Document:

EX-4.4

 EXHIBIT 4.4 

SERIES 201[●]-[●] 

INDENTURE SUPPLEMENT 

BETWEEN 
 ALLY MASTER
OWNER TRUST 
 ISSUING ENTITY 

AND 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION 
 INDENTURE TRUSTEE 

DATED AS OF [●], 201[●] 

SERIES 201[●]-[●] ASSET BACKED NOTES, 

CLASS A[-1], [CLASS A-2,] CLASS B, CLASS C AND CLASS D 

AND 
 SERIES
201[●]-[●] ASSET BACKED EQUITY NOTES 
 CLASS E 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
		
	ARTICLE I CREATION OF SERIES 201[●]-[●] NOTES	  	 	2	  
		 	SECTION 1.01	 	Designation.	  	 	2	  
		 	SECTION 1.02	 	Reopening of Class or Tranche of Notes.	  	 	3	  
		
	ARTICLE II DEFINITIONS	  	 	3	  
		 	SECTION 2.01	 	Definitions.	  	 	3	  
		 	SECTION 2.02	 	Other Definitional Provisions.	  	 	25	  
		
	ARTICLE III SERVICING FEE	  	 	25	  
		 	SECTION 3.01	 	Servicing Compensation.	  	 	25	  
		
	 ARTICLE IV RIGHTS AND OBLIGATIONS OF SERIES 201[●]-[●] NOTEHOLDERS AND
ALLOCATION AND APPLICATION OF COLLECTIONS
	  	 	26	  
		 	SECTION 4.01	 	 Collections and Allocations.
	  	 	26	  
		 	SECTION 4.02	 	 Determination of Monthly Interest.
	  	 	26	  
		 	SECTION 4.03	 	 Determination of Monthly Principal Amount.
	  	 	27	  
		 	SECTION 4.04	 	 Application of Available Funds on Deposit in Note Defeasance Account, Collection Account and Other Sources.
	  	 	28	  
		 	SECTION 4.05	 	 Series Charge-Offs.
	  	 	34	  
		 	SECTION 4.06	 	 Reallocated Principal Collections.
	  	 	35	  
		 	SECTION 4.07	 	 Excess Interest Collections.
	  	 	36	  
		 	SECTION 4.08	 	 Shared Principal Collections.
	  	 	36	  
		 	SECTION 4.09	 	 Reinstatement of Invested Amount.
	  	 	37	  
		 	SECTION 4.10	 	 Note Distribution Account.
	  	 	37	  
		 	SECTION 4.11	 	 [Reserve Fund.]
	  	 	38	  
		 	SECTION 4.12	 	 [Determination of LIBOR.]
	  	 	39	  
		 	SECTION 4.13	 	 [Accumulation Period Reserve Account.]
	  	 	40	  
		 	SECTION 4.14	 	 Transfer Restrictions.
	  	 	42	  
		 	SECTION 4.15	 	 Note Defeasance Account.
	  	 	44	  
		 	SECTION 4.16	 	 FATCA.
	  	 	46	  
		 	SECTION 4.17	 	 Asset Representations Review.
	  	 	46	  
		 	SECTION 4.18	 	 Unfulfilled Repurchase Demands; Dispute Resolution.
	  	 	48	  
		
	 ARTICLE V DELIVERY OF SERIES 201[●]-[●] NOTES; DISTRIBUTIONS; REPORTS TO SERIES
201[●]-[●] NOTEHOLDERS
	  	 	51	  
		 	SECTION 5.01	 	 Delivery and Payment for Series 201[●]-[●] Notes.
	  	 	51	  
		 	SECTION 5.02	 	 Distributions.
	  	 	52	  
		 	SECTION 5.03	 	 Reports and Statements to Series 201[●]-[●] Noteholders.
	  	 	53	  
		 	SECTION 5.04	 	 Other Information to be Provided by the Indenture Trustee and the Owner Trustee.
	  	 	54	  

  
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	 ARTICLE VI SERIES 201[●]-[●] EARLY AMORTIZATION EVENTS AND SERIES
201[●]-[●] EVENTS OF DEFAULT
	  	55
		 	SECTION 6.01	 	Series 201[●]-[●] Early Amortization Events.	  	55
		 	SECTION 6.02	 	Series 201[●]-[●] Events of Default.	  	57
		 	SECTION 6.03	 	Acceleration of Maturity; Rescission and Annulment.	  	58
		
	 ARTICLE VII REDEMPTION OF SERIES 201[●]-[●] NOTES; SERIES LEGAL MATURITY; FINAL
DISTRIBUTIONS
	  	59
		 	SECTION 7.01	 	Optional Redemption of Series 201[●]-[●] Notes.	  	59
		 	SECTION 7.02	 	Series Legal Maturity.	  	60
		
	ARTICLE VIII MISCELLANEOUS PROVISIONS	  	62
		 	SECTION 8.01	 	Ratification of Agreement.	  	62
		 	SECTION 8.02	 	Form of Delivery of Series 201[●]-[●] Notes.	  	62
		 	SECTION 8.03	 	Counterparts.	  	62
		 	SECTION 8.04	 	Governing Law.	  	62
		 	SECTION 8.05	 	Effect of Headings and Table of Contents.	  	62
		 	SECTION 8.06	 	Notices.	  	62
		 	SECTION 8.07	 	Limitation of Liability.	  	63

  

					
	EXHIBIT A	  	Form of Note	  	A-1
	EXHIBIT B	  	Form of Monthly Statement	  	B-1
	EXHIBIT C	  	Servicing Criteria to be Addressed in Indenture Trustee’s Assessment of Compliance	  	C-1

  
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 SERIES 201[●]-[●] INDENTURE SUPPLEMENT, dated as of [●], 201[●], by and
between ALLY MASTER OWNER TRUST, a Delaware statutory trust, as Issuing Entity, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee. 

RECITALS 
 A.
Section 2.1 of the Indenture provides, among other things, that the Issuing Entity and the Indenture Trustee may at any time and from time to time enter into an Indenture Supplement to authorize the issuance by the Issuing Entity of
Notes in one or more Series. 
 B. The parties to this Indenture Supplement, by executing and delivering this Indenture Supplement, are
providing for the creation of the Series 201[●]-[●] Notes and specifying the Principal Terms thereof. 
 In consideration of the
mutual covenants and agreements contained in this Indenture Supplement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

GRANTING CLAUSES 
 In
addition to the grant of the Indenture, the Issuing Entity hereby grants to the Indenture Trustee, for the exclusive benefit of the Holders of the Series 201[●]-[●] Notes, all of the Issuing Entity’s right, title and interest
(whether now owned or hereafter acquired) in, to and under the following (collectively, the “Series Collateral”) with respect to the Series 201[●]-[●]: 

(i) all Collections on the Receivables allocated to the Series 201[●]-[●] Notes; 

(ii) [the insurance policy] [the letter of credit] and all proceeds thereof;] 

(iii) all Eligible Investments and all monies, instruments, securities, security entitlements, documents, certificates of
deposit and other property from time to time on deposit in or credited to the Series Accounts (including any subaccount thereof) and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any
accrued discount realized on liquidation of any investment purchased at a discount) other than Investment Proceeds with respect to the Note Defeasance Account; and 

(iv) all present and future claims, demands, causes of action and choses in action regarding any of the foregoing and all
payments on any of the foregoing and all proceeds of any nature whatsoever regarding any of the foregoing, including all proceeds of the voluntary or involuntary conversion thereof into cash or other liquid property and all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any kind and other forms of obligations and receivables, instruments and other property that at
any time constitute any part of or are included in the proceeds of any of the foregoing. 

 The foregoing grants are made in trust to secure (a) the Issuing Entity’s obligations
under the Series 201[●]-[●] Notes equally and ratably without prejudice, priority or distinction between any Series 201[●]-[●] Note and any other Series 201[●]-[●] Notes, other than as expressly provided in this
Indenture Supplement, (b) the payment of all other sums payable under the Series 201[●]-[●] Notes, the Indenture and this Indenture Supplement and (c) the compliance with the terms and conditions of the Series
201[●]-[●] Notes, the Indenture and this Indenture Supplement, all as provided herein or therein. 
 The Indenture Trustee, as
indenture trustee on behalf of the Noteholders, hereby acknowledges the foregoing grants, accepts the trusts under this Indenture Supplement in accordance with the provisions of this Indenture Supplement, and agrees to perform the duties herein
required to the end that the interests of the Noteholders may be adequately protected. 
 ARTICLE I 

CREATION OF SERIES 201[●]-[●] NOTES 

SECTION 1.01 Designation. 

(a) There is hereby created a Series of Notes to be issued by the Issuing Entity on the Closing Date pursuant to the Indenture and this
Indenture Supplement to be known as the “Series 201[●]-[●] Asset Backed Notes” or the “Series 201[●]-[●] Notes.” The Series 201[●]-[●] Notes shall be issued in [five] Classes, the
first shall be known as the “Series 201[●]-[●] [Fixed] [Floating] Asset Backed Notes, Class A,” [the second shall be known as the “Series 201[●]-[●] [Fixed] [Floating] Rate Asset Backed Notes, Class
B,”] [the third shall be known as the “Series 201[●]-[●] [Fixed] [Floating] Rate Asset Backed Notes, Class C,”] [the fourth shall be known as the “Series 201[●]-[●] [Fixed] [Floating] Rate
Asset Backed Notes, Class D,”] and the [fifth] shall be known as the “Series 201[●]-[●] Asset Backed Equity Notes, Class E.” [The Series 201[●]-[●] Asset Backed Notes, Class A, shall be issued
in two Tranches. The first shall be known as the “Series 201[●]-[●] Floating Rate Asset Backed Notes, Class A-1” and the second shall be known as the “Series 201[●]-[●] Fixed Rate Asset Backed
Notes, Class A-2.”] The Series 201[●]-[●] Notes shall be due and payable on the Series 201[●]-[●] Legal Maturity Date. 

(b) Series 201[●]-[●] shall be a Nonoverconcentration Series. Series 201[●]-[●] shall be in Excess Interest Sharing
Group [One] and in Principal Sharing Group [One]. [Series 201[●]-[●] shall not be a Shared Enhancement Series or in an Interest Reallocation Group.] [Series 201[●]-[●] shall not be subordinated to any other Series.] 

(c) The Series 201[●]-[●] Notes are “Notes” and this Indenture Supplement is an “Indenture Supplement” for all
purposes under the Indenture. If any provision of the Series 201[●]-[●] Notes or this Indenture Supplement conflicts with or is inconsistent with any provision of the Indenture, the provisions of the Series 201[●]-[●] Notes
or this Indenture Supplement, as the case may be, control. 

  
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 (d) Each term defined in Section 2.01 of this Indenture Supplement relates only to
Series 201[●]-[●] and this Indenture Supplement and to no other Series or Indenture Supplements. 
 (e) Notwithstanding anything
to the contrary in the Indenture, the Series 201[●]-[●] Notes, other than the Class E Note, shall be issued in fully registered form in minimum amounts of $[1,000] and in integral multiples of $[1,000] in excess thereof (except that one
Note from each such class may be issued in a different amount so long as such amount exceeds $[1,000]); provided that the minimum amounts of the Series 201[●]-[●] Notes, other than the Class E Note, shall be subject to the restrictions
set forth in Section 4.14. The Class E Note shall be issued in fully registered form in a principal amount equal to the Class E Note Principal Balance. The Class E Note will be issuable in a minimum denomination of 100% of the Class E
Note Principal Balance. 
 SECTION 1.02 Reopening of Class or Tranche of Notes. 

The Depositor may from time to time, with notice to the Rating Agencies but without notice to, or the consent of, the holders of a Class or
Tranche of Series 201[●]-[●] Notes, create and issue additional Series 201[●]-[●] Notes equal in rank to any Class or Tranche of Series 201[●]-[●] Notes previously offered in all respects or in all respects,
except for the payment of interest accruing prior to the Issuance Date of such additional Series 201[●]-[●] Notes in a Class or Tranche of Series 201[●]-[●] Notes or except for the first payment of interest following the
Issuance Date of such additional Series 201[●]-[●] Notes in a Class or Tranche of Series 201[●]-[●] Notes. This is called a “reopening.” When issued, the additional Series 201[●]-[●] Notes of a
Class or Tranche shall be equally and ratably entitled to the benefits of the Indenture and this Indenture Supplement applicable to those Series 201[●]-[●] Notes with the other Outstanding Notes of that Class or Tranche without
preference, priority or distinction. These additional Series 201[●]-[●] Notes may be consolidated and form a single Class or Tranche with the previously issued Series 201[●]-[●] Notes and shall have the same terms as to
status, redemption or otherwise as the previously issued Series 201[●]-[●] Notes. 
 ARTICLE II 

DEFINITIONS 

SECTION 2.01 Definitions. 

Whenever used in this Indenture Supplement, the following words and phrases have the following meanings, and the definitions of such terms are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

[AAA: The American Arbitration Association.] 

[AAA Rules: The AAA’s Commercial Arbitration Rules and Mediation Procedures in effect as of the Closing Date.] 

  
 3 

 [Accumulation Period Factor: With respect to any Collection Period, a fraction: 

(a) the numerator of which is equal to the sum of the invested amounts of all outstanding Series in Principal Sharing Group
[One] (including the Invested Amount for Series 201[●]-[●]) as of the last day of the Revolving Period; and 

(b) the denominator of which is equal to the sum of (i) the Invested Amount as of the last day of the Revolving Period,
plus (ii) the invested amounts as of the last day of the Revolving Period of all outstanding Series in Principal Sharing Group [One] (other than the Invested Amount for Series 201[●]-[●]) that are expected to be paying or
accumulating principal during the period from such Collection Period to the Collection Period immediately preceding the Series 201[●]-[●] Expected Maturity Date; 

provided, however, that this definition may be changed at any time upon receipt by the Indenture Trustee of an Officer’s
Certificate from the Servicer that such change shall not have an Adverse Effect.] 
 [Accumulation Period Length: Has the meaning
specified in Section 4.04(h).] 
 [Accumulation Period Reserve Account: Has the meaning specified in
Section 4.13(a).] 
 [Accumulation Period Reserve Account Available Amount: With respect to each Distribution Date
beginning on the Accumulation Period Reserve Account Funding Date and until termination of the Accumulation Period Reserve Account pursuant to Section 4.13(e), the lesser of: 

(a) the amounts on deposit in the Accumulation Period Reserve Account on such Distribution Date (before giving effect to any
(i) deposits made or to be made therein pursuant to Section 4.04(a)([●]) and Section 4.04(b)(i) on such Distribution Date or (ii) any withdrawals made or to be made therefrom pursuant to
Section 4.13(c) on such Distribution Date); and 
 (b) the Accumulation Period Reserve Account Required Amount
for such Distribution Date.] 
 [Accumulation Period Reserve Account Deposit Amount: With respect to each Distribution Date beginning
on the Accumulation Period Reserve Account Funding Date and until termination of the Accumulation Period Reserve Account pursuant to Section 4.13(e), the excess of (a) the Accumulation Period Reserve Account Required Amount for such
Distribution Date, over (b) the Accumulation Period Reserve Account Available Amount for such Distribution Date.] 
 [Accumulation
Period Reserve Account Funding Date: The Distribution Date occurring in the [third] Collection Period preceding the scheduled commencement of the Controlled Accumulation Period (or such earlier or later date as may be directed by the Servicer;
provided, 

  
 4 

 
however, that, if the Accumulation Period Reserve Account Funding Date occurs on a later date, the Servicer expects the Accumulation Period Reserve Account to be fully funded by the
commencement of the Controlled Accumulation Period).] 
 [Accumulation Period Reserve Account Required Amount: With respect to each
Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until the Accumulation Period Reserve Account is terminated pursuant to Section 4.13(e), an amount equal to the product of (a) [●]% (or a
lower percentage upon satisfaction of the Series 201[●]-[●] Rating Agency Condition with respect to the Series 201[●]-[●] Notes) and (b) the Investor Note Principal Balance of the Investor Notes as of the Accumulation
Period Reserve Account Funding Date.] 
 [Accumulation Period Reserve Draw Amount: With respect to any Distribution Date relating to
the Controlled Accumulation Period or the first Distribution Date relating to the Early Amortization Period, the excess, if any, of (a) the Covered Amount determined as of such Distribution Date, over (b) the portion of the Available
Series Interest Collections for such Distribution Date constituting Investment Proceeds from the Note Distribution Account and the Accumulation Period Reserve Account.] 

[Additional Available Series Principal Collections: With respect to any Distribution Date and the related Collection Period, an amount
equal to the sum of [(i) upon the termination of the Reserve Fund pursuant to Section 4.11(e), all remaining amounts on deposit in the Reserve Fund (excluding amounts representing Investment Proceeds and after giving effect to
Section 4.04(b)(ii)), plus (ii)] any Available Series Interest Collections, [Reserve Fund Available Amounts] and Excess Interest Collections from other Series in the same Excess Interest Sharing Group as the Series 201[●]-[●]
Notes that, as provided in Sections 4.04(a) and (b), are to be treated as Additional Available Series Principal Collections with respect to that Distribution Date.] 

[ADR Facilitator: A nationally-recognized alternative dispute resolution facilitator chosen pursuant to [●].] 

ADR Proceeding: Either an Arbitration or a Mediation. 

[ADR Rules: The ADR Facilitator’s governing rules and procedures in effect as of the Closing Date.] 

Arbitration: A binding arbitration proceeding with [AAA][FINRA][ADR Facilitator][JAMS] conducted pursuant to the rules set forth in the
[AAA Rules][FINRA Rules][JAMS Rules][ADR Rules]. 
 Asset Representations Review: A review by the Asset Representations Reviewer as
specified in the Asset Representations Review Agreement of all Accounts classified as “programmed” or “no credit” designated to the Issuing Entity as of the applicable review date

  
 5 

 
and the Receivables in those Accounts to determine whether such such Accounts and Receivables satisfy the representations and warranties set forth in [Section 4.01(a)] of the Pooling and
Servicing Agreement as of the date specified in [Section 4.01(a)] of the Pooling and Servicing Agreement. 
 Asset Representations Review
Agreement: The Asset Representations Review Agreement, dated as of [●], between the Issuing Entity and the Asset Representations Reviewer, as amended, supplemented, restated or otherwise modified from time to time. 

Asset Representations Review Notice: Has the meaning specified in Section 4.17(d). 

Asset Representations Reviewer: [●], as asset representations reviewer under the Asset Representations Review Agreement, or any
successor asset representations reviewer under the Asset Representations Review Agreement. 
 Available Series Interest Collections:
With respect to any Distribution Date, an amount equal to the sum of (a) the Series Interest Collections with respect to such Distribution Date, plus (b) all interest and Investment Proceeds on Eligible Investments credited to [the Reserve
Fund,] the Note Distribution Account [and the Accumulation Period Reserve Account (net of losses and investment expenses)] during the related Collection Period, [plus ([●]) all withdrawals from the Accumulation Period Reserve Account pursuant
to Section 4.13(c),] [plus ([●]) on the termination of the Accumulation Period Reserve Account pursuant to Section 4.13(e), all remaining amounts on deposit in the Accumulation Period Reserve Account (excluding
amounts representing Investment Proceeds and after giving effect to Section 4.13(c))]. 
 Available Series Principal
Collections: With respect to any date, an amount equal to the sum of (i) the Series Principal Collections for such date, plus (ii) any Shared Principal Collections with respect to other Series in Principal Sharing Group [One]
(including any amounts on deposit in the Excess Funding Account that are allocated to Series 201[●]-[●] pursuant to the Indenture for application as Shared Principal Collections) for such date, plus (iii) if such date is also a
Distribution Date, the amount of any Additional Available Series Principal Collections remaining after application thereof pursuant to Section 4.04(f) being treated as Available Series Principal Collections on such date plus
(iv) the amounts, if any, withdrawn from the Excess Funding Account and applied pursuant to Section 4.04(g), minus (v) the amount of any Series Principal Collections being treated as Reallocated Principal Collections pursuant
to Section 4.06[, plus ([●]) any payments with respect to principal on the Series 201[●]-[●] notes from the Enhancement Provider]. 

Average Class A[-1] Note Principal Balance: For any period [and any tranche of Series 201[●]-[●] Class A notes], an
amount equal to the result of (a) the aggregate of the Class [A-1] Note Principal Balance for each day during that period divided by (b) the number of days in that period. 

  
 6 

 [Average Class A-2 Note Principal Balance: For any period, an amount
equal to the result of (a) the aggregate of the Class A-2 Note Principal Balance for each day during that period divided by (b) the number of days in that period.] 

[Average Class B Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class B Note
Principal Balance for each day during that period divided by (b) the number of days in that period.] 
 [Average Class C Note
Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class C Note Principal Balance for each day during that period divided by (b) the number of days in that period.] 

[Average Class D Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class D Note
Principal Balance for each day during that period divided by (b) the number of days in that period.] 
 Average Net Invested
Amount: For any period, an amount equal to the result of (a) Net Invested Amount for each day during that period divided by (b) the number of days in that period. 

Back-up Servicing Fee Rate: [●]% per annum or such other percentage (not to exceed
[●]% without satisfaction of the Series 201[●]-[●] Rating Agency Condition) as may be specified as such in the Back-up Servicing Agreement. 

[Bloomberg Screen BTMM Page: The display page currently so designated on the Bloomberg Screen BTMM Page (or such other page as may
replace such page in that service for the purpose of displaying comparable rates or prices).] 
 [Class A Invested Amount: As of any
date, the sum of the Class A-1 Invested Amount and the Class A-2 Invested Amount, in each case, as of such date.] 
 [Class A
Monthly Interest: With respect to any Interest Period and the related Distribution Date, the sum of the Class A-1 Monthly Interest and the Class A-2 Monthly Interest for such Interest Period and Distribution Date.] 

[Class A Note: Any one of the Class A-1 Notes or the Class A-2 Notes.] 

[Class A Note Initial Principal Balance: The sum of the Class A-1 Note Initial Principal Balance and the Class A-2 Note
Initial Principal Balance.] 
 [Class A Note Principal Balance: As of any date, the sum of the Class A-1 Note Principal Balance
as of such date and the Class A-2 Note Principal Balance as of such date.] 
 Class A Noteholder: The Person in whose name
a Class A Note is registered in the Note Register. 

  
 7 

 Class A[-1] Invested Amount: As of any date, an amount equal to (a) the Class A[-1]
Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class A[-1] Notes immediately before such date pursuant to Section 4.06
over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class A[-1] Invested Amount to zero, minus (c) the excess, if any, of
(i) the cumulative amount of Series Charge-Offs allocable to the Class A[-1] Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to
Section 4.09 before that date, but limited to an amount that would reduce the Class A[-1] Invested Amount to zero. 
 Class
A[-1] Monthly Interest: Has the meaning specified in Section 4.02(a). 
 Class A[-1] Notes: Any one of the Series
201[●]-[●] [Fixed] [Floating] Rate Asset Backed Notes, Class A[-1] executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 

Class A[-1] Note Initial Principal Balance: $[●]. 

Class A[-1] Note Interest Rate: With respect to any Interest Period, [LIBOR for such Interest Period plus [●]% per annum]
[[●]% per annum]. 
 Class A[-1] Note Principal Balance: As of any date, the Class A[-1] Note Initial Principal Balance, minus
the aggregate amount of any principal payments made to the Class A[-1] Noteholders on or prior to such date. 
 [Class A-2 Invested
Amount: As of any date, an amount equal to (a) the Class A-2 Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the
Class A-2 Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce
the Class A-2 Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class A-2 Notes immediately before such date pursuant to Section 4.05(b) over
(ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class A-2 Invested Amount to zero.] 

[Class A-2 Monthly Interest: Has the meaning specified in Section 4.02(b).] 

[Class A-2 Notes: Any one of the Series 201[●]-[●] Fixed Rate Asset Backed Notes, Class A-2 executed by the Issuing
Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A.] 
 [Class A-2 Note
Initial Principal Balance: $[●].] 
 [Class A-2 Note Interest Rate: With respect to any Interest Period, [●]% per
annum.] 

  
 8 

 [Class A-2 Note Principal Balance: As of any date, the Class A-2 Note Initial
Principal Balance, minus the aggregate amount of any principal payments made to the Class A-2 Noteholders on or prior to such date.] 

[Class B Invested Amount: As of any date, an amount equal to (a) the Class B Note Principal Balance as of such date, minus
(b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class B Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of
reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class B Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class B Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09
before that date, but limited to an amount that would reduce the Class B Invested Amount to zero.] 
 [Class B Monthly Interest: Has
the meaning specified in Section 4.02(c).] 
 [Class B Note: Any one of the Series 201[●]-[●] [Fixed]
[Floating] Rate Asset Backed Notes, Class B executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A.] 

[Class B Note Initial Principal Balance: $[●].] 

[Class B Note Interest Rate: With respect to any Interest Period, [LIBOR for such Interest Period plus [●]% per annum]
[[●]% per annum].] 
 [Class B Note Principal Balance: As of any date, the Class B Note Initial Principal Balance, minus the
aggregate amount of any principal payments made to the Class B Noteholders on or prior to such date.] 
 [Class B Noteholder: The
Person in whose name a Class B Note is registered in the Note Register.] 
 [Class C Invested Amount: As of any date, an amount equal
to (a) the Class C Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class C Notes immediately before such date pursuant to
Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class C Invested Amount to zero, minus (c) the excess,
if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class C Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of
reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class C Invested Amount to zero.] 

[Class C Monthly Interest: Has the meaning specified in Section 4.02(d).] 

  
 9 

 [Class C Note: Any one of the Series 201[●]-[●] [Fixed] [Floating] Rate Asset
Backed Notes, Class C executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A.] 

[Class C Note Initial Principal Balance: $[●].] 

[Class C Note Interest Rate: With respect to any Interest Period, [LIBOR for such Interest Period plus [●]% per annum]
[[●]% per annum].] 
 [Class C Note Principal Balance: As of any date, the Class C Note Initial Principal Balance, minus the
aggregate amount of any principal payments made to the Class C Noteholders on or prior to such date.] 
 [Class C Noteholder: The
Person in whose name a Class C Note is registered in the Note Register.] 
 [Class D Invested Amount: As of any date, an amount equal
to (a) the Class D Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class D Notes immediately before such date pursuant to
Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class D Invested Amount to zero, minus (c) the excess,
if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class D Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of
reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class D Invested Amount to zero.] 

[Class D Monthly Interest: Has the meaning specified in Section 4.02(e).] 

[Class D Note: Any one of the Series 201[●]-[●] [Fixed] [Floating] Rate Asset Backed Notes, Class D executed by the Issuing
Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A.] 
 [Class D Note
Initial Principal Balance: $[●].] 
 [Class D Note Interest Rate: With respect to any Interest Period, [LIBOR for such
Interest Period plus [●]% per annum] [[●]% per annum].] 
 [Class D Note Principal Balance: As of any date, the Class D
Note Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class D Noteholders on or prior to such date.] 

[Class D Noteholder: The Person in whose name a Class D Note is registered in the Note Register.] 

  
 10 

 Class E Invested Amount: 

 

	 	(a)	With respect to the Closing Date, $[●], and 

  

	 	(b)	with respect to any subsequent date, an amount equal to 

 (i) the Class E
Invested Amount determined as of the immediately preceding Distribution Date (or, with respect to the initial Distribution Date, the Class E Invested Amount as of the Closing Date); 

(ii) minus (A) the amount of Reallocated Principal Collections allocable to the Class E Notes pursuant to
Section 4.06, if any, since the Distribution Date immediately preceding such date, but limited to an amount that would reduce the Class E Invested Amount to zero, plus (B) the amount of reimbursements of Reallocated Principal
Collections allocable to the Class E Notes pursuant to Section 4.09, if any, since the Distribution Date immediately preceding such date; 

(iii) minus (A) the amount of Series Charge-Offs allocable to the Class E
Notes pursuant to Section 4.05(b), if any, since the Distribution Date immediately preceding such date, but limited to an amount that would reduce the Class E Invested Amount to zero, plus (B) the amount of reimbursements of
Series Charge-Offs allocable to the Class E Notes pursuant to Section 4.09, if any, since the Distribution Date immediately preceding such date; 

(iv) minus an amount equal to the product of (A) the Subordination Percentage and (B) the increase, if any,
in the Series 201[●]-[●] Excess Funding Amount since the Distribution Date immediately preceding such date; 

(v) plus an amount equal to the product of (A) the Subordination Percentage and (B) the decrease, if any, in
the Series 201[●]-[●] Excess Funding Amount since the Distribution Date immediately preceding such date (to the extent that the Required Nonoverconcentration Pool Balance would not exceed the Nonoverconcentration Pool Balance, any such
excess to become Class E Invested Amount on the date and to the extent that such additions would not result in the Required Nonoverconcentration Pool Balance exceeding the Nonoverconcentration Pool Balance); 

(vi) [plus an amount equal to the increase, if any, in the Required Class E Invested Amount as a result of a change in
the Subordination Factor since the Distribution Date immediately preceding such date (to the extent that the Required Nonoverconcentration Pool Balance would not exceed the Nonoverconcentration Pool Balance, any such excess to become Class E
Invested Amount on the date and to the extent that such additions would not result in the Required Nonoverconcentration Pool Balance exceeding the Nonoverconcentration Pool Balance);] 

  
 11 

 (vii) [minus an amount equal to the decrease, if any, in the Required
Class E Invested Amount as a result of a change in the Subordination Factor since the Distribution Date immediately preceding such date;] 

(viii) plus the amount of any Available Series Interest Collections treated as Additional Available Series Principal
Collections on such date to ensure that the Class E Invested Amount as of such date is not less than the Required Class E Invested Amount pursuant to Section 4.04(a)([●]); 

(ix) minus the aggregate amount of any principal payments made to the Class E Noteholders since the Distribution Date
immediately preceding such date; 
 provided, however, that in no event shall the Class E Invested Amount as of any date be more than the
Required Class E Invested Amount as of such date; provided that the Depositor may at any time and from time to time increase the Class E Invested Amount by allocating a portion of the Nonoverconcentration Certificate Interest thereto; provided such
increase shall not cause the Required Nonoverconcentration Pool Balance to exceed the Nonoverconcentration Pool Balance or cause the Nonoverconcentration Certificate Amount to be less than the Required Nonoverconcentration Certificate Amount.
Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Class E Invested Amount without satisfaction of the Series 201[●]-[●] Rating Agency Condition with respect to each Class of Series 201[●]-[●]
Notes in connection therewith if such increase would result in the aggregate amount of all such increases, together with all amounts resulting from a discretionary increase in the Series 201[●]-[●] Subordination Factor [and the Reserve
Fund], exceeding 5.0% of the Note Principal Balance as of the date of such increase. 
 Class E Note: Any one of the Series
201[●]-[●] Asset Backed Equity Notes, Class E executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 

Class E Note Initial Principal Balance: $[●]. 

Class E Note Principal Balance: As of any date, the Class E Note Initial Principal Balance, minus the aggregate amount of any principal
payments made to the Class E Noteholders before such date; provided, however, that the Depositor, at any time and from time to time, may (A) in connection with an increase in the Class E Invested Amount increase the Class E Note
Principal Balance, but not in excess of the increase in the Class E Invested Amount or (B) decrease the Class E Note Principal Balance upon satisfaction of the Series 201[●]-[●] Rating Agency Condition and obtaining written consent
of all of the Class E Noteholders. 
 Class E Noteholder: The Person in whose name a Class E Note is registered in the Note Register.

 Closing Date: [●], 201[●]. 

  
 12 

 Consent Rating Agency: Has the meaning set forth in the Ratings Free Writing Prospectus.

 [Controlled Accumulation Amount: The result of (a) the Note Principal Balance as of the last day of the Revolving Period
(less the aggregate amount, if any, already on deposit in the Note Distribution Account and the Note Defeasance Account to pay principal of the Series 201[●]-[●] Notes as of the close of business on the last day of the Revolving Period)
divided by (b) the number of months in the Controlled Accumulation Period.] 
 [Controlled Accumulation Period: Unless an Early
Amortization Event has occurred prior thereto, the period beginning on the first day of the [●] Collection Period or such later date as is determined in accordance with Section 4.04(h) and ending on the earlier to occur of
(a) the close of business on the day immediately preceding the commencement of the Early Amortization Period and (b) the end of the Collection Period immediately preceding the Distribution Date on which the Note Principal Balance shall be
paid in full.] 
 [Controlled Amortization Amount: The result of (a) the Note Principal Balance as of the last day of the
Revolving Period (less the aggregate amount, if any, already on deposit in the Note Distribution Account and the Note Defeasance Account to pay principal of the Series 201[●]-[●] Notes as of the close of business on the last day of the
Revolving Period) divided by (b) the number of months in the Controlled Amortization Period.] 
 [[Controlled] Amortization
Period: Unless an Early Amortization Event has occurred prior thereto, the period beginning on the first day of the [●] Collection Period or such later date as is determined in accordance with [Section 4.04(h)] and ending on the
earlier to occur of (a) the close of business on the day immediately preceding the commencement of the Early Amortization Period and (b) the end of the Collection Period immediately preceding the Distribution Date on which the Note
Principal Balance shall be paid in full.] 
 [Controlled Deposit Amount: For any Collection Period with respect to [the Controlled
Accumulation Period] [the Controlled Amortization Period], an amount equal to the sum of (a) [the Controlled Accumulation Amount] [the Controlled Amortization Amount] for such Collection Period and (b) any [Deficit Controlled Accumulation
Amount] [Deficit Controlled Amortization Amount] for the immediately preceding Collection Period.] 
 [Covered Amount: As of any
Distribution Date on which the Servicer calculates the Accumulation Period Reserve Draw Amount pursuant to Section 4.13(c), an amount equal to the product of (a) (i) the actual number of days in the related Collection Period
divided by (ii) 360, times, (b) the product of (i) the aggregate amount on deposit in the Note Distribution Account and the Note Defeasance Account being accumulated to pay the principal on the Series 201[●]-[●] Notes as
of the immediately preceding Distribution Date (excluding amounts representing Investment Proceeds and after giving effect to any deposit or withdrawals therein on such preceding Distribution Date), times (ii) [●]% (or a lower percentage
upon satisfaction of the Series 201[●]-[●] Rating Agency Condition with respect to the Series 201[●]-[●] Notes).] 

  
 13 

 [Deficit Controlled Accumulation Amount: (a) for the Collection Period immediately
preceding the Controlled Accumulation Period, zero, and (b) for any Collection Period in the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such Collection Period over the aggregate amount deposited
into the Note Distribution Account or the Note Defeasance Account with respect to such Collection Period.] 
 [Deficit Controlled
Amortization Amount: (a) for the Collection Period immediately preceding the Controlled Amortization Period, zero, and (b) for any Collection Period in the Controlled Amortization Period, the excess, if any, of the Controlled Deposit
Amount for such Collection Period over the aggregate amount deposited into the Note Distribution Account or the Note Defeasance Account with respect to such Collection Period.] 

Determination Date: The tenth day of each calendar month, or if such tenth day is not a Business Day, the next succeeding Business Day.

 Distribution Date: [●], 201[●], and the 15th day of each calendar month thereafter, or if such 15th day is not a
Business Day, the next succeeding Business Day. 
 Downgrade Trigger: As of the last day of any monthly period, the percentage of
Accounts of Dealers located in the United States rated “programmed” or “no credit” as of the end of the most recent monthly period exceeds [●]%. For purposes of clause (a) of this definition, the percentage of Accounts
of Dealers located in the United States rated “programmed” or “no credit” as of the end of any monthly period shall be equal to (a) the aggregate outstanding principal balance of receivables in such Accounts that were rated
“programmed” or “no credit” as of the last day of that monthly period divided by (b) the aggregate outstanding principal balance of all receivables in such Accounts as of the last day of that monthly period. 

Early Amortization Period: The period beginning on the first day on which an Early Amortization Event with respect to Series
201[●]-[●] occurs and ending on the earlier to occur of (a) the end of the Collection Period immediately preceding the Distribution Date on which the Note Principal Balance shall be paid in full and (b) the Series
201[●]-[●] Legal Maturity Date. 
 Enhancement Provider: [●], as provider of [the insurance policy] [the letter of
credit] with respect to the [Series 201[●]-[●]] notes. 
 Excess Interest Collections: With respect to Series
201[●]-[●], the meaning specified in Section 4.07. 
 FATCA: Sections 1471 through 1474 of the Code (or any
amended or successor version) and any current or future regulations or official interpretations thereof. 
 FATCA Withholding Tax:
Any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to FATCA. 

[FINRA: The Financial Industry Regulatory Authority.] 

  
 14 

 [FINRA Rules: FINRA’s Code of Arbitration Procedure and Code of Mediation Procedure
in effect as of the Closing Date.] 
 Fixed Series Percentage: With respect to any date, the percentage equivalent (not to exceed
100%) of a fraction (a) the numerator of which is the Net Invested Amount as of such date or, if the Revolving Period is no longer in effect, as of the close of business on the last day of the Revolving Period and (b) the denominator of
which is the greater of (i) the Adjusted Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection Period (or, in the case of the first Collection Period, the Closing Date) and
(ii) the sum of the numerators used to calculate the applicable fixed series percentages for allocating Nonoverconcentration Principal Collections to all outstanding Series (including Series 201[●]-[●]) with respect to such date.

 Floating Series Percentage: With respect to any Collection Period, the percentage equivalent (not to exceed 100%) of a fraction
(a) the numerator of which is the Average Net Invested Amount for that Collection Period and (b) the denominator of which is the greater of (i) the average of the Adjusted Nonoverconcentration Pool Balance for each day during such
Collection Period and (ii) the sum of the numerators used to calculate the applicable floating series percentages for allocating Nonoverconcentration Interest Collections to all outstanding Series (including Series 201[●]-[●]) with
respect to such Collection Period. 
 Indenture: The Indenture, dated as of February 12, 2010, between the Issuing Entity and
the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 
 Indenture Supplement:
This Series 201[●]-[●] Indenture Supplement, as the same may be amended, supplemented or otherwise modified from time to time. 

Initial Invested Amount: With respect to the Series 201[●]-[●] Notes, the Initial Note Principal Balance. 

Initial Note Principal Balance: The sum of (a) the Class A Note Initial Principal Balance, plus [(b) the Class B Note Initial
Principal Balance,] [plus (c) the Class C Note Initial Principal Balance,] [plus (d) the Class D Note Initial Principal Balance,] plus [(e)] the Class E Note Initial Principal Balance. 

Insolvency Event of Default: With respect to the Series 201[●]-[●], any Event of Default specified in Sections
6.02(e) or (f). 
 Interest Collections Shortfall: Has, with respect to Series 201[●]-[●], the meaning
specified in Section 4.07. 
 Interest Period: With respect to any Distribution Date, the period from and including the
Distribution Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date. 

  
 15 

 Invested Amount: The sum of the Investor Invested Amount and the Class E Invested Amount.

 Investor Invested Amount: As of any date, [the sum of the Class A Invested Amount, [the Class B Invested Amount,] [the Class
C Invested Amount] and [the Class D Invested Amount], in each case, as of such date. 
 Investor Note Principal Balance: As of any
date of determination, [the sum of] the Class A Note Principal Balance, [the Class B Note Principal Balance,] [the Class C Note Principal Balance] and [the Class D Note Principal Balance,] in each case, as of such date. 

Investor Notes: The Class A Notes, [the Class B Notes,] [the Class C Notes] and [the Class D Notes]. 

[JAMS Rules: JAMS’ Rules and Procedures in effect as of the Closing Date.] 

[LIBOR: With respect to any Interest Period, the London interbank offered rate for one-month United States dollar deposits determined
by the Indenture Trustee for such Interest Period pursuant to Section 4.12.] 
 [LIBOR Determination Date: With respect
to any Interest Period, the second London Business Day before the commencement of such Interest Period.] 
 [London Business Day: Any
day other than a Saturday, Sunday or any other day on which banks in London are required or authorized to be closed for business.] 

Majority of Manufacturers: Two or more Manufacturers that the aggregate amount of all Eligible Principal Receivables held by the
Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufactured by one of those Manufacturers is 50.0% or more of the Pool Balance. 

Mediation: A non-binding mediation or arbitration proceeding with [AAA][FINRA][ADR Facilitator][JAMS] conducted pursuant to the rules
set forth in the [AAA Rules][FINRA Rules][JAMS Rules][ADR Rules]. 
 Monthly Back-up Servicing
Fee: With respect to any Distribution Date on which the Back-up Servicing Agreement is in effect, an amount equal to [the greater of (a)] one-twelfth (or, with
respect to the first Distribution Date, the number of days from the Series Cut-Off Date until the last day of the preceding Collection Period, calculated on the basis of a 360 day year of twelve 30-day months/360) of the product of (i) the Back-up Servicing Fee Rate, (ii) the Floating Series Percentage for the related Collection Period and (iii) the Nonoverconcentration Pool Balance as of the close of business on the last day of the
immediately preceding Collection Period [and (b) $[●]]. 

  
 16 

 Monthly Interest: With respect to any Distribution Date, [the sum of (a)] the Class A
Monthly Interest for such Distribution Date, [plus (b) the Class B Monthly Interest for such Distribution Date] [plus (c) the Class C Monthly Interest for such Distribution Date,] [plus (d) the Class D Monthly Interest for such
Distribution Date]. 
 Monthly Nonoverconcentration Defaulted Amount: With respect to any Collection Period, the aggregate of
Nonoverconcentration Defaulted Amounts for each day in that Collection Period. 
 Monthly Payment Rate: For any Collection Period,
the percentage equivalent of a fraction (a) the numerator of which is the Principal Collections for such Collection Period with respect to Principal Receivables arising under the Scheduled Accounts and (b) the denominator of which is the
average daily aggregate principal balance of all Principal Receivables arising under the Scheduled Accounts during such Collection Period. 

Monthly Principal Amount: With respect to any Collection Period, the aggregate amount required to be deposited into the Note
Distribution Account or the Note Defeasance Account with respect to that Collection Period in respect of the Series 201[●]-[●] Notes as determined pursuant to Section 4.03. 

Monthly Servicing Fee: With respect to any Distribution Date, an amount equal to one-twelfth
(or, with respect to the first Distribution Date, the number of days from the Series Cut-Off Date until the last day of the preceding Collection Period, calculated on the basis of a 360 day year of twelve 30-day months/360) of the product of
(a) the Servicing Fee Rate, (b) the Floating Series Percentage for the related Collection Period and (c) the Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection Period.

 Monthly Statement: Has the meaning specified in Section 5.03(b). 

Net Invested Amount: With respect to the Series 201[●]-[●] Notes as of any date of determination, the sum of (a) the
Net Investor Invested Amount as of such date and (b) the excess, if any, of (i) the Class E Invested Amount as of such date over (ii) the sum of (1) the Note Distribution Account Amount allocated to pay principal of the Class E
Notes, if any, on such date and (2) the amount on deposit in the Note Defeasance Account (excluding amounts representing Investment Proceeds) on that date allocated to pay principal of the Class E Notes, if any, on such date. 

Net Investor Invested Amount: With respect to the Investor Notes as of any date of determination, the excess, if any, of (i) the
Investor Invested Amount as of such date over (ii) the sum of (1) Note Distribution Account Amount allocated to pay principal of the Investor Notes, if any, on such date and (2) the amount on deposit in the Note Defeasance Account
(excluding amounts representing Investment Proceeds) on that date allocated to pay principal of the Investor Notes, if any, on such date. 

  
 17 

 Note Defeasance Account: Has the meaning specified in Section 4.15(a). 

Note Distribution Account: Has the meaning specified in Section 4.10(a). 

Note Distribution Account Amount: On any date, an amount equal to the sum of (a) the amount on deposit in the Note Distribution
Account (excluding amounts representing Investment Proceeds) on that date and (b) the aggregate amount of outstanding Permitted Delayed Remittances with respect to the Note Distribution Account. 

Note Principal Balance: As of any date of determination, the sum of the Investor Note Principal Balance on such date and the Class E
Note Principal Balance on such date. 
 Noteholder FATCA Information: With respect to any Noteholder or holder of an interest in a
Note, information sufficient to eliminate the imposition of, or determine the amount of, U.S. withholding tax under FATCA. 
 Noteholder
Tax Identification Information: With respect to any Noteholder or holder of an interest in a Note, properly completed and signed tax certifications (generally, in the case of U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form)
in the case of a person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States
Person” within the meaning of Section 7701(a)(30) of the Code). 
 Notice Rating Agency: Has the meaning set forth in the
Ratings Free Writing Prospectus. 
 Panel: As defined in Section 4.18(c)(iv)(1). 

Principal Sharing Group [One]: Series 201[●]-[●] and each other Series specified in the related Indenture Supplements to be
included in Principal Sharing Group [One]. 
 Principal Shortfall: With respect to Series 201[●]-[●], the meaning
specified in Section 4.08. 
 Rating Agency: Has the meaning set forth in the Ratings Free Writing Prospectus. 

Ratings Free Writing Prospectus: The issuer free writing prospectus, as defined in Rule 433 of the Securities Act, filed by the
Depositor on [●], 201[●], relating to the Series 201[●]-[●] Notes. 
 Reallocated Principal Collections: With
respect to any Distribution Date, the amounts applied in accordance with Section 4.06 in an amount not to exceed: 

(a) with respect to amounts to be applied to pay Monthly Servicing Fees, Monthly
Back-up Servicing Fees, and Class A Monthly Interest, the sum of the Class A Invested Amount, [the Class B Invested Amount,] [Class C Invested Amount,] [Class D Invested Amount] and Class E Invested
Amount for that Distribution Date (in each case, after giving effect to any change in that amount on that date); 

  
 18 

 (b) [with respect to amounts to be applied to pay Class B Monthly Interest, the
sum of the Class B Invested Amount, the Class C Invested Amount, the Class D Invested Amount and the Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clause (a) above);] 

(c) [with respect to amounts to be applied to pay Class C Monthly Interest, the sum of the Class C Invested Amount, the Class D
Invested Amount and the Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clauses (a) and (b) above); and] 

(d) [with respect to amounts to be applied to pay Class D Monthly Interest, the sum of the Class D Invested Amount and the
Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clauses (a), (b) and (c) above)]. 

Reassignment Amount: With respect to any Distribution Date, after giving effect to any deposits and distributions otherwise to be made
on such Distribution Date, the sum of (a) the Note Principal Balance on such Distribution Date, plus (b) the Monthly Interest for such Distribution Date, together with any Monthly Interest previously due but not paid to the Series
201[●]-[●] Noteholders on prior Distribution Dates. 
 Repurchase Response Notice: A notice delivered by the Indenture
Trustee to a Noteholder or Note Owner indicating that a Repurchase Request is unresolved. 
 Repurchase Request: Has the meaning
specified in Section 4.18(b). 
 Requesting Party: Has the meaning specified in Section 4.18(b). 

[Required Accumulation Factor Number: A fraction, rounded upwards to the nearest whole number, the numerator of which is one and the
denominator of which is equal to the lowest Monthly Payment Rate on the Accounts, expressed as a decimal, for the 12 months preceding the date of such calculation; provided, however, that this definition may be changed at any time upon
receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such change shall not have an Adverse Effect.] 

Required Class E Invested Amount: As of any Distribution Date, the product of (i) the Subordination Percentage and (ii) the
excess, if any, of (A) (1) with respect to any Distribution Date occurring during [the Controlled Accumulation Period] [the [Controlled] Amortization Period] or the Early Amortization Period, the Net Investor Invested Amount as of the last
day of the Revolving Period, and (2) with respect to any Distribution Date occurring during the Revolving Period, the Net Investor Invested Amount as of such Distribution Date, over (B) the Series 201[●]-[●] Excess Funding
Amount on such date (after giving effect to any changes in such amount on such date). 

  
 19 

 Required Pool Percentage: [●]%, except that the Depositor may reduce this percentage
so long as the Series 201[●]-[●] Rating Agency Condition is satisfied with respect to the Series 201[●]-[●] Notes, but without the consent of any Noteholder or any other Person. 

[Reserve Fund: Has the meaning specified in Section 4.11(a).] 

[Reserve Fund Available Amount: With respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Fund
on such date (excluding any Investment Proceeds on amounts on deposit therein and before giving effect to any (i) deposit made or to be made therein pursuant to Section 4.04(a) on such date or (ii) any withdrawal made or to be
made therefrom pursuant to Section 4.04(b)(ii) on such date) and (b) the Reserve Fund Required Amount for such Distribution Date.] 

[Reserve Fund Deposit Amount: With respect to any Distribution Date, the excess, if any, of (a) the Reserve Fund Required Amount
for such Distribution Date, over (b) the Reserve Fund Available Amount for such Distribution Date.] 
 [Reserve Fund Initial
Amount: $[●].] 
 [Reserve Fund Required Amount: With respect to any Distribution Date, an amount equal to the product of
Reserve Fund Required Percentage and the Invested Amount as of such Distribution Date (after giving effect to any changes therein on such Distribution Date); provided, however, that the Depositor may, in its discretion, increase or,
upon satisfaction of the Series 201[●]-[●] Rating Agency Condition, decrease the Reserve Fund Required Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Reserve Fund Required Amount in its
discretion without satisfaction of the Series 201[●]-[●] Rating Agency Condition if such increase would result in the aggregate amount of all such increases, together with all amounts added to the Class E Invested Amount and all amount
resulting from a discretionary increase in the Class E Invested Amount or in the Subordination Factor, exceeding 5.0% of the Note Principal Balance as of the date of such increase.] 

[Reserve Fund Required Percentage: As of any date, [●]%; provided, however, that in the event the Subordination Factor would
otherwise be required to increase as a result of a decrease in the Monthly Payment Rate in accordance with the definition of Subordination Factor, the Depositor may by delivering an Officer’s Certificate to the Indenture Trustee and the Rating
Agencies prior to the date such increase was to become effective, elect to increase the Reserve Fund Required Percentage in an amount in percentage points equal to (i) an additional [●]% rather than increasing the Subordination Factor by
[●]% pursuant to clause (i) of the first proviso of the definition of Subordination Factor, (ii) an additional [●]% rather than increasing the Subordination Factor by [●]% pursuant to clause (ii) of the first proviso
of the definition of Subordination Factor or (iii) an additional [●]% rather than increasing the Subordination Factor 

  
 20 

 
by [●]% pursuant to clause (iii) of the first proviso of the definition of Subordination Factor. In the event that the Depositor shall elect to so increase the Reserve Fund Required
Percentage rather than the Subordination Factor, any increase in the Monthly Payment Rate that otherwise would have resulted in a decrease in the Subordination Factor will alternatively result in corresponding decrease in the Reserve Fund Required
Percentage to the extent that the Reserve Fund Required Percentage had been increased rather than making the corresponding increase in the Subordination Factor. The election of the Depositor to increase the Reserve Fund Required Percentage rather
than increasing the Subordination Factor shall be deemed not to be a discretionary increase.] 
 [Reserve Fund Trigger Amount: As of
any date, an amount equal to the product of [●]% and the Invested Amount on such date (after giving effect to any changes therein on such date); provided, however, that, if the Reserve Fund Required Amount has been increased solely as a result
of the decrease in the Three Month Average Payment Rate, then with respect to that Distribution Date and each Distribution Date thereafter until the amount on deposit in the Reserve Fund equals the Reserve Fund Required Amount, the Reserve Fund
Trigger Amount will equal $[●].] 
 Revolving Period: The period beginning on the Closing Date and ending on the earlier of the
close of business on the day immediately preceding the date on which [the Controlled Accumulation Period] [the [Controlled] Amortization Period] or the Early Amortization Period commences. 

Series 201[●]-[●]: The Series of Notes, the Principal Terms of which are specified in this Indenture Supplement. 

[Series 201[●]-[●] Amortization Date: [●].] 

Series 201[●]-[●] Early Amortization Event: Has the meaning specified in Section 6.01. 

Series 201[●]-[●] Event of Default: Has the meaning specified in Section 6.02. 

Series 201[●]-[●] Excess Funding Amount: As of any date of determination, the product of (a) the amount on deposit in
the Excess Funding Account (excluding amounts representing Investment Proceeds) on such date, times (b) a fraction (i) the numerator of which is the Net Invested Amount as of such date and (ii) the denominator of which is the sum of
the net invested amounts of each outstanding Nonoverconcentration Series (including Series 201[●]-[●]) being allocated a portion of the funds on deposit in the Excess Funding Account. 

[Series 201[●]-[●] Expected Maturity Date: The [●] Distribution Date.] 

Series 201[●]-[●] Insolvency Event of Default: The Series 201[●]-[●] Events of Default set forth in clauses
(e) or (f) of Section 6.02. 

  
 21 

 Series 201[●]-[●] Issuing Entity Insolvency Event of Default: The Series
201[●]-[●] Event of Default set forth in clause (f) of Section 6.02. 
 Series 201[●]-[●]
Legal Maturity Date: The [●] Distribution Date. 
 Series 201[●]-[●] Note: A Class A Note, [a Class B
Note,] [a Class C Note,] [a Class D Note] or a Class E Note. 
 Series 201[●]-[●] Noteholder: A Class A Noteholder,
[a Class B Noteholder,] [a Class C Noteholder,] [a Class D Noteholder] or a Class E Noteholder. 
 Series 201[●]-[●]
Noteholders’ Collateral: The Noteholders’ Collateral for the Series 201[●]-[●]. 
 Series
201[●]-[●] Private Notes: [The Series 201[●]-[●] Class B Notes,] [the Series 201[●]-[●] Class C Notes,] [the Series 201[●]-[●] Class D Notes] [and] the Series 201[●]-[●] Class E Notes.

 Series 201[●]-[●] Rating Agency Condition: The condition that each of the Consent Rating Agencies with respect to the
Series 201[●]-[●] Notes shall have notified the Depositor, the Servicer and the Issuing Entity in writing that such action shall not result in a downgrade, suspension or withdrawal of the then current rating of the Series
201[●]-[●] Notes then rated by such Rating Agency; provided, however, that with respect to each Notice Rating Agency, it shall be sufficient that such Notice Rating Agency shall be given prior written notice thereof. 

Series Accounts: With respect to Series 201[●]-[●], the Note Distribution Account, the Note Defeasance Account[, the
Reserve Fund] and [the Accumulation Period Reserve Account]. 
 Series Charge-Offs: Has the
meaning specified in Section 4.05. 
 Series Collateral: Has the meaning specified in the granting clauses of this
Indenture Supplement. 
 Series Cut-Off Date: The close of business on [●],
201[●]. 
 Series Defaulted Amount: With respect to any Distribution Date, the amount of the Nonoverconcentration Defaulted
Amount for the related Collection Period allocated to the Series 201[●]-[●] pursuant to Section 4.01(d). 

Series Defaulted Percentage: With respect to any Collection Period, the Floating Series Percentage. 

Series Interest Collections: With respect to any Distribution Date, the amount of Nonoverconcentration Interest Collections for the
related Collection Period (or, in the case of the initial Distribution Date, the period from the Series Cut-Off Date until the last day of the Collection Period preceding such Distribution Date) allocated to the Series 201[●]-[●]
pursuant to Section 4.01(b). 

  
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 Series Interest Percentage: With respect to any Collection Period, the Floating Series
Percentage. 
 Series Principal Collections: With respect to any date, the amount of the Nonoverconcentration Principal Collections
for that date allocated to the Series 201[●]-[●] pursuant to Section 4.01(c). 
 Series Principal Percentage:
For any date, the Fixed Series Percentage. 
 Series Required Certificate Amount: On any date, the product of (a) the excess, if
any, of (i) the Required Pool Percentage over (ii) 100% and (b) the Net Invested Amount on that date. 
 Shared Principal
Collections: With respect to Series 201[●]-[●], has the meaning specified in Section 4.08. 
 Significant
Manufacturer: As of any date, a Manufacturer that the aggregate amount of all Eligible Principal Receivables held by the Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufacturer by such
Manufacturer is 35.0% (or, in the case of Chrysler, 25.0%) or more of the Pool Balance. 
 [Special
Pass-Through Entity: A grantor trust, S corporation, or partnership where more than 50% of the value of a beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in [the Class B Note,] [Class C Note,] and/or [Class D Note,] as applicable.] 

Subordination Factor: As of any date, [●]%[; provided, however, that if on any Distribution Date, the Three Month
Average Payment Rate is (i) less than [●]% but greater than or equal to [●]%, (ii) less than [●]% but greater than or equal to [●]%, or (iii) less than [●]%, then on the next Distribution Date, the
Subordination Factor shall be increased by (i) [●]% over what it would have been had the Three Month Average Payment Rate been greater than or equal to [●]%, (ii) [●]% over what it would have been had the Three Month
Average Payment Rate been less than [●]% but greater than or equal to [●]%, or (iii) [●]% over what it would have been had the Three Month Average Payment Rate been less than [●]% but greater than or equal [●]%,
respectively; provided, however, that if after any such increase in the Subordination Factor, on any Distribution Date the Three Month Average Payment Rate as of such Distribution Date is, and the Three Month Average Payment Date with
respect to each of the two prior Distribution Dates was, (i) greater than or equal to [●]% but less than [●]%, (ii) greater than or equal to [●]% but less than [●]% or (iii) greater than or equal to [●]%,
then on the next Distribution Date, the Subordination Factor shall be decreased by (i) [●]% over what it would have been had the Three Month Average Payment Rate been less than [●]%, (ii) [●]% over what it would have been
had the Three Month Average Payment Rate been less than [●]% but greater than or equal to [●]% or 

  
 23 

 
(iii) [●]% over what it would have been had the Three Month Average Payment Rate been less than [●]% but greater than or equal to [●]%, respectively[; provided,
further, that the Depositor may, by delivering an Officer’s Certificate to the Indenture Trustee and the Rating Agencies prior to the date such increase was to become effective, elect to increase the Reserve Fund Required Percentage by
an additional amount in percentage points equal to [●]%,[●]%, or [●]%, as applicable, pursuant to the proviso in the definition of “Reserve Fund Required Percentage” rather than increasing the Subordination Factor by an
additional [●]%,[●]%, or [●]%, respectively]. In addition, the Depositor may (a) in its discretion increase the Subordination Factor, increasing the Subordination Percentage and thereby increasing the Class E Invested Amount
and the Class E Principal Amount by an amount equal to the product of (i) the increase in the Subordination Percentage and (ii) the excess, if any, of (A) the Net Invested Amount over (B) the Series 201[●]-[●] Excess
Funding Amount on such date (after giving effect to any changes in such amount on such date); provided such increase shall not cause the Required Nonoverconcentration Pool Balance to exceed the Nonoverconcentration Pool Balance or cause the
Nonoverconcentration Certificate Amount to be less than the Required Nonoverconcentration Certificate Amount or (b) upon satisfaction of the Series 201[●]-[●] Rating Agency Condition with respect to each Class of Series
201[●]-[●] Notes in connection therewith, decrease the Subordination Factor, with corresponding decreases in the Subordination Percentage, the Class E Invested Amount and the Class E Principal Amount. Notwithstanding the foregoing, the
Depositor shall not be permitted to increase the Subordination Factor in its discretion without satisfaction of the Series 201[●]-[●] Rating Agency Condition with respect to each Class of Series 201[●]-[●] Notes in connection
therewith if such increase would result in the aggregate amount of all such increases, together with discretionary increases in the Class E Invested Amount [and the Reserve Fund], exceeding 5.0% of the Note Principal Balance as of the date of such
increase. 
 Subordination Percentage: As of any date, an amount (expressed as a percentage) equal to (a) the Subordination
Factor divided by (b) the result of 100% minus the Subordination Factor. 
 Third Party Due Diligence Provider: Any Person hired
by an underwriter or the Seller to perform due diligence on the Accounts or the Receivables [in connection with the offer and sale of any Notes]. 

Three Month Average Payment Rate: As of any Distribution Date, the arithmetic average of the Monthly Payment Rate determined with
respect to each of the three Collection Periods immediately preceding such Distribution Date. 
 Verified Note Owner: A Series
[●]-[●] Note Owner that has provided the Indenture Trustee or the Servicer, as applicable, with each of (i) a written certification that it is a beneficial owner of a specified Outstanding Amount of the Series [●]-[●]
Notes and (ii) a trade confirmation, an account statement, a letter from a broker or dealer or other similar document showing that such Series [●]-[●] Note Owner is a beneficial owner of such Outstanding Amount of the Series
[●]-[●] Notes. 

  
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 SECTION 2.02 Other Definitional Provisions. 

(a) Certain capitalized terms used but not otherwise defined in this Indenture Supplement shall have the respective meanings assigned to them
in Part I of the Appendix A to the Trust Sale and Servicing Agreement, dated as of February 12, 2010 (the “Trust Sale and Servicing Agreement”), among Ally Master Owner Trust, Ally Wholesale Enterprises LLC, Ally
Bank, and Ally Financial Inc. (formerly GMAC Inc.) (including any successors or assigns thereto, “Ally Financial”), as amended, supplemented, restated or otherwise modified from time to time. 

(b) All references herein to “this Indenture Supplement” are to this Indenture Supplement as it may be amended, supplemented or
modified from time to time, and all references herein to Articles, Sections, subsections and exhibits are to Articles, Sections, subsections and exhibits of this Indenture Supplement unless otherwise specified. 

(c) All terms defined in this Indenture Supplement shall have the defined meanings when used in any certificate, notice, Note or other
document made or delivered pursuant hereto unless otherwise defined therein. 
 (d) The rules of construction set forth in Part II of
Appendix A to the Trust Sale and Servicing Agreement shall be applicable to this Indenture Supplement. 
 ARTICLE III 

SERVICING FEE 

SECTION 3.01 Servicing Compensation. 

The share of the Servicing Fee and the Back-up Servicing Fee, respectively, allocable to the Series
201[●]-[●] Noteholders with respect to any Distribution Date is equal to the Monthly Servicing Fee and the Monthly Back-up Servicing Fee, respectively. The portion of the Servicing Fee and Back-up Servicing Fee that is not allocable to the Series 201[●]-[●] Noteholders shall be paid by the holders of the Certificate Interest or the Noteholders of other Series (as provided in the related
Indenture Supplements) and in no event shall the Issuing Entity, the Indenture Trustee or the Series 201[●]-[●] Noteholders be liable for the share of the Servicing Fee or the Back-up Servicing Fee
to be paid by the holders of the Certificate Interest or the Noteholders of any other Series. 

  
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 ARTICLE IV 

RIGHTS AND OBLIGATIONS OF SERIES 201[●]-[●] NOTEHOLDERS 

AND ALLOCATION AND APPLICATION OF COLLECTIONS 

SECTION 4.01 Collections and Allocations. 

(a) Allocations to Series 201[●]-[●]. As provided in Section 8.4(a) of the Indenture, Nonoverconcentration
Interest Collections, Nonoverconcentration Principal Collections and Nonoverconcentration Defaulted Amounts shall be allocated to Series 201[●]-[●] and then applied in accordance with this Article IV. No Overconcentration Interest
Collections, Overconcentration Principal Collections or Overconcentration Defaulted Amounts shall be allocated to the Series 201[●]-[●]. 

(b) On each Determination Date beginning on the Determination Date in [●] 201[●], the Servicer shall allocate to the Series
201[●]-[●] an amount of Nonoverconcentration Interest Collections for the related Collection Period (and, in the case of the initial Distribution Date, the prior Collection Period) equal to the product of (i) the Series Interest
Percentage for the related Collection Period, and (ii) the Nonoverconcentration Interest Collections for such Collection Period; provided, however, that for purposes of calculating the Series Interest Percentage for this
Section 4.01(b), the Series 201[●]-[●] Notes shall be deemed to have been outstanding since the Series Cut-Off Date. 

(c) On each Business Day beginning on the Closing Date, the Servicer shall allocate to the Series 201[●]-[●] an amount of
Nonoverconcentration Principal Collections for that date equal to the product of (i) the Series Principal Percentage for that date and (ii) the Nonoverconcentration Principal Collections for such that date. 

(d) On each Determination Date beginning on the Determination Date in [●] 201[●], the Servicer shall allocate to the Series
201[●]-[●] an amount of the Nonoverconcentration Defaulted Amount for the related Collection Period equal to the product of (i) the Series Defaulted Percentage for the related Collection Period and (ii) the Monthly
Nonoverconcentration Defaulted Amount for the related Collection Period. 
 SECTION 4.02 Determination of Monthly Interest. 

(a) The amount of monthly interest due with respect to the Class A[-1] Notes for any Distribution Date and the related Interest Period (the
“Class A-1 Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) [one-twelfth (or, in the case of the [●] 201[●] Distribution Date, a fraction, the numerator of
which is [●] and the denominator of which is 360)] [a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360], times (ii) the Class A[-1] Note Interest Rate, times
(iii) the Average Class A[-1] Note Principal Balance for the related Interest Period. 
 (b) [The amount of monthly interest due with
respect to the Class A-2 Notes for any Distribution Date and the related Interest Period (the “Class A-2 Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) one-twelfth
(or, in 

  
 26 

 
the case of the [●] 201[●] Distribution Date, a fraction, the numerator of which is [●] and the denominator of which is 360), times (ii) the Class A-2 Note Interest
Rate, times (iii) the Average Class A-2 Note Principal Balance for the related Interest Period.] 
 (c) [The amount of monthly
interest due with respect to the Class B Notes for any Distribution Date and the related Interest Period (the “Class B Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of
(i) [one-twelfth (or, in the case of the [●] 201[●] Distribution Date, a fraction, the numerator of which is [●] and the denominator of which is 360)] [a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360], times (ii) the Class B Note Interest Rate, times (iii) the Average Class B Note Principal Balance for the related Interest Period.] 

(d) [The amount of monthly interest due with respect to the Class C Notes for any Distribution Date and the related Interest Period (the
“Class C Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) [one-twelfth (or, in the case of the [●] 201[●] Distribution Date, a fraction, the numerator of
which is [●] and the denominator of which is 360)] [a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360], times (ii) the Class C Note Interest Rate, times
(iii) the Average Class C Note Principal Balance for the related Interest Period.] 
 (e) [The amount of monthly interest due with
respect to the Class D Notes for any Distribution Date and the related Interest Period (the “Class D Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) [one-twelfth (or, in
the case of the [●] 201[●] Distribution Date, a fraction, the numerator of which is [●] and the denominator of which is 360)] [a fraction, the numerator of which is the actual number of days in the related Interest Period and the
denominator of which is 360], times (ii) the Class D Note Interest Rate, times (iii) the Average Class D Note Principal Balance for the related Interest Period.] 

SECTION 4.03 Determination of Monthly Principal Amount. 

The aggregate amount of monthly principal to be deposited into the Note Defeasance Account or the Note Distribution Account with respect to
any Collection Period in [the Controlled Accumulation Period] [the [Controlled] Amortization Period] or, if earlier, any Collection Period or portion thereof in the Early Amortization Period (the “Monthly Principal Amount”), shall
be equal to the least of (a) the sum of (i) the Available Series Principal Collections for each Business Day during such Collection Period, (ii) Additional Available Series Principal Collections for the related Distribution Date and
(iii) any Series 201[●]-[●] Excess Funding Amount with respect to such period, (b) for each Collection Period with respect to [the Controlled Accumulation Period] [the [Controlled] Amortization Period], the Controlled Deposit
Amount for such Collection Period, and (c) the Net Invested Amount (after taking into account any adjustments to be made on the related Distribution Date pursuant to Sections 4.05 and 4.06).  

  
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 SECTION 4.04 Application of Available Funds on Deposit in Note Defeasance Account,
Collection Account and Other Sources. 
 (a) On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee to
apply by written instruction to the Indenture Trustee, Available Series Interest Collections with respect to such Distribution Date, (x) on deposit in the Collection Account, and (y) solely to make the allocations, distributions or
deposits specified in clauses ([●]) through ([●]) below, in the manner and order set forth therein, on deposit in the Note Defeasance Account (excluding amounts representing Investment Proceeds), in the following priority: 

(i) first, an amount equal to the Monthly Servicing Fee for such Distribution Date, together with any Monthly Servicing Fees
previously due but not paid to the Servicer on prior Distribution Dates, shall be distributed to the Servicer (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4 of the
Indenture); second, pro rata, an amount equal to the accrued and unpaid fees, expenses and indemnities owed to the Indenture Trustee, the Owner Trustee, the Administrator[, the Asset Representations Reviewer,] and any other fees or expenses of the
Issuing Entity payable by the Servicer or the Administrator (to the extent not paid by the Servicer, the Administrator [or the Asset Representations Reviewer,]) shall be distributed to the Indenture Trustee, the Owner Trustee, the Administrator,
[the Asset Representations Reviewer] or the Person to whom such payment is owed, as applicable, provided that the amount distributed pursuant to this clause second shall not exceed $150,000 in any calendar year; third, an amount equal to the
Monthly Back-up Servicing Fee for such Distribution Date, together with any Monthly Back-up Servicing Fees previously due but not paid to the Back-up Servicer on prior Distribution Dates, shall be distributed to the Back-up Servicer; 

(ii) [the net amount payable to the swap counterparty other than any swap termination amounts will be distributed to the swap
counterparty;] 
 (iii) [pro rata,] an amount equal to the Class A Monthly Interest for such Distribution Date, together
with any Class A Monthly Interest previously due but not paid to the Class A Noteholders on prior Distribution Dates, shall be allocated and set aside from such funds in the Note Defeasance Account and, to the extent such funds are not
sufficient, the remainder shall be deposited into the Note Distribution Account from the Collection Account, for payment to the Class A Noteholders[, pro rata, between the Class A-1 Noteholders and the Class A-2 Noteholders] [and any
[senior] swap termination amounts will be distributed to the swap counterparty]; 
 (iv) [an amount equal to the Class B
Monthly Interest for such Distribution Date, together with any Class B Monthly Interest previously due but not paid to the Class B Noteholders on prior Distribution Dates, shall be allocated and set aside from such funds in the Note Defeasance
Account and, to the extent such funds are not sufficient, the remainder shall be deposited into the Note Distribution Account from the Collection Account, for payment to the Class B Noteholders[, pro rata, based on the amount owing to them];] 

  
 28 

 (v) [an amount equal to the Class C Monthly Interest for such Distribution Date,
together with any Class C Monthly Interest previously due but not paid to the Class C Noteholders on prior Distribution Dates, shall be allocated and set aside from such funds in the Note Defeasance Account and, to the extent such funds are not
sufficient, the remainder shall be deposited into the Note Distribution Account from the Collection Account, for payment to the Class C Noteholders[, pro rata, based on the amount owing to them];] 

(vi) [an amount equal to the Class D Monthly Interest for such Distribution Date, together with any Class D Monthly Interest
previously due but not paid to the Class D Noteholders on prior Distribution Dates, shall be allocated and set aside from such funds in the Note Defeasance Account and, to the extent such funds are not sufficient, the remainder shall be deposited
into the Note Distribution Account from the Collection Account, for payment to the Class D Noteholders[, pro rata, based on the amount owing to them];] 

(vii) an amount equal to the Series Defaulted Amount for such Distribution Date shall be treated as Additional Available Series
Principal Collections for such Distribution Date; 
 (viii) an amount equal to the sum of Series Charge-Offs that have not been previously reimbursed shall be treated as Additional Available Series Principal Collections for such Distribution Date; 

(ix) the amount equal to the sum of Reallocated Principal Collections that have not been previously reimbursed shall be treated
as Additional Available Series Principal Collections for such Distribution Date; 
 (x) the amount necessary to cause the
Class E Invested Amount to not be less than the Required Class E Invested Amount shall be treated as Additional Available Series Principal Collections for such Distribution Date; 

(xi) [an amount equal to the Reserve Fund Deposit Amount for such Distribution Date shall be deposited into the Reserve Fund;]

 (xii) [beginning on the Accumulation Period Reserve Account Funding Date, an amount equal to the Accumulation Period
Reserve Account Deposit Amount for such Distribution Date shall be deposited into the Accumulation Period Reserve Account;] 

(xiii) [any subordinated swap termination payments will be distributed to the swap counterparty;] 

  
 29 

 (xiv) [any amounts due and payable to [●] as provider of [the insurance
policy] [the letter of credit] will be paid to [●];] 
 (xv) [the amount required to repay the Servicer for all
outstanding Servicer Advances made in respect of the Series 201[●]-[●] Notes shall be distributed to the Servicer (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4
of the Indenture);] 
 (xvi) pro rata, the amounts required to pay any remaining fees, expenses, indemnities or other amounts
required to be paid pursuant to clause [third] of subsection (i) above but not paid as a result of the proviso thereto, the amount required to reimburse the Back-up Servicer for all unpaid Servicer
Transition Costs in excess of the amounts reimbursed by funds from the Servicer Termination Costs Reserve Account and the amount required to reimburse the Back-up Servicer for all unpaid amounts due to the Back-up Servicer pursuant to the Back-up Servicing Agreement shall be distributed to the applicable person; 

(xvii) an amount equal to the Interest Collections Shortfalls for other outstanding Series in Excess Interest Sharing Group
[One] shall be treated as Excess Interest Collections available from Series 201[●]-[●] and applied to cover the Interest Collections Shortfalls for other outstanding Series in Excess Interest Sharing Group [One]; and 

(xviii) all remaining Available Series Interest Collections for such Distribution Date shall be deposited in the Certificate
Distribution Account for distribution to the holders of the Certificate in accordance with the Trust Agreement (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4 of the
Indenture), but only to the extent that such remaining amount is not otherwise required to be deposited into the Excess Funding Account or the Cash Collateral Account pursuant to Section 8.3 of the Indenture. 

(b) If Available Series Interest Collections with respect to any Distribution Date are insufficient to distribute or deposit the full amounts
required under Section 4.04(a), the Servicer shall apply, or direct the Indenture Trustee to apply by written instructions to the Indenture Trustee, on such Distribution Date available funds from the following sources in the following
order to make up any such shortfalls to the extent provided below: 
 (i) [first, from Excess Interest Collections available
from other outstanding Series in Excess Interest Sharing Group [One], but only to cover shortfalls in the distributions and deposits required under clauses ([●]) through ([●]) of Section 4.04(a) in that order;]

 (ii) [second, from the Reserve Fund Available Amount, but only to cover shortfalls in the distributions and deposits
required under clauses ([●]) through ([●]) of Section 4.04(a) in that order;] 

  
 30 

 (iii) [third, from the Reallocated Principal Collections for such Distribution
Date, but only to cover shortfalls in the distributions required under clauses ([●]) through ([●]) of Section 4.04(a) in that order;] and 

(iv) [fourth, from the Servicer to the extent that the Servicer, in its sole discretion, decides to make an advance, but only
to cover shortfalls in the distributions and deposits required under clauses ([●]) through ([●]) of Section 4.04(a) in that order, and only to the extent that the Servicer expects to recover such advances (each,
a “Servicer Advance”) pursuant to Section 4.04(a)([●]) on subsequent Distribution Dates]. 
 (c) On each
Business Day with respect to the Revolving Period, the Servicer shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date as Shared Principal
Collections with respect to Principal Sharing Group [One] and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 

(d) On each Business Day with respect to [the Controlled Accumulation Period] [the [Controlled] Amortization Period], the Servicer shall
apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date to make the following distributions or deposits in the following priority: 

(i) first, an amount equal to the excess, if any, of (A) the Monthly Principal Amount for the related Collection Period
over (B) the amount previously deposited during that Collection Period for the payment of principal to the Noteholders shall be deposited into the Note Distribution Account or, if elected pursuant to Section 4.04(k), the Note
Defeasance Account, for payment of principal to the Noteholders; and 
 (ii) second, any remaining amounts shall be treated
as Shared Principal Collections with respect to Principal Sharing Group [One] and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 

(e) On each Business Day with respect to the Early Amortization Period, the Servicer shall apply, or direct the Indenture Trustee to apply by
written instruction to the Indenture Trustee, Available Series Principal Collections for such date to make the following distributions or deposits in the following priority: 

(i) first, the amount necessary to reduce the Note Principal Balance to zero, but not more than the amount that would reduce
the Invested Amount to zero, shall be deposited into the Note Distribution Account or, if elected pursuant to Section 4.04(k), the Note Defeasance Account, for payment of principal to the Noteholders in accordance with
Section 5.02(b); and 
 (ii) second, any remaining amounts shall be treated as Shared Principal Collections with
respect to Principal Sharing Group [One] and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 

  
 31 

 (f) On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee to apply
by written instructions to the Indenture Trustee, Additional Available Series Principal Collections, if any, (i) first, to make the applications of Additional Available Series Principal Collections required pursuant to Section 4.06,
(ii) second, to make the deposits and distributions required to be made during the related Collection Period pursuant to Sections 4.04(c), (d) and (e) that have not otherwise been made as of such Distribution Date, and
(iii) third, any remaining Additional Available Series Principal Collections shall be treated as Available Series Principal Collections for such date. 

(g) On the first Business Day of the earlier to occur of [the Controlled Accumulation Period] [the [Controlled] Amortization Period] and the
Early Amortization Period, the Indenture Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the Excess Funding Account and apply in accordance with Sections 4.04(d) or (e), as applicable, an
amount equal to the lesser of (i) the Series 201[●]-[●] Excess Funding Amount for such date and (ii) the amount required to be deposited or distributed on that date pursuant to Section 4.04(d)(i) or
4.04(e)(i), as applicable that was not previously deposited or distributed on that date. 
 (h) [The Controlled Accumulation Period
is scheduled to commence on the first day of the [●] 20[●] Collection Period; provided, however, that, if the Accumulation Period Length (determined as described below) is less than six Collection Periods, the date on which
the Controlled Accumulation Period actually commences shall be delayed to the first day of the Collection Period that is the number of whole Collection Periods before the Series 201[●]-[●] Expected Maturity Date at least equal to the
Accumulation Period Length and, as a result, the number of Collection Periods in the Controlled Accumulation Period shall at least equal the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in
the [●] 20[●] Collection Period and ending when the Controlled Accumulation Period begins, the Servicer shall determine the “Accumulation Period Length” as of such Determination Date, which shall equal the number of
whole Collection Periods such that the sum of the Accumulation Period Factors for each Collection Period during such period shall be equal to or greater than the Required Accumulation Factor Number; provided, however, that the
Accumulation Period Length shall not be determined to be less than one Collection Period. If the number of whole Collection Periods remaining after such Determination Date and before the Series 201[●]-[●] Expected Maturity Date is less
than or equal to the Accumulation Period Length calculated as of such Determination Date, the Controlled Accumulation Period shall commence on the first day of the following Collection Period; provided, however, if such number of
Collection Periods is greater than such Accumulation Period Length, the commencement of the Controlled Accumulation Period shall be delayed until at least the next Determination Date, at which time the Accumulation Period Length shall be
recalculated as described above.] 
 (i) All distributions that are deposited by the Indenture Trustee into the Certificate Distribution
Account for distribution to the holders of the Certificate pursuant to this Indenture Supplement shall be made in accordance with such written remittance instructions as may be provided to the Indenture Trustee by the Depositor from time to time.

  
 32 

 (j) Notwithstanding any other provision of this Indenture Supplement or the Indenture, if any
amount is required to be deposited into any Series Account or other account pursuant to this Indenture Supplement and all or part of the amount of such deposit is to be deposited into another account or otherwise distributed on that date, such
amount may be deposited directly into the applicable subsequent account or distributed directly to the applicable recipient without first being deposited into the initial Series Account or account. 

(k) Note Defeasance Account. With respect to each Collection Period, no later than 10:00 am Central time on any Business Day of such
Collection Period, including pursuant to Section 4.04(d) and (e), the Servicer, at the direction of the Depositor, shall and, the Servicer may (if Ally Financial or an Affiliate of Ally Financial is the Servicer), in its
discretion, specify to the Indenture Trustee an amount of Available Series Interest Collections and Available Series Principal Collections to be withdrawn from the Collection Account or, with respect to any amounts on deposit in the Note
Distribution Account constituting Available Series Principal Collections, the Note Distribution Account, and deposited into the Note Defeasance Account. With respect to any Collection Period, the aggregate of such amounts deposited into the Note
Defeasance Account, as reasonably calculated by the Servicer (i) with respect to each Collection Period (or portion thereof) that does not occur during [a Controlled Accumulation Period] [a [Controlled] Amortization Period] or Early
Amortization Period, shall not be in excess of the lesser of (1) Available Series Interest Collections for such Collection Period plus Reallocated Principal Collections for the related Distribution Date less the Monthly Servicing Fee for such
Collection Period and (2) the aggregate amount necessary to make the allocations and distributions required by clauses ([●]) through ([●]) of Section 4.04(a) and (ii) with respect to each Collection
Period (or portion thereof) that occurs during [a Controlled Accumulation Period] [a [Controlled] Amortization Period] or Early Amortization Period, shall not be in excess of the lesser of (1) the aggregate of the Available Series Interest
Collections for such Collection Period, plus the Available Series Principal Collections for such Collection Period, less the Monthly Servicing Fee for such Collection Period and (2) the aggregate amount necessary to make the allocations and
distributions required by (x) clauses ([●]) through ([●]) of Section 4.04(a) and (y) Section 4.04(d) or 4.04(e), as applicable, during such Collection Period. The Servicer shall not
have any liability for any such calculation made in good faith. Any amount on deposit in the Note Defeasance Account on any Distribution Date (after giving effect to all deposits therein or withdrawals therefrom on such Distribution Date) shall
remain on deposit in the Note Defeasance Account for distribution on the next Distribution Date in accordance with this Indenture Supplement. 

(l) No later than 10:00 am Central time on each Business Day on which amounts are to be withdrawn from the Collection Account or the Note
Distribution Account and deposited into the Note Defeasance Account pursuant to Section 4.04(k), the Servicer shall notify the Indenture Trustee of the sources and amounts to be deposited in the Note Defeasance Account on such Business
Day and the Indenture Trustee shall transfer such amount from the Collection Account or the Note Distribution Account, as applicable, to the Note Defeasance Account. 

(m) If an increase in the Subordination Factor is to occur on the next Distribution Date, the Required Nonoverconcentration Pool Balance for
purposes of Section 8.3 of the Indenture as of such Distribution Date and on each subsequent date until the Distribution Date on which such increase takes effect shall be calculated as if the increase in the Subordination Factor has
already occurred. 

  
 33 

 SECTION 4.05 Series Charge-Offs. 

(a) On each Determination Date, the Servicer shall calculate the Series Defaulted Amount, if any, for the related Distribution Date. If the
Series Defaulted Amount for any Distribution Date exceeds the sum of: 
 (i) the Available Series Interest Collections for
such Distribution Date applied to fund such Series Defaulted Amount pursuant to Section 4.04(a)([●]); 

(ii) the Excess Interest Collections available from other outstanding Series in Excess Interest Sharing Group [One] for such
Distribution Date applied to fund such Series Defaulted Amount pursuant to Section 4.04(a)([●]) in accordance with Section 4.04(b)(i); 

(iii) [the Reserve Fund Available Amount for such Distribution Date applied to fund such Series Defaulted Amount pursuant to
Section 4.04(a)([●]) in accordance with Section 4.04(b)(ii) (after giving effect to the application of such amounts to items ([●]) through ([●]) in Section 4.04(a));] and; 

(iv) the amount of Servicer Advances for such Distribution Date applied to fund such Series Defaulted Amount pursuant to
Section 4.04(a)([●]) in accordance with Section 4.04(b)(iv); 
 then, a “Series
Charge-Off” in the amount of such excess shall exist for such Distribution Date and shall reduce the Invested Amount. 

(b) The reduction in the Invested Amount for such Distribution Date due to such Series Charge-Off
shall be allocated as follows: 
 (i) first, the Class E Invested Amount shall be reduced by the amount of such reduction
until the Class E Invested Amount is reduced to zero; then 
 (ii) [second, the Class D Invested Amount shall be reduced by
any remaining amount until the Class D Invested Amount is reduced to zero; then] 
 (iii) [third, the Class C Invested Amount
shall be reduced by any remaining amount until the Class C Invested Amount is reduced to zero; then] 
 (iv) [fourth, the
Class B Invested Amount shall be reduced by any remaining amount until the Class B Invested Amount is reduced to zero; and then] 

(v) [fifth,] the Class A Invested Amount shall be reduced[, pro rata between the Class A-1 Notes and the
Class A-2 Notes,] by any remaining amount until the Class A Invested Amount is reduced to zero. 

  
 34 

 SECTION 4.06 Reallocated Principal Collections. 

On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee by written instruction to the Indenture Trustee to apply
the portion of Reallocated Principal Collections specified in Section 4.04(b)(iii) from the following sources and in the following order of priority, (i) first, Additional Available Series Principal Collections for that Distribution
Date available in accordance with Section 4.04(f), (ii) second, Series Principal Collections for that date, (iii) third, amounts on deposit in the Note Defeasance Account (to the extent such funds are used to cover shortfalls
in the distributions required under clauses ([●]) through ([●]) of Section 4.04(a)), and (iv) fourth, amounts on deposit in the Note Distribution Account for the payment of principal (first for the Class E
Notes, [then for the Class D Notes,] [then for the Class C Notes,] [then for the Class B Notes] and then for the Class A Notes), but not in excess of the amounts specified in the definition of “Reallocated Principal Collections,” in
accordance with Section 4.04(b)(iii). If, on any Distribution Date, Reallocated Principal Collections for such Distribution Date are so applied, then, the Invested Amount shall be reduced by the amount of such application and, if such
amounts are from withdrawals from the Note Distribution Account or the Note Defeasance Account, those amounts shall be deemed not to have been allocated or deposited into the Note Distribution Account or the Note Defeasance Account, as applicable,
for purposes of this Indenture Supplement. The reduction in the Invested Amount for such Distribution Date due to the application of such Reallocated Principal Collections shall be allocated as follows: 

(a) first, the Class E Invested Amount shall be reduced by the amount of such reduction until the Class E Invested Amount is reduced to zero;
then 
 (b) [second, the Class D Invested Amount shall be reduced by any remaining amount until the Class D Invested Amount is reduced to
zero; then] 
 (c) [third, the Class C Invested Amount shall be reduced by any remaining amount until the Class C Invested Amount is reduced
to zero; then] 
 (d) [fourth, the Class B Invested Amount shall be reduced by any remaining amount until the Class B Invested Amount is
reduced to zero; and then] 
 (e) [fifth,] the Class A Invested Amount shall be reduced[, pro rata between the Class A-1 Notes and
the Class A-2 Notes,] by any remaining amount until the Class A Invested Amount is reduced to zero. 

  
 35 

 SECTION 4.07 Excess Interest Collections. 

Subject to Section 8.05(b) of the Indenture, Excess Interest Collections with respect to the Excess Interest Sharing Series in
Excess Interest Sharing Group [One] for any Distribution Date shall be allocated to Series 201[●]-[●] in an amount equal to the product of (i) the aggregate amount of Excess Interest Collections with respect to all the Excess
Interest Sharing Series in Excess Interest Sharing Group [One] for such Distribution Date and (ii) a fraction, the numerator of which is the Interest Collections Shortfall for Series 201[●]-[●] for such Distribution Date and the
denominator of which is the aggregate amount of Interest Collections Shortfalls for all the Excess Interest Sharing Series in Excess Interest Sharing Group [One] for such Distribution Date. The “Interest Collections Shortfall” for
Series 201[●]-[●] for any Distribution Date shall equal the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to clauses ([●]) through ([●]) of
Section 4.04(a) on such Distribution Date, over (b) the Available Series Interest Collections for such Distribution Date. The maximum amount of “Excess Interest Collections” with respect to Series
201[●]-[●] for any Distribution Date available for other Series in Excess Sharing Group [One] shall equal the excess, if any, of (a) the Available Series Interest Collections for such Distribution Date over (b) the full amount
required to be distributed, without duplication, pursuant to clauses ([●]) through ([●]) of Section 4.04(a) on such Distribution Date. 

SECTION 4.08 Shared Principal Collections. 

Subject to Section 8.5(c) of the Indenture, the aggregate amount of Shared Principal Collections with respect to the Principal
Sharing Series in Principal Sharing Group [One] for any date shall be allocated to Series 201[●]-[●] in an amount equal to the product of (i) the aggregate amount of Shared Principal Collections, times (ii) a fraction, the
numerator of which is the Principal Shortfall for Series 201[●]-[●] for such date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Principal Sharing Series in Principal Sharing Group [One] for such
date. The “Principal Shortfall” for Series 201[●]-[●] shall equal (a) for any date in the Revolving Period, zero, (b) for any date in [the Controlled Accumulation Period] [the [Controlled] Amortization Period],
the amount to be deposited or distributed pursuant to Sections 4.04(d) over the amount previously deposited or distributed pursuant to that subsection, and (c) for any date in the Early Amortization Period, the amount to be deposited or
distributed pursuant to Section 4.04(e) over the amount previously deposited or distributed pursuant to that subsection. The “Shared Principal Collections” with respect to Series 201[●]-[●] for any date shall
equal the excess, if any, of (a) the Available Series Principal Collections for such date (without giving effect to clause (ii) of the definition thereof) over (b) the full amount required to be deposited or distributed,
without duplication, pursuant to Sections 4.04(c), (d) or (e) on such date. 

  
 36 

 SECTION 4.09 Reinstatement of Invested Amount. 

(a) The Invested Amount shall be reinstated on any Distribution Date by the amount of any Available Series Interest Collections that are
applied pursuant to Section 4.04(a)([●]), ([●]),([●]) and ([●]). This amount shall be applied as follows: 

(i) first, if the Class A Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the
Class A Invested Amount[, pro rata between the Class A-1 Notes and the Class A-2 Notes,] until it equals the Class A Note Principal Balance minus the aggregate amount on deposit in the Note Distribution Account and the Note
Defeasance Account (excluding, in each case, amounts representing Investment Proceeds) allocated to it; then 
 (ii) [second,
if the Class B Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class B Invested Amount until it equals the Class B Note Principal Balance minus the aggregate amount on deposit in the Note Distribution Account
and the Note Defeasance Account (excluding amounts representing Investment Proceeds) allocated to it; then] 
 (iii) [third,
if the Class C Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class C Invested Amount until it equals the Class C Note Principal Balance minus the aggregate amount on deposit in the Note Distribution Account
and the Note Defeasance Account (excluding, in each case, amounts representing Investment Proceeds) allocated to it; then] 

(iv) [fourth, if the Class D Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class D
Invested Amount until it equals the Class D Note Principal Balance minus the aggregate amount on deposit in the Note Distribution Account and the Note Defeasance Account (excluding, in each case, amounts representing Investment Proceeds) allocated
to it; and then] 
 (v) [fifth,] if the Class E Invested Amount has been reduced pursuant to Sections 4.05 or
4.06, to the Class E Invested Amount until it equals the Required Class E Invested Amount. 
 SECTION 4.10 Note Distribution
Account. 
 (a) The Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture Trustee in the name of
the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the
Noteholders (the “Note Distribution Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents,
certificates of deposit and other property from time to time on deposit in or credited to the Note Distribution Account and in all Investment Proceeds with respect 

  
 37 

 
thereto (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in this Indenture
Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Note Distribution Account for
any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the written direction of the Servicer, shall make deposits and withdrawals from the Note Distribution Account from
time to time, in the amounts and for the purposes set forth in this Indenture Supplement. 
 (b) Funds on deposit in the Note Distribution
Account shall, at the written direction of the Servicer, be invested by the Indenture Trustee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Indenture
Trustee or its nominee for the benefit of the Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including a securities intermediary) and shall be credited to the Note Distribution Account. Funds on
deposit in the Note Distribution Account shall be invested in Eligible Investments. On each Distribution Date, all Investment Proceeds on deposit in the Note Distribution Account shall be treated as Available Series Interest Collections with respect
to the related Collection Period. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.10(b) nor for the selection of
Eligible Investments in accordance with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 

SECTION 4.11 [Reserve Fund.] 

(a) [The Servicer, for the benefit of the Series 201[●]-[●] Noteholders, shall establish and maintain with the Indenture Trustee
or its nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are
held for the benefit of the Series 201[●]-[●] Noteholders (the “Reserve Fund”). The Indenture Trustee shall possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities,
securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Reserve Fund and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof
(including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Series 201[●]-[●] Noteholders. Except as expressly provided in this Indenture Supplement and the Trust Sale and
Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Reserve Fund for any amount owed to it by the Indenture Trustee,
the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the written direction of the Servicer, shall make deposits to and withdrawals from the Reserve Fund from time to time in the amounts and for the purposes set forth
in this Indenture Supplement.] 

  
 38 

 (b) [Funds on deposit in the Reserve Fund shall, at the written direction of the Servicer, be
invested by the Indenture Trustee or its nominee (including the Securities Intermediary) in Eligible Investments. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Series
201[●]-[●] Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and shall be credited to the Reserve Fund. Funds on deposit in the Reserve Fund
shall be invested in Eligible Investments. On each Distribution Date, all Investment Proceeds on deposit in the Reserve Fund shall be treated as Available Series Interest Collections for such Distribution Date. The Indenture Trustee shall bear no
responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.11(b) nor for the selection of Eligible Investments in accordance with the provisions of this Indenture
Supplement, the Indenture or the Trust Sale and Servicing Agreement.] 
 (c) [The Reserve Fund initially shall be funded by the Depositor on
the Closing Date in the amount of the Reserve Fund Initial Amount. After the Closing Date, funds shall be deposited into the Reserve Fund as provided in Section 4.04(a)([●]). The Depositor may at any time and from time to time make
additional deposits into the Reserve Fund; provided, however, the Depositor shall not be permitted to make any such discretionary deposit without satisfaction of the Series 201[●]-[●] Rating Agency Condition with respect to
each Class of Series 201[●]-[●] Notes in connection therewith if such deposit, together with any discretionary increases in the Subordination Factor and the Class E Invested Amount, would result in the aggregate amount of all such
deposits and increases exceeding 5.0% of the Note Principal Balance as of the date of such deposit.] 
 (d) [If on any Distribution Date,
after giving effect to all withdrawals from and deposits to the Reserve Fund, the amount on deposit in the Reserve Fund (excluding amounts representing Investment Proceeds) exceeds the Reserve Fund Required Amount then in effect, the Indenture
Trustee shall, at the written direction of the Servicer, distribute such excess to the Owner Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement.] 

(e) [Upon the earlier to occur of the date on which the Series 201[●]-[●] Notes are paid in full and the Series
201[●]-[●] Legal Maturity Date, any funds remaining in the Reserve Fund, after giving effect to any deposits and withdrawals made therefrom on such date, shall be treated as Additional Available Series Principal Collections. The Reserve
Fund shall thereafter be deemed to have terminated for purposes of this Indenture Supplement.] 
 SECTION 4.12 [Determination of
LIBOR.] 
 (a) [On each LIBOR Determination Date, the Indenture Trustee shall determine LIBOR on the basis of the rate for deposits in
United States dollars for a one-month period which appears on Bloomberg Screen BTMM Page under the heading “LIBOR FIX BBAM” as of 11:00 a.m., London time, on such date. If such rate does not appear
on such page (or such other 

  
 39 

 
page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Indenture Trustee
after consultation with the Depositor), the rate shall be the One Month Reference Bank Rate. The “One Month Reference Bank Rate” shall be determined on the basis of the rates at which deposits in U.S. dollars are offered by the
reference banks (which shall be four major banks that are engaged in transactions in the London interbank market, selected by the Indenture Trustee after consultation with the Depositor) as of 11:00 a.m., London time, on the applicable LIBOR
Determination Date to prime banks in the London interbank market for a period of one month commencing on such preceding Distribution Date in amounts approximately equal to the principal balance of the Series 201[●]-[●] Notes. The
Indenture Trustee shall request the principal London office of each of the reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate shall be the arithmetic mean of the quotations, rounded upwards to
the nearest one-sixteenth of one percent. If on any such date fewer than two quotations are provided as requested, the rate shall be the arithmetic mean, rounded upwards to the nearest one-sixteenth of one percent, of the rates quoted by one or more major banks in New York, selected by the Indenture Trustee after consultation with the Depositor, as of 11:00 a.m., New York time, on such date to
leading European banks for U.S. dollar deposits for a period of one month commencing on such applicable date in amounts approximately equal to the then outstanding principal balance of the Series 201[●]-[●] Notes. If no such quotation
can be obtained, the rate shall be LIBOR for the prior Distribution Date.] 
 (b) [On each LIBOR Determination Date, the Indenture Trustee
shall send to the Servicer, the Issuing Entity and the Administrator by facsimile or email transmission, notification of LIBOR for the following Interest Period.] 

(c) [The Servicer shall provide, in the Monthly Statement, the Class A[-1] Note Interest Rate, [the Class A-2 Note Interest Rate,] [the
Class B Note Interest Rate,] [the Class C Note Interest Rate] and [the Class D Note Interest Rate] applicable to each Distribution Date.] 

(d) [Other than the determination of LIBOR as provided for herein, all other determinations and calculations provided for in this Indenture
Supplement shall be made by the Servicer.] 
 SECTION 4.13 [Accumulation Period Reserve Account.] 

(a) [If the Accumulation Period Reserve Account Required Amount is greater than zero ($[●]), the Servicer, for the benefit of the
Noteholders, shall establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Accumulation Period Reserve Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible
Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Accumulation Period Reserve Account and in all Investment

  
 40 

 
Proceeds with respect thereto (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided
in this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Accumulation
Period Reserve Account for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the direction of the Servicer, shall make deposits and withdrawals from the Accumulation
Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement.] 
 (b) [Funds on
deposit in the Accumulation Period Reserve Account shall, at the written direction of the Servicer, be invested by the Indenture Trustee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible
Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including a securities intermediary) and shall be credited to the
Accumulation Period Reserve Account. Funds on deposit in the Accumulation Period Reserve Account shall be invested in Eligible Investments. On each Distribution Date, all Investment Proceeds on deposit in the Accumulation Period Reserve Account
shall be treated as Available Series Interest Collections with respect to the related Collection Period. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in
accordance with this Section 4.13(b) nor for the selection of Eligible Investments in accordance with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement.] 

(c) [On or before each Distribution Date with respect to the Controlled Accumulation Period and on or before the first Distribution Date with
respect to the Early Amortization Period beginning after the commencement of the Controlled Accumulation Period, the Servicer shall calculate the Accumulation Period Reserve Draw Amount; provided, however, that such amount shall be
reduced to the extent that funds otherwise would be available for deposit into the Accumulation Period Reserve Account pursuant to Sections 4.04(a)([●]) and Section 4.04(b)(i) on such Distribution Date. If for any
Distribution Date, the Accumulation Period Reserve Draw Amount is greater than zero, the Accumulation Period Reserve Draw Amount, up to the Available Accumulation Period Reserve Account Amount, shall be withdrawn from the Accumulation Period Reserve
Account on such Distribution Date by the Indenture Trustee (acting in accordance with the written instructions of the Servicer) and deposited into the Collection Account for application as Available Series Interest Collections.] 

(d) [If on any Distribution Date, after giving effect to all withdrawals from and deposits to the Accumulation Period Reserve Account, the
amount on deposit in the Accumulation Period Reserve Account exceeds the Accumulation Period Reserve Account Required Amount then in effect, the Indenture Trustee shall, at the written direction of the Servicer, distribute such excess to the Owner
Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement.] 
 (e) [Upon the earliest to
occur of (i) the payment in full of the Series 201[●]-[●] Notes, (ii) the first Distribution Date relating to the Early Amortization Period and (iii) the Series 201[●]-[●] Legal Maturity Date, any funds
remaining in the Accumulation Period Reserve Account, after withdrawal of funds therefrom on such date in accordance with Section 4.13(c), shall be treated as Available Series Interest Collections. The Accumulation Period Reserve Account
shall thereafter be deemed to have terminated for purposes of this Indenture Supplement.] 

  
 41 

 SECTION 4.14 Transfer Restrictions. 

(a) The Class E Notes (or interests therein) may not be acquired by or for the account of (i) a Benefit Plan other than an insurance
company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% “plan assets” and for which the purchase and
holding of the Class E Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or (ii) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or
Section 4975 of the Code if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any applicable law that is
substantially similar to Title I of ERISA or Section 4975 of the Code. By accepting and holding a Class E Note (or interest therein), the Holder thereof and any related Note Owner shall each be deemed to have represented and warranted that it
is not, nor is it acquiring the Note for the account of either, (i) a Benefit Plan other than an insurance company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”)
95-60) whose underlying assets include less than 25% “plan assets” and for which the purchase and holding of the Class E Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or (ii) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such acquisition would result in a
non-exempt prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the
Code. By accepting and holding a Class A Note, [Class B Note,] [Class C Note] or [Class D Note] (or interest therein), the Holder thereof and any related Note Owner shall be deemed to have represented and warranted that either (i) it is
not, nor is it acquiring the Note for the account of, a Benefit Plan or any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note
will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a non-exempt violation of substantially
similar law. In addition, Benefit Plans may not acquire (i) a Class A Note, [Class B Note,] [Class C Note,] or [Class D Note] at any time that such Note would not be treated as indebtedness without substantial equity features, or
(ii) [a Class B Note,] [Class C Note] or [Class D Note] at any time that the ratings on such Note are below investment grade. By accepting and holding a Class A Note, [Class B Note,] [Class C Note] or [Class D Note] (or interest therein),
the Holder thereof and any related Note Owner shall each be deemed to have represented and warranted that its acquisition of such note is in compliance with the foregoing restriction. 

  
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 (b) The Series 201[●]-[●] Private Notes will not be registered under the Securities
Act or the securities or blue sky laws of any other jurisdiction. Consequently, the Series 201[●]-[●] Private Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and
satisfaction of certain other provisions specified herein. No sale, pledge or other transfer of the Series 201[●]-[●] Private Notes (or interest therein) may be made by any Person unless either (i) such sale, pledge or other
transfer is made to or by the Depositor, (ii) so long as the Series 201[●]-[●] Private Notes are eligible for resale pursuant to Rule 144A under the Securities Act, such sale, pledge or other transfer is made to a person whom the
transferor “reasonably believes” within the meaning of Rule 144A under the Securities Act is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (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 under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in which case (A) the Indenture Trustee shall
require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the
Indenture Trustee and the Depositor, and (B) the Indenture Trustee shall require a written opinion of counsel (which will not be at the expense of the Issuing Entity, the Seller, the Depositor, the Servicer or the Indenture Trustee)
satisfactory to the Depositor and the Indenture Trustee to the effect that such transfer will not violate the Securities Act. Neither the Depositor nor the Indenture Trustee shall be obligated to register the Series 201[●]-[●] Private
Notes under the Securities Act, qualify the Series 201[●]-[●] Private Notes under the securities laws of any state or provide registration rights to any purchaser or holder thereof. 

(c) Transfer of a Class E Note may only be made to a Person who is a United States Person (within the meaning of Section 7701(a)(30) of
the Internal Revenue Code). Any Person acquiring a Class E Note or an interest therein (i) shall not be deemed to have made the representations set forth in Section 2.14 of the Indenture and (ii) other than the Depositor shall
not acquire or hold such Class E Note or interest therein in the form of a Book Entry Note. 
 (d) No sale, pledge or other transfer may be
made to any one person of a Class E Note with a face amount of less than the amount determined in accordance with Section 1.01(E) hereof (in order to prevent the Issuing Entity from being treated as a “publicly traded
partnership” under Section 7704 of the Code), and, in the case of any Person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for
a Class E Note with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding restriction will be void ab initio and the purported transferor will continue to be
treated as the owner of the Class E Notes for all purposes. No Class E Note may be transferred unless the transferor provides to the Indenture Trustee an opinion of independent counsel that the transfer will not cause the Issuing Entity to be
treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes. 

  
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 (e) [(i) A sale, pledge, or transfer of a [Class B Note,] [Class C Note] or [Class D Note] may
only be made to a Person who is a United State Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code). A Person other than the Depositor acquiring a [Class B Note,] [Class C Note] or [Class D Note] or an interest
therein shall be deemed to have made the representations set forth in Section 2.14 of the Indenture; and (ii) no sale, pledge, or transfer of a [Class B Note,] [Class C Note] or [Class D Note] shall be made (x) to any one
person with a face amount of less than 100% of the [Class B Note Principal Balance,] [Class C Note Principal Balance] or [Class D Note Principal Balance], as applicable, or (y) to a Special Pass-Through
Entity, in each case, unless (A) an opinion of counsel satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause the Issuing Entity to be treated as an association (or publicly traded
partnership) taxable as a corporation for federal income tax purposes shall have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall have provided prior written approval; provided, however, that
the restrictions in this Section 4.14(e) shall not apply in the event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an opinion to the effect that the [Class B Note,] [Class C Note] or [Class D Note] to be
sold, pledged, or transferred will be characterized as indebtedness for federal income tax purposes. Any attempted transfer in contravention of this Section 4.14(e) will be void ab initio and the purported transferor will continue
to be treated as the owner of, as applicable, the [Class B Note,] [Class C Note] or [Class D Note] for all purposes.] 
 SECTION 4.15
Note Defeasance Account. 
 (a) The Indenture Trustee, for the benefit of the Series 201[●]-[●] Noteholders, shall
establish and maintain in the name of the Indenture Trustee, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the
Series 201[●]-[●] Noteholders (the “Note Defeasance Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities
entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Note Defeasance Account for the benefit of the Series 201[●]-[●] Noteholders (other than Investment Proceeds, which
shall be for the benefit of the Indenture Trustee). Except as expressly provided in this Indenture Supplement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and
other property held in the Note Defeasance Account for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the written direction of the Servicer, shall make deposits
and withdrawals from the Note Defeasance Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. 

(b) Funds on deposit in the Note Defeasance Account shall, at the direction or election of the Indenture Trustee, be invested by the Indenture
Trustee (including the Securities 

  
 44 

 
Intermediary) in Eligible Investments that mature prior to the next Distribution Date selected by the Indenture Trustee. All such Eligible Investments shall be held by the Indenture Trustee or
its nominee for the benefit of the Series 201[●]-[●] Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including a securities intermediary) and shall be credited to the Note Defeasance
Account. Notwithstanding anything to the contrary in the Indenture, the Indenture Trustee shall be entitled to receive all Investment Proceeds on the Note Defeasance Account when and as paid without any obligation to the Owner Trustee, the Servicer
or the Depositor in respect thereof. The Indenture Trustee will have no obligation to deposit any such amount in any account established hereunder or the Indenture. Notwithstanding Sections 6.1(f) and 8.3(f) of the Indenture, the
Indenture Trustee shall be liable for any investment losses with respect to funds on deposit in the Note Defeasance Account. 
 (c) All
payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Note Defeasance Account pursuant to this Indenture Supplement shall be made by the Indenture Trustee or by another Paying Agent from
available funds on deposit in the Note Defeasance Account. 
 (d) Upon the irrevocable deposit of any amount into the Note Defeasance
Account pursuant to this Indenture Supplement, the Issuing Entity shall have no further liability for, and shall be deemed to be discharged and released from its obligations with respect to, the Series 201[●]-[●] Notes to the extent of
the amount so deposited as such amounts are to be applied to the payments of interest on and principal of the Series 201[●]-[●] Notes in accordance with the priorities specified in this Indenture Supplement, and the Holders of the Series
201[●]-[●] Notes shall have recourse and shall look solely to the Note Defeasance Account for the payment of such amounts. 

(e) All monies deposited with the Indenture Trustee in the Note Defeasance Account pursuant to this Indenture Supplement shall be held in
trust in a segregated trust account and (except for Investment Proceeds thereon) applied by the Indenture Trustee, in accordance with the provisions of the Series 201[●]-[●] Notes and this Indenture Supplement, to the payment, either
directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of Series 201[●]-[●] Notes for payment on or redemption of the Series 201[●]-[●] Notes, and no amounts so withdrawn from the Note
Defeasance Account for payments of Notes shall be paid over to the Issuing Entity. 
 (f) The Indenture Trustee may, at such time as there
are no Notes Outstanding, notify the Issuing Entity thereof in writing and withdraw and retain any funds then on deposit in the Note Defeasance Account. 

(g) Sections 8.3(f) and (g) of the Indenture shall not apply to the Note Defeasance Account. 

(h) The Note Defeasance Account shall constitute a “Note Distribution Account” solely for purposes of Sections 2.7,
3.1, 3.3(b), and 10.1 of the Indenture. 

  
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 SECTION 4.16 FATCA. 

Each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture
Trustee, any Paying Agent or the Issuing Entity, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an
interest in a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a
Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 
 SECTION 4.17
Asset Representations Review. 
 (a) Within [90] days of publication that the Downgrade Trigger has been met or exceeded in the
Monthly Statement, the Series 201[●]-[●] Noteholder holders of [5]% or more of the Outstanding Amount of Series 201[●]-[●] Notes shall be entitled to demand in accordance with Section 12.4 of the Indenture that
the Indenture Trustee conduct a vote of all Series 201[●]-[●] Noteholders and Series 201[●]-[●] Note Owners to determine whether to cause the Asset Representations Reviewer to conduct an Asset Representations Review;
provided that for the purpose of determining the holders of the Outstanding Amount of the Series 201[●]-[●] Notes, any Notes held by Ally Bank, Ally Financial or any of their Affiliates shall not be included in such calculation.

 (b) Upon the direction of the requisite Series 201[●]-[●] Noteholders or Series 201[●]-[●] Note Owners set forth
in Section 4.17(a), the Indenture Trustee shall cause the Note Depository to conduct a vote of all Series 201[●]-[●] Noteholders. The Indenture Trustee shall provide to the Servicer the voting instructions and procedures
applicable to the Series 201[●]-[●] Noteholders to be included in the Monthly Statement related to the monthly period in which the Series 201[●]-[●] Noteholders demand that a vote be conducted. Each Series
201[●]-[●] Noteholder that elects to vote shall vote whether or not the Asset Representations Reviewer should be directed to conduct an Asset Representations Review. Series 201[●]-[●] Noteholders or Series
201[●]-[●] Note Owners shall be permitted to vote for at least [150] days after the filing of the Monthly Statement indicating that the Downgrade Trigger has been met or exceeded. 

(c) In the event that a Series 201[●]-[●] Note Owner exercises its right to vote such Series 201[●]-[●] Note
Owner’s beneficial interest, the Indenture Trustee shall verify that each such Series 201[●]-[●] Note Owner is a Verified Note Owner and shall provide such evidence to the Issuing Entity. 

(d) If a majority of the Series [●]-[●] Noteholders voting pursuant to Section 4.17(b) vote to cause the Asset
Representations Reviewer to conduct an Asset Representations Review, the Indenture Trustee shall provide a notice to the Issuing Entity (the “Asset Representations Review Notice”), which shall promptly provide such Asset
Representations Review Notice to the Depositor [and the Servicer]. The Depositor shall promptly deliver to the 

  
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Seller any Asset Representations Review Notice. Each of the Depositor and the Issuing Entity agrees to cooperate with the Asset Representations Reviewer, the Servicer and the Seller with respect
to any Asset Representations Review commenced in accordance with this Section 4.17. 
 (e) The Indenture Trustee shall cooperate
with the Asset Representations Reviewer in the event an Asset Representations Review is commenced pursuant to Section 4.17(d) and shall provide the Asset Representations Reviewer with any documents or other information reasonably
requested by the Asset Representations Reviewer in connection with the Asset Representations Review. In accordance with Section 4.3 of the Trust Sale and Servicing Agreement and Sections 3(b) and (c) of the Custodian Agreement, the
Servicer and the Custodian, respectively, shall provide the Asset Representations Reviewer (if an Asset Representations Review Notice has been delivered) access to the documentation regarding the Receivables pursuant to the Trust Sale and Servicing
Agreement and the Receivables Files and the related accounts, records and computer systems maintained by the Custodian pursuant to the Custodian Agreement and release to the Asset Representations Reviewer any Receivable (and its related Receivables
File) to the Asset Representations Reviewer to enable the Asset Representations Reviewer to perform its obligations under the Asset Representations Review Agreement. 

(f) If the Asset Representations Reviewer gives notice of its intent to resign or the Issuing Entity (or the Administrator on its behalf)
terminates the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement or if a vacancy exists in the office of the Asset Representations Reviewer for any reason (the Asset Representations Reviewer in such
event being referred to herein as the retiring Asset Representations Reviewer), the Issuing Entity (or the Administrator on its behalf) shall promptly appoint and designate a successor Asset Representations Reviewer; provided, however
that such successor Asset Representations Review shall not be an Affiliate of any of the Seller, the Administrator, the Depositor, the Issuing Entity, the Servicer, any Third Party Due Diligence Provider, the Owner Trustee or the Indenture Trustee.
The Issuing Entity (or the Administrator on its behalf) shall deliver a written notice to the Depositor, the Servicer and the Seller of the acceptance of a successor Asset Representations Reviewer. In the event that an Asset Representations Review
has commenced at the time the retiring Asset Representations Reviewer resigns or a vacancy exists, the Issuing Entity (or the Administrator on its behalf) shall cause the retiring Asset Representations Reviewer to provide the successor Asset
Representations Reviewer with any information relating to the Asset Representations Review. 
 (g) The Seller shall (i) at all times
while any Series 201[●]-[●] Notes that have been registered under the Securities Act or the securities laws of any other jurisdiction remain Outstanding, ensure that an Asset Representations Reviewer is appointed, (ii) cooperate
with the Asset Representations Reviewer in creating procedures for a review of the representations and warranties set forth in Section 4.01(a) of the Pooling and Servicing Agreement, (iii) provide the Asset Representations Reviewer with
the Asset Representations Review Notice and (iv) provide the Asset Representations Reviewer with reasonable access to the Seller’s offices and information databases upon the initiation of an Asset Representations Review. 

(h) Upon receipt of a final report from the Asset Representations Reviewer, the Seller and the Depositor shall review any Accounts and
Receivables with respect to which the Asset Representations Reviewer has determined that a breach of a representation or warranty set forth in Section 4.01(a) of the Pooling and Servicing Agreement has occurred and determine whether a
repurchase of such Receivables is required pursuant to Section 4.01(c) of the Pooling and Servicing Agreement or Section 2.5 of the Trust Sale and Servicing Agreement. 

  
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 SECTION 4.18 Unfulfilled Repurchase Demands; Dispute Resolution. 

(a) Unfulfilled Repurchase Demands. If the Indenture Trustee receives a written request (which request from the Owner Trustee, the
Indenture Trustee, any Series 201[●]-[●] Note Owner or any Series 201[●]-[●] Noteholder shall set forth (i) each Receivable that is subject to a Repurchase Request, (ii) the specific representation or warranty
contained in Section 4.01(c) of the Pooling and Servicing Agreement it alleges was breached, (iii) the loss that occurred as a result of such breach and (iv) the material and adverse effect of such breach on the interests of the
Issuing Entity and, with respect to a request from a Series 201[●]-[●] Noteholder or a Series 201[●]-[●] Note Owner, such request shall initially be provided to the Indenture Trustee to repurchase a Receivable pursuant to
Section 2.5 of the Trust Sale and Servicing Agreement) (each, a “Repurchase Request”) and the Depositor or the Seller does not repurchase the Receivables related to such Repurchase Request within 180-days of the receipt of such
Repurchase Request, the Indenture Trustee shall deliver a Repurchase Response Notice to the related 201[●]-[●] Noteholder or 201[●]-[●] Note Owner 

(b) In the event the Depositor fails to repurchase a Receivable pursuant to Section 2.5 of the Trust Sale and Servicing Agreement, or
fails to cause the Seller to repurchase a Receivable pursuant to Section 4.01(c) of the Pooling and Servicing Agreement, within 180 days of the delivery of the Repurchase Request and such Repurchase Request has not been resolved, the alleged
breach has not otherwise been cured or the related Receivable has not otherwise been repurchased, the party that provided the Repurchase Request pursuant to Section 2.5 of the Trust Sale and Servicing Agreement (the “Requesting
Party”) may refer the Repurchase Request to an ADR Proceeding, at its discretion, pursuant to Section 4.18(c) by filing in accordance with [AAA] [FINRA] [JAMS] [ADR] Rules and providing a notice to the Depositor;
provided, however, that any such referral of a Repurchase Request shall be made (i) within the applicable statute of limitations period and (ii) within [30] days of the delivery of the Repurchase Response Notice indicating
that the related Repurchase Request has not been resolved; provided further that in the event an Asset Representations Review has been completed and the Asset Representations Reviewer has determined that the representations and
warranties related to an Account or a Receivable with respect to which a Repurchase Request has been made have been satisfied, the Requesting Party may not refer such Repurchase Request to an ADR Proceeding. 

(c) Dispute Resolution. 

(i) General. If a Requesting Party provides notice of a referral of a Repurchase Request to an ADR Proceeding, the
Depositor shall have at least [30] days to respond to such notice. Each ADR Proceeding shall take place in New York, New York. 

  
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 (ii) Confidentiality. Each ADR Proceeding, including the occurrence of
such ADR Proceeding, the nature and amount of any relief sought or granted and the results of any discovery taken in such ADR Proceeding, shall be kept strictly confidential by each of the Depositor and the Requesting Party, except as necessary in
connection with a judicial challenge to or enforcement of an award, or as otherwise required by law. 
 (iii)
Mediation. If the Requesting Party chooses to refer the Repurchase Request to Mediation, the following provisions shall apply: 
 (1)
The Depositor and the Requesting Party shall agree on a neutral mediator within [15] days of the acknowledgement of the notice set forth in Section 4.18(c)(i); provided, that the mediator shall satisfy each of the following
conditions: 
 a. the mediator shall be selected from a list of neutral mediators maintained by [AAA][FINRA][JAMS][the ADR
Facilitator]; 
 b. the mediator shall be an attorney admitted to practice law in the State of New York; and 

c. the mediator shall be an attorney specializing in commercial litigation with at least [15] years of experience; 

provided, however, that if the Depositor and the Requesting Party do not agree on a mediator, a mediator shall be selected by [AAA]
[FINRA] [JAMS] [the ADR Facilitator] in accordance with [AAA] [FINRA] [JAMS] [ADR] Rules for appointment of a mediator. 
 (2) The Mediation
shall commence no later than [15] Business Days following selection of a mediator, and shall conclude within [30] days of the start of Mediation. 

(3) The Depositor and the Requesting Party shall mutually agree upon the allocation of the expenses incurred in connection with the Mediation;
provided, however, that if the Depositor and the Requesting Party do not agree on the allocation of expenses, the expenses shall be determined in accordance with [AAA] [FINRA] [JAMS] [ADR] Rules. 

(4) If the Depositor and the Requesting Party fail to agree at the completion of the Mediation, the Requesting Party may submit the Repurchase
Request to Arbitration in accordance with Section 4.18(c)(iv) or may seek adjudication of the Repurchase Request in court. 

(iv) Arbitration. If the Requesting Party refers the Repurchase Request to Arbitration, the following provisions shall
apply: 
 (1) The Depositor shall provide a notice of the commencement of such Arbitration and instructions for other Series
[●]-[●] Noteholders or Series [●]-[●]Note Owners to participate in such Arbitration to the Servicer for inclusion in the Monthly Statement. 

  
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 (2) The Repurchase Request shall be referred to a panel of three arbitrators (the
“Panel”) to be selected as follows: 
 a. the Requesting Party shall appoint one arbitrator to the panel within [5]
Business Days of providing notice of its selection of Arbitration; 
 b. the Depositor shall appoint one arbitrator to the panel within [5]
Business Days of the Requesting Party providing notice of its selection of Arbitration; and 
 c. the arbitrators selected pursuant to
clauses a and b will select a third arbitrator within [5] Business Days of the appointment of the second arbitrator; 

provided, that each arbitrator shall satisfy each of the following conditions: (i) the arbitrator shall be selected from a list of
neutral arbitrators maintained by [the AAA] [FINRA] [JAMS] [the ADR Facilitator], (ii) the arbitrator shall be an attorney admitted to practice law in the State of New York; and (iii) the arbitrator shall be an attorney specializing in
commercial litigation with at least 15 years of experience. 
 (3) The following procedural time limits shall apply to the Arbitration: 

a. discovery shall be completed within [30] days of appointment of the third arbitrator; 

b. the evidentiary hearing on the merits shall commence no later than [60] days following the appointment of the third arbitrator, and shall
proceed for no more than [10] consecutive business days [with equal time allotted to each side for the presentation of direct evidence and cross examination]; [and 

c. the Panel shall render its decision on the Repurchase Request within [90] days of the selection of the panel; 

provided, that in each case, the Panel may modify such time limits if, based on the facts and circumstances of the particular dispute,
good cause exists, there is an unavoidable delay or with the consent of all of the parties. 
 (4) The following limitations on the
Arbitration proceeding shall apply: 
 a. each party shall be limited to [two] witness depositions not to exceed five hours; 

b. each party shall be limited to [two] interrogatories; 

  
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 c. each party shall be limited to [one] document request; and 

d. each party shall be limited to [one] request for admissions.] 

provided, that in each case, the Panel may modify such time limits if, based on the facts and circumstances of the particular dispute,
good cause exists, there is an unavoidable delay or with the consent of all of the parties. 
 (5) Any briefs submitted in the Arbitration
shall be no more than [10] pages each and shall be limited to (i) initial statements of the case, (ii) discovery motions and (iii) a pre-hearing brief. 

(6) For Receivables on which the related Dealer has made at least [12] monthly payments, the burden of proof for an alleged breach of
representations and warranties shall be clear and convincing evidence of a breach and for all other Receivables, the burden of proof for an alleged breach shall be a preponderance of the evidence. 

(7) The Panel shall decide the Repurchase Request in accordance with this Agreement and the Pooling and Servicing Agreement, including the
provisions set forth in Section 4.01(c). 
 (8) The Panel shall not be permitted to award punitive or special damages. 

(9) The Panel shall determine the allocation of the expenses of the Arbitration between the Depositor and the Requesting Party. 

(10) Once the Panel makes a decision with respect to a Receivable, such decision shall be binding on the Interested Parties as to such
Receivable, and such Receivable may not be subject to an additional ADR Proceeding. 
 (d) The Seller hereby agrees to cooperate with the
Interested Parties in any ADR Proceeding commenced pursuant to this Section 4.18. The Purchaser hereby agrees to provide the Seller with the opportunity to exercise any rights of the Purchaser pursuant to this Section 4.18
with respect to an ADR Proceeding to the extent a dispute relates to the representations and warranties of the Seller contained in Section 4.01(a) of the Pooling and Servicing Agreement. 

ARTICLE V 
 DELIVERY OF
SERIES 201[●]-[●] NOTES; 
 DISTRIBUTIONS; REPORTS TO SERIES
201[●]-[●] NOTEHOLDERS 
 SECTION 5.01 Delivery and Payment for Series
201[●]-[●] Notes. 
 The Indenture Trustee shall authenticate the Series 201[●]-[●] Notes in accordance with
Section 2.2 of the Indenture. The Indenture Trustee shall deliver the Series 201[●]-[●] Notes to the Issuing Entity when so authenticated. 

  
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 SECTION 5.02 Distributions. 

(a) On each Distribution Date, based solely on the information contained in the Monthly Statement, the Indenture Trustee shall distribute to
each Class A[-1] Noteholder, [Class A-2 Noteholder,] [Class B Noteholder,] [Class C Noteholder] and [Class D Noteholder] of record on the related Record Date (other than as provided in Section 11.2 of the Indenture) such Class A[-1]
Noteholder’s, [Class A-2 Noteholder’s,] [Class B Noteholder’s,] [Class C Noteholder’s] and [Class D Noteholder’s,] respectively, pro rata share of the amounts allocated and available in the Note Distribution Account and the
Note Defeasance Account on such Distribution Date to pay interest on the Class A[-1] Notes, [the Class A-2 Notes,] [the Class B Notes,] [the Class C Notes] and [he Class D Notes,] respectively, pursuant to this Indenture Supplement. 

(b) On [the Series 201[●]-[●] Expected Maturity Date] [each Distribution Date with respect to the [Controlled] Amortization
Period] and on each Distribution Date with respect to the Early Amortization Period, based solely on the information contained in the Monthly Statement, from the amounts allocated during the related or any prior Collection Period or, with respect to
Additional Available Series Principal Collections, on such or any prior Distribution Date and available in the Note Distribution Account and the Note Defeasance Account on such Distribution Date to pay principal of the Series 201[●]-[●]
Notes pursuant to this Indenture Supplement, the Indenture Trustee shall distribute: 
 (i) first, pro rata to each Class
A[-1] Noteholder of record [and each Class A-2 Noteholder of record, as applicable,] on the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class A Notes [(allocated pro rata
between the Class A-1 Notes and the Class A-2 Notes)] until the Class A Notes have been paid in full, 
 (ii)
[second, pro rata to each Class B Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class B Notes until the Class B Notes have been paid in full, provided,
however, that in no event shall any amount be paid as principal with respect to the Class B Notes unless the Class A Principal Balance is zero,] 

(iii) [third, pro rata to each Class C Noteholder of record on the related Record Date (other than as provided in
Section 11.2 of the Indenture), principal of the Class C Notes until the Class C Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal with respect to the Class C Notes
unless the Class A Principal Balance and the Class B Principal Balance are zero,] 
 (iv) [fourth, pro rata to each
Class D Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class D Notes until the Class D Notes have been paid in full, provided, however, that in no
event shall any amount be paid as principal with respect to the Class D Notes unless the Class A Principal Balance, the Class B Principal Balance and the Class C Principal Balance are zero,] and 

(v) [fifth,] pro rata to each Class E Noteholder of record on the related Record Date (other than as provided in
Section 11.2 of the Indenture), principal of the Class E Notes until the Class E Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal with respect to the Class E Notes
unless the Class A Principal Balance, [the Class B Principal Balance], [the Class C Principal Balance] and [the Class D Principal Balance] are zero. 

  
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 (c) The distributions to be made pursuant to this Section are subject to the provisions of
Sections 2.5 of the Trust Sale and Servicing Agreement, Section 11.2 of the Indenture and Section 7.01 of this Indenture Supplement. 

(d) Except as provided in Section 11.2 of the Indenture with respect to a final distribution, distributions to Series
201[●]-[●] Noteholders hereunder shall be made by (i) wire transfer (to the account specified by the applicable Noteholder) or check mailed first class, postage prepaid to each Series 201[●]-[●] Noteholder (at such
Noteholder’s address as it appears in the Note Register), except that with respect to any Series 201[●]-[●] Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available
funds and (ii) without presentation or surrender of any Series 201[●]-[●] Note or the making of any notation thereon. 

(e) The amount of all distributions and deposits that are required to be made by the Indenture Trustee on each Distribution Date pursuant to
this Section 5.02 shall be set forth in written instructions (which may be in the form of the Monthly Statement) provided by the Servicer to the Indenture Trustee no later than the second Business Day prior to the related Distribution
Date. 
 (f) Except with respect to the reimbursement of investment losses pursuant to Section 4.15(b), the Indenture Trustee
shall have no duty to make any deposits or distributions or any other payments under this Indenture Supplement unless and until it has sufficient cash to make such payments and it has received written instructions from the Servicer as to such
deposits, distributions and payments. 
 SECTION 5.03 Reports and Statements to Series 201[●]-[●] Noteholders. 

(a) The Indenture Trustee will make available each month to each Series 201[●]-[●] Noteholder the statements referred to in
Section 5.03(b) below (and certain other documents, reports and information regarding the Receivables provided by the Servicer form time to time) via the Indenture Trustee’s internet website, with the use of a password provided by
the Indenture Trustee. The Indenture Trustee’s internet website will be located at [www.CTSLink.com] or at such other address as the Indenture Trustee shall notify the Series 201[●]-[●] Noteholders from time to time. For assistance
with regard to this service, the Series 201[●]-[●] Noteholders can call the Indenture Trustee’s Corporate Trust Office at [(866) 846-4526]. The Indenture Trustee shall have the right to change
the way the statements referred to in Section 5.03(b) below are distributed in order to make such distribution more convenient and/or more accessible to the 

  
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parties entitled to receive such statements so long as such statements are only provided to the then current Series 201[●]-[●] Noteholders. The Indenture Trustee shall provide
notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.4, Section 12.5 or Section 12.6 of the Indenture, as appropriate. 

(b) No later than the second Business Day preceding each Distribution Date, the Servicer shall deliver to the Owner Trustee, the Indenture
Trustee and, if Ally Financial or an Affiliate of Ally Financial is the Servicer, each Rating Agency (or, if Ally Financial or an Affiliate of Ally Financial is not the Servicer, to the Depositor, who shall promptly provide such Monthly Statement to
each Rating Agency) a statement substantially in the form of Exhibit B (the “Monthly Statement”) prepared by the Servicer; provided that the Servicer may amend the form of Exhibit B from time to time. 

(c) A copy of each statement or certificate provided pursuant to Section 5.03(a) or (b) may be obtained by any Series
201[●]-[●] Noteholder by a request in writing to the Servicer. 
 (d) Within the prescribed period of time for tax reporting
purposes after the end of each calendar year during the term of this Indenture Supplement, the Indenture Trustee and the Administrator shall furnish (or cause to be furnished), to each Person who at any time during such calendar year shall have been
a holder of record of Series 201[●]-[●] Notes, and received any payment thereon, a statement containing such information as may be required by the Code and applicable Treasury Regulations to enable such Noteholder to prepare its federal
income tax returns. 
 SECTION 5.04 Other Information to be Provided by the Indenture Trustee and the Owner Trustee. 

(a) The Indenture Trustee agrees to deliver on or before March 1 of each year, a report signed by an authorized officer of the Indenture
Trustee regarding the Indenture Trustee’s assessment of compliance with the servicing criteria specified on Exhibit C, including disclosure of any material instance of non-compliance identified by the Indenture Trustee (provided,
that to the extent the Indenture Trustee identifies any material instance of non-compliance, the Indenture Trustee shall disclose on its report whether such material instance of non-compliance relates to the Receivables or the Series
201[●]-[●] Notes and whether and to what extent the Indenture Trustee has instituted steps to remediate such material instance of non-compliance), for the preceding calendar year relating to the Indenture Trusee’s servicing platform
with respect to asset-backed securities that are backed by assets of the same type as the Receivables and including the Receivables. The Indenture Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for information
regarding the Indenture Trustee which is required in order to enable the Depositor to comply with the provisions of Items 1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the Indenture Trustee or to the
Indenture Trustee’s obligations under this Indenture Supplement and the Indenture; provided that with respect to Rule 15Ga-1, and Items 1121(c) and 1104(e), the Indenture Trustee shall not be deemed a “securitizer” or an
“issuer” under Regulation AB or under the Exchange Act. 

  
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 (b) The Indenture Trustee shall provide the Depositor with notification, as soon as practicable
and in any event within five Business Days, of (i) all demands communicated to the Indenture Trustee for the repurchase or replacement of any Receivable pursuant to Section 3.04(c), 4.01(c) or 4.02(c) of the Pooling
and Servicing Agreement or Section 2.5 or 3.1(c) of the Trust Sale and Servicing Agreement, as applicable, and (ii) all requests by Verified Note Owners to communicate with other Series 201[●]-[●] Noteholders regarding
the exercise of remedies pursuant to the Basic Documents. 
 (c) In addition to the information required by Section 13.4(c) of the
Indenture, the Indenture Trustee shall also provide such a description of any affiliation between the Indenture Trustee and the Asset Representations Reviewer. 

(d) The Owner Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for information regarding the Owner
Trustee which is required in order to enable the Depositor to comply with the provisions of Items 1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the Owner Trustee or to the Owner Trustee’s
obligations under the Trust Agreement; provided that with respect to Rule 15Ga-1, and Items 1121(c) and 1104(e), the Owner Trustee shall not be deemed a “securitizer” or an “issuer” under Regulation AB or under the
Exchange Act; and provided further, that any such request shall be limited to information reasonably available to the Responsible Officers of the Owner Trustee. 

(e) The Owner Trustee shall provide the Depositor with notification, as soon as practicable and in any event within five Business Days, of all
demands communicated to a Responsible Officer of the Owner Trustee for the repurchase or replacement of any Receivable pursuant to Section 3.04(c), 4.01(c) or 4.02(c) of the Pooling and Servicing Agreement or Section
2.5 or 3.1(c) of the Trust Sale and Servicing Agreement, as applicable; provided that any such request shall be limited to information reasonably available to the Responsible Officers of the Owner Trustee. 

ARTICLE VI 
 SERIES
201[●]-[●] EARLY AMORTIZATION EVENTS AND SERIES 201[●]-[●] EVENTS OF DEFAULT 

SECTION 6.01 Series 201[●]-[●] Early Amortization Events. 

If any one of the following events occurs with respect to the Series 201[●]-[●] Notes: 

(a) failure on the part of the Depositor, the Servicer or the Seller, as applicable, to duly observe or perform in any material respect any
other covenants or agreements of the Depositor, the Servicer or the Seller, as the case may be, set forth in the Trust Sale and Servicing Agreement or the Pooling and Servicing Agreement, which failure continues unremedied for a period of 60 days
after the date on which written notice of such failure, requiring the same to be remedied, shall have been given by the Indenture Trustee or the Owner Trustee to the Depositor, provided, however, that no Early Amortization Event shall
be deemed to occur if such failure results in the creation of Warranty Receivables or Administrative Receivables and such Warranty Receivables or Administrative Receivables are purchased by the Seller, the Depositor or the Servicer in accordance
with the Basic Documents; 

  
 55 

 (b) any representation or warranty made by the Seller in the Pooling and Servicing Agreement or
the Depositor in the Trust Sale and Servicing Agreement or any information contained on the Schedule of Accounts, (i) shall prove to have been incorrect in any material respect when made or when delivered, and shall continue to be incorrect in
any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Depositor by the Indenture Trustee or the Owner Trustee and (ii) as a result of
such incorrectness the interests of the Noteholders are materially and adversely affected, provided, however, that no Early Amortization Event shall be deemed to occur if such failure results in the creation of Warranty Receivables or
Administrative Receivables and such Warranty Receivables or Administrative Receivables are purchased by the Seller, the Depositor or the Servicer in accordance with the Basic Documents; 

(c) on any Distribution Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [●]%;

 (d) the unpaid principal amount of Outstanding Series 201[●]-[●] Notes (together with accrued and unpaid interest thereon)
shall have become immediately due and payable as a result of an Event of Default pursuant to Section 6.03 of this Indenture Supplement; 

(e) an Insolvency Event with respect to the Seller, the Depositor or the Servicer (or Ally Financial, if Ally Financial is not the Servicer);

 (f) on any Distribution Date, the amount on deposit in the Excess Funding Account exceed [●]% of the sum of the Net Invested
Amounts of all outstanding Series (including Series 201[●]-[●]), being determined as the average over the six Collection Periods immediately preceding the Distribution Date, or, if shorter, the period from the initial issuance date
through and including the last day of the immediately preceding Collection Period); 
 (g) the Issuing Entity or the Depositor is required
to register under the Investment Company Act; 
 (h) a Liquidation Event occurs with respect to a Significant Manufacturer or with respect
to a Majority of Manufacturers; 
 (i) on any Distribution Date, the Required Class E Invested Amount for such Distribution Date exceeds the
Class E Invested Amount; 
 (j) a failure by the Depositor to transfer to the Issuing Entity Receivables arising in connection with
Additional Accounts within 15 Business Days after the date on which the Depositor is required to convey such Receivables pursuant to Section 2.7(a) of the Trust Sale and Servicing Agreement; 

(k) [on any three consecutive Distribution Dates, the amount on deposit in the Reserve Fund is less than the Reserve Fund Required Amount;]

  
 56 

 (l) [on any Distribution Date, the Reserve Fund Required Amount for such Distribution Date
exceeds the amount on deposit in the Reserve Fund by more than the Reserve Fund Trigger Amount;] 
 (m) [failure on the part of the
Depositor, the Servicer or the Seller, as applicable, to pay (or set aside for payment) all amounts required to be paid as principal on any Series 201[●]-[●] Notes on the Series 201[●]-[●] Expected Maturity Date;] or 

(n) [on the first Distribution Date related to the Controlled Accumulation Period, the amount on deposit in the Accumulation Period Reserve
Account is less than the Accumulation Period Reserve Account Required Amount;] 
 then, (i) in the case of any event described in
clauses (a) or (b) above, after any applicable grace period, either the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of Series 201[●]-[●] Notes by notice then given in writing to the
Depositor and the Servicer (and to the Indenture Trustee if given by the Series 201[●]-[●] Noteholders) may declare that an Early Amortization Event with respect to the Series 201[●]-[●] Notes (a “Series
201[●]-[●] Early Amortization Event”) has occurred as of the date of such notice, and (ii) in the case of any event described in clauses (c) through ([●]) above, immediately and without any notice
or other action on the part of the Indenture Trustee or the Series 201[●]-[●] Noteholders, a Series 201[●]-[●] Early Amortization Event shall be deemed to have occurred. 

SECTION 6.02 Series 201[●]-[●] Events of Default. 

For the purposes of this Indenture Supplement, “Event of Default” wherever used herein, means any one of the following
events: 
 (a) failure to pay any interest on any Investor Note as and when the same becomes due and payable, and such default shall
continue unremedied for a period of thirty-five (35) days; or 
 (b) except as set forth in
Section 6.02(c) below, failure to pay any instalment of the principal of any Investor Note as and when the same becomes due and payable, and such default continues unremedied for a period of thirty (30) days after there shall have
been given, by registered or certified mail, written notice thereof to the Issuing Entity and the Servicer by the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of not less than 25% of the
Outstanding Amount of such Notes, a written notice specifying such default and demanding that it be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(c) failure to pay in full the Outstanding Amount attributable to the Series 201[●]-[●] Notes on or prior to the Series
201[●]-[●] Legal Maturity Date for such Notes; 
 (d) default in the observance or performance in any material respect of any
covenant or agreement of the Issuing Entity made in the Indenture or this Indenture Supplement in respect of the Series 201[●]-[●] Notes (other than a covenant or agreement in respect of the Series 201[●]-[●] Notes a default
in the observance or performance which is specifically dealt with 

  
 57 

 
elsewhere in this Section 6.02), which failure materially and adversely affects the rights of the Noteholders, and such default shall continue or not be cured for a period of 30 days
after there shall have been given, by registered or certified mail, to the Issuing Entity and the Servicer by the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of at least 25% of the Outstanding
Amount of the Series 201[●]-[●] Notes, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(e) the filing of an order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial part
of the Trust Estate in an involuntary case under the Bankruptcy Code, and such order shall have continued undischarged or unstayed for a period of 90 days; or the filing of a decree or order by a court having jurisdiction in the premises approving
as properly filed a petition seeking reorganization, arrangement, adjustment or composition of the Issuing Entity under any other Insolvency Law, and such decree or order shall have continued undischarged or unstayed for a period of 90 days; or the
filing of a decree or order of a court having jurisdiction in the premises appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or
ordering the winding-up or liquidation of the Issuing Entity’s affairs, and such decree or order shall have continued undischarged and unstayed for a period of 90 consecutive days; or 

(f) the commencement by the Issuing Entity of a voluntary case under the Bankruptcy Code; or the filing of a petition or answer or consent by
the Issuing Entity seeking reorganization, arrangement, adjustment or composition under any other Insolvency Law, or consent to the filing of any such petition, answer or consent; or the consent by the Issuing Entity to the appointment or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or the making by the Issuing Entity of an assignment for the benefit of
creditors, or the admission in writing of its inability to pay its debts generally as such debts become due. 
 The Issuing Entity shall
deliver to the Indenture Trustee within five Business Days after learning of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event
of Default under Section 6.02(d), its status and what action the Issuing Entity is taking or proposes to take with respect thereto. 

SECTION 6.03 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default, other than an Event of Default as a result of an Insolvency Event with respect to the Issuing Entity, should occur
and is continuing, then the Indenture Trustee may, or shall, at the direction of the Holders of at least a majority of the Outstanding Amount of the Series 201[●]-[●] Notes, declare all the Series 201[●]-[●] Notes to be
immediately due and payable, by a notice in writing to the Issuing Entity and the Servicer (and to the Indenture Trustee if declared by such Noteholders) setting forth the Event or Events of Default. If an Insolvency Event of Default occurs and is
continuing, then the Series 201[●]-[●] Notes shall be immediately and without further action become due and payable, and the Indenture Trustee shall give a notice to such effect in writing to the Issuing Entity (although

  
 58 

 
failure to give such notice shall not affect the immediate acceleration of maturity). Upon any such declaration or automatic occurrence, the Revolving Period or [the Controlled Accumulation
Period] [the [Controlled] Amortization Period], as applicable, with respect to the Series 201[●]-[●] Notes shall terminate, an Early Amortization Period shall commence and the unpaid principal amount of such Series 201[●]-[●]
Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
 (b)
At any time after such acceleration of maturity has occurred pursuant to Section 6.03(a) and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as provided in Article V of the
Indenture, the Holders of at least a majority of the Outstanding Amount of the Series 201[●]-[●] Notes, by written notice to the Issuing Entity, the Servicer and the Indenture Trustee, may rescind and annul such acceleration and its
consequences with respect to the Series 201[●]-[●] Notes. No such rescission and annulment shall extend to or affect any subsequent Event of Default or impair any right consequent thereto; and provided, further, that if the
Indenture Trustee shall have proceeded to enforce any right under the Indenture and such proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason, or shall have been determined adversely
to the Indenture Trustee, then and in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored to their respective former positions and rights hereunder and under the Indenture, and all
rights, remedies and powers of the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall continue as though no such proceedings had been commenced. 

(c) If the Series 201[●]-[●] Notes shall have been accelerated following an Event of Default, the Indenture Trustee may exercise
the remedies available to it as set forth in Article V the Indenture. 
 (d) Any money or property collected by the Indenture Trustee
pursuant to this Section 6.03 following the acceleration of the maturities of the Series 201[●]-[●] Notes (so long as such acceleration has not been rescinded or annulled) shall be paid out or allocated in accordance with
Section 5.4(b) of the Indenture; provided, that following the payment of the amounts due to the Indenture Trustee and the Owner Trustee pursuant to Section 5.4(b)(i) of the Indenture, any money or property collected by
the Indenture Trustee pursuant to this Section 6.03 shall be used to pay any accrued and unpaid fees, expenses and indemnities owed to the Asset Representations Reviewer pursuant to the Asset Representations Review Agreements prior to
the payments specified in Section 5.4(b)(ii) of the Indenture. 
 ARTICLE VII 

REDEMPTION OF SERIES 201[●]-[●] NOTES; SERIES LEGAL MATURITY; FINAL DISTRIBUTIONS 

SECTION 7.01 Optional Redemption of Series 201[●]-[●] Notes. 

(a) On any day occurring on or after the date on which the Note Principal Balance is reduced to 10% or less of the Initial Note Principal
Balance, the Servicer (if Ally Financial or an Affiliate of Ally Financial is the Servicer) shall have the option to purchase the Series 201[●]-[●] Noteholders’ Collateral and thereby cause a redemption of the Series
201[●]-[●] Notes, at a 

  
 59 

 
purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a Distribution Date, the Reassignment
Amount for the Distribution Date following such day. 
 (b) Upon any such election, the Servicer shall give the Depositor, the Indenture
Trustee, the Issuing Entity and, if applicable, other holders of the Certificate Interest at least 30 days prior written notice of the date on which the Servicer intends to exercise such optional redemption as well as the Reassignment Amount and the
Indenture Trustee shall provide notice to Holders of the Series 201[●]-[●] Notes that it has received such notice from the Servicer. No later than 11:00 a.m. (New York City time) on such day the Servicer shall deposit the Reassignment
Amount into the Collection Account or, at the direction of the Depositor or election of the Servicer in an amount not to exceed the interest and principal to be paid with respect to the Series 201[●]-[●] Notes, the Note Defeasance
Account, in immediately available funds. Such redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the Collection Amount or the Note Defeasance Account, as applicable, in accordance with the
foregoing, the Invested Amount of the Series 201[●]-[●] Notes shall be deemed reduced to zero and the Series 201[●]-[●] Noteholders shall be deemed to have no further interest in the Receivables. The Reassignment Amount shall
be distributed as set forth in Section 7.02. 
 SECTION 7.02 Series Legal Maturity. 

(a) The amount to be paid by the Depositor with respect to Series 201[●]-[●] in connection with a reassignment of the
Noteholders’ Collateral pursuant to Section 2.5 of the Trust Sale and Servicing Agreement shall be the Reassignment Amount for the first Distribution Date following the Collection Period in which the reassignment obligation arises
under the Trust Sale and Servicing Agreement. With respect to the Reassignment Amount deposited into the Collection Account or the Note Defeasance Account, as applicable, pursuant to Section 2.5 of the Trust Sale and Servicing Agreement
or pursuant to Section 7.01 of this Indenture Supplement or the proceeds from any Foreclosure Remedy pursuant to Section 5.4 of the Indenture, the Indenture Trustee shall, in accordance with the written direction of the
Servicer, no later than 11:00 a.m. (New York City time) on the related Distribution Date, make deposits or distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any deposits and
distributions otherwise to be made on such date) in immediately available funds first, from amounts on deposit in the Note Defeasance Account and, to the extent the amounts on deposit in the Note Defeasance Account are insufficient to make such
allocations, second, from available funds on deposit in the Collection Account, to make the following distributions or deposits in the following priority: 

(i) (A) the Class A Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for
payment to the Class A Noteholders[, pro rata, between the Class A-1 Noteholders and the Class A-2 Noteholders,] and (B) an amount equal to the sum of (1) the Class A Monthly Interest for such Distribution Date and
(2) any Class A Monthly Interest previously due but not paid to the Class A Noteholders on prior Distribution Dates, shall be distributed to the Indenture Trustee for payment to the 

  
 60 

 
Class A Noteholders[ pro rata on the basis of the amount of Class A Monthly Interest owed, between the Class A-1 Noteholders and the Class A-2 Noteholders,] on such
Distribution Date; 
 (ii) [(A) the Class B Note Principal Balance on such Distribution Date shall be distributed to the
Indenture Trustee for payment to the Class B Noteholders and (B) an amount equal to the sum of (1) the Class B Monthly Interest for such Distribution Date and (2) any Class B Monthly Interest previously due but not paid to the Class B
Noteholders on prior Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class B Noteholders on such Distribution Date;] 

(iii) [(A) the Class C Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for
payment to the Class C Noteholders and (B) an amount equal to the sum of (1) the Class C Monthly Interest for such Distribution Date and (2) any Class C Monthly Interest previously due but not paid to the Class C Noteholders on prior
Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class C Noteholders on such Distribution Date;] 

(iv) [(A) the Class D Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for
payment to the Class D Noteholders and (B) an amount equal to the sum of (1) the Class D Monthly Interest for such Distribution Date and (2) any Class D Monthly Interest previously due but not paid to the Class D Noteholders on prior
Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class D Noteholders on such Distribution Date;] and 

(v) the Class E Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for payment to
the Class E Noteholders on such Distribution Date. 
 (b) Notwithstanding anything to the contrary in this Indenture Supplement, the
Indenture or the Trust Sale and Servicing Agreement, (i) all amounts distributed to the Indenture Trustee pursuant to Section 7.02(a) for payment to the Series 201[●]-[●] Noteholders shall be deemed distributed in full
to the Series 201[●]-[●] Noteholders on the date on which such funds are distributed to the Indenture Trustee pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 11.2 of the Indenture
and (ii) in the event that the amounts available for final distribution to the Series 201[●]-[●] Noteholders and to the Noteholders of any other Series on any Distribution Date are less than the full amount required to be so
distributed, the available amounts shall be allocated to each Series based on the respective amounts required to be distributed to each such Series (including Series 201[●]-[●]) on such Distribution Date. 

  
 61 

 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

SECTION 8.01 Ratification of Agreement. 

As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so supplemented by
this Indenture Supplement is to be read, taken and construed as one and the same instrument. 
 SECTION 8.02 Form of Delivery of
Series 201[●]-[●] Notes. 
 The Series 201[●]-[●] Notes shall be delivered as Registered Notes as provided in
Section 2.2 of the Indenture. 
 SECTION 8.03 Counterparts. 

This Indenture Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all
counterparts shall together constitute one and the same instrument. 
 SECTION 8.04 Governing Law. 

THIS INDENTURE SUPPLEMENT AND EACH SERIES 201[●]-[●] NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 8.05 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 8.06 Notices. 

(a) The Issuing Entity (or the Servicer or Administrator on its behalf) shall deliver all notices, requests, consents or other communications
delivered to the Rating Agencies hereunder to Standard & Poor’s concurrently with the delivery thereof to the Rating Agencies. 

(b) All notices, requests, reports, consents or other communications deliverable to the Rating Agencies hereunder or under any other Basic
Document by the Owner Trustee, the Issuing Entity or the Indenture Trustee shall instead be delivered to the Depositor, which shall promptly deliver such document to the Rating Agencies (which may be delivered by posting such document to the website
maintained by the Depositor for notifications to nationally recognized statistical rating organizations). 

  
 62 

 SECTION 8.07 Limitation of Liability. 

It is expressly understood that (i) this Indenture Supplement and each Series 201[●]-[●] Note has been executed by U.S. Bank
Trust National Association, not in its individual capacity but solely as Owner Trustee on behalf of the Issuing Entity, (ii) each of the representations, undertakings and agreements herein or therein made on the part of the Issuing Entity is
made and intended not as a personal representation, undertaking or agreement by U.S. Bank Trust National Association but is made and intended for the purpose of binding only the Issuing Entity, (iii) nothing herein contained shall be construed
as creating any liability on U.S. Bank Trust National Association, individually or personally, to perform any covenant of the Issuing Entity either expressed or implied contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the parties hereto, and (iv) under no circumstances will U.S. Bank Trust National Association be personally liable for the payment of any obligation, indebtedness or expenses of the
Issuing Entity or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity under this Indenture Supplement or any Series 201[●]-[●] Note. 

  
 63 

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

			
	ALLY MASTER OWNER TRUST, as Issuing Entity
	
	By U.S. Bank Trust National Association, not in its individual capacity, but solely as Owner Trustee
		
	By	 	  

		 	Name:
		 	Title:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee and Securities Intermediary
		
	By	 	  

		 	Name:
		 	Title:

  

			
	Acknowledged and Agreed, solely for purposes of Sections 5.04(d) and (e)
	
	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee
		
	By	 	  

	Name:	 	
	Title:	 	

  
 64 

			
	Acknowledged and Agreed, solely for purposes of Sections 4.17
	
	ALLY FINANCIAL INC., as Administrator, Servicer and Custodian
		
	By	 	  

	Name:	 	
	Title:	 	

  
 65 

 EXHIBIT A 

FORM OF CLASS [A-1][A-2][B][C][D][E] NOTE 

[Unless this Class [A-1][A-2][B][C][D] Note is presented by an authorized representative of The Depository Trust Company, a New York
corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 
 [This Class [B][C][D][E] Note has not and will not
be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or under the securities or blue sky laws of any State in the United States or any foreign securities laws. By its acceptance of this
Class [B][C][D][E] Note (or interest therein), the Holder of this Class [B][C][D][E] Note (or such interest), if other than the Depositor, is deemed to represent and warrant to the Depositor and the Indenture Trustee that it is a “Qualified
Institutional Buyer” as defined in Rule 144A under the Securities Act and is acquiring this Class [B][C][D][E] Note (or interest therein) for its own account (and not for the account of others) or as a fiduciary or agent for others (which
others also are Qualified Institutional Buyers) or has otherwise acquired an interest in the Class [B][C][D][E] Note in a transaction that is exempt from the registration requirements of the Securities Act.] 

[No sale, pledge or other transfer of this Class [B][C][D][E] Note (or interest therein) may be made by any Person unless either (i) such
sale, pledge or other transfer is made by or to the Depositor, (ii) at the time of such sale, pledge or other transfer, (A) this Class [B][C][D][E] Note is eligible for resale pursuant to Rule 144A under the Securities Act, and such sale,
pledge or other transfer is made to a person whom the transferor “reasonably believes” within the meaning of Rule 144A under the Securities Act is a “qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act (a “Qualified Institutional Buyer”) acting for its own account or the accounts of other Qualified Institutional Buyers, and (B) the transferee is aware that the transferor of this Class [B][C][D][E] Note intends
to rely on the exemption from the registration requirements of the Securities Act provided by Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration
requirements of the Securities Act, in which case (A) the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding
such transfer, which certification shall be in form and substance satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee shall require a written opinion of 

  
 Ex. A-1 

 
counsel (which will not be at the expense of the Seller, the Depositor, the Administrator, the Issuing Entity, the Servicer or the Indenture Trustee) satisfactory to the Depositor and the
Indenture Trustee to the effect that such transfer will not violate the Securities Act and satisfaction of certain other provisions specified herein.] 

Each Noteholder or Note Owner, by acceptance of this Note (or interest therein), hereby covenant and agree that by accepting the benefits of
the Indenture such Noteholder or Note Owner shall not, prior to the date which is one year and one day after the termination of the Indenture with respect to the Issuing Entity and, with respect to the Depositor, the Securities issued by each other
trust formed by and each other financing by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a
case against the Depositor or the Issuing Entity under any Insolvency Law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any substantial part of
the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity. 
 Each
Noteholder, by acceptance of this Note (or interest therein), covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes
or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against: 
 (i) the
Indenture Trustee or the Owner Trustee in its individual capacity; 
 (ii) the Depositor or any other owner of a beneficial
interest in the Issuing Entity; or 
 (iii) any partner, owner, beneficiary, agent, officer, director or employee of the
Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Except as expressly provided in the Basic Documents, none of the Seller, the Depositor, the Servicer, the Indenture Trustee nor the Owner
Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of 

  
 Ex. A-2 

 
their respective partners, owners, beneficiaries, agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of [or interest on], or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations
and indemnifications have been made solely by the Issuing Entity. Each Noteholder by accepting this Note (or any interest therein) acknowledges that such Noteholder’s Note (or interest therein) represents beneficial interests in the Issuing
Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof (other than the Issuing Entity) and no recourse, either directly or
indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by the acceptance of a Note (or beneficial interest therein) agrees that except as expressly
provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Notes, it shall have no claim against any of Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in the Notes. 
 If any of the foregoing covenants of a Noteholder is prohibited by, or declared
illegal or otherwise unenforceable against or with respect to any Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor
or any Affiliate of the Depositor other than the Issuing Entity (“other assets”), each Noteholder or Note Owner by the acceptance of this Note (or beneficial interest therein), agrees that (i) its claim against any such other assets
shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted (“entitled Persons”), including to the payment in full of all amounts owing to
such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

[The holder of this Note, by acceptance of this Note, and each holder of a beneficial interest therein, unless otherwise required by the
appropriate taxing authorities, agree to treat this Note as indebtedness of the Issuing Entity for applicable United States federal, state and local income and franchise tax purposes and any other taxes imposed upon, measured by or based upon gross
or net income.] 
 [Any holder of this Class [A-1][A-2][B][C][D] Note, by its acceptance of this Class [A-1][A-2][B][C][D] Note, shall be
deemed to have represented that either (a) it is not acquiring the Class [A-1][A-2][B][C][D] Note with the assets of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act

  
 Ex. A-3 

 
of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986,
as amended (the “Code”) which is subject to Section 4975 of the Code, (iii) an entity whose underlying assets are treated under regulations issued by the U.S. Department of Labor, as modified by Section 3(42) of
ERISA, to include plan assets by reason of investment by an employee benefit plan or a plan in such entity or (iv) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code; or
(b) the acquisition and holding of the Class [A-1][A-2][B][C][D] Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a non-exempt violation of any substantially similar applicable law. Employee benefit plans subject to the provisions of Title I of ERISA, plans subject to Section 4975 of the Code and entities whose underlying
assets include plan assets by reason of an employee benefit plan’s or plan’s investment in such entity may not acquire this Class [A-1][A-2][B][C][D] Note at any time that this Class [A-1][A-2][B][C][D] Note would not be treated as
indebtedness without substantial equity features [or the ratings on this Class [B][C][D] Note are below investment grade]. [Any holder of this Class [E] Note, by its acceptance of this Class [E] Note, shall be deemed to have represented that
(a) it is not acquiring the Class [E] Note with the plan assets of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject
to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) which is subject to Section 4975 of the Code, (iii) an entity whose
underlying assets include plan assets by reason of investment by an employee benefit plan or a plan in such entity other than an insurance company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% “plan assets” and for which the purchase and holding of the Class [E] Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or (iv) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such acquisition would result in a
non-exempt prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the
Code.] 
 [Transfer of this Class E Note may only be made to a Person who is a United States Person (within the meaning of
Section 7701(a)(30) of the Internal Revenue Code). Any Person acquiring this Class E Note or an interest therein (i) shall not be deemed to have made the representations set forth in Section 2.14 of the Indenture and (ii) other
than the Depositor shall not acquire or hold this Class E Note or interest herein in the form of a Book Entry Note.] 
 [No sale, pledge or
other transfer may be made to any one person of a Class E Note with a face amount of less than the amount determined in accordance with Section 1.01(f) of the Indenture Supplement (in order to prevent the Issuing Entity from being
treated as a “publicly traded partnership” under Section 7704 of the Code, and, in the case 

  
 Ex. A-4 

 
of any Person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for a Class E Note
with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding restriction will be void ab initio and the purported transferor will continue to be treated as the
owner of the Class E Notes for all purposes. No Class E Note may be transferred unless the transferor provides to the Indenture Trustee an opinion of independent counsel that the transfer will not cause the Issuing Entity to be treated as an
association (or publicly traded partnership) taxable as a corporation for federal income tax purposes.] 

  
 Ex. A-5 

			
	Registered	  	$            1
	No. R-    	  	CUSIP No.             
		  	ISIN No.             
		  	Common Code             

 ALLY MASTER OWNER TRUST 

SERIES 201[●]-[●] [FLOATING][FIXED] RATE] ASSET BACKED [EQUITY] NOTE, CLASS [A-1][A-2][B][C][D][E]

 Ally Master Owner Trust (herein referred to as the “Issuing Entity”), a Delaware statutory trust governed by the
Trust Agreement, dated as of February 12, 2010, for value received, hereby promises to pay to                     , or registered assigns,
subject to the following provisions, the principal sum of                      DOLLARS, or such greater or lesser amount as determined
in accordance with the Indenture and the Indenture Supplement (each referred to herein), on the [●] Distribution Date (the “Series 201[●]-[●] Legal Maturity Date”), except as otherwise provided below or in the
Indenture or the Indenture Supplement. Beginning on [●], 201[●], and on each Distribution Date thereafter until the principal amount of this Note is paid in full, the Issuing Entity shall pay interest on the unpaid principal amount of
this Note at an annual rate equal to the Class [A-1][A-2][B][C][D] Note Interest Rate, as determined pursuant to the Indenture Supplement. Interest on this Note shall begin accruing from [●], 201[●] (the “Closing Date”)
and shall be payable in arrears on each Distribution Date, computed on the basis of a 360-day year and [the actual number of days elapsed][twelve 30-day months]. The principal of this Note shall be paid in the
manner specified on the reverse hereof. 
 The principal of [and interest] on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note
shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 

 

	1 	[This Class [A-1][A-2][B][C][D] Note may be issued in denominations of $[1,000] and integral multiples of $[1,000] in excess thereof.][This Class E Asset Backed Equity Note may be issued only in denominations equal to
the Class E Note Principal Balance.] 

  
 Ex. A-6 

 IN WITNESS WHEREOF, the Issuing Entity has caused this Note to be duly executed. 

 

			
	ALLY MASTER OWNER TRUST, as Issuing Entity
	
	By U.S. Bank Trust National Association, not in its individual capacity, but solely as Owner Trustee
		
	By	 	  

		 	Name:
		 	Title:

 Dated: 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes described in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee
		
	By	 	  

		 	Authorized Officer

  
 Ex. A-7 

 ALLY MASTER OWNER TRUST 

SERIES 201[●]-[●] [[FLOATING][FIXED] RATE] ASSET BACKED [EQUITY] NOTE, CLASS [A-1][A-2][B][C][D][E] 

Summary of Terms and Conditions 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as the Series 201[●]-[●] [[Floating][Fixed]
Rate] Asset Backed [Equity] Notes (the “Notes”), issued under the Indenture, dated as of February 12, 2010 (the “Indenture”), between the Issuing Entity and Wells Fargo Bank, National Association, as indenture
trustee (the “Indenture Trustee”), as supplemented by the Series 201[●]-[●] Indenture Supplement, dated as of [●], 201[●] (the “Indenture Supplement” and, together with the Indenture, the
“Series Agreement”), and representing the right to receive certain payments from the Issuing Entity. The Notes are subject to all of the terms of the Series Agreement. All terms used in this Note that are defined in the Series
Agreement have the meanings assigned to them in or pursuant to the Series Agreement. In the event of any conflict or inconsistency between the Series Agreement and this Note, the Series Agreement controls. 

The [Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Note] with initial
principal amounts of $[●], [$[●],] [$[●]], [$[●]] and $[●], respectively, shall also be issued under the Series Agreement. [The rights of the holders of the [Class A-1 Notes, the Class A-2 Notes, the Class B Notes,
the Class C Notes, and the Class D Notes] to receive payments on [the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes and the Class D Notes] are senior to the rights of the holders of the Class [B][C][D][E] Notes
to receive payments as specified in the Series Agreement.] [The rights of the holders of [the Class B Notes, the Class C Notes, the Class D Notes, and the Class E Notes] to receive payments on [the Class B Notes, the Class C Notes, the Class D Notes
and the Class E Notes] are subordinate to the rights of the holders of the Class [A-1][A-2][B][C][D] Notes to receive payments as specified in the Series Agreement.] 

The Series 201[●]-[●] Notes only represent interest in the Issuing Entity allocated to the Series 201[●]-[●] Notes.
The Noteholder, by its acceptance of this Note, agrees that it shall look solely to the property of the Issuing Entity allocated to the payment of the Notes for payment hereunder and under the Series Agreement and that the Indenture Trustee is not
liable to the Noteholders for any amount payable under the Notes or the Series Agreement or, except as expressly provided in the Series Agreement, subject to any liability under the Series Agreement. 

Upon the irrevocable deposit of any amount into the Note Defeasance Account pursuant to the Series Agreement, the Issuing Entity shall have no
further liability for, and shall be deemed to be discharged and released from its obligations with respect to, 

  
 Ex. A-8 

 
this Note to the extent of the amount so deposited as such amounts are to be applied to the payments of interest on and principal of this Note in accordance with the priorities specified in the
Series Agreement, and the Noteholder shall have recourse and shall look solely to the Note Defeasance Account for the payment of such amounts. 

Each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture
Trustee, any Paying Agent or the Issuing Entity, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an
interest in a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a
Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 
 This Note does not
purport to summarize the Series Agreement and reference is made to the Series Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture
Trustee. 
 The Class [A-1][A-2][B][C][D][E] Note Initial Principal Balance is
$[            ]. The Class [A-1][A-2][B][C][D][E] Note Principal Balance on any date of determination shall be an amount equal to the Class [A-1][A-2][B][C][D][E] Note Initial Principal
Balance minus the aggregate amount of any principal payments made to the Class [A-1][A-2][B][C][D][E] Noteholders before such date. 
 [The
Series 201[●]-[●] Expected Maturity Date is the [●] Distribution Date,] [Principal on the Series 201[●]-[●] Notes is expected to begin to be paid on the [●] Distribution Date,] but principal with respect to the
Class [A-1][A-2][B][C][D][E] Notes may be paid earlier or later under certain circumstances described in the Series Agreement. [If for one or more months during [the Controlled Accumulation Period] [the Controlled Amortization Period] there are not
sufficient funds to deposit the Controlled Deposit Amount into the Note Distribution Account or, to the extent permitted by the Indenture Supplement, the Note Defeasance Account, then to the extent that excess funds are not available on subsequent
Distribution Dates with respect to [the Controlled Accumulation Period] [the Controlled Amortization Period] to make up for such shortfalls, the final payment of principal of the Notes shall occur later than the Series 201[●]-[●]
Expected Maturity Date]. Payments of principal of the Notes shall be payable in accordance with the provisions of the Series Agreement. 

Subject to the terms and conditions of the Series Agreement, the Depositor may, from time to time, direct the Owner Trustee, on behalf of the
Issuing Entity, to issue one or more new Series of notes. 

  
 Ex. A-9 

 On each Distribution Date, the Indenture Trustee shall distribute to each Class
[A-1][A-2][B][C][D][E] Noteholder of record on the related Record Date (except for the final distribution in respect of this Note) such Class [A-1][A-2][B][C][D][E] Noteholder’s pro rata share of the amounts held by the Indenture Trustee that
are allocated and available on such Distribution Date to pay [interest and] principal on the Class [A-1][A-2][B][C][D][E] Notes pursuant to the Indenture Supplement. Except as provided in the Series Agreement with respect to a final distribution,
distributions to the Noteholders shall be made by (a) wire transfer (to the account specified by the applicable Noteholder) or check mailed to the applicable Noteholder (at such Noteholder’s address as it appears in the Note Register),
except that with respect to any Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds and (b) without presentation or surrender of any Note or the making of any notation
thereon. Final payment of this Note shall be made only upon presentation and surrender of this Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Noteholders in accordance with the
Series Agreement. 
 On any day occurring on or after the date on which the Note Principal Balance is reduced to 10% or less of the Initial
Note Principal Balance, the Servicer (if Ally Financial or an Affiliate of Ally Financial is the Servicer) shall have the option to redeem the Notes, at a purchase price equal to (a) if such day is a Distribution Date, the Reassignment Amount
for such Distribution Date or (b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. 

This Note does not represent an obligation of, or an interest in, Ally Bank, Ally Financial, Inc., Ally Wholesale Enterprises LLC, the
Indenture Trustee, the Owner Trustee or any Affiliate of any of them (other than the Issuing Entity) and is not insured or guaranteed by any governmental agency or instrumentality. 

The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate subject to the rights of the Indenture
Trustee and the Noteholders. 
 [Except as otherwise provided in the Indenture Supplement, the Class [A-1][A-2][B][C][D] Notes are issuable
only in minimum denominations of $[1,000] and integral multiples of $[1,000].][Except as otherwise provided in the Indenture Supplement, the Class E Notes are issuable only in a minimum denomination of 100% of the Class E Note Principal Balance] The
transfer of this Note shall be registered in the Note Register upon surrender of this Note for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument of transfer, in a form
satisfactory to the Indenture Trustee or the Transfer Agent and Registrar, duly executed by the Noteholder or such Noteholder’s attorney, and duly authorized in writing with such signature guaranteed, and thereupon one or more new Class
[A-1][A-2][B][C][D][E] Notes in any authorized denominations of like aggregate principal amount shall be issued to the designated transferee or transferees. 

  
 Ex. A-10 

 As provided in the Series Agreement and subject to certain limitations therein set forth, Class
[A-1][A-2][B][C][D][E] Notes are exchangeable for new Class [A-1][A-2][B][C][D][E] Notes in any authorized denominations and of like aggregate principal amount, upon surrender of such Notes to be exchanged at the office or agency of the Transfer
Agent and Registrar. No service charge may be imposed for any such exchange but the Issuing Entity or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith. 
 The Issuing Entity, the Depositor, the Indenture Trustee and any agent of the Issuing Entity, the Depositor or the
Indenture Trustee shall treat the person in whose name this Note is registered as the owner hereof for all purposes, and none of the Issuing Entity, the Depositor, the Indenture Trustee or any agent of the Issuing Entity, the Depositor or the
Indenture Trustee shall be affected by notice to the contrary. 
 This Note is to be construed in accordance with the laws of the State of
New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder are to be determined in accordance with such laws. 

  
 Ex. A-11 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                                         
    
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto 
  

					
		  	  
	  	
		  	  
  
	  	
		  	  
  
	  	
		  	  
  
	  	
		  	(name and address of assignee)	  	

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

											
	Dated:	 	  
	 		 		 	  
	 	2
						
		 		 		 		 	Signature Guaranteed:	 	
						
		 		 		 		 	  
	 	

  

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

  
 Ex. A-12 

 EXHIBIT B 

FORM OF MONTHLY STATEMENT 
  

 
 ALLY MASTER
OWNER TRUST 
 SERIES 201[●]-[●] ASSET BACKED NOTES 

 
  

With respect to the trust and the securities, on or prior to each Distribution Date, the servicer will prepare and provide to the indenture trustee a
statement to be delivered to the holders of the notes on the Distribution Date. Each statement will include the following information as to the notes with respect to the Distribution Date or the period since the previous Distribution Date, as
applicable: 
 (1) the amount, if any, of the distribution allocable to principal on each series of notes and in respect of the Certificate Interest; 

(2) the amount, if any, of the distribution allocable to interest on each series of notes and in respect of the Certificate Interest; 

(3) the aggregate outstanding principal for each series of notes, after giving effect to all payments reported under (1) above; 

(4) the amount of the Monthly Servicing Fee and, if applicable, Monthly Back-Up Servicing Fee paid to the servicer and back-up servicer, as applicable, and,
if applicable, trustee or administrator fees and expenses payable from Interest Collections, with respect to the related Collection Period or Periods, as the case may be; 

(5) the amount, if any, reinvested in additional receivables; 

(6) the amount, if any, and purpose of any other fees or expenses accrued or paid; 

(7) whether the Revolving Period has terminated early; 
 (8) the
Interest Rate applicable for the next Payment Date for any series of notes with variable or adjustable rates; 
 (9) the accumulated interest shortfalls, if
any, on each series or class of securities and the change in those amounts from the preceding Payment Date; 
 (10) the trust assets that were charged-off
as uncollectible and Reallocated Principal Amounts allocated to each series or class of securities and the change in those amounts from the preceding Distribution Date; 

  
 Ex. B-1 

 (11) the number and dollar amount of receivables at the beginning and end of the applicable Collection Period,
and updated pool composition information as of the end of the Collection Period; 
 (12) the amount of receivables with respect to which material breaches
of pool asset representations or warranties or transaction covenants have occurred; 
 (13) any material modifications, extensions, or waivers relating to
the terms of or fees, penalties or payments on, pool assets during the distribution period or that, cumulatively, have become material over time; 
 (14)
the Nonoverconcentration Pool Balance as of the related Determination Date; 
 (15) the Overconcentration Pool Balance as of the related Determination Date;

 (16) the Monthly Payment Rate; 
 (17) whether a downgrade
trigger has been met or exceeded; 
 (18) if applicable, a statement that the servicer has received a communication request from a noteholder interested in
communicating with other noteholders regarding the possible exercise of rights under the transaction documents, the name and contact information for the requesting noteholder and the date such request was received; 

(19) a summary of the findings and conclusions of any asset representations review conducted by the asset representations reviewer; 

(20) the nature and amount of any material change in the seller’s or an affiliate’s interest in the notes or certificates from their purchase, sale
or other disposition; 
 [([●]) the amount, if any, of outstanding servicer advances;] 

[([●]) the amount, if any, withdrawn from or credited to the Reserve Fund;] 

[([●]) the balance of the Reserve Fund, on the relevant date, after giving effect to changes therein on that date;] 

[([●]) the amount, if any, of excess cash distributed from the Reserve Fund to the depositor;] 

[([●]) the balance in the accumulation period reserve account;] 

[([●]) the amount, if any, due to or from the letter of credit bank;] 

  
 Ex. B-2 

 [([●]) the amount, if any, due to or from the monoline insurer;] and 

([●]) payment of ARR fees, expenses and indemnity amounts; 

([●]) whether a Downgrade Trigger has been met or exceeded; 

([●]) the name and contact information of a Verified Note Owner or a Series [●]-[●] Noteholder that has informed the Indenture Trustee or
the Servicer of its desire to communicate with other Series [●]-[●] Noteholders regarding the exercise of rights pursuant to the Basic Documents; 

([●]) a summary of the findings and conclusions of any Asset Representations Review conducted by the Asset Representations Reviewer; 

([●]) the commencement of an Arbitration and instructions for other Series [●]-[●] Noteholders to participate in such Arbitration pursuant
to Section 4.18(c)(iv) of this Indenture Supplement; 
 ([●]) any voting instructions and procedures received from the Indenture Trustee pursuant
to Section 4.17(b) of this Indenture Supplement; 
 ([●]) [information with respect to any change in the Asset Representations Reviewer as
required by Item 1121(d)(2) of Regulation AB;] and 
 ([●]) the nature and amount of any material change in the Seller’s or an
Affiliate’s interest in the Series [●]-[●] Notes or Certificate Interest from the purchase, sale or other disposition of such Series [●]-[●] Notes or Certificate Interest.] 

  
 Ex. B-3 

 EXHIBIT C 

SERVICING CRITERIA TO BE ADDRESSED IN 

INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by the Indenture Trustee, as applicable, shall address, at a minimum, the criteria identified
below as “Applicable Indenture Trustee Servicing Criteria”, as applicable: 
  

					
	 Servicing Criteria
	  	
Applicable
Indenture
Trustee
Servicing Criteria

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

  
 Ex. C-1 

					
	 Servicing Criteria
	  	
Applicable
Indenture
Trustee
Servicing Criteria

	 Reference
	  	 Criteria
	  	 
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B)
prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	X
			
		  	Investor Remittances and Reporting	  	
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance
with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and
regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	  	X1
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	X
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	X
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	X
			
		  	Pool Asset Administration	  	
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  	
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  	
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number
of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	
	1122(d)(4)(v)	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	

  

	1 	Only for (A) – applicable to the timeframe the relevant investor reports are distributed to investors. 

  
 Ex. C-2 

					
	 Servicing Criteria
	  	
Applicable
Indenture
Trustee
Servicing Criteria

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

  
 Ex. C-3EX-4.8

 Exhibit 4.8 

VASCULAR BIOGENICS LTD. 
 TO 

 
  

Trustee 
 Indenture 

Dated as of              , 20

Senior Debt Securities 
  

 

 TABLE OF CONTENTS 
  

									
	 	 	 	 	 	  	Page	 
		
	 ARTICLE ONE - DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	8	  
				
		 	SECTION 101.	 	 Definitions
	  	 	8	  
				
		 	SECTION 102.	 	 Compliance Certificates and Opinions
	  	 	14	  
				
		 	SECTION 103.	 	 Form of Documents Delivered to Trustee
	  	 	14	  
				
		 	SECTION 104.	 	 Acts of Holders
	  	 	15	  
				
		 	SECTION 105.	 	 Notices, etc., to Trustee and Company
	  	 	16	  
				
		 	SECTION 106.	 	 Notice to Holders; Waiver
	  	 	16	  
				
		 	SECTION 107.	 	 Counterparts; Effect of Headings and Table of Contents
	  	 	17	  
				
		 	SECTION 108.	 	 Successors and Assigns
	  	 	17	  
				
		 	SECTION 109.	 	 Severability Clause
	  	 	17	  
				
		 	SECTION 110.	 	 Benefits of Indenture
	  	 	17	  
				
		 	SECTION 111.	 	 Governing Law
	  	 	17	  
				
		 	SECTION 112.	 	 Legal Holidays
	  	 	17	  
				
		 	SECTION 113.	 	 Limited Liability; Immunity of Stockholders, Directors, Officers and Agents of the Company
	  	 	17	  
				
		 	SECTION 114.	 	 Conflict with Trust Indenture Act
	  	 	17	  
		
	 ARTICLE TWO - SECURITIES FORMS
	  	 	18	  
				
		 	SECTION 201.	 	 Forms of Securities
	  	 	18	  
				
		 	SECTION 202.	 	 Form of Trustee’s Certificate of Authentication
	  	 	18	  
				
		 	SECTION 203.	 	 Securities Issuable in Global Form
	  	 	18	  
		
	 ARTICLE THREE - THE SECURITIES
	  	 	19	  
				
		 	SECTION 301.	 	 Amount Unlimited; Issuable in Series
	  	 	19	  
				
		 	SECTION 302.	 	 Denominations
	  	 	21	  
				
		 	SECTION 303.	 	 Execution, Authentication, Delivery and Dating
	  	 	21	  
				
		 	SECTION 304.	 	 Temporary Securities
	  	 	23	  
				
		 	SECTION 305.	 	 Registration, Registration of Transfer, Conversion and Exchange
	  	 	24	  

									
		 	SECTION 306.	 	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	27	  
				
		 	SECTION 307.	 	 Payment of Interest; Interest Rights Preserved
	  	 	27	  
				
		 	SECTION 308.	 	 Persons Deemed Owners
	  	 	29	  
				
		 	SECTION 309.	 	 Cancellation
	  	 	29	  
				
		 	SECTION 310.	 	 Computation of Interest
	  	 	29	  
				
		 	SECTION 311.	 	 CUSIP Numbers
	  	 	29	  
		
	 ARTICLE FOUR - SATISFACTION AND DISCHARGE
	  	 	30	  
				
		 	SECTION 401.	 	 Satisfaction and Discharge of Indenture
	  	 	30	  
				
		 	SECTION 402.	 	 Application of Trust Funds
	  	 	30	  
		
	 ARTICLE FIVE - REMEDIES
	  	 	31	  
				
		 	SECTION 501.	 	 Events of Default
	  	 	31	  
				
		 	SECTION 502.	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	32	  
				
		 	SECTION 503.	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	32	  
				
		 	SECTION 504.	 	 Trustee May File Proofs of Claim
	  	 	33	  
				
		 	SECTION 505.	 	 Trustee May Enforce Claims Without Possession of Securities or Coupons
	  	 	33	  
				
		 	SECTION 506.	 	 Application of Money Collected
	  	 	33	  
				
		 	SECTION 507.	 	 Limitation on Suits
	  	 	34	  

  
 2 

									
		 	SECTION 508.	 	 Unconditional Right of Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest
	  	 	34	  
				
		 	SECTION 509.	 	 Restoration of Rights and Remedies
	  	 	34	  
				
		 	SECTION 510.	 	 Rights and Remedies Cumulative
	  	 	34	  
				
		 	SECTION 511.	 	 Delay or Omission Not Waiver
	  	 	34	  
				
		 	SECTION 512.	 	 Control by Holders of Securities
	  	 	34	  
				
		 	SECTION 513.	 	 Waiver of Past Defaults
	  	 	35	  
				
		 	SECTION 514.	 	 Waiver of Usury, Stay or Extension Laws
	  	 	35	  
				
		 	SECTION 515.	 	 Undertaking for Costs
	  	 	35	  
		
	 ARTICLE SIX - THE TRUSTEE
	  	 	35	  
				
		 	SECTION 601.	 	 Notice of Defaults
	  	 	35	  
				
		 	SECTION 602.	 	 Certain Rights of Trustee
	  	 	36	  
				
		 	SECTION 603.	 	 Not Responsible for Recitals or Issuance of Securities
	  	 	37	  
				
		 	SECTION 604.	 	 May Hold Securities
	  	 	37	  
				
		 	SECTION 605.	 	 Money Held in Trust
	  	 	37	  
				
		 	SECTION 606.	 	 Compensation and Reimbursement
	  	 	37	  
				
		 	SECTION 607.	 	 Corporate Trustee Required; Eligibility; Conflicting Interests
	  	 	38	  
				
		 	SECTION 608.	 	 Resignation and Removal; Appointment of Successor
	  	 	38	  
				
		 	SECTION 609.	 	 Acceptance of Appointment by Successor
	  	 	39	  
				
		 	SECTION 610.	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 	39	  
				
		 	SECTION 611.	 	 Appointment of Authenticating Agent
	  	 	40	  
				
		 	SECTION 612.	 	 Certain Duties and Responsibilities of the Trustee
	  	 	41	  
		
	 ARTICLE SEVEN - HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	42	  
				
		 	SECTION 701.	 	 Disclosure of Names and Addresses of Holders
	  	 	42	  
				
		 	SECTION 702.	 	 Reports by Trustee
	  	 	42	  
				
		 	SECTION 703.	 	 Reports by Company
	  	 	42	  
				
		 	SECTION 704.	 	 Company to Furnish Trustee Names and Addresses of Holders
	  	 	42	  

									
	 ARTICLE EIGHT - CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE
	  	 	43	  
				
		 	SECTION 801.	 	 Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions
	  	 	43	  
				
		 	SECTION 802.	 	 Rights and Duties of Successor Corporation
	  	 	43	  
				
		 	SECTION 803.	 	 Officers’ Certificate and Opinion of Counsel
	  	 	43	  
		
	 ARTICLE NINE - SUPPLEMENTAL INDENTURES
	  	 	43	  
				
		 	SECTION 901.	 	 Supplemental Indentures Without Consent of Holders
	  	 	43	  
				
		 	SECTION 902.	 	 Supplemental Indentures with Consent of Holders
	  	 	44	  
				
		 	SECTION 903.	 	 Execution of Supplemental Indentures
	  	 	45	  
				
		 	SECTION 904.	 	 Effect of Supplemental Indentures
	  	 	45	  
				
		 	SECTION 905.	 	 Conformity with Trust Indenture Act
	  	 	45	  
				
		 	SECTION 906.	 	 Reference in Securities to Supplemental Indentures
	  	 	45	  
		
	 ARTICLE TEN - COVENANTS
	  	 	45	  
				
		 	SECTION 1001.	 	 Payment of Principal, Premium or Make-Whole Amount, if any; and Interest
	  	 	45	  
				
		 	SECTION 1002.	 	 Maintenance of Office or Agency
	  	 	46	  
				
		 	SECTION 1003.	 	 Money for Securities Payments to Be Held in Trust
	  	 	47	  
				
		 	SECTION 1004.	 	 Existence
	  	 	47	  
				
		 	SECTION 1005.	 	 Maintenance of Properties
	  	 	48	  
				
		 	SECTION 1006.	 	 Insurance
	  	 	48	  
				
		 	SECTION 1007.	 	 Payment of Taxes and Other Claims
	  	 	48	  
				
		 	SECTION 1008.	 	 Statement as to Compliance
	  	 	48	  
				
		 	SECTION 1009.	 	 Waiver of Certain Covenants
	  	 	48	  
		
	 ARTICLE ELEVEN - REDEMPTION OF SECURITIES
	  	 	48	  
				
		 	SECTION 1101.	 	 Applicability of Article
	  	 	48	  
				
		 	SECTION 1102.	 	 Election to Redeem; Notice to Trustee
	  	 	48	  
				
		 	SECTION 1103.	 	 Selection by Trustee of Securities to Be Redeemed
	  	 	48	  
				
		 	SECTION 1104.	 	 Notice of Redemption
	  	 	49	  
				
		 	SECTION 1105.	 	 Deposit of Redemption Price
	  	 	50	  
				
		 	SECTION 1106.	 	 Securities Payable on Redemption Date
	  	 	50	  
				
		 	SECTION 1107.	 	 Securities Redeemed in Part
	  	 	50	  

									
	 ARTICLE TWELVE - SINKING FUNDS
	  	 	51	  
				
		 	SECTION 1201.	 	 Applicability of Article
	  	 	51	  
				
		 	SECTION 1202.	 	 Satisfaction of Sinking Fund Payments with Securities
	  	 	51	  
				
		 	SECTION 1203.	 	 Redemption of Securities for Sinking Fund
	  	 	51	  
		
	 ARTICLE THIRTEEN - REPAYMENT AT THE OPTION OF HOLDERS
	  	 	51	  
				
		 	SECTION 1301.	 	 Applicability of Article
	  	 	51	  
				
		 	SECTION 1302.	 	 Repayment of Securities
	  	 	51	  
				
		 	SECTION 1303.	 	 Exercise of Option
	  	 	52	  
				
		 	SECTION 1304.	 	 When Securities Presented for Repayment Become Due and Payable
	  	 	52	  
				
		 	SECTION 1305.	 	 Securities Repaid in Part
	  	 	52	  
		
	 ARTICLE FOURTEEN - DEFEASANCE AND COVENANT DEFEASANCE
	  	 	53	  
				
		 	SECTION 1401.	 	 Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance
	  	 	53	  
				
		 	SECTION 1402.	 	 Defeasance and Discharge
	  	 	53	  
				
		 	SECTION 1403.	 	 Covenant Defeasance
	  	 	53	  
				
		 	SECTION 1404.	 	 Conditions to Defeasance or Covenant Defeasance
	  	 	53	  
				
		 	SECTION 1405.	 	 Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions
	  	 	55	  
		
	 ARTICLE FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES
	  	 	55	  
				
		 	SECTION 1501.	 	 Purposes for Which Meetings May Be Called
	  	 	55	  
				
		 	SECTION 1502.	 	 Call, Notice and Place of Meetings
	  	 	55	  
				
		 	SECTION 1503.	 	 Persons Entitled to Vote at Meetings
	  	 	56	  
				
		 	SECTION 1504.	 	 Quorum; Action
	  	 	56	  
				
		 	SECTION 1505.	 	 Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	 	56	  
				
		 	SECTION 1506.	 	 Counting Votes and Recording Action of Meetings
	  	 	57	  
		
	 ARTICLE SIXTEEN - CONVERSION OF SECURITIES
	  	 	57	  
				
		 	SECTION 1601.	 	 Applicability of Article; Conversion Privilege and Conversion Price
	  	 	57	  
				
		 	SECTION 1602.	 	 Exercise of Conversion Privilege
	  	 	58	  
				
		 	SECTION 1603.	 	 Fractions of Shares
	  	 	58	  

									
		 	SECTION 1604.	 	 Adjustment of Conversion Price
	  	 	59	  
				
		 	SECTION 1605.	 	 Notice of Adjustments of Conversion Price
	  	 	61	  
				
		 	SECTION 1606.	 	 Notice of Certain Corporate Action
	  	 	61	  
				
		 	SECTION 1607.	 	 Company to Reserve Common Stock
	  	 	61	  
				
		 	SECTION 1608.	 	 Taxes on Conversion
	  	 	61	  
				
		 	SECTION 1609.	 	 Covenants as to Common Stock
	  	 	62	  
				
		 	SECTION 1610.	 	 Cancellation of Converted Securities
	  	 	62	  
				
		 	SECTION 1611.	 	 Provisions in Case of Consolidation, Merger or Sale of Assets; Special Distributions
	  	 	62	  
				
		 	SECTION 1612.	 	 Trustee Adjustment Disclaimer; Company Determination Final
	  	 	63	  
				
		 	SECTION 1613.	 	 When No Adjustment Required
	  	 	63	  
				
		 	SECTION 1614.	 	 Equivalent Adjustments
	  	 	63	  

 VASCULAR BIOGENICS LTD. 

Reconciliation and tie between the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act” or “TIA”) and the
Indenture, dated as of             , 20     . 
  

			
	 Trust Indenture Act Section
	  	 Indenture Section

	§ 310(a)(1)	  	607
		
	(a)(2)	  	607
		
	(b)	  	607, 608
		
	§ 312(c)	  	701
		
	§ 313(a)	  	702
		
	(c)	  	702
		
	§ 314(a)	  	703
		
	(a)(4)	  	1008
		
	(c)(1)	  	102
		
	(c)(2)	  	102
		
	(e)	  	102
		
	§ 315(b)	  	601
		
	§ 316(a) (last sentence)	  	101(“Outstanding”)
		
	(a)(1)(A)	  	502, 512

			
	(a)(1)(B)	  	513
		
	(b)	  	508
		
	§ 317(a)(1)	  	503
		
	(a)(2)	  	504
		
	§ 318(a)	  	111
		
	(c)	  	111

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

Attention should also be directed to Section 318(c) of the Trust Indenture Act, which provides that the provisions of Sections 310 to and
including 317 of the Trust Indenture Act are a part of and govern every qualified indenture, whether or not physically contained therein. 

INDENTURE, dated as of             , 20    , VASCULAR
BIOGENICS LTD., a company organized under the laws of the State of Israel (hereinafter called the “Company”), having its principal office at 6 Jonathan Netanyahu St., Or Yehuda, Israel 60376, and
                    , as Trustee hereunder (hereinafter called the “Trustee”), having a Corporate Trust Office at
                    . 
 RECITALS OF THE
COMPANY 
 The Company deems it necessary to issue from time to time for its lawful purposes senior debt securities (hereinafter called the
“Securities”) evidencing its unsecured and senior indebtedness, and has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of the Securities, to be issued in one or more Series as
provided in this Indenture. 
 This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended (the “Trust
Indenture Act” or “TIA”), that are deemed to be incorporated into this Indenture and shall, to the extent applicable, be governed by such provisions. 

All things necessary to make this Indenture a valid and legally binding agreement of the Company, in accordance with 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 a Series thereof, as follows: 
 ARTICLE ONE - DEFINITIONS AND
OTHER PROVISIONS OF GENERAL APPLICATION 
 SECTION 101. 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 which
are defined in the TIA, either directly or by reference therein, have the meanings assigned to them therein, and the terms “cash transactions” and “self-liquidating paper,” as used in TIA Section 311, shall have the meanings
assigned to them in the rules of the Commission adopted under the TIA; 

 (3) all accounting terms not otherwise defined herein have the meanings assigned
to them in accordance with GAAP; 
 (4) any reference to an “Article” or a “Section” refers to an Article
or Section, as the case may be, of this Indenture; and 
 (5) 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. 

“Act,” when used with respect to any Holder, has the meaning specified in Section 104. 

“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 correlative to the foregoing. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 611 hereof to act on behalf of the
Trustee to authenticate Securities of one or more Series. 
 “Authorized Newspaper” means a newspaper, printed in the
English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the
term is used or in the financial community of each such place. Whenever successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different Authorized Newspapers in the same
city meeting the foregoing requirements and in each case on any Business Day. 
 “Bankruptcy Law” has the meaning specified
in Section 501. 
 “Bearer Security” means any Security established pursuant to Section 201 which is payable to
the bearer. 
 “Board of Directors” when used with reference to the Company, means the board of directors of the Company,
or any committee of that board duly authorized to act hereunder, or any director or directors and/or officer or officers of the Company, to whom the board or committee shall have duly delegated its authority. 

“Board Resolution” means a copy of (1) a resolution certified by the Secretary or an Assistant Secretary of the Company
to have been duly adopted by the Board of Directors or a duly authorized committee of the Board of Directors and to be in full force and effect on the date of such certification, or (2) a certificate signed by the director or directors and/or
officer or officers to whom the Board of Directors shall have duly delegated its authority, together with a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be
in full force and effect on the date of such certification authorizing such delegation, and, in each case, delivered to the Trustee. 

“Business Day,” when used with respect to any Place of Payment or any other particular location referred to in this Indenture
or in the Securities, means, unless otherwise specified with respect to any Securities issued pursuant to Section 301, any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in that
Place of Payment or particular location are authorized or required by law, regulation or executive order to close. 
 “Capital
Stock” means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other ownership interests (however designated) of such Person and any rights (other than debt securities
convertible into or exchangeable for corporate stock), warrants or options to purchase any thereof. 
 “Clearstream” means
Clearstream Banking Luxembourg, société anonyme, or its successor. 

 “Closing Price” means the closing price of a share of Common Stock of the
Company as reported on the NASDAQ Global Market. 
 “Code” means the Internal Revenue Code of 1986, as amended, and the
regulations thereunder. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after 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. 

“Common Depository” has the meaning specified in Section 304. 

“Common Stock” means, with respect to any Person, all shares of capital stock issued by such Person other than Preferred
Stock. 
 “Company” means the Person named as the “Company” in the first paragraph of this Indenture until a
successor corporation shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation. 

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

“Constituent Person” has the meaning specified in Section 1611. 

“Conversion Event” means the cessation of use of (i) a Foreign Currency both by the government of the country which
issued such currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii) the ECU both within the European Monetary System and for the settlement of
transactions by public institutions of or within the European Communities or (iii) any currency unit (or composite currency) other than the ECU for the purposes for which it was established. 

“Conversion Price” has the meaning specified in Section 1601. 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall
be principally administered, which office at the date hereof is located at [                    ]. 

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

“coupon” means any interest coupon appertaining to a Bearer Security. 

“Covenant Defeasance” has the meaning specified in Section 1403. 

“Custodian” has the meaning specified in Section 501. 

“Defaulted Interest” has the meaning specified in Section 307. 

“Defeasance” has the meaning specified in Section 1402. 

“Distribution Record Date” has the meaning specified in Section 1611. 

“Dividend Record Date” has the meaning specified in Section 1604. 

“Dollar” or the sign “$” means a dollar or other equivalent unit in such coin or currency of the United
States of America as at the time of payment is legal tender for the payment of public and private debts. 

 “DTC” means The Depository Trust Company and any successor to DTC in its
capacity as depository for any Securities. 
 “ECU” means the European Currency Unit as defined and revised from time to
time by the Council of the European Communities. 
 “Euroclear” means the operator of the Euroclear System. 

“European Communities” means the European Economic Community, the European Coal and Steel Community and the European Atomic
Energy Community. 
 “European Monetary System” means the European Monetary System established by the Resolution of
December 5, 1978 of the Council of the European Communities. 
 “Event of Default” has the meaning specified in
Article Five. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, as in force at the date as of which
this Indenture was executed; provided, however, that in the event the Exchange Act is amended after such date, “Exchange Act” means to the extent required by any such amendment, the Exchange Act as so amended. 

“Exchange Date” has the meaning specified in Section 304. 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Foreign Currency” means any currency, currency unit or composite currency, including, without limitation, the ECU issued by
the government of one or more countries other than the United States of America or by any recognized confederation or association of such governments. 

“GAAP” means, except as otherwise provided herein, generally accepted accounting principles, as in effect from time to time,
as used in the United States applied on a consistent basis. 
 “Global Security” means a Security evidencing all or a part
of a series of Securities issued to and registered in the name of the depository for such series, or its nominee, in accordance with Section 305, and bearing the legend prescribed in Section 203. 

“Government Obligations” means (i) securities which are (A) direct obligations of the United States of America or
the government which issued the Foreign Currency in which the Securities of a particular series are payable, for the payment of which its full faith and credit is pledged or (B) obligations of a Person controlled or supervised by and acting as
an agency or instrumentality of the United States of America or such government which issued the Foreign Currency in which the Securities of such series are payable, the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America or such other government, which, in either case, are not callable or redeemable at the option of the issuer thereof, and (iii) a depository receipt issued by a bank or trust company as custodian with
respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or
principal of the Government Obligation evidenced by such depository receipt. 
 “Holder” means, in the case of a Registered
Security, the Person in whose name a Security is registered in the Security Register and, in the case of a Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof. 

“Indenture” means this instrument as originally executed or as it may be supplemented or amended from time to time by one or
more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated by Section 301; provided,

 
however, that, if at any time more than one Person is acting as Trustee under this instrument, “Indenture” shall mean, with respect to any one or more series of Securities for
which such Person is Trustee, this instrument as originally executed or as it may be supplemented or amended from time to time by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include
the terms of the or those particular series of Securities for which such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions or terms which relate solely to other series of Securities for which
such Person is Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had become such
Trustee but to which such Person, as such Trustee, was not a party. 
 “Indexed Security” means a Security the terms of
which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance. 

“Interest,” when used with respect to an Original Issue Discount Security which by its terms bears interest only after
Maturity, shall mean interest payable after Maturity. 
 “Interest Payment Date,” when used with respect to any Security,
means the Stated Maturity of an installment of interest on such Security. 
 “Make-Whole Amount,” when used with respect to
any Security, means the amount, if any, in addition to principal (and accrued interest thereon, if any) which is required by a Security, under the terms and conditions specified therein or as otherwise specified as contemplated by Section 301,
to be paid by the Company to the Holder thereof in connection with any optional redemption or accelerated payment of such Security. 

“mandatory sinking fund payment” has the meaning specified in Section 1201. 

“Market Value of the Distribution” has the meaning specified in Section 1604. 

“Maturity,” when used with respect to any Security, means the date on which the principal (or, if the context so requires, in
the case of an Original Issue Discount Security, or lesser amount or, in the case of an Indexed Security, an amount determined in accordance with the specified terms of that Security) 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, notice of redemption, notice of option to elect repayment or otherwise. 

“Officers’ Certificate” means a certificate signed by the Chief Executive Officer, the President, or a Vice President
(whether or not designated by a number or word or words added before or after the title “Vice President”), and by 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 the Company or who may be an employee of
or other counsel for the Company. 
 “optional sinking fund payment” has the meaning specified in Section 1201. 

“Original Issue Discount Security” means any Security which provides for an amount (excluding any amounts attributable to
accrued but unpaid interest thereon) less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 

“Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (i) Securities theretofore canceled by the Trustee or
delivered to the Trustee for cancellation; 
 (ii) Securities, or portions thereof, for whose payment or redemption
(including repayment at the option of the Holder) money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than 

 
the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities and any coupons appertaining
thereto; provided, however, 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 to the extent provided in Sections 1402 and 1403, with respect to which the Company has effected
Defeasance and/or Covenant Defeasance as provided in Article Fourteen; and 
 (iv) Securities which have been paid pursuant
to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the calculations required by TIA Section 313, (i) the principal amount
of an Original Issue Discount Security that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal thereof that would be (or shall have been
declared to be) due and payable, at the time of such determination, upon a declaration of acceleration of the maturity thereof pursuant to Section 502, (ii) the principal amount of any Security denominated in a Foreign Currency that may be
counted in making such determination or calculation and that shall be deemed Outstanding for such purpose shall be equal to the Dollar equivalent, determined pursuant to Section 301 as of the date such Security is originally issued by the
Company, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance of the amount determined as provided in clause (i) above) of such Security, (iii) the
principal amount of any Indexed Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original issuance,
unless otherwise provided with respect to such Security pursuant to Section 301, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities owned as provided in clause (iv) above which 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 of such other
obligor. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. 

“Paying Agent” means any Person authorized by the Company to pay the principal of (and premium or Make-Whole Amount, if any)
or interest on any Securities or coupons on behalf of the Company. 
 “Person” means any individual, corporation, limited
liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof, or any other entity or organization. 

“Place of Payment,” when used with respect to the Securities of or within any series, means the place or places where the
principal of (and premium or Make-Whole Amount, if any) and interest on such Securities are payable as specified as contemplated by Sections 301 and 1002. 

“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 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to
which a mutilated, destroyed, lost or stolen coupon appertains shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or the Security to which the mutilated, destroyed, lost or stolen coupon appertains. 

 “Preferred Stock” means, with respect to any Person, all capital stock issued by
such Person that is entitled to a preference or priority over any other capital stock issued by such Person with respect to any distribution of such Person’s assets, whether by dividend or upon any voluntary or involuntary liquidation,
dissolution or winding up. 
 “Redemption Date,” when used with respect to any Security to be redeemed, in whole or in
part, 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 specified in the related Officers’ Certificate or supplemental indenture contemplated by and pursuant to Section 301, at which it is to be redeemed pursuant to this Indenture. 

“Reference Date” has the meaning specified in Section 1604. 

“Registered Security” shall mean any Security which is registered in the Security Register. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Registered Securities of or within any
series means the date specified for that purpose as contemplated by Section 301, whether or not a Business Day. 
 “Repayment
Date” means, when used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment by or pursuant to this Indenture. 

“Repayment Price” means, when used with respect to any Security to be repaid at the option of the Holder, the price at which
it is to be repaid by or pursuant to this Indenture. 
 “Responsible Officer,” when used with respect to the Trustee, means
any Vice President (whether or not designated by a number or a word or words added before or after the title “Vice President”), Assistant Vice President, Trust Officer or Assistant Trust Officer working in its Corporate Trust Department,
or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and working in its Corporate Trust Department, and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of such officer’s knowledge and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Rights” has the meaning specified in Section 1604. 

“Rights Record Date” has the meaning specified in Section 1604. 

“Security” and “Securities” has the meaning stated in the first recital of this Indenture and, more
particularly, means any Security or Securities authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture, “Securities” with
respect to the Indenture as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of
Securities of any series as to which such Person is not Trustee. 
 “Security Register” and “Security
Registrar” have the respective meanings specified in Section 305. 
 A “Series” of Securities means all
securities denoted as part of the same series authorized by or pursuant to a particular Board Resolution. 
 “Short Term
Rights” has the meaning specified in Section 1604. 
 “Special Record Date” for the payment of any Defaulted
Interest on the Registered Securities of or within any series means a date fixed by the Company pursuant to Section 307. 

 “Stated Maturity,” when used with respect to any Security or any installment of
principal thereof or interest thereon, means the date specified in such Security or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such installment of principal or interest is due and
payable. 
 “Trading Day” means any day on which the NASDAQ Global Market is open for business. 

“Trigger Events” has the meaning specified in Section 1604. 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and as in force at the date
as of which this Indenture was executed, except as provided in Section 905. 
 “Trustee” means the Person named as the
“Trustee” in the first paragraph of this Indenture 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 then a
Trustee hereunder; provided, however, that if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that
series. 
 “Unadjusted Distribution” has the meaning specified in Section 1604. 

“United States” means, unless otherwise specified with respect to any Securities pursuant to Section 301, the United
States of America (including the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 

“United States Person” means, unless otherwise specified with respect to any Securities pursuant to Section 301, an
individual who is a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States or an estate or trust the income of which is subject to United States Federal
income taxation regardless of its source. 
 “Yield to Maturity” means the yield to maturity, computed at the time of
issuance of a Security (or, if applicable, at the most recent redetermination of interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles. 

SECTION 102. 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 an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and
an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically
required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (including certificates
delivered pursuant to Section 1008) shall include: 
 (1) a statement that each individual signing such certificate or
opinion has read such condition or covenant 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 has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such condition or covenant 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 103. Form 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 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 an Opinion of Counsel, or a
certificate or representations by counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such Opinion of Counsel or certificate or representations 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 as 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 104. Acts of
Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents
duly appointed in writing. If Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of Securities
of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such
series duly called and held in accordance with the provisions of Article Fifteen, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders
of Securities shall be proved in the manner provided in Section 1506. 
 (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 a certificate of a 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 signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The
fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other reasonable manner which the Trustee deems sufficient. 

(c) The ownership of Registered Securities shall be proved by the Security Register. As to any matter relating to beneficial ownership
interests in any Global Security, the appropriate depository’s records shall be dispositive for purposes of this Indenture. 
 (d) The
ownership of Bearer Securities may be proved by the production of such Bearer Securities or by a certificate executed, as depository, by any trust company, bank, banker or other depository, wherever situated, if such certificate shall be deemed by
the Trustee to be satisfactory, showing that at the date therein mentioned such 

 
Person had on deposit with such depository, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such
Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a
later date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a Registered Security, or
(4) such Bearer Security is no longer Outstanding. The ownership of Bearer Securities may also be proved in any other manner which the Trustee deems sufficient. 

(e) If the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or
other Act, but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30
days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or
other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of
Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date;
provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record
date. 
 (f) 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 the Holder of every Security issued upon the registration of transfer thereof or upon the conversion thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to
be done by the Trustee, any Security Registrar, any Paying Agent, any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

SECTION 105. 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 by the Company shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Trustee at [                    ] or at any other address previously furnished in writing to the Company by the
Trustee, Attention: [                    ]; or 

(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) 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 Indenture or at any other address previously furnished in
writing to the Trustee by the Company, Attention: [                    ]; or 

(3) either the Trustee or the Company, by the other party or by any Holder, shall be sufficient for every purpose hereunder if
given by facsimile transmission, receipt confirmed by telephone followed by an original copy delivered by guaranteed overnight courier; if to the Trustee at facsimile number
[                    ]; and if to the Company at facsimile number
[                    ]. 
 SECTION 106.
Notice to Holders; Waiver. Where this Indenture provides for notice of any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in
writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at his address as it appears in the Security 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 of Registered Securities 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 of Registered Securities or 

 
the sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been
received by such Holder, whether or not such Holder actually receives such notice. 
 If by reason of the suspension of or irregularities in
regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient
notification to such Holders for every purpose hereunder. 
 Except as otherwise expressly provided herein or otherwise specified with
respect to any Securities pursuant to Section 301, where this Indenture provides for notice to Holders of Bearer Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper in The City of New York
and in such other city or cities as may be specified in such Securities on a Business Day, such publication to be not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. Any
such notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication. 

If by reason of the suspension of publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be
impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to such Holders for
every purpose hereunder. Neither the failure to give notice by publication to any particular Holder of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the sufficiency of such notice with respect to other
Holders of Bearer Securities or the sufficiency of any notice to Holders of Registered Securities given as provided herein. 
 Any request,
demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication. 

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 107. Counterparts; Effect of Headings and Table of Contents. This Indenture may be executed in
any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 108. 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 109. Severability
Clause. In case any provision in this Indenture or in any Security or coupon shall be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 SECTION 110. Benefits of Indenture. Nothing in this Indenture or in the Securities or coupons, if any, express or
implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under
this Indenture. 
 SECTION 111. Governing Law. This Indenture and the Securities and coupons shall be governed by and construed in
accordance with the laws of the State of New York. This Indenture is subject to the provisions of the TIA that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 

 SECTION 112. Legal Holidays. In any case where any Interest Payment Date, Redemption Date,
Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security or the last date on which a Holder has the right to convert or exchange a Security shall not be a Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture or any Security or coupon other than a provision in the Securities of any series which specifically states that such provision shall apply in lieu hereof), payment of interest or principal (and premium or Make-Whole
Amount, if any) or conversion or exchange of such Security need not be made at such Place of Payment on such date, but (except as otherwise provided in the supplemental indenture with respect to such Security) may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity, or on such last day for conversion or
exchange, provided that no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be. 

SECTION 113. Limited Liability; Immunity of Stockholders, Directors, Officers and Agents of the Company. Notwithstanding any other
provision of this Indenture or of the Securities of any series to the contrary, no recourse under or upon any obligation, covenant or agreement contained in this Indenture or in any Security, or for the payment of any sums due on account of any
indebtedness evidenced thereby, including without limitation principal, premium or interest, if any, or for any claim based on this Indenture or any Security or otherwise in respect of this Indenture or any Security, shall be had, whether by levy or
execution or otherwise, against (i) the Company, the Company’s assets or against any past, present or future stockholder, employee, officer, director or agent, as such, of the Company or any successor, either directly or through the
Company or any successor, under any rule of law, statute, constitutional provision or by the enforcement of any assessment or penalty, or by any legal or equitable proceeding or otherwise, nor shall any such parties be personally liable for any such
amounts, obligations or claims, or liable for any deficiency judgment based thereon or with respect thereto, it being expressly understood that the sole remedies hereunder or under any other document with respect to the Securities against such
parties with respect to such amounts, obligations or claims shall be against the Company and that all such liability of and recourse against such parties is expressly waived and released by the acceptance of the Securities by the Holders and as part
of the consideration for the issue of the Securities. 
 SECTION 114. Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof which is required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required 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. 

ARTICLE TWO - SECURITIES FORMS 

SECTION 201. Forms of Securities. The Registered Securities, if any, of each series and the Bearer Securities, if any, of each series
and related coupons shall be substantially in the form of Exhibit A hereto or in such other form as shall be established in one or more indentures supplemental hereto or approved from time to time by or pursuant to a Board Resolution in
accordance with Section 301, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other
marks of identification or designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or regulation of any over-the-counter market or securities exchange, on which the Securities may be quoted or listed, or to conform to usage. 

Unless otherwise specified as contemplated by Section 301, Bearer Securities shall have interest coupons attached. 

The definitive Securities and coupons shall be printed, lithographed or engraved or produced by any combination of these methods on a steel
engraved border or steel engraved borders or mechanically reproduced on safety paper or may be produced in any other manner, all as determined by the officers executing such Securities or coupons, as evidenced by their execution of such Securities
or coupons. 

 SECTION 202. Form of Trustee’s Certificate of Authentication. Subject to
Section 611, the Trustee’s certificate of authentication shall be in substantially the following form: 
 This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

											
		 		 		 	  
	 	,
				
		 		 		 	as Trustee
					
	Dated:	 	  
	 		 	By:	 	  

						
		 		 		 		 	Authorized Signatory	 	

 SECTION 203. Securities Issuable in Global Form. If Securities of or within a series are issuable in
the form of one or more Global Securities, then, notwithstanding clause (8) of Section 301 and the provisions of Section 302, any such Global Security or Securities may provide that it or they shall represent the aggregate amount of
all Outstanding Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities of such series represented thereby may
from time to time be increased or decreased to reflect exchanges. Any endorsement of any Global Security to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders thereof, of Outstanding Securities
represented thereby shall be made (or caused to be made) by the Trustee in such manner or by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 303 or 304. Subject to
the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Global Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in
the applicable Company Order. If a Company Order pursuant to Section 303 or 304 has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in
writing but need not comply with Section 102 and need not be accompanied by an Opinion of Counsel. 
 The provisions of the last
sentence of Section 303 shall apply to any Security represented by a Global Security if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with written instructions (which
need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence
of Section 303. 
 Notwithstanding the provisions of Section 307, unless otherwise specified as contemplated by Section 301,
payment of principal of and any premium or Make-Whole Amount, if any, and interest on any Global Security in permanent global form shall be made to the registered Holder thereof. 

Notwithstanding the provisions of Section 308 and except as provided in the preceding paragraph, the Company, the Trustee and any agent
of the Company and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent Global Security (i) in the case of a permanent Global Security in registered form, the Holder of such
permanent Global Security in registered form, or (ii) in the case of a permanent Global Security in bearer form, Euroclear or Clearstream. 

Any Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 

“This Security is a Global Security within the meaning set forth in the Indenture hereinafter referred to and is registered in the name
of a Depository or a nominee of a Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be
transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or its nominee to a successor Depository or its
nominee.” 

 ARTICLE THREE - THE SECURITIES 

SECTION 301. Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series, each of which shall be authorized
pursuant to Board Resolutions of the Company. There shall be established in one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to Section 303, set forth in an Officers’ Certificate,
or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 
 (1) The
title of the Securities of the series, including “CUSIP” numbers (which shall distinguish the Securities of such series from all other series of Securities); 

(2) Any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or upon conversion of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906, 1107 or 1305)
and the minimum authorized denominations with respect to the Securities of such series; 
 (3) The price (expressed as a
percentage of the principal amount thereof) at which such Securities will be issued and, if other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof or (if
applicable) the portion of the principal amount of such Securities that is convertible into Common Stock or Preferred Stock or the method by which any such portion shall be determined; 

(4) If convertible, the terms on which such Securities are convertible, including the initial conversion price or rate and the
conversion period and any applicable limitations on the ownership or transferability of Common Stock or Preferred Stock receivable on conversion; 

(5) The date or dates, or the method for determining such date or dates, on which the principal of such Securities will be
payable; 
 (6) The rate or rates (which may be fixed or variable), or the method by which such rate or rates shall be
determined, at which such Securities will bear interest, if any; 
 (7) The date or dates, or the method for determining such
date or dates, from which any such interest will accrue, the Interest Payment Dates on which any such interest will be payable, the Regular Record Dates for such Interest Payment Dates, or the method by which such dates shall be determined, the
Persons to whom such interest shall be payable, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months; 

(8) The Make-Whole Amount, if any, or method for determining the Make-Whole Amount, if any, payable with respect to such
Securities, and the terms upon which such amount, if any, will be payable; 
 (9) The place or places where the principal of
(and premium or Make-Whole Amount, if any) and interest, if any, on such Securities will be payable, where such Securities may be surrendered for registration of transfer or conversion or exchange and where notices or demands to or upon the Company
in respect of such Securities and this Indenture may be served; 
 (10) The period or periods, if any, within which, the
price or prices at which and the other terms and conditions upon which such Securities may, pursuant to any optional or mandatory redemption provisions, be redeemed, as a whole or in part, at the option of the Company; 

(11) The obligation, if any, of the Company to redeem, repay or purchase such Securities pursuant to any sinking fund or
analogous provision or at the option of a Holder thereof, and the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities will be redeemed, repaid or purchased, as a whole or in
part, pursuant to such obligation; 

 (12) If other than Dollars, the currency or currencies in which such Securities
are denominated and payable, which may be a foreign currency or units of two or more foreign currencies or a composite currency or currencies, the manner of determining the equivalent thereof in Dollars for purposes of the definition of
“Outstanding” in Section 101, and the terms and conditions relating thereto; 
 (13) Whether the amount of
payments of principal of (and premium or Make-Whole Amount, if any, including any amount due upon redemption, if any) or interest on such Securities may be determined with reference to an index, formula or other method (which index, formula or
method may, but need not be, based on the yield on or trading price of other securities, including United States Treasury securities or on a currency, currencies, currency unit or units, or composite currency or currencies) and the manner in which
such amounts shall be determined; 
 (14) Whether the principal of (and premium or Make-Whole Amount, if any) or interest on
the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in a currency or currencies, currency unit or units or composite currency or currencies other than that in which such Securities are denominated or
stated to be payable, the period or periods within which, and the terms and conditions upon which, such election may be made, and the time and manner of, and identity of the exchange rate agent with responsibility for, determining the exchange rate
between the currency or currencies, currency unit or units or composite currency or currencies in which such Securities are denominated or stated to be payable and the currency or currencies, currency unit or units or composite currency or
currencies in which such Securities are to be so payable; 
 (15) Provisions, if any, granting special rights to the Holders
of Securities of the series upon the occurrence of such events as may be specified; 
 (16) Any deletions from, modifications
of or additions to the Events of Default or covenants of the Company with respect to Securities of the series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein; 

(17) Whether and under what circumstances the Company will pay any additional amounts on such Securities in respect of any tax,
assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities in lieu of making such payment; 

(18) Whether Securities of the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons)
or both, any restrictions applicable to the offer, sale or delivery of Bearer Securities and the terms upon which Bearer Securities of the series may be exchanged for Registered Securities of the series and vice versa (if permitted by applicable
laws and regulations), whether any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether
beneficial owners of interests in any such permanent global Security may, or shall be required to, exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any
such exchanges may, or shall be required to, occur, if other than in the manner provided in the Indenture, and, if Registered Securities of the series are to be issuable as a Global Security, the identity of the depository for such series; 

(19) The date as of which any Bearer Securities of the series and any temporary Global Security representing outstanding
Securities of the series shall be dated if other than the date of original issuance of the first Security of the series to be issued; 

(20) The Person to whom any interest on any Registered Security of the series shall be payable, if other than 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 the manner in which, or the Person to whom, any interest on any Bearer Security of the series shall
be payable, if otherwise than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest payable on a temporary Global Security on an Interest Payment
Date will be paid if 

 
other than in the manner provided herein; provided, however, in each case, that the manner of determining such Person or making such payment shall be acceptable to the Trustee (as
not imposing on it any undue administrative burden or risk of liability); 
 (21) The applicability, if any, of the
Defeasance and Covenant Defeasance provisions of Article Fourteen hereof to the Securities of the series; 
 (22) The
obligation, if any, of the Company to permit the conversion of the Securities of such series into Common Stock or Preferred Stock, as the case may be, and the terms and conditions upon which such conversion shall be effected (including, without
limitation, the initial conversion price or rate, the conversion period, any adjustment of the applicable conversion price and any requirements relative to the reservation of such shares for purposes of conversion); 

(23) If the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a
temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or terms of such certificates, documents or conditions; 

(24) Designation of the Trustee, if different from the Trustee under the Indenture, with respect to such series and the terms
applicable to such Trustee (which shall be accepted by such Trustee by its execution and delivery of a supplemental indenture as provided therein); and 

(25) Any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture). 

All Securities of any one series and the coupons appertaining to any Bearer Securities of such series shall be substantially identical except,
in the case of Registered Securities, as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution (subject to Section 303) and set forth in such Officers’ Certificate or in any such indenture
supplemental hereto. All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for issuances of additional Securities of such series. 

If any of the terms of the Securities of any series are established by action taken pursuant to one or more Board Resolutions, a copy of an
appropriate record of such action(s) 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 Officers’ Certificate setting forth the terms of the Securities of
such series. 
 SECTION 302. Denominations. The Securities of each series shall be issuable in such denominations as shall be
specified as contemplated by Section 301. With respect to Securities of any series denominated in Dollars, in the absence of any such provisions with respect to the Securities of any series, the Securities of such series, other than Global
Securities (which may be of any denomination), shall be issuable in denominations of $1,000 and any integral multiple thereof or the equivalent amounts thereof in the case of Securities denominated in the Foreign Currency or currency unit. 

SECTION 303. Execution, Authentication, Delivery and Dating. The Securities and any coupons appertaining thereto shall be executed on
behalf of the Company by its Chief Executive Officer, its President, or one of its Vice Presidents, under its corporate seal reproduced thereon, and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these
officers on the Securities and coupons may be manual or facsimile signatures of the present or any future such authorized officer and may be imprinted or otherwise reproduced on the Securities. 

Securities and coupons 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 or coupons. 

 At any time and from time to time after the execution and delivery of this Indenture, the Company
may deliver Securities of any series, together with any coupon appertaining thereto, executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities (accompanied by a
copy of the Board Resolution and the Officers’ Certificate or supplemental indenture contemplated by Section 301), and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; provided,
however, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any location in the United States; and provided further that, unless otherwise specified with respect to any series
of Securities pursuant to Section 301, a Bearer Security may be delivered in connection with its original issuance only if the Person entitled to receive such Bearer Security shall have furnished a certificate to Euroclear or Clearstream, as
the case may be, in the form set forth in Exhibit B-1 to this Indenture or such other certificate as may be specified by the Company with respect to any series of Securities pursuant to Section 301, dated no earlier than 15 days prior to
the earlier of the date on which such Bearer Security is delivered and the date on which any temporary Security first becomes exchangeable for such Bearer Security in accordance with the terms of such temporary Security and this Indenture. If any
Security shall be represented by a permanent Global Security, then, for purposes of this Section and Section 304, the notation of a beneficial owner’s interest therein upon original issuance of such Security or upon exchange of a portion
of a temporary Global Security shall be deemed to be delivery in connection with its original issuance of such beneficial owner’s interest in such permanent Global Security. Except as permitted by Section 306, the Trustee shall not
authenticate and deliver any Bearer Security unless all appurtenant coupons for interest then matured have been detached and canceled. 
 If
all the Securities of any series are not to be issued at one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance
of such Securities and determining the terms of particular Securities of such series, such as interest rate or formula, maturity date, date of issuance and date from which interest shall accrue. In authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to TIA Section 315(a) through 315(d)) shall be fully protected in relying upon, 

(i) an Opinion of Counsel stating that 

(a) the form or forms of such Securities and any coupons have been established in conformity with the provisions of this
Indenture; 
 (b) the terms of such Securities and any coupons have been established in conformity with the provisions of
this Indenture; and 
 (c) such Securities, together with any coupons appertaining thereto, when completed by appropriate
insertions and executed and delivered by the Company to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent
transfer, reorganization and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights generally and to general equitable principles; and 

(ii) an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the
issuance of the Securities have been complied with and that, to the best of the knowledge of the signers of such certificate, that no Event of Default with respect to any of the Securities shall have occurred and be continuing. 

If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities (or to enter into the
related supplemental indenture, if applicable) if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties, obligations or immunities under the Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee. 

 Notwithstanding the provisions of Section 301 and of the preceding paragraph, if all the
Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Officers’ Certificate otherwise required pursuant to Section 301 or a Company Order, or an Opinion of Counsel or an Officers’
Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security of such series, but such order, opinion and certificates, with appropriate modifications to cover such future issuances, shall be delivered
at or before the time of issuance of the first Security of such series. 
 Each Registered Security shall be dated the date of its
authentication and each Bearer Security shall be dated as of the date specified as contemplated by Section 301. 
 No Security or
coupon shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security or Security to which such coupon appertains a certificate of authentication substantially in the form
provided for herein duly executed by the Trustee (subject to Section 611) by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security (including a Global 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 309 together with a written statement (which need not comply with Section 102 and need not be accompanied by an Opinion
of Counsel) stating that such Security has never been issued and sold by the Company, 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. 
 SECTION 304. Temporary Securities. 

(a) 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 which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are
issued, in registered form, or, if authorized, in bearer form with one or more coupons or without coupons, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine,
as conclusively evidenced by their execution of such Securities. In the case of Securities of any series, such temporary Securities may be in global form. 

Except in the case of temporary Global Securities (which shall be exchanged as otherwise provided herein or as otherwise provided in or
pursuant to a Board Resolution or supplemental indenture pursuant to Section 301), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After
the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the
Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied by any non-matured coupons appertaining thereto), the Company shall
execute (in accordance with a Company Order delivered at or prior to the authentication of the first definitive security to such series) and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive
Securities of the same series of authorized denominations; provided, however, that no definitive Bearer Security shall be delivered in exchange for a temporary Registered Security; and provided further that a definitive Bearer
Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth in Section 303. 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. 
 (b) Unless otherwise provided in or pursuant to a Board Resolution
or supplemental indenture pursuant to Section 301, the following provisions of this Section 304(b) shall govern the exchange of temporary Securities other than through the facilities of the DTC. If any such temporary Security is issued in
global form, then such temporary Global Security shall, unless otherwise provided therein, be delivered to the London office of a depository or common depository upon and pursuant to written direction of the Company (the “Common
Depository”), for the benefit of Euroclear and Clearstream, for credit to the respective accounts of the beneficial owners of such Securities (or to such other accounts as they may direct). 

 Without unnecessary delay but in any event not later than the date specified in, or determined
pursuant to the terms of, any such temporary Global Security (the “Exchange Date”), the Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal amount of such temporary Global
Security, executed by the Company. On or after the Exchange Date, such temporary Global Security shall be surrendered by the Common Depository to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or from time to
time in part, for definitive Securities without charge, and the Trustee shall authenticate and deliver, in exchange for each portion of such temporary Global Security, an equal aggregate principal amount of definitive Securities of the same series
of authorized denominations and of like tenor as the portion of such temporary Global Security to be exchanged. The definitive Securities to be delivered in exchange for any such temporary Global Security shall be in bearer form, registered form,
permanent global bearer form or permanent global registered form, or any combination thereof, as specified as contemplated by Section 301, and, if any combination thereof is so specified, as requested by the beneficial owner thereof (as
directed by or pursuant to information provided by the Common Depository); provided, however, that, unless otherwise specified in such temporary Global Security, upon such presentation by the Common Depository, such temporary Global
Security shall be accompanied by a certificate dated the Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary Global Security held for its account then to be exchanged and a certificate dated the Exchange
Date or a subsequent date and signed by Clearstream as to the portion of such temporary Global Security held for its account then to be exchanged, each in the form set forth in Exhibit B-2 to this Indenture or in such other form as may be
established pursuant to Section 301; and provided further that definitive Bearer Securities shall be delivered in exchange for a portion of a temporary Global Security only in compliance with the requirements of Section 303. 

Unless otherwise specified in such temporary Global Security, the interest of a beneficial owner of Securities of a series in a temporary
Global Security shall be exchanged for definitive Securities of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear or Clearstream, as the case may be, to request such exchange on his behalf and
delivers to Euroclear or Clearstream, as the case may be, a certificate in the form set forth in Exhibit B-1 to this Indenture (or in such other form as may be established pursuant to Section 301), dated no earlier than 15 days prior to
the Exchange Date, copies of which certificate shall be available from the offices of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless otherwise specified in such
temporary Global Security, any such exchange shall be made free of charge to the beneficial owners of such temporary Global Security, except that a Person receiving definitive Securities must bear the cost of insurance, postage, transportation and
the like unless such Person takes delivery of such definitive Securities in person at the offices of Euroclear or Clearstream. Definitive Securities in bearer form to be delivered in exchange for any portion of a temporary Global Security shall be
delivered only to an address located outside the United States. 
 Until exchanged in full as hereinabove provided, the temporary Securities
of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise specified as contemplated by
Section 301, interest payable on a temporary Global Security on an Interest Payment Date for Securities of such series occurring prior to the applicable Exchange Date shall be payable to Euroclear and Clearstream on such Interest Payment Date
upon delivery by Euroclear and Clearstream to the Trustee of a certificate or certificates in the form set forth in Exhibit B-2 to this Indenture (or in such other forms as may be established pursuant to Section 301), for credit without
further interest on or after such Interest Payment Date to the respective accounts of Persons who are the beneficial owners of such temporary Global Security on such Interest Payment Date and who have each delivered to Euroclear or Clearstream, as
the case may be, a certificate dated no earlier than 15 days prior to the Interest Payment Date occurring prior to such Exchange Date in the form set forth as Exhibit B-1 to this Indenture (or in such other forms as may be established
pursuant to Section 301). Notwithstanding anything to the contrary herein contained, the certifications made pursuant to this paragraph shall satisfy the certification requirements of the preceding two paragraphs of this Section 304(b) and
of the third paragraph of Section 303 of this Indenture and the interests of the Persons who are the beneficial owners of the temporary Global Security with respect to which such certification was made will be exchanged for definitive
Securities of the same series and of like tenor on the Exchange Date or the date of certification if such date occurs after the Exchange Date, without further act or deed by such beneficial owners. Except as otherwise provided in this paragraph, no
payments of principal or interest owing with respect to a beneficial interest in a temporary Global Security will be made unless and until such interest in such temporary Global Security shall have been exchanged for an interest in a definitive
Security. Any interest so received by Euroclear and Clearstream and not paid as herein provided shall be returned to the Trustee prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company. 

 With respect to Exhibit B-1 or B-2 to this Indenture, the Company may, in its
discretion and if required or desirable under applicable law, substitute one or more other forms of such exhibits for such exhibits, eliminate the requirement that any or all certificate be provided, or change the time that any certificate may be
required, provided that such substitute form or forms or notice of elimination or change of such certification requirement have theretofore been delivered to the Trustee with a Company Request and such form or forms, elimination or change is
reasonably acceptable to the Trustee. 
 SECTION 305. Registration, Registration of Transfer, Conversion and Exchange. The Company
shall cause to be kept at the Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each series of Securities (the registers maintained in such office or in any such office or agency of
the Company in a Place of Payment being herein sometimes referred to collectively as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of
Registered Securities and of transfers of Registered Securities. The Security Register shall be in written form or any other form capable of being converted into written form within a reasonable time. The Trustee, at its Corporate Trust Office, is
hereby initially appointed “Security Registrar” for the purpose of registering Registered Securities and transfers of Registered Securities on such Security Register as herein provided. In the event that the Trustee shall cease to be
Security Registrar, it shall have the right to examine, and be provided a copy of, the Security Register at all reasonable times. 
 Subject
to the provisions of this Section 305, upon surrender for registration of transfer of any Registered Security of any series at any office or agency of the Company in a Place of Payment for that series, the Company shall execute, and the Trustee
shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount, bearing a number not
contemporaneously outstanding, and containing identical terms and provisions. 
 Subject to the provisions of this Section 305, at the
option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized denomination or denominations and of a like aggregate principal amount, containing identical terms and
provisions, upon surrender of the Registered Securities to be exchanged at any such office or agency. Whenever any such Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver,
the Registered Securities which the Holder making the exchange is entitled to receive. Unless otherwise specified with respect to any series of Securities as contemplated by Section 301, Bearer Securities may not be issued in exchange for
Registered Securities. 
 If (but only if) permitted by the applicable Board Resolution and (subject to Section 303) set forth in the
applicable Officers’ Certificate, or in any indenture supplemental hereto, delivered as contemplated by Section 301, at the option of the Holder, Bearer Securities of any series may be exchanged for Registered Securities of the same series
of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and all matured coupons in default thereto
appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured coupon or coupons or matured coupon or coupons in default, any such permitted exchange may be effected if the Bearer Securities are accompanied by payment in
funds acceptable to the Company (or to the Trustee for the Security in case of matured coupons in default) in an amount equal to the face amount of such missing coupon or coupons, or the surrender of such missing coupon or coupons may be waived by
the Company and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any such
missing coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; provided, however, that, except as otherwise provided in Section 1002, interest
represented by coupons shall be payable only upon presentation and surrender of those coupons at an office or agency located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such
office or agency in a permitted exchange for a Registered Security of the same series and like tenor after the close of business at such office or agency on (i) any Regular Record Date and before the opening of business at such office

 
or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date or proposed date for payment, as the case may be, and interest or Defaulted Interest, as the case may be, will not be payable on
such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the
provisions of this Indenture. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 

Notwithstanding the foregoing, except as otherwise specified as contemplated by Section 301, any permanent Global Security shall be
exchangeable only as provided in this paragraph. If the depository for any permanent Global Security is DTC, then, unless the terms of such Global Security expressly permit such Global Security to be exchanged in whole or in part for definitive
Securities, a Global Security may be transferred, in whole but not in part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor to DTC for such Global Security selected or approved by the Company or to a nominee of such
successor to DTC. If at any time DTC notifies the Company that it is unwilling or unable to continue as depository for the applicable Global Security or Securities or if at any time DTC ceases to be a clearing agency registered under the Exchange
Act if so required by applicable law or regulation, the Company shall appoint a successor depository with respect to such Global Security or Securities. If (w) a successor depository for such Global Security or Securities is not appointed by
the Company within 90 days after the Company receives such notice or becomes aware of such unwillingness, inability or ineligibility, (x) the Company delivers to the Trustee for Securities of such series in registered form a Company Order
stating that the Securities of such series shall be exchangeable, (y) an Event of Default has occurred and is continuing and the beneficial owners representing a majority in principal amount of the applicable series of Securities represented by
such Global Security or Securities advise DTC to cease acting as depository for such Global Security or Securities or (z) the Company, in its sole discretion, determines at any time that all Outstanding Securities (but not less than all) of any
series issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities, then the Company shall execute, and the Trustee shall authenticate and deliver definitive Securities of like
series, rank, tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities. If any beneficial owner of an interest in a permanent global Security is otherwise entitled to
exchange such interest for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by Section 301 and provided that any applicable notice provided in the
permanent Global Security shall have been given, then without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company shall execute, and the Trustee shall authenticate and deliver
definitive Securities in aggregate principal amount equal to the principal amount of such beneficial owner’s interest in such permanent Global Security. On or after the earliest date on which such interests may be so exchanged, such permanent
Global Security shall be surrendered for exchange by DTC or such other depository as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose; provided, however, that no
such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be among those
selected for redemption; and provided further that no Bearer Security delivered in exchange for a portion of a permanent Global Security shall be mailed or otherwise delivered to any location in the United States. If a Registered Security is
issued in exchange for any portion of a permanent Global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the
relevant Interest Payment Date, or (ii) any Special Record Date and the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to
whom interest in respect of such portion of such permanent Global Security is payable in accordance with the provisions of this Indenture. 

All Securities issued upon any registration of transfer or conversion 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 registration of transfer or conversion or exchange. 

 Every Registered Security presented or surrendered for registration of transfer or for
conversion, exchange or redemption shall (if so required by the Company or the Security Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed
by the Holder thereof or his attorney duly authorized in writing. 
 No service charge shall be made to the Holder for any registration of
transfer or conversion 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 registration of transfer or conversion or exchange of
Securities, other than exchanges pursuant to Section 304, 906, 1107 or 1305 not involving any transfer. 
 The Company or the Trustee,
as applicable, shall not be required (i) to issue, register the transfer of or exchange any Security if such Security may be among those selected for redemption during a period beginning at the opening of business 15 days before selection of
the Securities to be redeemed under Section 1103 and ending at the close of business on (A) if such Securities are issuable only as Registered Securities, the day of the mailing of the relevant notice of redemption and (B) if such
Securities are issuable as Bearer Securities, the day of the first publication of the relevant notice of redemption or, if such Securities are also issuable as Registered Securities and there is no publication, the mailing of the relevant notice of
redemption, or (ii) to register the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except, in the case of any Registered Security to be redeemed in part, the portion thereof not to be redeemed,
or (iii) to exchange any Bearer Security so selected for redemption except that such a Bearer Security may be exchanged for a Registered Security of that series and like tenor, provided that such Registered Security shall be
simultaneously surrendered for redemption, or (iv) to issue, register the transfer of or exchange any Security which has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so
repaid. 
 Furthermore, notwithstanding any other provision of this Section 305, the Company will not be required to exchange any
Securities if, as a result of the exchange, the Company would suffer adverse consequences under any United States law or regulation. 

SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security or a Security with a mutilated coupon
appertaining to it is surrendered to the Trustee or the Company, together with, in proper cases, such security or indemnity as may be required by the Company or the Trustee to save each of them or any agent of either of them harmless, the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons
corresponding to the coupons, if any, appertaining to the surrendered Security. 
 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 or coupon, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in
the absence of notice to the Company or the Trustee that such Security or coupon has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed,
lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and principal amount, containing identical
terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon
appertains. 
 Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security
or coupon has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the
Security to which such destroyed, lost or stolen coupon appertains, pay such Security or coupon if the applicant for such payment shall furnish to the Company and the Trustee for such Security such security or indemnity as may be required by them to
save each of them harmless, and in the case of destruction, loss or theft, evidence satisfactory to the Company and Trustee and any agent of any of them of the destruction, loss or theft of such Security and the ownership thereof; provided,
however, that payment of principal of (and premium or Make-Whole Amount, if any), and interest, if any, on, Bearer Securities shall, except as otherwise 

 
provided in Section 1002, be payable only at an office or agency located outside the United States and, unless otherwise specified as contemplated by Section 301, any interest on Bearer
Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto. 
 Upon the issuance of any new
Security under this Section, the Company 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 with its coupons, if any, issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security, or in exchange for a Security to which a destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security and
its coupons, if any, or the destroyed, lost or stolen coupon 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 and
their coupons, if any, 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 or coupons. 

SECTION 307. Payment of Interest; Interest Rights Preserved. Except as otherwise specified with respect to a series of Securities in
accordance with the provisions of Section 301, interest on any Registered Security 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 payment at the office or agency of the Company maintained for such purpose pursuant to Section 1002; provided,
however, that each installment of interest on any Registered Security may at the Company’s option be paid by (i) mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to
Section 308, to the address of such Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee located inside the United States. 

Unless otherwise provided as contemplated by Section 301 with respect to the Securities of any series, payment of interest may be made,
in the case of a Bearer Security, by transfer to an account maintained by the payee with a bank located outside the United States. 
 Unless
otherwise provided as contemplated by Section 301, every permanent Global Security will provide that interest, if any, payable on any Interest Payment Date will be paid to DTC, Euroclear and/or Clearstream, as the case may be, with respect to
that portion of such permanent Global Security held for its account by Cede & Co. or the Common Depository, as the case may be, for the purpose of permitting such party to credit the interest received by it in respect of such permanent
Global Security to the accounts of the beneficial owners thereof. 
 In case a Bearer Security of any series is surrendered in exchange for
a Registered Security of such series after the close of business (at an office or agency in a Place of Payment for such series) on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest
Payment Date, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. 
 Except as
otherwise specified with respect to a series of Securities in accordance with the provisions of Section 301, any interest on any Registered Security of any series that is payable, but is not punctually paid or duly provided for, on any Interest
Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder thereof 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 Registered Securities of such series (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 Registered Security of such series and the date of the proposed payment (which shall not be less than 20 days after such notice is received by the Trustee), and at the
same time the Company shall deposit with the Trustee an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series) 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 on or 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 which 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 Registered Securities of such series at his address as it appears in the Security Register not less than 10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company,
cause a similar notice to be published at least once in an Authorized Newspaper in each Place of Payment, but such publications shall not be a condition precedent to the establishment of 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 Registered 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). In case a Bearer Security of any series is surrendered at the office or agency in a Place of Payment for such
series in exchange for a Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment in respect of the Registered Security issued in
exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. 

(2) The Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful
manner not inconsistent with the requirements of any over-the-counter market or securities exchange on which such Securities may be quoted or listed, and upon such notice as may be required by such market or exchange, if, after notice given by the
Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section and Section 305, each Security delivered under this Indenture upon registration of
transfer of or upon conversion 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 308. Persons Deemed Owners. Prior to due presentment of a Registered Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium or Make-Whole Amount, if
any), and (subject to Sections 305 and 307) interest on, such Registered Security and for all other purposes whatsoever, whether or not such Registered 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. All such payments so made to any such Person, or upon such Person’s order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for
money payable upon any such Security. 
 Title to any Bearer Security and any coupons appertaining thereto shall pass by delivery. The
Company, the Trustee and any agent of the Company or the Trustee may treat the Holder of any Bearer Security and the Holder of any coupon as the absolute owner of such Security or coupon for the purpose of receiving payment thereof or on account
thereof and for all other purposes whatsoever, whether or not such Security or coupon 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 depository
shall have any rights under this Indenture with respect to such Global Security and such depository (which is the Holder of such security) shall 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. None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Notwithstanding the foregoing, with respect to any Global Security, 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 any depository, as a Holder, with respect to such Global Security or impair, as between such depository and owners of beneficial
interests in such Global Security, the operation of customary practices governing the exercise of the rights of such depository (or its nominee) as Holder of such Global Security. 

SECTION 309. Cancellation. All Securities and coupons surrendered for payment, redemption, repayment at the option of the Holder,
registration of transfer or conversion 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 coupons and Securities and coupons
surrendered directly to the Trustee for any such purpose, upon direction by the Company, 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 which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not
issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness
represented by such Securities unless and until the same are surrendered to the Trustee for cancellation. 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. Cancelled Securities and coupons held by the Trustee shall be disposed of by the Trustee in accordance with its customary practices (subject to the record retention requirements of the Exchange Act). 

SECTION 310. Computation of Interest. Except as otherwise specified as contemplated by Section 301 with respect to Securities of
any series, interest on the Securities of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

SECTION 311. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if
so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of
such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” numbers. 
 ARTICLE FOUR - SATISFACTION AND
DISCHARGE 
 SECTION 401. Satisfaction and Discharge of Indenture. This Indenture shall upon Company Request cease to be of further
effect with respect to any series of Securities specified in such Company Request (except as to any surviving rights of registration of transfer or conversion or exchange of Securities of such series herein expressly provided for), and the Trustee,
upon receipt of a Company Order, and at the expense of the Company, shall execute instruments in form and substance satisfactory to the Trustee and the Company acknowledging satisfaction and discharge of this Indenture as to such series when 

(1) either 

(A) all Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other
than (i) coupons appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender is not required or has been waived as provided in Section 305, (ii) Securities and
coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, (iii) coupons appertaining to Securities called for redemption and maturing after the relevant Redemption
Date, whose surrender has been waived as provided in Section 1106, and (iv) Securities and coupons of such series 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 1003) have been delivered to the Trustee for cancellation; or 

 (B) all Securities of such series and, in the case of (i) or
(ii) below, any coupons appertaining thereto not theretofore delivered to the Trustee for cancellation 
 (i) have
become due and payable, or 
 (ii) will become due and payable at their Stated Maturity within one year, or 

(iii) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in
the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the currency or currencies, currency unit or units or composite currency or
currencies in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered to the Trustee for cancellation, for principal (and premium or
Make-Whole Amount, if any) and interest to the date of such deposit (in the case of Securities which 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 Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee and any predecessor Trustee under
Section 606, the obligations of the Company to any Authenticating Agent under Section 611 and, if money shall have been deposited with and held by the Trustee pursuant to subclause (B) of clause (1) of this Section, the
obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge. 

SECTION 402. Application of Trust Funds. Subject to the provisions of the last paragraph of Section 1003, all money deposited with
the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the coupons 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 or Make-Whole Amount, if any), and any interest for whose payment such money has been deposited with or received by
the Trustee, but such money need not be segregated from other funds except to the extent required by law. 
 ARTICLE FIVE - REMEDIES 

SECTION 501. Events of Default. “Event of Default,” wherever used herein with respect to any particular series of Securities,
means any one of the following events (whatever the reason for such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body): 
 (1) default in the payment of any interest on any Security
of that series or of any coupon appertaining thereto, when such interest or coupon becomes due and payable, and continuance of such default for a period of 30 days; or 

 (2) default in the payment of the principal of (or premium or Make-Whole Amount,
if any, on) any Security of that series when it becomes due and payable at its Maturity; or 
 (3) default in the deposit of
any sinking fund payment, to the extent applicable to such series of Securities, when and as due by the terms of any Security of that series; or 

(4) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture with respect to any
Security of that series (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of a series
of Securities other than that series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of
at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(5) default under any bond, debenture, note, mortgage, indenture or instrument under which there may be issued or by which
there may be secured or evidenced any indebtedness for money borrowed by the Company, having an aggregate principal amount outstanding of at least $30,000,000, whether such indebtedness now exists or shall hereafter be created, which default shall
have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration having been rescinded or
annulled, within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 10% in principal amount of the Outstanding Securities
of that series a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default”
hereunder; provided, however, that, subject to the provisions of Sections 601 and 602, the Trustee shall not be deemed to have knowledge of such default unless either (A) a Responsible Officer of the Trustee shall have knowledge
of such default or (B) the Trustee shall have received written notice thereof from the Company, from any Holder, from the holder of any such indebtedness or from the trustee under any such mortgage, indenture or other instrument; or 

(6) the Company pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case, 

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

(C) consents to the appointment of a Custodian of it or for all or substantially all of its property, or 

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

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

(A) is for relief against the Company in an involuntary case, 

(B) appoints a Custodian of the Company or for all or substantially all of its property, or 

(C) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days; or 

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

 As used in this Section 501, the term “Bankruptcy Law” means title 11, U.S. Code
or any similar Federal or state law for the relief of debtors and the term “Custodian” means any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law. 

SECTION 502. Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to Securities of any series at the
time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount (or, if Securities of that
Series are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in the terms thereof) of 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 the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due and payable. 

At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree
for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, 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 of acceleration and its consequences if: 
 (1) the Company has paid or deposited with the
Trustee a sum sufficient to pay in the currency, currency unit or composite currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series): 

(A) all overdue installments of interest on all Outstanding Securities of that series and any related coupons, 

(B) the principal of (and premium or Make-Whole Amount, if any, on) any Outstanding Securities of that series which have become
due otherwise than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities, 

(C) to the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates
borne by or provided for in such Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events of Default
with respect to Securities of that series, other than the nonpayment of the principal of (or premium or Make-Whole Amount, if any) or interest on Securities of that series which have become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 513. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 

SECTION 503. 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 on any Security of any series and any related coupon 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 (or premium or Make-Whole Amount, if any, on) any Security of any series at its Maturity, 
 then the Company will, upon demand
of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities of such series and coupons, the whole amount then due and payable on such Securities and coupons for principal (and premium or Make-Whole Amount, if any) and
interest, with interest upon any overdue principal (and premium or Make-Whole Amount, if any) and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest at the rate or rates borne by or
provided for in such Securities, 

 
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel. 
 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 such Securities of such series 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 such Securities of such series, 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 and any related coupons by such appropriate judicial proceedings as the Trustee shall deem necessary 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. 

SECTION 504. 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, 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, premium or Make-Whole Amount, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of such
series, of principal (and premium or Make-Whole Amount, if any) and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 

(ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized
by each Holder of Securities of such series and coupons to make such payments to the Trustee, 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 for the
reasonable compensation, expenses, disbursements and advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under Section 606. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a
Security or coupon any plan of reorganization, arrangement, adjustment or composition affecting the Securities or coupons or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or
coupon in any such proceeding. 
 In any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any
provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Securities, and it shall not be necessary to make any Holders of the Securities parties to any such proceedings. 

SECTION 505. Trustee May Enforce Claims Without Possession of Securities or Coupons. All rights of action and claims under this
Indenture or any of the Securities or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities or coupons 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 the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be
for the ratable benefit of the Holders of the Securities and coupons in respect of which such judgment has been recovered. 
 SECTION 506.
Application of Money Collected. Any money collected by the Trustee 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 on account of
principal (or premium or Make-Whole Amount, if any) or interest, upon presentation of the Securities or coupons, or both, as the case may be, 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 under Section 606; 

SECOND: To the payment of the amounts then due and unpaid upon the Securities and coupons for principal (and premium or Make-Whole Amount, if
any) and 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 aggregate amounts due and payable on such Securities and coupons for principal
(and premium or Make-Whole Amount, if any) and interest, respectively; and 
 THIRD: To the payment of the remainder, if any, to the
Company. 
 SECTION 507. Limitation on Suits. No Holder of any Security of any series or any related coupon shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture or the Securities or any related coupon, or for the appointment of a receiver or trustee, 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 indemnity reasonably satisfactory to the Trustee 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 of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, 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 or the
Securities, except in the manner herein provided and for the equal and ratable benefit of all such Holders. 
 SECTION 508. Unconditional
Right of Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security or coupon shall have the right which is absolute and unconditional to
receive payment of the principal of (and premium or Make-Whole Amount, if any) and (subject to Sections 305 and 307) interest on such Security or payment of such coupon on the respective due dates expressed in such Security or coupon (or, in the
case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

SECTION 509. Restoration of Rights and Remedies. If the Trustee or any Holder of a Security or coupon 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 to such Holder, then and in every such case, the Company, the Trustee and the Holders of Securities
and coupons 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 510. Rights and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities or coupons 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 511. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Security or coupon 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 by the Holders of Securities or coupons, as the case may be. 

SECTION 512. Control by Holders of Securities. The Holders of not less than 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,

 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and

 (3) the Trustee need not take any action which might involve it in personal liability or be unduly prejudicial to the
Holders of Securities of such series not joining therein. 
 Nothing in this Indenture shall impair the right of the Trustee in its
discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction by Holders. 
 SECTION 513.
Waiver of Past Defaults. The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series and any related coupons waive any past default
hereunder with respect to such series and its consequences, except a default 
 (1) in the payment of the principal of (or
premium or Make-Whole Amount, if any) or interest on any Security of such series or any related coupons, or 
 (2) in respect
of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected; or 

(3) in respect of a covenant or provision hereof for the benefit or protection of the Trustee, without its express written
consent. 
 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 Event of Default or impair any right consequent thereon. 

SECTION 514. 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. 

SECTION 515. 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 and expenses, against any party litigant in such
suit having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to 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 or Make-Whole Amount, if any)
or interest on any Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). 

ARTICLE SIX - THE TRUSTEE 

SECTION 601. Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to the Securities of any
series, the Trustee shall transmit in the manner and to the extent provided in TIA Section 313(c), notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however,
that, except in the case of a default in the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security of such series, or in the payment of any sinking or purchase fund installment with respect to the
Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers of the Trustee in good faith
determine that the withholding of such notice is in the interests of the Holders of the Securities and coupons of such series; and provided further that in the case of any default or breach of the character specified in Section 501(4)
with respect to the Securities and coupons of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after
notice or lapse of time or both would become, an Event of Default with respect to the Securities of such series. 
 SECTION 602. Certain
Rights of Trustee. Subject to the provisions of TIA Section 315(a) through 315(d): 
 (1) the Trustee may
conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or
document (whether in its original or facsimile form) reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(2) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company
Order (other than delivery of any Security, together with any coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section 303 which shall be sufficiently evidenced as provided therein) and any resolution of
the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (3) 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 Officers’ Certificate; 
 (4) the Trustee may consult with counsel of its own selection and
the written 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; 

 (5) 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 of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity
reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 

(6) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, unless requested in writing so to do by the Holders of not less than a majority in aggregate principal
amount of the Outstanding Securities of any series; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion
of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable
expenses of every such examination shall be paid by the Holders or, if paid by the Trustee, shall be repaid by the Holders upon demand. The Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it
may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, relevant to the facts or matters that are the subject of its inquiry,
personally or by agent or attorney at the expense of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 

(7) 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; 

(8) the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and reasonably believed by it
to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (9) any permissive
right or power available to the Trustee under this Indenture or any supplement hereto shall not be construed to be a mandatory duty or obligation; 

(10) the Trustee shall not be charged with knowledge of any matter (including any default, other than as described in
Section 501(1), (2) or (3)) unless and except to the extent actually known to a Responsible Officer of the Trustee or to the extent written notice thereof is received by the Trustee at the Corporate Trust Office; 

(11) the Trustee shall have no liability for any inaccuracy in the books and records of, or for any actions or omissions of,
DTC, Euroclear or Clearstream or any depository acting on behalf of any of them; 
 (12) 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 by the Trustee to act hereunder; and 
 (13) the Trustee may request that the Company deliver an Officers’
Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an
Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

The Trustee shall not be required 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. 

 Except during the continuance of an Event of Default, the Trustee undertakes to perform only such
duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee. 

SECTION 603. Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except the
Trustee’s certificate of authentication, and in any coupons 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 or coupons, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its
obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall have no responsibility with respect to any information,
statement or recital in any offering prospectus or other disclosure materials prepared or distributed with respect to the Securities. 

SECTION 604. May Hold Securities. The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any other agent of
the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same rights it would have if it were not
Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent. 
 SECTION 605. 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 in writing with the
Company. 
 SECTION 606. Compensation and Reimbursement. The Company agrees: 

(1) to pay to the Trustee as agreed upon in writing from time to time reasonable compensation 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 each of the Trustee and any predecessor Trustee upon its
request for all reasonable expenses, and disbursements incurred by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except
any such expense or disbursement as shall be determined to have been caused by its own negligence, willful misconduct or bad faith; and 

(3) to indemnify each of the Trustee and any predecessor Trustee for, and to hold it harmless against, any loss, liability,
claim, damage or expense incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts 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. 
 When the
Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 501(7) or Section 501(8), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the
services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency or other similar law. 

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien for payment of the
Trustee’s fees and expenses prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium or Make-Whole Amount, if any) or interest on
particular Securities or any coupons. 
 The provisions of this Section shall survive the termination of this Indenture and the resignation
or removal of the Trustee. 

 SECTION 607. Corporate Trustee Required; Eligibility; Conflicting Interests. There shall
at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have at all times a combined capital and surplus of at least $50,000,000 (or which shall have a combined capital and surplus of
at least $10,000,000 and whose ultimate parent holding company shall have a combined capital and surplus of at least $50,000,000. If the Trustee publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state,
territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of the Trustee 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 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. 

SECTION 608. 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 in accordance with the applicable requirements of Section 609. 
 (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 60 days
after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 

(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. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 60 days after the giving of such notice of
resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 

(d) If at any time: 

(1) the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the
Company or by any Holder of a Security 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 607 and shall fail to resign after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, 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 by or
pursuant to a Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject to TIA Section 315(e), any Holder of a Security 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 or pursuant to 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). 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 to that extent 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 of Securities and accepted appointment in the manner hereinafter provided, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six
months may, 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 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 in the manner provided for notices to the Holders of Securities in Section 106. 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. 
 SECTION 609. 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 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, subject nevertheless to its claim, if any, provided for in Section 606. 
 (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 indenture
supplemental hereto, pursuant to Article Nine hereof, wherein each successor Trustee shall accept such appointment and which (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 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 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 such rights, powers and trusts referred to in paragraph (a) or (b) of this Section 609, 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. 

 SECTION 610. 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 or coupons 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 or coupons so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities or coupons. In case any Securities or coupons
shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities or coupons, in either its own name or that of its predecessor Trustee, with the full force and effect which this
Indenture provides for the certificate of authentication of the Trustee. 
 SECTION 611. Appointment of Authenticating Agent. At any
time when any of the Securities remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of
such series issued upon conversion or exchange, registration of transfer or partial redemption or repayment thereof, 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. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly furnished to the Company.
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 bank or trust company or
corporation organized and doing business and in good standing under the laws of the United States of America or of any state 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 authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid
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. In case 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. 

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 the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent for any series of Securities may at any time resign by giving written notice of resignation to the Trustee for such
series and to the Company. The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee for such series may appoint a successor Authenticating Agent which
shall be acceptable to the Company and shall give notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve in the manner set forth in Section 106. 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 herein. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Company agrees to pay to each
Authenticating Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this Section, subject to Section 606. 

 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 or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication substantially in the following form: 

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

 

											
		 		 		 	  
	 	,
				
		 		 		 	as Trustee
						
	Dated:	 	  
	 		 	By:	 	  
	 	
						
		 		 		 		 	as Authenticating Agent	 	
						
	Dated:	 	  
	 		 	By:	 	  
	 	
						
		 		 		 		 	as Authenticating Agent	 	

 SECTION 612. Certain Duties and Responsibilities of the Trustee. 

(a) With respect to the Securities of any series, except during the continuance of an Event of Default with respect to the Securities of such
series: 
 (1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture, but shall not be under any duty to verify the contents or accuracy thereof. 
 (b) In case an
Event of Default with respect to the Securities of any series has occurred and is continuing, the Trustee shall, with respect to Securities of such series, exercise such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that: 
 (1) this Subsection shall not be construed to limit the effect of Subsection
(a) of this Section; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer,
unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

(4) 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; and, the Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder,
unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 

(d) 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 612. 
 (e) The Trustee shall not be liable for
interest on any money or assets held by it except to the extent the Trustee may agree in writing with the Company. Assets held in trust by the Trustee need not be segregated from other assets except to the extent required by law. 

ARTICLE SEVEN - HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

SECTION 701. Disclosure of Names and Addresses of Holders. Every Holder of Securities or coupons, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any Security Registrar shall be held accountable by reason of the disclosure of any information as to the names
and addresses of the Holders of Securities in accordance with TIA Section 312, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a
request made under TIA Section 312(b). 
 SECTION 702. Reports by Trustee. The Trustee shall transmit to Holders such reports
concerning the Trustee and its actions under this Indenture as may be required by TIA Section 313 at the times and in the manner provided by the TIA, which shall initially be not less than every twelve months commencing on
            , 20    . A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each over-the-counter market or
securities exchange, if any, upon which any Securities are quoted or listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities are quoted or listed on any over-the-counter market or securities exchange
or delisted therefrom. 
 SECTION 703. Reports by Company. The Company will: 

(1) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the
annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, then it will file with the Trustee and the
Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in
respect of a security quoted or listed and registered on an over-the-counter market or national securities exchange as may be prescribed from time to time in such rules and regulations; 

(2) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the
Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; 

(3) transmit by mail to the Holders of Securities, within 30 days after the filing thereof with the Trustee, in the manner and
to the extent provided in TIA Section 313(c), such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations
prescribed from time to time by the Commission; and 
 (4) 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 Officers’ Certificates). 

 SECTION 704. Company to Furnish Trustee Names and Addresses of Holders. The Company will
furnish or cause to be furnished to the Trustee: 
 (a) semiannually, not later than 15 days after the Regular Record Date for interest for
each series of Securities, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Registered Securities of such series as of such Regular Record Date, or if there is no Regular Record Date for
interest for such series of Securities, semiannually, upon such dates as are set forth in the Board Resolution or indenture supplemental hereto authorizing such series, 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, 
 provided, however, that, so long as
the Trustee is the Security Registrar, no such list shall be required to be furnished. 
 ARTICLE EIGHT - CONSOLIDATION, MERGER, SALE, LEASE
OR CONVEYANCE 
 SECTION 801. Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain
Conditions. The Company may consolidate with, or sell, lease or convey all or substantially all of its assets to, or merge with or into any other corporation, provided that in any such case, (1) either the Company shall be the continuing
corporation, or the successor corporation shall be a corporation organized and existing under the laws of the United States or a State thereof and such successor corporation shall expressly assume the due and punctual payment of the principal of
(and premium or Make-Whole Amount, if any) and any interest on all of the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed by the
Company by supplemental indenture, complying with Article Nine hereof, satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, (2) immediately after giving effect to such transaction and treating any indebtedness
which becomes an obligation of the Company as a result thereof as having been incurred by the Company at the time of such transaction, no Event of Default, and no event which, after notice or the lapse of time, or both, would become an Event of
Default, shall have occurred and be continuing and (3) the Company shall have delivered to the Trustee the Officer’s Certificate and Opinion of Counsel required pursuant to Section 803 below. 

SECTION 802. Rights and Duties of Successor Corporation. In case of any such consolidation, merger, sale, lease or conveyance and upon
any such assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the first part, and the predecessor corporation,
except in the event of a lease, shall be relieved of any further obligation under this Indenture and the Securities. Such successor corporation thereupon 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 which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor corporation, 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 which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities
which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. 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, lease or conveyance, such changes in phraseology and form (but not in substance) may be made
in the Securities thereafter to be issued as may be appropriate. 
 SECTION 803. Officers’ Certificate and Opinion of Counsel.
Any consolidation, merger, sale, lease or conveyance permitted under Section 801 is also subject to the condition that the Trustee receive an Officers’ Certificate and an Opinion of Counsel to the effect that any such consolidation,
merger, sale, lease or conveyance, and the assumption by any successor corporation, complies with the provisions of this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

 ARTICLE NINE - SUPPLEMENTAL INDENTURES 

SECTION 901. Supplemental Indentures Without Consent of Holders. Without the consent of any Holders of Securities or coupons, the
Company, when authorized by or pursuant to 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 evidence the succession of another Person to the Company and the assumption by any such successor of the covenants
of the Company contained herein and in the Securities; or 
 (2) to add to the covenants of the Company for the benefit of
the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender
any right or power herein conferred upon the Company; or 
 (3) to add any additional Events of Default for the benefit of
the Holders of all or any series of Securities (and if such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of such series);
provided, however, that in respect of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of
other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those
series of Securities to which such additional Events of Default apply to waive such default; or 
 (4) to add to or change
any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal of or premium or Make-Whole Amount, if any, or interest on Bearer
Securities, to permit Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of
Securities in uncertificated form, provided that any such action shall not adversely affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or 

(5) to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall
become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or 

(6) to secure the Securities; or 

(7) to establish the form or terms of Securities of any series and any related coupons as permitted or contemplated by Sections
201 and 301; or 
 (8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with
respect to the Securities of one or more series and to 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; or 

(9) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other
provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with the provisions of this Indenture, provided such provisions shall not adversely affect the
interests of the Holders of Securities of any series or any related coupons in any material respect; or 

 (10) to supplement any of the provisions of this Indenture to such extent as
shall be necessary to permit or facilitate the Defeasance and discharge of any series of Securities pursuant to Sections 401, 1402 and 1403; provided that any such action shall not adversely affect the interests of the Holders of Securities
of such series and any related coupons or any other series of Securities in any material respect; or 
 (11) to make
provisions with respect to Holders’ rights of conversion with respect to any series of Securities pursuant to Article Sixteen. 

SECTION 902. Supplemental Indentures with Consent of Holders. With the consent of the Holders of not less than a majority in principal
amount of all Outstanding Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board 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 and any
related coupons under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 

(1) change the Stated Maturity of the principal of (or premium or Make-Whole Amount, if any, on) or any installment of
principal of or interest on, any Security; or reduce the principal amount thereof or the rate or amount of interest thereon, or any premium or Make-Whole Amount payable upon the redemption thereof, or reduce the amount of the principal of an
Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof provable in bankruptcy pursuant to Section 504, or adversely affect any
right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or units or composite currency or currencies in which, any Security or any premium or Make-Whole
Amount or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment at the option of the Holder, on or after the
Redemption Date or the Repayment Date, as the case may be), or (if Securities of such series are convertible) adversely affect the right of the Holder to convert any Security as provided in Article Sixteen; or 

(2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is
required for any such supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (or compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences)
provided for in this Indenture, or reduce the requirements of Section 1504 for quorum or voting, or 
 (3) modify any of
the provisions of this Section, Section 513 or Section 1009, except to increase the required percentage to effect such action 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, provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant
changes in this Section 902 and Section 1009, or the deletion of this proviso, in accordance with the requirements of Sections 609(b) and 901(11). 

It shall not be necessary for any Act of Holders under this Section 902 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 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. 

SECTION 903. Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 612) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise. 

 SECTION 904. 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 and of any coupon appertaining thereto shall be bound thereby. 
 SECTION 905. 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 906. 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 Trustee, bear a notation in form approved by the Trustee 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 Trustee and 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 TEN - COVENANTS 

SECTION 1001. Payment of Principal, Premium or Make-Whole Amount, if any; and Interest. The Company covenants and agrees for the
benefit of the Holders of each series of Securities that it will duly and punctually pay the principal of (and premium or Make-Whole Amount, if any) and interest on the Securities of that series in accordance with the terms of such series of
Securities, any coupons appertaining thereto and this Indenture. Unless otherwise specified as contemplated by Section 301 with respect to any series of Securities, any interest due on Bearer Securities on or before Maturity shall be payable
only upon presentation and surrender of the several coupons for such interest installments as are evidenced thereby as they severally mature. Unless otherwise specified with respect to Securities of any series pursuant to Section 301, at the
option of the Company (upon written notice to the Trustee), all payments of principal may be paid by check to the registered Holder of the Registered Security or other Person entitled thereto against surrender of such Security. 

SECTION 1002. Maintenance of Office or Agency. If Securities of a series are issuable only as Registered Securities, the Company shall
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 or conversion, where Securities of that series may be surrendered for registration of
transfer or conversion 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. If Securities of a series are issuable as Bearer Securities, the Company will
maintain: (A) in the Borough of Manhattan, The City of New York, an office or agency where any Registered Securities of that series may be presented or surrendered for payment or conversion, where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that series may be surrendered for conversion or exchange, where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served
and where Bearer Securities of that series and related coupons may be presented or surrendered for payment or conversion in the circumstances described in the following paragraph (and not otherwise); (B) subject to any laws or regulations
applicable thereto, in a Place of Payment for that series which is located outside the United States, an office or agency where Securities of that series and related coupons may be presented and surrendered for payment; provided,
however, that if the Securities of that series are listed on any stock exchange located outside the United States and such stock exchange shall so require, the Company will maintain a Paying Agent for the Securities of that series in any
required city located outside the United States, as the case may be, so long as the Securities of that series are listed on such exchange; and (C) subject to any laws or regulations applicable thereto, in a Place of Payment for that series
located outside the United States an office or agency where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for conversion 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 will give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency.
If at any time the Company shall fail to maintain any such required 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, except that Bearer 

 
Securities of that series and the related coupons may be presented and surrendered for payment or conversion at the offices specified in the Security, in London, England, and the Company hereby
appoints the same as its agent to receive such respective presentations, surrenders, notices and demands, and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and demands. 

Unless otherwise specified with respect to any Securities pursuant to Section 301, no payment of principal, premium or Make-Whole Amount
or interest on Bearer Securities shall be made at any office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer to an account maintained with a bank located in the United States;
provided, however, that, if the Securities of a series are payable in Dollars, payment of principal of and any premium or Make-Whole Amount and interest on any Bearer Security shall be made at the office of the Company’s Paying
Agent in the Borough of Manhattan, The City of New York, if (but only if) payment in Dollars of the full amount of such principal, premium or Make-Whole Amount, or interest, as the case may be, at all offices or agencies outside the United States
maintained for the purpose by the Company in accordance with this Indenture, is illegal or effectively precluded by exchange controls or other similar restrictions. 

The Company may from time to time designate one or more other offices or agencies (in or outside the Place of Payment) 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 accordance with the requirements set forth above for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency. Unless otherwise specified with respect to any Securities pursuant to Section 301 with respect to a series of Securities, the Company hereby designates as a Place of Payment
for each series of Securities, each of (i) the office or agency of the Company in the Borough of Manhattan, The City of New York, and (ii) the Corporate Trust Office of the Trustee (as Paying Agent); and the Company hereby initially
appoints the Trustee at its Corporate Trust Office as Paying Agent in such city; and the Company hereby initially appoints as its agent to receive all such presentations, surrenders, notices and demands each of the Trustee, at its Corporate Trust
Office. 
 Unless otherwise specified with respect to any Securities pursuant to Section 301, if and so long as the Securities of any
series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of the Indenture, then the Company will maintain with respect to each such series of
Securities, or as so required, at least one exchange rate agent (of which it shall give written notice to the Trustee). 
 SECTION 1003.
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 any Securities and any related coupons, it will, on or before each due date of the principal of (and
premium or Make-Whole Amount, if any), or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency
or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the principal (and premium or Make-Whole Amount, 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 action or failure so to act. 

Whenever the Company shall have one or more Paying Agents for any series of Securities and any related coupons, it will, on or before each due
date of the principal of (and premium or Make-Whole Amount, if any), or interest on any Securities of that series, deposit with a Paying Agent a sum (in the currency or currencies, currency unit or units or composite currency or currencies described
in the preceding paragraph) sufficient to pay the principal (and premium or Make-Whole Amount, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or Make-Whole Amount,
if any, or interest and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or 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 principal of (and premium or Make-Whole Amount, if any) or interest on
Securities 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) in the making of any such payment of principal (and premium or Make-Whole Amount, if any) or interest on the Securities of that series; and 

(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 sums. 

Except as otherwise provided in the Securities of any series, and subject to applicable laws, 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 or Make-Whole Amount, if any) or interest on any Security of any series and remaining unclaimed for two years after such principal (and premium or
Make-Whole Amount, if any) or interest has become due and payable shall be paid to the Company upon Company Request or (if then held by the Company) shall 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 of such principal of (and premium or Make-Whole Amount, if any) or interest on any Security, without interest thereon, 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; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of
the Company cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining will be repaid to the Company. 
 SECTION 1004. Existence. Subject to Article Eight, the Company will do or
cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, all material rights (by certificate of incorporation, by-laws and statute) and material franchises; provided, however, that
the Company shall not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company. 

SECTION 1005. Maintenance of Properties. The Company will cause all of its material properties used or useful in the conduct of its
business to be maintained and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted, and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof (and the Company may take out of service for a period of time, any of its properties that have been condemned or suffered any loss due to casualty in order to make such repairs, betterments and
improvements), all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that the Company shall not be
prevented from (i) removing permanently any property that has been condemned or suffered a loss due to casualty based on the Company’s reasonable judgment that such removal is in the best interest of the Company, or (ii) selling or
otherwise disposing of its properties for value in the ordinary course of business. 
 SECTION 1006. Insurance. The Company will
cause its insurable properties to be insured against loss or damage in an amount deemed reasonable by the Board of Directors with insurers of recognized responsibility. 

SECTION 1007. Payment of Taxes and Other Claims. The Company will pay or discharge or cause to be paid or discharged, before the same
shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon it or upon the income, profits or property of the Company, and (2) all lawful claims for labor,

 
materials and supplies which, if unpaid, might by law become a lien upon the property of the Company; provided, however, that the Company shall not be required to pay or discharge
or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings. 

SECTION 1008. Statement as to Compliance. The Company will deliver to the Trustee, within 120 days after the end of each fiscal year, a
brief certificate from the principal executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture and, in the event
of any noncompliance, specifying such noncompliance and the nature and status thereof. For purposes of this Section 1008, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture.

 SECTION 1009. Waiver of Certain Covenants. The Company may omit in any particular instance to comply with any term, provision or
condition set forth in Sections 1004 to 1008, inclusive, if before or after the time for such compliance the Holders of at least a majority in principal amount of all outstanding Securities of such series, 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 and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

ARTICLE ELEVEN - REDEMPTION OF SECURITIES 

SECTION 1101. Applicability of Article. Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 

SECTION 1102. 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 less than all of the Securities of any series, the Company shall, at least 45 days prior to the giving of the notice of redemption in Section 1104
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such 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 or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction. 

SECTION 1103. Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of any series issued on the same day
with the same terms 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 issued on such date with the same
terms not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series
or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. 

The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, 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 the portion of the principal amount of
such Security which has been or is to be redeemed. 
 SECTION 1104. Notice of Redemption. Notice of redemption shall be given in the
manner provided in Section 106, not less than 30 days nor more than 60 days prior to the Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to Section 301, to each Holder of Securities to
be redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the
proceedings for the redemption of any other such Security or portion thereof. 

 Any notice that is mailed to the Holders of Registered Securities in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice. 
 All notices of redemption shall
state: 
 (1) the Redemption Date, 

(2) the Redemption Price, accrued interest to the Redemption Date payable as provided in Section 1106, if any, 

(3) if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amount) of the particular Security or Securities to be redeemed, 
 (4) in case any Security is to
be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the holder will receive, without a charge, a new Security or Securities of authorized
denominations for the principal amount thereof remaining unredeemed, 
 (5) that on the Redemption Date the Redemption Price
and accrued interest to the Redemption Date payable as provided in Section 1106, if any, will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon shall cease to accrue
on and after said date, 
 (6) the Place or Places of Payment where such Securities, together in the case of Bearer
Securities with all coupons appertaining thereto, if any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest, if any, or for conversion, 

(7) that the redemption is for a sinking fund, if such is the case, 

(8) that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must
be accompanied by all coupons maturing subsequent to the date fixed for redemption or the amount of any such missing coupon or coupons will be deducted from the Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee
for such series and any Paying Agent is furnished, 
 (9) if Bearer Securities of any series are to be redeemed and any
Registered Securities of such series are not to be redeemed, and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on this Redemption Date pursuant to Section 305 or otherwise, the last date, as
determined by the Company, on which such exchanges may be made, 
 (10) the CUSIP number of such Security, if any, and 

(11) if applicable, that a Holder of Securities who desires to convert Securities for redemption must satisfy the requirements
for conversion contained in such Securities, the then existing conversion price or rate, the place or places where such Securities may be surrendered for conversion, and the date and time when the option to convert shall expire. 

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. 
 SECTION 1105. Deposit of Redemption Price. On or prior to
any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, which it may not do in the case of a sinking fund payment under Article Twelve, segregate and hold in trust
as provided in Section 1003) an amount of money in the currency or currencies, currency unit or units or composite currency or currencies 

 
in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay on the Redemption Date the
Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities or portions thereof which are to be redeemed on that date. 

If any Securities called for redemption are converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held
in trust for the redemption of such Security shall be paid to the Company upon Company Request or, if then held by the Company, shall be discharged from such trust. 

SECTION 1106. Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be
redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 301 for the Securities of such series) (together with accrued interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below,
shall be void. Upon surrender of any such Security for redemption in accordance with said notice, together with all coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest, if any, to the Redemption Date; provided, however, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only
at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of coupons for such interest; and
provided further that except as otherwise provided with respect to Securities convertible into the Company’s Common Stock or Preferred Stock, installments of interest on Registered Securities whose Stated Maturity is on or prior to the
Redemption Date shall 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 307. 

If any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to
them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a
deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided, however, that interest represented by coupons shall be payable only at an office or agency located
outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium or Make-Whole
Amount, if any) shall, until paid, bear interest from the Redemption Date at the rate borne by the Security. 
 SECTION 1107. Securities
Redeemed in Part. Any Registered Security which is to be redeemed only in part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security without service charge a new Security or Securities of the same series, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal of the Security so surrendered. If a Global Security is so surrendered, the Company shall execute and the Trustee shall authenticate and deliver to the depository, without service charge, a new Global
Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. 

 ARTICLE TWELVE - SINKING FUNDS 

SECTION 1201. Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of a series except as otherwise specified as contemplated by Section 301 for Securities of such series. 
 The minimum
amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for 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 mandatory sinking fund payment may be subject to reduction as
provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 

SECTION 1202. Satisfaction of Sinking Fund Payments with Securities. The Company may, in satisfaction of all or any part of any
mandatory sinking fund payment with respect to the Securities of a series, (1) deliver Outstanding Securities of such series (other than any previously called for redemption) together in the case of any Bearer Securities of such series with all
unmatured coupons appertaining thereto and (2) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, as provided for by the terms of such Securities, or which have otherwise been acquired by the Company; provided that such Securities so delivered or applied as a credit have not
been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the applicable Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such
mandatory sinking fund payment shall be reduced accordingly. 
 SECTION 1203. Redemption of Securities for Sinking Fund. Not less
than 60 days prior to each sinking fund payment date for Securities of any series, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series
pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 1202, and
the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so delivered and credited. If such Officers’ Certificate shall specify an optional
amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 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 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 

ARTICLE THIRTEEN - REPAYMENT AT THE OPTION OF HOLDERS 

SECTION 1301. Applicability of Article. Repayment of Securities of any series before their Stated Maturity at the option of Holders
thereof shall be made in accordance with the terms of such Securities, if any, and (except as otherwise specified by the terms of such series established pursuant to Section 301) in accordance with this Article. 

SECTION 1302. Repayment of Securities. Securities of any series subject to repayment in whole or in part at the option of the Holders
thereof will, unless otherwise provided in the terms of such Securities, be repaid at a price equal to the principal amount thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of such
Securities. The Company covenants that on or prior to the Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an
amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such
series) sufficient to pay the principal (or, if so provided by the terms of the Securities of any series, a percentage of the principal) of, and (except if the Repayment Date shall be an Interest Payment Date) accrued interest on, all the Securities
or portions thereof, as the case may be, to be repaid on such date. 

 SECTION 1303. Exercise of Option. Securities of any series subject to repayment at the
option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse of such Securities. In order for any Security to be repaid at the option of the Holder, the Trustee must receive at the Place of Payment therefor
specified in the terms of such Security (or at such other place or places of which the Company shall from time to time notify the Holders of such Securities) not earlier than 60 days nor later than 30 days prior to the Repayment Date (1) the
Security so providing for such repayment together with the “Option to Elect Repayment” form on the reverse thereof duly completed by the Holder (or by the Holder’s attorney duly authorized in writing) or (2) a telegram, telex,
facsimile transmission or a letter from a member of a national securities exchange, or the FINRA, or a commercial bank or trust company in the United States setting forth the name of the Holder of the Security, the principal amount of the Security,
the principal amount of the Security to be repaid, the CUSIP number, if any, or a description of the tenor and terms of the Security, a statement that the option to elect repayment is being exercised thereby and a guarantee that the Security to be
repaid, together with the duly completed form entitled “Option to Elect Repayment” on the reverse of the Security, will be received by the Trustee not later than the fifth Business Day after the date of such telegram, telex, facsimile
transmission or letter; provided, however, that such telegram, telex, facsimile transmission or letter shall only be effective if such Security and form duly completed are received by the Trustee by such fifth Business Day. If less
than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and the
denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of such Security surrendered that is not to be repaid, must be specified. The principal amount of any Security providing
for repayment at the option of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of the series of which such
Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the
Company. 
 SECTION 1304. When Securities Presented for Repayment Become Due and Payable. If Securities of any series providing for
repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall
become due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall,
if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be repaid, except to the extent provided below, shall be void. Upon surrender of any such Security for repayment
in accordance with such provisions, together with all coupons, if any, appertaining thereto maturing after the Repayment Date, the principal amount of such Security so to be repaid shall be paid by the Company, together with accrued interest, if
any, to the Repayment Date; provided, however, that coupons whose Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located outside the United States (except as otherwise provided in
Section 1002) and, unless otherwise specified pursuant to Section 301, only upon presentation and surrender of such coupons; and provided further that, in the case of Registered Securities, installments of interest, if any, whose Stated
Maturity is on or prior to the Repayment Date shall be payable (but without interest thereon, unless the Company shall default in the payment thereof) 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 307. 
 If any Bearer
Security surrendered for repayment shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after deducting from the amount payable therefor as provided in Section 1302 an amount equal to
the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made as provided in the preceding sentence, such Holder shall
be entitled to receive the amount so deducted; provided, however, that interest represented by coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002)
and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons. 

 If the principal amount of any Security surrendered for repayment shall not be so repaid upon
surrender thereof, such principal amount (together with interest, if any, thereon accrued to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in the case of Original Issue
Discount Securities) set forth in such Security. 
 SECTION 1305. Securities Repaid in Part. Upon surrender of any Registered
Security which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new Registered Security or Securities
of the same series, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid. 

ARTICLE FOURTEEN - DEFEASANCE AND COVENANT DEFEASANCE 

SECTION 1401. Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance. If, pursuant to
Section 301, provision is made for either or both of (a) Defeasance of the Securities of or within a series under Section 1402 or (b) Covenant Defeasance of the Securities of or within a series under Section 1403, then the
provisions of such Section or Sections, as the case may be, together with the other provisions of this Article (with such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to
such Securities and any coupons appertaining thereto, and the Company may at its option by Board Resolution, at any time, with respect to such Securities and any coupons appertaining thereto, elect to have Section 1402 (if applicable) or
Section 1403 (if applicable) be applied to such Outstanding Securities and any coupons appertaining thereto upon compliance with the conditions set forth below in this Article. 

SECTION 1402. 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 the date the conditions set forth in Section 1404
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 1405 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 1404 and as more fully set forth in such Section, payments in respect of the principal of (and premium or Make-Whole Amount, 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 305, 306, 1002 and 1003, and the Company’s obligations under Section 606 hereof (C) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and (D) this Article. Subject to compliance with this Article Fourteen, the Company may exercise its option under this Section notwithstanding the prior exercise of its option under Section 1403 with
respect to such Securities and any coupons appertaining thereto. 
 SECTION 1403. 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 Sections 1004 to 1009, inclusive, and, if specified pursuant to Section 301,
its obligations under any other covenant contained herein or in any indenture supplemental hereto, with respect to such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions set forth in Section 1404
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 Sections 1004 to 1009, 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 501(4) or 501(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 1404. Conditions to Defeasance or Covenant Defeasance. The following shall be the conditions to application of
Section 1402 or Section 1403 to any Outstanding Securities of or within a series and any coupons appertaining thereto: 
 (a) The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 607 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust
funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities and any coupons appertaining thereto, (1) an amount in such currency,
currencies or currency unit in which such Securities and any coupons appertaining thereto are then specified as payable at Stated Maturity, or (2) Government Obligations applicable to such Securities and coupons appertaining thereto (determined
on the basis of the currency, currencies or currency unit in which such Securities and coupons appertaining thereto are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than the due date of any payment of principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities and any coupons appertaining thereto, money in an amount, or
(3) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium or Make-Whole Amount, if any) and interest, if
any, on such Outstanding Securities and any coupons appertaining thereto on the Stated Maturity of such principal or installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to such
Outstanding Securities and any coupons appertaining thereto on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities and any coupons appertaining thereto. 

(b) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any
other material agreement or instrument to which the Company is a party or by which it is bound. 
 (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 and any coupons appertaining thereto shall have occurred and be continuing on the date of such deposit or, insofar as Sections 501(6) and 501(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) In the case of an election under Section 1402, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either
case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such
Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Defeasance had not occurred. 

(e) In the case of an election under Section 1403, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance and will be subject to Federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred. 

 (f) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent to the Defeasance under Section 1402 or the Covenant Defeasance under Section 1403 (as the case may be) have been complied with and an Opinion of Counsel to the effect that either
(i) as a result of a deposit pursuant to subsection (a) above and the related exercise of the Company’s option under Section 1402 or Section 1403 (as the case may be), registration is not required under the Investment
Company Act of 1940, as amended, by the Company, with respect to the trust funds representing such deposit or by the Trustee for such trust funds or (ii) all necessary registrations under said Act have been effected. 

(g) 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 301. 

(h) The payment of amounts payable to the Trustee pursuant to this Indenture shall be paid or provided for to the reasonable satisfaction of
the Trustee. 
 SECTION 1405. Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. Subject
to the provisions of the last paragraph of Section 1003, all money and Government Obligations (or other property as may be provided pursuant to Section 301) (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this Section 1405, the “Trustee”) pursuant to Section 1404 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 or Make-Whole Amount, if any) and interest, but such money need not be
segregated from other funds except to the extent required by law. 
 Unless otherwise specified with respect to any Security pursuant to
Section 301, if, after a deposit referred to in Section 1404(a) has been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 301 or the terms of such
Security to receive payment in a currency or currency unit other than that in which the deposit pursuant to Section 1404(a) has been made in respect of such Security, or (b) a Conversion Event occurs in respect of the currency or currency
unit in which the deposit pursuant to Section 1404(a) has been made, the indebtedness represented by such Security and any coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the
payment of the principal of (and premium or Make-Whole Amount, if any), and interest, if any, on such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election)
the amount or other property deposited in respect of such Security into the currency or currency unit in which such Security becomes payable as a result of such election or Conversion Event based on the applicable market exchange rate for such
currency or currency unit in effect on the second Business Day prior to each payment date, except, with respect to a Conversion Event, for such currency or currency unit in effect (as nearly as feasible) at the time of the Conversion Event. 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations
deposited pursuant to Section 1404 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. 
 Anything in this Article to the contrary notwithstanding, subject to Section 606, the Trustee shall deliver or pay to the
Company from time to time upon Company Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 1404 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. 

 ARTICLE FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES 

SECTION 1501. Purposes for Which Meetings May Be Called. A meeting of Holders of Securities of any series may be called at any time and
from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such series.

 SECTION 1502. Call, Notice and Place of Meetings. 

(a) The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1501, to be
held at such time and at such place as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given, in the manner provided in Section 106, not less than 20 nor more than 180 days prior to the date fixed for the meeting. 

(b) In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 25% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 1501, by written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 20 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the
Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for such purposes by giving notice thereof as provided in
subsection (a) of this Section. 
 SECTION 1503. Persons Entitled to Vote at Meetings. To be entitled to vote at any meeting of
Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding
Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any
representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 
 SECTION 1504. Quorum;
Action. The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series; provided, however, that if any action is
to be taken at such meeting with respect to a consent or waiver which this Indenture expressly provides may be given by the Holders of not less than a specified percentage in principal amount of the Outstanding Securities of a series, the Persons
entitled to vote such specified percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if
convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at the reconvening of any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days; at the reconvening of any meeting adjourned or further adjourned for lack of
a quorum, the Persons entitled to vote 25% in aggregate principal amount of the then Outstanding Securities shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 1502(a), except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. 

Except as limited by the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a
quorum is present as aforesaid may be adopted by the affirmative vote of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities represented at such meeting; provided, however, that, except
as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly provides may be made, given or taken by the Holders
of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series. 

 Any resolution passed or decision taken at any meeting of Holders of Securities of any series
duly held in accordance with this Section shall be binding on all the Holders of Securities of such series and the related coupons, whether or not present or represented at the meeting. 

Notwithstanding the foregoing provisions of this Section 1504, if any action is to be taken at a meeting of Holders of Securities of any
series with respect to any request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage in principal amount of all
Outstanding Securities affected thereby, or of the Holders of such series and one or more additional series: 
 (i) there
shall be no minimum quorum requirement for such meeting; and 
 (ii) the principal amount of the Outstanding Securities of
such series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or
other action has been made, given or taken under this Indenture. 
 SECTION 1505. Determination of Voting Rights; Conduct and Adjournment
of Meetings. 
 (a) Notwithstanding any provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding
of Securities shall be proved in the manner specified in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature of the Person executing the proxy witnessed or
guaranteed by any trust company, bank or banker authorized by Section 104 to certify to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and
genuine without the proof specified in Section 104 or other proof. 
 (b) The Trustee shall, by an instrument in writing appoint a
temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in Section 1502(b), in which case the Company or the Holders of Securities of the series calling the meeting, as
the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting. 
 (c) At any meeting each Holder of a Security of such series or proxy shall be entitled to one
vote for each $1,000 principal amount of the Outstanding Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not
Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 

(d) Any meeting of Holders of Securities of any series duly called pursuant to Section 1502 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting, and the meeting may be held as so adjourned without further notice. 

SECTION 1506. Counting Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders of
Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding
Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of 

 
Holders of Securities of any Series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by
ballot taken thereat and affidavits by one or more persons having knowledge of the fact, setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 1502 and, if applicable, Section 1504.
Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter to have
attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

ARTICLE SIXTEEN - CONVERSION OF SECURITIES 

SECTION 1601. Applicability of Article; Conversion Privilege and Conversion Price. Securities of any series which are convertible shall
be convertible in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article Sixteen. Subject to and upon compliance with the provisions of this
Article Sixteen, at any time during the period specified in the Securities, at the option of the Holder thereof, any Security or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000 may be converted at the
principal amount thereof, or of such portion thereof, into fully paid and nonassessable shares (calculated as to each conversion to the nearest 1/100 of a share) of Common Stock of the Company, at the Conversion Price, determined as hereinafter
provided, in effect at the time of conversion. In case a Security or portion thereof is called for redemption, such conversion right in respect of the Security or portion so called shall expire at the close of business on the Business Day
immediately preceding the Redemption Date, unless the Company defaults in making the payment due upon redemption, in which case such conversion right shall terminate on the date such default is cured. 

The price at which shares of Common Stock shall be delivered upon conversion (herein called the “Conversion Price”) of Securities of
any series shall be specified in such Securities. The Conversion Price shall be adjusted in certain instances as provided in Section 1604. 

In case the Company shall, by dividend or otherwise, declare or make a distribution on its Common Stock referred to in paragraph (4) of
Section 1604, the Holder of each Security, upon the conversion thereof pursuant to this Article Sixteen subsequent to the close of business on the date fixed for the determination of stockholders entitled to receive such distribution and prior
to the effectiveness of the Conversion Price adjustment in respect of such distribution pursuant to paragraph (4) of Section 1604, shall be entitled to receive for each share of Common Stock into which such Security is converted, the
portion of the evidence of indebtedness, shares of Capital Stock or assets so distributed applicable to one share of Common Stock; provided, however, that, at the election of the Company (whose election shall be evidenced by a Board
Resolution filed with the Trustee) with respect to all Holders so converting, the Company may, in lieu of distributing to such Holder any portion of such distribution not consisting of cash or securities of the Company, pay such Holder an amount in
cash equal to the fair market value thereof (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee). If any conversion of a Security entitled to the
benefits described in the immediately preceding sentence occurs prior to the payment date for a distribution to holders of Common Stock which the Holder of the Security so converted is entitled to receive in accordance with the immediately preceding
sentence, the Company may elect (such election to be evidenced by a Board Resolution filed with the Trustee) to distribute to such Holder a due bill for the evidences of indebtedness, shares of Capital Stock or assets to which such Holder is so
entitled, provided that such due bill (i) meets any applicable requirements of the principal over-the-counter market or national securities exchange or other market on which the Common Stock is then traded, and (ii) requires payment or
delivery of such evidences of indebtedness or assets no later than the date of payment or delivery thereof to holders of Common Stock receiving such distribution. 

SECTION 1602. Exercise of Conversion Privilege. In order to exercise the conversion privilege, the Holder of any Security to be
converted shall surrender such Security, duly endorsed or assigned to the Company or in blank, at any office or agency maintained by the Company pursuant to Section 1002, accompanied by written notice to the Company at such office or agency
that the Holder elects to convert such Security or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted and shall comply with any additional requirements set forth in such Security. Securities
surrendered for conversion during the period from the close of business on any Regular Record Date next preceding any Interest Payment Date to the opening of business on such 

 
Interest Payment Date shall (except for Securities the Maturity of which is prior to such Interest Payment Date) be accompanied by payment in funds acceptable to the Company of an amount equal to
the interest payable on such Interest Payment Date on the principal amount of Securities being surrendered for conversion and such interest shall be paid on such Interest Payment Date as provided in Section 307. Except as provided in the
preceding sentence, no payment or adjustment shall be made upon any conversion on account of any interest accrued on the Securities surrendered for conversion or on account of any dividends on the Common Stock issued upon conversion. 

The Company’s delivery to the Holder of the fixed number of shares of the Common Stock of the Company (and any cash in lieu of any
fractional share of Common Stock) into which the Security is convertible shall be deemed to satisfy the Company’s obligation to pay the principal amount of the Security and all accrued interest and original issue discount that has not
previously been paid. The shares of Common Stock of the Company so delivered shall be treated as issued first in payment of accrued interest and original issue discount and then in payment of principal. Thus, accrued interest and original issue
discount shall be treated as paid, rather than canceled, extinguished or forfeited. 
 Securities shall be deemed to have been converted
immediately prior to the close of business on the day of surrender of such Securities for conversion in accordance with the foregoing provisions, and at such time the rights of the Holders of such Securities as Holders shall cease, and the Person or
Persons entitled to receive the Common Stock issuable upon conversion shall be treated for all purposes as the record holder or holders of such Common Stock at such time. As promptly as practicable on or after the conversion date, the Company shall
issue and shall deliver at such office or agency a certificate or certificates for the number of full shares of Common Stock issuable upon conversion, together with payment in lieu of any fraction of a share, as provided in Section 1603. 

In the case of any Security which is converted in part only, as promptly as practicable on or after the conversion date the Company shall
execute and the Trustee shall authenticate and make available for delivery to the Holder thereof (or the Depositary in the case of a Global Security), at the expense of the Company, a new Security or Securities, of authorized denominations in
aggregate principal amount equal to the unconverted portion of the principal amount of such Security. 
 SECTION 1603. Fractions of
Shares. No fractional shares of Common Stock shall be issued upon conversion of Securities. If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full shares of Common Stock which shall be
issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof) so surrendered. Instead of any fractional share of Common Stock which would otherwise be issuable
upon conversion of any Security or Securities (or specified portions thereof), the Company shall pay a cash adjustment (rounded to the nearest cent) in respect of such fraction in an amount equal to the same fraction of the Closing Price per share
of the Common Stock on the day of conversion (or, if such day is not a Trading Day, on the Trading Day immediately preceding such day). 

SECTION 1604. Adjustment of Conversion Price. The Conversion Price shall be subject to adjustment from time to time as follows: 

(1) If the Company pays or makes a dividend or other distribution (a) on its Common Stock exclusively in Common Stock or
(b) on any other class of Capital Stock of the Company, which dividend or distribution includes Common Stock of the Company, the Conversion Price in effect at the opening of business on the day following the date fixed for the determination of
stockholders entitled to receive such dividend or other distribution (the “Dividend Record Date”) shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the number of shares of Common Stock of
the Company outstanding at the close of business on the Dividend Record Date and the denominator shall be the sum of such number of shares and the total number of shares constituting such dividend or other distribution. Such reduction shall become
effective immediately after the opening of business on the day following the date fixed for such determination. For the purposes of this paragraph (1), the number of shares of Common Stock of the Company at any time outstanding shall not include
shares held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Company shall not pay any dividend or make any distribution on shares of Common
Stock held in the treasury of the Company. 

 (2) Subject to paragraph (6) of this Section, if the Company pays or makes a
dividend or other distribution on its Common Stock consisting exclusively of Short Term Rights (as defined below), or otherwise issues Short Term Rights to all holders of its Common Stock, the Conversion Price in effect at the opening of business on
the day following the record date for the determination of holders of Common Stock entitled to receive such Short Term Rights (the “Rights Record Date”) shall be reduced by multiplying such Conversion Price by a fraction of which the
numerator shall be the number of shares of Common Stock of the Company outstanding at the close of business on the Rights Record Date plus the number of shares of Common Stock of the Company which the aggregate of the offering price of the total
number of shares of Common Stock so offered for subscription or purchase would purchase at such current market price and the denominator shall be the number of shares of Common Stock of the Company outstanding at the close of business on the Rights
Record Date plus the number of shares of Common Stock so offered for subscription or purchase. Such reduction shall become effective immediately after the opening of business on the day following the Rights Record Date. For the purposes of this
paragraph (2), the number of shares of Common Stock of the Company at any time outstanding shall not include shares held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions
of shares of Common Stock of the Company. The Company shall not issue any rights, options or warrants in respect of shares of its Common Stock held in the treasury of the Company. When used in this Section 1604, the term “Short Term
Rights” shall mean rights, warrants or options entitling the holders thereof (for a period commencing no earlier than the Rights Record Date and expiring not more than 45 days after the Rights Record Date) to subscribe for or purchase shares of
Common Stock of the Company at a price per share less than the current market price per share (determined as provided in paragraph (7) of this Section 1604) of the Common Stock of the Company on the Rights Record Date. 

(3) In case outstanding shares of Common Stock of the Company shall be subdivided into a greater number of shares of Common
Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such subdivision becomes effective shall be proportionately reduced, and, conversely, in case outstanding shares of Common Stock of the Company
shall be combined into a smaller number of shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such combination becomes effective shall be proportionately increased, such
reduction or increase, as the case may be, to become effective immediately after the opening of business on the day following the day upon which such subdivision or combination becomes effective. 

(4) Subject to the last sentence of this paragraph (4) of this Section, if the Company, by dividend or otherwise,
(a) distributes to all holders of its Common Stock evidences of its indebtedness, shares of any class of Capital Stock of the Company or other assets (other than cash dividends out of current or retained earnings), or (b) distributes to
substantially all holders of Common Stock rights or warrants to subscribe for securities (other than Short Term Rights to which paragraph (2) of this Section 1604 applies), the Conversion Price shall be reduced by multiplying such
Conversion Price by a fraction of which the numerator shall be the current market price per share (determined as provided in paragraph (7) of this Section 1604) of the Common Stock of the Company on the Reference Date (as defined below)
less the fair market value (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee), on the Reference Date, of the portion of the evidences of
indebtedness and other assets so distributed or of such subscription rights or warrants applicable to one share of Common Stock (collectively, the “Market Value of the Distribution”) and the denominator shall be such current market price
per share of the Common Stock of the Company. Such reduction shall become effective immediately prior to the opening of business on the day (the “Reference Date”) following the later of (a) the date fixed for the payment of such
distribution and (b) the date 20 days after notice relating to such distribution is required to be given pursuant to Section 1606(a). If the Board of Directors determines the fair market value of any distribution for purposes of this
paragraph (4) by reference to the actual or when issued trading market for any securities comprising such distribution, it must in doing so consider the prices in such market over the same period used in computing the current market price per
share pursuant to paragraph (7) of this Section 1604. In the event that, with respect to any distribution to which this paragraph (4) of Section 1604 would otherwise apply, the Market Value of the Distribution is greater than the
current market price per share of the Common Stock (such distribution being referred to herein as an “Unadjusted Distribution”), then the adjustment provided by this paragraph (4) shall not be made and in lieu thereof the provisions
of Section 1611 shall apply with respect to such Unadjusted Distribution. 

 (5) The Company may, but shall not be required to, make such reductions in the
Conversion Price, in addition to those required by paragraphs (1), (2), (3), and (4) of this Section 1604, as it considers to be advisable in order that any event treated for federal income tax purposes as a dividend of stock or stock
rights shall not be taxable to the recipients. In addition, the Company, from time to time, may decrease the Conversion Price by any amount and for any reason, temporarily or otherwise, including situations where the Board of Directors determines
such decrease to be fair and appropriate with respect to transactions in which holders of Common Stock have the right to participate. 

(6) Rights or warrants issued or distributed by the Company to all holders of its Common Stock entitling the holders thereof to
subscribe for or purchase shares of Common Stock or Preferred Stock, which rights or warrants (i) are deemed to be transferred with such shares of Common Stock, (ii) are not exercisable and (iii) are also issued or distributed in
respect of future issuances of Common Stock, in each case in clauses (i) through (iii) until the occurrence of a specified event or events (“Trigger Events”), shall for purposes of this Section 1604 not be deemed issued or
distributed until the occurrence of the earliest Trigger Event. Each share of Common Stock issued upon conversion of Securities pursuant to this Article Sixteen shall be entitled to receive the appropriate number of Common Stock purchase rights (the
“Rights”), if any, and the certificates representing the Common Stock issued upon conversion shall bear such legends, if any. Notwithstanding anything to the contrary in this Article Sixteen, there shall not be any adjustment to the
Conversion Price as a result of (i) the distribution of separate certificates representing the Rights; (ii) the occurrence of certain events entitling holders of Rights to receive, upon exercise thereof, Common Stock or other securities of
the Company or other securities of another corporation; or (iii) the exercise of such Rights. No adjustment in the Conversion Price need be made for rights to purchase or the sale of Common Stock pursuant to a Company plan providing for
reinvestment of dividends or interest. 
 (7) For the purpose of any computation under paragraph (2), (4) or (5) of
this Section 1604, the “current market price” per share of Common Stock of the Company on any date shall be deemed to be the average of the daily Closing Prices for the 15 consecutive Trading Days selected by the Company commencing
not more than 30 Trading Days before, and ending not later than, the date in question. 
 (8) No adjustment in the Conversion
Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Conversion Price; provided, however, that any adjustments which by reason of this paragraph (8) are not required to be made
shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Article Sixteen shall be made to the nearest cent or to the nearest one-hundredth of a share of Common Stock, as the case may be. 

(9) Anything herein to the contrary notwithstanding, in the event the Company shall declare any dividend or distribution
requiring an adjustment in the Conversion Price hereunder and shall, thereafter and before the payment of such dividend or distribution to stockholders, legally abandon its plan to pay such dividend or distribution, the Conversion Price then in
effect hereunder, if changed to reflect such dividend or distribution, shall upon the legal abandonment of such plan be changed to the Conversion Price which would have been in effect at the time of such abandonment (after giving effect to all other
adjustments not so legally abandoned pursuant to the provisions of this Article Sixteen) had such dividend or distribution never been declared. 

(10) Notwithstanding any other provision of this Section 1604, no adjustment to the Conversion Price shall reduce the
Conversion Price below the then par value per share of the Common Stock of the Company, and any such purported adjustment shall instead reduce the Conversion Price to such par value. Notwithstanding the foregoing sentence, the Company hereby
covenants that it will from time to time take all such action as may be required to assure that the par value per share of the Common Stock is at all times equal to or less than the Conversion Price. 

(11) In the event that this Article Sixteen requires adjustments to the Conversion Price under more than one of paragraphs (1),
(2), (3) or (4) of this Section 1604, and the record or effective dates for the transaction giving rise to such adjustments shall occur on the same date, then such adjustments shall be made by applying (to the extent they are
applicable), first, the provisions of paragraph (3) of this Section 1604, second, the 

 
provisions of paragraph (1) of this Section 1604, third, the provisions of paragraph (4) of this Section 1604 and, fourth, the provisions of paragraph (2) of this
Section 1604. Anything herein to the contrary notwithstanding, no single event shall require or result in duplicative adjustments in the Conversion Price pursuant to this Section 1604. After an adjustment to the Conversion Price under this
Article Sixteen, any subsequent event requiring an adjustment under this Article Sixteen shall cause an adjustment to the Conversion Price as so adjusted. If, after an adjustment, a Holder of a Security upon conversion of such Security receives
shares of two or more classes of Capital Stock of the Company, the Conversion Price shall thereafter be subject to adjustment upon the occurrence of an action taken with respect to any such class of Capital Stock as is contemplated by this Article
Sixteen with respect to the Common Stock in this Article Sixteen. 
 SECTION 1605. Notice of Adjustments of Conversion Price.
Whenever the Conversion Price is adjusted as herein provided: 
 (1) the Company shall compute the adjusted Conversion Price
in accordance with Section 1604 or Section 1611 and shall prepare an Officer’s Certificate setting forth the adjusted Conversion Price and showing in reasonable detail the facts upon which such adjustment is based, and such
certificate shall forthwith be filed (with a copy to the Trustee) at each office or agency maintained for the purpose of conversion of any Securities pursuant to Section 1002; and 

(2) a notice stating that the Conversion Price has been adjusted and setting forth the adjusted Conversion Price shall
forthwith be required, and as soon as practicable after it is required, such notice shall be mailed by the Company to all Holders at their last addresses as they shall appear in the Security Register. 

SECTION 1606. Notice of Certain Corporate Action. In case: 

(1) the Company shall take any action that would require a Conversion Price adjustment pursuant to Section 1604 or
Section 1611; or 
 (2) there shall occur any reclassification of the Common Stock of the Company (other than a
subdivision or combination of its outstanding shares of Common Stock), or any consolidation or merger to which the Company is a party, or the sale, transfer or lease of all or substantially all of the assets of the Company and for which approval of
any stockholders of the Company is required; or 
 (3) there shall occur the voluntary or involuntary dissolution,
liquidation or winding up of the Company, then the Company shall cause to be filed at each office or agency maintained for the purpose of conversion of Securities pursuant to Section 1002, and shall cause to be mailed to all Holders at their
last addresses as they shall appear in the Security Register, at least 10 days prior to the applicable record, effective or expiration date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of
any dividend, distribution or granting of rights, warrants or options, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights, options or warrants are to
be determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up is expected to become effective, and, if applicable, the date as of which it is expected that holders
of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. 

SECTION 1607. Company to Reserve Common Stock. The Company shall at all times reserve and keep available, free from preemptive rights,
out of its authorized but unissued Common Stock, for the purpose of effecting the conversion of Securities, a number of shares of Common Stock for the conversion of all outstanding Securities of any series which is convertible into Common Stock.

 SECTION 1608. Taxes on Conversion. The Company will pay any and all taxes that may be payable in respect of the issue or delivery
of shares of Common Stock on conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of Common Stock in a name
other than that of the Holder of the Security or 

 
Securities to be converted, and no such issue or delivery shall be made unless and until the Person requesting such issue has paid to the Company the amount of any such tax, or has established to
the satisfaction of the Company that such tax has been paid. 
 SECTION 1609. Covenants as to Common Stock. The Company covenants
that all shares of Common Stock which may be issued upon conversion of Securities will upon issue be duly and validly issued, fully paid and nonassessable, free of preemptive or any similar rights, and, except as provided in Section 1608, the
Company will pay all taxes, liens and charges with respect to the issue thereof. 
 The Company will endeavor promptly to comply with all
Federal and state securities laws regulating the offer and delivery of shares of Common Stock upon conversion of Securities, if any, and will list or cause to have quoted such shares of Common Stock on each national securities exchange or in the
over-the-counter market or such other market on which the Common Stock is then listed or quoted. 
 SECTION 1610. Cancellation of
Converted Securities. All Securities delivered for conversion shall be delivered to the Trustee to be cancelled by or at the direction of the Trustee, which shall dispose of the same as provided in Section 309. 

SECTION 1611. Provisions in Case of Consolidation, Merger or Sale of Assets; Special Distributions. If any of the following shall
occur, namely: (i) any reclassification or change of outstanding shares of Common Stock issuable upon conversion of Securities (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a
result of a subdivision or combination), (ii) any consolidation or merger to which the Company is a party other than a merger in which the Company is the continuing corporation and which does not result in any reclassification of, or change
(other than a change in name, or par value, or from par value to no par value, or from no par value to par value or as a result of a subdivision or combination) in, outstanding shares of Common Stock or (iii) any sale or conveyance of all or
substantially all of the property or business of the Company as an entirety, then the Person formed by such consolidation or resulting from such merger or which acquires such properties or assets, as the case may be, shall as a condition precedent
to such transaction execute and deliver to the Trustee a supplemental indenture providing that the Holder of each Security then outstanding shall have the right thereafter, during the period such Security shall be convertible as specified in
Section 1601, to convert such Security only into the kind and amount of securities, cash and other property receivable, if any, upon such consolidation, merger, sale, transfer or lease by a holder of the number of shares of Common Stock of the
Company into which such Security might have been converted immediately prior to such consolidation, merger, sale, transfer or lease; provided that the kind and amount of securities, cash and other property so receivable shall be determined on the
basis of the following assumptions. The holder of Common Stock referred to in the foregoing sentence: 
 (1) is not
(a) a Person with which the Company consolidated, (b) a Person into which the Company merged or which merged into the Company, or (c) a Person to which such sale, transfer or lease was made (any Person described in the foregoing
clauses (a), (b), or (c), hereinafter referred to as a “Constituent Person”), or (d) an Affiliate of a Constituent Person; and 

(2) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property
receivable upon such consolidation, merger, sale, transfer or lease (provided that if the kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale transfer or lease is not the same for each share of
Common Stock of the Company in respect of which such rights of election shall not have been exercised, then for the purpose of this Section 1611 the kind and amount of securities, cash and other property receivable upon such consolidation,
merger, sale, transfer or lease shall be deemed to be the kind and amount so receivable per share by a plurality of such shares of Common Stock). 

Such supplemental indenture shall provide for adjustments which, for events subsequent to the effective date of such supplemental indenture,
shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article Sixteen. If, in the case of any such consolidation, merger, sale transfer or lease the stock or other securities and property (including cash)
receivable thereupon by a holder of Common Stock includes shares of stock or other securities and property of a corporation other than the successor or purchasing corporation, as the case may be, in such consolidation, merger, sale, transfer or
lease then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders of the 

 
Securities as the Board of Directors of the Company shall reasonably consider necessary by reason of the foregoing. The above provisions of this Section 1611 shall similarly apply to
successive consolidations, mergers, sales, transfers or leases. 
 In the event the Company shall execute a supplemental indenture pursuant
to this Section 1611, the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of shares of stock or securities or property (including cash) receivable by Holders of
the Securities upon the conversion of their Securities after any such reclassification, change, consolidation, merger, sale, transfer or lease and any adjustment to be made with respect thereto. 

If the Company makes a distribution to all holders of its Common Stock that constitutes an Unadjusted Distribution pursuant to the last
sentence of paragraph (4) of Section 1604, then, from and after the record date for determining the holders of Common Stock entitled to receive such distribution (the “Distribution Record Date”), a Holder of a Security who
converts such Security in accordance with the provisions of this Indenture shall, upon conversion, be entitled to receive, in addition to the shares of Common Stock into which the Security is convertible, the kind and amount of evidences of
indebtedness, shares of Capital Stock, or other assets or subscription rights or warrants, as the case may be, comprising the distribution that such Holder would have received if such Holder had converted the Security immediately prior to the
Distribution Record Date. 
 SECTION 1612. Trustee Adjustment Disclaimer; Company Determination Final. The Trustee has no duty to
determine when an adjustment under this Article Sixteen should be made, how it should be made or what it should be. The Trustee has no duty to determine whether a supplemental indenture under Section 1611 need be entered into or whether any
provisions of any supplemental indenture are correct. The Trustee shall not be accountable for and makes no representation as to the validity or value of any securities or assets issued upon conversion of Securities. The Trustee shall not be
responsible for the Company’s failure to comply with this Article Sixteen. Any determination that the Company or the Board of Directors must make pursuant to this Article Sixteen is conclusive, absent manifest error. 

SECTION 1613. When No Adjustment Required. Except as expressly set forth in Section 1604, no adjustment in the Conversion Price
shall be made because the Company issues, in exchange for cash, property or services, shares of its Common Stock, or any securities convertible into or exchangeable for shares of its Common Stock, or securities (including warrants, rights and
options) carrying the right to subscribe for or purchase shares of its Common Stock or such convertible or exchangeable securities. 

(1) Notwithstanding anything herein to the contrary, no adjustment in the Conversion Price shall be made pursuant to
Section 1604 in respect of any dividend or distribution if the Holders may participate therein (on a basis to be determined in good faith by the Board of Directors) and receive the same consideration they would have received if they had
converted the Securities immediately prior to the record date with respect to such dividend or distribution. 
 SECTION 1614. Equivalent
Adjustments. In the event that, as a result of an adjustment made pursuant to Section 1604 above, the holder of any Security thereafter surrendered for conversion shall become entitled to receive any shares of Capital Stock of the Company
other than shares of its Common Stock, thereafter the Conversion Price of such other shares so receivable upon conversion of any Securities shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions with respect to Common Stock contained in this Article Sixteen. 

 SIGNATURES 

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

 

					
	VASCULAR BIOGENICS LTD.	 	
			
	By:	 	  
	 	
			
	Name:	 		 	
			
	Title:	 		 	
		
	  
	 	,
		
	as Trustee	 	
			
	By:	 	  
	 	
			
	Name:	 		 	
			
	Title:	 		 	

 EXHIBIT A 

FORM OF REDEEMABLE OR NON-REDEEMABLE SENIOR SECURITY 

[Face of Security] 
 [If the Holder of this
Security (as indicated below) is The Depository Trust Company (“DTC”) or a nominee of DTC, this Security is a Global Security and the following two legends apply: 

Unless this Security is presented by an authorized representative of The Depository Trust Company, a New York corporation, (“DTC”) to the Company
or its agent for registration of transfer, conversion, exchange or payment, and such Security issued is registered in the name of Cede & Co., or in such other name as requested by an authorized representative of DTC (and any payment is made
to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof,
Cede & Co., has an interest herein. 
 Unless and until this Security is exchanged in whole or in part for Securities in certificated form,
this Security may not be transferred except as a whole by DTC to a nominee thereof or by a nominee thereof to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor.] 

[If this Security is an Original Issue Discount Security, insert — FOR PURPOSES OF SECTION 1273 and 1275 OF THE UNITED STATES INTERNAL REVENUE
CODE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THIS SECURITY IS     % OF ITS PRINCIPAL AMOUNT, THE ISSUE DATE IS             , 20    , AND THE YIELD
TO MATURITY IS     %. THE METHOD USED TO DETERMINE THE AMOUNT OF ORIGINAL ISSUE DISCOUNT APPLICABLE TO THE SHORT ACCRUAL PERIOD OF             ,
20     TO             , 20    , IS     % OF THE PRINCIPAL AMOUNT OF THIS SECURITY.] 

VASCULAR BIOGENICS LTD. 

[Designation of Series] 
  

			
	No.    	  	$            

 CUSIP No. 
 VASCULAR BIOGENICS
LTD., a company organized under the laws of the State of Israel (herein referred to as the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises
to pay to                      or registered assigns the principal sum of             
Dollars on                      (the “Stated Maturity Date”) [or insert date fixed for earlier redemption (the “Redemption
Date,” and together with the Stated Maturity Date with respect to principal repayable on such date, the “Maturity Date.”)] 
 [If the
Security is to bear interest prior to Maturity, insert — and to pay interest thereon from                      or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually on                      and
                     in each year (each, an “Interest Payment Date”), commencing
                    , at the rate of     % per annum, until the principal hereof is paid or duly provided for. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder 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, which shall be the                      or
                     (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date [at the office or agency of the
Company maintained for such purpose; provided, however, that such interest may be paid, at the Company’s option, by mailing a check to such Holder at its registered address or by transfer of funds to an account maintained by such
Holder within the United States]. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder 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 may be paid at any time in any other lawful manner not inconsistent with the requirements of any over-the-counter market or
securities exchange on which the Securities of this series may be quoted or listed, and upon such notice as may be required by such market or exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day
year of twelve 30-day months.] 
 [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 the [Stated] Maturity Date and in such case the overdue principal of this Security shall bear interest at the rate of
    % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for.
Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at the rate of     % per annum (to the extent that the payment of such
interest shall be legally enforceable), which shall accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.] 

The principal of this Security payable on the Stated Maturity Date [or the principal of, premium or Make-Whole Amount, if any, and, if the Redemption Date is
not an Interest Payment Date, interest on this Security payable on the Redemption Date] will be paid against presentation of this Security at the office or agency of the Company maintained for that purpose in
                    , in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public
and private debts. 
 Interest payable on this Security on any Interest Payment Date and on the [Stated] Maturity Date [or Redemption Date, as the case may
be,] will include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including
                    , if no interest has been paid on this Security) to but excluding such Interest Payment Date or the [Stated] Maturity Date [or
Redemption Date, as the case may be.] If any Interest Payment Date or the [Stated] Maturity Date or [Redemption Date] falls on a day that is not a Business Day, as defined below, principal, premium or Make-Whole Amount, if any, and/or interest
payable with respect to such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be,] will be paid on the next succeeding Business Day with the same force and effect as if it were paid on the date such payment was
due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be.] “Business Day” means any day, other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which banking institutions in The City of New York are required or authorized by law, regulation or executive order to close. 

[If this Security is a Global Security, insert — All payments of principal, premium or Make-Whole Amount, if any, and interest in respect of this
Security will be made by the Company in immediately available funds.] 
 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 by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its facsimile corporate
seal. 
  

					
	Dated:	 	  

 

			
	VASCULAR BIOGENICS LTD.
		
	By:	 	  

		
		 	Name:
		
		 	Title:

 Attest: 

  
 66 

	
	  

	
	Secretary

 [Reverse of Security] 

VASCULAR BIOGENICS LTD. 
 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             , 20     (herein called the
“Indenture”) between the Company and                     , as Trustee (herein called the “Trustee,” which term includes any
successor trustee under the Indenture with respect to the series of which this Security is a part), 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 Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the duly authorized series of
Securities designated on the face hereof (collectively, the “Securities”), [if applicable, insert — and the aggregate principal amount of the Securities to be issued under such series is limited to
$         (except for Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Securities).] All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. 
 If an Event of Default, as defined in the Indenture, shall occur and be continuing, the
principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 [If
applicable, insert — The Securities may not be redeemed prior to the Stated Maturity Date.] 
 [If applicable, insert — The Securities
are subject to redemption [ (l) (If applicable, insert — 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) ] [If applicable, insert — at any time [on or after                     ], 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 on or before
                    ,     % and if redeemed during the 12-month period beginning
                     of the years indicated at the Redemption Prices indicated below. 

 

							
	 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; provided, however, that installments of interest on this Security whose Stated
Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security, 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 are subject to redemption (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 [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; provided, however, that installments of interest on this Security whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holder of this Security, 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 — Notwithstanding the foregoing, the Company may not, prior to
                    , redeem any Securities as contemplated by [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 the Securities provides for the redemption on
                     in each year, beginning with the year
                     and ending with the year
                    , of [not less than] $        ] [(“mandatory sinking fund”) and not more than
$        ] aggregate principal amount of the Securities. [The Securities acquired or redeemed by the Company otherwise than through [mandatory] sinking fund payments may be credited against subsequent
[mandatory] sinking fund payments otherwise required to be made in the [describe order] order in which they become due.]] 
 Notice
of redemption will be given by mail to Holders of Securities, not less than 30 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture. 

In the event of redemption of this Security in part only, a new Security or Securities for the unredeemed portion hereof shall be issued in
the name of the Holder hereof upon the cancellation hereof. 
 [If applicable, insert conversion provisions set forth in any Board
Resolution or indenture supplemental to the Indenture.] 
 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of
the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal amount of
the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the
aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of all of the Holders of Securities of such series, 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 other Securities issued upon the registration of transfer hereof or conversion or in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 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 or Make-Whole Amount, if any) and interest on this Security at the times,
places and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein
[and herein] set forth, the transfer of this Security is registrable in the Security Register of the Company upon surrender of this Security for registration of 

 
transfer at the office or agency of the Company in any place where the principal of (and premium or Make-Whole Amount, if any) and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 As provided in the
Indenture and subject to certain limitations therein [and herein] set forth, this Security is exchangeable for a like aggregate principal amount of Securities of different authorized denominations but otherwise having the same terms and conditions,
as requested by the Holder hereof surrendering the same. 
 The Securities of this series are issuable only in registered form [without
coupons] in denominations of $         and any integral multiple thereof. 
 No service charge
shall be made for any such registration of transfer or conversion 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
may 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. 

No recourse shall be had for the payment of the principal of or premium or Make-Whole Amount, if any, or the interest on this Security, or for
any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any past, present or future stockholder, employee, officer or director, as such, of the Company or of
any successor, either directly or through the Company or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof
and as part of the consideration for the issue hereof, expressly waived and released. 
 The Indenture and the Securities shall be governed
by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State. 

 EXHIBIT B 

FORMS OF CERTIFICATION 
 EXHIBIT
B-1 
 FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE

 CERTIFICATE 
 [Insert title
or sufficient description of Securities to be delivered] 
 This is to certify that, as of the date hereof, and except as set forth below,
the above-captioned Securities held by you for our account (i) are owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to
United States Federal income taxation regardless of its source (“United States person(s)”), (ii) are owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial institutions,
as defined in United States Treasury Regulations Section 2.165-12(c)(1)(v) are herein referred to as “financial institutions”) purchasing for their own account or for resale, or (b) United States person(s) who acquired the
Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United States financial
institution hereby agrees, on its own behalf or through its agent, that you may advise Vascular Biogenics Ltd. or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
United States Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in United States
Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or foreign financial institution described in clause (iii) above (whether or not also described in clause (i) or (ii)), this is to
further certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 

As used herein, “United States” means the United States of America (including the States and the District of Columbia); and its
“possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

We undertake to advise you promptly by tested telex or by telecopy on or prior to the date on which you intend to submit your certification
relating to the above-captioned Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that
this certification applies as of such date. 
 This certificate excepts and does not relate to [U.S.$] of such interest in the
above-captioned Securities in respect of which we are not able to certify and as to which we understand an exchange for an interest in a permanent Global Security or an exchange for and delivery of definitive Securities (or, if relevant, collection
of any interest) cannot be made until we do so certify. 
 We understand that this certificate may be required in connection with certain
tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to
any interested party in such proceedings. 
 Dated: 

[To be dated no earlier than the 15th day prior to (i) the Exchange Date or (ii) the relevant Interest Payment Date occurring prior
to the Exchange Date, as applicable] 

 
			
	[Name of Person Making Certification]
	
	  

	
	(Authorized Signature)
		
	Name:	 	
		
	Title:	 	

 EXHIBIT B-2 

FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND CLEARSTREAM S.A. IN CONNECTION 

WITH THE EXCHANGE OF A PORTION OF A TEMPORARY GLOBAL SECURITY OR TO OBTAIN 

INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE 

CERTIFICATE 
 [Insert title or
sufficient description of Securities to be delivered] 
 This is to certify that, based solely on written certifications that we have
received in writing, by tested telex or by electronic transmission from each of the persons appearing in our records as persons entitled to a portion of the principal amount set forth below (our “Member Organizations”) substantially in the
form attached hereto, as of the date hereof, [U.S.$] principal amount of the above-captioned Securities (i) is owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any
estate or trust the income of which is subject to United States Federal income taxation regardless of its source (“United States person(s)”), (ii) is owned by United States person(s) that are (a) foreign branches of United States
financial institutions (financial institutions, as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v) are herein referred to as “financial institutions”) purchasing for their own account or for resale, or (b) United
States person(s) who acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each
such financial institution has agreed, on its own behalf or through its agent, that we may advise Vascular Biogenics Ltd. or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in United States
Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that financial institutions described in clause (iii) above (whether or not also described in clause (i) or (ii)) have certified that they have not
acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 

As used herein, “United States” means the United States of America (including the States and the District of Columbia); and its
“Possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

We further certify that (i) we are not making available herewith for exchange (or, if relevant, collection of any interest) any portion
of the temporary Global Security representing the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii) as of the date hereof we have not received any notification from any of our Member
Organizations to the effect that the statements made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection of any interest) are no longer true and cannot be relied upon as
of the date hereof. 
 We understand that this certification is required in connection with certain tax legislation in the United States. If
administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested party in such
proceedings. 
 Dated: 
 [To be dated no
earlier than the Exchange Date or the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable] 

[                    , as Operator of the
Euroclear System] [Clearstream Banking Luxembourg] 

 
			
	By:	 	  

		
		 	Name:
		
		 	Title:

  
 72

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