Document:

Exhibit 4.3

  

 

 

TRUST AGREEMENT

 

between

 

WORLD OMNI AUTO RECEIVABLES LLC,

as Depositor,

 

and

 

U.S.
BANK TRUST NATIONAL ASSOCIATION,

as Owner Trustee

 

Dated March 23, 2016

 

 

  

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I Definitions	1
	Section 1.01	Capitalized Terms	1
	 	 	 
	ARTICLE II Organization	1
	Section 2.01	Name	1
	Section 2.02	Office	1
	Section 2.03	Purposes and Powers	1
	Section 2.04	Appointment of Owner Trustee	2
	Section 2.05	Initial Capital Contribution of Owner Trust Estate	2
	Section 2.06	Declaration of Trust	3
	Section 2.07	Liability of the Depositor and the Certificateholders	3
	Section 2.08	Title to Trust Property	3
	Section 2.09	Situs of Trust	3
	Section 2.10	Representations and Warranties of the Depositor	4
	Section 2.11	Financing Statements	5
	Section 2.12	Amended and Restated Trust Agreement	5
	 	 	 
	ARTICLE III Trust Certificates and
    Transfer of Interests	5
	Section 3.01	[Reserved]	5
	Section 3.02	The Trust Certificates	5
	Section 3.03	Authentication of Trust Certificates	5
	Section 3.04	Registration of Transfer and Exchange of Trust Certificates	6
	Section 3.05	Mutilated, Destroyed, Lost or Stolen Trust Certificates	8
	Section 3.06	Persons Deemed Owners	8
	Section 3.07	Access to List of Certificateholders’ Names and Addresses	9
	Section 3.08	Maintenance of Office or Agency	9
	Section 3.09	Appointment of Paying Agent	9
	 	 	 
	ARTICLE IV Actions by Owner Trustee	10
	Section 4.01	Prior Notice to Certificateholders with Respect to Certain Matters	10
	Section 4.02	Action by Certificateholders with Respect to Certain Matters	10
	Section 4.03	Action by Certificateholders with Respect to Bankruptcy	11
	Section 4.04	Restrictions on Certificateholders’ Power	11
	Section 4.05	Majority Control	11
	 	 	 
	ARTICLE V Application of Trust Funds;
    Certain Duties	11
	Section 5.01	[Reserved]	11
	Section 5.02	Application of Trust Funds	11
	Section 5.03	Method of Payment	12
	Section 5.04	No Segregation of Monies; No Interest	12
	Section 5.05	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	13
	Section 5.06	Signature on Returns	14

 

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	ARTICLE VI Authority and Duties of
    Owner Trustee	14
	Section 6.01	General Authority	14
	Section 6.02	General Duties	14
	Section 6.03	Action Upon Instruction	14
	Section 6.04	No Duties Except as Specified in this Agreement or in Instructions	15
	Section 6.05	No Action Except Under Specified Documents or Instructions	15
	Section 6.06	Restrictions	16
	Section 6.07	Execution of Notes	16
	Section 6.08	Doing Business in Other Jurisdictions	16
	 	 	 
	ARTICLE VII Concerning the Owner Trustee	16
	Section 7.01	Acceptance of Trusts and Duties	16
	Section 7.02	Furnishing of Documents	18
	Section 7.03	Representations and Warranties of the Owner Trustee	18
	Section 7.04	[Reserved]	19
	Section 7.05	Reliance; Advice of Counsel	19
	Section 7.06	Not Acting in Individual Capacity	19
	Section 7.07	Owner Trustee Not Liable for Trust Certificates or Receivables	20
	Section 7.08	Owner Trustee May Own Trust Certificates and Notes	20
	Section 7.09	Legal Proceedings	20
	Section 7.10	Communications Regarding Demands to Repurchase Receivables	21
	 	 	 
	ARTICLE VIII Compensation of Owner
    Trustee	21
	Section 8.01	Owner Trustee’s Fees and Expenses	21
	Section 8.02	Indemnification	22
	Section 8.03	Payments to the Owner Trustee	22
	 	 	 
	ARTICLE IX Termination of Trust Agreement	22
	Section 9.01	Termination of Trust Agreement	22
	 	 	 
	ARTICLE X Successor Owner Trustees
    and Additional Owner Trustees	23
	Section 10.01	Eligibility Requirements for Owner Trustee	24
	Section 10.02	Resignation or Removal of Owner Trustee	23
	Section 10.03	Successor Owner Trustee	24
	Section 10.04	Merger or Consolidation of the Owner Trustee	25
	Section 10.05	Appointment of Co-Trustee or Separate Trustee	25
	 	 	 
	ARTICLE XI Miscellaneous	26
	Section 11.01	Supplements and Amendments	26
	Section 11.02	No Legal Title to Owner Trust Estate in Certificateholders	27
	Section 11.03	Limitations on Rights of Others	28
	Section 11.04	Notices	28
	Section 11.05	Severability	28
	Section 11.06	Separate Counterparts	28
	Section 11.07	Successors and Assigns	28
	Section 11.08	Covenants of the Depositor	29
	Section 11.09	No Petition	29

 

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	Section 11.10	No Recourse	29
	Section 11.11	Headings	30
	Section 11.12	GOVERNING LAW	30
	Section 11.13	Compliance with Applicable Anti-Terrorism and Anti Money Laundering Regulations	31
	 	 	 
	ARTICLE XII COMPLIANCE WITH REGULATION
    AB	31
	Section 12.01	Intent of the Parties; Reasonableness	31
	Section 12.02	Information to Be Provided by the Owner Trustee	31

 

	EXHIBIT A	Form of Trust Certificate
	EXHIBIT B	Form of Certificate of Trust
	EXHIBIT C	Form of Transferor Certificate
	EXHIBIT D	Form of Investment Letter
	EXHIBIT E	Form of Receivables

 

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TRUST AGREEMENT

 

This TRUST AGREEMENT is dated
March 23, 2016, between WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and U.S.
BANK TRUST NATIONAL ASSOCIATION, a national banking association, as owner trustee.

 

ARTICLE
I

 

Definitions

 

Section
1.01         Capitalized Terms. Certain capitalized terms used in this
Agreement shall have the respective meanings assigned to them in Part I of Appendix A to the Sale and Servicing Agreement
of even date herewith. All references herein to “the Agreement” or “this Agreement” are to
this Trust Agreement as it may be amended and supplemented from time to time, the Exhibits hereto and the capitalized terms used
herein which are defined in such Appendix A, and all references herein to Articles, Sections and subsections are to Articles,
Sections and subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of
such Appendix A shall be applicable to this Agreement.

 

ARTICLE
II

 

Organization

 

Section
2.01         Name. The Trust shall be known as “World Omni
Auto Receivables Trust 2016-A” in which name the Owner Trustee may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued. The Trust shall obtain and maintain qualification to
transact business in the State of Alabama. For the purpose of qualifying to transact business in the State of Alabama, the Trust
may adopt the fictitious name of “World Omni Auto Receivables Trust 2016-A (Inc.)” and may conduct the business of
the Trust in the State of Alabama under such fictitious name.

 

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

 

Section
2.03         Purposes and Powers. (a) The purpose of the Trust is to
engage in the following activities and the Trust shall have the power and authority:

 

(i)          to
issue and cause to be authenticated the Notes pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and
to transfer the Notes and the Trust Certificates to the Depositor;

 

(ii)         with
the proceeds of the sale of the Notes, to purchase the Receivables, to make deposits into and withdrawals from the Reserve Account
and to pay the organizational, start-up and transactional expenses of the Trust;

 

     

     

    

 

(iii)        to
assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate pursuant to the Indenture (including the filing
of financing statements in connection therewith) and to hold, manage and distribute to the Certificateholders pursuant to the terms
of the Sale and Servicing Agreement any portion of the Owner Trust Estate released from the Lien of, and remitted to the Trust
pursuant to, the Indenture;

 

(iv)        to
enter into and perform its obligations under the Basic Documents to which it is to be a party;

 

(v)         to
engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing
or are incidental thereto or connected therewith, including entering into interest rate swaps and caps and other derivative instruments;

 

(vi)        to
give the Issuing Entity Order to the Indenture Trustee to authenticate and deliver the Notes; and

 

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

 

The Trust is hereby authorized
to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Agreement or the Basic Documents.

 

Section
2.04         Appointment of Owner Trustee. The Depositor hereby appoints
the Owner Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth
herein and under the Statutory Trust Act.

 

Section
2.05         Initial Capital Contribution of Owner Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner Trustee, the sum of $1 previously delivered. The
Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of the date hereof, of the foregoing contribution, which
shall constitute the initial Owner Trust Estate. Notwithstanding Section 8.01 hereof, the Depositor shall pay organizational
expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for
any such expenses paid by the Owner Trustee.

 

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Section
2.06         Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of
the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto
that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument
of such statutory trust. The Trust is not intended to be a business trust within the meaning of Section 101(9)(A)(v) of the Bankruptcy
Code. It is also the intention of the parties hereto that, solely for Federal, state and local income and franchise tax purposes,
on and after the Closing Date, (a) so long as the Trust has only one Certificateholder, the Trust shall be disregarded as a separate
entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership, with
the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the
Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and any future Certificateholder by
the purchase of the Trust Certificate will be deemed to have agreed) and the Owner Trustee agree to take no action inconsistent
with such tax treatment. The Trust shall not elect to be treated as an association under Treasury Regulations Section 301.7701-3(a).
The parties agree that, unless otherwise required by appropriate tax authorities, the sole Certificateholder or the Trust, as applicable,
will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing characterization
of the Trust for such tax purposes. Effective as of the date hereof, the Owner Trustee, shall have all rights, powers and duties
set forth herein and, to the extent not inconsistent herewith, in the Statutory Trust Act with respect to accomplishing the purposes
of the Trust. Any action taken on behalf of the Trust prior to the date hereof with respect to the filing of financing statements,
the Certificate of Trust, a qualification to do business in the State of Alabama or any other similar qualification or license
in any other state or jurisdiction, if applicable, is hereby ratified.

 

Section
2.07         Liability of the Depositor and the Certificateholders.
(a) The Depositor shall be liable directly to and will indemnify any injured party for all losses, claims, damages, liabilities
and expenses of the Trust (including Expenses, to the extent not paid out of the Owner Trust Estate) to the extent that the Depositor
would be liable if the Trust was a partnership under the Delaware Revised Uniform Limited Partnership Act in which the Depositor
was a general partner; provided, however, that the Depositor shall not be liable for any losses incurred
by a Certificateholder in the capacity of an investor in the Trust Certificates, or by a Noteholder in the capacity of an investor
in the Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the
preceding sentence for which the Depositor shall not be liable) shall be deemed third party beneficiaries of this Section 2.07.

 

(b)          No
Certificateholder, other than to the extent set forth in paragraph (a), shall have any personal liability for any liability
or obligation of the Trust.

 

Section
2.08         Title to Trust Property. Legal title to all the Owner Trust
Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires
title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested
in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

 

Section
2.09         Situs of Trust. The Trust will be located in the State
of Delaware and administered in the State of Illinois. All bank accounts maintained by the Owner Trustee on behalf of the Trust
shall be located in the States of Delaware, Illinois or Minnesota. The Trust shall not have any employees in any state other than
Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from
having employees within or outside of the State of Delaware. Payments will be received by the Trust only in Delaware, Illinois
or Minnesota, and payments will be made by the Trust only from Delaware, Illinois or Minnesota. The only office of the Trust shall
be the principal corporate trust office of the Owner Trustee located at its Corporate Trust Office.

 

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Section 2.10         Representations
and Warranties of the Depositor.  The Depositor hereby represents and warrants to the Owner Trustee that:

 

(a)          The
Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of
Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and
such business is presently conducted.

 

(b)          The
Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary
material licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business
shall require such qualifications, except where the failure to be so qualified or to have obtained such licenses or approvals would
not have a material adverse effect on the Depositor’s earnings, business affairs or business prospects.

 

(c)          The
Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full
power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor has
duly authorized such sale and assignment and deposit to the Trust by all necessary action; and the execution, delivery and performance
of this Agreement have been duly authorized by the Depositor by all necessary action.

 

(d)          The
consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not (i) conflict with,
result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under,
the limited liability company agreement or bylaws of the Depositor; (ii) breach, conflict with or violate any of the material terms
or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or other instrument
to which the Depositor is a party or by which it is bound; (iii) result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents);
or (iv) violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor
of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties, except, in the case of clauses (ii), (iii) and (iv), for such breaches,
defaults, conflicts, liens or violations that would not have a material adverse effect on the Depositor’s earnings, business
affairs or business prospects.

 

(e)          To
the Depositor’s best knowledge, there are no proceedings or investigations pending or threatened before any court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties: (i)
asserting the invalidity of this Agreement or any of the other Basic Documents, (ii) seeking to prevent the issuance of the Trust
Certificates or the consummation of any of the transactions contemplated by this Agreement or any of the other Basic Documents,
(iii) seeking any determination or ruling that could reasonably be expected to materially and adversely affect the performance
by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any of the other Basic Documents
or (iv) involving the Depositor and which might materially and adversely affect the federal income tax or other federal, state
or local tax attributes of the Trust Certificates.

 

    	 	4	 

     

    

 

Section
2.11         Financing Statements. The Trust hereby authorizes the filing
of financing statements in connection with the grant of a security interest to the Indenture Trustee pursuant to the granting clause
of the Indenture. In addition, the Trust hereby ratifies any such financing statements filed prior to the date hereof.

 

Section
2.12         Amended and Restated Trust Agreement. This Trust Agreement
is the amended and restated trust agreement contemplated by the Trust Agreement dated as of February 11,
2016, between the Depositor and the Owner Trustee (the “Initial Trust Agreement”).
This Trust Agreement amends and restates in its entirety the Initial Trust Agreement.

 

ARTICLE
III

 

Trust
Certificates and Transfer of Interests

 

Section
3.01         [Reserved]

 

Section
3.02         The Trust Certificates. The Trust Certificates shall represent
in the aggregate a 100% Percentage Interest in the Trust. On the date hereof, the Depositor or its designee shall be the sole
Certificateholder of each of the Trust Certificates and each of the Trust Certificates shall be registered, upon initial issuance,
in the name of the Depositor or its designee. The Trust Certificates shall be executed on behalf of the Trust by manual or facsimile
signature of an Authorized Officer of the Owner Trustee. Trust Certificates bearing the manual or facsimile signatures of individuals
who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Owner Trustee, shall be
validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such Trust Certificates or did not hold such offices at
the date of authentication and delivery of such Trust Certificates.

 

A transferee of a Trust Certificate
shall become a Certificateholder and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder
upon such transferee’s acceptance of a Trust Certificate duly registered in such transferee’s name pursuant to Section
3.04.

 

Section
3.03         Authentication of Trust Certificates. On the Closing Date,
the Owner Trustee shall cause the Trust Certificates to be executed on behalf of the Trust, authenticated and delivered to or upon
the written order of the Depositor signed by the Depositor’s president, any vice president, secretary, treasurer or any assistant
treasurer, without further company action by the Depositor. No Trust Certificate shall entitle a Certificateholder to any benefit
under this Agreement or be valid for any purpose unless there shall appear on such Trust Certificate a certificate of authentication
substantially in the form set forth in Exhibit A, executed by the Owner Trustee or the Certificate Registrar, as its
authenticating agent, by manual signature; such authentication shall constitute conclusive evidence that such Trust Certificate
shall have been duly authenticated and delivered hereunder. All Trust Certificates shall be dated the date of their authentication.

 

    	 	5	 

     

    

 

Section
3.04         Registration of Transfer and Exchange of Trust Certificates.
The certificate registrar (the “Certificate Registrar”) shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 3.08, a certificate register (the “Certificate Register”) in which,
subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Trust
Certificates and of transfers and exchanges of Trust Certificates as herein provided. The Bank of New York Mellon shall be the
initial Certificate Registrar.

 

The Trust Certificates have
not been and will not be registered under the Securities Act and will not be listed on any exchange. No transfer of a Trust Certificate
shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and any applicable
state securities laws or is exempt from the registration requirements under the Securities Act and such state securities laws.
In the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state securities laws, in
order to assure compliance with the Securities Act and such laws, the Certificateholder desiring to effect such transfer and such
Certificateholder’s prospective transferee shall each certify to the Owner Trustee and the Depositor in writing the facts
surrounding the transfer in substantially the forms set forth in Exhibit C (the “Transferor Certificate”)
and Exhibit D (the “Investment Letter”). Except in the case of a transfer as to which the proposed transferee
has provided an Investment Letter with respect to a Rule 144A transaction, there shall also be delivered to the Certificate Registrar,
the Owner Trustee and the Depositor an opinion of counsel that such transfer may be made pursuant to an exemption from the Securities
Act and state securities laws, which opinion of counsel shall not be an expense of the Trust, the Certificate Registrar, the Owner
Trustee or the Indenture Trustee (unless it is the transferee from whom such opinion is to be obtained) or of the Depositor or
World Omni; provided that such opinion of counsel in respect of the applicable state securities laws may be a memorandum
of law rather than an opinion if such counsel is not licensed in the applicable jurisdiction. The Depositor shall provide to any
Certificateholder and any prospective transferee designated by any such Certificateholder information regarding the Certificates
and the Receivables and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for transfer of any such Certificate without registration thereof under the Securities Act pursuant to the registration
exemption provided by Rule 144A. Each Certificateholder desiring to effect such a transfer shall, and does hereby agree to, indemnify
the Issuing Entity, the Certificate Registrar, the Owner Trustee, the Indenture Trustee, the Depositor and World Omni (in any capacity)
against any liability that may result if the transfer is not so exempt or is not made in accordance with federal and state securities
laws.

 

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No transfer of a Trust Certificate
shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the form of paragraph 3 to the Investment
Letter attached hereto as Exhibit D from such Person to the effect that such Person is not and is not acting on behalf of
(i) an employee benefit plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
(ii) a plan subject to Section 4975 of the Code, (iii) any entity whose underlying assets include plan assets by
reason of a plan’s investment in the entity or (iv) any plan that is subject to any federal, state or local law that is,
to a material extent, similar to the foregoing provisions of ERISA or Section 4975 of the Code (“Similar Law”)
(each, a “Plan”) or (B) an opinion of counsel satisfactory to the Owner Trustee, the Certificate Registrar and
the Depositor to the effect that the purchase and holding of such Trust Certificate by such Person (i) will not result in the assets
of the Issuing Entity being deemed to be “plan assets” subject to the prohibited transactions provisions of ERISA,
Section 4975 of the Code or Similar Law and will not subject the Owner Trustee, the Indenture Trustee, the Certificate Registrar,
the Servicer or the Depositor to any obligation in addition to those undertaken in the Basic Documents and (ii) will not constitute
or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar Law. The preparation and delivery of the
certificate and opinions referred to above with respect to a proposed transfer shall not be an expense of the Issuing Entity, the
Owner Trustee, the Certificate Registrar, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or
purported transfer in violation of these transfer restrictions will be null and void and will vest no rights in any purported transferee.

 

No transfer of a Trust Certificate
shall be made to any Person unless the Depositor, the Owner Trustee and the Certificate Registrar has received (A) a certificate
in the form of paragraph 4 to the Investment Letter attached hereto as Exhibit D from such Person to the effect that such
Person is a United States Person within the meaning of Section 7701(a)(30) of the Code and (B) the Depositor, the Certificate Registrar,
the Owner Trustee and the Indenture Trustee shall have received an opinion of counsel (which counsel is independent from the Depositor
and the Trust) that such action shall not cause the Trust to be treated as an association (or publicly traded partnership) taxable
as a corporation for federal income tax purposes and such transferee or assignee shall agree to take positions for tax purposes
consistent with the tax positions set forth in Section 2.06 of this Agreement as agreed to be taken by the Certificateholder.

 

The Certificate Registrar
shall cause each Certificate to contain a legend stating that transfer of the Certificates is subject to certain restrictions and
referring prospective purchasers of the Certificates to the terms of this Agreement with respect to such restrictions.

 

Upon surrender for registration
of transfer of any Trust Certificate at the office or agency maintained pursuant to Section 3.08, the Owner Trustee
shall execute, and the Owner Trustee or the Certificate Registrar shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Trust Certificates in authorized denominations of a like aggregate amount dated the
date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Trust Certificates
may be exchanged for other Trust Certificates of authorized denominations of a like aggregate amount upon surrender of the Trust
Certificates to be exchanged at the office or agency maintained pursuant to Section 3.08. No Certificate (other than
the Certificates issued to and held by the Depositor or its Affiliates) may be subdivided upon transfer or exchange in a manner
such that any resulting Certificate(s) or beneficial ownership of a Certificate held through a party considered a nominee for U.S.
federal income tax purposes represent(s) less than a 2.00% fractional undivided interest in the Trust (or such other amount as
the Depositor may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under
Section 7704 of the Code, but in no event less than a 1.00% fractional undivided interest in the Trust).

 

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Every Trust Certificate presented
or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory
to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or such Certificateholder’s attorney
duly authorized in writing. Each Trust Certificate surrendered for registration of transfer or exchange shall be cancelled and
subsequently disposed of by the Owner Trustee in accordance with its customary practice.

 

No service charge shall be
made for any registration of transfer or exchange of Trust Certificates, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer
or exchange of Trust Certificates.

 

The preceding provisions
of this Section notwithstanding, the Owner Trustee shall not make, and the Certificate Registrar shall not register transfers or
exchanges of, Trust Certificates for a period of 15 days preceding the due date for any payment with respect to the Trust
Certificates.

 

Section
3.05         Mutilated, Destroyed, Lost or Stolen Trust Certificates.
If (a) any mutilated Trust Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar
shall receive evidence to its satisfaction of the destruction, loss or theft of any Trust Certificate and (b) there shall
be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each
of them harmless, then in the absence of notice that such Trust Certificate has been acquired by a protected purchaser, the Owner
Trustee on behalf of the Trust shall execute and the Owner Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and denomination. In connection
with the issuance of any new Trust Certificate under this Section, the Owner Trustee or the Certificate Registrar may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate
Trust Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time.

 

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

 

    	 	8	 

     

    

 

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

 

Section
3.08         Maintenance of Office or Agency. The Owner Trustee shall
maintain an office or offices or agency or agencies where notices and demands to or upon the Owner Trustee in respect of the Basic
Documents may be served, and the Certificate Registrar shall maintain an office or offices or agency or agencies where Trust Certificates
may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Certificate Registrar
in respect of the Trust Certificates and Basic Documents may be served. The Owner Trustee initially designates its Corporate Trust
Office as its office for such purposes and the Indenture Trustee, as Certificate Registrar, initially designates its Corporate
Trust Office as its office for such purposes. Each of the Owner Trustee and the Certificate Registrar shall give prompt written
notice to the Depositor and to the Certificateholders of any change in the location of any such office or agency.

 

Section
3.09         Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders pursuant to Section 5.02. Any Paying Agent shall have the revocable power to withdraw
funds from the Collection Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such
power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed
to perform its obligations under this Agreement in any material respect. The Indenture Trustee will be the initial Paying Agent.
In the event that the Indenture Trustee shall no longer be the Paying Agent, the Depositor shall appoint a successor to act as
Paying Agent (which shall be a bank or trust company). The Depositor shall cause such successor Paying Agent or any additional
Paying Agent appointed by the Depositor to execute and deliver to the Owner Trustee an instrument in which such successor Paying
Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional
Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to
the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner
Trustee. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

 

    	 	9	 

     

    

 

ARTICLE IV

 

Actions
by Owner Trustee

 

Section
4.01         Prior Notice to Certificateholders with Respect to Certain
Matters. With respect to the following matters, the Owner Trustee shall not take action unless, at least 30 days before
the taking of such action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and the
Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that
such Certificateholders have withheld consent or provided alternative direction:

 

(a)          the
initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Receivables)
and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims
or lawsuits for collection of the Receivables);

 

(b)          the
election by the Trust to file an amendment to the Certificate of Trust, a conformed copy of which is attached hereto as Exhibit
B (unless such amendment is required to be filed under the Statutory Trust Act);

 

(c)          the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

 

(d)          the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and
such amendment would materially adversely affect the interests of the Certificateholders; or

 

(e)          the
amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders.

 

Section
4.02         Action by Certificateholders with Respect to Certain Matters.
The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, to (a) remove the
Administrator under the Administration Agreement pursuant to Section 8 thereof, (b) appoint a successor Administrator
under the Administration Agreement pursuant to Section 8 thereof, (c) remove the Servicer under the Sale and Servicing
Agreement pursuant to Section 8.01 thereof, (d) except as expressly provided in the Basic Documents, sell the
Receivables after the termination of the Indenture or (e) appoint, pursuant to the Indenture, a successor Note Registrar, Paying
Agent or Indenture Trustee or, pursuant to this Agreement, a successor Certificate Registrar, or consent to the assignment by the
Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement,
as applicable. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed
by the Certificateholders.

 

    	 	10	 

     

    

 

Section
4.03         Action by Certificateholders with Respect to Bankruptcy.
To the fullest extent permitted by applicable law, the Owner Trustee shall not have any power to, and shall not, (i) institute
proceedings to have the Trust declared or adjudicated bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency
proceedings against the Trust, (iii) file a petition or consent to a petition seeking reorganization or relief on behalf of the
Trust under any applicable federal or state law relating to bankruptcy, (iv) consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator (or any similar official) of the Trust or a substantial portion of the assets of the Trust, (v)
make any assignment for the benefit of the Trust’s creditors, (vi) cause the Trust to admit in writing its inability to pay
its debts generally as they become due, or (vii) take any action, or cause the Trust to take any action, in furtherance of any
of the foregoing (any of the above, a “Bankruptcy Action”). So long as the Indenture remains in effect, no Certificateholder
shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Trust or direct the Owner Trustee to
take any Bankruptcy Action with respect to the Trust.

 

Section
4.04         Restrictions on Certificateholders’ Power. The Certificateholders
shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to
any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.03
or contrary to applicable law, nor shall the Owner Trustee be obligated to follow any such direction, if given.

 

Section
4.05         Majority Control. Except as expressly provided herein,
any action that may be taken by the Certificateholders under this Agreement may be taken by the Certificateholders of Trust Certificates
evidencing in the aggregate at least a majority Percentage Interest. Except as expressly provided herein, any written notice of
the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Certificateholders of Trust Certificates
evidencing in the aggregate at least a majority Percentage Interest at the time of the delivery of such notice.

 

ARTICLE
V

 

Application of Trust Funds; Certain Duties

 

Section
5.01         [Reserved]

 

Section
5.02         Application of Trust Funds.

 

(a)          On
each Payment Date, subject to this Section 5.02(a), the Paying Agent shall distribute to Certificateholders, on a pro rata
basis, amounts pursuant to Section 5.06(ii)(I) or (iii)(G), or Section 5.07(d) of the Sale and Servicing Agreement
with respect to such Payment Date.

 

The Certificateholders of
100% Percentage Interest of the Certificates will have the right, but not the obligation, in their sole discretion, to instruct
the Indenture Trustee in writing on or prior to the close of business on the related Payment Determination Date to retain in the
Collection Account all or a portion of distributions otherwise payable to them pursuant to Section 5.06(ii)( I) or (iii)(G),
or Section 5.07(d) of the Sale and Servicing Agreement. If the Certificateholders make this election, these amounts will
be treated as collections during the then-current Collection Period and the Certificateholders will have no claim to such amounts
(unless distributed on a subsequent Payment Date pursuant to Section 5.06(ii)(I) of the Sale and Servicing Agreement).

 

    	 	11	 

     

    

 

(b)          On
each Payment Date, the Paying Agent shall post a copy of the statement or statements provided to the Indenture Trustee by the Servicer
pursuant to Section 5.08 of the Sale and Servicing Agreement with respect to such Payment Date on its internet website
promptly following its receipt thereof, for the benefit of the Certificateholder. The Paying Agent’s internet website shall
initially be located at https://gctinvestorreporting.bnymellon.com. The Paying Agent may change the way the statements and information
are posted or distributed in order to make such distribution more convenient and/or accessible for such Certificateholders, and
the Paying Agent shall provide on the website timely and adequate notification to all parties regarding any such change.

 

Section
5.03         Method of Payment. Subject to Section 9.01(c), distributions
required to be made to Certificateholders on any Payment Date shall be made to each Certificateholder of record on the preceding
Record Date either (x) by wire transfer, in immediately available funds, to the account of such Certificateholder at a bank
or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar
appropriate written instructions no later than the Record Date prior to such Payment Date, or (y) if such Certificateholder
does not qualify under clause (x), by check mailed to such Certificateholder at the address of such holder appearing in the Certificate
Register. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a
non-U.S. Certificateholder), the Owner Trustee (or the Paying Agent on its behalf) may in its sole discretion withhold such amounts
in accordance with this Section 5.03. If a Certificateholder wishes to apply for a refund of any such withholding tax, the
Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees
to reimburse the Owner Trustee for any out-of-pocket expenses incurred.

 

Section
5.04         No Segregation of Monies; No Interest . Subject to Section
5.02, monies received by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by
law or the Sale and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and the
Owner Trustee shall not be liable for any interest thereon. The Owner Trustee may establish accounts and receive, maintain and
disburse funds in accordance with the terms hereof and the Basic Documents.

 

    	 	12	 

     

    

 

Section 5.05         Accounting
and Reports to the Certificateholders, the Internal Revenue Service and Others. The Administrator shall deliver to each Certificateholder,
as may be required by the Code and applicable Treasury Regulations, or as may be requested by such Certificateholder, such information,
reports or statements as may be necessary to enable each Certificateholder to prepare its federal and state income tax returns. 
Consistent with the Trust’s characterization for tax purposes as a disregarded entity so long as the Depositor or any other
Person is the sole Certificateholder, no federal income tax return shall be filed on behalf of the Trust unless either (i) the
Owner Trustee shall be provided with an Opinion of Counsel that, based on a change in applicable law occurring after the date hereof,
or as a result of a transfer permitted by Section 3.04, the Code requires such a filing or (ii) the Internal Revenue Service
shall determine that the Trust is required to file such a return.  In the event that there shall be two or more beneficial
owners of the Trust, the Administrator shall inform the Indenture Trustee in writing of such event, (x) the Administrator shall
prepare or shall cause to be prepared federal and, if applicable, state or local partnership tax returns, with all such necessary
information provided to it, required to be filed by the Trust and shall remit such returns to the Depositor (or if the Depositor
no longer owns any Certificates, the Certificateholder designated for such purpose by the Depositor to the Owner Trustee in writing)
at least (5) days before such returns are due to be filed, and (y) capital accounts shall be maintained by the Administrator for
each Certificateholder in accordance with the Treasury Regulations under Section 704(b) of the Code reflecting each such Certificateholder’s 
share of the income, gains, deductions, and losses of the Trust and/or guaranteed payments made by the Trust and contributions
to, and distributions from, the Trust.  The Administrator shall prepare any such return with all elections the Administrator
deems appropriate, except that no election shall be made to treat the Trust as an association taxable as a corporation.  The
Depositor (or such designee Certificateholder, as applicable) shall promptly sign such returns and deliver such returns after signature
to the Administrator and such returns shall be filed by the Administrator with the appropriate tax authorities.  In
the event that a “tax matters partner” (within the meaning of Code Section 6231(a)(7)) is required to be appointed
with respect to the Trust, the Depositor or its designee is hereby designated as tax matters partner or, if the Depositor is not
a Certificateholder, the Certificateholder selected by a majority of the Certificateholders (by Percentage Interest) shall be designated
as tax matters partner.  If the Trust is classified as a partnership for federal income tax purposes (i) for any taxable period
beginning before December 31, 2017, the “tax matters partner” shall represent the Trust in connection with all examinations
of the Trust’s affairs by tax authorities, including resulting judicial and administrative proceedings, and (ii) for any
taxable period beginning after December 31, 2017, the “tax matters partner” shall be designated as the “partnership
representative” within the meaning of Section 6223 of the Code (as amended by P.L. 114-74, the Bipartisan Budget Act of 2015)
and the Trust will, to the extent practicable, make the election described in Section 6226 of the Code (as amended by P.L. 114-74,
the Bipartisan Budget Act of 2015). Finally, if the Trust is treated as a partnership for federal income tax purposes, the Trust
will not elect to apply Sections 6221-6241 of the Code (as amended by P.L. 114-74, the Bipartisan Budget Act of 2015) to any taxable
period of the Trust beginning before December 31, 2017. If the Trust is obligated to pay any amount to a governmental agency or
body or to any other Person (or otherwise makes a payment) because of a Certificateholder’s status or otherwise specifically
attributable to a Certificateholder (including any taxes arising under P.L. 114-74, the Bipartisan Budget Act of 2015, and changes
to the Code relating thereto), then such Certificateholder shall, at the Trust’s sole election, either (i) pay the entire
amount (including any interest, penalties and expenses associated with such payment) the Trust is obligated to pay because of such
Certificateholder’s status or attributable to such Certificateholder to the Trust at least five days prior to the due date
for such payment by the Trust, or (ii) promptly reimburse the Trust in full for the entire amount any and all such amounts
paid by or on behalf of the Trust (including any interest, penalties and expenses associated with such payment).  In no event
shall the Certificateholder or the Depositor (or such designee Certificateholder, as applicable) be liable for any liabilities,
costs or expenses of the Trust or the Noteholders arising out of the application of any tax law, including federal, state, foreign
or local income or excise taxes or any other tax imposed on or measured by income (or any interest, penalty or addition with respect
thereto or arising from a failure to comply therewith) except for any such liability, cost or expense attributable to any negligent
act or omission by the Owner Trustee or the Depositor (or such designee Certificateholder, as applicable), as the case may be,
in breach of its obligations under this Agreement.

 

    	 	13	 

     

    

 

Section 5.06         Signature
on Returns

 

The Depositor (or, if the
Depositor no longer owns any of the Certificates, the Certificateholder designated for such purpose pursuant to Section 5.05)
or the Administrator shall sign the tax returns of the Trust on behalf of the Trust, unless applicable law requires the Owner Trustee
to sign such documents, in which case such documents shall be signed by the Owner Trustee, as required by applicable law.

 

ARTICLE
VI

 

Authority
and Duties of Owner Trustee

 

Section
6.01         General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to be a party, the Notes and each certificate or other
document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party and, in each case,
in such form as the Depositor shall approve, as evidenced conclusively by the presentation of such documents for execution to the
Owner Trustee by the Depositor or its counsel. In addition to the foregoing, the Owner Trustee is authorized, but shall not be
obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee is further authorized from
time to time, but shall not be obligated, to take such action as the Administrator directs in writing with respect to the Basic
Documents.

 

Section
6.02         General Duties. It shall be the duty of the Owner Trustee
to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and to administer
the Trust in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this
Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty
of the Owner Trustee or the Trust hereunder or under any Basic Document, and the Owner Trustee shall not be held liable for the
default or failure of the Administrator to carry out its obligations under the Administration Agreement.

 

Section
6.03         Action Upon Instruction.

 

(a)          Subject
to Article IV and in accordance with the terms of the Basic Documents, the Certificateholders may by written instruction
direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of
the Certificateholders pursuant to Article IV.

 

(b)          The
Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee
or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law.

 

    	 	14	 

     

    

 

(c)          Whenever
the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement
or under any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances)
to the Certificateholders requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee
acts in good faith in accordance with any written instruction of the Certificateholders received, the Owner Trustee shall not be
liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days
of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the
circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement
or the Basic Documents, as it shall deem necessary, and shall have no liability to any Person for such action or inaction.

 

(d)          In
the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any
such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or
in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course
of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice
(in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction and, to the extent
that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee
shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate
instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice
or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not
inconsistent with this Agreement or the Basic Documents, as it shall deem necessary, and shall have no liability to any Person
for such action or inaction.

 

Section
6.04         No Duties Except as Specified in this Agreement or in Instructions.
The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose
of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection
with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this
Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.03; and no
implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee. The Owner 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 prepare or file any filing, including
any Securities and Exchange Commission filing for the Trust or to record this Agreement or any Basic Document. The Owner Trustee
nevertheless agrees that it will promptly take all action as may be necessary to discharge any liens on any part of the Owner Trust
Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration
of the Owner Trust Estate.

 

Section
6.05         No Action Except Under Specified Documents or Instructions.
The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except
(i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement,
(ii) in accordance with the Basic Documents or (iii) in accordance with any document or instruction delivered to the
Owner Trustee pursuant to Section 6.03.

 

    	 	15	 

     

    

 

Section
6.06         Restrictions. The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual
knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for federal income tax purposes.
The Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section 6.06.

 

Section
6.07         Execution of Notes. The Owner Trustee is hereby authorized
and directed on behalf of the Trust to execute the Notes pursuant to the Indenture.

 

Section
6.08         Doing Business in Other Jurisdictions. Notwithstanding
anything contained herein or in any other Basic Document to the contrary, the Owner Trustee shall not be required to take any action
in any jurisdiction other than any state in which it is qualified to do business (any such state, a “State of Qualification”)
if the taking of such action may (i) require the consent, approval, authorization or order of, or the giving of notice to, or the
registration with, or the taking of any other action in respect of, any state or other governmental authority or agency of any
jurisdiction other than a State of Qualification; (ii) result in any fee, tax or other governmental charge under the laws of any
jurisdiction or any political subdivisions thereof in existence on the date hereof, other than a State of Qualification, becoming
payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than a State
of Qualification for causes of action arising from acts unrelated to the consummation of the transactions by the Owner Trustee,
as the case may be, contemplated hereby or in any other Transaction Document. In the event that the Owner Trustee does not take
any action because such action may result in the consequences described in the preceding sentence, it will appoint an additional
trustee pursuant to Section 10.05 to proceed with such action.

 

ARTICLE
VII

 

Concerning
the Owner Trustee

 

Section
7.01         Acceptance of Trusts and Duties. The Owner Trustee accepts
the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts, but only upon the terms of this
Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate
upon the terms of this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document
under any circumstances, except (i) for its own willful misconduct or negligence (including where such willful misconduct or negligence
results in non-compliance with any covenant or agreement of the Owner Trustee herein), (ii) for liabilities arising from the failure
by the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of Section 6.04 hereof, (iii) in
the case of the inaccuracy of any representation or warranty contained in Section 7.03 expressly made by the Owner
Trustee or (iv) for federal or state taxes, fees or other charges, based on or measured by any fees, commissions or compensation
received by the Owner Trustee in connection with any of the transactions contemplated by this Agreement or any of the Basic Documents.
In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

 

    	 	16	 

     

    

 

(a)          The
Owner Trustee shall not be liable for any error of judgment made by a Trust Officer of the Owner Trustee;

 

(b)          The
Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions
of the Administrator or any Certificateholder (provided that the instructions have been given by the requisite Percentage Interest
of the Certificates pursuant to this Agreement or one of the Basic Documents, as applicable);

 

(c)          No
provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee
shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured or provided to them;

 

(d)          Under
no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes;

 

(e)          The
Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution
hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of the Owner Trust Estate, or for
or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of authentication on the Trust
Certificates, and the Owner Trustee shall not in any event assume or incur any liability, duty or obligation to any Noteholder
or to any Certificateholder, other than as expressly provided for herein;

 

(f)          The
Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Depositor, the Indenture Trustee or the
Servicer under any of the Basic Documents or otherwise, and the Owner Trustee shall not have any obligation or liability to perform
the obligations of the Trust under this Agreement or the Basic Documents that are required to be performed by the Administrator
under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer or the Depositor under the Sale and
Servicing Agreement;

 

(g)          The
Owner Trustee shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute,
conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the
request, order or direction of any of the Certificateholders, unless such Certificateholders have offered to the Owner Trustee
reasonable security or indemnity satisfactory to the Owner Trustee against the costs, expenses and liabilities that may be incurred
by it therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any
Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence or
willful misconduct in the performance of any such act;

 

    	 	17	 

     

    

 

(h)          The
Owner Trustee shall not be liable for any losses due to forces beyond the control of the Owner Trustee, including without limitation
strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and
interruptions, loss or malfunctions of utilities or communications services;

 

(i)          In
no event shall the Owner Trustee be personally liable (i) for special, consequential, indirect or punitive damages, (ii) for the
acts or omissions of its nominees, correspondents, clearing agencies or securities depositories or (iii) for the acts or omissions
of brokers or dealers;

 

(j)          Notwithstanding
anything to the contrary herein or any Basic Document, the Owner Trustee shall not be required to execute, deliver or certify on
behalf of the Trust or any other Person, any filings, certificates, affidavits or other instruments required under the Sarbanes-Oxley
Act of 2002; and

 

(k)          The
Owner Trustee has not provided and will not provide in the future, any advice, counsel or opinion regarding the tax, financial
or investment implications and consequences of the formation, funding and ongoing administration of the Issuing Entity. The Owner
Trustee has no duties to the Depositor, any Certificateholder, the Issuing Entity or any other parties with respect to these matters.

 

Section
7.02         Furnishing of Documents. The Owner Trustee shall furnish
to the Certificateholders promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests,
demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents.
The Owner Trustee shall have no responsibility for the accuracy of any information provided to the Certificateholders or any other
Person that has been obtained from, or provided to the Owner Trustee.

 

Section
7.03         Representations and Warranties of the Owner Trustee. The
Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that:

 

(a)          It
is a national banking association duly formed and validly existing under the laws of the United States. It has all requisite corporate
power and authority to execute, deliver and perform its obligations under this Agreement.

 

(b)          It
has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will
be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

 

(c)          Neither
the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will (i) contravene any federal or Delaware law, governmental rule
or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, (ii) constitute
any default under its charter documents or bylaws, (iii) constitute any default under any indenture, mortgage, contract, agreement
or instrument to which it is a party or by which any of its properties may be bound or (iv) result in the creation or imposition
of any lien, charge or encumbrance on the Owner Trust Estate resulting from actions by or claims against the Owner Trustee which
are unrelated to this Agreement or the other Basic Documents.

 

    	 	18	 

     

    

 

(d)          It
has the power and authority to execute and deliver this Agreement; and the execution, delivery, and performance of this Agreement
by it has been duly authorized by all necessary corporate action.

 

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

 

Section
7.04         [Reserved].

 

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

 

(b)          In
the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement
or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered
into with it, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents
or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants
and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything
done, suffered or omitted in good faith which it believes to be authorized or within its rights or powers, in accordance with the
opinion or advice of any such counsel, accountants or other such Persons and not to its knowledge contrary to this Agreement or
any Basic Document.

 

Section
7.06         Not Acting in Individual Capacity. Except as provided in
this Article VII, in accepting the trusts hereby created, U.S. Bank Trust National Association acts solely as Owner
Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction
thereof.

 

    	 	19	 

     

    

 

Section
7.07         Owner Trustee Not Liable for Trust Certificates or Receivables.
The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic Document or of the
Trust Certificates (other than the signature and countersignature of the Owner Trustee on the Trust Certificates) or the Notes,
or of any Receivable or related documents. The Owner Trustee shall not at any time have any responsibility or liability for or
with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest
created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect
to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholders under
this Agreement or the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of
any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on
any computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any intervening assignment;
the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the Servicer
with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty
or representation, or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name
of the Owner Trustee.

 

Section
7.08         Owner Trustee May Own Trust Certificates and Notes. The
Owner Trustee in its individual or any other capacity may become the owner or pledgee of Trust Certificates or Notes and may deal
with the Depositor, the Administrator, the Indenture Trustee and the Servicer in banking transactions with the same rights as it
would have if it were not Owner Trustee.

 

Section
7.09         Legal Proceedings. As required by Regulation AB, the Owner
Trustee will promptly as practicable notify the Servicer, the Depositor and the Issuing Entity of the commencement or, if applicable,
the termination of any and all legal proceedings of which any property of the Owner Trustee is the subject, and any such proceedings
known to be contemplated by governmental authorities, in each case, that is material to the Holders of any Notes. In addition,
the Owner Trustee will furnish to the Servicer, the Depositor and the Issuing Entity, in writing, the necessary disclosure describing
such proceedings required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed pursuant to the Exchange
Act.

 

    	 	20	 

     

    

 

Section
7.10         Communications Regarding Demands to Repurchase Receivables.
The Owner Trustee shall provide notice to World Omni and the Depositor, as soon as practicable and in any event within five Business
Days, of all demands communicated to a Reporting Officer of the Owner Trustee for the repurchase or replacement of any Receivable
for breach of the representations and warranties concerning such Receivable. Such notices shall be provided to World Omni and the
Depositor at: (a) in the case of World Omni, World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442,
Telecopy: (954) 429-2685, Attention: Treasurer, and (b) in the case of the Depositor, to World Omni Auto Receivables LLC, 190 Jim
Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, or at such other address or by
such other means of communication as may be specified by World Omni or the Depositor to the Owner Trustee from time to time. The
Owner Trustee acknowledges and agrees that the purpose of this Section 7.10 is to facilitate compliance by World Omni and the Depositor
with Rule 15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules
and Regulations”). The Owner 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 cooperate in good faith at the sole cost
and expense of World Omni or the Depositor with any reasonable request made by World Omni or the Depositor for information which
is required in order to enable World Omni or the Depositor to comply with the Repurchase Rules and Regulations. The Owner Trustee’s
reporting is limited to information delivered to a Reporting Officer of the Owner Trustee that it has received or acquired solely
in its capacity as Owner Trustee and not in any other capacity. The Owner Trustee is not a securitizer (as defined in the Repurchase
Rules and Regulations) and in no event will U.S. Bank Trust National Association (individually or as Owner Trustee) have any responsibility
or liability in connection with (i) the compliance by any person who is a securitizer (as defined in Rule 15Ga-1) in connection
with the Issuing Entity, or any other person under the Repurchase Rules and Regulations or (ii) any filing required to be made
by a securitizer under the Repurchase Rules and Regulations in connection with the information provided pursuant to this Section
7.10. Other than any express duties or responsibilities as Owner Trustee under this Agreement, the Owner Trustee has no duty or
obligation to undertake any investigation or inquiry related to demands for the repurchase or replacement of any Receivable or
otherwise to assume any additional duties or responsibilities in respect of any transaction contemplated in this Agreement, and
no such additional obligations or duties are implied in this Agreement. The Owner Trustee will not have any duty to conduct, and
has not conducted, any affirmative investigation as to the occurrence of any conditions requiring the repurchase or replacement
of any Receivable.

 

ARTICLE
VIII

 

Compensation
of Owner Trustee

 

Section
8.01         Owner Trustee’s Fees and Expenses. The Owner Trustee
shall receive as compensation for its services hereunder during the term of this Agreement such fees as have been separately agreed
upon in writing before the date hereof between the Administrator and the Owner Trustee, and the Owner Trustee shall be entitled
to be reimbursed by the Administrator pursuant to the Administration Agreement for its other reasonable and documented expenses
hereunder, including the reasonable and documented compensation, expenses and disbursements of such agents, representatives, experts
and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder;
provided, that reimbursement for expenses and disbursements of any legal counsel to the Owner Trustee in connection
with the Closing Date shall be subject to any limitations separately agreed upon before the date hereof between the Depositor (or
any Affiliate thereof) and the Owner Trustee. The provisions of this Section 8.01 shall survive the resignation or removal
of the Owner Trustee and the termination of this Agreement.

 

    	 	21	 

     

    

 

Section
8.02         Indemnification. Pursuant to the Administration Agreement,
the Administrator shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors, stockholders,
employees, successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against,
any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable and documented
costs, expenses and disbursements (including reasonable and documented legal fees and expenses and including, without limitation,
any legal fees, costs and expenses incurred in connection with any enforcement (including any action, claim or suit brought) by
the Owner Trustee of any indemnification or other obligation of the Administrator) of any kind and nature whatsoever (collectively,
“Expenses”) which may at any time be imposed on, incurred by or asserted against any Indemnified Party in any
way relating to or arising out of this Agreement, the Basic Documents, the Owner Trust Estate, the administration of the Owner
Trust Estate or the action or inaction of any Indemnified Party hereunder, except only that the Administrator shall not be liable
for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from any of the matters described
in clauses (i), (ii), (iii) or (iv) of the third sentence of Section 7.01. The indemnities contained in this Section
shall survive the resignation or removal of the Owner Trustee or the termination of this Agreement. In any event of any claim,
action or proceeding for which indemnity is sought pursuant to this Section, the Owner Trustee’s choice of legal counsel
shall be subject to the approval of the Administrator, which approval shall not be unreasonably withheld or delayed.

 

Section
8.03         Payments to the Owner Trustee. Any amounts paid to the
Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of the Owner Trust Estate simultaneously
with such payment.

 

ARTICLE
IX

 

Termination
of Trust Agreement

 

Section
9.01         Termination of Trust Agreement. (a) The Trust shall be
dissolved immediately prior to the final distribution by the Owner Trustee or Paying Agent of all monies or other property or proceeds
of the Owner Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article V.
The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate
this Agreement or the Trust or (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting
or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate
or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.

 

(b)          Except
as provided in Section 9.01(a), neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate
the Trust.

 

(c)          Notice
of any termination of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their Trust Certificates
to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Paying Agent by letter to Certificateholders
mailed within five Business Days of receipt of actual notice of such termination from the Servicer given pursuant to Section 9.01(b)
of the Sale and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Trust
Certificates shall be made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein
designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment
Date is not applicable, and, as a result, payments will be made only upon presentation and surrender of the Trust Certificates
by Certificateholders at the office of the Paying Agent therein specified. The Paying Agent shall give such notice to the Certificate
Registrar (if other than the Indenture Trustee) and the Owner Trustee at the time such notice is given to Certificateholders. Upon
presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts
distributable on such Payment Date pursuant to Section 5.02.

 

    	 	22	 

     

    

 

In the event that all of
the Certificateholders shall not surrender their Trust Certificates for cancellation within six months after the date specified
in the above-mentioned written notice, the Paying Agent shall give a second written notice to the remaining Certificateholders
to surrender their Trust Certificates for cancellation and receive the final distribution with respect thereto. If within one year
after the second notice all the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee or Paying
Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders
concerning surrender of their Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Agreement. Any funds remaining in the Owner Trust Estate after exhaustion of such remedies shall be distributed
by the Paying Agent to the Depositor subject to applicable escheat laws.

 

(d)          Upon
the winding up of the Trust and receipt of written instruction from the Administrator, the Owner Trustee shall cause the Certificate
of Trust to be cancelled by filing a certificate of cancellation (as provided to it) with the Secretary of State of the State of
Delaware in accordance with the provisions of Section 3810 of the Statutory Trust Act and thereupon the Trust and this Trust
Agreement (other than Article VIII) shall terminate and be of no further force or effect.

 

ARTICLE
X

 

Successor
Owner Trustees and Additional Owner Trustees

 

Section
10.01         Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust
Act and it shall at all times be authorized to exercise corporate trust powers; having a combined capital and surplus of at least
$50,000,000, subject to supervision or examination by federal or state authorities and having (or having a parent which has) a
long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable
to each Rating Agency. If such entity shall publish reports of condition at least annually pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section,
the Owner Trustee shall resign promptly in the manner and with the effect specified in Section 10.02.

 

    	 	23	 

     

    

 

Section
10.02         Resignation or Removal of Owner Trustee. (a) Subject to
paragraph (c) of this Section, the Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall promptly appoint
a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning
Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee, as applicable,
may petition (at the expense of the Depositor) any court of competent jurisdiction for the appointment of a successor Owner Trustee.

 

(b)          Subject
to paragraph (c) of this Section, if at any time the Owner Trustee shall cease to be eligible in accordance with the provisions
of Section 10.01 and shall fail to resign after written request therefor by the Administrator, or if at any time the
Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or
of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee.
If the Administrator or the Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentences,
the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument
shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees
owed to the outgoing Owner Trustee and one copy to the Depositor, together with the basis for removal.

 

(c)          Any
resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this
Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03
and payment of all fees and expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation
or removal of the Owner Trustee to each Rating Agency.

 

Section
10.03         Successor Owner Trustee. Any successor Owner Trustee appointed
pursuant to Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner
Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor
Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become
fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if
originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor
Owner Trustee all documents and statements and monies held by it under this Agreement, and the Administrator and the predecessor
Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly
vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations.

 

No successor Owner Trustee
shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be
eligible pursuant to Section 10.01.

  

    	 	24	 

     

    

 

Upon written acceptance of
appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to all Certificateholders,
the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within 10 Business
Days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to
be mailed at the expense of the Administrator.

 

Any successor Owner Trustee
appointed hereunder shall promptly file an amendment to the Certificate of Trust with the Secretary of State of the State of Delaware
as required by the Statutory Trust Act.

 

Section
10.04         Merger or Consolidation of the Owner Trustee. Any corporation
or other entity into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation
or other entity resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation
or other entity succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor
to and assume all obligations of the Owner Trustee, without the execution or filing of any assignment or other instrument or any
further act on the part of such other entity or any of the parties hereto, anything herein to the contrary notwithstanding;
provided, that such corporation or other entity shall be eligible pursuant to Section 10.01
and, provided, further, that the Owner Trustee shall mail notice of such merger, conversion
or consolidation to the Depositor, who shall promptly deliver such notice to each Rating Agency.

 

Section
10.05         Appointment of Co-Trustee or Separate Trustee. Notwithstanding
any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Administrator and the Owner Trustee
acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the
Administrator and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or separate trustees,
of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Trust or any part
thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator
and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within
15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment.
No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor Owner
Trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate trustee shall be required
pursuant to Section 10.03.

 

Each separate trustee and
co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

 

(a)          All
rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed
by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee
is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that, under any law of
any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified
to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the
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 Owner Trustee;

 

    	 	25	 

     

    

 

(b)          No
trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement;
and

 

(c)          The
Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or
co-trustee without notice to any Rating Agency or any other Person.

 

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

 

Any separate trustee or co-trustee
may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited
by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee
or separate trustee.

 

ARTICLE
XI

 

Miscellaneous

 

Section
11.01         Supplements and Amendments. This Agreement may be amended
by the Depositor and the Owner Trustee, without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity,
to correct or supplement any provision in this Agreement or for the purpose of adding any provision to or changing in any manner
or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders.
Such amendments require: (i) satisfaction of the Rating Agency Condition or (ii) an Officer’s Certificate of the Depositor
stating that the amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder.

 

    	 	26	 

     

    

 

This Agreement may also be
amended from time to time by the Depositor and the Owner Trustee, with the consent of holders of at least a majority of the Outstanding
Amount of the Controlling Securities (unless (i) the interests of the Noteholders are not affected materially and adversely, as
evidenced by an Officer’s Certificate of the Depositor to that effect delivered to the Indenture Trustee and the Owner Trustee
by the Depositor or (ii) satisfaction of the Rating Agency Condition) and the consent of the Certificateholders evidencing at least
a majority Percentage Interest of the Trust Certificates (unless (i) the interests of the Certificateholders are not affected materially
and adversely and (ii) an Officer’s Certificate of the Depositor to that effect is delivered to the Owner Trustee by the
Depositor), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however,
that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections
of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders
or (b) reduce the aforesaid percentage of the Outstanding Amount of the Controlling Securities and the Percentage Interest
in the Trust Certificates required to consent to any such amendment, without the consent of the holders of all the Outstanding
Notes and Certificates affected thereby.

 

Promptly after the execution
of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent
to the Administrator and the Administrator shall furnish such notice to each Certificateholder, the Indenture Trustee and each
Rating Agency.

 

It shall not be necessary
for the consent of Certificateholders, Noteholders or the Indenture Trustee pursuant to this Section to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other
Basic Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable
requirements as the Administrator may prescribe.

 

Promptly after the execution
of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of
State of the State of Delaware.

 

In connection with the execution
of any amendment to this Agreement or any amendment to any other agreement to which the Issuing Entity is a party, the Owner Trustee
shall be entitled to receive and conclusively rely upon an Opinion of Counsel to the effect that such amendment is authorized or
permitted by this Agreement or, as applicable such other agreement, and that all conditions precedent to the execution and delivery
thereof by the Issuing Entity or the Owner Trustee, as the case may be, have been satisfied. The Owner Trustee may, but shall not
be obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties or immunities under this
Agreement or otherwise.

 

Section
11.02         No Legal Title to Owner Trust Estate in Certificateholders.
The Certificateholders shall not have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled
to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles V
and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and
in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle
any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

 

    	 	27	 

     

    

 

Section
11.03         Limitations on Rights of Others. Except for Section 2.07,
the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator,
the Servicer and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement
(other than Section 2.07 hereof), whether express or implied, shall be construed to give to any other Person any legal
or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions
or provisions contained herein.

 

Section
11.04         Notices. (a) Unless otherwise expressly specified or permitted
by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt by the intended recipient or on the
next Business Day after delivery if delivered by a recognized overnight courier or upon receipt of written confirmation of receipt
of facsimile, if delivered by facsimile (except that notice to the Owner Trustee shall be deemed given only upon actual receipt
by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office, if to the Depositor, addressed to World
Omni Auto Receivables LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, telephone: (954) 429-2200, facsimile: (954)
429-2685, Attention: Treasurer; or, as to each party, at such other address or electronic mail address as shall be designated by
such party in a written notice to each other party.

 

(b)          Any
notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address
of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement
shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

 

(c)          The
Depositor’s obligation to deliver or provide any demand, delivery, notice, communication or instruction to any Person other
than a Noteholder shall be satisfied by the Depositor making such demand, delivery, notice, communication or instruction available
at https://via.intralinks.com/, or such other website or distribution service or provider as the Depositor shall designate by written
notice to the other parties.

 

Section
11.05         Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section
11.06         Separate Counterparts. This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same instrument.

 

Section
11.07         Successors and Assigns. All covenants and agreements contained
herein shall be binding upon, and inure to the benefit of, each of the Depositor and its permitted assignees, the Owner Trustee
and its successors, and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice,
direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder.

 

    	 	28	 

     

    

 

Section
11.08         Covenants of the Depositor. In the event that any Certificateholder
commences any litigation with claims in excess of $1,000,000 to which the Depositor is a party which in the judgment of counsel
to the Depositor who may be an employee of the Depositor, shall be reasonably likely to result in a material judgment against the
Depositor that the Depositor will not be able to satisfy, during the period beginning nine months following the commencement of
such litigation and continuing until such litigation is dismissed or otherwise terminated (and, if such litigation has resulted
in a final judgment against the Depositor, such judgment has been satisfied), the Depositor shall not pay any dividend to World
Omni, or make any distribution to World Omni, or repay the principal amount of any indebtedness of the Depositor held by World
Omni, unless (i) after giving effect to such dividend, distribution or repayment, the Depositor’s liquid assets shall
not be less than the amount of actual damages claimed in such litigation that are reasonably likely to equal the amount of the
judgment, if any, against the Depositor or (ii) the Rating Agency Condition shall have been satisfied with respect to any
such dividend, distribution or repayment. The Depositor will not at any time institute against the Trust any bankruptcy proceedings
under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates,
the Notes, the Trust Agreement or any of the Basic Documents.

 

Section
11.09         No Petition. To the fullest extent permitted by applicable
law, the Owner Trustee, by entering into this Agreement, each Certificateholder, by accepting a Trust Certificate, and the Indenture
Trustee and each Noteholder, by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time
institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any involuntary
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 Trust Certificates, the Notes, this Agreement
or any of the Basic Documents.

 

Section
11.10         No Recourse. Each Certificateholder by accepting a Trust
Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Trust only
and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture
Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set
forth or contemplated in this Agreement, the Trust Certificates or the Basic Documents to which such parties are a party.

 

In the event that a Certificateholder
(other than the Depositor) is deemed, under applicable law by any court or other authority of competent jurisdiction, to have an
interest in any assets of the Depositor or any Affiliate of the Depositor other than the beneficial interest in the Trust (“other
assets”), the parties to this Agreement and the Certificateholders acknowledge and agree that: (i) such Certifcateholder’s
Certificate represents an undivided beneficial interest in the assets of the Trust and the Trust Estate only, (ii) any such Certificateholder’s
claim against any other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons
to whom rights in the other assets have been expressly granted (“entitled Persons”), including to the payment in full
of all amounts owing to such entitled Persons, and (iii) the covenant set forth in the preceding clause (ii) constitutes a “subordination
agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code.

 

    	 	29	 

     

    

 

Section
11.11         Headings. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

 

Section
11.12         GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS; provided, however,
that there shall not be applicable to the parties hereunder or this Agreement any provision of the laws (common or statutory) of
the State of Delaware pertaining to trusts that relate to or regulate, in a manner inconsistent with the terms hereof, (a) the
filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative
requirements to post bonds for trustees, officers, agents or employees of a trust, (c) the necessity for obtaining court or other
governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable
to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal,
(f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating
to the titling, storage or other manner of holding or investing trust assets or (g) the establishment of fiduciary or other standards
of responsibility or limitations on the acts or powers of trustees that are inconsistent with the limitations or authorities and
powers of the Owner Trustee hereunder as set forth or referenced in this Agreement. Section 3540 of Title 12 of the Delaware Code
shall not apply to the Trust.

 

To the fullest extent permitted
by applicable law, each of the parties to this agreement and each Certificateholder by its acceptance thereof, hereby irrevocably
and unconditionally consents to submit to the nonexclusive jurisdiction of the courts of the State of Delaware for purposes of
any action or proceeding arising out of or in connection with this Agreement, the Certificates or the transactions contemplated
hereby or thereby.

 

EACH OF THE PARTIES HERETO,
AND EACH CERTIFICATEHOLDER BY ITS ACCEPTANCE THEREOF, IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE CERTIFICATES OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY.

 

    	 	30	 

     

    

 

Section
11.13         Compliance with Applicable Anti-Terrorism and Anti Money Laundering
Regulations. In order to comply with laws, rules and regulations applicable to banking institutions, including those relating
to the funding of terrorist activities and money laundering, the Owner Trustee may be required to obtain, verify and record certain
information relating to individuals and entities which maintain a business relationship with the Owner Trustee. Accordingly each
of the parties to this transaction agrees to provide to the Owner Trustee upon its request from time to time such indentifying
information and documentation as may be available for such party in order to enable the Owner Trustee to comply with applicable
law.

 

ARTICLE
XII

 

COMPLIANCE
WITH REGULATION AB

 

Section
12.01         Intent of the Parties; Reasonableness. The Depositor and
the Owner Trustee acknowledge and agree that the purpose of this Article XII is to facilitate compliance by the Depositor with
the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor shall not exercise its right
to request delivery of information or other performance under these provisions other than in good faith, or for purposes other
than the Depositor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission
thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Owner
Trustee agrees to cooperate in good faith with the Depositor and shall deliver (and cause each of its Reporting Subcontractors,
if any, to deliver) to the Depositor any information reasonably requested by the Depositor regarding the Owner Trustee which is
required in order to enable the Depositor to comply with the provisions of Items 1109(a), 1109(b), 1117 and 1119 of Regulation
AB or any of its other Exchange Act reporting obligations as it relates to the Owner Trustee or to the Owner Trustee’s obligations
under this Agreement (including with respect to any of its successors or predecessors; provided, however,
that this parenthetical shall apply only to the successors or predecessors of the Owner Trustee contemplated by Section 10.04 hereof).
The obligations of the Owner Trustee to provide such information shall survive the removal or resignation of the Owner Trustee
hereunder.

 

Section
12.02         Information to Be Provided by the Owner Trustee. The Owner
Trustee shall (i) on or before the fifth Business Day following a written request of the Depositor, provide to the Depositor,
in writing, such information regarding the Owner Trustee as is requested for the purpose of compliance with Item 1117 of Regulation
AB, and (ii) pursuant to Section 7.09 hereof as promptly as practicable following notice to or discovery by the Owner Trustee
of any changes to such information, provide to the Depositor, in writing, updated information necessary for compliance with Item
1117 of Regulation AB.

 

The Owner Trustee shall (i) on
or before the fifth Business Day following a written request of the Depositor in connection with the preparation of any required
quarterly or annual report, provide to the Depositor such information regarding the Owner Trustee as is requested for the purpose
of compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB, and (ii) as promptly as practicable following notice
to or discovery by the Owner Trustee of any changes to such information, provide to the Depositor, in writing, updated information.
Such information shall include, at a minimum:

 

    	 	31	 

     

    

 

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

 

(b)          a
description of the extent to which the Owner Trustee has had prior experience serving as a trustee for asset-backed securities
transactions involving receivables of the same type as the Receivables;

 

(c)          a
description of any affiliation between the Owner Trustee and any of the following parties to a Securitization Transaction, as such
parties are identified to the Owner Trustee by the Depositor in writing in advance of such Securitization Transaction:

 

(i)          the
sponsor;

 

(ii)         any
depositor;

 

(iii)        the
issuing entity;

 

(iv)        any
servicer;

 

(v)         any
trustee;

 

(vi)        any
originator;

 

(vii)       any
significant obligor;

 

(viii)      any
enhancement or support provider, including any swap or cap counterparty;

 

(ix)         any
asset representations reviewer; and

 

(x)          any
other material transaction party.

 

In connection with the above-listed parties,
a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction
or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained in an
arm’s length transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently
exists or that existed during the past two years and that is material to an investor’s understanding of the asset-backed
securities.

 

* * * * * *

 

    	 	32	 

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES LLC,
	 	as Depositor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

THE
BANK OF NEW YORK MELLON acknowledges and accepts, as of the date first above written, its appointment as Paying Agent and
Certificate Registrar in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement applicable
to the Paying Agent and Certificate Registrar.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

     

     

    

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

THIS CERTIFICATE IS SUBORDINATED TO THE NOTES,
AS AND TO THE EXTENT SET FORTH IN THE SALE AND SERVICING AGREEMENT.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS
OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS CERTIFICATE THE HOLDER HEREOF IS DEEMED
TO REPRESENT TO THE DEPOSITOR AND THE OWNER TRUSTEE (i) THAT IT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D PROMULGATED UNDER THE 1933 ACT (AN “ACCREDITED INVESTOR”) AND THAT IT IS
ACQUIRING THIS CERTIFICATE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH
OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT AND NOT WITH
A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, THE PUBLIC DISTRIBUTION HEREOF, (ii) THAT IT IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT (A “QUALIFIED INSTITUTIONAL BUYER”) AND IS ACQUIRING SUCH CERTIFICATE
FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED
INSTITUTIONAL BUYERS) OR (iii) THAT IT IS AN INVESTOR THAT IS OTHERWISE PERMITTED TO ACQUIRE THIS CERTIFICATE UNDER THE TRUST AGREEMENT.

 

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE
MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE DEPOSITOR, (ii) SUCH SALE,
PLEDGE OR OTHER TRANSFER IS MADE TO AN ACCREDITED INVESTOR THAT EXECUTES A CERTIFICATE, SUBSTANTIALLY IN THE FORM SPECIFIED IN
THE TRUST AGREEMENT, TO THE EFFECT THAT IT IS AN ACCREDITED INVESTOR ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS)
OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY
CAPACITY), (iii) SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, SUCH SALE, PLEDGE
OR OTHER TRANSFER IS MADE TO A PERSON WHO THE PROSPECTIVE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QUALIFIED INSTITUTIONAL
BUYER, ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO
ARE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, OR (iv) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS
OF THE 1933 ACT, IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE
CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN
FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR. EXCEPT IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES (i)
OR (iii) ABOVE, THE OWNER TRUSTEE, THE DEPOSITOR AND THE CERTIFICATE REGISTRAR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH
SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, ANY AFFILIATE OF THE DEPOSITOR OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR
AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE 1933 ACT.

 

    	 	Ex. A-1	 

     

    

 

EACH SECURITYHOLDER, BY ITS ACCEPTANCE OF THIS
SECURITY, COVENANTS AND AGREES THAT SUCH SECURITYHOLDER, SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE TERMINATION
OF THE TRUST AGREEMENT, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE TRUST OR THE DEPOSITOR TO INVOKE THE PROCESS OF ANY
COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING AN INVOLUNTARY CASE AGAINST THE TRUST OR THE DEPOSITOR
UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW, OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE,
TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE TRUST OR THE DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS PROPERTY,
OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE TRUST OR THE DEPOSITOR.

 

No
transfer of this Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the
form of paragraph 3 to the Investment Letter attached to the trust agreement as Exhibit D from such Person to the effect
that such Person is not and is not acting on behalf of (i) an employee benefit plan subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), (ii) a plan subject to Section 4975 of the internal
revenue Code of 1986, as amended (the “Code”), (iii) any entity whose underlying assets include plan assets
by reason of a plan’s investment in the entity or (iv) any plan that is subject to any federal, state or local law that is,
to a material extent, similar to the foregoing provisions of ERISA or Section 4975 of the Code (“Similar Law”)
(each, a “Plan”) or (B) an opinion of counsel satisfactory to the Owner Trustee, the Certificate Registrar and
the Depositor to the effect that the purchase and holding of this Certificate by such Person (i) will not result in the assets
of the Issuing Entity being deemed to be “plan assets” subject to the prohibited transactions provisions of ERISA,
Section 4975 of the Code or Similar Law and will not subject the Owner Trustee, the Indenture Trustee, the Certificate Registrar,
the Servicer or the Depositor to any obligation in addition to those undertaken in the Basic Documents and (ii) will not constitute
or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar Law. The preparation and delivery of the
certificate and opinions referred to above with respect to a proposed transfer shall not be an expense of the Issuing Entity, the
Owner Trustee, the Certificate Registrar, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or
purported transfer in violation of these transfer restrictions will be null and void and will vest no rights in any purported transferee.

 

    	 	Ex. A-2	 

     

    

 

THIS CERTIFICATE WILL NOT BE REGISTERED FOR
TRANSFER UNLESS THE CERTIFICATE REGISTRAR RECEIVES (A) A CERTIFICATION FROM THE TRANSFEREE OF SUCH CERTIFICATE TO THE EFFECT THAT
SUCH TRANSFEREE IS A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE AND (B) THE OWNER TRUSTEE, THE
CERTIFICATE REGISTRAR, THE DEPOSITOR AND THE INDENTURE TRUSTEE SHALL HAVE RECEIVED AN OPINION OF COUNSEL (WHICH COUNSEL IS INDEPENDENT
FROM THE DEPOSITOR AND THE TRUST) THAT SUCH ACTION SHALL NOT CAUSE THE TRUST TO BE TREATED AS AN ASSOCIATION (OR PUBLICLY TRADED
PARTNERSHIP) TAXABLE AS A CORPORATION FOR FEDERAL INCOME TAX PURPOSES AND SUCH TRANSFEREE OR ASSIGNEE SHALL AGREE TO TAKE POSITIONS
FOR TAX PURPOSES CONSISTENT WITH THE TAX POSITIONS SET FORTH IN SECTION 2.06 OF THE TRUST AGREEMENT AS AGREED TO BE TAKEN
BY THE CERTIFICATEHOLDER.

 

    	 	Ex. A-3	 

     

    

 

NO.:

 

WORLD OMNI AUTO RECEIVABLES TRUST 2016-A

TRUST CERTIFICATE

 

evidencing a fractional undivided beneficial
interest in the Trust, as defined below, the property which consists of retail installment sale contracts for new and used automobiles
and light-duty trucks (transferred to the Trust on the Closing Date (the “Receivables”), all monies received
on or after the Cutoff Date; any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability,
theft, mechanical breakdown or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors;
any Financed Vehicle that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer,
or the Trust; the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause
World Omni to purchase Receivables under certain circumstances; the Trust Accounts; and certain other rights under the Trust Agreement
and Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates).

 

THIS TRUST CERTIFICATE DOES NOT REPRESENT AN
INTEREST IN OR OBLIGATION OF WORLD OMNI AUTO RECEIVABLES LLC, WORLD OMNI FINANCIAL CORP. OR ANY OF THEIR RESPECTIVE AFFILIATES.

 

THIS CERTIFIES THAT ________________
is the registered owner of ___% nonassessable, fully-paid, fractional undivided beneficial interest in World Omni Auto Receivables
Trust 2016-A (the “Trust”), formed by World Omni Auto Receivables LLC, a Delaware limited liability company
(the “Depositor”).

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Trust Certificates referred
to in the within-mentioned Trust Agreement.

 

	U.S. BANK TRUST NATIONAL ASSOCIATION,

                    not in its individual capacity but solely as Owner Trustee
	 	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
	 	OR	 
	 	 	By: THE BANK OF NEW YORK MELLON, as Authenticating Agent
	 	 	 	 	 
	By:	 	 	By:	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:

 

    	 	Ex. A-4	 

     

    

 

The Trust was created pursuant
to a Trust Agreement dated February 11, 2016
(as amended and restated on March 23, 2016, and as may be amended, restated or supplemented from time to time, the “Trust
Agreement”), between the Depositor and U.S. Bank Trust National Association, as owner trustee (the “Owner Trustee”),
a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized
terms used herein have the meanings assigned to them in the Trust Agreement or the Sale and Servicing Agreement, dated as of March
23, 2016 (as amended and supplemented from time to time, the “Sale and Servicing Agreement”), among the Trust,
the Depositor and World Omni Financial Corp., as servicer (the “Servicer”), as applicable.

 

This Certificate is one of
the duly authorized Certificates designated as “Trust Certificates” (herein called the “Trust Certificates”).
Also issued under an Indenture, dated as of March 23, 2016 (the “Indenture”), between the Trust and The Bank
of New York Mellon, as indenture trustee, are the Notes designated as “Asset-Backed Notes” (the “Notes”).
This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which
Trust Agreement the Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder
is bound. The property of the Trust consists of retail installment sale contracts for new and used automobiles and light-duty trucks
transferred to the Trust on the Closing Date (the “Receivables”), all monies received after the Cutoff Date;
any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability, theft, mechanical breakdown
or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle
that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer, or the Trust;
the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause World Omni
to purchase Receivables under certain circumstances; the Trust Accounts; and certain other rights under the Trust Agreement and
Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates). The rights of
the Certificateholders are subordinated to the rights of the Noteholders, as and to the extent set forth in the Sale and Servicing
Agreement and the Indenture.

 

Under the Trust Agreement,
there will be distributed on the 15th of each month of each year or, if such day is not a Business Day, the immediately
following Business Day (each, a “Payment Date”), commencing on April 15, 2016, to the Person in whose name this
Trust Certificate is registered at the close of business on the Business Day immediately preceding such Payment Date (the “Record
Date”), such Certificateholder’s fractional undivided interest in the amount to be distributed to Certificateholders
on such Payment Date. No distributions will be made on any Certificate on any Payment Date until the full amount of interest and
principal payable on the Notes on such Payment Date has been paid in full and the Reserve Account has been replenished to its required
amount, if necessary.

 

The Certificateholder of
this Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate are
subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement and the Indenture.

 

It is the intention of the
Depositor, the Servicer and the Certificateholders that, solely for Federal, state and local income and franchise tax purposes,
(a) so long as the Trust has only one Certificateholder, the Trust will be disregarded as a separate entity and (b) at such time
as the Trust has more than one Certificateholder, the Trust will be treated as a partnership. Neither the Servicer nor the Depositor
or any Certificateholder will take any action to the contrary.

 

    	 	Ex. A-5	 

     

    

 

Each Certificateholder, by
its acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not at any time institute against
the Depositor, or join in any institution against the Depositor of, any involuntary 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 Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents.

 

Distributions on this Trust
Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder
without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as otherwise provided
in the Trust Agreement and notwithstanding the above, the final distribution on this Trust Certificate will be made after due notice
by the Owner Trustee or Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Trust
Certificate at the office or agency maintained for that purpose by the Owner Trustee.

 

Reference is hereby made
to the further provisions of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate of
authentication hereon shall have been executed by an Authorized Officer of the Owner Trustee, by manual signature, this Trust Certificate
shall not entitle the Certificateholder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or
be valid for any purpose.

 

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

 

    	 	Ex. A-6	 

     

    

 

IN WITNESS WHEREOF, the Owner
Trustee, on behalf of the Trust and not in its individual capacity, has caused this Trust Certificate to be duly executed.

 

	 	WORLD OMNI AUTO RECEIVABLES TRUST 2016-A
	 	 	 
	 	By:	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

 

	Dated:  _______________	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	Ex. A-7	 

     

    

 

[REVERSE OF TRUST CERTIFICATE]

 

The Trust Certificates do
not represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee, or any affiliates of any of
them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in
the Trust Agreement or the Basic Documents. In addition, this Trust Certificate is not guaranteed by any governmental agency or
instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and certain
other amounts), all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each of the Sale and
Servicing Agreement and the Trust Agreement may be examined by any Certificateholder upon written request during normal business
hours at the principal office of the Depositor and at such other places, if any, designated by the Depositor.

 

The Trust Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor
and the rights of the Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the
consent of the Certificateholders of at least a majority Percentage Interest in the Trust Certificates and holders of at least
a majority of the Outstanding Amount of the Controlling Securities. Any such consent by the Certificateholder of this Trust Certificate
shall be conclusive and binding on such Certificateholder and on all future Certificateholders of this Trust Certificate and of
any Trust Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent is made upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances,
without the consent of the Certificateholders of any of the Trust Certificates.

 

As provided in the Trust
Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registerable in the Certificate
Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar
maintained by the Indenture Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee
and the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized
in writing, and thereupon one or more new Trust Certificates of authorized denominations evidencing the same aggregate interest
in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement
is The Bank of New York Mellon.

 

Except as provided in the
Trust Agreement, the Trust Certificates shall be issued in a 100% Percentage Interest. As provided in the Trust Agreement and subject
to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations
evidencing the same aggregate denomination, as requested by the Certificateholder surrendering the same. No service charge will
be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment
of a sum sufficient to cover any tax or governmental charge payable in connection therewith.

 

    	 	Ex. A-8	 

     

    

 

The Owner Trustee, the Certificate
Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall
be affected by any notice to the contrary.

 

The obligations and responsibilities
created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to Certificateholders of all amounts
required to be paid to them pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property
held as part of the Owner Trust Estate. The Servicer may at its option purchase the Owner Trust Estate at a price specified in
the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement
of the Notes and the Trust Certificates; however, such right of purchase is exercisable only as of the last day of any Collection
Period as of which the Pool Balance is 10% or less of the Aggregate Starting Principal Balance of all Receivables transferred to
the Trust.

 

    	 	Ex. A-9	 

     

    

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY OR

 

OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

 

(Please print or type name and address, including
postal zip code, of assignee)

 

the within Trust Certificate, and all rights
thereunder, and hereby irrevocably constitutes and appoints ________________________, attorney, to transfer said Trust Certificate
on the books of the Certificate Registrar, with full power of substitution in the premises.

 

Dated:

 

	 	*/
	 	 
	 	Signature Guaranteed:
	 	 
	 	*/

 

 

 

*/ NOTICE: The signature to this assignment
must correspond with the name as it appears upon the face of the within Trust Certificate in every particular, without alteration,
enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial
bank or trust company.

 

    	 	Ex. A-10	 

     

    

 

EXHIBIT B

 

CERTIFICATE OF TRUST OF

WORLD OMNI AUTO RECEIVABLES TRUST 2016-A

 

THIS Certificate of Trust
of WORLD OMNI AUTO RECEIVABLES TRUST 2016-A (the “Trust”), is being duly executed and filed by the undersigned,
not in its individual capacity but solely as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del.
C. § 3801 et seq.) (the “Act”).

 

1.          Name.
The name of the statutory trust formed hereby is World Omni Auto Receivables Trust 2016-A.

 

2.          Delaware
Trustee. The name and business address of the trustee of the Trust in the State of Delaware are U.S. Bank Trust National Association,
300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801.

 

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

 

* * * * *

 

    	 	Ex. B-1	 

     

    

 

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

 

	 	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Ex. B-2	 

     

    

 

EXHIBIT C

 

FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

U.S. Bank Trust National Association

as Owner Trustee of World Omni Auto Receivables Trust 2015-B

Mail Code MK-IL-SL7R

190 S. LaSalle St. 7th Floor

Chicago, Illinois 60603

Attention: Corporate Trust Services World Omni Auto Receivables
Trust 2016-A

The Bank of New York Mellon

101 Barclay Street, 7W

New York, New York 10286

Attention: Asset-Backed Securities Unit

 

		Re:	World Omni Auto Receivables Trust 2016-A

Trust Certificates

 

Ladies and Gentlemen:

 

In connection with our disposition
of the above-referenced Trust Certificates (the “Certificates”) we certify that (a) we understand that the Certificates
have not been registered under the Securities Act of 1933, as amended (the “Act”), and are being transferred
by us in a transaction that is exempt from the registration requirements of the Act and (b) we have not offered or sold any Certificates
to, or solicited offers to buy any Certificates from, any person, or otherwise approached or negotiated with any person with respect
thereto, in a manner that would be deemed, or taken any other action which would result in, a violation of Section 5 of the Act.

 

	 	Very truly yours,
	 	 
	 	[NAME OF TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

    	 	Ex. C	 

     

    

 

EXHIBIT D

 

FORM OF INVESTMENT LETTER

 

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

U.S. Bank Trust National Association

as Owner Trustee of World Omni Auto Receivables Trust 2015-B

Mail Code MK-IL-SL7R

190 S. LaSalle St. 7th Floor

Chicago, Illinois 60603

Attention: Corporate Trust Services World Omni Auto Receivables
Trust 2016-A

The Bank of New York Mellon

101 Barclay Street, 7W

New York, New York 10286

Attention: Asset-Backed Securities Unit

 

Ladies and Gentlemen:

 

In connection with our proposed
purchase of Trust Certificates (the “Certificates”) of World Omni Auto Receivables Trust 2016-A (the “Issuing
Entity”), we confirm that:

 

1.          We
understand that the Certificates have not been registered under the Securities Act of 1933, as amended (the “1933 Act”),
and may not be sold except as permitted in the following sentence. We understand and agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, (x) that such Certificates are being offered only in a transaction
not involving any public offering within the meaning of the 1933 Act and (y) that such Certificates may be resold, pledged or transferred
only (i) to the Depositor, (ii) to an “accredited investor” as defined in Rule 501(a)(1),(2),(3) or (7) of
Regulation D under the 1933 Act (an “Accredited Investor”) acting for its own account (and not for the account
of others) or as a fiduciary or agent for others (which others also are Accredited Investors unless the holder is a bank acting
in its fiduciary capacity) that executes a certificate substantially in the form hereof, (iii) so long as such Certificate
is eligible for resale pursuant to Rule 144A under the 1933 Act (“Rule 144A”), to a person whom we reasonably believe
after due inquiry is a “qualified institutional buyer” as defined in Rule 144A, acting for its own account (and not
for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional buyers”)
to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (iv) in a sale, pledge
or other transfer made in a transaction otherwise exempt from the registration requirements of the 1933 Act, in which case the
Owner Trustee shall require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and
the Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to
the Owner Trustee and the Depositor. Except in the case of a transfer described in clauses (i) or (iii) above, the Owner Trustee
shall require that a written opinion of counsel (which will not be at the expense of the Depositor, any affiliate of the Depositor
or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee be delivered to the Depositor and the Owner Trustee to
the effect that such transfer will not violate the 1933 Act, and will be effected in accordance with any applicable securities
laws of each state of the United States. We will notify any purchaser of the Certificates from us of the above resale restrictions,
if then applicable. We further understand that in connection with any transfer of the Certificates by us that the Depositor and
the Owner Trustee may request, and if so requested we will furnish, such certificates and other information as they may reasonably
require to confirm that any such transfer complies with the foregoing restrictions.

 

    	 	Ex. D-1	 

     

    

 

2.          [CHECK
ONE]

 

		’	(a)We are an Accredited Investor acting for our own account (and not for the account of others)
or as a fiduciary or agent for others (which others also are Accredited Investors unless we are a bank acting in its fiduciary
capacity). We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Certificates, and we and any accounts for which we are acting are each able to bear the economic
risk of our or their investment for an indefinite period of time. We are acquiring the Certificates for investment and not with
a view to, or for offer and sale in connection with, a public distribution.

 

		’	(b)We are a “qualified institutional buyer” as defined under Rule 144A under the 1933
Act and are acquiring the Certificates for our own account (and not for the account of others) or as a fiduciary or agent for others
(which others also are “qualified institutional buyers”). We are familiar with Rule 144A under the 1933 Act and are
aware that the seller of the Certificates and other parties intend to rely on the statements made herein and the exemption from
the registration requirements of the 1933 Act provided by Rule 144A.

 

3.          We
are not and are not acting on behalf of (i) an employee benefit plan subject to Title I of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), (ii) a plan subject to Section 4975 of the Internal Revenue
Code of 1986, as amended (the “Code”), (iii) any entity whose underlying assets include plan assets by reason
of a plan’s investment in the entity or (iv) any plan that is subject to any federal, state or local law that is, to a material
extent, similar to the foregoing provisions of ERISA or the Code (“Similar Law”). We hereby acknowledge that
no transfer of any Certificate shall be permitted to be made to any person unless the Trustee has received (i) a certificate from
such transferee to the effect of the preceding sentence or (ii) an opinion of counsel satisfactory to the Owner Trustee, the Certificate
Registrar and the Depositor to the effect that the purchase and holding of any such Certificate by such person (A) will not result
in the assets of the Issuing Entity being deemed to be “plan assets” and subject to the prohibited transaction provisions
of ERISA, Section 4975 of the Code or Similar Law and will not subject the Certificate Registrar, the Owner Trustee, the Indenture
Trustee, the Servicer or the Depositor to any obligation in addition to those undertaken in the Basic Documents with respect to
the Certificates and (B) will not constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar
Law.

 

    	 	Ex. D-2	 

     

    

 

4.          We
are a United States Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code), and acknowledge that unless
the Owner Trustee and the Indenture Trustee shall have received an opinion of counsel (which counsel is independent from the Depositor
and the Trust) that such action shall not cause the Trust to be treated as an association (or publicly traded partnership) taxable
as a corporation for federal income tax purposes, no purchase of any Certificate shall be permitted to be made to any Person who
is not a United States Person and any such purported purchase or transfer in violation of these restrictions shall be null and
void.

 

5.          We
understand that the Depositor, the Trust and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations
and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have been made by us
by our purchase of the Certificates, for our own account or for one or more accounts as to each of which we exercise sole investment
discretion, are no longer accurate, we shall promptly notify the Depositor.

 

6.          You
are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,
	 	 
	 	[NAME OF PURCHASER]
	 	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	Date:	 

 

    	 	Ex. D-3	 

     

    

 

EXHIBIT E

 

FORM OF RECEIVABLES

 

Documents on file at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654

 

    	 	Ex. EEX-4.1

 Exhibit 4.1 
  

 
 SENIOR INDENTURE 

TOTAL SYSTEM SERVICES, INC. 
 TO

 REGIONS BANK 
 TRUSTEE 

Dated as of March 17, 2016 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
	  	 	1	  
			
	 Section 1.1
	    	 Definitions
	  	 	1	  
	 Section 1.2
	    	 Compliance Certificates and Opinions
	  	 	8	  
	 Section 1.3
	    	 Forms of Documents Delivered to Trustee
	  	 	8	  
	 Section 1.4
	    	 Acts of Holders
	  	 	9	  
	 Section 1.5
	    	 Notices, Etc. to Trustee and Company
	  	 	11	  
	 Section 1.6
	    	 Notice to Holders; Waiver
	  	 	11	  
	 Section 1.7
	    	 Conflict with Trust Indenture Act
	  	 	12	  
	 Section 1.8
	    	 Effect of Headings and Table of Contents
	  	 	12	  
	 Section 1.9
	    	 Successors and Assigns
	  	 	12	  
	 Section 1.10
	    	 Separability Clause
	  	 	12	  
	 Section 1.11
	    	 Benefits of Indenture
	  	 	12	  
	 Section 1.12
	    	 Governing Law
	  	 	12	  
	 Section 1.13
	    	 Legal Holidays
	  	 	12	  
	 Section 1.14
	    	 Immunity of Incorporators, stockholders, officers and directors
	  	 	13	  
	 Section 1.15
	    	 Counterparts
	  	 	13	  
		
	 ARTICLE II SECURITY FORMS 
	  	 	13	  
			
	 Section 2.1
	    	 Forms Generally
	  	 	13	  
	 Section 2.2
	    	 Form of Face of Security
	  	 	14	  
	 Section 2.3
	    	 Form of Reverse of Security
	  	 	16	  
	 Section 2.4
	    	 Additional Provisions Required in Global Security
	  	 	19	  
	 Section 2.5
	    	 Form of Trustee’s Certificate of Authentication
	  	 	20	  
		
	 ARTICLE III THE SECURITIES 
	  	 	20	  
			
	 Section 3.1
	    	 Amount Unlimited; Issuable in Series
	  	 	20	  
	 Section 3.2
	    	 Denominations
	  	 	23	  
	 Section 3.3
	    	 Execution, Authentication, Delivery and Dating
	  	 	23	  
	 Section 3.4
	    	 Temporary Securities
	  	 	24	  
	 Section 3.5
	    	 Registration, Transfer and Exchange
	  	 	25	  
	 Section 3.6
	    	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	28	  
	 Section 3.7
	    	 Payment of Interest; Interest Rights Preserved
	  	 	29	  
	 Section 3.8
	    	 Persons Deemed Owners
	  	 	30	  
	 Section 3.9
	    	 Cancellation
	  	 	30	  
	 Section 3.10
	    	 Computation of Interest
	  	 	30	  
	 Section 3.11
	    	 Agreed Tax Treatment
	  	 	31	  
	 Section 3.12
	    	 CUSIP Numbers
	  	 	31	  

  
 i 

							
	 ARTICLE IV SATISFACTION AND DISCHARGE 
	  	 	31	  
			
	 Section 4.1
	    	 Satisfaction and Discharge of Indenture
	  	 	31	  
	 Section 4.2
	    	 Application of Trust Money
	  	 	32	  
		
	 ARTICLE V REMEDIES 
	  	 	32	  
			
	 Section 5.1
	    	 Events of Default
	  	 	32	  
	 Section 5.2
	    	 Acceleration of Maturity; Rescission and Annulment
	  	 	34	  
	 Section 5.3
	    	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	35	  
	 Section 5.4
	    	 Trustee May File Proofs of Claim
	  	 	36	  
	 Section 5.5
	    	 Trustee May Enforce Claim Without Possession of Securities
	  	 	36	  
	 Section 5.6
	    	 Application of Money Collected
	  	 	36	  
	 Section 5.7
	    	 Limitation on Suits
	  	 	37	  
	 Section 5.8
	    	 Unconditional Right of Holders to Receive Principal, Premium and Interest
	  	 	38	  
	 Section 5.9
	    	 Restoration of Rights and Remedies
	  	 	38	  
	 Section 5.10
	    	 Rights and Remedies Cumulative
	  	 	38	  
	 Section 5.11
	    	 Delay or Omission Not Waiver
	  	 	38	  
	 Section 5.12
	    	 Control by Holders
	  	 	38	  
	 Section 5.13
	    	 Waiver of Past Defaults
	  	 	39	  
	 Section 5.14
	    	 Undertaking for Costs
	  	 	39	  
	 Section 5.15
	    	 Waiver of Usury, Stay or Extension Laws
	  	 	40	  
		
	 ARTICLE VI THE TRUSTEE
	  	 	40	  
			
	 Section 6.1
	    	 Certain Duties and Responsibilities
	  	 	40	  
	 Section 6.2
	    	 Notice of Defaults
	  	 	40	  
	 Section 6.3
	    	 Certain Rights of Trustee
	  	 	40	  
	 Section 6.4
	    	 Not Responsible for Recitals or Issuance of Securities
	  	 	42	  
	 Section 6.5
	    	 May Hold Securities
	  	 	42	  
	 Section 6.6
	    	 Money Held in Trust
	  	 	43	  
	 Section 6.7
	    	 Compensation and Reimbursement
	  	 	43	  
	 Section 6.8
	    	 Disqualification; Conflicting Interests
	  	 	43	  
	 Section 6.9
	    	 Corporate Trustee Required; Eligibility
	  	 	44	  
	 Section 6.10
	    	 Resignation and Removal; Appointment of Successor
	  	 	44	  
	 Section 6.11
	    	 Acceptance of Appointment by Successor
	  	 	46	  
	 Section 6.12
	    	 Merger, Conversion, Consolidation or Succession to Business
	  	 	47	  
	 Section 6.13
	    	 Preferential Collection of Claims Against Company
	  	 	47	  
	 Section 6.14
	    	 Appointment of Authenticating Agent
	  	 	47	  
		
	 ARTICLE VII HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	49	  
			
	 Section 7.1
	    	 Company to Furnish Trustee Names and Addresses of Holders
	  	 	49	  
	 Section 7.2
	    	 Preservation of Information, Communications to Holders
	  	 	49	  
	 Section 7.3
	    	 Reports by Trustee
	  	 	49	  
	 Section 7.4
	    	 Reports by Company
	  	 	50	  

  
 ii 

							
	 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	 	50	  
			
	 Section 8.1
	    	 Company May Consolidate, Etc., only on Certain Terms
	  	 	50	  
	 Section 8.2
	    	 Successor Corporation Substituted
	  	 	51	  
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	51	  
			
	 Section 9.1
	    	 Supplemental Indentures Without Consent of Holders
	  	 	51	  
	 Section 9.2
	    	 Supplemental Indentures with Consent of Holders
	  	 	52	  
	 Section 9.3
	    	 Execution of Supplemental Indentures
	  	 	54	  
	 Section 9.4
	    	 Effect of Supplemental Indentures
	  	 	54	  
	 Section 9.5
	    	 Conformity with Trust Indenture Act
	  	 	54	  
	 Section 9.6
	    	 Reference in Securities to Supplemental Indentures
	  	 	54	  
		
	 ARTICLE X COVENANTS
	  	 	54	  
			
	 Section 10.1
	    	 Payment of Principal, Premium and Interest
	  	 	54	  
	 Section 10.2
	    	 Maintenance of Office or Agency
	  	 	54	  
	 Section 10.3
	    	 Money for Securities Payments to be Held in Trust
	  	 	55	  
	 Section 10.4
	    	 Statement as to Compliance
	  	 	56	  
	 Section 10.5
	    	 Waiver of Certain Covenants
	  	 	56	  
		
	 ARTICLE XI REDEMPTION OF SECURITIES
	  	 	57	  
			
	 Section 11.1
	    	 Applicability of this Article
	  	 	57	  
	 Section 11.2
	    	 Election to Redeem; Notice to Trustee
	  	 	57	  
	 Section 11.3
	    	 Selection of Securities to be Redeemed
	  	 	57	  
	 Section 11.4
	    	 Notice of Redemption
	  	 	58	  
	 Section 11.5
	    	 Deposit of Redemption Price
	  	 	58	  
	 Section 11.6
	    	 Payment of Securities Called for Redemption
	  	 	59	  
		
	 ARTICLE XII SINKING FUNDS
	  	 	59	  
			
	 Section 12.1
	    	 Applicability of Article
	  	 	59	  
	 Section 12.2
	    	 Satisfaction of Sinking Fund Payments with Securities
	  	 	60	  
	 Section 12.3
	    	 Redemption of Securities for Sinking Fund
	  	 	60	  
		
	 ARTICLE XIII REPAYMENT AT THE OPTION OF HOLDERS
	  	 	61	  
			
	 Section 13.1
	    	 Applicability of Article
	  	 	61	  
	 Section 13.2
	    	 Repayment of Securities
	  	 	62	  
	 Section 13.3
	    	 Exercise of Option; Notice
	  	 	62	  
	 Section 13.4
	    	 Securities Payable on the Repayment Date
	  	 	62	  

  
 iii 

							
	 ARTICLE XIV DEFEASANCE AND COVENANT DEFEASANCE
	  	 	63	  
			
	 Section 14.1
	    	 Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance
	  	 	63	  
	 Section 14.2
	    	 Defeasance and Discharge
	  	 	63	  
	 Section 14.3
	    	 Covenant Defeasance
	  	 	63	  
	 Section 14.4
	    	 Conditions to Defeasance and Covenant Defeasance
	  	 	64	  
	 Section 14.5
	    	 Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions
	  	 	65	  
	 Section 14.6
	    	 Reinstatement
	  	 	66	  

  
 iv 

 Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the Trust
Indenture Act of 1939: 
  

			
	 TRUST INDENTURE ACT SECTION
	  	 INDENTURE SECTION

	 § 310(a)(1), (2) and (5)
	  	6.9
	 (a)(3)
	  	Not Applicable
	 (a)(4)
	  	Not Applicable
	 (b)
	  	6.8
		  	6.10
	 (c)
	  	Not Applicable
	 § 311(a)
	  	6.13
	 (b)
	  	6.13
	 § 312(a)
	  	7.1
		  	7.2(a)
	 (b)
	  	7.2(b)
	 (c)
	  	7.2(c)
	 § 313(a)
	  	7.3(a)
		  	7.3(b)
	 (b)
	  	7.3(b)
	 (c)
	  	7.3(a)
		  	7.3(b)
	 (d)
	  	7.3(c)
	 § 314(a)(1), (2) and (3)
	  	7.4
	 (a)(4)
	  	10.4
	 (b)
	  	Not Applicable
	 (c)(1)
	  	1.2
	 (c)(2)
	  	1.2
	 (c)(3)
	  	Not Applicable
	 (d)
	  	Not Applicable
	 (e)
	  	1.2
	 (f)
	  	Not Applicable
	 § 315(a)
	  	6.1
	 (b)
	  	6.2
	 (c)
	  	6.1
	 (d)
	  	6.1
	 (e)
	  	5.14
	 § 316(a)
	  	1.1
	 (a)(1)(A)
	  	5.12
	 (a)(1)(B)
	  	5.13
	 (a)(2)
	  	Not Applicable
	 (b)
	  	5.8
	 (c)
	  	1.4(f)
	 § 317(a)(1)
	  	5.3
	 (a)(2)
	  	5.4
	 (b)
	  	10.3
	 § 318(a)
	  	1.7

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 

  
 v 

 SENIOR INDENTURE, dated as of March 17, 2016, between TOTAL SYSTEM SERVICES,
INC., a Georgia corporation (hereinafter called the “Company”), having its principal office at One TSYS Way, Columbus, Georgia 31901, and REGIONS BANK, an Alabama state-chartered bank, as Trustee (hereinafter called the
“Trustee”). 
 RECITALS OF THE COMPANY 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured
senior debt securities in one or more series (hereinafter called the “Securities”) of substantially the tenor hereinafter provided, and to provide the terms and conditions upon which the Securities are to be authenticated, issued and
delivered. 
 All things necessary to make the Securities, when executed by the Company and authenticated and delivered hereunder and duly
issued by the Company, the valid obligations of the Company, and to make this Indenture a valid agreement of the Company, in accordance with their and its terms, have been done. 

NOW THEREFORE, THIS INDENTURE WITNESSETH: For and in consideration of the premises and the purchase of the Securities by the Holders thereof,
it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows: 

ARTICLE I 
 DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.1 Definitions. 

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the
singular; 
 (2) all other terms used herein that are defined in the Trust Indenture Act, either directly or by reference
therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with GAAP; 
 (4) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(5) any reference to an “Article,” a “Section” or a “Subsection” refers to an Article, Section or
Subsection, as the case may be, of this Indenture. 

  
 1 

 “Act” when used with respect to any Holder has the meaning specified in
Section 1.4(a). 
 “Additional Interest” means the interest, if any, that shall accrue on any interest on the
Securities of any series the payment of which has not been made on the applicable Interest Payment Date and that shall accrue at the rate per annum specified or determined as specified in such Security. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings corresponding to the foregoing. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of
the Trustee to authenticate Securities of one or more series. 
 “Board of Directors” means either the board
of directors of the Company or any committee of that board duly authorized to act hereunder. 
 “Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors, or such committee of the Board of Directors or officers of the Company to
which authority to act on behalf of the Board of Directors has been delegated, and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means any day that is not a Saturday, a Sunday or a day on which banking institutions are authorized or
required to be closed in the State of New York. 
 “Capital Lease” means any Indebtedness represented by a
lease obligation of a Person incurred with respect to real property or equipment acquired or leased by such Person and used in its business that is required to be recorded as a capital lease in accordance with GAAP. 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated) the equity of such Person but excluding any debt securities convertible into such equity. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the
Exchange Act, or if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 

“Company” means the Person named as the “Company” in the first paragraph of this instrument until a
successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

  
 2 

 “Company Request” or “Company Order” mean, respectively,
the written request or order signed in the name of the Company by the Chairman of the Board of Directors, the Chairman of the Executive Committee of the Board of Directors, a Vice Chairman of the Board of Directors, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, a Vice President, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 

“Corporate Trust Office” means the office of the Trustee at 1180 West Peachtree Street NW, Suite 1200, Atlanta,
Georgia 30309. 
 “corporation” includes a corporation, association, company, joint-stock company or business
trust. 
 “covenant defeasance” has the meaning specified in Section 14.3. 

“Defaulted Interest” has the meaning specified in Section 3.7. 

“defeasance” has the meaning specified in Section 14.2. 

“Depositary” means, with respect to the Securities of any series issuable or issued in whole or in part in the form of
one or more Global Securities, the Person designated as Depositary by the Company pursuant to Section 3.1 with respect to such series (or any successor thereto). 

“Discount Security” means any security that provides for an amount less than the principal amount thereof to be due
and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2. 
 “Dollar”
means the currency of the United States of America that, as at the time of payment, is legal tender for the payment of public and private debts. 

“DTC” means The Depository Trust Company. 

“Event of Default” unless otherwise specified in a supplemental indenture creating a series of Securities or the
Security with respect to a series of Securities has the meaning specified in Article V. 
 “Exchange Act”
means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time. 

“Expiration Date” has the meaning specified in Section 1.4. 

“GAAP” means with respect to any computations required or permitted under this Indenture, generally accepted
accounting principles in effect in the United Sates as in effect from time to time; provided, that, if the Company is required by the Commission to adopt (or is permitted to adopt and so adopts) a different accounting framework,
including but not limited to the International Financial Reporting Standards, “GAAP” shall mean such new accounting framework as in effect from time to time, including, without limitation, in each case, those 

  
 3 

 
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession. 

“Global Security” means a Security evidencing all or part of a series of Securities, issued to the Depositary or its
nominee for such series, and registered in the name of such Depositary or its nominee. 
 “Holder” means a
Person in whose name a Security is registered in the Securities Register. 
 “Indebtedness” of any specified
Person means, without duplication, any indebtedness, whether or not contingent, in respect of borrowed money or that is evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements with respect
thereto) or representing the balance deferred and unpaid of the purchase price of any Property (including pursuant to Capital Leases), except any such balance that constitutes an accrued expense or trade payable, if and to the extent any of the
foregoing indebtedness would appear as a liability upon an unconsolidated balance sheet of such person (but does not include contingent liabilities which appear only in a footnote to a balance sheet). In addition, the term “Indebtedness”
includes all of the following items, whether or not any such items would appear as a liability on a balance sheet of the specified Person in accordance with GAAP: 

(1) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is
assumed by the specified person); and 
 (2) to the extent not otherwise included, any guarantee by the specified Person of
Indebtedness of any other person. 
 “Indenture” means this instrument as originally executed or as it may from time
to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the
Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term Indenture shall also include the terms of each particular series of Securities established as contemplated by
Section 3.1. 
 “Interest Payment Date” means as to each series of Securities the Stated Maturity of an
installment of interest on such Securities. 
 “Lien” means a mortgage, security interest, pledge, lien,
charge or other encumbrance. 
 “Maturity” when used with respect to any Security means the date on which the
principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment at the option of the Holder or
otherwise. 

  
 4 

 “Notice of Default” means a written notice of the kind specified in
Section 6.2. 
 “Officer’s Certificate” means a certificate signed the Chairman of the Board of
Directors, the Chairman of the Executive Committee of the Board of Directors, a Vice Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, a Vice President, the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for or an employee of the Company or an
Affiliate of the Company, or other counsel reasonably acceptable to the Trustee. 
 “Original Issue Date”
means the date of issuance specified as such in each Security. 
 “Outstanding” means, when used in reference
to any Securities, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 

(i) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

(ii) Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee
or any Paying Agent in trust for the Holders of such Securities; provided, that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has
been made; 
 (iii) Securities, except solely to the extent provided in Sections 14.2 or 14.3, as applicable, with respect to
which the Company has effected defeasance and/or covenant defeasance as provided in Article XIV; and 
 (iv) Securities in
substitution for or in lieu of which other Securities have been authenticated and delivered or that have been paid pursuant to Section 3.6, unless proof satisfactory to the Trustee is presented that any such Securities are held by a protected
purchaser, as such term is defined in Section 8 303 of the Uniform Commercial Code of New York; 
 provided, however, that in determining
whether the Holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (A) the principal amount of a Discount Security that shall be deemed
to be Outstanding shall be the amount of the principal thereof that would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B) if, as of such date, the principal amount
payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security that shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 3.1, (C) the principal
amount of a Security denominated in one or more foreign currencies or currency units that shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 3.1,
of the principal amount of such Security  

  
 5 

 
(or, in the case of a Security described in Clause (A) or (B) above, of the amount determined as provided in such Clause), and (D) Securities owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities that a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Securities so owned that have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or such
other obligor. Upon the written request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of
the Company, or any other obligor on the Securities or any Affiliate of the Company or such obligor, and, subject to the provisions of Section 6.1, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence
of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination. 

“Paying Agent” means the Trustee or any Person authorized by the Company to pay or deliver the principal of (and
premium, if any) or interest on any Securities on behalf of the Company. 
 “Person” means a legal person,
including any individual, corporation, estate, partnership, joint venture, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity of whatever nature. 

“Place of Payment” means, with respect to the Securities of any series, the place or places where the principal of
(and premium, if any) and interest on the Securities of such series are payable pursuant to Section 3.1. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the
same debt as that evidenced by such particular Security; and, for the purposes of this definition, any security authenticated and delivered under Section 3.6 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be
deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Property” means
any property or asset, whether real, personal or mixed, or tangible or intangible, including shares of Capital Stock. 

“Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by
or pursuant to this Indenture. 
 “Redemption Price,” when used with respect to any Security to be redeemed,
means the price at which it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the
interest payable on any Interest Payment Date with respect to the Securities of a series means, unless otherwise provided pursuant to Section 3.1 with respect to Securities of a series, the date that is the last day of the month immediately
preceding the month in which such Interest Payment Date falls (whether or not a Business Day). 

  
 6 

 “Repayment Date,” when used with respect to any Security to be repaid
upon exercise of an option for repayment by the Holder, means the date fixed for such repayment pursuant to this Indenture. 

“Repayment Price,” when used with respect to any Security to be repaid upon exercise of an option for repayment by the
Holder, means the price at which it is to be repaid pursuant to this Indenture. 
 “Responsible Officer”
means, when used with respect to the Trustee, any officer assigned to the Corporate Trust Office, including any managing director, vice president, assistant vice president, assistant treasurer, assistant secretary, any financial services officer or
any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any other officer, to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Securities” or “Security” means any debt securities or debt security, as the case may be,
authenticated and delivered under this Indenture. 
 “Securities Act” means the Securities Act of 1933 (or
any successor statute), as it may be amended from time to time. 
 “Securities Register” and
“Securities Registrar” have the respective meanings specified in Section 3.5. 
 “Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7. 

“Stated Maturity” when used with respect to any Security or any installment of principal thereof or interest thereon
means the date specified pursuant to the terms of such Security as the date on which the principal of such Security or such installment of interest is due and payable, in the case of such principal, as such date may be shortened or extended as
provided pursuant to the terms of such Security and this Indenture. 
 “Subsidiary” means, with respect to
any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such Person
or (c) one or more Subsidiaries of such Person. 
 “Trustee” means the Person named as the
“Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is 

  
 7 

 
then a Trustee hereunder and, if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to
Securities of that series. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§
77aaa-77bbb), as amended and as in effect on the date as of this Indenture, except as provided in Section 9.5. 

“Vice President” when used with respect to the Company means any duly appointed vice president, whether or not
designated by a number or a word or words added before or after the title “vice president.” 
 “U.S.
Government Obligation” means U.S. government or U.S. government agency notes or bonds. 
 Section 1.2 Compliance Certificates and
Opinions. 
 Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the
Company shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officer’s Certificate, if to be given by an officer of the
Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than the
certificates provided pursuant to Section 10.4) shall include: 
 (1) a statement that each individual signing such
certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (2) 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; 

(3) a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is
necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

Section 1.3 Forms of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only 

  
 8 

 
one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents. 
 Any certificate or opinion of an officer of the Company 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 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 Company stating that the information with respect to such factual matters is in the possession of the Company, 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. 

Section 1.4 Acts of Holders. 
 (a)
Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments is or are delivered to the Trustee, and,
where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company, 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
by the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the
execution thereof. Where such execution is by a Person acting in other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of his or her authority. 

(c) The fact and date of the execution by any Person of any such instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner that the Trustee deems sufficient. 
 (d) The ownership of Securities shall be proved by the Securities
Register. 
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall
bind every future Holder of the same Security and 

  
 9 

 
the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee
or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 
 (f) The Company may set any
day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by
this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to
take the relevant action, whether or not such Holders remain Holders after such record date, provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date (as hereinafter in this Section
provided) by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record
date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render
ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own
expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section
1.6. 
 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of
any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to institute proceedings referred to in Section 5.7(2) or
(iv) any direction referred to in Section 5.12, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no
other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date, provided that no such action shall be effective hereunder unless taken on or prior
to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the
Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the
manner set forth in Section 1.6. 

  
 10 

 With respect to any record date set pursuant to this Section, the party hereto that sets such
record dates may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day, provided that no such change shall be effective unless notice of the proposed new Expiration Date
is given to the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to
any record date set pursuant to this Section, the party hereto that set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change
the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 

(g) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so
with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

Section 1.5 Notices, Etc. to Trustee and Company. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with: 
 (1) the Trustee by any Holder or the Company shall be
sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, or 

(2) the Company by the Trustee or any Holder shall be sufficient for every purpose (except as otherwise provided in
Section 5.1) hereunder if in writing and mailed, first class, postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously
furnished in writing to the Trustee by the Company. 
 Section 1.6 Notice to Holders; Waiver. 

Where this Indenture provides for notice to Holders 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 Holder affected by such event, at the address of such Holder as it appears in the Securities Register, not later than the latest date (if any), and not earlier than the
earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders. In case, by reason of the suspension of or irregularities in regular mail service or for any other reason, it shall be impossible or impracticable to mail notice of any event to Holders when
said notice is required to be given pursuant to any provision of this Indenture or of the relevant 

  
 11 

 
Securities, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the 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 Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 Section 1.7 Conflict with Trust
Indenture Act. 
 If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required
under the Trust Indenture Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the
latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
 Section 1.8 Effect of Headings
and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect
the construction hereof. 
 Section 1.9 Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 1.10 Separability Clause. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 1.11 Benefits of Indenture. 

Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their
successors hereunder and the Holders of the Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 1.12 Governing Law. 
 This
Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York. 
 Section 1.13 Legal
Holidays. 
 In any case where any Interest Payment Date, Redemption Date, Repayment Date or Stated Maturity of any Security shall not be
a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision 

  
 12 

 
of any Security that specifically states that such provision shall apply in lieu of this Section) payment of interest or principal (and premium, if any) need not be made on such date, but may be
made on the next succeeding Business Day at such Place of Payment (and no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date, Repayment Date or Stated Maturity, as the case may be, until such next
succeeding Business Day. 
 Section 1.14 Immunity of Incorporators, stockholders, officers and directors. 

No recourse shall be had for the payment or delivery of the principal, premium, if any, or the interest, on any Securities, or for any claim
based thereon, or upon any obligation, covenant or agreement of this Indenture, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or
indirectly through the Company or any successor corporation, whether by virtue of any constitution, statute, or rule of law, or by the enforcement of any assessment of penalty or otherwise; it being expressly agreed and understood that this
Indenture and all the Securities are solely corporate obligations, and that no personal liability whatever shall attach to, or is incurred by, any incorporator, stockholder, officer or director, past, present or future, of the corporation, because
of the incurring of the indebtedness hereby authorized or under or by reason of any of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, or for any claim based thereon or in
respect thereof, all such liability and any and all such claims being hereby expressly waived and released as a condition of, and as part of the consideration for, the execution of this Indenture and the issuance of the Securities. 

Section 1.15 Counterparts. 
 This
Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission
shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be
their original signatures for all purposes. 
 ARTICLE II 

SECURITY FORMS 
 Section 2.1 Forms
Generally. 
 The Securities of each series shall be in substantially the form set forth in this Article, or in such other form or forms
as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case 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 be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as
may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution thereof. If the form or forms of Securities of any series is established by action taken pursuant to a Board

  
 13 

 
Resolution or indenture supplemental hereto, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the
Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 with respect to the authentication and delivery of such Securities. 

The definitive Securities shall be printed, lithographed or engraved or produced by any other method, and if required by any securities
exchange on which the Securities may be listed, on a steel engraved border or steel engraved borders or may be produced in any other manner permitted by the rules of any securities exchange on which the Securities may be listed, all as determined by
the officers executing such Securities, as evidenced by their execution of such Securities. 
 Section 2.2 Form of Face of Security. 

[Insert any legend required by the Internal Revenue Code and the regulations thereunder.] 

TOTAL SYSTEM SERVICES, INC. 

(TITLE OF SECURITY) 

No.                       
                                         
                                         
                                        $ 

TOTAL SYSTEM SERVICES, INC., a corporation organized and existing under the laws of Georgia (hereinafter called the
“Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of         Dollars [If the Security is a
Global Security, then insert, if applicable — , or such other principal amount as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture,] on
                    , (the “Stated Maturity Date”). The Company further promises to pay interest on said principal sum from
                    , or from the most recent interest payment date (each such date, an “Interest Payment Date”) on which interest
has been paid or duly provided for, [monthly] [quarterly] [semiannually] in arrears on [Insert applicable Interest Payment Dates] of each year, commencing , at the rate of     % per annum [If applicable, describe method
for calculating floating rate], [If applicable, insert — plus Additional Interest, if any,] until the principal hereof is paid or duly provided for or made available for payment [If applicable, insert — and on any overdue
principal and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the rate of     % per annum, compounded [monthly]
[quarterly] [semi-annually]]. In the event that any date on which interest is payable on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and
without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable. A “Business Day” shall mean any day that is not a Saturday, a Sunday or a
day on which banking institutions are authorized or required to be closed in the State of New York. The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be
paid to the Person in whose name this Security (or one or more Predecessor Securities is registered at the close of business on the Regular Record Date for such interest installment, which shall be the
                    or  

  
 14 

 
                    (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest installment not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less
than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. 
 [(If the Security is not to bear interest prior to Maturity,
insert:) The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium shall
bear interest at the rate of     % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest on any
overdue principal or premium shall be payable on demand.] [Any such interest on overdue principal or premium which is not paid on demand shall bear interest at the rate of %     per annum (to the extent that the payment of such
interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable on demand.] 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company
maintained for that purpose in the United States of America, 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 [If applicable, insert — ;
provided, however, that at the option of the Company payment of interest may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire transfer
in immediately available funds at such place and to such account as may be designated by the Person entitled thereto as specified in the Securities Register in writing not less than ten days before the date of the interest payment]. 

[If applicable, briefly describe the right of Holders to elect repayment.] 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 15 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	 TOTAL SYSTEM SERVICES, INC.
  

	By:	 	  

 Attest: 
 [SECRETARY OR
ASSISTANT SECRETARY] 
 Section 2.3 Form of Reverse of Security. 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of                     (herein called the “Indenture”), between the
Company and Regions Bank, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. [If
applicable, insert — By the terms of the Indenture, the Securities are issuable in series that may vary as to amount, date of maturity, rate of interest, rank and in any other respect provided in the Indenture.] 

All terms used in this Security are defined in the Indenture. 

[(If applicable, insert:) The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail, [(if
applicable, insert:) (1) on             in any year commencing with the year         and ending with the year
        through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [(if applicable, insert:) on or after
            , 20    ], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If
redeemed [(if applicable, insert:) on or before             , ))%, and if redeemed] during the 12-month period beginning
                    of the years indicated, 
  

							
	 Year
	  	 Redemption Price
	  	 Year
	  	 Redemption Price

		  		  		  	
		  		  		  	
		  		  		  	

 and thereafter at a Redemption Price equal to     % of the principal amount, together in the case of any
such redemption [(if applicable, insert:) (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be
payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[(If applicable, insert:) The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail, (1) on
                    in any year commencing with the year         and ending with the year
        through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the
table below, and (2) at any time [(if 

  
 16 

 
applicable, insert:) on or after                     ], as a whole or in part, at the election
of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning
                    of the years indicated, 
  

					
	 Year
	  	Redemption Price For Redemption
Through Operation of the Sinking
Fund	  	Redemption Price For Redemption
Otherwise Than Through Operation
of the Sinking Fund
		  		  	
		  		  	
		  		  	

 and thereafter at a Redemption Price equal to     % of the principal amount, together in the case of any
such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[(If applicable, insert:) On or after
                    ,
20    (                    prior to the maturity date of the Securities), the Securities will be redeemable, at the option of the
Company, in whole or in part, at any time or from time to time, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption.] 

[(If applicable, insert:) Notwithstanding the foregoing, the Company may not, prior to , redeem any Securities of this series as contemplated
by [(if applicable, insert:) Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated
in accordance with generally accepted financial practice) of less than % per annum.] 
 [(If applicable, insert:) The sinking fund for this
series provides for the redemption on in each year beginning with the year             and ending with the year
            of [(if applicable, insert:) not less than $        (“mandatory sinking fund”) and not more than]
$        aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through [(if applicable, insert:) mandatory] sinking fund payments
may be credited against subsequent [(if applicable, insert:) mandatory] sinking fund payments otherwise required to be made [(if applicable, insert:) , in the inverse order in which they become due].] 

[(If the Security is subject to redemption of any kind, insert:) In the event of redemption of this Security in part only, a new Security or
Securities of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 

[If applicable, describe any required redemption prior to Maturity.] 

The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental
indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Securities, with the consent of the Holders of not less than a majority in principal amount of the

  
 17 

 
Outstanding Securities of each series to be affected by such supplemental indenture. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company 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 Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 [If the security is not a Discount Security, insert — As provided in and subject to the provisions of the Indenture,
if an Event of Default with respect to the Securities of this series at the time Outstanding occurs and is continuing, the principal amount of all the Securities of this series may be declared due in the manner and with the effect provided in the
Indenture.] 
 [If the security is a Discount Security, insert — As provided in and subject to the provisions of
the Indenture, if an Event of Default with respect to the Securities of this series at the time Outstanding occurs and is continuing, an amount of principal and accrued but unpaid interest of the Securities of this series may be declared due in the
manner and with the effect provided in the Indenture. Such amount shall be equal to [Insert formula for determining the amount]. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue
principal and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and interest, if any, on this Security
shall terminate.] 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the
right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made a written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for
the enforcement of any payment or delivery of principal, or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

  
 18 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Security is registrable in the Securities Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 10.2 of the Indenture duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee shall treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Securities of this series are
issuable only in registered form without coupons in minimum denominations of $        and any integral multiples of $        in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of such series of a different authorized denomination, as requested by the Holder
surrendering the same. 
 The Company and, by its acceptance of this Security or a beneficial interest therein, the Holder of, and any
Person that acquires a beneficial interest in, this Security agree that for U.S. federal, state and local tax purposes it is intended that this Security constitute indebtedness. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York. 

Section 2.4 Additional Provisions Required in Global Security. 

Unless otherwise specified as contemplated by Section 3.1 for the Securities evidenced thereby, every Global Security authenticated and
delivered hereunder shall bear a legend in substantially the following form: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN

  
 19 

 
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (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,
CEDE & CO., HAS AN INTEREST HEREIN. 
 Section 2.5 Form of Trustee’s Certificate of Authentication. 

The Trustee’s certificate of authentication shall be substantially in the following form: 

This is one of the Securities of the series designated therein referred to in the within mentioned Indenture. 

 

			
	REGIONS BANK,
	 Not in its individual capacity but solely as Trustee

 

	By:	 	  

	AUTHORIZED SIGNATORY

 Date of
Authentication:                     

ARTICLE III 
 THE
SECURITIES 
 Section 3.1 Amount Unlimited; Issuable in Series. 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. 

  
 20 

 The Securities may be issued in one or more series. There shall be established in or pursuant to
a Board Resolution, and, subject to Section 3.3, set forth, or determined in the manner provided, in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

 (a) the title of the Securities of such series, which shall distinguish the Securities of the series from all other Securities; 

(b) the limit, if any, upon the aggregate principal amount of the Securities of such series that may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6, 11.6 or 13.3 and except for any
Securities that, pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder); provided, however, that the authorized aggregate principal amount of such series may be increased above such amount by
a Board Resolution to such effect; 
 (c) the Stated Maturity or Maturities on which the principal of the Securities of such series
is payable or the method of determination thereof; 
 (d) the rate or rates, if any, at which the Securities of such series shall bear
interest, the rate or rates and extent to which Additional Interest, if any, shall be payable in respect of any Securities of such series, or the method or methods by which such rate or rates may be determined, whether payment of interest will be
contingent in any respect and/or the interest rate reset, the date or dates from which such interest or Additional Interest shall accrue, the Interest Payment Dates on which such interest shall be payable, and the Regular Record Date for the
interest payable on any Security on any Interest Payment Date, or the method by which any of the foregoing shall be determined; 
 (e) if
applicable, the remarketing or extension features of the Securities of the series; 
 (f) the place or places where the principal of (and
premium, if any) and interest on the Securities of such series shall be payable, the place or places where the Securities of such series may be presented for registration of transfer or exchange, and the place or places where notices and demands to
or upon the Company in respect of the Securities of such series may be made; 
 (g) the period or periods within or the date or dates on
which, if any, the price or prices at which and the terms and conditions upon which the Securities of such series may be redeemed, in whole or in part, at the option of the Company; 

(h) the obligation or the right, if any, of the Company to redeem, repay or purchase the Securities of such series pursuant to any sinking
fund, amortization or analogous provisions, or at the option of a Holder thereof, and the period or periods within which, the price or prices at which, the currency or currencies (including currency unit or units) in which and the other terms and
conditions upon which Securities of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation; 

(i) the denominations in which any Securities of such series shall be issuable, if other than denominations of $2,000 and any integral
multiple of $1,000 in excess thereof; 

  
 21 

 (j) if other than Dollars, the currency or currencies (including currency unit or units) in which
the principal of (and premium, if any) and interest, if any, on the Securities of the series shall be payable, or in which the Securities of the series shall be denominated and the manner of determining the equivalent thereof in Dollars for purposes
of the definition of Outstanding; 
 (k) the additions, modifications or deletions, if any, in the Events of Default or covenants of the
Company set forth herein with respect to the Securities of such series; 
 (l) and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 5.2; 
 (m) if other than the
principal amount thereof, the portion of the principal amount of Securities of such series that shall be payable upon declaration of acceleration of the Maturity thereof; 

(n) any index or indices used to determine the amount of payments of principal of and premium, if any, on the Securities of such series or the
manner in which such amounts will be determined; 
 (o) whether the Securities of the series, or any portion thereof, shall initially be
issuable in the form of a temporary Global Security representing all or such portion of the Securities of such series and provisions for the exchange of such temporary Global Security for definitive Securities of such series; 

(p) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and,
in such case, the respective Depositaries for such Global Securities, the form of any legend or legends that shall be borne by any such Global Security and any circumstances in addition to or in lieu of those set forth in Section 3.5 in which
any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global
Security or a nominee thereof; 
 (q) the appointment of any Paying Agent or Agents for the Securities of such series; 

(r) the terms of any right to convert or exchange Securities of such series into any other securities or property of the Company, and the
additions or changes, if any, to this Indenture with respect to the Securities of such series to permit or facilitate such conversion or exchange; 

(s) the applicability, if any, of Sections 14.2 and/or 14.3 to the Securities of or within the series and any provisions in modification of,
in addition to or in lieu of any of the provisions of Article XIV; 
 (t) any other terms of the Securities of such series (which terms
shall not be inconsistent with the provisions of this Indenture). 

  
 22 

 All Securities of any one series shall be substantially identical except as to denomination,
currency of payments due thereunder, rate of interest thereon, method of determining rate of interest, if any, the maturity, and the date from which interest will accrue, if any, and except as may otherwise be provided herein or in or pursuant to
such Board Resolution and set forth in such Officer’s Certificate or in any such indenture supplemental hereto. The terms of the Securities of any series may provide, without limitation, that the Securities shall be authenticated and delivered
by the Trustee upon original issuance from time to time upon written order of persons designated in the Officer’s Certificate or supplemental indenture and that such persons are authorized to determine, consistent with such Officer’s
Certificate or any applicable supplemental indenture, such terms and conditions of the Securities of such series. All Securities of any one series need not be issued at the same time and, unless otherwise so provided, a series may be reopened for
issuances of additional Securities of such series or to establish additional terms of such series of Securities. 
 If any of the terms of
the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the
delivery of the Officer’s Certificate setting forth the terms of the series. 
 Section 3.2 Denominations. 

The Securities of each series shall be in registered form without coupons and shall be issuable in denominations of $2,000 and any integral
multiple of $1,000 in excess thereof, unless otherwise specified as contemplated by Section 3.1. 
 Section 3.3 Execution, Authentication,
Delivery and Dating. 
 The Securities shall be executed on behalf of the Company by the Chairman of the Board of Directors, the Chairman
of the Executive Committee of the Board of Directors, a Vice Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, a Vice President, the Treasurer or an Assistant
Treasurer and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile. 

Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the
Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. At any time and from time to time
after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and
the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1
and 3.1, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and (subject to Section 6.1) shall be fully protected in relying upon, an
Opinion of Counsel stating: 
 (1) if the form of such Securities has been established by or pursuant to Board Resolution as
permitted by Sections 2.1 and 2.2, that such form has been established in conformity with the provisions of this Indenture; 

  
 23 

 (2) if the terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section 3.1, that such terms have been established in conformity with the provisions of this Indenture; and 

(3) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject
to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally
issued at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 3.1 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior
to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 

Each Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Security shall be conclusive evidence, and the
only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company
shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture. 
 If such form or terms have been so established, the Trustee shall not be required to authenticate such
Securities if the Trustee, after being advised by counsel, determines that the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner that is not reasonably acceptable to the Trustee. 
 Section 3.4 Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities that are printed, lithographed or engraved or produced by any other method, in any denomination, substantially of the tenor of the definitive Securities of such series in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 

  
 24 

 If temporary Securities of any series are issued, the Company will cause definitive Securities of
such series to be prepared without unreasonable delay. After the preparation of definitive Securities, the temporary Securities shall be exchangeable for definitive Securities upon surrender of the temporary Securities at the office or agency of the
Company designated for that purpose without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more
definitive Securities of the same series, of any authorized denominations having the same Original Issue Date and Stated Maturity and having the same terms as such temporary Securities. Until so exchanged, the temporary Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and tenor. 
 Section 3.5
Registration, Transfer and Exchange. 
 The Company shall cause to be kept at each office or agency maintained for registrations of
transfers and exchanges in a Place of Payment pursuant to Section 10.2 with respect to the Securities of each series a register in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration
of Securities and of transfers of Securities. Each such register is herein sometimes referred to as the “Securities Register.” The Company shall designate one Person to maintain the Securities Register for the Securities of each
series on a consolidated basis, and such Person is referred to herein, with respect to such series, as the “Securities Registrar.” The Company appoints the Trustee as Securities Registrar unless otherwise specified with respect to
any particular series in accordance with Section 3.1. Anything herein to the contrary notwithstanding, the Company may designate one or more of its offices as an office in which a register with respect to the Securities of one or more series
shall be maintained, and the Company may designate itself the Securities Registrar with respect to one or more of such series. The Company may revoke any designation of a Securities Registrar theretofore made by it. The Securities Register shall be
open for inspection by the Trustee and the Company at all reasonable times. 
 Upon surrender for registration of transfer of any Security
at the office or agency of the Company designated for that purpose the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series of
any authorized denominations, of a like aggregate principal amount, of the same Original Issue Date and Stated Maturity and having the same terms. 

At the option of the Holder, Securities may be exchanged for other Securities of the same series of any authorized denominations, of a like
aggregate principal amount, of the same Original Issue Date and Stated Maturity and having the same terms, upon surrender of the Securities to be exchanged at such office or agency. Whenever any securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive. 

  
 25 

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

Every Security presented or surrendered for transfer or exchange shall (if so required by the Company or the Securities Registrar) be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made to a Holder for any transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Securities. 

The provisions of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities: 

(1) Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for
such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 

(2) Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for
Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary (i) has
notified the Company that it is unwilling or unable to continue as Depositary for such Global Security and no successor Depositary has been appointed within 90 days of this notice or (ii) has ceased to be a clearing agency registered under the
Exchange Act at a time when the Depositary is required to be so registered to act as depositary and no successor Depositary has been appointed within 90 days after the Company has learned that the Depositary has ceased to be so registered,
(B) there shall have occurred and be continuing an Event of Default with respect to such Global Security, (C) the Company in its sole discretion determines that such Global Security will be so exchangeable or transferable or (D) there
shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 3.1. 

(3) Subject to Clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part,
and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct. 

(4) Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global
Security or any portion thereof, whether pursuant to this Section, Section 3.4, 3.6, 9.6, 11.6 or 13.3 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the
name of a Person other than the Depositary for such Global Security or a nominee thereof. 

  
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 (5) Neither any members of, or participants in, the Depositary nor any other
Persons on whose behalf such members or participants may act shall have any rights under this Indenture with respect to any Global Security registered in the name of the Depositary or any nominee thereof, and the Depositary or such nominee, as the
case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and holder of such Global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent, any
Securities Registrar, any authenticating agent or any other agent of the Company or any agent of the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a Security in the form of a Global Security, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. The Company, the Trustee, any Paying Agent, any Securities Registrar and any other
agent of the Company and any agent of the Trustee shall be entitled to deal with any depositary (including any Depositary), and any nominee thereof, that is the holder of any such Global Security for all purposes of this Indenture relating to such
Global Security (including the payment of principal, premium, if any, and interest, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole holder of
such Global Security and shall have no obligations to the beneficial owners thereof. None of the Company, the Trustee, any Paying Agent, any Securities Registrar or any other agent of the Company or any agent of the Trustee shall have any
responsibility or liability for any acts or omissions of any such depositary with respect to such Global Note, for the records of any such depositary, including records in respect of beneficial ownership interests in respect of any such Global
Security, for any transactions between such depositary and any members or participants in the Depositary or other participant in such depositary or between or among any such depositary, any such member or participant in the Depositary or other
participant and/or any holder or owner of a beneficial interest in such Global Security or for any transfers of beneficial interests in any such Global Security. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or
any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, members or participants of
the Depositary and any other Person on whose behalf a member or participant of the Depositary may act, the operation of customary practices of such Persons governing the exercise of the rights of a beneficial holder of any Global Security. 

Neither the Company nor the Trustee shall be required, pursuant to the provisions of this Section, (a) to issue, register the transfer of
or exchange any Security of any series during a period beginning at the opening of business 15 days before the day of selection for redemption of Securities pursuant to Article XI and ending at the close of business on the day of mailing of notice
of redemption or (b) to transfer or exchange any Security so selected for redemption in whole or in part, except, in the case of any Security to be redeemed in part, any portion thereof not to be redeemed. 

  
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 The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance
with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security other than to require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

Neither the Trustee nor any agent shall have any responsibility or liability for any actions taken or not taken by the Depositary. 

Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same issue and series of like tenor and principal amount, having the same Original Issue Date and Stated Maturity, and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security, and (ii) such security or indemnity as may be required by them to save each of them and any agent of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same issue and series of like tenor and principal amount, having the same Original
Issue Date and Stated Maturity as such destroyed, lost or stolen Security, and bearing a number not contemporaneously outstanding. 
 In
case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

Upon the issuance of any new Security under this Section, the Company and the Trustee may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security 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 Securities of that series 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 Securities. 

  
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 Section 3.7 Payment of Interest; Interest Rights Preserved. 

Interest on any Security of any series that is payable, and is punctually paid or duly provided for, on any Interest Payment Date, shall be
paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest in respect of Securities of such series, except that, unless otherwise
provided in the Securities of such series, interest payable on the Stated Maturity of the principal of a Security shall be paid to the Person to whom principal is paid. The initial payment of interest on any Security of any series that is issued
between a Regular Record Date and the related Interest Payment Date shall be payable as provided in such Security or in the Board Resolution pursuant to Section 3.1 with respect to the related series of Securities. 

Any interest on any Security that is payable, but is not timely paid or duly provided for, on any Interest Payment Date for Securities of such
series (herein called “Defaulted Interest”), shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at
its election in each case, as provided in Clause (1) or (2) below: 
 (1) The Company may elect to make payment of
any Defaulted Interest to the Persons in whose names the Securities of such series in respect of which interest is in default (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security and the date of the proposed payment, and at
the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the
date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest that shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly
notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first class, postage prepaid,
to each Holder of a Security of such series at the address of such Holder as it appears in the Securities Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following Clause (2). 
 (2) The Company may make payment
of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of the series in respect of which interest is in default may be listed

  
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and, upon such notice as may be required by such exchange (or by the Trustee if the Securities are not listed), if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this Clause, such payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this Section,
each Security delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

Section 3.8 Persons Deemed Owners. 

The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name any Security is registered as the owner
of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 No holder of any beneficial
interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security, and such Depositary may be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by a Depositary or impair, as between a Depositary and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depositary (or its
nominee) as Holder of any Security. 
 Section 3.9 Cancellation. 

All Securities surrendered for payment, redemption, repayment, transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and Securities surrendered directly to the Trustee for any such purpose shall be promptly cancelled by it. The Company may at any time deliver to
the Trustee for cancellation any Securities previously authenticated and delivered hereunder that the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall
be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities shall be destroyed by the Trustee and the Trustee shall deliver to the
Company a certificate of such destruction. 
 Section 3.10 Computation of Interest. 

Except as otherwise specified as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months. 

  
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 Section 3.11 Agreed Tax Treatment. 

Each Security issued hereunder shall provide that the Company and, by its acceptance of a Security or a beneficial interest therein, the Holder
of, and any Person that acquires a beneficial interest in, such Security agree to treat for U.S. federal, state and local tax purposes such Security as indebtedness of the Company and to treat for U.S. federal income tax purposes stated interest on
the Security as ordinary interest income that is includible in gross income to such Holder or other Person at the time the interest is paid or accrued in accordance with its regular method of tax accounting. 

Section 3.12 CUSIP Numbers. 
 The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee or its designee shall use “CUSIP” numbers in notices of redemption or other related material as a convenience to
Holders; provided that any such notice or other related material may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption or other related
material and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee of
any change in the “CUSIP” numbers. 
 ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of Indenture. 

This Indenture shall, upon Company Request, cease to be of further effect with respect to a series of Securities (except as to any surviving
rights of registration of transfer or exchange of such Securities herein expressly provided for and as otherwise provided in this Section) and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments
acknowledging such satisfaction and discharge of this Indenture, when: 
 (1) either: 

(A) all Securities of such series theretofore authenticated and delivered (other than (i) Securities that have been
destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter
repaid to the Company or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or 

(B) all Securities of such series not theretofore delivered to the Trustee for cancellation: 

(i) have become due and payable; 

  
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 (ii) will become due and payable at their Stated Maturity within one year of the
date of deposit; or 
 (iii) have been called for redemption or are to be called for redemption within one year by the
Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of Clause (B)(i), (ii) or (iii) above, has
irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose money or U.S. Government Obligations in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal (and premium, if any) and interest (including any Additional Interest) to the date of such deposit (in the case of Securities that have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be; 
 (2) the Company has paid or caused to be paid all other sums payable hereunder by the
Company; and 
 (3) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such series of Securities have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations of the
Trustee to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 4.2 and the
last paragraph of Section 10.3 shall survive. 
 Section 4.2 Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall
be held in trust and applied by the Trustee, in accordance with the provisions of the applicable series of Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for the payment of which such money or obligations have been deposited with or received by the Trustee. 

ARTICLE V  
 REMEDIES

 Section 5.1 Events of Default. 

“Event of Default,” wherever used herein with respect to the Securities of any series, 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 

  
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judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless such event is specifically deleted or modified in or pursuant to a
supplemental indenture or Board Resolution establishing the terms of such series pursuant to this Indenture: 
 (1) the
failure to pay interest on any Security of that series on an Interest Payment Date and the default continues for a period of 30 days; 

(2) the failure to pay the principal (or premium, if any) of any Security of that series at Maturity; 

(3) a default in the observance or performance of any other covenant or agreement contained in this Indenture, and the default
continues for a period of 60 days after written notice thereof to the Company by the Trustee or the Holders of least 25% in the aggregate principal amount of Outstanding Securities of that series, specifying the default (and demanding that such
default be remedied); 
 (4) the failure to repay any Security of that series surrendered for repayment at the option of the
Holders thereof before their Stated Maturity in conformance with Article XIII hereof; 
 (5) (a) a failure to make any
payment at the maturity, including any applicable grace period, on any Indebtedness of the Company at any one time in an amount in excess of $75 million and continuance of this failure to pay or (b) a default on any of the Company’s
Indebtedness, which default results in the acceleration of Indebtedness in an amount in excess of $75 million without such Indebtedness having been discharged or the acceleration having been cured, waived, rescinded or annulled, for a period of, in
the case of clause (a) or (b) above, 60 days or more after written notice thereof to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of Outstanding Securities of
such series; provided, however, that if the failure, default or acceleration referred to in clause (a) or (b) above shall cease or be cured, waived, rescinded or annulled, then the Event of Default shall be deemed cured; or 

(6) the entry of a decree or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or
insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or
appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property or ordering the winding up or liquidation of its affairs, and the continuance of any such decree
or order unstayed and in effect for a period of 90 consecutive days; or 
 (7) the institution by the Company of proceedings
to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
Federal or State bankruptcy, insolvency, 

  
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reorganization or other similar law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due and its
willingness to be adjudicated a bankrupt, or the taking of corporate action by the Company in furtherance of any such action; or 

(8) any other Event of Default provided with respect to Securities of that series. 

Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default (other than an Event of Default specified in Section 5.1(6) or 5.1(7)) with respect to Securities of any series at
the time Outstanding shall occur and be continuing, then and in every such case the Trustee or the Holders of at least 25% in principal amount of the Outstanding Securities of that series may declare the principal amount (or, if the Securities of
that series are Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of and accrued but unpaid interest on all the Securities of that series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders) specifying the respective Event of Default and that it is a “notice of acceleration” and the same shall become immediately due and payable. If an Event of Default specified in
Section 5.1(6) or 5.1(7) and with respect to Securities of any series at the time Outstanding occurs and is continuing, the unpaid principal amount of all the Securities of that series (or, if the Securities of that series are Discount
Securities, such portion of the principal amount of such Securities as may be specified by the terms of that series) and accrued and unpaid interest theron shall automatically, and without any declaration or other action on the part of the Trustee
or any Holder, become immediately due and payable. 
 At any time after such a declaration of acceleration with respect to Securities of any
series has been made, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 

(1) the rescission would not conflict with any judgment or decree; 

(2) all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due
solely because of the acceleration; and 
 (3) to the extent the payment of such interest is lawful, interest on overdue
installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid. 

No such rescission shall affect any subsequent Event of Default or impair any right consequent thereto. 

  
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 Holders may not enforce this Indenture except as provided in this Indenture and under the Trust
Indenture Act. Subject to the provisions herein relating to the duties of the Trustee in case an Event of Default shall occur and be continuing, the Trustee will be under no obligation to exercise any of its rights or powers under this Indenture at
the request or discretion of any of the Holders, unless the Holders shall have offered to the trustee security or indemnity satisfactory to the Trustee. During the existence of an Event of Default, the Trustee shall exercise such rights and powers
vested in it by this Indenture, and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of its own affairs. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 

(1) default is made in the payment of any installment of interest (including any Additional Interest) on any Security when such
interest becomes due and payable and such default continues for a period of 30 days, or 
 (2) default is made in the payment
of the principal of (and premium, if any, on) any Security at the Maturity thereof, 
 the Company will, upon demand of the Trustee, pay to
the Trustee, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal, including any sinking fund payment or analogous obligations (and premium, if any) and interest (including any
Additional Interest); and, in addition thereto, all amounts owing the Trustee under Section 6.7. 
 If the Company fails to pay such
amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial 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 Company or any other obligor upon the Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Securities,
wherever situated. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual 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. 

  
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 Section 5.4 Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors: 

(a) the Trustee (irrespective of whether the principal of the Securities of any series shall then be due and payable as therein expressed or
by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal (and premium, if any) or interest (including any Additional Interest)) shall be entitled and
empowered, by intervention in such proceeding or otherwise: 
 (i) to file and prove a claim for the whole amount of
principal (and premium, if any) and interest (including any Additional Interest) owing and unpaid in respect to the Securities and to file such other papers or documents as may be necessary or advisable and to take any and all actions as are
authorized under the Trust Indenture Act in order to have the claims of the Holders and any predecessor to the Trustee under Section 6.7 allowed in any such judicial proceedings; and 

(ii) in particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable
on any such claims and to distribute the same in accordance with Section 5.6; and 
 (b) any custodian, receiver, assignee, trustee,
liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee for distribution in accordance with Section 5.6, and in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it and any predecessor Trustee under Section 6.7. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that
the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

Section 5.5 Trustee May Enforce Claim Without Possession of Securities. 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of
any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of all the amounts owing the Trustee and any predecessor Trustee under Section 6.7, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been
recovered. 
 Section 5.6 Application of Money Collected. 

Any money or property collected or to be applied by the Trustee with respect to a series of Securities pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal (or premium, if any) or interest (including any Additional Interest), upon presentation of
the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the
payment of all amounts due the Trustee and any predecessor Trustee; 

  
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 SECOND: To the payment of the amounts then due and unpaid upon such series of Securities for
principal (and premium, if any) and interest (including any Additional Interest), in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and
payable on such series of Securities for principal (and premium, if any) and interest (including any Additional Interest), respectively; and 

THIRD: The balance, if any, to the Person or Persons entitled thereto. 

Section 5.7 Limitation on Suits. 
 No
Holder of any Securities of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or for the appointment of a receiver, assignee, trustee, liquidator, sequestrator (or other similar
official) or for any other remedy hereunder, unless: 
 (1) such Holder has previously given written notice to the Trustee of
a continuing Event of Default with respect to the Securities of that series; 
 (2) the Holders of not less than 25% in
principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3) such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be
incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice, request and offer
of indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent with such written request has
been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it
being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing itself of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of
Securities, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders (it
being further understood that the Trustee does not have an affirmative duty to ascertain whether or not any action the Holders direct it to take is unduly prejudicial to other Holders). 

  
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 Section 5.8 Unconditional Right of Holders to Receive Principal, Premium and Interest. 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of (and premium, if any) and (subject to Section 3.7) interest (including any Additional Interest) on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption
or repayment, on the Redemption Date or the Repayment Date, as the case may be) 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 5.9 Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or such Holder, then and in every such case the Company, the Trustee and the Holders shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

Section 5.10 Rights and Remedies Cumulative. 

Except as otherwise provided in the last paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or
to the Holders 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 5.11 Delay or Omission Not Waiver. 

No delay or omission of the Trustee or any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. 
 Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or the Holders, as the case may be. 

Section 5.12 Control by Holders. 

The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that: 

(1) such direction shall not be in conflict with any rule of law or with this Indenture or with the Securities of such series,

  
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 (2) the Trustee may take any other action deemed proper by the Trustee that is
not inconsistent with such direction, and 
 (3) subject to the provisions of Section 6.1, the Trustee shall have the
right to decline to follow such direction if the Trustee shall, in good faith, determine that the proceeding so directed would be unjustly prejudicial to the Holders not joining in any such direction or would involve the Trustee in personal
liability. 
 Section 5.13 Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may waive any past default hereunder
and its consequences with respect to such series except a default: 
 (1) in the payment of the principal of (or premium, if
any) or interest (including any Additional Interest, if any) on any Security of such series, or 
 (2) in respect of a
provision hereof that under Article IX cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 

Any such waiver shall be deemed to be on behalf of the Holders of all the Securities of such series. 

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 5.14 Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his 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 Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest (including any Additional Interest) on any Security on or after the
respective Stated Maturities expressed in such Security. 

  
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 Section 5.15 Waiver of Usury, Stay or Extension Laws. 

The Company 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 usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that
it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted. 
 ARTICLE VI 

THE TRUSTEE 
 Section 6.1 Certain
Duties and Responsibilities. 
 The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act.
Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of
this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

Section 6.2 Notice of Defaults. 

Within 90 days after actual knowledge by a Responsible Officer of the Trustee of the occurrence of any default hereunder with respect to the
Securities of any series, the Trustee shall transmit by mail to all Holders of Securities of such series, as their names and addresses appear in the Securities Register, notice of such default, unless such default shall have been cured or waived;
provided, however, that, in the case of any default of the character specified in Section 5.1(3) with respect to Securities of any series, no such notice shall be given until at least 60 days after such actual knowledge; provided, further,
that, except in the case of a default in the payment of the principal of (or premium, if any) or interest (including any Additional Interest) on any Security of such series, the Trustee shall be protected in withholding such notice if and so long as
the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of Securities of such series. For the purpose of this Section, the term “default” means any event that is, or after notice or lapse
of time or both would become, an Event of Default with respect to Securities of such series. 
 Section 6.3 Certain Rights of Trustee. 

Subject to the provisions of Section 6.1: 

(a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, Security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

  
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 (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a
Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (c)
whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate, an Opinion of Counsel, or both; 
 (d)
the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon; 
 (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction; 
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, indenture, security or other paper or document, but the Trustee in its discretion may make such inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to make such inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney, at the sole cost
of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 
 (g) the Trustee may execute any of
the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due
care by it hereunder; 
 (h) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

(i) in the exercise of the rights and powers vested in it by this Indenture, after an Event of Default, the Trustee shall use the same degree
of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. No provision of this Indenture shall be construed to relieve the Trustee from liability with
respect to matters that are within the authority of the Trustee under this Indenture for its own negligent action, negligent failure to act or willful misconduct, except that: 

(i) the Trustee shall not be liable for any error or judgment made in good faith by an authorized officer of the Trustee,
unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 

  
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 (ii) the Trustee shall not be liable with respect to any action taken or omitted
to be taken by it in good faith in accordance with the direction of the Company or the Holders of at least a majority in aggregate principal amount of the Outstanding Securities relating to the time, method and place of conducting any proceeding for
any remedy available to the Trustee under this Indenture; 
 (iii) in no event shall the Trustee be responsible or liable for
special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action; 
 (iv) the Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities
and this Indenture; and 
 (v) the rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

Section 6.4 Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements
of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities, except that the
Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the
Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of the Securities or the proceeds thereof. 

Section 6.5 May Hold Securities. 

The Trustee, any Authenticating Agent, any Paying Agent, any Securities Registrar or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Securities
Registrar or such other agent. 

  
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 Section 6.6 Money Held in Trust. 

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company and any interest on or investment of any money received by it shall be for the exclusive benefit of the Company. 

Section 6.7 Compensation and Reimbursement. 

The Company agrees: 

(1) to pay to the Trustee from time to time such compensation as the Company and the Trustee have agreed in writing for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or willful misconduct; and 
 (3) to indemnify the Trustee for, and to
hold it harmless against, any loss, liability, claim, action, suit, cost or expense of any kind and nature whatsoever incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or
administration of this trust or the performance of its duties hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder,
except to the extent such loss, liability, claim, action, suit, cost or expense is attributable to its negligence or willful misconduct. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 5.1(6) or (7) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under the Bankruptcy Reform Act of 1978 or any successor statute. 

Section 6.8 Disqualification; Conflicting Interests. 

If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate
such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a conflicting interest
by virtue of being a trustee under this Indenture with respect to Securities of more than one series if all such series rank equally at the time of issuance. 

  
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 Section 6.9 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of
one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and shall be: 

(a) a corporation organized and doing business under the laws of the United States of America or of any State or Territory or the District of
Columbia, authorized under such laws to exercise corporate trust powers and subject to supervision or examination by Federal, State, Territorial or District of Columbia authority, or 

(b) a corporation or other Person organized and doing business under the laws of a foreign government that is permitted to act as Trustee
pursuant to a rule, regulation or order of the Commission, authorized under such laws to exercise corporate trust powers, and subject to supervision or examination by authority of such foreign government or a political subdivision thereof
substantially equivalent to supervision or examination applicable to United States institutional trustees, 
 in either case having a combined capital and
surplus of at least $50,000,000, subject to supervision or examination by Federal or State authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then, for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time
the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the
Company nor any Person directly or indirectly controlling, controlled by or under common control with the Company shall serve as Trustee for the Securities of any series issued hereunder. 

Section 6.10 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee under Section 6.11. 
 (b) The Trustee may resign at any time with respect to
the Securities of one or more series by giving written notice thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation,
the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(c) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. 

  
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 (d) If at any time: 

(1) the Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who
has been a bona fide Holder of a Security for at least six months, or 
 (2) the Trustee shall cease to be eligible under
Section 6.9 and shall fail to resign after written request therefor by the Company or by any such Holder, or 
 (3) the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (i) the Company, acting pursuant to the authority of a Board
Resolution, may remove the Trustee with respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

(e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause
with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable
requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee
with respect to the Securities of such series and supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted
appointment in the manner hereinafter provided, the Trustee or any Holder who has been a bona fide Holder of a Security of such series for at least six months may, subject to Section 5.14, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Securities of such series as their names and addresses appear in the
Securities Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

  
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 Section 6.11 Acceptance of Appointment by Successor. 

(a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder. 
 (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not
all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an instrument in writing or an indenture supplemental hereto wherein each successor Trustee
shall accept such appointment and that (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such instrument in writing or supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee; and upon the execution and delivery of such instrument in writing or supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein
and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with
respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 
 (c) Upon request of any
such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all rights, powers and trusts referred to in paragraph (a) or (b) of this Section,
as the case may be. 
 (d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee
shall be qualified and eligible under this Article. 

  
 46 

 Section 6.12 Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated, and in case any Securities shall not have been
authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor Trustee or in the name of such successor Trustee, and in all cases the certificate of authentication shall have the full force that it
is provided anywhere in the Securities or in this Indenture that the certificate of the Trustee shall have. 
 Section 6.13 Preferential Collection
of Claims Against Company. 
 If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the
Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

Section 6.14 Appointment of Authenticating Agent. 

The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities that shall be authorized to act on
behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.6, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, or of any State or Territory or the District of
Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section. 

  
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 Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of an
Authenticating Agent shall be the successor Authenticating Agent hereunder, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company.
The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any
time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent that shall be acceptable to the Company and shall give notice of such appointment
in the manner provided in Section 1.6 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested
with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provision of this Section. 

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. 

If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

This is one of the Securities of the series designated therein referred to in the within mentioned Indenture. 

Dated: 
  

			
	REGIONS BANK,
	not in its individual capacity but solely as Trustee
		
	 By:
	 	  

		 	AS AUTHENTICATING AGENT
		
	By:	 	  

		 	AUTHORIZED SIGNATORY

  
 48 

 ARTICLE VII  

HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.1 Company to Furnish Trustee Names and Addresses of Holders. 

The Company will furnish or cause to be furnished to the Trustee: 

(a) monthly, quarterly or semi-annually, as the case may be, not more than 15 days after each Regular Record Date in each year, a list, in
such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of each series as of such Regular Record Date, and 

(b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time such list is furnished, 
 excluding from any such list names and
addresses received by the Trustee in its capacity as Securities Registrar. 
 Section 7.2 Preservation of Information, Communications to
Holders. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders
contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Securities Registrar. The Trustee may destroy any list furnished to it as
provided in Section 7.1 upon receipt of a new list so furnished. 
 (b) The rights of Holders to communicate with other Holders with
respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided in the Trust Indenture Act. 

(c) Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of information as to the names and addresses of the Holders made pursuant to the Trust Indenture Act. 

Section 7.3 Reports by Trustee. 
 (a)
The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act, at the times and in the manner provided pursuant thereto. 

(b) Reports so required to be transmitted at stated intervals of not more than 12 months shall be transmitted no later than 60 days after
May 15 in each calendar year, commencing with the first May 15 after the first issuance of Securities under this Indenture. 

  
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 (c) A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each securities exchange upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any securities exchange. 

Section 7.4 Reports by Company. 
 The
Company shall file with the Trustee and the Commission, and transmit to Holders, copies of such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided in the Trust Indenture Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act shall be filed with the Trustee
within 15 days after the same are filed with the Commission. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 ARTICLE VIII 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 

Section 8.1 Company May Consolidate, Etc., only on Certain Terms. 

The Company shall not consolidate with, merge with or into, any other Person, or sell, convey, transfer, lease or otherwise dispose of all or
substantially all of its property and assets (in one transaction or a series of related transactions), unless: 
 (1)
(i) the Company shall be the continuing Person or (ii) the Person (if other than the Company) formed by such consolidation or into which the Company is merged, or to which its properties and assets shall be sold, conveyed, transferred or
leased, shall be a Person organized and validly existing under the laws of the United States of America or any jurisdiction thereof and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all of the
Company’s obligations on the Securities of each series and under the Indenture; 
 (2) immediately after giving effect
to the transaction referred to in clause (1), no Event of Default or any event that is, or after notice or passage of time or both would be, an Event of Default, shall have occurred and be continuing; and 

(3) the Company shall have delivered to the Trustee (A) an Opinion of Counsel stating that such consolidation, merger or
sale, conveyance, transfer or lease and such supplemental indenture (if any) complies this Article and that all conditions precedent herein relating to such transaction have been complied with and that such supplemental indenture (if any)
constitutes the legal, valid and binding obligation of the Company and any such successor enforceable against such entity in accordance with its terms, subject to customary exceptions and (B) an Officer’s Certificate to the effect that
immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing. 

  
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 Section 8.2 Successor Corporation Substituted. 

Upon any consolidation or merger by the Company with or into any other Person, or any sale, conveyance, transfer, lease or other disposition by
the Company of its properties and assets substantially as an entirety to any Person in accordance with Section 8.1, the successor Person formed by such consolidation or into which the Company is merged or to which such sale, conveyance,
transfer, lease or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein;
and in the event of any such conveyance or transfer (but not with respect to a lease) the Company shall be discharged from all obligations and covenants under the Indenture and the Securities and may be dissolved and liquidated. 

Such successor Person may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Securities
issuable hereunder that theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor Person instead of the Company and subject to all the terms, conditions and limitations in this
Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities that previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication pursuant to such provisions and any
Securities that such successor Person thereafter shall cause to be signed and delivered to the Trustee on its behalf for the purpose pursuant to such provisions. All the Securities so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution hereof. 

In case of any such consolidation, merger, sale, conveyance or lease, such changes in phraseology and form may be made in the Securities
thereafter to be issued as may be appropriate. 
 ARTICLE IX 

SUPPLEMENTAL INDENTURES 
 Section 9.1
Supplemental Indentures Without Consent of Holders. 
 Without the consent of any Holders, the Company, when authorized by a Board
Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

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

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

  
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 (3) to comply with the requirements of the Commission in order to effect or
maintain the qualification of this Indenture under the Trust Indenture Act; 
 (4) to evidence and provide for the acceptance
of appointment by a successor Trustee; 
 (5) to conform the terms of this Indenture and the Securities to any provision or
other description of the Securities, as the case may be, contained in an offering document related thereto; 
 (6) to provide
for the assumption by a successor corporation, partnership, trust or limited liability company of the Company’s obligations under this Indenture and the Securities, in each case in compliance with the provisions thereof; 

(7) to provide for the issuance of any additional Securities under this Indenture; 

(8) to comply with the rules of any applicable securities depository; 

(9) to make any change that would provide any additional rights or benefits to the Holders of the Securities (including to
secure the Securities, add guarantees with respect thereto, transfer any property to or with the Trustee, add to the Company’s covenants for the benefit of the Holders, add any additional Events of Default for the Securities, or surrender any
right or power conferred upon the Company) or that does not adversely affect the legal rights hereunder of any Holder in any material respect; 

(10) to change or eliminate any restrictions on the payment of principal (or premium, if any) on Securities in registered form;
provided that any such action shall not adversely affect the interests of the Holders of any series of Securities in any material respect; 

(11) supplement any provision of this Indenture as shall be necessary to permit or facilitate the defeasance and discharge of
the Securities in accordance with this Indenture; provided that such action shall not adversely affect the interests of any of the Holders of any series of Securities in any material respect; 

(12) change or eliminate any of the provisions of this Indenture so long as such change or elimination does not affect any
Securities which are outstanding under this Indenture prior to the effectiveness of such change or elimination; or 
 (13)
make any change that does not adversely affect the interests of any Holder of the Securities of any series. 
 Section 9.2 Supplemental Indentures
with Consent of Holders. 
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities
of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board 

  
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Resolution, and the Trustee may 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 Securities of such series under this Indenture, including a waiver; provided, however, that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Security affected thereby, 
 (1) reduce the principal amount of an Outstanding
Security whose Holders must consent to an amendment or waiver; 
 (2) reduce the rate of, change or have the effect of
changing the time for payment of interest, including Defaulted Interest, on a series of Securities; 
 (3) reduce the
principal of, change or have the effect of changing the fixed maturity of a series of Securities, or change the date on which a series of Securities may be subject to redemption or repurchase or reduce the redemption price or repurchase price
therefor; 
 (4) make a series of Securities payable in currency other than that stated in the Security or change the place
of payment of a series of Securities from that stated in the Security or in this Indenture; 
 (5) make any change in
provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest on the Securities on or after the due date thereof or to bring suit to enforce such payment, or permitting holders holding a majority in
principal amount of a series of Securities to waive defaults or Events of Default; 
 (6) make any change to or modify the
ranking of any series of Securities that would adversely affect the Holders thereof; or 
 (7) modify any of the provisions
of this Section, Section 5.13 or Section 10.5, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby. 
 A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has
expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect
the rights under this Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders 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. 

  
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 Section 9.3 Execution of Supplemental Indentures. 

In executing or accepting the additional trusts created by any supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall receive, and (subject to Section 6.1) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that the supplemental indenture is valid, binding and enforceable against the Company in accordance with its terms. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.4 Effect of
Supplemental Indentures. 
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in
accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 9.5 Conformity with Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 Section 9.6 Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Company, bear a notation in form approved by the Company as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of
the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

ARTICLE X 
 COVENANTS

 Section 10.1 Payment of Principal, Premium and Interest. 

The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of (and
premium, if any) and interest on the Securities of that series in accordance with the terms of such Securities and this Indenture. 
 Section 10.2
Maintenance of Office or Agency. 
 The Company will maintain in each Place of Payment for any series of Securities, an office or
agency where Securities of that series may be presented or surrendered for payment 

  
 54 

 
and an office or agency where Securities of that series may be surrendered for transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served. The Company initially appoints the Trustee, acting through its Corporate Trust Office, as its agent for said purposes. The Company will give prompt written notice to the Trustee of any change in the location
of any such office or agency. If at any time the Company shall fail to maintain such office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all of such purposes, and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office
or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation and any change in the location of any such office or agency. 

Section 10.3 Money for Securities Payments to be Held in Trust. 

If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of
the principal of (and premium, if any) or interest on any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so
becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its failure so to act. 

Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to 10:00 a.m. New York City time
on each due date of the principal of or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of
the Persons entitled to such principal and premium (if any) or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its failure so to act. 

The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

(1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest on Securities of that series
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; 

(2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the
making of any payment of principal of (and premium, if any) or interest; and 

  
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 (3) at any time during the continuance of any such default, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any time, for the
purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held
by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect
to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of (and premium, if any) or interest on any Security of that series and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid on Company Request to the Company, or
(if then held by the Company) shall (unless otherwise required by mandatory provision of applicable escheat or abandoned or unclaimed property law) be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease. 

Section 10.4 Statement as to Compliance. 

The Company shall deliver to the Trustee, within 120 days after the end of each calendar year of the Company ending after the date hereof, an
Officer’s Certificate signed by the principal executive officer, principal financial officer or principal accounting officer covering the preceding calendar year, stating whether or not to the best knowledge of the signers thereof the Company
is in default in the performance, observance or fulfillment of or compliance with any of the terms, provisions, covenants and conditions of this Indenture, and if the Company shall be in default, specifying all such defaults and the nature and
status thereof of which they may have knowledge. For the purpose of this Section, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture. 

Section 10.5 Waiver of Certain Covenants. 

The Company may omit in any particular instance to comply with any covenant or condition provided pursuant to Section 3.1, 9.1(7) or
9.1(9) with respect to the Securities of any series, if before or after the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company in respect of any such covenant or condition shall remain in full force and effect. If the Securities of a series have not been registered under the Securities Act, the Holders of at least a majority in
principal amount of such series, by Act of such Holders, may waive compliance by the Company with the Trust Indenture Act with respect to such series unless such compliance is otherwise required by the Trust Indenture Act. 

  
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 ARTICLE XI 

REDEMPTION OF SECURITIES 

Section 11.1 Applicability of this Article. 

Redemption of Securities of any series (whether by operation of a sinking fund or otherwise) as permitted or required by any form of Security
issued pursuant to this Indenture shall be made in accordance with such form of Security and this Article; provided, however, that if any provision of any such form of Security shall conflict with any provision of this Article, the provision of such
form of Security shall govern. Except as otherwise set forth in the form of Security for such series, each Security of such series shall be subject to partial redemption only in the amount of $2,000 or integral multiples of $1,000 thereof. 

Section 11.2 Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the
election of the Company of any of the Securities of any particular series and having the same terms, the Company shall, not less than 30 nor more than 60 days prior to the Redemption Date (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee of such date and of the principal amount of Securities of that series to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of
such Securities, the Company shall furnish the Trustee with an Officer’s Certificate and an Opinion of Counsel evidencing compliance with such restriction. 

Section 11.3 Selection of Securities to be Redeemed. 

If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60
days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, pro rata, or in accordance with the procedures of the Depositary and that may provide for the selection for
redemption of a portion of the principal amount of any Security of such series, provided that the unredeemed portion of the principal amount of any Security shall be in a denomination (which shall not be less than the minimum authorized
denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding sentence. 

The Trustee shall promptly notify the Company in writing of the Securities selected for partial redemption and the principal amount thereof to
be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to

  
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the portion of the principal amount of such Security that has been or is to be redeemed. If the Company shall so direct, Securities registered in the name of the Company, any Affiliate or any
Subsidiary thereof shall not be included in the Securities selected for redemption. 
 Section 11.4 Notice of Redemption. 

Notice of redemption shall be given by first-class mail, postage prepaid, mailed not later than the thirtieth day, and not earlier than the
sixtieth day, prior to the Redemption Date, to each Holder of Securities to be redeemed, at the address of such Holder as it appears in the Securities Register. 

With respect to Securities of each series to be redeemed, each notice of redemption shall state: 

(a) the Redemption Date; 
 (b)
the Redemption Price or if the Redemption Price cannot be calculated prior to the time the notice is required to be sent, the estimate of the Redemption Price provided pursuant to this Indenture together with a statement that it is an estimate and
that the actual Redemption Price will be calculated on a specified day prior to the Redemption Date; 
 (c) if less than all Outstanding
Securities of such particular series and having the same terms are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts) of the particular Securities to be redeemed; 

(d) that on the Redemption Date, the Redemption Price will become due and payable upon each such Security or portion thereof, and that
interest thereon, if any, shall cease to accrue on and after said date; 
 (e) the place or places where such Securities are to be
surrendered for payment of the Redemption Price; 
 (f) that the redemption is for a sinking fund, if such is the case; and 

(g) the CUSIP number(s) of the Securities being redeemed. 

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company and shall not be irrevocable. The notice if mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives such
notice. In any case, a failure to give such notice by mail or any defect in the notice to the Holder of any Security designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other
Security. 
 Section 11.5 Deposit of Redemption Price. 

Prior to 10:00 a.m. New York City time on the Redemption Date specified in the notice of redemption given as provided in Section 11.4, the
Company will deposit with the 

  
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Trustee or with one or more Paying Agents (or if the Company is acting as its own Paying Agent, the Company will segregate and hold in trust as provided in Section 10.3) an amount of money
sufficient to pay the Redemption Price of, and any accrued interest (including Additional Interest) on, all the Securities that are to be redeemed on that date. 

Section 11.6 Payment of Securities Called for Redemption. 

If any notice of redemption has been given as provided in Section 11.4, the Securities or portion of Securities with respect to which such
notice has been given shall become due and payable on the date and at the place or places stated in such notice at the applicable Redemption Price. On presentation and surrender of such Securities at a Place of Payment in said notice specified, the
said Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable Redemption Price, together with accrued interest (including any Additional Interest) to the Redemption Date; provided, however, that,
unless otherwise specified as contemplated by Section 3.1, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered
as such at the close of business on the relevant record dates according to their terms and the provisions of Section 3.7. 
 Upon
presentation of any Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized
denominations, in aggregate principal amount equal to the unredeemed portion of the Security so presented and having the same Original Issue Date, Stated Maturity and terms. If a Global Security is so surrendered, such new Security (subject to
Section 3.5) will also be a new Global Security. 
 If any Security called for redemption shall not be so paid upon surrender thereof
for redemption, the principal of and premium, if any, on such Security shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

ARTICLE XII 
 SINKING
FUNDS 
 Section 12.1 Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise
specified as contemplated by Section 3.1 for such Securities. 
 The minimum amount of any sinking fund payment provided for by the
terms of any Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any sinking fund payment in excess of such minimum amount that is permitted to be made by the terms of such Securities of any series is
herein referred to as an “optional sinking fund payment.” If provided for by the terms of any Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking
fund payment shall be applied to the redemption (or purchase by tender or otherwise) of Securities of any series as provided for by the terms of such Securities. 

  
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 Section 12.2 Satisfaction of Sinking Fund Payments with Securities. 

In lieu of making all or any part of a mandatory sinking fund payment with respect to any Securities of a series in cash, the Company may at
its option, at any time no more than 16 months and no less than 45 days prior to the date on which such sinking fund payment is due, deliver to the Trustee Securities of such series (together with the unmatured coupons, if any, appertaining thereto)
theretofore purchased or otherwise acquired by the Company, except Securities of such series that have been redeemed through the application of mandatory or optional sinking fund payments pursuant to the terms of the Securities of such series,
accompanied by a Company Order instructing the Trustee to credit such obligations and stating that the Securities of such series were originally issued by the Company by way of bona fide sale or other negotiation for value; provided that the
Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the Redemption Price for such Securities, as specified in the Securities so to be
redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

Section 12.3 Redemption of Securities for Sinking Fund. 

Not less than 60 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an
Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash in the currency in which
the Securities of such series are payable (except as provided pursuant to Section 3.1) and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant to Section 12.2 and will also deliver to the
Trustee any Securities to be so delivered. Such Officer’s Certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the cash payment or payments therein referred to, if any, on or before the succeeding
sinking fund payment date. In the case of the failure of the Company to deliver such Officer’s Certificate (or, as required by this Indenture, the Securities and coupons, if any, specified in such Officer’s Certificate), the sinking fund
payment due on the succeeding sinking fund payment date for such series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of the Securities of such series subject to a mandatory sinking fund payment without the
right to deliver or credit securities as provided in Section 12.2 and without the right to make the optional sinking fund payment with respect to such series at such time. 

Any sinking fund payment or payments (mandatory or optional) made in cash plus any unused balance of any preceding sinking fund payments made
with respect to the Securities of any particular series shall be applied by the Trustee (or by the Company if the Company is acting as its own Paying Agent) on the sinking fund payment date on which such payment is made (or, if such payment is made
before a sinking fund payment date, on the sinking fund payment date immediately following the date of such payment) to the redemption of Securities of such series at the Redemption Price specified in such Securities with respect to the sinking
fund. Any sinking fund moneys not so applied or allocated by the Trustee (or, if the Company is acting as its own Paying Agent, segregated and held in trust by the Company as provided in Section 10.3) for such series and together with such
payment (or such amount so segregated) shall be applied in accordance with the provisions of this Section. Any and all 

  
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sinking fund moneys with respect to the Securities of any particular series held by the Trustee (or if the Company is acting as its own Paying Agent, segregated and held in trust as provided in
Section 10.3) on the last sinking fund payment date with respect to Securities of such series and not held for the payment or redemption of particular Securities of such series shall be applied by the Trustee (or by the Company if the Company
is acting as its own Paying Agent), together with other moneys, if necessary, to be deposited (or segregated) sufficient for the purpose, to the payment of the principal of the Securities of such series at Maturity. The Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in
Section 11.4. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 11.6. On or before each sinking fund payment date, the Company shall pay to the Trustee
(or, if the Company is acting as its own Paying Agent, the Company shall segregate and hold in trust as provided in Section 10.3) in cash a sum in the currency in which Securities of such series are payable (except as provided pursuant to
Section 3.1) equal to the principal, premium, if any, and any interest accrued to the Redemption Date for Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to this Section. 

Neither the Trustee nor the Company shall redeem any Securities of a series with sinking fund moneys or mail any notice of redemption of
Securities of such series by operation of the sinking fund for such series during the continuance of a default in payment of interest, if any, on any Securities of such series or of any Event of Default (other than an Event of Default occurring as a
consequence of this paragraph) with respect to the Securities of such series, except that if the notice of redemption shall have been provided in accordance with the provisions hereof, the Trustee (or the Company, if the Company is then acting as
its own Paying Agent) shall redeem such Securities if cash sufficient for that purpose shall be deposited with the Trustee (or segregated by the Company) for that purpose in accordance with the terms of this Article. Except as aforesaid, any moneys
in the sinking fund for such series at the time when any such default or Event of Default shall occur and any moneys thereafter paid into such sinking fund shall, during the continuance of such default or Event of Default, be held as security for
the payment of the Securities and coupons, if any, of such series; provided, however, that in case such default or Event of Default shall have been cured or waived herein, such moneys shall thereafter be applied on the next sinking fund payment date
for the Securities of such series on which such moneys may be applied pursuant to the provisions of this Section. 
 ARTICLE XIII 

REPAYMENT AT THE OPTION OF HOLDERS 

Section 13.1 Applicability of Article. 

Securities of any series that are repayable at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance
with their terms and (except as otherwise specified pursuant to Section 3.1 for Securities of such series) in accordance with this Article. 

  
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 Section 13.2 Repayment of Securities. 

Each Security that is subject to repayment in whole or in part at the option of the Holder thereof on a Repayment Date shall be repaid at the
applicable Repayment Price together with interest accrued to such Repayment Date as specified pursuant to Section 3.1. 
 Section 13.3 Exercise
of Option; Notice. 
 Each Holder desiring to exercise such Holder’s option for repayment shall, as conditions to such repayment,
surrender the Security to be repaid in whole or in part together with written notice of the exercise of such option at any office or agency of the Company in a Place of Payment, not less than 30 nor more than 60 days prior to the Repayment Date.
Such notice, which shall be irrevocable, shall specify the principal amount of such Security to be repaid, which shall be equal to the minimum authorized denomination for such Security or an integral multiple thereof, and shall identify the Security
to be repaid and, in the case of a partial repayment of the Security, shall specify the denomination or denominations of the Security or Securities of the same series to be issued to the Holder for the portion of the principal of the Security
surrendered that is not to be repaid. 
 The Company shall execute and the Trustee shall authenticate and deliver without service charge to
the Holder of any Security so surrendered a new Security or Securities of the same series, of any authorized denomination specified in the foregoing notice, in an aggregate principal amount equal to any portion of the principal of the Security so
surrendered that is not to be repaid. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating
to the repayment of Securities shall relate, in the case of any Security repaid or to be repaid only in part, to the portion of the principal of such Security that has been or is to be repaid. 

Section 13.4 Securities Payable on the Repayment Date. 

Notice of exercise of the option of repayment having been given and the Securities so to be repaid having been surrendered as aforesaid, such
Securities shall, unless purchased in accordance with this Section, on the Repayment Date become due and payable at the price therein specified and from and after the Repayment Date such Securities shall cease to bear interest and shall be paid on
the Repayment Date, unless the Company shall default in the payment of such price in which case the Company shall continue to be obligated for the principal amount of such Securities and shall be obligated to pay interest on such principal amount at
the rate borne by such Securities from time to time until payment in full of such principal amount. 

  
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 ARTICLE XIV 

DEFEASANCE AND COVENANT DEFEASANCE 

Section 14.1 Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance. 

If pursuant to Section 3.1 provision is made for either or both of (a) defeasance of the Securities of a series under
Section 14.2 or (b) covenant defeasance of the Securities of a series under Section 14.3, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article XIV, shall be applicable
to the Securities of such series, and the Company may at its option by Board Resolution, at any time, with respect to the Securities of such series, elect to have either Section 14.2 (if applicable) or Section 14.3 (if applicable) be
applied to the Outstanding Securities of such series upon compliance with the conditions set forth below in this Article XIV. 
 Section 14.2
Defeasance and Discharge. 
 Upon the Company’s exercise of the above option applicable to this Section with respect to any
Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions set forth in
Section 14.4 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities and any
coupons appertaining thereto, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 14.5 and the other Sections of this Indenture referred to in clauses (A) and (B) below, and to have
satisfied all of its other obligations under such Securities and any coupons appertaining thereto and this Indenture insofar as such Securities and any coupons appertaining thereto are concerned (and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of such Outstanding Securities and any coupons appertaining thereto
to receive, solely from the trust fund described in Section 14.4 and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any) and interest, if any, on such Securities and any coupons appertaining
thereto when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 3.5, 3.6, 10.2 and 10.3, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (D) this
Article. Subject to compliance with this Article XIV, the Company may exercise its option under this Section notwithstanding the prior exercise of its option under Section 14.3 with respect to such Securities and any coupons appertaining
thereto. 
 Section 14.3 Covenant Defeasance. 

Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of or within a series, the
Company shall be released from its obligations under Section 8.1 and Sections 10.4 to 10.5, inclusive, and, if specified pursuant to Section 3.1, its obligations under any other covenant, with respect to such Outstanding Securities and any

  
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coupons appertaining thereto on and after the date the conditions set forth in Section 14.4 are satisfied (hereinafter, “covenant defeasance”), and such Securities and any coupons
appertaining thereto shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with Section 8.1 and
Sections 10.4 to 10.5, inclusive, or such other covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities
and any coupons appertaining thereto, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant, whether directly or indirectly, by reason of
any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not constitute a
default or an Event of Default under Section 5.1(3) or 5.1(8) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any coupons appertaining thereto shall be unaffected
thereby. 
 Section 14.4 Conditions to Defeasance and Covenant Defeasance. 

The following shall be the conditions to application of Sections 14.2 and 14.3 to any Outstanding Securities of or within a series and any
coupons appertaining thereto: 
 (a) The Company irrevocably deposits in trust for the benefit of Holders of the series of Securities cash
or U.S. Government Obligations, or a combination thereof, that, in the opinion of an independent accounting firm, which shall be delivered to the Trustee, will generate enough cash to make interest, principal, any premium and any other payments on
the Securities of that series at their Stated Maturity. 
 (b) Such defeasance or covenant defeasance shall not result in a breach of
violation of, or constitute a breach of default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound (and shall not cause the Trustee to have a conflicting interest pursuant to
Section 310(b) of the Trust Indenture Act with respect to any Security of the Company). 
 (c) No Event of Default or event which with
notice or lapse of time or both would become an Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit or, insofar as Sections 5.1(6) and 5.1(7) are concerned, at any time during the period
ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 

(d) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent with respect to such defeasance or covenant defeasance have been complied with. 
 (e) After the 91st day following the deposit,
the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally. 

  
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 (f) Notwithstanding any other provisions of this Section, such defeasance or covenant defeasance
shall be effected in compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.1. 

(g) With respect to defeasance pursuant to Section 14.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating
that either (i) since the date of this Indenture there has been a change in U.S. federal tax law or (ii) the Internal Revenue Service has published a ruling or the Company has received a ruling from the Internal Revenue Services, and based
on that ruling or change, Holders of the series of Securities will not recognize gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax on the same amount, in the same manner and at the
same times as if no defeasance had occurred. 
 (h) With respect to covenant defeasance pursuant to Section 14.3, the Company shall
have delivered to the Trustee an Opinion of Counsel confirming that under then current U.S. federal income tax law the Company may make the above deposit without causing Holders to be taxed on the Securities any differently than if the Company did
not make the deposit and instead repaid the Securities at the Stated Maturity. 
 If the Company completes a full defeasance, as described
above, Holders of the affected series of Securities shall be required to rely solely on the trust deposit for repayment of the Securities. However, the Company will remain subject to obligations to exchange or register the transfer of such
Securities, to replace stolen, lost or mutilated Securities, to maintain paying agencies, to hold moneys for payment in trust and, if applicable, to effect conversion of such Securities. 

Section 14.5 Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 

Subject to the provisions of the last paragraph of Section 10.3, all money and U.S. Government Obligations (or other property as may be
provided pursuant to Section 3.1) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 14.5, the “Trustee”) pursuant to Section 14.4 in respect
of any Outstanding Securities of any series and any coupons appertaining thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any coupons appertaining thereto and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities and any coupons appertaining thereto of all sums due and to become due
thereon in respect of principal (and premium, if any) and interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 14.4 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities and any coupons
appertaining thereto. 

  
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 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon Company Request any money or U.S. Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 14.4 which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance
with this Article. 
 Section 14.6 Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money or the U.S. Government Obligations, as the case may be, in accordance with this
Article with respect to any Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture, such Securities and any
coupons appertaining thereto from which the Company has been discharged or released pursuant to Section 14.2 or 14.3 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities,
until such time as the Trustee or Paying Agent is permitted to apply all money or U.S. Government Obligations, as the case may be, held in trust pursuant to Section 14.5 with respect to such Securities and any coupons appertaining thereto in
accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if
any) of the Holders of such Securities or coupons to receive such payment from the money or U.S. Government Obligations, as the case may be, so held in trust. 

* * * * 
 This instrument 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. 

  
 66 

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

													
		 		 		 		 	 TOTAL SYSTEM SERVICES, INC.
  

		 		 		 		 	By:	 	   /s/ Paul M. Todd

		 		 		 		 		 	Name:	 	Paul M. Todd
		 		 		 		 		 	Title:	 	 Senior Executive Vice President and
 Chief
Financial Officer

				
	Attest:	 		 		 	
						
	By:	 	   /s/ Kathleen Moates
	 		 		 		 	
		 	 Name:
	 	Kathleen Moates	 		 	REGIONS BANK, as Trustee
		 	 Title:
	 	Group Executive, Senior Deputy General Counsel and Assistant Secretary	 		 	By:	 	   /s/ Thomas E. Clower

		 		 		 		 		 	Name:	 	Thomas E. Clower
		 		 		 		 		 	Title:	 	Vice President
				
	Attest:	 		 		 	
						
	By:	 	 /s/ Mary Willis
	 		 		 		 	

 [Signature Page to Indenture]

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