaphones	 	 	2	 	 	 	7	 	 	 	 	 	 	
	Flashlights	 	 	14	 	 	 	20	 	 	 	 	 	 	
	Smoke Goggles	 	 	4	 	 	 	1	 	 	 	 	 	 	
	Smoke Hoods	 	 	6	 	 	 	30	 	 	 	 	 	 	
	Fire Gloves	 	 	1	 	 	 	1	 	 	 	 	 	 	
	Galley Structure & Fixed Inserts	 	 	 	 	 	 	 	 	 	 	7,509	 	 	
	Operational Items Allowance	 	 	 	 	 	 	 	 	 	 	 	 	 	25,972
	Crew and Crew Baggage	 	 	 	 	 	 	 	 	 	 	2,750	 	 	
	Flight Crew	 	 	2	 	 	 	340	 	 	 	 	 	 	
	Cabin Crew	 	 	14	 	 	 	1,960	 	 	 	 	 	 	
	Baggage	 	 	16	 	 	 	400	 	 	 	 	 	 	
	Flight Crew Briefcase	 	 	2	 	 	 	50	 	 	 	 	 	 	
	Catering Allowance: 2.5 Meal Service	 	 	 	 	 	 	 	 	 	 	10,856	 	 	
	First Class	 	 	4	 	 	 	552	 	 	 	 	 	 	
	Business Class	 	 	56	 	 	 	3,080	 	 	 	 	 	 	
	Economy Class	 	 	258	 	 	 	7,224	 	 	 	 	 	 	
	Passenger Service Equipment ( 318 @ 3 lb. ea.)	 	 	 	 	 	 	 	 	 	 	954	 	 	
	Potable Water - (296 USG)	 	 	 	 	 	 	 	 	 	 	2,477	 	 	
	Waste Tank Disinfectant	 	 	 	 	 	 	 	 	 	 	3	 	 	
	Emergency Equipment (Incl. Overwater Equip.)	 	 	 	 	 	 	 	 	 	 	2,612	 	 	
	Slide Rafts	 	 	10	 	 	 	2,166	 	 	 	 	 	 	
	Life Vests	 	 	336	 	 	 	439	 	 	 	 	 	 	
	Locator Transmitter	 	 	2	 	 	 	7	 	 	 	 	 	 	
	Cargo System	 	 	 	 	 	 	 	 	 	 	6,320	 	 	
	Pallets	 	 	8	 	 	 	2,320	 	 	 	 	 	 	
	Containers	 	 	20	 	 	 	4,000	 	 	 	 	 	 	
	Total Standard and Operational Items Allowance	 	 	 	 	 	 	 	 	 	 	 	 	 	34,151

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A	 	SS12-0114
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
14

 

		3	MANUFACTURER’S
                                                          EMPTY WEIGHT

 

The
Manufacturer’s Empty Weight (MEW) is guaranteed not to exceed the value in Section 03-60-00 of Detail Specification TBD, plus
one percent.

 

		4	AIRCRAFT
                                                          CONFIGURATION

 

	4.1	The
                                                         guarantees contained in this Attachment are based on the Aircraft configuration
                                                         as defined in the original release of Detail Specification TBD (hereinafter
                                                         referred to as the Detail Specification). Appropriate adjustment shall
                                                         be made for changes in such Detail Specification approved by the Customer
                                                         and Boeing or otherwise allowed by the Purchase Agreement which cause
                                                         changes to the flight performance and/or weight and balance of the Aircraft.
                                                         Such adjustment shall be accounted for by Boeing in its evidence of compliance
                                                         with the guarantees.

 

		4.2	The
                                                                                                     guarantee payloads of Paragraph
                                                                                                     2.3.1 and 2.3.3 and the specified
                                                                                                     payloads of Paragraph 2.3.2
                                                                                                     and 2.3.4 block fuel guarantees
                                                                                                     will be adjusted by Boeing
                                                                                                     for the effect of the following
                                                                                                     on OEW and the Manufacturer’s
                                                                                                     Empty Weight guarantee of
                                                                                                     Section 3 will be adjusted
                                                                                                     by Boeing for the following
                                                                                                     in its evidence of compliance
                                                                                                     with the guarantees:

 

(1)    Changes
to the Detail Specification or any other changes mutually agreed upon between the Customer and Boeing or otherwise allowed by the
Purchase Agreement.

 

(2)    The
difference between the component weight allowances given in Appendix IV of the Detail Specification and the actual weights.

 

		5	GUARANTEE
                                                          CONDITIONS

 

		5.1	All guaranteed performance data are
based on the International Standard Atmosphere (ISA) and specified variations therefrom; altitudes are pressure altitudes.

 

		5.2	The Federal Aviation Administration
(FAA) regulations referred to in this Attachment are, unless otherwise specified, the 777-300ER Certification Basis regulations
specified in the Type Certificate Data Sheet T00001SE, dated March 16, 2004.

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A	 	SS12-0114
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
15

 

		5.3	In the event a change is made to any law,
governmental regulation or requirement, or in the interpretation of any such law, governmental regulation or requirement that affects
the certification basis for the Aircraft as described in Paragraph 5.2, and as a result thereof, a change is made to the configuration
and/or the performance of the Aircraft in order to obtain certification, the guarantees set forth in this Attachment shall be appropriately
modified to reflect any such change.

 

		5.4	The takeoff and landing guarantees, and
the takeoff portion of the mission guarantees are based on hard surface, level and dry runways with no wind or obstacles, no clearway
or stopway, 235 mph tires, with anti-skid operative, and with the Aircraft center of gravity at the most forward limit unless otherwise
specified. The takeoff performance is based on no engine bleed for air conditioning or thermal anti-icing and the Auxiliary Power
Unit (APU) turned off unless otherwise specified. Unbalanced field length calculations and the improved climb performance procedure
will be used for takeoff as required. The landing performance is based on the use of automatic spoilers.

 

		5.5	The climb, cruise and descent portions
of the mission guarantees include allowances for normal power extraction and engine bleed for normal operation of the air conditioning
system. Normal electrical power extraction shall be defined as not less than a 212 kilowatts total electrical load. Normal operation
of the air conditioning system shall be defined as pack switches in the “Auto” position, the temperature control switches
in the “Auto” position that results in a nominal cabin temperature of 75°F, and all air conditioning systems operating
normally. This operation allows a maximum cabin pressure differential of 8.6 pounds per square inch at higher altitudes, with a
nominal Aircraft cabin ventilation rate of 10,300 cubic feet per minute including passenger cabin recirculation (nominal recirculation
is 50 percent). The APU is turned off unless otherwise specified.

 

		5.6	The climb, cruise and descent portions
of the mission guarantees are based on an Aircraft center of gravity location of 30 percent of the mean aerodynamic chord.

 

		5.7	Performance, where applicable, is based
on a fuel Lower Heating Value (LHV) of 18,580 BTU per pound, unless otherwise specified.

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A	 	SS12-0114
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

Attachment
to Letter Agreement

No.
CEA-PA-03746-LA-1107149

GE90-115BL
Engines

Page
16

 

		6	GUARANTEE
                                                              COMPLIANCE

 

		6.1	Compliance with the guarantees of Sections
2 and 3 shall be based on the conditions specified in those sections, the Aircraft configuration of Section 4 and the guarantee
conditions of Section 5.

 

		6.2	Compliance with the takeoff and landing
guarantees and the takeoff portion of the mission guarantee shall be based on the FAA approved Airplane Flight Manual for the Model
777-300ER.

 

		6.3	Compliance with the climb, cruise and
descent portions of the mission guarantees shall be established by calculations based on flight test data obtained from an aircraft
in a configuration similar to that defined by the Detail Specification.

 

		6.4	The OEW used for compliance with the mission
guarantees shall be the actual MEW plus the Standard and Operational Items Allowance in Paragraph 03-60-00 of the Detail Specification.

 

		6.5	Compliance with the Manufacturer’s Empty
Weight guarantee shall be based on information in the “Weight and Balance Control and Loading Manual - Aircraft Report.”

 

		6.6	The data derived from tests shall be adjusted
as required by conventional methods of correction, interpolation or extrapolation in accordance with established engineering practices
to show compliance with these guarantees.

 

		6.7	Compliance shall be based on the performance
of the airframe and engines in combination, and shall not be contingent on the engine meeting its manufacturer’s performance specification.

 

		7	EXCLUSIVE
                                                                                                      GUARANTEES

 

			The only performance guarantees applicable to the Aircraft are those set forth in this
                                                                           Attachment.

 

	P.A.
    No. PA-3746	 	 
	AERO-B-BBA4-M12-0206A	 	SS12-0114
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

		The Boeing Company
	P.O.
    Box 3707
	 	Seattle, WA 98124-2207

 

 

CEA-PA-03746-LA-1107150

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road 

SHANGHAI
200335 

PEOPLE’S
REPUBLIC OF CHINA

 

		Subject:	Promotional Support

 

		Reference:	Purchase
                                                                                                                  Agreement No.
                                                                                                                  PA-03746 (Purchase
                                                                                                                  Agreement)
                                                                                                                  between The
                                                                                                                  Boeing Company
                                                                                                                  (Boeing)
                                                                                                                  and China Eastern
                                                                                                                  Airlines Corporation,
                                                                                                                  Ltd. (Customer)
                                                                                                                  relating to
                                                                                                                  Model 777-300ER
                                                                                                                  aircraft (Aircraft)

 

This
letter agreement (Letter Agreement) amends and supplements the Purchase Agreement.
All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.

 

Boeing
and Customer wish to enter into an agreement pursuant to which each party will contribute equally to promotional programs in support
of the entry into service of the Aircraft as more specifically provided below.

 

		1.	Definitions.

 

1.1       Commitment
Limit shall have the meaning set forth in Article 2, below.

 

1.2       Covered
Aircraft shall mean those Aircraft identified on Table 1 and Table 2 to the Purchase Agreement
as of the date of signing of this Letter Agreement.

 

1.3       Performance
Period shall mean the period beginning one (1) year before and ending one (1) year after
the scheduled delivery month of the first Covered Aircraft.

 

1.4       Promotional
Support shall mean mutually agreed marketing and promotion programs that promote the entry
into service of the Covered Aircraft such as marketing research, tourism development, corporate identity, direct marketing, videotape
or still photography, planning, design and production of collateral materials, management of promotion programs, advertising campaigns
or such other marketing and promotional activities as the parties may mutually agree.

 

1.5      Qualifying
Third Party Fees shall mean fees paid by Customer to third party providers for Promotional
Support provided to Customer during the Performance Period.

 

		2.	Commitment.

 

As
more particularly set forth in this Letter Agreement, Boeing agrees to provide
Promotional Support to Customer during the Performance Period in a value not to exceed *** Aircraft delivered to Customer thereafter.

  

	CEA-PA-03746-LA-1107150	 	 
	Promotional Support-STD	 	LA Page
    1
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

 

		3.	Methods of Performance.

 

3.1      Subject
to the Commitment Limit, Boeing will reimburse *** of Customer’s payments of Qualifying Third Party Fees provided that
Customer provides Boeing copies of paid invoices for such Qualifying Third Party Fees no later than twenty-four (24) months
after the delivery of the first Covered Aircraft.

 

3.2      Notwithstanding
the above, at Customer’s request and subject to a mutually agreed project, Boeing will provide certain Promotional Support
during the Performance Period directly to Customer. The full value of such Boeing provided Promotional Support will be accounted
for as part of the Commitment Limit and will correspondingly reduce the amount of Qualifying Third Party Fees that are subject
to reimbursement pursuant to Article 3.1 above.

 

3.3      In
the event Customer does not (i) utilize the full amount of the Commitment Limit within the Performance Period or (ii) submit its
paid invoices for Qualifying Third Party Fees within the required time, as set forth in Article 3.1, Boeing shall have no further
obligation to Customer for such unused Commitment Limit or to reimburse Customer for such Qualifying Third Party Fees, respectively.

 

		4.	Project Approval.

 

Following
the execution of this Letter Agreement, a Boeing Airline Marketing Services representative will meet with Customer’s designated
representative to review and approve the extent, selection, scheduling, and funds disbursement process for the Promotional Support
to be provided pursuant to this Letter Agreement.

 

		5.	Assignment.

 

Notwithstanding
any other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer
in consideration of Customer’s becoming the operator of the Aircraft and cannot be assigned in whole or, in part.

 

		6.	Confidential Treatment.

 

The
information contained herein represents confidential business information and has value precisely because it is not available generally
or to other parties. Customer will limit the disclosure of its contents to employees of Customer with a need to know the contents
for purposes of helping Customer perform its obligations under the Purchase Agreement and who understand they are not to disclose
its contents to any other person or entity without the prior written consent of Boeing.

 

	CEA-PA-03746-LA-1107150	 	 
	Promotional Support-STD	 	LA Page
    2
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

 

Very truly yours,

 

	THE BOEING COMPANY	 	 
	 	 	 
	By	/s/
    Rocky E. Weller	 	 
	 	 	 	 
	Its	Attorney-In-Fact	 	 
	 	 	 	 
	ACCEPTED
    AND AGREED TO this	 	 

 

	Date:	 	 	 	 

 

	CHINA EASTERN AIRLINES CORPORATION,

LTD.	 	 
	 	 	 
	By
    		 	 
	 	 	 
	Its	 	 	 
	 	 	 
	CHINA EASTERN AVIATION IMPORT &

EXPORT CORPORATION	 	 
	 	 	 
	By 		 	 
	 	 	 
	Its	 	 	 

  

	CEA-PA-03746-LA-1107150	 	 
	Promotional Support-STD	 	LA Page
    3
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

		The Boeing Company
	P.O.
    Box 3707
	 	Seattle,
    WA 98124-2207

 

 

CEAPA-03746-LA-1107151

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road 

SHANGHAI
200335 

PEOPLE’S
REPUBLIC OF CHINA

 

		Subject:	Spare Parts Initial
Provisioning

 

		Reference:	a) Purchase Agreement
No. 03746 (Purchase Agreement) between The Boeing Company (Boeing)
and China Eastern Airlines Corporation, Ltd. (Customer) relating to Model 777-300ER aircraft (Aircraft),
b) Customer Services General Terms Agreement No. 9P (CSGTA) between Boeing and
Customer.

 

This
letter agreement (Letter Agreement) is entered into on the date below and amends
and supplements the CSGTA. All capitalized terms used but not defined in this Letter Agreement have the same meaning as in the
CSGTA, except for “Aircraft” which will have the meaning as defined in the Purchase Agreement.

 

In
order to define the process by which Boeing and Customer will i) identify those Spare Parts and Standards critical to Customer’s
successful introduction of the Aircraft into service and its continued operation, ii) place Orders under the provisions of the
CSGTA as supplemented by the provisions of this Letter Agreement for those Spare Parts and Standards, and iii) manage the return
of certain of those Spare Parts which Customer does not use, the parties agree as follows.

 

		1.	Definitions.

 

1.1      Provisioning
Data means the documentation provided by Boeing to Customer, including but not limited to the Recommended Spare Parts List
(RSPL), identifying all Boeing initial provisioning requirements for the Aircraft.

 

1.2      Provisioning
Items means the Spare Parts and Standards identified by Boeing as initial provisioning
requirements in support of the Aircraft, excluding special tools and ground support equipment (GSE), engines and engine
parts.

 

1.3      Provisioning
Products Guide means the Boeing Manual D6-81834 entitled “Spares Provisioning
Products Guide”.

 

		2.	Phased
                                                                       Provisioning.

 

2.1      Provisioning
Products Guide. Prior to the initial provisioning meeting Boeing will furnish to Customer a copy of the Provisioning Products
Guide.

 

2.2      Initial
Provisioning Meeting. On or about *** prior to delivery of the first Aircraft the parties will conduct an initial
provisioning meeting were the procedures, schedules, and requirements for training will be established to accomplish phased
provisioning of Spare Parts and Standards for the Aircraft in accordance with the Provisioning Products Guide. If the lead
time from execution of the Purchase Agreement until delivery of the first Aircraft is less than *** the initial provisioning
meeting will be established as soon as reasonably possible after execution of the Purchase Agreement.

 

	CEAPA-03746-LA-1107151	 	 
	Spare Parts Initial Provisioning	 	LA Page
    1
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

 

2.3         Provisioning
Data. During the initial provisioning meeting Customer will provide to Boeing the operational parameter information described
in Chapter 6 of the Provisioning Products Guide. After review and acceptance by Boeing of such
Customer information, Boeing will prepare the Provisioning Data. Such Provisioning Data will be furnished to Customer on or about
*** after Boeing finalizes the engineering drawings for the Aircraft. The Provisioning Data will be as complete as possible and
will cover Provisioning Items selected by Boeing for review by Customer for initial provisioning of Spare Parts and Standards
for the Aircraft. Boeing will furnish to Customer revisions to the Provisioning Data until approximately ninety (90) days following
delivery of the last Aircraft or until the delivery configuration
of each of the Aircraft is reflected in the Provisioning Data, whichever is later.

 

2.4         Buyer
Furnished Equipment (BFE)
Provisioning Data. Unless otherwise advised by Boeing,
Customer will provide or insure its BFE suppliers provide to Boeing the BFE data in scope and format acceptable to Boeing, in
accordance with the schedule established during the initial provisioning meeting.

 

3.            Purchase
from Boeing of Spare Parts and Standards as Initial Provisioning for the Aircraft.

 

3.1         Schedule.
In accordance with schedules established during the initial provisioning meeting, Customer may place Orders for Provisioning
Items and any GSE, special tools or engine spare parts which Customer determines it will initially require for maintenance, overhaul
and servicing of the Aircraft and/or engines.

 

3.2         Prices
of Initial Provisioning Spare Parts.

 

3.2.1    
Boeing Spare Parts. ***

 

3.2.2    
Supplier Spare Parts. ***

 

3.3         QEC
Kits, Standards kits, Raw Material Kits, Bulk Material Kits and Service Bulletin Kits. ***

 

	CEA-PA-03746-LA-1107151	 	 
	Spare
    Parts Initial Provisioning		LA
        Page 2

        

	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

 

***

 

4.           Delivery.

 

For
Spare Parts and Standards ordered by Customer in accordance with Article 3 of this Letter Agreement, Boeing will, insofar as reasonably
possible, deliver to Customer such Spare Parts and Standards on dates reasonably calculated to conform to Customer’s anticipated
needs in view of the scheduled deliveries of the Aircraft, Customer and Boeing will agree upon the date to begin delivery of the
provisioning Spare Parts and Standards ordered in accordance with this Letter Agreement. Where appropriate, Boeing will arrange
for shipment of such Spare Parts and Standards which are manufactured by suppliers directly to Customer from the applicable supplier’s
facility. The routing and method of shipment for initial deliveries and all subsequent deliveries of such Spare Parts and Standards
will be as established at the initial provisioning meeting and thereafter by mutual agreement.

 

5.          Substitution
for Obsolete Spare Parts.

 

5.1       
Obligation to Substitute Pre-Delivery. ***

 

5.2
       Delivery of Obsolete Spare and Substitutes. ***

 

6.          Repurchase
of Provisioning Items.

 

6.1       
Obligation to Repurchase. ***

 

	CEA-PA-03746-LA-1107151 	 	
	Spare Parts Initial
    Provisioning	 	LA
    Page 3
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

 

6.2        Exceptions.
Boeing will not be obligated under Article 6.1 to repurchase any of the following: (i) quantities of Provisioning Items in excess
of those quantities recommended by Boeing in the Provisioning Data for the Aircraft, (ii) QEC kits, bulk material kits, raw material
kits, service bulletin kits, Standards kits and components thereof (except those components listed
separately in the Provisioning Data), (iii) Provisioning Items for which an Order was received by Boeing more than five (5) months
after delivery of the last Aircraft, (iv) Provisioning Items which have become obsolete or have been replaced by other Provisioning
Items as a result of Customer’s modification of the Aircraft, and (v) Provisioning Items which become excess as a result of a change
in Customer’s operating parameters, as provided to Boeing pursuant to the initial provisioning meeting and which were the basis
of Boeing’s initial provisioning recommendations for the Aircraft.

 

6.3        Notification
and Format. Customer will notify Boeing, in writing when Customer desires to return Provisioning Items under the provisions
of this Article 6. Customer’s notification will include a detailed summary, in part number sequence, of the Provisioning Items
Customer desires to return. Such summary will be in the form of listings, tapes, diskettes or other media as may be mutually agreed
between Boeing and Customer and will include part number, nomenclature, purchase order number, purchase order date and quantity
to be returned. Within five (5) business days after receipt of Customer’s notification, Boeing will advise Customer in writing
when Boeing’s review of such summary will be completed.

 

6.4        Review
and Acceptance by Boeing. Upon completion of Boeing’s review of any detailed summary submitted by Customer pursuant to Article
6.3, Boeing will issue to Customer a Material Return Authorization (MRA) for those Provisioning Items Boeing agrees are eligible
for repurchase in accordance with this Article 6. Boeing will advise Customer of the reason that any Provisioning Item included
in Customer’s detailed summary is not eligible for return. Boeing’s MRA will state the date by which Provisioning Items listed
in the MRA must be redelivered to Boeing, and Customer will arrange for shipment of such Provisioning Items accordingly.

 

6.5        Price
and Payment. The price of each Provisioning Item repurchased by Boeing pursuant to this Article 6 will be an amount equal to
one hundred percent (100%) of the original invoice price thereof except that the repurchase price of Provisioning Items purchased
pursuant to Article 3.2.2 will not include Boeing’s twelve percent (12%) handling charge. Boeing will pay the repurchase price
by issuing a credit memorandum in favor of Customer which may be applied against amounts due Boeing for the purchase of Spare Parts
or Standards.

 

6.6        Delivery
of Repurchased
Provisioning Items.
Provisioning Items repurchased by Boeing pursuant
to this Article 6 will be delivered to Boeing F.O.B. at its Seattle Distribution Center or such other destination as Boeing may
reasonably designate.

 

7.           Title
and
Risk of Loss.

 

Title
and risk of loss of any Spare Parts or Standards delivered to Customer by Boeing in accordance with this Letter Agreement will
pass from Boeing to Customer in accordance with the applicable provisions of the CSGTA. Title to and risk of loss of any Spare
Parts or Standards returned to Boeing by Customer in accordance with this Letter Agreement will pass to Boeing upon delivery of
such Spare Parts or Standards to Boeing in accordance with the provisions of Article 5.2 or Article 6.6, herein, as appropriate.

 

	CEA-PA-03746-LA-1107151	 	 
	Spare
    Parts Initial Provisioning		LA
    Page 4
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

 

8.          Termination
for Excusable Delay.

 

In
the event of termination of the Purchase Agreement pursuant to
Article 7 of
the AGTA with respect to any Aircraft, such termination will, if
Customer so requests by written notice received by Boeing within fifteen (15) days after such termination, also discharge and
terminate all obligations and liabilities of the parties as to any Spare Parts or Standards which Customer had ordered
pursuant to the provisions of this Letter Agreement as initial provisioning for such Aircraft and which are undelivered on
the date Boeing receives such written notice.

 

9.          Order
of Precedence.

 

In
the event of any inconsistency between the terms of this
Letter Agreement and
the terms of any other provisions of the CSGTA, the terms of this Letter Agreement will control.

 

	CEA-PA-03746-LA-1107151	 	 
	Spare
    Parts Initial Provisioning	 	LA Page 5
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

	Very truly yours,	 
	 	 
	THE
    BOEING COMPANY	 
	 	 
	By	/s/
    Rocky E. Weller	 
	 	 
	Its	Attorney-In-Fact	 

 

	ACCEPTED AND AGREED TO this	 
	 	 
	Date:	 	 

 

	CHINA
    EASTERN AIRLINES CORPORATION,	 
	LTD.	 
	 	 
	By		 
	 	 
	Its	 	 

 

	CHINA
    EASTERN AVIATION IMPORT &	 
	EXPORT
    CORPORATION 	 
	 	 
	By		 
	 	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1107151	 	 
	Spare
    Parts Initial Provisioning		LA
    Page 6
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

		
        The Boeing Company

        P.O. Box 3707

        Seattle, WA 98124-2207

	 	 

 

 

CEA-PA-03746-LA-1107152

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road 

SHANGHAI
200335

PEOPLE’S
REPUBLIC OF CHINA

 

		Subject:	Special Matters

 

		Reference:	Purchase
                                                                                                                                Agreement
                                                                                                                                No.
                                                                                                                                PA-03746
                                                                                                                                (Purchase
                                                                                                                                Agreement)
                                                                                                                                between
                                                                                                                                The
                                                                                                                                Boeing
                                                                                                                                Company
                                                                                                                                (Boeing)
                                                                                                                                and
                                                                                                                                China
                                                                                                                                Eastern
                                                                                                                                Airlines
                                                                                                                                Corporation,
                                                                                                                                Ltd.
                                                                                                                                (Customer)
                                                                                                                                relating
                                                                                                                                to
                                                                                                                                Model
                                                                                                                                777-300ER
                                                                                                                                aircraft
                                                                                                                                (Aircraft)

 

This
letter agreement (Letter Agreement) amends and supplements the Purchase Agreement.
All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.

 

1.           Credit
Memoranda.

 

1.1          
***

 

1.2          
***

 

1.3          
***

 

1.4          
***

 

1.5          
***

 

1.6          
***

 

1.7          
***

 

	CEA-PA-03746-LA-1107152	 	 
	Special
    Matters		LA
    Page 1
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

 

1.8          
***

 

1.9          
***

 

1.10         ***

 

2.           Escalation
of Credit Memoranda.

 

*** 

 

3.           Assignment.

 

Unless
otherwise noted herein, the Credit Memoranda described in this Letter Agreement are provided as a financial accommodation to Customer
and in consideration of Customer’s taking title to the Aircraft at time of delivery and becoming the operator of the Aircraft.
This Letter Agreement cannot be assigned, in whole or in part, without the prior written consent of Boeing.

 

4.           Confidentiality

 

Customer
understands and agrees that the information contained herein represents confidential business information and has value precisely
because it is not available generally or to other parties. Customer agrees to limit the disclosure of its contents to employees
of Customer with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase Agreement
and who understand they are not to disclose its contents to any other person or entity without the prior written consent of Boeing.

 

	CEA-PA-03746-LA-1107152	 	 
	Special Matters		LA Page 2
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

Very
truly yours,

 

	THE BOEING COMPANY	 
	 	 
	By	/s/ Rocky E. Weller	 
	 	 	 
	Its	Attorney-In-Fact	 

 

	ACCEPTED AND AGREED TO this	 
	 	 
	Date:	 	 

 

	CHINA
    EASTERN AIRLINES CORPORATION,	 
	LTD.	 
	 	 
	By		 
	 	 	 
	Its	 	 

 

	CHINA
    EASTERN AVIATION IMPORT &

    EXPORT CORPORATION	 
	 	 
	By		 
	 	 	 
	Its
    	 	 

 

	CEA-PA-03746-LA-1107152	 	 
	Special
    Matters		LA Page 3
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

		
        The Boeing Company

        P.O. Box 3707

        Seattle, WA 98124-2207

	 	 

 

CEA-PA-03746-LA-1207193

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road

SHANGHAI
200335

PEOPLE’S
REPUBLIC OF CHINA

 

		Subject:	Payment Matters

 

		Reference:	Purchase
                                                                                                                                Agreement
                                                                                                                                No.
                                                                                                                                PA-03746
                                                                                                                                (Purchase
                                                                                                                                Agreement)
                                                                                                                                between
                                                                                                                                The
                                                                                                                                Boeing
                                                                                                                                Company
                                                                                                                                (Boeing)
                                                                                                                                and
                                                                                                                                China
                                                                                                                                Eastern
                                                                                                                                Airlines
                                                                                                                                Corporation,
                                                                                                                                Ltd.
                                                                                                                                (Customer)
                                                                                                                                relating
                                                                                                                                to
                                                                                                                                Model
                                                                                                                                777-300ER
                                                                                                                                aircraft
                                                                                                                                (Aircraft)

 

This
letter agreement (Letter Agreement) amends and supplements the Purchase Agreement.
All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.

 

1.           Advance
Payments for the Aircraft.

 

1.1.          Agreed
Deferral. It is understood that Customer’s ability to make advance payments described in Article 4.2 of the Purchase
Agreement may be impacted due to monetary issues, therefore Boeing agrees that all advance payments due on the effective date
of the Purchase Agreement, as specified in Article 4.2, and those that shall become due during the time from the effective date
and deferred due date, may be deferred without interest until ten business days after the effective date of the Purchase Agreement,
by which time Customer will pay all advance payments specified in the Purchase Agreement as being due on or before that date.

 

1.2.          Advance
Payment Invoices. Boeing will provide invoices to Customer for all advance payments due pursuant to Article 4.2 of the Purchase
Agreement, at least *** prior to the due date thereof.

 

2.           Payment
at Aircraft Delivery.

 

Pursuant
to Article 4.4 of the Purchase Agreement, Customer will pay
the balance of
the Aircraft Price of each Aircraft
at delivery. Boeing will provide the invoices for such payment at
least *** prior to Aircraft delivery.

 

3.           Rescheduling
Aircraft.

 

In
the event that Customer is not able to make the advance payments described above by the tenth business day after the
effective date of the Purchase Agreement, Boeing may reschedule ***

 

	CEA-PA-03746-LA-1207193	 	 
	Agreement
    Subject		LA
    Page 1
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

 

4.           Effect
of Aircraft Rescheduling.

 

If
Boeing reschedules any or all of the Aircraft pursuant to the provisions of 3. above, the Customer and Boeing will complete a
Supplemental Agreement to document the revised Aircraft delivery schedules within *** is given.

 

5.           Default
Interest.

 

If
Boeing does not reschedule any or all of the Aircraft pursuant to the provisions of 3. above, and Customer has not brought the
advance payments current, Customer agrees to compensate Boeing for the delayed payment of the advance payments described above,
and those that shall become due after the tenth business day. Such compensation will be computed on the unpaid advance payment
amount, starting from the eleventh business day after the effective date of the Purchase Agreement, or from the date that any additional
advance payments become due, until such date as payments are received by Boeing. The agreed rate of interest shall be *** as published
on the first business day of each month in the Wall Street Journal.

 

6.           Alternative
Methodology.

 

In
the event that circumstances described in paragraph 5. above occur, Customer and Boeing agree that Customer may exercise an alternative
method of compensation to Boeing. Such alternative method is described below.

 

6.1.     
Dollar Day Principal. ***

 

6.2.
     Default Procedure. ***

 

7.           Confidential
Treatment.

 

Customer
understands that certain commercial and financial information contained in this Letter Agreement are considered by Boeing as confidential.
Customer agrees that it will treat this Letter Agreement and the information contained herein as confidential and will not, without
the prior written consent of Boeing, disclose this Letter Agreement or any information contained herein to any other person or
entity.

 

	CEA-PA-03746-LA-1207193	 	 
	Payment
    Matters	 	LA
    Page 2
	 	BOEING
    PROPRIETARY	 

 

    	 

    	 

    

 

 

 

Very
truly yours,

 

	THE BOEING COMPANY	 
	 	 	 
	By	/s/ Rocky E. Weller	 
	 	 	 
	Its 	Attorney-In-Fact	 
	 	 	 
	ACCEPTED AND AGREED TO this	 
	 	 	 
	Date:	 	 
	 	 	 
	CHINA
    EASTERN AIRLINES CORPORATION,

    LTD.	 
	 	 	 
	By		 
	 	 	 
	Its	 	 
	 	 	 
	CHINA EASTERN AVIATION IMPORT & 

EXPORT CORPORATION	 
	 	 	 
	By		 
	 	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1207193	 	 
	Payment Matters	 	LA Page 3
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

		The Boeing Company
	P.O. Box 3707
	Seattle, WA 98124-2207

 

 

CEA-PA-03746-LA-1207194

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road

SHANGHAI
200335

PEOPLE’S
REPUBLIC OF CHINA

 

		Subject:	Installation of Cabin Systems Equipment

 

		Reference:	Purchase
                                                                                                         Agreement No. PA-03746
                                                                                                         (Purchase Agreement)
                                                                                                         between The
                                                                                                         Boeing Company (Boeing)
                                                                                                         and China Eastern
                                                                                                         Airlines Corporation,
                                                                                                         Ltd.

(Customer)
relating to Model 777-300ER aircraft (Aircraft)

 

This
letter agreement (Letter Agreement) amends and supplements the Purchase Agreement.
All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.

 

Customer
has requested that Boeing install in the Aircraft the in-flight entertainment and cabin communications systems (IFE/CCS)
described in Attachment A to this Letter Agreement.

 

Because
of the complexity of the IFE/CCS, special attention and additional resources will be required during the development, integration,
certification, and manufacture of the Aircraft to achieve proper operation of the IFE/CCS at the time of delivery of the Aircraft.
To assist Customer, Boeing will perform the functions of project manager (Project Manager)
as set forth in Attachment B.

 

		1.	Responsibilities.

 

		1.1	Customer will:

 

1.1.1    provide
Customer’s IFE/CCS system requirements to Boeing;

 

1.1.2    select
the IFE/CCS suppliers (Suppliers)
from among those suppliers identified in the Option(s) listed in Attachment A to this Letter Agreement, on or before Jan 2, 2013,
or as otherwise formally offered by Boeing;

 

1.1.3    promptly
after selecting Suppliers, participate with Boeing in meetings with Suppliers to ensure that Supplier’s functional system specifications
meet Customer’s and Boeing’s respective requirements. Such functional systems specifications define functionality to which Boeing
will test prior to delivery but is not a guarantee of functionality at delivery;

 

1.1.4    select
Supplier part numbers;

 

1.1.5    negotiate
and obtain agreements on product assurance, product support following Aircraft delivery (including spares support), and any other
special business arrangements directly with Suppliers;

 

	CEA-PA-03746-LA-1207194	 	 
	Cabin Systems Equipment	 	LA Page 1
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

1.1.6    provide
pricing information for part numbers selected above to Boeing by a mutually selected date;

 

1.1.7    negotiate
and obtain agreements with any required service providers; and

 

1.1.8    include
in Customer’s contract with any seat supplier a condition obligating such seat supplier to enter into and comply with a Boeing
approved bonded stores agreement. This bonded stores agreement will set forth the procedures concerning the use, handling and storage
for the Boeing owned IFE/CCS equipment during the time such equipment is under the seat supplier’s control.

 

		1.2	Boeing will;

 

1.2.1    perform
the Project Manager functions stated in Attachment B;

 

1.2.2    provide
Aircraft interface requirements to Suppliers;

 

1.2.3    assist
Suppliers in the development of their IFE/CCS system specifications and approve such specifications;

 

1.2.4    negotiate
terms and conditions (except for price, product assurance, product support following Aircraft delivery and any other special business
arrangements) and enter into contracts with Suppliers and manage such contracts for the IFE/CCS;

 

1.2.5    coordinate
the resolution of technical issues with Suppliers;

 

1.2.6    ensure
that at time of Aircraft delivery the IFE/CCS configuration meets the requirements of the Option(s) contained in Attachment A to
this Letter Agreement as such Attachment A may be amended from time to time; and

 

1.2.7    obtain
FAA certification of the Aircraft with the IFE/CCS installed therein.

 

		2.	Software.

 

IFE/CCS
systems may contain software of the following two types:

 

2.1         Systems
Software. The software required to operate and certify the IFE/CCS systems on the Aircraft is the Systems Software and is part
of the IFE/CCS.

 

2.2         Customer’s
Software. The software accessible to the Aircraft passengers which controls Customer’s specified optional features is Customer’s
Software and is not part of the IFE/CCS.

 

2.2.1Customer
is solely responsible for specifying Customer’s Software functional and performance requirements and ensuring that Customer’s
Software meets such requirements. Customer and Customer’s Software supplier will have total responsibility for the writing, certification,
modification, revision, or correction of any of Customer’s Software. Boeing will not perform the functions and obligations described
in paragraph 1.2 above, nor the Project Manager’s functions described in Attachment B, for Customer’s Software.

 

	CEA-PA-03746-LA-1207194	 	 
	Cabin Systems Equipment	 	LA Page 2
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

2.2.2    The
omission of any Customer’s Software or the lack of any functionality of Customer’s Software will not be a valid condition for Customer’s
rejection of the Aircraft at the time of Aircraft delivery.

 

2.2.3    Boeing
has no obligation to approve any documentation to support Customer’s Software certification. Boeing will only review and operate
Customer’s Software if in Boeing’s reasonable opinion such review and operation is necessary to certify the IFE/CCS system on the
Aircraft.

 

2.2.4    Boeing
will not be responsible for obtaining FAA certification for Customer’s Software.

 

		3.	Changes.

 

3.1         After
Boeing and Supplier have entered into a contract for the purchase of the IFE/CCS, changes to such contract may only be made by
Boeing. Any Customer request for changes to the IFE/CCS specification after the Boeing/Supplier contract has been signed must be
made in writing directly to Boeing. Boeing shall respond to such request by Customer in a timely manner. If such change is technically
feasible and Boeing has the resources and time to incorporate such change, then Boeing shall negotiate with the Supplier to incorporate
such change into the contract for the IFE/CCS. Any Supplier price increase resulting from such a change will be negotiated between
Customer and Supplier.

 

3.2         Boeing
and Customer recognize that the developmental nature of the IFE/CCS may require changes to the IFE/CCS or the Aircraft in order
to ensure (i) compatibility of the IFE/CCS with the Aircraft and all other Aircraft systems, and (ii) FAA certification of the
Aircraft with the IFE/CCS installed therein. In such event Boeing will notify Customer and recommend to Customer the most practical
means for incorporating any such change. If within fifteen (15) days after such notification Customer and Boeing through negotiations
cannot mutually agree on the incorporation of any such change or alternate course of action, then the remedies available to Boeing
in Paragraph 6 shall apply.

 

3.3         The
incorporation into the Aircraft of any mutually agreed change to the IFE/CCS may result in Boeing adjusting the price of the Option(s)
contained in Attachment A to this Letter Agreement.

 

3.4         Boeing’s
obligation to obtain FAA certification of the Aircraft with the IFE/CCS installed is limited to the IFE/CCS as described in Attachment
A, as Attachment A may be amended from time to time.

 

		4.	Supplier Defaults.

 

Boeing
shall notify Customer in a timely manner in the event of a default by a Supplier under the Supplier’s contract with Boeing. Within
fifteen (15) days of Customer’s receipt of such notification, Boeing and Customer shall agree through negotiations on an
alternative Supplier or other course of action. If Boeing and Customer are unable to agree on an alternative Supplier or course
of action within such time, the remedies available to Boeing in Paragraph 6 shall apply.

 

	CEA-PA-03746-LA-1207194	 	 
	Cabin Systems Equipment	 	LA Page 3
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

		5.	Exhibits
B and C to the AGTA.

 

IFE/CCS
is deemed to be BFE for the purposes of Exhibit B, Customer Support Document, and Exhibit C, the Product Assurance Document, of
the AGTA.

 

		6.	Boeing’s
Remedies.

 

If
Customer does not comply with any of its obligations set forth herein, Boeing may:

 

6.1         delay
delivery of the Aircraft; or

 

6.2         deliver
the Aircraft without part or all
of the IFE/CCS installed, or with part or all of the IFE/CCS inoperative;

 

6.3         increase
the Aircraft Price by the amount
of Boeing’s additional costs attributable to such noncompliance.

 

		7.	Advance
Payments.

 

7.1         Estimated
Price for the IFE/CCS. An
estimated price for the IFE/CCS purchased by Boeing will be included in the
Aircraft Advance Payment Base Price to establish the advance payments for each Aircraft and shown in Table 1 and Table 2.

 

7.2         Aircraft
Price. The Aircraft Price will include the actual IFE/CCS prices and any associated transportation costs charged Boeing by
Suppliers.

 

		8.	Customer’s
Indemnification of Boeing.

 

Customer
will indemnify and hold harmless Boeing from and against all claims and liabilities, including costs and expenses (including
attorneys’ fees) incident thereto or incident to successfully establishing the right to indemnification, for injury to
or death of any person or persons, including employees of Customer but not employees of Boeing, or for loss of or damage to
any property, including Aircraft, arising out of or in any way connected with any nonconformance or defect in any IFE/CCS, or
in the installation thereof or in the provision of services hereunder, and whether or not arising in tort or occasioned in
whole or in part by the negligence of Boeing. This indemnity will not apply with respect to any nonconformance or defect
caused solely by Boeing’s installation of the IFE/CCS.

 

		9.	Title
and Risk of Loss.

 

Title
and risk of loss of IFE/CCS equipment will remain with Boeing until the Aircraft title is transferred to Customer.

 

If
the foregoing correctly sets forth your understanding of our agreement with respect to the matters treated above, please indicate
your acceptance and approval below.

 

	CEA-PA-03746-LA-1207194	 	 
	Cabin Systems Equipment	 	LA
    Page 4
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

Very
truly yours,

 

	THE BOEING COMPANY	 
	 	 	 
	By	/s/ Rocky E. Weller	 
	 	 	 
	Its 	Attorney-In-Fact	 
	 	 	 
	ACCEPTED AND AGREED TO this	 
	 	 	 
	Date:	 	 
	 	 	 
	CHINA EASTERN AIRLINES CORPORATION,

LTD.	 
	 	 	 
	By		 
	 	 	 
	Its	 	 
	 	 	 
	CHINA EASTERN AVIATION IMPORT & 

EXPORT CORPORATION	 
	 	 	 
	By		 
	 	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1207194	 	 
	Cabin Systems Equipment	 	LA Page 5
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

Attachment
A

Cabin Systems Equipment

 

The
following Option(s) describe(s) the items of equipment that under the terms and conditions of this Letter Agreement are considered
to be IFE/CCS. Each such Option is fully described in Option Document /document number/ as described in Exhibit A to the Purchase
Agreement. Final configuration will be based on Customer acceptance of any or all Options listed below.

 

Option
Request Number and Title

 

2300CHXXXX

CABIN
ENTERTAINMENT AND...

 

	CEA-PA-03746-LA-1207194

Cabin Systems Equipment	 	LA Page 6
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

Attachment
B

Project Manager

 

This
Attachment B describes the functions that Boeing will perform as Project Manager to support (i) the development and integration
of the IFE/CCS and (ii) the FAA certification of the IFE/CCS when installed on the Aircraft.

 

		10.	Project Management.

 

Boeing
will perform the following functions for the IFE/CCS. Boeing will have authority to make day-to-day management decisions, and decisions
on technical details which in Boeing’s reasonable opinion do not significantly affect form, fit, function, cost or aesthetics.
Boeing will be responsible for:

 

		(i)	managing the development
of all program schedules;

 

		(ii)	evaluating and approving
Supplier’s program management and developmental plans;

 

		(iii)	defining program
metrics and status requirements;

 

		(iv)	scheduling and conducting
program status reviews;

 

		(v)	scheduling and conducting
design and schedule reviews with Customer and Suppliers;

 

		(vi)	monitoring compliance
with schedules;

 

		(vii)	evaluating and approving
any recovery plans or plan revisions which may be required of either Suppliers or Customer;

 

		(viii)	leading
                                                                                                         the development of a
                                                                                                         joint IFE/CCS project
                                                                                                         management plan (Program
                                                                                                         Plan)
                                                                                                         and;

 

		(ix)	managing the joint
development of the System Specification.

 

		11.	System Integration.

 

Boeing’s
performance as Project Manager will include the functions of systems integrator (Systems Integrator).
As Systems Integrator Boeing will perform the following functions:

 

		(i)	As required, assist
Suppliers in defining their system specifications
for the IFE/CCS, approve such specifications and develop an overall system functional specification;

 

	CEA-PA-03746-LA-1207194	 	 
	Cabin Systems Equipment	 	LA Page 7
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

		(ii)	Coordinate Boeing,
Customer and Supplier teams to ensure sufficient Supplier and Supplier sub system testing and an overall cabin system acceptance
test are included in the Program Plan; and

 

		(iii)	Organize and conduct
technical coordination meetings with Customer and Suppliers to review responsibilities, functionality, Aircraft installation requirements
and overall program schedule, direction and progress.

 

		12.	Seat Integration.

 

		(i)	Boeing will coordinate
the interface requirements between seat suppliers and Suppliers. Interface requirements are defined in Boeing Document Nos. D6-36230,
“Passenger Seat Design and Installation”; D6-36238, “Passenger Seat Structural Design and Interface Criteria”;
D222W232, “Seat Wiring and Control Requirements”; and D222W013-4, “Seat Assembly Functional Test Plan”.

 

		(ii)	The Suppliers will
be required to coordinate integration testing and provide seat assembly functional test procedures for seat electronic parts to
seat suppliers and Boeing, as determined by Boeing.

 

		(iii)	The Suppliers will
assist the seat suppliers in the preparation of seat assembly functional test plans.

 

	CEA-PA-03746-LA-1207194	 	 
	Cabin Systems Equipment	 	LA Page 8
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

		The Boeing Company
	P.O. Box 3707
	Seattle, WA 98124-2207

 

 

CEA-PA-03746-LA-1207195

 

China
Eastern Airlines Corporation, Ltd.

2550
Hongqiao Road

SHANGHAI 200335

PEOPLE’S REPUBLIC OF CHINA

 

		Subject:	Customer Support Special Matters - Extra Training and Services

 

		Reference:	Purchase
                                                                                                         Agreement No. PA-03746
                                                                                                         (Purchase Agreement)
                                                                                                         between The
                                                                                                         Boeing
                                                                                                         Company (Boeing)
                                                                                                         and China Eastern Airlines
                                                                                                         Corporation, Ltd. (Customer)
                                                                                                         relating to Model 777-300ER
                                                                                                         aircraft (Aircraft)

 

This
letter agreement (Letter Agreement) amends and supplements the Purchase Agreement.
All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.

 

1.0       Maintenance
Training: In addition to the Maintenance Training provided within Supplemental Exhibit CS1, Boeing will provide the following
additional:

 

1.1       ***

 

1.2       ***

 

1.3       ***

 

1.4       ***

 

1.5       ***

 

1.6       ***

 

1.7       ***

 

1.8       ***

 

	CEA-PA-03746-LA-1207195	 	 
	Customer Services Matters	 	LA Page 1
	 	BOEING PROPRIETARY	 

 

    	 

    	 

    

 

 

 

		2.0	Flight Training: In addition to the Flight Training provided within Supplemental Exhibit
CS1, Boeing will provide the following:

 

		2.1	***

 

		2.2	***

 

		2.3	***

 

		2.4	***

 

3.0        Performance
Engineering Training: In addition to CEA participation in regularly scheduled courses per Supplemental Exhibit CS1 Paragraph
2.4, Boeing will provide ***

 

4.0        Maintenance
Training System: Boeing will provide ***

 

5.0        Digital
Tools Fund Credit Memorandum: At the time of delivery of the first 777-***

 

6.0        Assignment.

 

Notwithstanding any
other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer
in consideration of Customer’s becoming the operator of the Aircraft and cannot be assigned in whole or, in part.

 

	CEA-PA-03746-LA-1207195	 
	Customer Services Matters	LA Page 2

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

7.0        Confidential
Treatment

 

The information contained
herein represents confidential business information and has value precisely because it is not available generally or to other parties.
Customer will limit the disclosure of its contents to employees of Customer with a need to know the contents for purposes of helping
Customer perform its obligations under the Purchase Agreement and who understand they are not to disclose its contents to any other
person or entity without the prior written consent of Boeing.

 

	CEA-PA-03746-LA-1207195	 
	Customer Services Matters	LA Page 3

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

	Very truly yours,	 
	 	 
	THE BOEING COMPANY	 
	 	 	 
	By	/s/ Rocky E. Weller	 
	 	 	 
	Its	Attorney-In-Fact	 
	 	 
	ACCEPTED AND AGREED TO this	 
	 	 
	Date:	 	 
	 	 
	CHINA EASTERN AIRLINES CORPORATION,

LTD.	 
	 	 	 
	By		 
	 	 	 
	Its	 	 
	 	 
	CHINA EASTERN AVIATION IMPORT &

EXPORT CORPORATION	 
	 	 	 
	By		 
	 	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1207195	 
	Customer Services Matters	LA Page 4

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

CEA-PA-03746-LA-1207196

 

China Eastern Airlines Corporation, Ltd.

2550 Hongqiao Road

SHANGHAI 200335

PEOPLE’S REPUBLIC OF CHINA

 

		Subject:	Escalation Capped Factors

 

		Reference:	Purchase Agreement No. PA-03746 (Purchase Agreement) between The Boeing Company (Boeing)
and China Eastern Airlines Corporation, Ltd. (Customer) relating to Model 777-300ER aircraft (Aircraft)

 

This letter agreement
(Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement
shall have the same meaning as in the Purchase Agreement.

 

		1.	Capped Escalation.

 

1.1        Boeing
will cap the Escalation Adjustment for the Airframe Price and Optional Features Prices of each Aircraft for the Aircraft delivery
positions set forth in Table 1 and Table 2 (Capped Period), in accordance with the terms of this Letter Agreement.

 

1.2        ***

 

		2.	Determining Escalation for Aircraft Delivering Within the Capped Period.

 

2.1        For
Aircraft delivering within the Capped Period, Boeing will, at time of Aircraft delivery, calculate the Escalation Adjustment of
the Airframe Price and Optional Features Prices using (i) actual indices in accordance with the provisions of Supplemental Exhibit
AE1 to the Purchase Agreement (Standard Escalation Formula) and (ii) the Capped Factor. The final Aircraft Price will include
the escalated Airframe Price and Optional Features Prices utilizing the Standard Escalation Formula or the Capped Factor, whichever
is less.

 

2.2        In
the event any Aircraft scheduled to deliver within the Capped Period delivers after the Capped Period, in addition to any other
applicable terms and/or conditions set forth in the Purchase Agreement, the Escalation Adjustment for the Airframe Price and Optional
Features Prices will be calculated in accordance with the Standard Escalation Formula or the Standard Escalation Formula, as modified
in paragraph 3 below (which will utilize the Capped Factor for the last month of the Capped Period), whichever is less.

 

	CEA-PA-03746-LA-1207196	 
	Escalation Capped Factors	LA Page 1

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

		3.	Effect on Advance Payments.

 

The amount and timing
of advance payments Customer is required to pay to Boeing pursuant to the Purchase Agreement shall be unaffected by any terms set
forth in this Letter Agreement.

 

		4.	Aircraft Applicability.

 

Unless otherwise stated,
the terms of this Letter Agreement shall only apply to the firm Aircraft set forth in Table 1 and Table 2 of the Purchase Agreement
as of the execution date of this Letter Agreement.

 

		5.	Applicability to Other FinancialConsideration.

 

The escalation adjustment
for any other sum identified in the Purchase Agreement as subject to escalation pursuant to Supplemental Exhibit AE1, and which
pertains to an Aircraft set forth in Table 1 and Table 2 as of the date of this Letter Agreement, shall be calculated using the
escalation methodology established in this Letter Agreement notwithstanding any other provisions of the Purchase Agreement to the
contrary.

 

		6.	Assignment.

 

Notwithstanding any
other provisions of the Purchase Agreement, the rights and obligations described in this Letter Agreement are provided to Customer
in consideration of Customer’s becoming the operator of the Aircraft and cannot be assigned in whole or, in part.

 

		7.	Confidential Treatment.

 

The information contained
herein represents confidential business information and has value precisely because it is not available generally or to other parties.
Customer will limit the disclosure of its contents to employees of Customer with a need to know the contents for purposes of helping
Customer perform its obligations under the Purchase Agreement and who understand they are not to disclose its contents to any other
person or entity without the prior written consent of Boeing.

 

	CEA-PA-03746-LA-1207196	 
	Escalation Capped Factors	LA Page 2

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

	Very truly yours,	 
	 	 
	THE BOEING COMPANY	 
	 	 	 
	By	/s/ Rocky E. Weller	 
	 	 	 
	Its	Attorney-In-Fact	 
	 	 
	ACCEPTED AND AGREED TO this	 
	 	 
	Date:	 	 
	 	 
	CHINA EASTERN AIRLINES CORPORATION,

LTD.	 
	 	 	 
	By		 
	 	 	 
	Its	 	 
	 	 
	CHINA EASTERN AVIATION IMPORT &

EXPORT CORPORATION	 
	 	 	 
	By		 
	 	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1207196	 
	Escalation Capped Factors	LA Page 3

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

Attachment A to Letter Agreement CEA-PA-03746-LA-1207196

 

Airframe Price Base Year: 2011

 

	Jan-14	***	 	Jun-17	***	 
	Feb-14	***	 	Jul-17	***	 
	Mar-14	***	 	Aug-17	***	 
	Apr-14	***	 	Sep-17	***	 
	May-14	***	 	Oct-17	***	 
	Jun-14	***	 	Nov-17	***	 
	Jul-14	***	 	Dec-17	***	 
	Aug-14	***	 	Jan-18	***	 
	Sep-14	***	 	Feb-18	***	 
	Oct-14	***	 	Mar-18	***	 
	Nov-14	***	 	Apr-18	***	 
	Dec-14	***	 	May-18	***	 
	Jan-15	***	 	Jun-18	***	 
	Feb-15	***	 	Jul-18	***	 
	Mar-15	***	 	Aug-18	***	 
	Apr-15	***	 	Sep-18	***	 
	May-15	***	 	Oct-18	***	 
	Jun-15	***	 	Nov-18	***	 
	Jul-15	***	 	Dec-18	***	 
	Aug-15	***	 	 	 	 
	Sep-15	***	 	 	 	 
	Oct-15	***	 	 	 	 
	Nov-15	***	 	 	 	 
	Dec-15	***	 	 	 	 
	Jan-16	***	 	 	 	 
	Feb-16	***	 	 	 	 
	Mar-16	***	 	 	 	 
	Apr-16	***	 	 	 	 
	May-16	***	 	 	 	 
	Jun-16	***	 	 	 	 
	Jul-16	***	 	 	 	 
	Aug-16	***	 	 	 	 
	Sep-16	***	 	 	 	 
	Oct-16	***	 	 	 	 
	Nov-16	***	 	 	 	 
	Dec-16	***	 	 	 	 
	Jan-17	***	 	 	 	 
	Feb-17	***	 	 	 	 
	Mar-17	***	 	 	 	 
	Apr-17	***	 	 	 	 
	May-17	***	 	 	 	 

 

	CEA-PA-03746-LA-1207196	 
	Escalation Capped Factors	LA Page 1

BOEING PROPRIETARY

 

    	 

    	 

    

 

		The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1207199

 

China Eastern Airlines Corporation, Ltd.

2550 Hongqiao Road

SHANGHAI 200335

PEOPLE’S REPUBLIC OF CHINA

 

		Subject:	Government Approval

 

		Reference:	Purchase Agreement No. PA-03746 (Purchase Agreement) between The Boeing Company (Boeing)
and China Eastern Airlines Corporation, Ltd. (Customer) relating to Model 777-300ER aircraft (Aircraft)

 

This letter agreement
(Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement
shall have the same meaning as in the Purchase Agreement.

 

		1.	Government Approval.

 

***

 

		2.	Flexibility.

 

***

 

2.1        Reschedule
Aircraft. Boeing may reschedule any or all of the Aircraft. Boeing ***

 

The following terms shall apply to the
rescheduled Delivery Period Aircraft.

 

	CEA-PA-03746-LA-1207199	 
	Government Approval	LA Page 1

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

		2.1.1.	***

 

		2.1.2.	***

 

		2.1.3.	***

 

		2.1.4.	***

 

2.2.        Terminate
Aircraft. Boeing may terminate the Aircraft by providing Customer with written notice of such termination and shall promptly
return to Customer, ***

 

		3.	Confidential Treatment.

 

Customer understands
and agrees that the information contained herein represents confidential business information and has value precisely because it
is not available generally or to other parties. Customer agrees to limit the disclosure of its contents to employees, officers
and advisors of Customer with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase
Agreement and who understand they are not to disclose its contents to any other person or entity without the prior written consent
of Boeing

 

	CEA-PA-03746-LA-1207199	 
	Government Approval	LA Page 2

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

	Very truly yours,	 
	 	 
	THE BOEING COMPANY	 
	 	 	 
	By	/s/ Rocky E. Weller	 
	 	 	 
	Its	Attorney-In-Fact	 
	 	 
	ACCEPTED AND AGREED TO this	 
	 	 
	Date:	 	 
	 	 
	CHINA EASTERN AIRLINES CORPORATION,

LTD.	 
	 	 	 
	By		 
	 	 	 
	Its	 	 
	 	 
	CHINA EASTERN AVIATION IMPORT &

EXPORT CORPORATION	 
	 	 	 
	By		 
	 	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1207199	 
	Government Approval	LA Page 3

BOEING PROPRIETARY

 

    	 

    	 

    

 

		The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207
	 	 

 

CEA-PA-03746-LA-1207459

 

China Eastern Airlines Corporation, Ltd.

2550 Hongqiao Road

SHANGHAI 200335

PEOPLE’S REPUBLIC OF CHINA

 

		Subject:	Aircraft Trade-In Matters

 

		Reference:	Purchase Agreement No. PA-03746 (Purchase Agreement) between The Boeing Company (Boeing)
and China Eastern Airlines Corporation, Ltd. (Customer) relating to Model 777-300ER aircraft (Aircraft)

 

This letter agreement
(Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement
shall have the same meaning as in the Purchase Agreement.

 

		1.	Purchase of Used Model A340-642 Aircraft.

 

***

 

Table 1.

	Used	 	Manufacturer	 	 	 	 	 	Used Aircraft
	Aircraft	 	Serial	 	Used Aircraft	 	Aircraft Delivery	 	Trade-In Delivery
	Model	 	Number	 	Build Year	 	Date	 	Date
	 	 	 	 	 	 	 	 	 
	A340-642	 	468	 	June 2003	 	September 2014	 	November 26, 2014
	 	 	 	 	 	 	 	 	 
	A340-642	 	488	 	August 2003	 	November 2014	 	January 29, 2015
	 	 	 	 	 	 	 	 	 
	A340-642	 	514	 	October 2003	 	December 2014	 	March 31, 2015
	 	 	 	 	 	 	 	 	 
	A340-642	 	577	 	June 2004	 	March 2015	 	May 28, 2015
	 	 	 	 	 	 	 	 	 
	A340-642	 	586	 	July 2004	 	June 2015	 	July 30, 2015

 

		2.	Used Aircraft Acquisition Agreement.

 

Boeing and Customer
agree to enter into a used aircraft acquisition agreement that will include the provisions contained in Boeing’s standard
form acquisition agreement and any additional mutually agreed terms and conditions (the “Acquisition Agreement”).
Boeing’s purchase of the Used Aircraft shall be in accordance with the provisions of the Acquisition Agreement, and subject
to the Used Aircraft complying with the specified return conditions as set forth in the Acquisition Agreement. Customer agrees
to execute an Acquisition Agreement for the Used Aircraft with Boeing at time of execution of this Letter Agreement. If such Acquisition
Agreement is not executed within such time period, Boeing shall not be obligated to purchase the Used Aircraft.

 

	CEA-PA-03746-LA-1207459	 
	Aircraft Trade-In Matters	LA Page 1

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

		3.	Trade-In Delivery and Title Transfer.

 

The trade-in delivery
and title transfer of such Used Aircraft shall be delivered on the date specified in the Acquisition Agreement (the “Trade-In
Date”). Customer shall ensure that the Used Aircraft meets the return conditions described in the Acquisition Agreement
at the time of the Trade-in Date. If such conditions cannot be met, at Boeing’s sole discretion, either the Trade-In Price
shall be reduced by a mutually agreed to amount or Boeing shall be relieved of its obligation to purchase such Used Aircraft.

 

		4.	Price.

 

		4.1	***

 

Table 2.

 

	Used Aircraft	 	Manufacturer	 	 	 	 
	Model	 	Serial Number	 	Trade-In Price	 	Year
	A340-642	 	468	 	***	 	***
	A340-642	 	488	 	***	 	***
	A340-642	 	514	 	***	 	***
	A340-642	 	577	 	***	 	***
	A340-642	 	586	 	***	 	***

 

		4.2	***

 

	CEA-PA-03746-LA-1207459	 
	Aircraft Trade-In Matters	LA Page 2

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

		5.	Trade-In Delivery Conditions.

 

Boeing’s purchase
of the Used Aircraft is subject to the Used Aircraft complying with the specified trade-in delivery conditions set forth in the
Acquisition Agreement.

 

		6.	Notice of Election to Sell.

 

Upon execution of the Acquisition Agreement,
Seller elects to sell the Used Aircraft to Boeing (Election Notice).

 

***

 

		7.	Non-Transferable.

 

Boeing’s agreement
to purchase the Used Aircraft as described herein is provided as a financial accommodation to the Customer in consideration of
Customer purchasing the Aircraft and the purchase of the Used Aircraft by Boeing is non-transferable to a third party and requires
the continuous operation and ownership of the Used Aircraft by Customer.

 

		8.	Assignment.

 

Boeing reserves the
unrestricted right to transfer or assign all or a portion of its rights, title and interest in the Used Aircraft and its obligations
and benefits under any Acquisition Agreement to third parties. Customer shall cooperate with Boeing in complying with reasonable
documentation and insurance/indemnity requirements. Boeing agrees that no such transfer or assignment will materially change the
duty of or materially increase the burden or risk imposed on Customer.

 

	CEA-PA-03746-LA-1207459	 
	Aircraft Trade-In Matters	LA Page 3

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

		9.	Confidential Treatment

 

Customer understands
and agrees that the information contained herein represents confidential business information and has value precisely because it
is not available generally or to other parties. Customer agrees to limit the disclosure of its contents to employees of Customer
with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase Agreement and who
understand they are not to disclose its contents to any other person or entity without the prior written consent of Boeing.

 

	CEA-PA-03746-LA-1207459	 
	Aircraft Trade-In Matters	LA Page 4

BOEING PROPRIETARY

 

    	 

    	 

    

 

 

	Very truly yours,	 
	 	 
	THE BOEING COMPANY	 
	 	 	 
	By	/s/ Rocky E. Weller	 
	 	 	 
	Its	Attorney-In-Fact	 
	 	 
	ACCEPTED AND AGREED TO this	 
	 	 
	Date:	 	 
	 	 
	CHINA EASTERN AIRLINES CORPORATION,

LTD.	 
	 	 	 
	By		 
	 	 	 
	Its	 	 
	 	 
	CHINA EASTERN AVIATION IMPORT &

EXPORT CORPORATION	 
	 	 	 
	By		 
	 	 	 
	Its	 	 

 

	CEA-PA-03746-LA-1207459	 
	Aircraft Trade-In Matters	LA Page 5

BOEING PROPRIETARYExhibit 4.1

 

Execution Copy

 

HONDA AUTO RECEIVABLES 2013-2 OWNER TRUST,

as Issuer,

and

The bank of New York Mellon,

as Indenture Trustee

 

 

 

INDENTURE

 

Dated April 24, 2013

 

 

 

    	 

    	 

    

 

CROSS REFERENCE TABLE*

 

	TIA Section	 	Indenture Section
	 	 	 	 
	310	(a)(1)	 	6.11
	 	(a)(2)	 	6.11
	 	(a)(3)	 	6.10; 6.11
	 	(a)(4)	 	N.A.**
	 	(a)(5)	 	6.11
	 	(b)	 	6.08; 6.11
	 	(c)	 	N.A.
	311	(a)	 	6.12
	 	(b)	 	6.12
	 	(c)	 	N.A.
	312	(a)	 	7.01
	 	(b)	 	7.02
	 	(c)	 	7.02
	313	(a)	 	7.04
	 	(b)(1)	 	7.04
	 	(b)(2)	 	7.04
	 	(c)	 	7.04; 11.05
	 	(d)	 	7.04
	314	(a)	 	7.03
	 	(b)	 	11.15
	 	(c)(1)	 	11.01
	 	(c)(2)	 	11.01
	 	(c)(3)	 	11.01
	 	(d)	 	11.01
	 	(e)	 	11.01
	 	(f)	 	11.01
	315	(a)	 	6.01
	 	(b)	 	6.05; 11.01
	 	(c)	 	6.01
	 	(d)	 	6.01
	 	(e)	 	5.13
	316	(a)	 	1.01
	 	(a)(1)(A)	 	5.11
	 	(a)(1)(B)	 	5.12
	 	(a)(2)	 	N.A.
	 	(b)	 	5.07
	 	(c)	 	N.A.
	317	(a)(1)	 	5.03

 

 

*           This
Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

**         N.A.
means Not Applicable.

 

    	i

    	 

    

 

	TIA Section	 	Indenture Section
	 	(a)(2)	 	5.03
	 	(b)	 	3.03
	318	(a)	 	11.07

 

    	ii

    	 

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I             DEFINITIONS AND INCORPORATION BY REFERENCE	 	2
	 	 	 	 
	Section 1.01.	Definitions	 	2
	Section 1.02.	Incorporation by Reference of Trust Indenture Act	 	9
	Section 1.03.	Rules of Construction	 	9
	 	 	 	 
	ARTICLE II            THE NOTES	 	10
	 	 	 	 
	Section 2.01.	Form	 	10
	Section 2.02.	Execution, Authentication and Delivery	 	10
	Section 2.03.	Temporary Notes	 	11
	Section 2.04.	Note Register, Registration of Transfer and Exchange	 	11
	Section 2.05.	Mutilated, Destroyed, Lost or Stolen Notes	 	12
	Section 2.06.	Persons Deemed Owner	 	13
	Section 2.07.	Payment of Principal and Interest, Defaulted Interest	 	13
	Section 2.08.	Cancellation	 	14
	Section 2.09.	Book-Entry Notes	 	14
	Section 2.10.	Notices to Clearing Agency	 	15
	Section 2.11.	Definitive Notes	 	15
	Section 2.12.	Release of Collateral	 	16
	Section 2.13.	Tax Treatment	 	16
	Section 2.14.	Employee Benefit Plans	 	16
	 	 	 	 
	ARTICLE III           COVENANTS	 	16
	 	 	 	 
	Section 3.01.	Payment of Principal and Interest	 	16
	Section 3.02.	Maintenance of Office or Agency	 	17
	Section 3.03.	Money for Payments to be Held in Trust	 	17
	Section 3.04.	Existence	 	18
	Section 3.05.	Protection of Owner Trust Estate	 	19
	Section 3.06.	Opinions as to Owner Trust Estate	 	19
	Section 3.07.	Performance of Obligations; Servicing of Receivables	 	20
	Section 3.08.	Negative Covenants	 	21
	Section 3.09.	Annual Statement as to Compliance	 	22
	Section 3.10.	Issuer May Consolidate, etc., Only on Certain Terms	 	22
	Section 3.11.	Successor or Transferee	 	24
	Section 3.12.	No Other Business	 	24
	Section 3.13.	No Borrowing	 	24
	Section 3.14.	Servicer’s Obligations	 	24
	Section 3.15.	Guarantees, Loans, Advances and Other Liabilities	 	24
	Section 3.16.	Capital Expenditures	 	24
	Section 3.17.	Removal of Administrator	 	24
	Section 3.18.	Restricted Payments	 	24
	Section 3.19.	Notice of Events of Default	 	25
	Section 3.20.	Further Instruments and Acts	 	25
	Section 3.21.   	Compliance with Laws	 	25

 

    	iii

    	 

    

 

	Section 3.22.   	Amendments of Sale and Servicing Agreement and Trust Agreement	 	25
	 	 	 	 
	ARTICLE IV           SATISFACTION AND DISCHARGE	 	25
	 	 	 	 
	Section 4.01.	Satisfaction and Discharge of Indenture	 	25
	Section 4.02.	Application of Trust Money	 	26
	Section 4.03.	Repayment of Monies Held by Paying Agent	 	27
	 	 	 	 
	ARTICLE V            REMEDIES	 	27
	 	 	 	 
	Section 5.01.	Events of Default	 	27
	Section 5.02.	Acceleration of Maturity, Rescission and Annulment	 	28
	Section 5.03.	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	 	29
	Section 5.04.	Remedies, Priorities	 	30
	Section 5.05.	Optional Preservation of the Receivables	 	32
	Section 5.06.	Limitation of Suits	 	32
	Section 5.07.	Unconditional Rights of Noteholders to Receive Principal and Interest	 	33
	Section 5.08.	Restoration of Rights and Remedies	 	33
	Section 5.09.	Rights and Remedies Cumulative	 	33
	Section 5.10.	Delay or Omission Not a Waiver	 	33
	Section 5.11.	Control by Noteholders	 	34
	Section 5.12.	Waiver of Past Defaults	 	34
	Section 5.13.	Undertaking for Costs	 	34
	Section 5.14.	Waiver of Stay or Extension Laws	 	35
	Section 5.15.	Action on Notes	 	35
	Section 5.16.	Performance and Enforcement of Certain Obligations	 	35
	 	 	 	 
	ARTICLE VI           THE INDENTURE TRUSTEE	 	36
	 	 	 	 
	Section 6.01.	Duties of Indenture Trustee	 	36
	Section 6.02.	Rights of Indenture Trustee	 	37
	Section 6.03.	Individual Rights of Indenture Trustee	 	39
	Section 6.04.	Indenture Trustee’s Disclaimer	 	39
	Section 6.05.	Notice of Defaults	 	39
	Section 6.06.	Reports by Indenture Trustee to Holders	 	39
	Section 6.07.	Compensation and Indemnity	 	40
	Section 6.08.	Replacement of Indenture Trustee	 	40
	Section 6.09.	Successor Indenture Trustee by Merger	 	42
	Section 6.10.	Appointment of Co-Trustee or Separate Trustee	 	42
	Section 6.11.	Eligibility, Disqualification	 	43
	Section 6.12.	Preferential Collection of Claims Against Issuer	 	43
	Section 6.13.	Representations and Warranties of Indenture Trustee	 	44
	 	 	 	 
	ARTICLE VII         NOTEHOLDERS’ LISTS AND REPORTS	 	44
	 	 	 	 
	Section 7.01.	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	 	44

 

    	iv

    	 

    

 

	Section 7.02.	Preservation of Information; Communications, Reports and Certain Documents to Noteholders	 	45
	Section 7.03.	Reports by Issuer	 	46
	Section 7.04.	Reports by Indenture Trustee	 	46
	 	 	 	 
	ARTICLE VIII        ACCOUNTS, DISBURSEMENTS AND RELEASES	 	46
	 	 	 	 
	Section 8.01.	Collection of Money	 	46
	Section 8.02.	Accounts	 	47
	Section 8.03.	General Provisions Regarding Accounts	 	48
	Section 8.04.	Release of Owner Trust Estate	 	49
	Section 8.05.	Opinion of Counsel	 	49
	 	 	 	 
	ARTICLE IX          SUPPLEMENTAL INDENTURES	 	49
	 	 	 	 
	Section 9.01.	Supplemental Indentures Without Consent of Noteholders	 	49
	Section 9.02.	Supplemental Indentures With Consent of Noteholders	 	50
	Section 9.03.	Execution of Supplemental Indentures	 	52
	Section 9.04.	Effect of Supplemental Indenture	 	52
	Section 9.05.	Conformity with Trust Indenture Act	 	52
	Section 9.06.	Reference in Notes to Supplemental Indentures	 	52
	 	 	 	 
	ARTICLE X           REDEMPTION OF NOTES	 	53
	 	 	 	 
	Section 10.01.	Redemption	 	53
	Section 10.02.	Form of Redemption Notice	 	53
	Section 10.03.	Notes Payable on Redemption Date	 	53
	 	 	 	 
	ARTICLE XI          MISCELLANEOUS	 	54
	 	 	 	 
	Section 11.01.	Compliance Certificates and Opinions, etc	 	54
	Section 11.02.	Form of Documents Delivered to Indenture Trustee	 	55
	Section 11.03.	Acts of Noteholders	 	56
	Section 11.04.	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	 	57
	Section 11.05.	Notices to Noteholders; Waiver	 	58
	Section 11.06.	Alternate Payment and Notice Provisions	 	58
	Section 11.07.	Conflict with Trust Indenture Act	 	58
	Section 11.08.	Effect of Headings and Table of Contents	 	59
	Section 11.09.	Successors and Assigns	 	59
	Section 11.10.	Separability	 	59
	Section 11.11.	Benefits of Indenture	 	59
	Section 11.12.	Legal Holidays	 	59
	Section 11.13.	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	 	59
	Section 11.14.	Counterparts	 	60
	Section 11.15.	Recording of Indenture	 	60
	Section 11.16.	Trust Obligation	 	60
	Section 11.17.	No Petition	 	60
	Section 11.18.	Inspection	 	60
	Section 11.19. 	[Reserved]	 	61
	Section 11.20. 	Disclosure of Tax Treatment	 	61

 

    	v

    	 

    

 

	Section 11.21.	Intent of the Parties; Reasonableness	 	61
	Section 11.22.	Owner Trustee	 	62
	Section 11.23.	U.S.A. Patriot Act	 	62
	Section 11.24. 	Communications with Rating Agencies	 	62

 

    	vi

    	 

    

 

SCHEDULES

 

	Schedule A – Schedule of Receivables	 	S-A-1

 

EXHIBITS

 

	Exhibit A- Form of Class [A-1],[ A-2],[ A-3] and [A-4] Note	 	A-1
	Exhibit B - Form of Note Depository Agreement	 	B-1
	Exhibit C - Servicing Criteria to be Addressed in Assessment of Compliance	 	C-1
	Exhibit D - Form of Monthly 15Ga-1 Report	 	D-1

 

    	vii

    	 

    

 

This Indenture, dated April 24, 2013, is
between Honda Auto Receivables 2013-2 Owner Trust, a Delaware statutory trust (the “Issuer”), and The Bank of
New York Mellon, as indenture trustee (the “Indenture Trustee”).

 

Each party agrees as follows for the benefit
of the other party and for the equal and ratable benefit of the holders of the Issuer’s Class A-1 0.24000% Asset Backed Notes
(the “Class A-1 Notes”), Class A-2 0.37% Asset Backed Notes (the “Class A-2 Notes”),
Class A-3 0.53% Asset Backed Notes (the “Class A-3 Notes”) and Class A-4 0.66% Asset Backed Notes (the “Class
A-4 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”):

 

GRANTING CLAUSE

 

The Issuer hereby Grants to the Indenture
Trustee at the Closing Date, on behalf of and for the benefit of the Holders of the Notes, without recourse, all of the Issuer’s
right, title and interest in, to and under (i) the Receivables and all monies due thereon and received thereon on and after April
1, 2013; (ii) the security interests in the Financed Vehicles; (iii) any proceeds of any physical damage insurance policies covering
the Financed Vehicles and in any proceeds of any credit life or credit disability insurance policies relating to the Receivables
or the Obligors; (iv) any proceeds of Dealer Recourse; (v) the right to realize upon any property (including the right to receive
future Liquidation Proceeds) that shall have secured a Receivable and have been repossessed by or on behalf of the Issuer; (vi)
all funds, and all investment property, from time to time carried in or credited to the Accounts, including the Reserve Fund Initial
Deposit and the Yield Supplement Account Deposit and in all investment income and proceeds thereof; (vii) the rights of the Seller
under the Receivables Purchase Agreement including, but not limited to, the representations and warranties set forth in Sections
2.02 and 2.03 therein and the rights of the Issuer under the Sale and Servicing Agreement, including, but not limited to, the representations
and warranties set forth in Sections 2.03 and 5.01 therein; (viii) any Servicer Letter of Credit and (ix) all payments on or under
and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion
thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes,
drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any
and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all
or part of or are included in the proceeds of any of the foregoing as each such term is defined in Section 1.01 (collectively,
the “Collateral”).

 

The foregoing Grant is made in trust to
secure (i) the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably
without prejudice, priority or distinction, except as expressly provided in this Indenture and the Sale and Servicing Agreement
and (ii) to secure compliance with the provisions of this Indenture, all as provided in this Indenture.

 

The Indenture Trustee, as Indenture Trustee
on behalf of the Holders of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and agrees to perform its duties as required in this Indenture to the end that the interests of the
Holders of the Notes may be adequately and effectively protected.

 

    	 

    	 

    

 

ARTICLE
I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section
1.01.         Definitions.

 

(a)          Except
as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth
below for all purposes of this Indenture.

 

“Act” shall have the
meaning specified in Section 11.03(a).

 

“Administration Agreement”
means the Administration Agreement, dated April 24, 2013, among the Administrator, the Issuer, the Depositor and the Indenture
Trustee.

 

“Administrator” means
AHFC or any successor Administrator under the Administration Agreement.

 

“AHFC” means American
Honda Finance Corporation, and its successors.

 

“Authorized Officer”
means, with respect to the Issuer, any officer of the Owner Trustee or person appointed pursuant to a power of attorney who is
authorized to act for the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers
delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from
time to time thereafter) and, so long as the Administration Agreement is in effect, any Assistant Vice President or more senior
officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer and to be acted upon
by the Administrator pursuant to the Administration Agreement and who is identified on the list of Authorized Officers delivered
by the Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time
thereafter).

 

“Benefit Plan” means
(a) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a plan (as defined
in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, and (c) an entity whose underlying assets include
assets of a plan described in (a) or (b) by reason of such plan’s investment in the entity.

 

“Book-Entry Notes” means
a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as
described in Section 2.09.

 

“Business Day” means
any day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in New York, New York, Los Angeles,
California, or Wilmington, Delaware are authorized or obligated by law, executive order or governmental decree to be closed.

 

“Class” means all Notes
whose form is identical except for variation in denomination, principal amount or owner.

 

“Class A-1 Interest Rate”
means 0.24000% per annum (computed on the basis of the actual number of days in the related Interest Accrual Period divided by
360).

 

    	2

    	 

    

 

“Class A-1 Notes” means
the Class A-1 0.24000% Asset Backed Notes, substantially in the form of Exhibit A.

 

“Class A-2 Interest Rate”
means 0.37% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

 

“Class A-2 Notes” means
the Class A-2 0.37% Asset Backed Notes, substantially in the form of Exhibit A.

 

“Class A-3 Interest Rate”
means 0.53% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

 

“Class A-3 Notes” means
the Class A-3 0.53% Asset Backed Notes, substantially in the form of Exhibit A.

 

“Class A-4 Interest Rate”
means 0.66% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

 

“Class A-4 Notes” means
the Class A-4 0.66% Asset Backed Notes, substantially in the form of Exhibit A.

 

“Clearing Agency” means
an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act, which initially shall
be The Depository Trust Company.

 

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

 

“Closing Date” means
April 24, 2013.

 

“Code” means the Internal
Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

 

“Collateral” has the
meaning specified in the Granting Clause of this Indenture.

 

“Corporate Trust Office”
means an office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered, which
office at the date of execution of this Indenture is located at 101 Barclay Street, Floor 4 West, New York, New York 10286, Attention:
Corporate Trust Administration, Asset Backed Securities Unit - Honda Auto Receivables 2013-2 or at such other address as
the Indenture Trustee may designate from time to time by notice to the Noteholders and the Issuer, or the principal corporate trust
office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders
and the Issuer.

 

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

 

“Definitive Notes” shall
have the meaning specified in Section 2.11.

 

    	3

    	 

    

 

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

 

“Event of Default” shall
have the meaning specified in Section 5.01.

 

“Executive Officer” means,
with respect to any corporation or depository institution, the Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, President, Executive Vice President, any Vice President, the Secretary or the Treasurer of such corporation or depository
institution; and with respect to any partnership, any general partner thereof.

 

“Final Payment Date”
has the meaning set forth in the Sale and Servicing Agreement.

 

“Fitch” means Fitch,
Inc., or its successors.

 

“Grant” means mortgage,
pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create and grant a lien upon and a security
interest in and a right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral
or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting
party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and
interest payments in respect of the Collateral and all other monies payable thereunder, to give and receive notices and other communications,
to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party
or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder
or with respect thereto.

 

“Holder” means the Person
in whose name a Note is registered on the Note Register.

 

“Honda Parties” shall
have the meaning specified in Section 7.02(e).

 

“Honda Party” shall have
the meaning specified in Section 7.02(e).

 

“Indenture” means this
Indenture, as amended or supplemented from time to time.

 

“Indenture Trustee” means
The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York, as Indenture Trustee under
this Indenture, or any successor Indenture Trustee under this Indenture.

 

“Independent” means,
when used with respect to any specified Person, that the Person (i) is in fact independent of the Issuer, any other obligor on
the Notes, the Seller and any of their respective Affiliates, (ii) does not have any direct financial interest or any material
indirect financial interest in the Issuer, any such other obligor, the Seller or any of their respective Affiliates and (iii) is
not connected with the Issuer, any such other obligor, the Seller or any of their respective Affiliates as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar functions.

 

“Independent Certificate”
means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.01, made by an Independent appraiser or other expert appointed by an Issuer Order
and approved by the Indenture Trustee, and such opinion or certificate shall state that the signer has read the definition of “Independent”
in this Indenture and that the signer is Independent within the meaning thereof.

 

    	4

    	 

    

 

“Interest Accrual Period”
means, subject to Section 11.12 hereof, with respect to any Payment Date and (i) the Class A-1 Notes, the period from and including
the immediately preceding Payment Date (or, in the case of the first Payment Date, the Closing Date) to but excluding such Payment
Date and (ii) the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the period from and including the 16th day of the
prior month (or, in the case of the first Payment Date, the Closing Date) to but excluding the 16th day of the month of such Payment
Date.

 

“Interest Rate” means
the Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest Rate or the Class A-4 Interest Rate, as applicable.

 

“Issuer” means Honda
Auto Receivables 2013-2 Owner Trust until a successor replaces it and, thereafter, means the successor and, for purposes of any
provision contained herein and required by the TIA, each other obligor on the Notes.

 

“Issuer Order” or “Issuer
Request” means a written order or request signed in the name of the Issuer by any Authorized Officer and delivered to
the Indenture Trustee.

 

“Moody’s” means
Moody’s Investors Service, Inc., or its successors.

 

“Note Depository Agreement”
means the agreement dated April 24, 2013, among the Issuer, the Indenture Trustee and The Depository Trust Company, as the initial
Clearing Agency, relating to the Notes, substantially in the form of Exhibit B hereto.

 

“Noteholder” or “Holder”
means the Person in whose name a Note is registered on the Note Register.

 

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

 

“Note Register” and “Note
Registrar” shall have the respective meanings specified in Section 2.04.

 

“Notes” means the Class
A-1 Notes, Class A-2 Notes, Class A-3 Notes and the Class A-4 Notes.

 

“Officer’s Certificate”
means a certificate signed by any Authorized Officer of the Issuer, under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.01, and delivered to the Indenture Trustee. Unless otherwise specified, any reference
in this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of the Issuer.

 

    	5

    	 

    

 

“Opinion of Counsel”
means one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture, be an employee
of or counsel to the Issuer and who shall be satisfactory to the Indenture Trustee, and which opinion or opinions shall be addressed
to the Indenture Trustee as Indenture Trustee, shall comply with any applicable requirements of Section 11.01 and shall be in form
and substance satisfactory to the Indenture Trustee.

 

“Outstanding” means,
as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except:

 

(i)          Notes
theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;

 

(ii)         Notes
or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee
or any Paying Agent in trust for the Holders of such Notes (provided, however, that if such Notes are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture or provision for such notice has been made, satisfactory to the
Indenture Trustee); and

 

(iii)        Notes
cancelled or paid pursuant to Section 2.05 in exchange for or in lieu of which other Notes have been authenticated and delivered
pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona
fide Protected Purchaser;

 

provided, that in determining whether the Holders of the requisite
Outstanding Amount have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any other
Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Seller or any of their respective Affiliates shall
be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in
relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that the Indenture Trustee
knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such
Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of their respective
Affiliates.

 

“Outstanding Amount”
means, except as otherwise indicated by the context, the aggregate principal amount of all Notes of all Classes Outstanding at
the date of determination.

 

“Owner Trust Estate”
means the Grant of the Collateral to the Indenture Trustee under this Indenture, including all proceeds thereof.

 

“Owner Trustee” means
Deutsche Bank Trust Company Delaware, not in its individual capacity but solely as Owner Trustee under the Trust Agreement, or
any successor Owner Trustee under the Trust Agreement.

 

    	6

    	 

    

 

“Paying Agent” means
the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11
and is authorized by the Issuer to make payments to and distributions from the Collection Account and the Note Distribution Account,
including payments of principal of or interest on the Notes on behalf of the Issuer.

 

“Payment Date” means
the 16th calendar day of each month, or if such day is not a Business Day, then the next succeeding Business Day, commencing May
16, 2013.

 

“Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or
any agency or political subdivision thereof.

 

“Predecessor Note” means,
with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.05 in lieu of a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen
Note.

 

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

 

“Protected Purchaser”
shall have the meaning set forth in Article 8 of the UCC.

 

“Rating Agency” means
each of Fitch and Moody’s.

 

“Rating Agency Condition”
means, with respect to any action, that each Rating Agency shall have been given ten Business Days (or such shorter period as is
practicable or acceptable to each Rating Agency) prior notice thereof and within ten Business Days of each Rating Agency’s
receipt of such notice (or such shorter period as is practicable or acceptable to each Rating Agency) such Rating Agency shall
not have notified the Seller, the Servicer, the Indenture Trustee and the Owner Trustee in writing that such action will result
in a qualification, reduction or withdrawal of the then current rating of the Notes.

 

“Record Date” means,
with respect to a Payment Date or Redemption Date, the day immediately preceding such Payment Date or Redemption Date or, if Definitive
Notes have been issued, the close of business on the last day of the month immediately preceding the month in which such Payment
Date or Redemption Date occurs.

 

“Redemption Date” means,
in the case of a redemption of the Notes pursuant to Section 10.01, the Payment Date specified by the Servicer or the Issuer pursuant
to Section 10.01.

 

“Redemption Price” means,
in the case of a redemption of the Notes pursuant to Section 10.01, an amount equal to the unpaid principal amount of the Notes
redeemed plus accrued and unpaid interest thereon at the weighted average of the Interest Rates for each Class of Notes being so
redeemed to but excluding the Redemption Date.

 

“Registered Holder” means
the Person in whose name a Note is registered on the Note Register on the applicable Record Date.

 

    	7

    	 

    

 

“Regulation AB” means
Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123,
as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission
in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7,
2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

 

“Repurchase Rules and Regulations”
shall have the meaning specified in Section 7.02(e).

 

“Sale and Servicing Agreement”
means the Sale and Servicing Agreement, dated April 24, 2013, among the Issuer, the Seller and the Servicer.

 

“Schedule of Receivables”
means the list of the Receivables set forth in Schedule A hereto.

 

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

 

“Servicer” means American
Honda Finance Corporation, in its capacity as servicer under the Sale and Servicing Agreement, and any Successor Servicer thereunder.

 

“Servicing Criteria”
means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time.

 

“Sponsor” means American
Honda Finance Corporation, in its capacity as sponsor under the Sale and Servicing Agreement, and any Successor Sponsor thereunder.

 

“State” means any one
of the 50 states of the United States or the District of Columbia.

 

“Seller” means American
Honda Receivables LLC, in its capacity as seller under the Sale and Servicing Agreement, and its successors.

 

“Subcontractor” means
any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly
understood by participants in the asset-backed securities market) of the Receivables but performs one or more material discrete
functions identified in Item 1122(d) of Regulation AB with respect to the Receivables under the direction or authority of the Servicer
or a Subservicer.

 

“Subservicer” means any
Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly
or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed
by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation AB.

 

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

 

“UCC” means, unless the
context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to time.

 

    	8

    	 

    

 

“United States” means
the United States of America.

 

(b)          Except
as otherwise specified herein or as the context may otherwise require, capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Sale and Servicing Agreement.

 

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

 

“Commission” means the Securities
and Exchange Commission.

 

“indenture securities” means
the Notes.

 

“indenture security holder”
means a Noteholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

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

 

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

 

Section
1.03.         Rules of Construction. Unless the context otherwise requires:
(i) a term has the meaning assigned to it; (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance
with generally accepted accounting principles as in effect from time to time; (iii) “or” is not exclusive; (iv) “including”
means including without limitation; (v) words in the singular include the plural and words in the plural include the singular;
(vi) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection
herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the
case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (vii) references
to a Person are also to its permitted successors and assigns; (viii) the words “hereof’, “herein” and “hereunder”
and words of similar import when used in this Indenture shall refer to this Indenture as a whole and not to any particular provision
of this Indenture; (ix) the term “proceeds” shall have the meaning set forth in the applicable UCC; and (x) Section,
subsection and Schedule references contained in this Indenture are references to Sections, subsections and Schedules in or to this
Indenture unless otherwise specified.

 

    	9

    	 

    

 

ARTICLE
II

THE NOTES

 

Section
2.01.         Form. The Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall
be in substantially the form set forth in Exhibit A, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced
by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Note.

 

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

 

Each Note shall be dated the date of its
authentication. The terms of the Notes are the terms of this Indenture.

 

Section
2.02.         Execution, Authentication and Delivery. The Notes shall
be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes
may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers
of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior
to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

 

The Indenture Trustee shall, upon Issuer
Order, authenticate and deliver for original issue the following aggregate principal amount of Notes: (i) $354,000,000 of Class
A-1 Notes, (ii) $391,000,000 of Class A-2 Notes, (iii) $366,000,000 of Class A-3 Notes and (iv) $139,000,000 of Class A-4 Notes.
The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time
may not exceed such respective amounts except as provided in Section 2.05.

 

Each Note shall be dated the date of its
authentication. The Notes shall be issuable as registered Notes in minimum denominations of $1,000 and in integral multiples of
$1,000 in excess thereof.

 

No Note shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication
substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized
signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder.

 

    	10

    	 

    

 

Section
2.03.         Temporary Notes. Pending the preparation of Definitive
Notes pursuant to Section 2.11, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate
and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the
Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as
the officers executing such Notes may determine, as evidenced by their execution of such Notes.

 

If temporary Notes are issued, the Issuer
shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary
Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to
be maintained as provided in Section 3.02, without charge to the related Holder. Upon surrender for cancellation of any one or
more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor,
a like tenor and principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall
in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

 

Section
2.04.         Note Register, Registration of Transfer and Exchange.
The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations
as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of all transfers of Notes. The
Indenture Trustee initially shall be the “Note Registrar” for the purpose of registering Notes and transfers of Notes
as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects
not to make such an appointment, assume the duties of Note Registrar.

 

If a Person other than the Indenture Trustee
is appointed by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment
of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall
have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall
have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names
and addresses of the Holders of the Notes and the principal amounts and number of such Notes.

 

Upon surrender for registration of
transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.02, provided that the
requirements of Section 8-401 of the UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate and
the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more
new Notes of the same Class in any authorized denominations, of a like aggregate principal amount.

 

At the option of the Holder, Notes may be
exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal amount, upon surrender
of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, provided that the requirements
of Section 8-401 of the UCC are met (as determined by the Issuer), the Issuer shall execute, and the Indenture Trustee shall authenticate
and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive.

 

    	11

    	 

    

 

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

 

Every Note presented or surrendered for
registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory
to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with
such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Exchange Act.

 

No service charge shall be made to a Holder
for any registration of transfer or exchange of Notes, but the Issuer or the Indenture Trustee may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of
Notes, other than exchanges pursuant to Section 2.03 or 9.06 not involving any transfer.

 

The preceding provisions of this Section
notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of Notes
selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to the Note.

 

Section
2.05.         Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Note, (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it
to hold the Issuer and the Indenture Trustee harmless and (iii) the requirements of Section 8-405 of the UCC are met, then, in
the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a Protected
Purchaser, the Issuer shall execute, and upon its written request the Indenture Trustee shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class; provided, however,
that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due
and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed,
lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such
replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a Protected
Purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer
and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered
or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such
Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the
extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

 

    	12

    	 

    

 

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

 

Every replacement Note issued pursuant to
this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual
obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued
hereunder.

 

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

 

Section
2.06.         Persons Deemed Owner. Prior to due presentment for registration
of transfer of any Note, the Issuer, the Indenture Trustee and any of their respective agents may treat the Person in whose name
any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal
of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the
Issuer, the Indenture Trustee or any of their respective agents shall be affected by notice to the contrary.

 

Section
2.07.         Payment of Principal and Interest, Defaulted Interest.

 

(a)          Each
Class of Notes shall accrue interest at the related Interest Rate, and such interest shall be due and payable on each Payment Date
as specified therein, subject to Sections 3.01 and 11.12 hereof. Any installment of interest or principal, if any, payable on any
Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose
name such Note (or one or more Predecessor Notes) is registered on the Record Date by check mailed first-class postage prepaid
to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have
been issued pursuant to Section 2.11, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to
the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a
Payment Date, a Redemption Date or on the related Final Scheduled Payment Date, as the case may be (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.01), which shall be payable as provided below. The funds represented
by any such checks returned undelivered shall be held in accordance with Section 3.03.

 

    	13

    	 

    

 

(b)          The
principal of each Note shall be payable as provided in Section 8.02(d) hereof. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable, if not previously paid, on the related Final Payment Date or the date on
which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or Holders of the Notes representing
not less than a majority of the Outstanding Amount have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled
thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business 5 Business Days
preceding the Payment Date on which the Issuer expects that the final installment of principal of and interest on such Note will
be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final
installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders
as provided in Section 10.02. In addition, the Administrator shall notify each Rating Agency upon the final payment of interest
and principal of each Class of Notes, and upon the termination of the Trust, in each case pursuant to Section 1.02(a)(iii) of the
Administration Agreement.

 

(c)          If
the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted
interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuer may pay such defaulted interest
to the Persons who are Noteholders on a subsequent special record date, which date shall be at least 5 Business Days prior to the
next payment date. The Issuer shall fix or cause to be fixed any such special record date and related payment date, and, at least
15 days before any such special record date, the Issuer shall mail to each Noteholder a notice that states the special record date,
the payment date and the amount of defaulted interest to be paid.

 

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

 

Section
2.09.         Book-Entry Notes. The Notes, upon original issuance, will
be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee,
as agent for The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes shall
be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no
Note Owner will receive a definitive Note representing such Note Owner’s interest in such Note, except as provided in Section
2.11. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to such
Note Owners pursuant to Section 2.11:

 

(i)          the
provisions of this Section shall be in full force and effect;

 

    	14

    	 

    

 

(ii)         the
Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the
sole holder of the Notes, and shall have no obligation to the Note Owners;

 

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

 

(iv)       the
rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and
agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants. Pursuant to the Note Depository
Agreement, unless and until Definitive Notes are issued pursuant to Section 2.11, the Clearing Agency will make book-entry transfers
among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing
Agency Participants; and

 

(v)        whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of Notes evidencing a specified
percentage of the Outstanding Amount, the Clearing Agency shall be deemed to represent such percentage only to the extent that
it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively,
such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee.

 

Section
2.10.         Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to
such Note Owners pursuant to Section 2.11, the Indenture Trustee shall give all such notices and communications specified herein
to be given to Holders of the Notes to the Clearing Agency, and shall have no obligation to such Note Owners.

 

Section
2.11.         Definitive Notes. If (i)(A) the Administrator advises
the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities
with respect to the Book-Entry Notes and (B) neither the Indenture Trustee nor the Administrator is able to locate a qualified
successor, (ii) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry
system through the Clearing Agency or (iii) after the occurrence of an Event of Default or a Servicer Default, Owners of Book-Entry
Notes representing beneficial interests aggregating at least a majority of the Outstanding Amount of such Notes advise the Indenture
Trustee and the Clearing Agency Participants through 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 Note Owners, then, in each case, the Indenture Trustee shall
notify all Note Owners of the related Class of Notes through the Clearing Agency of the occurrence of any such event and of the
availability of Definitive Notes of the related Class of Notes to Note Owners requesting the same. Upon surrender to the Indenture
Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions,
the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions
of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery
of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of
Definitive Notes of a Class, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders hereunder.

 

    	15

    	 

    

 

Section
2.12.         Release of Collateral. Subject to Section 11.01 and the
terms of the other Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt
of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (except in the case of a full redemption
under Section 10.01) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) or an Opinion of Counsel
in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

 

Section
2.13.         Tax Treatment. The Issuer has entered into this Indenture,
and the Notes will be issued, with the intention that, for all purposes including federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Owner Trust Estate. The Issuer, by entering into
this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable
Book-Entry Note), agree to treat the Notes for all purposes including federal, state and local income, single business and franchise
tax purposes as indebtedness.

 

Section
2.14.         Employee Benefit Plans. The transfer of a Definitive Note
shall not be registered unless the prospective transferee has represented in writing to the Indenture Trustee that either (i) it
is not a Benefit Plan or any other plan subject to a law that is substantially similar to Title I of ERISA or Section 4975 of the
Code (“Similar Law”) and is not acting on behalf of or investing the assets of a Benefit Plan or any other plan subject
to Similar Law or (ii) its acquisition, holding and disposition of the Definitive Note will not give rise to a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code because it will be covered by a United States Department of
Labor prohibited transaction class exemption or by some other applicable statutory or administrative exemption and will not cause
a nonexempt violation of any Similar Law. Any Person that acquires a beneficial interest in a Book-Entry Note with the assets of
a Benefit Plan shall be deemed to make the same representations as set forth above in this Section 2.14.

 

ARTICLE
III

COVENANTS

 

Section
3.01.         Payment of Principal and Interest. The Issuer will duly
and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture.
Without limiting the foregoing, subject to Section 8.02(c), the Issuer will cause to be distributed all amounts on deposit in the
Note Distribution Account on a Payment Date deposited therein in accordance with Section 8.02(d). Amounts properly withheld under
the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by
the Issuer to such Noteholder for all purposes of this Indenture.

 

    	16

    	 

    

 

Section
3.02.         Maintenance of Office or Agency. The Issuer will maintain
in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer
or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The
Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt
written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at
any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address
thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints
the Indenture Trustee as its agent to receive all such surrenders, notices and demands, provided that the Indenture Trustee shall
not serve as an agent or office for the purpose of service of process on behalf of the Issuer.

 

Section
3.03.         Money for Payments to be Held in Trust. As provided in
Sections 5.04 and 8.02, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn
from the Collection Account and the Note Distribution Account pursuant to Section 8.02(c) shall be made on behalf of the Issuer
by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the Collection Account and the Note Distribution
Account for payments of Notes shall be paid over to the Issuer except as provided in this Section.

 

On or before the Business Day immediately
preceding each Payment Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Collection Account (to
be transferred to the Note Distribution Account on the related Payment Date) an aggregate sum sufficient to pay the amounts then
becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the Paying
Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act.

 

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

 

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

 

(ii)         give
the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge
in the making of any payment required to be made with respect to the Notes;

 

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

 

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

 

    	17

    	 

    

 

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

 

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

 

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

 

Section
3.04.         Existence. The Issuer will keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer
hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the Issuer will keep
in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity
and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Owner Trust
Estate, including all licenses required under the Pennsylvania Motor Vehicle Sales Finance Act and Maryland Code Financial Institutions,
Title 11, Subtitle 4, as applicable, in connection with this Agreement and the other Basic Documents and the transactions contemplated
hereby and thereby until such time as the Issuer shall terminate in accordance with the terms hereof.

 

    	18

    	 

    

 

Section
3.05.         Protection of Owner Trust Estate. The Issuer intends the
security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders to be prior
to all other liens in respect of the Owner Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain,
for the benefit of the Indenture Trustee on behalf of the Noteholders, a first lien on and a first priority, perfected security
interest in the Owner Trust Estate. The Issuer will from time to time execute and deliver all such supplements and amendments hereto
and all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared
by the Administrator and delivered to the Issuer, and will take such other action necessary or advisable to:

 

(i)          grant
more effectively any portion of the Owner Trust Estate;

 

(ii)         maintain
or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more effectively the
purposes hereof;

 

(iii)        perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture;

 

(iv)        enforce
any of the Collateral;

 

(v)         preserve
and defend title to the Owner Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Owner Trust Estate
against the claims of all persons and parties; or

 

(vi)        pay
all taxes or assessments levied or assessed upon the Owner Trust Estate when due.

 

Section
3.06.         Opinions as to Owner Trust Estate.

 

(a)          Promptly
after the execution and delivery of this Indenture, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to
the effect that, in the opinion of such counsel, either (i) all financing statements and continuation statements have been executed
and filed that are necessary to create and continue the Indenture Trustee’s first priority perfected security interest in
the collateral for the benefit of the Noteholders, and reciting the details of such filings or referring to prior Opinions of Counsel
in which such details are given, or (ii) no such action shall be necessary to perfect such security interest.

 

(b)          Within
90 days after the beginning of each fiscal year of the Issuer beginning with the first fiscal year beginning more than three months
after the Cutoff Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel, dated as of a date during such
90-day period, to the effect that, in the opinion of such counsel, either (i) all financing statements and continuation statements
have been executed and filed that are necessary to create and continue the Indenture Trustee’s first priority perfected security
interest in the collateral for the benefit of the Noteholders, and reciting the details of such filings or referring to prior Opinions
of Counsel in which such details are given, or (ii) no such action shall be necessary to perfect such security interest.

 

    	19

    	 

    

 

Section
3.07.         Performance of Obligations; Servicing of Receivables.

 

(a)          The
Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release
any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the
Owner Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the other Basic
Documents or such other instrument or agreement.

 

(b)          The
Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such
duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action
taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing
its duties under this Indenture.

 

(c)          The
Issuer will and will cause the Administrator to, punctually perform and observe all of its obligations and agreements contained
in this Indenture, the other Basic Documents and in the instruments and agreements included in the Owner Trust Estate, including
but not limited to filing or causing to be filed all UCC financing statements and continuation statements required to be filed
by the terms of this Indenture and the other Basic Documents in accordance with and within the time periods provided for herein
and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate
any Basic Document or any provision thereof without the written consent of the Indenture Trustee or the Holders of at least a majority
of the Outstanding Amount or such greater percentage as may be specified in the particular provision.

 

(d)          If
the Issuer shall have knowledge of the occurrence of a Servicer Default, the Issuer shall promptly provide written notice to a
Responsible Officer of the Indenture Trustee and to the Administrator thereof, and shall specify in such notice the action, if
any, the Issuer is taking with respect of such default. If a Servicer Default shall arise from the failure of the Servicer to perform
any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take
all reasonable steps available to it to remedy such failure. The Administrator shall, in accordance with Section 1.02(c) of the
Administration Agreement, make such notice available to each Rating Agency.

 

(e)          As
promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant
to Section 7.01 of the Sale and Servicing Agreement, the Indenture Trustee shall appoint a Successor Servicer, and such Successor
Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. In the event that
a Successor Servicer has not been appointed and accepted its appointment at the time when the Servicer ceases to act as Servicer,
the Indenture Trustee without further action shall automatically be appointed the Successor Servicer. The Indenture Trustee may
resign as the Servicer by giving written notice of such resignation to the Issuer and in such event will be released from such
duties and obligations, such release not to be effective until the date a new servicer enters into a servicing agreement as provided
below. Upon delivery of any such notice to the Issuer, the Issuer shall obtain a new servicer as the Successor Servicer under the
Sale and Servicing Agreement. Any Successor Servicer other than the Indenture Trustee shall (i) be an established financial institution
having a net worth of not less than $50,000,000 and whose regular business includes the servicing of motor vehicle receivables
and (ii) enter into a servicing agreement with the Issuer and the Seller having substantially the same provisions as the provisions
of the Sale and Servicing Agreement applicable to the Servicer. If within 30 days after the delivery of the notice referred to
above, the Issuer shall not have obtained such a new servicer, the Indenture Trustee may appoint, or may petition a court of competent
jurisdiction to appoint, a Successor Servicer. In connection with any such appointment, the Issuer may make such arrangements for
the compensation of such successor as it and such successor shall agree, subject to the limitations set forth below and in the
Sale and Servicing Agreement, and in accordance with Section 7.02 of the Sale and Servicing Agreement, the Issuer and the Seller
shall enter into an agreement with such successor for the servicing of the Receivables (such agreement to be in form and substance
satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s duties as servicer of the
Receivables as provided herein, it shall do so in its individual capacity and not in its capacity as Indenture Trustee and, accordingly,
the provisions of Article Six shall be inapplicable (except as set forth in the proviso contained in Section 6.01(a)) to the Indenture
Trustee in its duties as the successor to the Servicer and the servicing of the Receivables. In case the Indenture Trustee shall
become successor to the Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as
Servicer any one of its Affiliates or agents, provided that it shall be fully liable for the actions and omissions of such Affiliate
or agent in such capacity as Successor Servicer.

 

    	20

    	 

    

 

(f)          Upon
any termination of the Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the Issuer shall promptly
notify a Responsible Officer of the Indenture Trustee. As soon as a Successor Servicer is appointed, the Issuer shall notify the
Indenture Trustee of such appointment, specifying in such notice the name and address of such Successor Servicer.

 

Section
3.08.         Negative Covenants. So long as any Notes are Outstanding,
the Issuer shall not:

 

(i)          except
as expressly permitted by Section 3.10(b) and the Basic Documents, sell, transfer, exchange or otherwise dispose of any of the
properties or assets of the Issuer, including those included in the Owner Trust Estate, unless directed to do so by the Indenture
Trustee;

 

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

 

(iii)        (A)
permit the validity or effectiveness of this Indenture to be impaired, or permit the lien created by this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with
respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim,
security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise
arise upon or burden the Owner Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax
liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and
arising solely as a result of an action or omission of the related Obligor) or (C) permit the lien created by this Indenture not
to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest
in the Owner Trust Estate; or

 

    	21

    	 

    

 

(iv)        dissolve
or liquidate in whole or in part.

 

Section
3.09.         Annual Statement as to Compliance.

 

(a)          The
Issuer will deliver to the Indenture Trustee, within 90 days after the end of each fiscal year of the Issuer (commencing with the
fiscal year ended March 31, 2014), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s
Certificate, that:

 

(i)          a
review of the activities of the Issuer during such year and of its performance under this Indenture has been made under such Authorized
Officer’s supervision; and

 

(ii)         to
the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants
under this Indenture throughout such year or, if there has been a default in its compliance with any such condition or covenant,
specifying each such default known to such Authorized Officer and the nature and status thereof.

 

(b)          On
or before June 1st of each calendar year in which a Form 10-K is required to be filed on behalf of the Issuer, commencing
in 2014, the Indenture Trustee shall deliver to the Issuer and the Administrator a report regarding the Indenture Trustee’s
assessment of compliance with each of the Servicing Criteria specified on Exhibit C hereto during the immediately preceding reporting
year accompanied by an attestation report by a registered public accounting firm, in each case as required under Rules 13a-18 and
15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture
Trustee, and shall address each of the Servicing Criteria specified on Exhibit C hereto.

 

Section
3.10.         Issuer May Consolidate, etc., Only on Certain Terms.

 

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

 

(i)          the
Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing
under the laws of the United States or any State and shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal
of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture, and each other
Basic Document, on the part of the Issuer to be performed or observed;

 

(ii)         immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(iii)        the
Rating Agency Condition shall have been satisfied with respect to such transaction;

 

(iv)        the
Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder;

 

    	22

    	 

    

 

(v)         any
action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

 

(vi)        the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel (which shall describe
the actions taken as required by clause (v) above or that no actions will be taken) each stating that such consolidation or merger
comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied
with (including any filing required by the Exchange Act).

 

(b)         The
Issuer shall not convey or transfer all or substantially all of its properties or assets, including those included in the Owner
Trust Estate, to any Person (except as expressly permitted by the Basic Documents), unless:

 

(i)          the
Person that acquires by conveyance or transfer the properties or assets of the Issuer shall (A) be a United States citizen or a
Person organized and existing under the laws of the United States or any State, (B) expressly assume, by an indenture supplemental
hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment
of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture
and each other Basic Document on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree
by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate
to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify,
defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture
and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of Persons, then
one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act
in connection with the Notes;

 

(ii)         immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(iii)        the
Rating Agency Condition shall have been satisfied with respect to such transaction;

 

(iv)        the
Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse federal tax consequence to the Issuer, any Noteholder or any Certificateholder;

 

(v)         any
action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

 

(vi)        the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel (which shall describe
the actions taken as required by clause (v) above or that no actions will be taken) each stating that such conveyance or transfer
and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such
transaction have been complied with (including any filing required by the Exchange Act).

 

    	23

    	 

    

 

Section
3.11.         Successor or Transferee.

 

(a)         Upon
any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation
or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer
under this Indenture with the same effect as if such Person had been named as the Issuer herein.

 

(b)         Upon
a conveyance or transfer of all of the properties or assets of the Issuer pursuant to Section 3.10(b), the Issuer will be released
from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Indenture Trustee stating that the Issuer is to be so released.

 

Section
3.12.         No Other Business. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by this Indenture
and the other Basic Documents and activities incidental thereto.

 

Section
3.13.         No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for (i) the Notes and (ii) any other
indebtedness permitted by or arising under the other Basic Documents.

 

Section
3.14.         Servicer’s Obligations. The Issuer shall cause the
Servicer to comply with Sections 3.10, 3.11, 3.12, 4.10 and Article Eight of the Sale and Servicing Agreement.

 

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

 

Section
3.16.         Capital Expenditures. The Issuer shall not make any expenditure
(by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

 

Section
3.17.         Removal of Administrator. So long as any Notes are Outstanding,
the Issuer shall not remove the Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection
with such removal.

 

Section
3.18.         Restricted Payments. Except as expressly permitted by
the Basic Documents, the Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction
of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of
a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer
or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security
or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause
to be made, (a) distributions as contemplated by, and to the extent funds are available for such purpose under, the Sale and Servicing
Agreement or the Trust Agreement, (b) payments to the Indenture Trustee pursuant to Section 1.02(b)(ii) of the Administration Agreement
and (c) payments pursuant to the Indenture or the Sale and Servicing Agreement. The Issuer will not, directly or indirectly, make
payments to or distributions from the Collection Account except in accordance with this Indenture and the Basic Documents.

 

    	24

    	 

    

 

Section
3.19.         Notice of Events of Default. The Issuer shall give a Responsible
Officer of the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder and each default
on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

 

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

 

Section
3.21.         Compliance with Laws. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely
affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any Basic Document.

 

Section
3.22.         Amendments of Sale and Servicing Agreement and Trust Agreement.
The Issuer shall not agree to any amendment to Section 9.01 of the Sale and Servicing Agreement or Section 11.01 of the Trust Agreement
to eliminate the requirements thereunder that the Indenture Trustee or the Holders of the Notes consent to amendments thereto as
provided therein.

 

ARTICLE
IV

SATISFACTION AND DISCHARGE

 

Section
4.01.         Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange,
(ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof
and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.12, 3.13, 3.20 and 3.22, (v) the rights, obligations and immunities
of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the
Indenture Trustee under Section 4.02) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so
deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on written demand of and at the
expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect
to the Notes, when

 

(i)          either

 

(A)         all
Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 2.05 and (ii) Notes for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section
3.03) have been delivered to the Indenture Trustee for cancellation or

 

    	25

    	 

    

 

(B)         all
Notes not theretofore delivered to the Indenture Trustee for cancellation

 

(1)         have
become due and payable,

 

(2)         will
become due and payable at the Class A-4 Final Payment Date within one year, or

 

(3)         are
to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of
redemption by the Indenture Trustee in the name, and at the expense, of the Issuer,

 

and the Issuer, in the case of clauses (1), (2) or (3)
above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of
or obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in trust for such
purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture
Trustee for cancellation when due to the related Final Payment Date or Redemption Date (if Notes shall have been called for redemption
pursuant to Section 10.01), as the case may be;

 

(ii)         the
Issuer has paid or performed or caused to be paid or performed all amounts and obligations which the Issuer may owe to or on behalf
of the Indenture Trustee for the benefit of the Noteholders, under this Indenture or the Notes; and

 

(iii)        the
Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA
or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements
of Section 11.01 (a) and, subject to Section 11.02, each stating that all conditions precedent herein provided for relating to
the satisfaction and discharge of this Indenture have been complied with.

 

Section
4.02.         Application of Trust Money. All monies deposited with
the Indenture Trustee pursuant to Section 4.01 shall be held in trust in a segregated non-interest bearing account and applied
by it, (a) in accordance with the provisions of the Notes, the Sale and Servicing Agreement and this Indenture, to the payment,
either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for
the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due
thereon for principal and interest; but such monies need not be segregated from other funds of the Issuer except to the extent
required herein or in the Sale and Servicing Agreement or required by law and (b) in accordance with instructions from the Administrator,
on which instructions the Indenture Trustee may conclusively rely.

 

    	26

    	 

    

 

Section
4.03.         Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other
than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer,
be paid to the Indenture Trustee to be held and applied according to Section 3.03 and thereupon such Paying Agent shall be released
from all further liability with respect to such monies.

 

ARTICLE
V

REMEDIES

 

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

 

(i)          default
by the Issuer in the payment of any interest on any Note when the same becomes due and payable, and such default shall continue
for a period of five days;

 

(ii)         default
by the Issuer in the payment of the principal of or any installment of the principal of any Note at the Final Payment Date for
such Class of Notes;

 

(iii)        default
in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement,
a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation
or warranty of the Issuer made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection
herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and such default
shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect
shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have been given, by registered or
certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25%
of the Outstanding Amount, a written notice specifying such default or incorrect representation or warranty and requiring it to
be remedied and stating that such notice is a “Notice of Default” hereunder;

 

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

 

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

 

    	27

    	 

    

 

The Issuer shall deliver to a Responsible
Officer of the Indenture Trustee, within five days after the occurrence thereof, written notice in the form of an Officer’s
Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (iii)
above, its status and what action the Issuer is taking or proposes to take with respect thereto.

 

Section
5.02.         Acceleration of Maturity, Rescission and Annulment.

 

(a)          If
an Event of Default should occur and be continuing, then and in every such case the Holders of Notes representing not less than
a majority of the Outstanding Amount or the Indenture Trustee, at the request or direction of the Holders of Notes representing
not less than a majority of the Outstanding Amount, may declare all the Notes to be immediately due and payable, by a notice in
writing to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal
amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately
due and payable.

 

(b)          At
any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money
due has been obtained by the Indenture Trustee as hereinafter in this Article provided, the Holders of Notes representing a majority
of the Outstanding Amount, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and
its consequences if:

 

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

 

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

 

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

 

(ii)         all
Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12.

 

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

 

    	28

    	 

    

 

Section
5.03.         Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee.

 

(a)          The
Issuer covenants that if the Notes are accelerated following the occurrence of an Event of Default, the Issuer will, upon demand
of the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes, the whole amount then due and payable on such
Notes for principal and interest, with interest on the overdue principal and, to the extent payment at such rate of interest shall
be legally enforceable, on overdue installments of interest at the related Interest Rate and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Indenture Trustee and its agents and counsel.

 

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

 

(c)          If
an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.04, in its
discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the
Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy
or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

 

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

 

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

 

    	29

    	 

    

 

(ii)         unless
prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby
trustee or Person performing similar functions in any such Proceedings;

 

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

 

(iv)        to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Holders of Notes allowed in any Proceedings relative to the Issuer, its creditors and its property;

 

and any trustee, receiver, liquidator, custodian or other similar
official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and,
in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture
Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture
Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made,
by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith.

 

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

 

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

 

(g)          In
any Proceedings brought by the Indenture Trustee (including any Proceedings involving the interpretation of any provision of this
Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of
the Notes, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

 

Section
5.04.         Remedies, Priorities.

 

(a)          If
an Event of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to
Sections 5.02 and 5.05):

 

    	30

    	 

    

 

(i)          institute
Proceedings in its own name and/or as trustee of an express trust for the collection of all amounts then payable on the Notes or
under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from
the Issuer and any other obligor upon such Notes monies adjudged due;

 

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

 

(iii)        exercise
any remedies of a secured party under the UCC and any other remedy available to the Indenture Trustee and take any other appropriate
action to protect and enforce the rights and remedies of the Indenture Trustee on behalf of the Noteholders under this Indenture;
and

 

(iv)        sell
the Owner Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and
conducted in any manner permitted by law;

 

provided, however, that the Indenture Trustee may not sell or
otherwise liquidate the Owner Trust Estate following an Event of Default, unless (A) the Holders of 100% of the Outstanding Amount
consent thereto, (B) the proceeds of such sale or liquidation distributable to the Noteholders and Certificateholders are sufficient
to discharge in full all amounts then due and unpaid upon such Notes and Certificates for principal and interest or (C) the Indenture
Trustee determines that the Owner Trust Estate will not continue to provide sufficient funds for the payment of principal of and
interest on the Notes and Certificates as would have become due if the Notes and Certificates had not been declared due and payable,
and the Indenture Trustee obtains the consent of Holders of 100% of the Outstanding Amount. In determining such sufficiency or
insufficiency with respect to clause (B) and (C) above, the Indenture Trustee may, but need not, obtain, at the expense of the
Issuer, and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility
of such proposed action and as to the sufficiency of the Owner Trust Estate for such purpose.

 

(b)          If
the Indenture Trustee collects any money or property pursuant to this Article, it shall pay out the money or property in the following
order and priority:

 

(i)          on
a pro rata basis, to the Indenture Trustee and the Owner Trustee, any amounts due under the Trust Agreement or Section 6.07 hereof;

 

(ii)         to
the Servicer, for amounts due and unpaid in respect of Nonrecoverable Advances under the Sale and Servicing Agreement;

 

(iii)        to
the Servicer, for amounts due and unpaid in respect of the Total Servicing Fee under the Sale and Servicing Agreement;

 

(iv)        [Reserved]

 

(v)         to
the Holders of the Notes of each Class, the Note Interest Distributable Amount ratably in proportion to the Note Interest Distributable
Amount for each Class at their respective Interest Rates;

 

    	31

    	 

    

 

(vi)        to
the Holders of Class A-1 Notes, the outstanding principal amount of the Class A-1 Notes, until the Class A-1 Notes are paid in
full;

 

(vii)       to
the Holders of the Class A-2, Class A-3 and Class A-4 Notes, pro rata in proportion to the Outstanding principal amount of each
Class, until the Class A-2, Class A-3 and Class A-4 Notes are paid in full;

 

(viii)      to
the Certificate Distribution Account for distribution to the Holders of the Trust Certificates, the Certificate Interest Distributable
Amount;

 

(ix)         to
the Certificate Distribution Account for distribution to the Holders of the Trust Certificates, the outstanding principal amount
of the Trust Certificates; and

 

(x)          to
the Seller, any remaining amount.

 

The Indenture Trustee may fix a record date and payment date
for any payment to Noteholders pursuant to this Section. At least 15 days before such record date, the Issuer shall mail to each
Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

 

Section
5.05.         Optional Preservation of the Receivables. If the Notes
have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences
have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Owner Trust
Estate. It is the desire of the parties hereto, the Noteholders that there be at all times sufficient funds for the payment of
any principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether
or not to maintain possession of the Owner Trust Estate. In determining whether to maintain possession of the Owner Trust Estate,
the Indenture Trustee may, but need not, obtain, at the expense of the Issuer, and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Owner Trust Estate for such purpose.

 

Section
5.06.         Limitation of Suits. No Holder of any Note shall have
any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless:

 

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

 

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

 

(iii)        such
Holder or Holders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be
incurred in complying with such request;

 

    	32

    	 

    

 

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

 

(v)         no
direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders
of a majority of the Outstanding Amount.

 

It is understood and intended that no one or more Holders of
Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders
or to enforce any right under this Indenture, except in the manner herein provided.

 

In the event the Indenture Trustee shall
receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less
than a majority of the Outstanding Amount, the Indenture Trustee in its sole discretion may determine what action, if any, shall
be taken, notwithstanding any other provisions of this Indenture. The Indenture Trustee shall not be liable for any such determination
made in good faith.

 

Section
5.07.         Unconditional Rights of Noteholders to Receive Principal and
Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute
and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates
thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute
suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

 

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

 

Section
5.09.         Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section
5.10.         Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall
impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every
right and remedy given by this Article or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time,
and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

 

    	33

    	 

    

 

Section
5.11.         Control by Noteholders. The Holders of Notes representing
a majority of the Outstanding Amount shall have the right to direct the time, method and place of conducting any Proceeding for
any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture
Trustee; provided that:

 

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

 

(ii)         subject
to the terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Owner Trust Estate shall be by the
Holders of Notes representing not less than 100% of the Outstanding Amount;

 

(iii)        if
the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Owner Trust Estate
pursuant to such Section, then any direction to the Indenture Trustee by the Holders of Notes representing less than 100% of the
Outstanding Amount to sell or liquidate the Owner Trust Estate shall be of no force and effect; and

 

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

 

Notwithstanding the rights of Noteholders set forth in this
Section, subject to Section 6.01, the Indenture Trustee need not take any action for which it will not be adequately indemnified
or might materially adversely affect the rights of any Noteholders not consenting to such action.

 

Section
5.12.         Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02, the Holders of Notes of not less than a majority of the
Outstanding Amount may waive any past Default or Event of Default and its consequences except a Default (i) in payment of principal
of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without
the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the
Notes shall respectively be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent
or other Default or Event of Default or impair any right consequent thereto. Upon any such waiver, such Default shall cease to
exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to
have been cured and not to have occurred, for every purpose of this Indenture.

 

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

 

    	34

    	 

    

 

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

 

Section
5.15.         Action on Notes. The Indenture Trustee’s right to
seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of
any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the
Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer
or by the levy of any execution under such judgment upon any portion of the Owner Trust Estate or upon any of the assets of the
Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b).

 

Section
5.16.         Performance and Enforcement of Certain Obligations.

 

(a)          Promptly
following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer shall take all such
lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller or the Servicer,
as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement in accordance
with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under
or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including
the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or administrative
actions or proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations under the Sale
and Servicing Agreement.

 

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

 

    	35

    	 

    

 

ARTICLE
VI

THE INDENTURE TRUSTEE

 

Section
6.01.         Duties of Indenture Trustee.

 

(a)          If
an Event of Default has occurred and is continuing of which a Responsible Officer of the Indenture Trustee has actual knowledge,
the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill
in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs;
provided, however, that if the Indenture Trustee shall assume the duties of the Servicer pursuant to Section 3.07(e), the Indenture
Trustee in performing such duties shall use the degree of care and skill customarily exercised by a prudent institutional servicer
with respect to installment sale contracts that it services for itself or others.

 

(b)         Except
during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge:

 

(i)          the
Indenture Trustee shall undertake to perform such duties and only such duties as are specifically set forth in this Indenture and
no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and

 

(ii)         in
the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements
of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions specifically required to be furnished
pursuant to any provision of this Agreement to determine whether or not they conform to the requirements of this Indenture.

 

(c)         The
Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that:

 

(i)          this
paragraph does not limit the effect of Section 6.01(b);

 

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

 

(iii)        the
Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 5.11.

 

(d)         Every
provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b) and (c) of this
Section.

 

    	36

    	 

    

 

(e)         The
Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing
with the Issuer.

 

(f)          Money
held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms
of this Indenture or the Sale and Servicing Agreement.

 

(g)         No
provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

 

(h)         Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section and to the provisions of the TIA.

 

(i)          The
Indenture Trustee shall not be charged with knowledge of any Event of Default unless either (i) a Responsible Officer shall have
actual knowledge of such Event of Default or (ii) written notice of such Event of Default shall have been received by a Responsible
Officer of the Indenture Trustee in accordance with the provisions of this Indenture.

 

(j)          The
Indenture Trustee shall have no duty (A) to see to any recording, filing, or depositing of this Indenture or any agreement referred
to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of
any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (B) to see to any insurance,
(C) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind
owing with respect to, assessed or levied against, any part of the Owner Trust Estate, or (D) to confirm or verify the contents
of any reports or certificates of the Servicer delivered to the Indenture Trustee pursuant to this Indenture believed by the Indenture
Trustee to be genuine and to have been signed or presented by the proper party or parties.

 

Section
6.02.         Rights of Indenture Trustee.

 

(a)         Except
as otherwise provided in the second succeeding sentence, the Indenture Trustee may conclusively rely on, and shall be protected
in acting or refraining from acting upon, any resolution, Officer’s Certificate, Opinion of Counsel, certificate of auditors,
Independent Certificate or any other document believed by it to be genuine and to have been signed or presented by the proper person.
The Indenture Trustee need not investigate any fact, calculation or matter stated in the document. Notwithstanding the foregoing,
the Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other
instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of
this Indenture, shall examine them to determine whether they comply as to form to the requirements of this Indenture.

 

(b)         Before
the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s
Certificate or Opinion of Counsel.

 

    	37

    	 

    

 

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

 

(d)          The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence
or bad faith.

 

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

 

(f)          The
Indenture Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders,
pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity
reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities which may be incurred therein or thereby;
provided, however, nothing contained herein shall, however, relieve the Indenture Trustee of the obligation, upon the occurrence
of an Event of Default of which a Responsible Officer of the Indenture Trustee shall have actual knowledge (which has not been
cured), to exercise such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill
in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs.

 

(g)          The
right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty,
and the Indenture Trustee shall not be answerable in the performance of such act for other than its negligence or willful misconduct.

 

(h)          The
Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the Owner Trust Estate created
hereby or the powers granted hereunder.

 

(i)          All
rights of action and claims under this Indenture or the Note may be prosecuted and enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any proceeding relating thereto, any such proceeding instituted by
the Indenture Trustee shall be brought in its own name or in its capacity as Indenture Trustee. Any recovery of judgment shall,
after provision for the payments to the Indenture Trustee provided for in Section 6.07, be for the ratable benefit of the Noteholders
in respect of which such judgment has been recovered.

 

    	38

    	 

    

 

(j)          In
no event shall the Indenture 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,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performances as soon as practicable under the circumstances.

 

Section
6.03.         Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer
or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar
or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12.

 

Section
6.04.         Indenture Trustee’s Disclaimer. The Indenture Trustee
shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Owner Trust Estate
or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the
Notes other than the Indenture Trustee’s certificate of authentication. The Indenture Trustee shall have no responsibility
for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection
of any security interest or lien granted to it hereunder or to record this Indenture.

 

Section
6.05.         Notice of Defaults. If a Default occurs and is continuing
and if it is known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice
of the Default within 90 days after it occurs. Except in the case of a Default in payment of principal of or interest on any Note
(including payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice
if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests
of Noteholders.

 

Section
6.06.         Reports by Indenture Trustee to Holders. The
Indenture Trustee shall make available to each Noteholder such information as may be required to enable each Noteholder to prepare
its respective federal and state income tax returns. The Indenture Trustee will make documents or information which it is required
to provide available to the Noteholders, including, without limitation, the Servicer’s Certificate (as such term is defined
in the Sale and Servicing Agreement), and the Indenture Trustee will post at https://gctinvestorreporting.bnymellon.com
information regarding principal and interest due and paid on the Notes. The Indenture Trustee shall have the right to change the
way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties
and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes; provided,
however, that the Indenture Trustee will also mail copies of any such statements to any Noteholders who so request in writing.

 

    	39

    	 

    

 

Section
6.07.         Compensation and Indemnity. The Issuer shall, or shall
cause the Administrator to, (i) pay to the Indenture Trustee from time to time reasonable compensation for its services, which
compensation shall not be limited by any law on compensation of a trustee of an express trust, (ii) reimburse the Indenture Trustee
for all reasonable out-of-pocket expenses incurred or made by it, including without limitation, costs of collection, in addition
to the compensation for its services, which expenses shall include the reasonable compensation and expenses, disbursements and
advances of the Indenture Trustee’s agents, counsel, accountants and experts and (iii) indemnify the Indenture Trustee and
its officers, directors, employees and agents against any and all loss, liability or expense (including reasonable attorneys’
fees and expenses) incurred by it in connection with the administration of this trust and the performance of its duties hereunder
not resulting from its own willful misconduct, negligence or bad faith. The Indenture Trustee shall notify the Issuer and the Administrator
promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Administrator
shall not relieve the Issuer or the Administrator of its obligations hereunder. The indemnities contained in this Section 6.07
shall survive the resignation or removal of the Indenture Trustee or the termination of this Indenture. Absent an Event of Default,
in the event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section 6.07, the Indenture
Trustee’s choice of legal counsel shall be subject to the approval of the Depositor (or if the Depositor is no longer an
owner, the designee of the Depositor), which approval shall not be unreasonably withheld, conditioned, delayed or denied. Neither
the Issuer nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee (1) through the Indenture Trustee’s own willful misconduct, negligence or bad faith or (2) in the case
of the inaccuracy of any representation or warranty contained in Section 6.13 expressly made by the Indenture Trustee.

 

The Issuer’s payment obligations to
the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture and the resignation or discharge of
the Indenture Trustee and shall extend to any co-trustee or separate trustee appointed pursuant to Section 6.10 hereunder. When
the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01 (iv) or (v) with respect to the
Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other
applicable federal or state bankruptcy, insolvency or similar law.

 

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

 

Section
6.08.         Replacement of Indenture Trustee. No resignation or removal
of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment
by the successor Indenture Trustee pursuant to this Section. The Indenture Trustee may resign at any time by so notifying the Issuer.
Noteholders representing a majority of the Outstanding Amount may remove the Indenture Trustee at any time and appoint a successor
Indenture Trustee by so notifying the Indenture Trustee in writing. The Issuer shall remove the Indenture Trustee if:

 

(i)          the
Indenture Trustee fails to comply with Section 6.11;

 

    	40

    	 

    

 

(ii)         a
court having jurisdiction in the premises in respect of the Indenture Trustee in an involuntary case or proceeding under federal
or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency
or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian,
trustee, conservator, sequestrator (or similar official) for the Indenture Trustee or for any substantial part of the Indenture
Trustee’s property, or ordering the winding-up or liquidation of the Indenture Trustee’s affairs, provided any such
decree or order shall have continued unstayed and in effect for a period of 30 consecutive days;

 

(iii)        the
Indenture Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted,
or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator or other similar official for the
Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or makes any assignment for the benefit
of creditors or fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of
the foregoing; or

 

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

 

If the Indenture Trustee resigns or is removed
or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred
to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee.

 

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

 

If a successor Indenture Trustee does not
take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer
or the Holders of a majority in Outstanding Amount may petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee.

 

If the Indenture Trustee fails to comply
with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and
the appointment of a successor Indenture Trustee.

 

Any resignation or removal of the Indenture
Trustee and appointment of a successor Indenture Trustee pursuant to the provisions of this Section shall not become effective
until acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment of all fees and expenses
owed to the outgoing Indenture Trustee. Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the
Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit of the retiring Indenture
Trustee.

 

    	41

    	 

    

 

Section
6.09.         Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates or merges with, converts or transfers all or substantially all its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or transferee corporation shall, without any further act,
be the successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise qualified and eligible
under Section 6.11. The Indenture Trustee shall provide the Administrator prior written notice of any such transaction, and in
accordance with Section 1.02(c) of the Administration Agreement, the Administrator will make such notice available to each Rating
Agency.

 

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

 

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

 

(a)         Notwithstanding
any other provision of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Owner Trust Estate may at the time be located, the Indenture Trustee and the Administrator, acting jointly, shall
have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees,
or separate trustee or separate trustees, of all or any part of the Trust, and to vest in such Person or Persons, in such capacity
and for the benefit of the Noteholders, such title to the Owner Trust Estate or any part thereof, and, subject to the other provisions
of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable.
If the Administrator shall not have joined in such appointment within 15 days after its receipt of a request to do so, the Indenture
Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee hereunder shall be required to meet
the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee
or separate trustee shall be required under Section 6.08.

 

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

 

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

 

    	42

    	 

    

 

(ii)         no
trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 

(iii)        the
Indenture Trustee and the Administrator may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

(c)         Any
notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee
shall refer to this 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 Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically
including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to,
the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator.

 

(d)         Any
separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and
in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law,
without the appointment of a new or successor trustee.

 

Section
6.11.         Eligibility, Disqualification. The Indenture Trustee shall
at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of
at least $50,000,000 as set forth in its most recent published annual report of condition, and the time deposits of the Indenture
Trustee shall at all times meet the ratings criteria acceptable to each Rating Agency rating the Notes, so as to preclude a downgrade
or the Notes and/or credit watch of the Notes with negative implications. The Indenture Trustee shall comply with TIA § 310(b);
provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which
other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

 

In the event that, (A) the Indenture Trustee
(i) or any of its directors or executive officers is an underwriter, or (ii) directly or indirectly, controls or is controlled
by, or is in common control with, an underwriter; and (B) an Event of Default occurs, the Indenture Trustee shall comply with TIA
§ 310(b). For this purpose only and pursuant to TIA § 310(b), an “underwriter” means any person who, within
one year prior to the occurrence of the Event of Default, was an underwriter of any of the notes outstanding at the time of such
Event of Default.

 

Section
6.12.         Preferential Collection of Claims Against Issuer. The
Indenture Trustee shall comply with TIA § 311 (a), excluding any creditor relationship listed in TIA § 311(b). An Indenture
Trustee who has resigned or been removed shall be subject to TIA § 31l(a) to the extent indicated.

 

    	43

    	 

    

 

Section
6.13.         Representations and Warranties of Indenture Trustee. The
Indenture Trustee hereby makes the following representations and warranties on which the Issuer and Noteholders shall rely:

 

(i)          it
is a  banking corporation duly organized, validly existing and in good standing under the laws of the  State of
New York;

 

(ii)         it
has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action
to authorize the execution, delivery and performance by it of this Indenture;

 

(iii)        assuming
the necessary authorization, execution and delivery thereof by the other parties thereto, the duties and obligations of the Indenture
Trustee under the Indenture constitute the valid, legal and binding obligations of the Indenture Trustee enforceable in accordance
with its terms except as enforcement may be limited by bankruptcy, insolvency, reorganization or similar laws or equitable principles
limiting creditors’ rights generally, and provided that no representation is expressed as to the availability of equitable
remedies;

 

(iv)        that
to the best knowledge of the Indenture Trustee, the Indenture Trustee is not in breach of or default under any law or administrative
rule or regulation of the United States of America, or any department, division, agency or instrumentality thereof, or any applicable
court or administrative decree or order, and which would materially impair the ability of the Indenture Trustee to perform its
obligations under the Indenture; and

 

(v)         that
to the best knowledge of the Indenture Trustee, no authorization, consent or other order of any state or federal government authority
or agency having jurisdiction over the trust powers of the Indenture Trustee are required to be obtained by the Indenture Trustee
for the valid authorization, execution and delivery by the Indenture Trustee of the Indenture or the authentication of the Notes.

 

ARTICLE
VII

NOTEHOLDERS’ LISTS AND REPORTS

 

Section
7.01.         Issuer to Furnish Indenture Trustee Names and Addresses of
Noteholders. If Definitive Notes are issued, the Issuer will furnish or cause to be furnished to the Indenture Trustee (i)
not more than five days after the earlier of (a) each Record Date and (b) three months after the last Record Date, a list, in such
form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Notes as of such Record Date,
and (ii) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any
such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished;
provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished.

 

    	44

    	 

    

 

Section
7.02.         Preservation of Information; Communications, Reports and Certain
Documents to Noteholders.

 

(a)          The
Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of
Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses
of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any
list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished.

 

(b)          Noteholders
may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under
the Notes.

 

(c)          The
Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c).

 

(d)          The
Indenture Trustee will provide to Securityholders the reports, certificates, opinions and documents specified in Section 3.15 of
the Sale and Servicing Agreement, upon written request to the Indenture Trustee.

 

(e)          The
Indenture Trustee shall, no later than the third Business Day after the last day of each calendar month, provide notice to American
Honda Finance Corporation and American Honda Receivables LLC (each, a “Honda Party,” and together, the “Honda
Parties”) in the form set forth as Exhibit D hereto (or such other form or format as the Honda Parties may otherwise
specify) of the request or any requests of (i) all demands communicated to the Indenture Trustee for the repurchase or replacement
of any Receivable for breach of the representations and warranties concerning such Receivable relating to the Issuer and (ii) any
actions taken by the Indenture Trustee with respect to such demand communicated to the Indenture Trustee in respect of any Receivables.
In addition, the Indenture Trustee shall, upon written request of either Honda Party, at any time they reasonably feel necessary,
provide notification to the Honda Parties with respect to any actions taken by the Indenture Trustee as soon as practicable and
in any event within five Business Days of receipt of such request. Such notices shall be provided to the Honda Parties in accordance
with Section 11.04(iv) of this Indenture. The Indenture Trustee and the Issuer acknowledge and agree that the purpose of this Section
7.02(e) is to facilitate compliance by the Honda Parties with Rule 15Ga-1 under the Securities Exchange Act of 1934, as amended,
and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”). The Indenture Trustee
acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations may change over time, whether due
to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets,
advice of counsel, or otherwise, and agrees to comply with reasonable written requests (including email in PDF format) made by
the Honda Parties in good faith for delivery of information in its possession under these provisions on the basis of evolving interpretations
of the Repurchase Rules and Regulations. The Indenture Trustee shall cooperate fully with the Honda Parties to deliver any and
all records and any other information in its possession and necessary in the good faith determination of the Honda Parties to permit
them to comply with the provisions of Repurchase Rules and Regulations. In no event shall the Indenture Trustee have any responsibility
or liability in connection with any filing required to be made by a securitizer under the Repurchase Rules and Regulations.

 

    	45

    	 

    

 

Section
7.03.         Reports by Issuer.

 

(a)          The
Issuer shall:

 

(i)          file
with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual
reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission
may from time to time by rules and regulations prescribe) that the Issuer may be required to file with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act;

 

(ii)         file
with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission
such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of
this Indenture as may be required from time to time by such rules and regulations; and

 

(iii)        supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA § 313(c)) such
summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this
Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission.

 

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

 

Section
7.04.         Reports by Indenture Trustee. If required by TIA §
313(a), within 60 days after each February 22nd beginning with February 22, 2014 the Indenture Trustee shall mail to each Noteholder
as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee
also shall comply with TIA § 313(b).

 

A copy of each report at the time of its
mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the
Notes are listed. The Issuer shall promptly notify the Indenture Trustee in writing if and when the Notes are listed on any stock
exchange and of any delisting thereof.

 

ARTICLE
VIII

ACCOUNTS, DISBURSEMENTS AND RELEASES

 

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

 

    	46

    	 

    

 

Section
8.02.         Accounts.

 

(a)          Pursuant
to Section 4.01 of the Sale and Servicing Agreement, there has been established and there shall be maintained an Eligible Account
(initially at The Bank of New York Mellon) in the name, and under the sole dominion and control, of the Indenture Trustee until
the Outstanding Amount has been reduced to zero, and thereafter, in the name, and under the sole dominion and control, of the Owner
Trustee, which is designated as the Yield Supplement Account.

 

(b)          On
or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee,
Eligible Accounts for the benefit of the (i) Securityholders and the Collection Account and the Yield Supplement Account, and (ii)
Noteholders, the Note Distribution Account and the Reserve Fund as provided in Section 4.01 of the Sale and Servicing Agreement.

 

(c)          On
or before each Payment Date, with respect to the preceding Collection Period, all amounts required to be deposited in the Collection
Account will be deposited as provided in Sections 4.02 and 4.05 of the Sale and Servicing Agreement. On or before each Payment
Date, all amounts required to be deposited in the Note Distribution Account with respect to the preceding Collection Period pursuant
to Sections 4.06 and 4.07 of the Sale and Servicing Agreement will be transferred from the Collection Account, the Reserve Fund
and/or the Yield Supplement Account to the Note Distribution Account.

 

(d)          On
each Payment Date and Redemption Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account
to Noteholders, in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest (including
any premium), in the amounts and order as set forth in the Servicer’s Certificate which shall be in the following amounts
and in the following order of priority (except as otherwise provided in Section 5.04(b)):

 

(i)          the
Note Interest Distributable Amount; provided, that if there are not sufficient funds in the Note Distribution Account to pay the
allocable portion of the Note Interest Distribution Amount with respect to each Class of Notes, the amount in the Note Distribution
Account shall be applied to the payment of such amount pro rata on the basis of the total Note Interest Distributable Amount due
on the Notes;

 

(ii)         the
Note Principal Distributable Amount (first to the Class A-1 Notes until the Class A-1 Notes are paid in full, second to the Class
A-2 Notes until paid in full, third to the Class A-3 Notes until paid in full, and fourth to the Class A-4 Notes until paid in
full);

 

(iii)        notwithstanding
clause (ii) above, on each Payment Date after the Notes have been accelerated as provided in Section 5.02(a) following the occurrence
of an Event of Default, until such time as the Notes have been paid in full, the Note Principal Distributable Amount shall be paid
first to the Class A-1 Notes until the Class A-1 Notes are paid in full and then to the Class A-2, Class A-3 and Class A-4 Notes
on a pro rata basis based on the Outstanding Amount of each such Class of Notes; and

 

    	47

    	 

    

 

(iv)        in
the event that there are insufficient funds in the Note Distribution Account, an amount will be withdrawn from the Reserve Fund
pursuant to Section 4.07(b) of the Sale and Servicing Agreement.

 

The Indenture Trustee shall, subject to
Article VI, make the distributions on the Notes in a manner consistent with the Servicer’s Certificate and will, upon the
request of the Issuer, confirm to the Issuer that it has made such payments in accordance with the Servicer's Certificate.

 

Section
8.03.         General Provisions Regarding Accounts.

 

(a)          So
long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall
be invested in Eligible Investments and reinvested by the Indenture Trustee upon the written direction of the Servicer, subject
to the provisions of Section 4.01(b) of the Sale and Servicing Agreement. Except as otherwise provided in Section 4.01(b) of the
Sale and Servicing Agreement, all income or other gain from investments of monies deposited in the Accounts shall be paid to the
Servicer, and any loss resulting from such investments shall be charged to the related Account.

 

(b)          Subject
to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Accounts
resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s
failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal
obligor and not as trustee, in accordance with their terms.

 

(c)          If
(i) the Servicer shall have failed to give investment directions for any funds on deposit in the Accounts to the Indenture Trustee
by 2:00 P.M., New York Time (or such other time as may be agreed by the Issuer and the Indenture Trustee) on any Business Day or
(ii) to the knowledge of a Responsible Officer of the Indenture Trustee a Default or Event of Default shall have occurred and be
continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii)
if such Notes shall have been declared due and payable following an Event of Default but amounts collected or receivable from the
Owner Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a declaration, then the Indenture
Trustee upon actual knowledge by a Responsible Officer of such event shall, in the case of clause (i) above, maintain such funds
in cash or, in the case of clauses (ii) or (iii) above, to the fullest extent practicable, invest and reinvest funds in the Accounts
in the Eligible Investment listed in clause (vii) of the definition thereof.

 

    	48

    	 

    

 

Section
8.04.         Release of Owner Trust Estate.

 

(a)          Subject
to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions
of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s
interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party
relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

 

(b)          The
Indenture Trustee shall, at such time as there are no Notes Outstanding, all sums due the Indenture Trustee pursuant to Section
6.07 have been paid, release any remaining portion of the Owner Trust Estate that secured the Notes from the lien of this Indenture
and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Accounts. The Indenture Trustee
shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt of an Issuer Request
accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance
with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01. Such release shall be deemed to
have been made upon completion of the requirements set forth in the foregoing sentence.

 

Section
8.05.         Opinion of Counsel. The Indenture Trustee shall receive
at least seven days written notice when requested by the Issuer to take any action pursuant to Section 8.04(a), accompanied by
copies of any instruments involved, and the Indenture Trustee shall also require, as a condition to such action, an Opinion of
Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the
steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied
with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention
of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion
as to the fair value of the Owner Trust Estate. Counsel rendering any such opinion may rely, without independent investigation,
on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such
action.

 

ARTICLE
IX

SUPPLEMENTAL INDENTURES

 

Section
9.01.         Supplemental Indentures Without Consent of Noteholders.

 

(a)          Without
the consent of the Holders of any Notes but with prior notice from the Administrator to each Rating Agency, the Issuer and the
Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures
supplemental hereto (which shall conform to the provisions of the TIA as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

 

    	49

    	 

    

 

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

 

(ii)         to
evidence the succession, in compliance with the applicable provisions hereof, of another Person to the Issuer, and the assumption
by any such successor of the covenants of the Issuer herein and in the Notes contained;

 

(iii)        to
add to the covenants of the Issuer, for the benefit of the Holder of any Notes, or to surrender any right or power herein conferred
upon the Issuer;

 

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

 

(v)         to
cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with
any other provision herein or in any supplemental indenture or the other Basic Documents or to make any other provisions with respect
to matters or questions arising under this Indenture or in any supplemental indenture; provided, that such action shall not adversely
affect the interests of the Holders of the Notes;

 

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

 

(vii)       to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of
this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions
as may be expressly required by the TIA.

 

The Indenture Trustee is hereby authorized
to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that
may be therein contained.

 

(b)          The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the
Notes but with prior notice from the Administrator to each Rating Agency, enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder.

 

Section
9.02.         Supplemental Indentures With Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice from the Administrator to each
Rating Agency and with the written consent of the Holders of not less than a majority of the Outstanding Amount, by Act of such
Holders delivered to the Issuer, the Indenture Trustee (which consent shall not be unreasonably withheld), enter into an indenture
or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of
the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided,
however, that no such supplemental indenture shall, without the written consent of the Holder of each Outstanding Note affected
thereby:

 

    	50

    	 

    

 

(i)          change
the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the Interest
Rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application
of collections on, or the proceeds of the sale of, the Owner Trust Estate to payment of principal of or interest on the Notes,
or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair
the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available
therefor, as provided in Article Five, to the payment of any such amount due on the Notes on or after the respective due dates
thereof (or, in the case of redemption, on or after the Redemption Date);

 

(ii)         reduce
the percentage of the Outstanding Amount, the consent of the Holders of which is required for any such supplemental indenture,
or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences provided for in this Indenture;

 

(iii)        modify
or alter the provisions of the proviso to the definition of the term “Outstanding”;

 

(iv)        reduce
the percentage of the Outstanding Amount required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the
Owner Trust Estate pursuant to Section 5.04 or amend the provisions of this Article which specify the percentage of the Outstanding
Amount required to amend this Indenture or the other Basic Documents;

 

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

 

(vi)        modify
any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation)
or affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained
herein; or

 

(vii)       permit
the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Owner
Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at
any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture.

 

    	51

    	 

    

 

The Administrator shall certify to the Indenture
Trustee whether or not any Notes would be affected by any supplemental indenture and any such certification shall be conclusive
upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder.

 

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

 

Promptly after the execution by the Issuer
and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders
of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of
such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such supplemental indenture.

 

Section
9.03.         Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of
the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02,
shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture
that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.

 

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

 

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

 

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

 

    	52

    	 

    

 

ARTICLE
X

REDEMPTION OF NOTES

 

Section
10.01.         Redemption. The Outstanding Notes are subject to redemption
in whole, but not in part, pursuant to Section 8.01 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer
exercises its option to purchase the Owner Trust Estate pursuant to said Section, for a purchase price equal to the Redemption
Price; provided that the Issuer has available funds sufficient to pay the Redemption Price. The Administrator shall make notice
available to each Rating Agency of such redemption. If the outstanding Notes are to be redeemed pursuant to this Section, the Servicer
or the Issuer shall furnish written notice of such election to the Indenture Trustee not later than 30 days prior to the Redemption
Date and the Issuer shall deposit by 8:00 A.M., Los Angeles time, on the Redemption Date with the Indenture Trustee in the Note
Distribution Account the Redemption Price of the Notes to be redeemed, whereupon all such Notes shall be due and payable on the
Redemption Date upon the furnishing of a notice complying with Section 10.02 to each Holder of the Notes.

 

Section
10.02.         Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, by electronic mail in accordance with
Section 11.04, or by facsimile mailed or transmitted not later than ten days prior to the applicable Redemption Date to each Holder
of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address
or facsimile number appearing in the Note Register.

 

All notices of redemption shall include
the following information:

 

(i)          the
Redemption Date;

 

(ii)         the
Redemption Price;

 

(iii)        the
CUSIP number;

 

(iv)        the
place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer
to be maintained as provided in Section 3.02); and

 

(v)         that
on the Redemption Date, the Redemption Price will become due and payable upon each Note and that interest thereon shall cease to
accrue from and after the Redemption Date.

 

Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder
of any Note shall not impair or affect the validity of the redemption of any other Note.

 

Section
10.03.         Notes Payable on Redemption Date. The Notes or portions
thereof to be redeemed shall, following notice of redemption as required by Section 10.02, on the Redemption Date become due and
payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall
accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating
the Redemption Price.

 

    	53

    	 

    

 

ARTICLE
XI

MISCELLANEOUS

 

Section
11.01.         Compliance Certificates and Opinions, etc.

 

(a)          Upon
any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the
Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA
and except in the case of a full redemption under Section 10.01) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion
need be furnished.

 

Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture shall include:

 

(i)          a
statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the
definitions herein relating thereto;

 

(ii)         a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

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

 

(iv)        a
statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

 

(b)          (i)          Prior
to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed
in Section 11.01 (a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying
or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer
of the Collateral or other property or securities to be so deposited.

 

(ii)         Whenever
the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such
securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer,
as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding
Amount, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to
the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding
Amount of the Notes.

 

    	54

    	 

    

 

(iii)        Other
than with respect to any release described in clause (A) or (B) of Section 11.01(b)(v), whenever any property or securities are
to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release)
of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will
not impair the security under this Indenture in contravention of the provisions hereof.

 

(iv)        Whenever
the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an
Independent Certificate as to the same matters if the fair value of the property or securities and of all other property (other
than property described in clauses (A) or (B) of Section 11.01 (b)(v)) released from the lien of this Indenture since the commencement
of the then-current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals
10% or more of the Outstanding Amount, but such certificate need not be furnished in the case of any release of property or securities
if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent
of the then Outstanding Amount.

 

(v)         Notwithstanding
Section 2.12 or any other provision of this Section, the Issuer may, without compliance with the requirements of the other provisions
of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted
or required by the Basic Documents and (B) make cash payments out of the Accounts as and to the extent permitted or required by
the Basic Documents, so long as the Issuer shall deliver to the Indenture Trustee every six months, commencing no later than December
15, 2013 an Officer’s Certificate of the Issuer stating that all the dispositions of Collateral described in clauses (A)
and (B) above that occurred during the preceding six calendar months or shorter period in the case of the first such Officer’s
Certificate were in the ordinary course of the Issuer’s business and that the proceeds thereof were applied in accordance
with the Basic Documents.

 

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

 

    	55

    	 

    

 

Any certificate or opinion of an Authorized
Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which such officer’s certificate or opinion is based are erroneous. Any such certificate
of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, an officer or officers of the Servicer, the Seller, the Issuer or the Administrator, stating that the
information with respect to such factual matters is in the possession of the Servicer, the Seller, the Issuer or the Administrator,
unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

 

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

 

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

 

Section
11.03.         Acts of Noteholders.

 

(a)          Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders
in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective
when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer.
Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive
in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.

 

(b)          The
fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

 

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

 

    	56

    	 

    

 

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

 

Section
11.04.         Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.
Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted
by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or Act of
Noteholders is to be made upon, given or furnished to or filed with:

 

(i)          the
Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing and mailed first-class, postage prepaid, overnight delivery service or facsimile to or with the Indenture Trustee
at its Corporate Trust Office, or (as to notices sent by the Issuer to the Indenture Trustee only) if sent by electronic mail,
to an address provided by the Indenture Trustee in writing, or

 

(ii)         the
Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed first-class,
postage prepaid, overnight delivery service or facsimile to the Issuer addressed to: Deutsche Bank Trust Company Delaware, 1011
Centre Road, Suite 200, Wilmington, Delaware 19805, Attention: Trust & Securities Services – Honda 2013-2, with a copy
to Deutsche Bank Trust Company Americas at c/o Deutsche Bank National Trust Company, 100 Plaza One, 6th Floor - MS JCY03-0699,
Jersey City, NJ 07311-3901, Attention: Structured Finance Services - ABS, or at any other address previously furnished in writing
to the Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly transmit any notice received by it from
the Noteholders to the Indenture Trustee.

 

(iii)        (a)          Notices
required to be given to each Rating Agency by the Issuer or the Administrator shall be in writing, personally delivered, couriered
or mailed by certified mail, return receipt requested, electronic mail (if an address therefore has been provided by the respective
party in writing) or overnight delivery service to (i) in the case of Fitch, at the following address: One State Street Plaza,
New York, New York 10004, Attention: Auto ABS Surveillance Department, or via email to notifications.abs@fitchratings.com,
and (ii) in the case of Moody’s Investors Service, at the following address: 7 World Trade Center, 250 Greenwich Street,
25th Floor, New York, NY 10007, Attention: ABS/RMBS Monitoring Department, or via email to ServicerReports@moodys.com; or
at such other address (including electronic mail addresses) as shall be designated by written notice to the party or parties providing
notice under this paragraph.

 

(b)          Notwithstanding
subsection (iii)(a) above, notices required to be given to each Rating Agency by the Issuer or the Administrator, as the case may
be, may be made available by the Administrator through a website post, provided that the Administrator shall inform or cause each
Rating Agency to be informed in writing (including by electronic mail) that a notice has been posted.

 

(iv)        Notices
required to be given to the Honda Parties pursuant to Section 7.02(e) shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, or overnight delivery service, by facsimile or by electronic mail (if an address therefore has
been provided by the Honda Parties in writing) to American Honda Finance Corporation and American Honda Receivables LLC, 20800
Madrona Avenue, Torrance, CA 90503, Attention: Treasury Manager.

 

    	57

    	 

    

 

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

 

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

 

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

 

Where this Indenture provides for notice
to each Rating Agency, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall
not under any circumstance constitute a Default or Event of Default.

 

Section
11.06.         Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Holder of
a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different
from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee
a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with
such agreements.

 

Section
11.07.         Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions
of the Trust Indenture Act, such required provision shall control.

 

The provisions of TIA Sections 310 through
317 that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by
this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

 

    	58

    	 

    

 

Section
11.08.         Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

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

 

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

 

Section
11.11.         Benefits of Indenture. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Noteholders,
and any other party secured hereunder, and any other Person with an ownership interest in any part of the Owner Trust Estate, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section
11.12.         Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other provision of the Note’s or this Indenture) payment
need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on
the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date.

 

Section
11.13.         Governing Law; Submission to Jurisdiction; Waiver of Jury
Trial. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS. 

 

Each of the parties hereto hereby submits
to the exclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State
court sitting in New York City for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions
contemplated hereby. Each of the parties hereto hereby further irrevocably waives any claim that any such courts lack jurisdiction
over such party, and agrees not to plead or claim, in any legal action or proceeding with respect to this Agreement in any of the
aforesaid courts, that any such court lacks jurisdiction over such party. Each of the parties hereto irrevocably waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

 

Each party hereto hereby waives, to the
fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly or indirectly
arising out of, under or in connection with this agreement.

 

    	59

    	 

    

 

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

 

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

 

Section
11.16.         Trust Obligation. No recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee
or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity,
any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of
the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except
that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this
Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Articles Six, Seven and Eight of the Trust Agreement as if specifically
set forth herein.

 

Section
11.17.         No Petition. The Indenture Trustee, by entering into
this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time institute against
the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, this Indenture or any of the other Basic Documents.

 

Section
11.18.         Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine
all the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such
books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts
with the Issuer’s officers, employees and Independent certified public accountants, all at such reasonable times and as often
as may be reasonably requested. Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit
(i) the disclosure of any and all information that is or becomes publicly known, or information obtained by the Indenture Trustee
from sources other than the Servicer or the Issuer, (ii) the disclosure of any and all information (A) if required to do so by
any applicable law, rule or regulation, (B) to any government agency or regulatory body having or claiming authority to regulate
or oversee any aspects of the Indenture Trustee’s business or that of its affiliates, (C) pursuant to any subpoena, civil
investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Indenture
Trustee or any affiliate or an officer, director, employer or shareholder thereof is a party, (D) in any preliminary or final offering
circular, registration statement or contract or other document pertaining to the transactions contemplated by the Agreement approved
in advance by the Servicer or the Issuer or (E) to any affiliate, independent or internal auditor, agent, employee or attorney
of the Indenture Trustee having a need to know the same for reasons directly related to the ability of the Indenture Trustee to
perform its duties hereunder, provided that the Indenture Trustee advises such recipient of the confidential nature of the information
being disclosed, or (iii) any other disclosure authorized by the Servicer or the Issuer.

 

    	60

    	 

    

 

Section
11.19.         [Reserved]

 

Section
11.20.         Disclosure of Tax Treatment. Notwithstanding the foregoing
or anything herein to the contrary, all persons (and their respective employees, representatives or other agents) may disclose
to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transaction described herein
and all materials of any kind (including opinions or other tax analyses) that are provided to the recipient relating to such tax
treatment and tax structure. However, any such information relating to the tax treatment or tax structure shall be required to
be kept confidential to the extent necessary to comply with any applicable securities laws.

 

Section
11.21.         Intent of the Parties; Reasonableness. The
Indenture Trustee and Issuer acknowledge and agree that the purpose of Section 3.09 and 7.02(e) of this Agreement is to
facilitate compliance by the Issuer and the Depositor with the provisions of Regulation AB and related rules and regulations
of the Commission.

 

Neither the Issuer nor the Administrator
(acting on behalf of the Issuer) shall exercise its right to request delivery of information or other performance under these provisions
other than in good faith, or for purposes other than compliance with federal securities laws, including the Securities Act, the
Exchange Act and the rules and regulations of the Commission thereunder. Each of the parties
hereto agrees that (a) the obligations of the parties hereunder shall be interpreted in such a manner as to accomplish compliance
with Regulation AB, (b) the parties’ obligations hereunder will be supplemented and modified as necessary to be consistent
with any such amendments, interpretive advice or guidance from the Securities and Exchange Commission, convention or consensus
among active participants in the asset-backed securities markets, or otherwise in respect of the requirements of Regulation AB
as they may be applied by the Securities and Exchange Commission to the Issuer in connection with the Notes and (c) the parties
shall comply with reasonable requests made by or on behalf of the Issuer or the Indenture Trustee for delivery of additional or
different information, to the extent such information is available, as the person requesting such information may determine in
good faith is necessary for it to comply with the provisions of Regulation AB. Any and all expenses incurred by the Indenture Trustee
in compliance with this Section shall be considered indemnities payable in accordance with Section 6.07 hereof.

 

    	61

    	 

    

 

The Issuer (or the Administrator, acting
on behalf of the Issuer) shall cooperate with the Indenture Trustee by providing timely notice of requests for information under
these provisions and by reasonably limiting such requests to information required, in the reasonable judgment of the Issuer to
comply with Regulation AB.

 

Section
11.22.         Owner Trustee. The parties hereto agree that this Agreement
is executed and delivered by the Owner Trustee, not individually or personally but solely as owner trustee of the Issuer, in the
exercise of the powers and authority conferred and vested in it under the Amended and Restated Trust Agreement dated April 24,
2013 among the Issuer and the Owner Trustee; each of the representations, undertakings and agreements herein made on the part of
the Issuer are made and intended not as personal representations, undertakings and agreements by Deutsche Bank Trust Company Delaware,
but are made and intended for the purpose of binding only the Issuer; and under no circumstances shall Deutsche Bank Trust Company
Delaware be personally liable for the inaccuracy or breach of any statements made by the Issuer in this Agreement.

 

Section
11.23.         U.S.A. Patriot Act. The parties hereto acknowledge that
in accordance with Section 326 of the U.S.A. Patriot Act, the Indenture Trustee, like all financial institutions and in order to
help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. The parties to this
Indenture agree that they will provide the Indenture Trustee with such information about the Owner Trustee as it may request in
order for the Indenture Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

Section
11.24.         Communications with Rating Agencies. If the Indenture
Trustee shall receive any written or oral communication from any Rating Agency (or any of their respective officers, directors
or employees) with respect to the transactions contemplated hereby or under the Basic Documents or in any way relating to the Notes,
the Indenture Trustee agrees to refrain from communicating with such Rating Agency and to promptly notify the Administrator of
such communication. The Indenture Trustee agrees to coordinate with the Administrator with respect to any communication received
from a Rating Agency and further agrees that in no event shall the Indenture Trustee engage in any oral communication with respect
to the substance of the transactions contemplated hereby or under the Basic Documents or in any way relating to the Notes, with
any Rating Agency (or any of their respective officers, directors or employees) without the participation of the Administrator.

 

The Indenture Trustee will not be responsible
for delays attributable to the Administrator’s failure to deliver any information related to any communication with a Rating
Agency (with respect to this section, the “Information”), defects in the Information supplied to the Rating
Agency or Administrator or other circumstances beyond the control of the Indenture Trustee. The Indenture Trustee shall be under
no obligation to make any determination as to the veracity or applicability of any Information provided to it, or whether any
such Information is required to be maintained on a website or other public medium. 

 

    	62

    	 

    

 

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

 

	 	HONDA AUTO RECEIVABLES 2013-2 OWNER TRUST,
	 	 	 
	 	By:	DEUTSCHE BANK TRUST COMPANY

DELAWARE, not in its individual capacity but

solely as Owner Trustee on behalf of the Trust,
	 	 	 
	 	By:	/s/ Mark DiGiacomo
	 	 	Name: Mark DiGiacomo
	 	 	Title: Attorney-in-fact
	 	 	 
	 	By:	/s/ Jennifer Freda
	 	 	Name: Jennifer Freda
	 	 	Title: Attorney-in-fact
	 	 	 
	 	The Bank of New York Mellon,
	 	not in its individual capacity but solely as
	 	Indenture Trustee,
	 	 	 
	 	By:	/s/ Esther Antoine
	 	 	Name: Esther Antoine
	 	 	Title: Vice President

 

    	 

    	 

    

 

	STATE OF NEW JERSEY	)
	 	) ss
	COUNTY OF HUDSON	)

 

On April 17, 2013 before me, Ellen
Jean-Baptiste, Notary Public, personally appeared  Mark DiGiacomo, Attorney-in-fact.

 

		x	personally known to me, or

 

		 ̈	proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument,

 

and acknowledged to me that he/she executed the same in his/her
authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which such person
acted, executed the instrument.

WITNESS my hand and official seal.

 

	Signature  	/s/ Ellen
Jean-Baptiste	[Seal]

 

    	 

    	 

    

 

	STATE OF NEW JERSEY	)
	 	) ss
	COUNTY OF HUDSON	)

 

On April 17, 2013 before me, Ellen Jean-Baptiste,
Notary Public, personally appeared Jennifer Freda, Attorney-in-fact.

 

		x	personally known to me, or
	 	 	 

		 ̈	proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument,

 

and acknowledged to me that he/she executed the same in his/her
authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which such person
acted, executed the instrument.

WITNESS my hand and official seal.

 

	Signature	/s/ Ellen Jean-Baptiste	[Seal]

 

    	 

    	 

    
 

 

	STATE OF NEW YORK	)
	 	) ss
	COUNTY OF NEW YORK	)

 

On April 18, 2013 before me, Tamara L.
Wolbers, Notary Public, personally appeared Esther Antoine, a Vice President of The Bank of New York Mellon.

 

		x	personally known to me, or
	 	 	 

		 ̈	proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument,

 

and acknowledged to me that he/she executed the same in his/her
authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which such person
acted, executed the instrument.

WITNESS my hand and official seal.

 

	Signature	/s/ Tamara L. Wolbers	[Seal]

  

    	 

    	 

    

 

SCHEDULE A

 

SCHEDULE OF RECEIVABLES

[Delivered to Alston & Bird LLP at Closing]

 

    	SA-1

    	 

    

 

EXHIBIT A

 

FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.

 

	REGISTERED	$__________
	 	 
	No. R-__	CUSIP NO. _______

 

HONDA AUTO RECEIVABLES 2013-2 OWNER TRUST

____% ASSET BACKED NOTES, CLASS [A-1] [A-2] [A-3] [A-4]

 

Honda Auto Receivables 2013-2 Owner Trust,
a statutory trust organized and existing under the laws of the State of Delaware (the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of _____________________ Dollars ($__________),
payable to the extent described in the Indenture referred to on the reverse hereof on each Payment Date; provided, however, that
the entire unpaid principal amount of this Note shall be payable on the earlier of ___________________, 20__ (the “Class
[A-1] [A-2] [A-3] [A-4] Final Payment Date”) and the Redemption Date, if any, selected pursuant to the Indenture.

 

The Issuer will pay interest on this Note
at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment,
on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), or on the Closing Date in the case of the first Payment Date or if no interest has yet been
paid, subject to certain limitations contained in the Indenture. [Interest on this Class A-1 Note will accrue for each Payment
Date from and including the immediately preceding Payment Date (or, in the case of the first Payment Date, the Closing Date), to
but excluding such Payment Date]. [Interest on this [Class A-2,] [Class A-3,] [Class A-4] Note will accrue for each Payment Date
from and including the [16]th day of the prior month (or, in the case of the first Payment Date, the Closing Date) to but excluding
the [16]th day of the month of such Payment Date] and will be computed on the basis of [the actual number of days in the Interest
Accrual Period with respect to the Class A-1 Notes divided by 360] [a 360-day year consisting of twelve 30-day months in the case
of the Class A-2, Class A-3 and Class A-4 Notes]. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.

 

    	A-1

    	 

    

 

The principal of and interest on this Note
are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled
to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

    	A-2

    	 

    

 

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

 

	Date:	HONDA AUTO RECEIVABLES 2013-2 OWNER
	 	TRUST,
	 	 	 
	 	By:	DEUTSCHE BANK TRUST COMPANY
	 	 	DELAWARE, not in its individual capacity but
	 	 	solely as Owner Trustee on behalf of the Trust,
	 	 	 
	 	By:	 
	 	 	Authorized Signatory
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-3

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	Date:	THE BANK OF NEW YORK MELLON, not in its
	 	individual capacity but solely as Indenture Trustee,
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	A-4

    	 

    

 

This Note is one of a duly authorized issue
of Notes of the Issuer, designated as its ___% Asset Backed Notes, Class [A- 1] [A-2] [A-3] [A-4] (the “Class [A-1] [A-2]
[A-3] [A-4] Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Holders of the Notes. The Notes are subject to all terms of the Indenture. Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Indenture.

 

The Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes and the Class A-4 Notes (collectively, the “Notes”) are and will be equally and ratably secured
by the collateral pledged as security therefore, except as provided in the Indenture or the Sale and Servicing Agreement.

 

Principal payable on the Notes will be paid
on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the
entire unpaid principal amount of this Note will be payable on the earlier of the Class [A-1] [A-2] [A-3] [A-4] Final Payment Date
and the Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances,
the entire unpaid principal amount of the Class [A-1] [A-2] [A-3] [A-4] Notes shall be due and payable following the occurrence
and continuance of an Event of Default, as described in the Indenture. All principal payments on the Class [A-1] [A-2] [A-3] [A-4]
Notes shall be made pro rata to the Class [A-1] [A-2] [A-3] [A-4] Noteholders entitled thereto.

 

Payments of principal and interest on this
Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose name appears as
the registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related
Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Depository (initially,
such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated
by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the
Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction
in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or
Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided
in the Indenture or the Sale and Servicing Agreement, for payment in full of the remaining unpaid principal amount of this Note
on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person
who was the registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

 

    	A-5

    	 

    

 

As provided in the Indenture and subject
to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed
by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation
in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes
or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee
or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except
that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the
Indenture that such Noteholder or Note Owner will not at any time institute against the Seller or the Issuer, or join in any institution
against the Seller or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture
or the other Basic Documents.

 

Any Person that acquires a beneficial interest
in this Note with the assets of a Benefit Plan or any other plan subject to a law that is substantially similar to Title I of ERISA
or Section 4975 of the Code (“Similar Law”) shall be deemed to represent that its acquisition and holding of such beneficial
interest will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code because
it is covered by a United States Department of Labor prohibited transaction class exemption or by some other applicable statutory
or administrative exemption and will not cause a nonexempt violation of any Similar Law.

 

The Issuer has entered into the Indenture
and this Note is issued with the intention that, for federal, state and local income, single business and franchise tax purposes,
the Notes will qualify as indebtedness secured by the Owner Trust Estate. Each Noteholder, by acceptance of a Note (and each Note
Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes for federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuer.

 

    	A-6

    	 

    

 

Prior to the due presentment for registration
of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the
Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Indenture Trustee
or any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing a majority
of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to
waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of Holders of the Notes issued thereunder.

 

The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

    	A-7

    	 

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying number
of assignee:

 

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

 

	
 
	
        (name and
        address of assignee)

 

	the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
	 
	 

attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

 

	Dated:  	 	 	 	*
	 	 	 	Signature Guaranteed:	*
	 	 	 	 	 
	 	 	 	 	 

 

 

*          NOTICE:
The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within
Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation
in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or
in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	A-8

    	 

    

 

EXHIBIT B

 

FORM OF NOTE DEPOSITORY AGREEMENT

[See Tab 71]

 

    	B-1

    	 

    

 

EXHIBIT C

 

Servicing Criteria To Be Addressed In Assessment
Of Compliance

 

The assessment of compliance to be delivered
by the Indenture Trustee, shall address, at a minimum, the criteria identified below as “Applicable Servicing Criteria”:

 

	Reference	Criteria	 
	 	 

        Cash
        Collection and Administration

         
	 
	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	 
	 	 

        Investor
        Remittances and Reporting

         
	 
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.*	 
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements. 	 
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	 

 

 

* With respect to remittances.

 

    	C-1

    	 

    

 

EXHIBIT D

 

Form
of Monthly Rule 15Ga-1 Asset Repurchase Activity Report

Reporting Period: ____________

Name of Issuing Entity: HAROT 2013-2

Trustee: The Bank of New York Mellon

£ Check here if the Trustee has no
activity to report during Reporting Period indicated above

 

	Name
    of

    Issuing Entity	Check
    if Registered	Name
    of Originator	Total
    Assets in 

    ABS by Originator	Assets
    That Were Subject of

    Demand	Assets
    That Were Repurchased or Replaced	Assets
    Pending Repurchase or

    Replacement 

    (within cure period)	Demand
    in Dispute	Demand
    Withdrawn	Demand
    Rejected
	

    

    

    

    (a)	

    

    

    

    (b)	

    

    

    

    (c)	(#)

    

    

    

    (d)	($)

    

    

    

    (e)	(%
    of principal balance)

    

    (f)	(#)

    

    

    

    (g)	($)

    

    

    

    (h)	(%
    of principal balance)

    

    (i)	(#)

    

    

    

    (j)	($)

    

    

    

    (k)	(%
    of principal balance)

    

    (l)	(#)

    

    

    

    (m)	($)

    

    

    

    (n)	(%
    of principal balance)

    

    (o)	(#)

    

    

    

    (p)	($)

    

    

    

    (q)	(%
    of principal balance)

    

    (r)	(#)

    

    

    

    (s)	($)

    

    

    

    (t)	(%
    of principal balance)

    

    (u)	(#)

    

    

    

    (v)	($)

    

    

    

    (w)	(%
    of principal balance)

    

    (x)
	Asset
    Class X	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing
    Entity A CIK #	X	Originator
    1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Originator
    2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 
	Asset
    Class Y	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing
    Entity B	 	Originator
    3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 

 

 

    	D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00216-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00216-of-00352.parquet"}]]