Document:

Document

Exhibit 10.3

AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is dated as of June 16, 2022, by and between Athene Holding Ltd., a Bermuda exempted company limited by shares (“AHL”), and James R. Belardi (the “Executive”). 
RECITALS
THE PARTIES ENTER THIS AGREEMENT on the basis of the following facts, understandings and intentions:
A.    AHL and the Executive entered into an Employment Agreement (the “Athene Agreement”), dated as of July 15, 2009, as amended and restated as of February 2013, pursuant to which the Executive serves as the Chief Executive Officer of AHL. 
B.    Apollo Insurance Solutions Group LP, formerly known as Athene Asset Management LLC, a Delaware single member limited partnership (“AISG”), and the Executive entered into an Employment Agreement (the “AAM Agreement”), dated as of July 15, 2009, as amended and restated in that certain Amended and Restated Employment Agreement, dated as of February 2013, pursuant to which the Executive serves as the Chief Executive Officer of AISG.  
C.      Apollo Global Management, Inc. (the indirect parent company of AISG) and AHL completed a series of merger transactions on January 1, 2022 pursuant to an agreement and plan of merger, dated as of March 8, 2021, whereupon the name of Apollo Global Management, Inc. was changed to Apollo Asset Management, Inc. and such renamed entity and AHL became subsidiaries of Tango Holdings, Inc., which was subsequently renamed Apollo Global Management, Inc. (together with any successor, “AGM”).
D.    AHL, AISG (each of AHL and AISG, a “Company” and collectively, the “Companies”) and the Executive (AHL and the Executive, each a “Party” and collectively, the “Parties”) desire that the Executive continue to serve as the Chief Executive Officer of each Company.  This Agreement supersedes and negates (except as otherwise expressly provided in this Agreement) all previous employment agreements between the Executive, AHL and AISG and any predecessors. 
AGREEMENT
NOW, THEREFORE, in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the Parties agree as follows:
1.    Retention and Duties.
1.1    Retention.  AHL hereby employs the Executive, and AISG hereby engages the Executive as an officer, for the Term (as defined below), on the terms set forth in this Agreement.  The Executive accepts and agrees to such employment by AHL and engagement by AISG, on the terms set forth in this Agreement.  
1.2    Duties.  During the Term, the Executive shall serve each Company as its Chief Executive Officer and shall have the powers, authorities, duties and obligations of management usually vested in the office of the Chief Executive Officer, and such other powers, authorities, duties and obligations commensurate with such position as the board of directors of AGM (the “AGM Board”) may assign from time to time, all subject to the lawful directives of the AGM Board, and the corporate policies of AGM and its Affiliates (as defined in Exhibit A) (AGM and its Affiliates, collectively, the “Group”), as they are in effect from time to time throughout the Term (including, without limitation, the Group’s 

business conduct and ethics policies and each Company’s operating guidelines as they may be in effect from time to time).  The Parties acknowledge that the Executive was previously appointed to the board of directors of each of AHL and AISG GP Ltd., AISG’s general partner (each, a “Company Board”) and shall report directly and exclusively to each applicable Company Board and the Chief Executive Officer of AGM during the Term.  The Executive shall be recused from any discussion by any board of directors (or committee thereof) of the Executive’s terms or conditions of employment or engagement or the termination thereof.    
1.3    No Other Employment; Minimum Time Commitment.  During the Term, the Executive shall (i) devote substantially all of the Executive’s business time, energy and skill to the performance of the Executive’s duties for the Companies, (ii) perform such duties in a faithful, effective and efficient manner to the best of his abilities, and (iii) hold no other employment.  The Executive’s service on the boards of directors (or similar body) of other business entities is subject to the approval of the AGM Board; provided, however, that service on the board of directors (or similar body) of any member of the Group on which the Executive serves at the request of a member of the Group shall be deemed pre-approved.  During the Term, the Executive shall be permitted to manage his personal investments and engage in charitable activities, and, notwithstanding the foregoing, engage in activities on behalf of other members of the Group, so long as such activities do not, in each case and in the aggregate, interfere with the effective discharge of the Executive’s duties and responsibilities to the Companies.  AGM and the Companies shall have the right to require the Executive to resign from any board or similar body (including, without limitation, any association, corporate, civic or charitable board or similar body) on which he may then serve (with the consent of AGM, if such service is at the request of another member of the Group other than the Companies) if the AGM Board or the applicable Company Board reasonably determines that the Executive’s service on such board or body interferes with the effective discharge of the Executive’s duties and responsibilities to AHL or that any business related to such service is then in competition with any business of the Group or any Protected Companies (as defined in Section 6.2), or any successors or assigns of the foregoing.
1.4    Representations. 
(a)    The Executive hereby represents to the Companies that: (i) the execution and delivery of this Agreement and the performance by the Executive of the Executive’s duties hereunder do not and shall not constitute a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any other agreement or policy to which the Executive is a party or otherwise bound or any judgment, order or decree to which the Executive is subject; (ii) the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other Person (as defined  in Exhibit A) which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his duties hereunder; (iii) other than this Agreement, the Executive is not bound by any employment, consulting, non-compete, trade secret or similar agreement with any other Person; (iv) the Executive understands the Companies will rely upon the accuracy and truth of the representations and warranties of the Executive set forth herein and the Executive consents to such reliance, and (v) upon the execution and delivery of this Agreement, this Agreement shall be his valid and binding obligation, enforceable against the Executive in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditor’s rights generally and general principles of equity (whether considered by a court of law or a court of equity).  
(b)    Each of the Companies hereby represents to the Executive that (i) it is fully authorized by action of the applicable Company Board and the Compensation Committee of the AGM Board (the “Compensation Committee”) to enter into this Agreement and to perform its obligations under it, (ii) the execution, delivery and performance of this Agreement by it does not violate any applicable law, regulation, order, judgment or decree or any agreement, arrangement, plan or corporate governance document to which it or any of its Affiliates is a party or by which it or any of its Affiliates is bound and (iii) upon the execution and delivery of this Agreement, this Agreement shall be its valid and binding 
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obligation, enforceable against it in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditor’s rights generally and general principles of equity (whether considered by a court of law or a court of equity).
1.5    Location.  The Executive’s principal office location shall be in Los Angeles. Consistent with AHL’s operating guidelines, the Executive agrees that during the Term he will be regularly present at this office and will undertake such travel as may be reasonably required from time to time in the course of performing his duties, including, without limitation, to West Des Moines, Iowa, and Bermuda.
2.    Term.  The “Term” shall commence on the date hereof and shall continue until December 31, 2022 (the “Termination Date”); provided, that this Agreement shall be automatically renewed, and the Term shall be automatically extended, for one (1) additional year, on the Termination Date and each anniversary of the Termination Date thereafter, unless AGM or the Executive gives written notice at least one hundred and twenty (120) days prior to the expiration of the Term (including any renewal thereof) of such party’s desire to terminate the Term (such notice to be delivered in accordance with Section 21).  Provision of notice by the Companies or the Executive that the Term shall not be extended or further extended, as the case may be, shall not constitute a breach of this Agreement or “Good Reason” (as defined in Exhibit A).  The Term may be subject to earlier termination as set forth below.  
3.    Compensation. 
3.1    Base Salary.  During the Term, AHL shall pay the Executive an annual base salary (the “Base Salary”) of $1,875,000, paid consistent with AHL’s regular payroll practices in effect from time to time.  The Compensation Committee will review the Base Salary on an annual basis and may, in its sole discretion, increase (but not, except as provided in the next sentence, decrease) the rate then in effect.  The Executive’s Base Salary shall not be reduced other than as part of an across the board reduction applicable to all members of senior management that results in a proportional reduction to the Executive’s Base Salary equal to that of other members of senior management.  For purposes of clarity, the Executive shall not be entitled to any payments or benefits from AISG (except as otherwise specified in Section 9 with respect to indemnification).
3.2    Annual Incentive Bonus.  The Executive shall be eligible to receive an annual incentive bonus for each calendar year that ends during the Term (“Incentive Bonus”); provided, that, except as provided in Section 5.3, the Executive must be employed by AHL at the time AHL pays its annual bonuses generally with respect to any such calendar year in order to be eligible for an Incentive Bonus with respect to that calendar year (and, if the Executive is not so employed at such time, in no event shall he have been considered to have “earned” any portion of an Incentive Bonus with respect to the calendar year in question).  The Executive’s target Incentive Bonus amount for a particular calendar year shall equal one hundred percent (100%) of the Executive’s Base Salary paid to the Executive for that calendar year, less $25,000; provided, that, the Executive’s actual Incentive Bonus amount for a particular calendar year shall be determined by the Compensation Committee in its sole discretion, based on performance objectives (which may include corporate, business unit or division, financial, strategic, individual or other objectives) established with respect to that particular calendar year by the Compensation Committee.  As determined by the Compensation Committee, any Incentive Bonus earned by the Executive for a particular calendar year shall be paid by AHL in cash, or in publicly tradeable securities (or awards that are settled in publicly tradeable securities) that vest in annual installments over the same period as applies to other senior executives of AHL generally, as soon as reasonably practicable following the date that the audited financial statements of AHL for such calendar year are issued and at the same time that incentive bonuses for such calendar year are paid to other senior executives of AHL generally, and in no event later than December 31 of the year following the close of the calendar year for which the bonus is awarded.
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3.3    Profits Units.  AHL acknowledges that J&L Belardi AAM LLC, an estate planning vehicle established and controlled by the Executive, holds 10,482 fully-vested Class B Interests of AISG Holdings LP (“AISG Holdings”; the “AISG Profits Interests”), which AISG Profits Interests are subject to the terms and conditions of the Second Amended and Restated Agreement of Exempted Limited Partnership of AISG Holdings LP (f/k/a AAM Holdings, L.P.), dated June 16, 2022, as amended from time to time (the “LP Agreement”).  Pursuant to the LP Agreement (and not pursuant to this Agreement), the AISG Profits Interests entitle their holders to quarterly payments equal to 4.5% of the “AHL/ACRA Subadvisory Fees” and to 3.35% of both the “AHL Base Management Fee” and the “ACRA Base Management Fee” (each, as defined in the LP Agreement).    
3.4    ISGI Profits Payment.  The Executive shall be entitled to receive for each completed calendar year that ends during the Term a bonus payment in an amount equal to 3% of the profits of Apollo Asset Management Europe LLP, including for such purposes profits derived from advisory fees on Fund IX portfolio companies but excluding all income related to Fund VIII portfolio companies (in each case determined by AISG in accordance with the example previously provided to the Executive) (the “AAME Payment”); provided, that, except as otherwise provided in Section 5.3 below, the Executive must be employed by AHL at the time it pays its annual bonuses generally with respect to any such calendar year in order to be eligible for an AAME Payment with respect to that calendar year (and, if the Executive is not so employed at such time, in no event shall he have been considered to have “earned” any portion of an AAME Payment with respect to the calendar year in question).  Any AAME Payment earned by the Executive for a particular calendar year shall be paid by AHL or an Affiliate thereof in cash as soon as reasonably practicable following the date that the audited financial statements that incorporate the results of Apollo Asset Management Europe LLP for such calendar year are issued, and in no event later than December 31 of the year following the close of the calendar year for which the AAME Payment is earned.  The financial statements of Apollo Asset Management Europe LLP shall be made available to the Executive as soon as reasonably practicable, and in no event after December 31 of the year following the close of the calendar year within the Term to which the statements relate.
4.    Benefits. 
4.1    Retirement, Welfare and Fringe Benefits.  During the Term, the Executive shall be entitled to participate in all retirement and welfare benefit plans and programs, and fringe benefit plans and programs, made available to him as determined by AHL, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time.  
4.2    Reimbursement of Business Expenses.  The Executive is authorized to incur reasonable expenses in carrying out the Executive’s duties under this Agreement and shall be entitled to reimbursement by the applicable Company for all reasonable business expenses the Executive incurs during the Term in connection with carrying out such duties, subject to the applicable Company’s expense reimbursement policies and any pre-approval policies in effect from time to time.
4.3    Vacation and Other Leave.  During the Term, the Executive’s annual rate of vacation accrual shall be four (4) weeks per year; provided that such vacation shall accrue and be subject to AHL’s vacation policies in effect from time to time.  The Executive shall also be entitled to all other holiday and leave pay generally available to other executives of AHL.
5.    Termination. 
5.1    Termination by AGM.  The Executive’s employment with AHL or his engagement by AISG may be terminated by AGM at any time: (i) with Cause (as defined in Exhibit A), (ii) without Cause, or (iii) in the event that the Executive has a Disability (as defined in Exhibit A).  The Term shall automatically terminate in the event the Executive’s employment or engagement is terminated, and termination of the Executive’s employment by AHL or his engagement with AISG shall be deemed to be a termination by the Executive of, and his resignation from, all other positions (including executive 
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positions and board memberships) with all members of the Group (including the other Company).  The Executive’s employment, and the Term, shall automatically terminate in the event of the Executive’s death.  
5.2    Termination by the Executive.  The Executive’s employment with AHL, and the Term, may be terminated by the Executive with no less than ninety (90) days advance written notice (such notice to be delivered in accordance with Section 21); provided, however, that in the case of a resignation by the Executive with Good Reason (as defined in Exhibit A), the Executive may provide immediate written notice of termination of employment once the applicable cure period (as contemplated by the definition of Good Reason) has lapsed if the circumstances that gave rise to the basis for the resignation with Good Reason have not been timely cured in accordance with the terms of the definition of Good Reason.  No termination of the Executive’s employment under this Section 5.2 shall be deemed a breach of this Agreement.  Termination by the Executive of his employment with AHL or his engagement with AISG shall be deemed to be a termination by the Executive of, and his resignation from, all other positions (including executive positions and board memberships) with all members of the Group (including the other Company).
5.3    Benefits Upon Termination from the Group.  If the Executive’s employment with the Group terminates (the date of such termination being referred to as the “Severance Date”), neither AHL nor any other Group member shall have any further obligation to make or provide to the Executive, and the Executive shall have no further right to receive or obtain from AHL or any other member of the Group, any payments or benefits except as follows:
(a)    Upon any termination of the Executive’s employment with the Group hereunder, AHL shall pay or provide any Accrued Obligations (as defined in Exhibit A) as they come due.
(b)    If the Executive’s employment with the Group terminates due to an Involuntary Termination (as defined in Exhibit A), then:
(i)    AHL shall pay the Executive (A) a cash amount (the “Pro Rata Bonus”) equal to a pro rata portion (based on the number of days during which he remained employed hereunder during the calendar year in which the termination occurs) of his Bonus Severance (as defined below), and (B) an amount (payable at the Compensation Committee’s discretion in cash, fully-vested shares of common stock of AGM, or any combination thereof) equal to one (1) times his annualized Adjusted Base Salary (as defined in Exhibit A) in effect on the Severance Date (the “Severance Payment”).  Subject to Sections 5.4(a) and 5.7(a) below, such Pro-Rata Bonus and Severance Payment shall be payable in substantially equal installments in accordance with AHL’s standard payroll practices over the period that ends at the end of the 12th calendar month that begins after the Severance Date; provided, however, that the first installment of the Pro-Rata Bonus and Severance Payment shall be paid on the 60th day following the Severance Date and shall include all installments that would have been paid from the Severance Date through the date of such first installment if the release described in Section 5.4(a) had become irrevocable, in accordance with its terms, on the Severance Date (but only if such release has, in fact, been executed and delivered by the Executive in accordance with Section 5.4(a)).    
(ii)    AHL will pay or reimburse the Executive for his premiums charged to continue medical coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), at the same or reasonably equivalent medical coverage and on the same terms and conditions for the Executive (and, if applicable, the Executive’s eligible dependents) as in effect immediately prior to the Severance Date, to the extent that the Executive elects such continued coverage; provided that AHL’s obligation to make any payment or reimbursement pursuant to this clause (ii) shall, subject to Section 5.7(a), commence with continuation coverage for the month following the month in which the Executive’s Separation from Service (as defined in Exhibit A) occurs and shall cease after continuation coverage has been provided for the eighteenth month following the month in which the Executive’s Separation from Service occurs (or, if earlier, shall cease upon the first 
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to occur of the Executive’s death, the date the Executive becomes eligible for coverage under the health plan of a future employer, or the date AHL ceases to offer group medical coverage to its active executive employees or AHL is otherwise under no obligation to offer COBRA continuation coverage to the Executive).  To the extent the Executive elects COBRA coverage, he shall notify AHL in writing of such election prior to such coverage taking effect and complete any other continuation coverage enrollment procedures AHL may then have in place.
(iii)    Subject to Section 5.4(a) below, (A) any outstanding and unvested time-vesting profits units granted to the Executive by AHL or AISG that are scheduled to vest during the one (1) year period immediately following the Severance Date, shall immediately vest, and (B) any outstanding and unvested equity awards granted to the Executive as a component of an Incentive Bonus (including, without limitation, Incentive Bonuses previously awarded under the Athene Agreement or the AAM Agreement), shall immediately vest (treating any performance measures as attained at target).  For the avoidance of doubt, the rights referred to in Section 5.8 of the LP Agreement shall not be deemed to be unvested time-vesting profits units or outstanding and unvested equity awards granted as a component of an Incentive Bonus. 
(c)    If the Executive’s employment hereunder is terminated in an Involuntary Termination that is not due to his death or Disability, then AHL shall also pay the Executive an amount (the “Bonus Severance”) equal to the product of (A) the Executive’s annualized Adjusted Base Salary in effect on the Severance Date, less $25,000, times (B) the Bonus Percentage.  Subject to Sections 5.4(a) and 5.7(a) below, the Bonus Severance shall be paid at the time that the Incentive Bonus (if any) for the calendar year in which the Severance Date occurred would have been paid under Section 3.2 above if the Executive’s employment hereunder had continued.  
(d)    Notwithstanding the foregoing provisions of this Section 5.3 or Section 5.8 of the LP Agreement, if the Executive (i) materially breaches his obligations under Sections 6.2 through 6.4 of this Agreement, (ii) knowingly and materially breaches his obligations under Section 6.5 of this Agreement, or (iii) materially breaches his obligations under Section 6.1 of this Agreement either knowingly or as a result of his gross negligence and, in each case, fails to cure such breach(es) within fifteen (15) days following written notice from the applicable Company describing the breach(es) in reasonable detail and requesting cure, and not in any way in limitation of any right or remedy otherwise available to the applicable Company, the Executive (and his transferees or assignees) will no longer be entitled to, and neither AHL nor any member of the Group will be obligated to pay or provide, any payment or benefit under Sections 5.3(b) and (c) of this Agreement, or under Section 5.8 of the LP Agreement, with respect to which the due date for its payment or provision has not already occurred as of the date of the first such uncured breach; provided, that, if the Executive provides the release contemplated by Section 5.4, in no event shall the Executive be entitled to a Severance Payment of less than $5,000, which amount the Parties agree is good and adequate consideration, in and of itself, for the Executive’s release contemplated by Section 5.4.  Any termination of the Executive’s employment (other than by the Executive) or engagement under this Agreement shall be effected by written notice from AGM.  
(e)    For purposes of clarity, the Executive shall not be eligible for any payments or benefits under a severance policy or program of any of the Companies or any other member of the Group, and this Agreement and the LP Agreement shall be the exclusive source of any amounts payable by AHL and any member of the Group in connection with the Executive’s termination of employment.
5.4    Release; Exclusive Remedy.
(a)    This Section 5.4 shall apply notwithstanding anything else contained in this Agreement, the LP Agreement or any stock option or other equity-based award agreement to the contrary.  As a condition precedent to any obligation of AHL or any other member of the Group to the Executive pursuant to Sections 5.3(b) and (c) of this Agreement, Section 5.8 of the LP Agreement, or any 
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other obligation to accelerate vesting of any equity-based award in connection with the termination of the Executive’s employment, the Executive shall have provided AHL (accepting such release on behalf of AGM and the other members of the Group), on or after the Severance Date, a valid, executed general release in substantially the form attached hereto as Exhibit B (with any such changes to such form as AHL or AISG (i) has reasonably determined to be necessary or advisable to help ensure that the release is enforceable to the fullest extent permissible under applicable law and (ii) has incorporated into such release and communicated to the Executive no later than five (5) business days following the Severance Date), and such release has become irrevocable, in accordance with its terms, no later than sixty (60) days after the Severance Date.  For purposes of clarity, such release shall include Section 2.2 as it appears on Exhibit B.  The Executive agrees that the payments and benefits contemplated by Section 5.3 of this Agreement and Section 5.8 (and if applicable, Section 5.9) of the LP Agreement shall constitute the exclusive and sole remedy for any termination of his employment. 
(b)    The Executive agrees to resign, on the Severance Date, as an officer and director of any member of the Group, and as a fiduciary of any Group benefit plan, and to promptly execute and provide to AHL any further documentation, as reasonably requested by any member of the Group, to confirm such resignation.
5.5    Notice of Termination.  Any termination of the Executive’s employment under this Agreement shall be communicated by written notice of termination from AGM or the Executive, as applicable, to the other party.  This notice of termination must be delivered in accordance with Section 21 and must indicate the specific provision(s) of this Agreement relied upon in effecting the termination.
5.6    Limitation on Benefits.
(a)    Notwithstanding anything contained in this Agreement to the contrary, except as provided in Section 5.6(c), to the extent that any payment, benefit or distribution of any type to or for the benefit of the Executive by the Group, whether paid or payable, provided or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (including, without limitation, any accelerated vesting of stock options or other equity-based awards) (collectively, the “Total Payments”) would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the Total Payments shall be reduced (but not below zero) so that the maximum amount of the Total Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Total Payments to be subject to the excise tax imposed by Section 4999 of the Code.  Unless the Executive shall have given prior written notice to AHL to effectuate a reduction in the Total Payments if such a reduction is required, any such notice consistent with the requirements of Section 409A of the Code to avoid the imputation of any tax, penalty or interest thereunder, the Group shall reduce or eliminate the Total Payments by first reducing or eliminating any cash severance benefits (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting of stock options or similar awards, then by reducing or eliminating any accelerated vesting of restricted stock or similar awards, then by reducing or eliminating any other remaining Total Payments.  This Section 5.6 shall take precedence over the provisions of any other Company Arrangement.
(b)    Any initial determination that Total Payments to the Executive must be reduced or eliminated in accordance with Section 5.6(a) and the assumptions to be utilized in arriving at such determination, shall be made by the AGM Board or its designee in the exercise of its reasonable, good faith discretion based upon the advice of such professional advisors it may deem appropriate in the circumstances.  As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the AGM Board or its designee hereunder, it is possible that Total Payments to the Executive which will not have been made should have been made (“Underpayment”) or that Total Payments to the Executive which were made should not have been made (“Overpayment”).  If an Underpayment has occurred, the amount of any such Underpayment shall be promptly paid to or for the benefit of the Executive.  In the event of an Overpayment, then the Executive shall promptly repay the 
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amount of any such Overpayment together with interest on such amount (at the same rate as is applied to determine the present value of payments under Section 280G of the Code or any successor thereto), from the date the reimbursable payment was received by the Executive to the date the same is repaid.
(c)    Notwithstanding anything in Section 5.6(a) or elsewhere to the contrary, the Group will pay the full amount of the Total Payments to the Executive if the Executive makes the Group whole on an after-tax basis for any adverse tax consequences imposed on the Group under Section 280G of the Code as a result of paying the Total Payments to the Executive.
5.7    Section 409A.
(a)    If the Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of the Executive’s Separation from Service, the Executive shall not be entitled to any payment or benefit from the Group that constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code until the earlier of (i) the date which is six (6) months after his or her Separation from Service for any reason other than death, or (ii) the date of the Executive’s death.  The provisions of this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A of the Code.  Any amounts otherwise payable to the Executive upon or in the six (6) month period following the Executive’s Separation from Service that are not so paid by reason of this Section 5.7(a) shall be paid (without interest) as soon as practicable (and in all events within thirty (30) days) after the date that is six (6) months after the Executive’s Separation from Service (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of the Executive’s death).
(b)    To the extent that any reimbursement pursuant to Section 4.2 or otherwise, or any benefit pursuant to Section 5.3(a) or 5.3(b)(ii) or otherwise, is taxable to the Executive, then such payment or benefit shall be paid or provided to the Executive on or before the last day of the Executive’s taxable year following the taxable year in which the related expense was incurred.  The benefits and reimbursements described in the immediately preceding sentence are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursement that the Executive receives in one taxable year shall not affect the amount of such benefits and reimbursement that the Executive receives in any other taxable year.
(c)    It is intended that any amounts payable under this Agreement and AHL’s and the Executive’s exercise of authority or discretion hereunder shall comply with and avoid the imputation of any tax, penalty or interest under Section 409A of the Code.  This Agreement shall be construed and interpreted consistent with that intent.  If under this Agreement an amount is paid in two or more installments, for purposes of Section 409A of the Code, each installment shall be treated as a separate payment.
5.8    No Mitigation; No Offset.  In the event of any termination of the Executive’s employment hereunder, the Executive shall be under no obligation to seek other employment or otherwise mitigate the obligations of the Group under this Agreement, and there shall be no offset against amounts or benefits due the Executive under this Agreement or otherwise (except as expressly set forth in Section 5.3(b)(ii)) on account of any remuneration or other benefit earned or received by the Executive after such termination.  Any amounts due under this Section 5 are considered to be reasonable by AHL and are not in the nature of a penalty.
6.    Protective Covenants.
6.1    Confidential Information; Inventions.
(a)    The Executive shall not disclose or use at any time, either during the Term or thereafter, any Confidential Information (as defined below) of which the Executive is or becomes aware, 
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whether or not such information is developed by him, except to the extent that such disclosure or use is directly related to and required by the Executive’s performance in good faith of duties for each of the Companies or their respective Affiliates.  The Executive will take all appropriate steps to safeguard Confidential Information in his possession and to protect it against disclosure, misuse, espionage, loss and theft.  The Executive shall deliver to the applicable member of the Group at the termination of the Term, or at any time any such applicable member of the Group may request, all memoranda, notes, plans, records, reports, computer tapes and software and other documents and data (and copies thereof) relating to the Confidential Information or the Work Product (as hereinafter defined) that the Executive may then possess or have under his control.
(b)    As used in this Agreement, the term “Confidential Information” means information that is not generally known to the public and that is used, developed or obtained by the any member of the Group in connection with their businesses, including, but not limited to, information, observations and data obtained by the Executive while employed by AHL, or providing services to AISG or any other member of the Group or any predecessors thereof concerning (i) the business or affairs of the Group (or such predecessors), (ii) products or services, (iii) fees, costs and pricing structures, (iv) designs, (v) analyses, (vi) drawings, photographs and reports, (vii) computer software, including operating systems, applications and program listings, (viii) flow charts, manuals and documentation, (ix) data bases, (x) accounting and business methods, (xi) inventions, devices, new developments, methods and processes, whether patentable or unpatentable and whether or not reduced to practice, (xii) customers and clients and customer or client lists, (xiii) other copyrightable works, (xiv) all production methods, processes, technology and trade secrets, and (xv) all similar and related information in whatever form.  Confidential Information will not include any information that has been published (other than a disclosure by the Executive in breach of this Agreement) in a form generally available to the public prior to the date the Executive discloses or uses such information.  Confidential Information will not be deemed to have been published merely because individual portions of the information have been separately published, but only if all material features comprising such information have been published in combination.
(c)    As used in this Agreement, the term “Work Product” means all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and all similar or related information (whether patentable or unpatentable, copyrightable, registerable as a trademark, reduced to writing, or otherwise) which relates to any member of the Group’s actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by the Executive (whether or not during usual business hours, whether or not by the use of the facilities of any member of the Group, and whether or not alone or in conjunction with any other person) while employed by AHL, or providing services  to AISG or any other member of the Group (or any of their predecessors)(including those conceived, developed or made prior to the date hereof) together with all patent applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing.  All Work Product that the Executive may have discovered, invented or originated during his employment by, or services to, any member of the Group (or any of their predecessors) prior to the date hereof, that he may discover, invent or originate during the Term or prior to the Severance Date, shall be the exclusive property of the applicable member of the Group, and Executive hereby assigns all of Executive’s right, title and interest in and to such Work Product to the applicable member of the Group, including all intellectual property rights therein.  Executive shall promptly disclose all Work Product to AHL or AISG, as applicable, shall execute at the request of AHL or AISG any assignments or other documents AHL or AISG may reasonably deem necessary to protect or perfect its (or any of their respective Affiliates’, as applicable) rights therein, and shall assist AHL or AISG, at AHL’s or AISG’s expense, in obtaining, defending and enforcing AHL’s or AISG’s (or any of their respective Affiliates’, as applicable) rights therein.  The Executive hereby appoints AHL and AISG, as applicable, as his attorney-in-fact to execute on his behalf any assignments or other documents reasonably deemed necessary by AHL or AISG to protect or perfect AHL’s and AISG’s (and any of their respective Affiliates’, as applicable) rights to any Work Product.
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(d)    Notwithstanding anything in this Agreement or elsewhere to the contrary, the Executive may:
(i)    at any time make disclosures of documents and information (A) as reasonably appropriate in order to carry out his duties for any member of the Group, (B) when required to do so by law or by a court, governmental agency, legislative body, self-regulatory body, arbitrator or other governmental body with jurisdiction to order him by force of law to divulge, disclose or make accessible such information, (C) in the course of any proceeding under Section 6.7 or Section 14, or (D) in confidence to an attorney or other professional for the purpose of securing professional advice.  In the event that the Executive is required to disclose any documents or information pursuant to clause (B) or (C) of the immediately preceding sentence but subject to Section 6.1(e), he shall (x) promptly give the applicable member of the Group notice that such disclosure is or may be made and (y) cooperate with Group member, at its reasonable request and sole expense, in seeking to protect the confidentiality of any document or information;
(ii)    at all times retain, and utilize appropriately, (A) his rolodex and electronic equivalents (provided that his rolodex and electronic equivalents do not contain any Confidential Information) and (B) any document relating to his personal entitlements and obligations.
(e)    Nothing in this Agreement restricts or prohibits the Executive from initiating communications directly with, responding to any inquiries from, providing testimony before, providing Confidential Information to, reporting possible violations of any law or regulation to, or filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission (“EEOC”), Department of Labor, National Labor Relations Board, Department of Justice, Securities and Exchange Commission, Congress, and any Inspector General of any agency (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of any federal, state or local law or regulation.  However, to the maximum extent permitted by law, the Executive permanently waives his right to receive any individual monetary relief, with respect to any claim filed with the EEOC or a similar agency, from any member of the Group resulting from such claims or conduct, regardless of whether the Executive or another party has filed them, and, in the event the Executive obtains such monetary relief, AHL and/or AISG will be entitled to an offset for the payments made pursuant to this Agreement.  This Agreement does not limit the Executive’s right to receive an award from any Regulator that provides awards for providing information relating to a potential violation of law. The Executive does not need the prior authorization of AHL or AISG to engage in conduct protected by this Section 6.1(e), and the Executive does not need to notify AHL or AISG that he engaged in such conduct.  The Executive acknowledges and understands that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney(s), a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law.  As of the date hereof, the Executive is not aware of any claim relating to or arising out of his compensation, employment or the termination thereof that could be made to the EEOC or any other agency that hears discrimination claims.  
6.2    Restriction on Competition.  The Executive acknowledges that, in the course of his employment or service with any member of the Group and/or their predecessors (together with any additional entity that the Executive may agree, in a signed writing, to include, the “Protected Companies”), he has become familiar, or will become familiar, with the Protected Companies’ trade secrets and with other confidential and proprietary information concerning the Protected Companies and that his services have been and will be of special, unique and extraordinary value to the Protected Companies.  The Executive agrees that if the Executive were to become employed by, or substantially involved in, the business of a competitor of the Protected Companies during the Restricted Period, it would be very difficult for the Executive not to rely on or use the Protected Companies’ trade secrets 
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and confidential information.  Thus, to avoid the inevitable disclosure of the Protected Companies’ trade secrets and confidential information, and to protect such trade secrets and confidential information and the Protected Companies’ relationships and goodwill with customers, during the Restricted Period, the Executive will not directly or indirectly through any other Person engage in, enter the employ of, render any services to, have any ownership interest in, or participate in the financing, operation, management or control of, any Competing Business.  For purposes of this Agreement, the phrase “directly or indirectly through any other Person engage in” shall include, without limitation, any direct or indirect ownership or profit participation interest in such enterprise, whether as an owner, stockholder, member, partner, joint venturer or otherwise, and shall include any direct or indirect participation in such enterprise as an employee, consultant, director, officer or licensor of technology.  For purposes of this Agreement, “Restricted Area” means anywhere in the United States, Bermuda and elsewhere in the world where the Group engages in business, including, without limitation, jurisdictions where any of member of the Group reasonably anticipate engaging in business, on the Partner Cessation Date (as defined in the LP Agreement) (provided that as of the Partner Cessation Date, to the knowledge of the Executive, such area has been discussed as a market that the Group reasonably contemplate engaging in within the twelve (12) month period following the Partner Cessation Date).  For purposes of this Agreement, “Competing Business” means a Person that within 36 months before the Partner Cessation Date to the knowledge of James R. Belardi has competed, or any time during the twelve (12) month period following the Partner Cessation Date begins competing with, the Protected Companies anywhere in the Restricted Area and in the business of (i) annuity reinsurance, focusing on contracts reinsuring a quota share of future premiums of various fixed annuity product lines, (ii) reinsuring closed blocks of existing fixed annuity business, (iii) managing investments held by ceding companies pursuant to funds withheld coinsurance contracts with its Affiliates, (iv) managing investments in the life insurance industry, or (v) any significant business conducted by the Protected Companies as of the Partner Cessation Date and any significant business the Protected Companies conduct in the twelve (12) month period after the Partner Cessation Date (provided that as of the Partner Cessation Date, to the knowledge of the Executive, such business has been discussed as a business that the Protected Companies reasonably contemplate engaging in within such twelve (12) month period).  For purposes of this Agreement,  “Restricted Period” means the Term through and including twelve (12) months after the Partner Cessation Date.  Nothing herein shall prohibit the Executive from (i) being a passive owner of not more than 1% of the outstanding stock of any class of a corporation which is publicly traded, so long as the Executive has no active participation in the business of such corporation, or (ii) providing services to a subsidiary, division or Affiliate of a Competing Business if such subsidiary, division or Affiliate is not itself engaged in a Competing Business and the Executive does not provide services to, or have any responsibilities regarding, the Competing Business.  As used in this Agreement, “Protected Companies” shall exclude (a) portfolio companies of investment funds or accounts managed by subsidiaries of AGM that are not also subsidiaries of AHL or AISG and (b) any Affiliate of AGM (other than a subsidiary of AHL, AISG or AISG Holdings) that does not conduct, support or own a business related to investment management or insurance.
6.3    Non-Solicitation of Employees and Consultants.  During the Term and through and including the period of twenty-four (24) months after the Partner Cessation Date, the Executive will not directly or indirectly through any other Person (i) induce or attempt to induce any Person that he knows to be an employee or independent contractor of the Protected Companies to leave the employ or service, as applicable, of the Protected Companies, or in any way knowingly interfere with the relationship between the Protected Companies, on the one hand, and any employee or independent contractor thereof, on the other hand, or (ii) hire any person who was an employee of the Protected Companies, in each case, until six (6) months after such individual’s employment relationship with the Protected Companies has been terminated.
6.4    Non-Solicitation of Customers.  During the Restricted Period, the Executive will not directly or indirectly through any other Person influence or attempt to influence any Person that he knows to be a customer, vendor, supplier, licensors, lessor, joint venturer, ceding company, associate, consultant, agent, or partner of the Protected Companies to divert such Person’s business away from the 
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Protected Companies, and the Executive will not otherwise interfere with, disrupt or attempt to disrupt the business relationships, contractual or otherwise, between the Protected Companies, on the one hand, and any Person that he knows to be a customer, supplier, vendor, lessor, licensor, joint venturer, associate, officer, employee, consultant, manager, partner, member or investor of any Protected Company, on the other hand.
6.5    Non-Disparagement.  The Executive agrees that he will not at any time, during the Term or thereafter, directly or indirectly, make, encourage, or ratify any statement, public or private, oral or written, to any Person that disparages, either professionally or personally, the Protected Companies or any of Person he knows to be one of their past or present directors, officers, agents, attorneys, insurers, employees, stockholders, and successors.  The Executive further agrees that he will not, at any time during the Term and for twenty-four (24) months after the Severance Date, make any statement that has the purpose or the effect of disrupting the business of any of the Protected Companies.  Each Company likewise agrees to use its best efforts to instruct its officers and directors, and those of its subsidiaries, to refrain  from, during the Term or thereafter, directly or indirectly, making, encouraging, or ratifying any statement, public or private, oral or written, to any Person that disparages the Executive, either professionally or personally.  The provisions of this Section 6.5 apply to, but are not limited to, the direct or indirect publication of negative or disparaging statements via social media (e.g., Twitter, Facebook, Tumblr, Instagram), video sites (e.g., YouTube, Vimeo), posts to media outlets or blogs, books, professional networking sites (e.g., LinkedIn, Glassdoor, etc.), and comments to news stories, blog posts, social media postings, videos, or professional sites.  
6.6    Understanding of Covenants.  The Executive represents and agrees that he (i) is familiar with and carefully considered the foregoing covenants set forth in this Section 6 (together, the “Restrictive Covenants”), (ii) is fully aware of his obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the Restrictive Covenants are necessary to protect the Protected Companies’ confidential and proprietary information, good will, stable workforce and customer relations, and (v) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above in this Section 6 regardless of whether the Executive is then entitled to receive severance pay or benefits from any of the Protected Companies.  The Executive understands that the Restrictive Covenants may limit his ability to earn a livelihood in a business similar to the business of the Protected Companies, but he nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of the Companies, a partner in AISG Holdings and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event (given his education, skills and ability), the Executive does not believe would prevent him from otherwise earning a living.  The Executive agrees that the Restrictive Covenants do not confer a benefit upon the Protected Companies disproportionate to the detriment of the Executive.  The Executive shall be subject to no restrictions on his activities after the Partner Cessation Date that are more onerous than the covenants set forth in this Agreement and/or the LP Agreement.  
6.7    Enforcement.  The Executive agrees that the Executive’s services are unique and that he has access to Confidential Information and Work Product.  Accordingly, without limiting the generality of Section 20, the Executive agrees that a breach by the Executive of any of the covenants in this Section 6 would cause immediate and irreparable harm to AHL, AISG and AISG Holdings that would be difficult or impossible to measure, and that damages to AHL and AISG Holdings for any such injury would therefore be an inadequate remedy for any such breach.  Therefore, the Executive agrees that in the event of any breach or threatened breach of any provision of this Section 6, AHL (on its behalf and on behalf of any member of the Group) shall be entitled, in addition to and without limitation upon all other remedies it or they may have under this Agreement, at law or otherwise, to obtain specific performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit), in a State or federal court located in the Borough of Manhattan, in order to enforce or prevent any violations of the provisions of this Section 6, as the case may be, or require the Executive to account for and pay over to the applicable Group member all compensation, profits, moneys, accruals, increments or other 
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benefits derived from or received as a result of any transactions constituting a breach of this Section 6, if and when final judgment of a court of competent jurisdiction is so entered against the Executive.  The Executive further agrees that the applicable period of time the restrictive covenants set forth in Section 6.2 through Section 6.4 are in effect following the Partner Cessation Date, as determined pursuant to such Sections, shall be extended by the same amount of time that the Executive is in breach (with such period of breach being treated as concluded for this purpose at such time as the applicable breach has been cured) of such restrictive covenants.
6.8    Breaches.  In the event that (i) the Group is in material breach of any of its material obligations to the Executive on or after the Partner Cessation Date, or the issuer of the AISG Profits Interests or the grantor of any equity award that is part of an Incentive Bonus is in material breach of its material obligations thereunder after the Partner Cessation Date, and (ii) such breach has not been fully cured within thirty (30) days after the Executive gives written notice to AGM (and, if applicable, the issuer of the AISG Profits Interests and the grantor of such Incentive Bonus equity award) describing such breach in reasonable detail and requesting cure, then the Executive’s obligations under Sections 6.2 and 6.4 shall immediately become null and void.
7.    Withholding Taxes.  Notwithstanding anything else herein to the contrary, AHL may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.
8.    Insurance.  Each Company may, for its own benefit, maintain “keyman” life and disability insurance policies covering the Executive.  The Executive will cooperate with the applicable Company and provide such information or other assistance as the Company may reasonably request in connection with the Company obtaining and maintaining such policies.  Each Company may also purchase a death benefit insurance policy which may (in the Company’s sole discretion) be used to fund the Company’s obligation to pay the Severance Payment and Bonus Severance pursuant to Section 5.3 in the event of the Executive’s death.
9.    Indemnification.
9.1    The applicable Company shall indemnify the Executive should he be a party or be threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of a Company), by reason of the fact that he is or was (x) a director, officer, manager, partner, employee or consultant of the Group, or (y) is or was serving at the request of the applicable Company as a director, officer, manager, employee, representative or agent of another corporation, limited liability company, general partnership, limited partnership, joint venture, trust, business trust or other enterprise or entity, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the Executive in connection with such action, suit or proceeding if the Executive acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the applicable Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful.  The termination of any action, suit or proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption the Executive did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the applicable Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such conduct was unlawful.  Service for AGM or any of its Affiliates shall be deemed to have been at the request of a Company.  
9.2    To the extent that the Executive has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 9.1 or in defense of any claim, issue or matter 
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therein, he shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith.
9.3    Any indemnification under Section 9.1 shall be made by the applicable Company unless it has been determined upon final determination by a court of competent jurisdiction that the Executive has not met the applicable standard of conduct set forth in Section 9.1.
9.4    Expenses (including attorneys’ fees) incurred by the Executive in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the applicable Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Executive to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by such Company pursuant to this Section 9.
9.5    The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 9 shall not be deemed exclusive of any other rights to which the Executive may be entitled under any by-law or agreement (including as a “Covered Person” under the LP Agreement or any successor thereto) or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office.
9.6    The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 9 shall continue after the Severance Date for acts or omissions alleged to having occurred prior thereto and shall inure to the benefit of the Executive’s heirs and beneficiaries and any executors and administrators.
9.7    Notwithstanding anything in this Section 9 to the contrary, the Companies will not have the obligation of indemnifying the Executive with respect to proceedings, claims or actions initiated or brought voluntarily by the Executive and not by way of defense.
9.8    A directors’ and officers’ liability insurance policy (or policies) shall be kept in place, during the Term and thereafter until the later of (x) the sixth anniversary of the Severance Date and (y) the date on which all claims against the Executive that would otherwise be covered by such policy (or policies) become fully time-barred, providing coverage to the Executive that is no less favorable to him in any respect (including, without limitation, with respect to scope, exclusions, amounts, and deductibles) than the coverage then being provided to any other present or former senior executive, director, or manager of the Group.
10.    Successors and Assigns.  This Agreement is personal to the Executive and without the prior written consent of AGM, shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives.  This Agreement shall inure to the benefit of and be binding upon the Companies and their respective successors and assigns.  In the event of the Executive’s death or a judicial determination of his incompetence, references in this Agreement to the Executive shall be deemed, where appropriate, to be references to his executor(s), heir(s), estate, beneficiar(ies), guardian(s) or other legal representative(s).  In the event of a reorganization of AHL or AISG as contemplated in Section 6.8 of the LP Agreement, the Parties agree to make modifications to this Agreement, including, without limitation, adjustments in duties, location, Base Salary and Incentive Bonus to the extent needed as a result of such reorganization; provided that any such adjustments will be made in a manner that will not, in the aggregate, reduce or enlarge the compensation and benefits that existed prior to the reorganization.
11.    Number and Gender; Examples.  Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other genders.  Where specific language is used to clarify by example a general statement contained herein, such specific 
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language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates.
12.    Section Headings.  The headings and titles of Sections and sub-sections contained in this Agreement are for the purpose of convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof.
13.    Governing Law.  THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH ITS EXPRESS TERMS, AND OTHERWISE IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK TO BE APPLIED.  IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.  NOTWITHSTANDING THE FOREGOING, IN THE EVENT THAT CALIFORNIA LAW IS DEEMED BY AN ADJUDICATOR OF COMPETENT JURISDICTION TO GOVERN SECTION 6 OF THIS AGREEMENT, THE PARTIES AGREE THAT CALIFORNIA BUSINESS AND PROFESSIONAL CODE SECTION 16602 AND/OR 16601 SHALL APPLY TO SUCH SECTIONS IN ACCORDANCE WITH THEIR TERMS.
14.    Arbitration.  Except for suits seeking solely injunctive relief or specific performance or as otherwise prohibited by law, which are subject to the last sentence of this paragraph, the parties hereby agree that any dispute, controversy or claim arising out of, connected with and/or otherwise relating to this Agreement, the Executive’s employment or engagement with the Group, any termination of such employment, or the arbitrability of any controversy or claim relating to any of the foregoing, will be finally settled by binding arbitration.  The parties hereby knowingly and voluntarily waive any rights that they may have to a jury trial for any such disputes, controversies or claims.  The parties agree to resolve any such dispute before the American Arbitration Association (the “AAA”) in accordance with the AAA’s then existing Commercial Arbitration Rules (the “AAA Rules”).  The arbitration shall be administered by the AAA and the hearing shall be conducted in the County of New York before a neutral arbitrator, who must have been admitted to the practice of law for at least the last ten years (the “Arbitrator”).  Each party further agrees to pay its or his own arbitration costs, attorneys’ fees, and expenses, unless otherwise required by the AAA Rules.  The Arbitrator shall issue an opinion and award within thirty (30) days after the close of the arbitration hearing and shall be authorized to award reasonable attorneys’ fees to the prevailing party.  The award of the Arbitrator will, to the extent permitted by law, be final, conclusive, unappealable and binding on the parties.  The arbitration proceeding shall be confidential, except that any arbitration award may be filed in court pursuant to the following sentence for the purpose of enforcing the award.  Any dispute, controversy or claim arising out of, connected with and/or otherwise relating to this Agreement that is submitted for court adjudication in accordance with this Section 14 shall be submitted exclusively to the State and federal courts located in the Borough of Manhattan.  
15.    Severability.  It is the desire and intent of the Parties that the provisions of this Agreement be enforced as written to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought.  Accordingly, if any particular provision of this Agreement shall be adjudicated by a court or arbitrator of competent jurisdiction to be invalid, prohibited or unenforceable under any present or future law, and if the rights and obligations of any party under this Agreement will not be materially and adversely affected thereby, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable; furthermore, in lieu of such invalid or unenforceable provision 
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there will be added automatically as a part of this Agreement, a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.  Notwithstanding the foregoing, if such provision could be more narrowly drawn (as to geographic scope, period of duration or otherwise) so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
16.    Entire Agreement.  This Agreement, together with the LP Agreement, to the extent referenced herein, embodies the entire agreement of AHL, AISG and the Executive with respect to the matters specifically addressed in it.  This Agreement supersedes all prior and contemporaneous agreements of AHL, AISG and the Executive that are inconsistent with its terms, including, without limitation, the  AAM Agreement and the Athene Agreement, as amended.  Any prior negotiations, correspondence, agreements, proposals or understandings that are inconsistent with the terms of this Agreement shall be deemed to have been merged into this Agreement, and to the extent inconsistent herewith, such negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect.  There are no representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter hereof, except as expressly set forth herein.  However, except as otherwise provided in this Agreement, nothing in this Agreement shall affect rights of the Executive, AHL or AISG (or of their predecessors) under any Company Arrangement that have already accrued and vested as of the date of this Agreement, provided that notwithstanding the foregoing, indemnification rights that existed prior to the date of this Agreement are unreduced with respect to events occurring prior to the date of this Agreement.  In the event of any inconsistency between any provision of this Agreement and any provision of any other Company Arrangement, the provisions of this Agreement shall control unless the Executive, AHL and AISG otherwise agree in a writing that expressly refers to the provision of this Agreement whose control he and it are waiving.
17.    Modifications.  This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by the Parties.
18.    Waiver.  Neither the failure nor any delay on the part of a person or entity to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.  No waiver shall be effective unless it is in writing and is signed by the person or entity asserted to have granted such waiver.
19.    Waiver of Jury Trial.  EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.
20.    Remedies.  Each of the Parties and any such person or entity granted rights hereunder whether or not such person or entity is a signatory hereto shall be entitled to enforce its rights under this Agreement, specifically to recover damages for any breach of any provision of this Agreement and to exercise all other rights existing in its favor.  The Parties agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that each party may in its sole discretion (except as otherwise provided in Section 14) apply to any State or federal court in the Borough of Manhattan for specific performance, injunctive relief and/or other appropriate equitable relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions of this Agreement.  Each party shall be responsible for paying its own attorneys’ fees, costs and other expenses pertaining to any such legal proceeding and enforcement regardless of whether an award or finding or any judgment or verdict thereon is entered against either party.
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21.    Notices.  Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via telecopier and receipt acknowledged, mailed by first class mail (postage prepaid and return receipt requested and received) or sent by reputable overnight courier service (charges prepaid and return receipt requested and received) to the recipient at the address below indicated or at such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.  Notices will be deemed to have been given hereunder and received when delivered personally, when received if transmitted via telecopier, five days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service.
If to AGM, AHL or AISG: 
    Apollo Global Management, Inc.
9 West 57th St. 
    New York, NY  10019
    Attention:  Chief Legal Officer

    With a copy to:

    Athene Holding Ltd.
Second Floor, Washington House
    16 Church Street
    Hamilton, HM 11, Bermuda
    Attention:  Executive Vice President & General Counsel

If to the Executive, to the address most recently on file in the payroll records of AHL
with, during the Term, a copy delivered to the Executive at his principal office at AHL.
22.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.  This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.  Delivery of signatures by facsimile (including, without limitation, by “pdf”) shall be effective for all purposes.  Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.
23.    Legal Counsel; Mutual Drafting.  Each party recognizes that this is a legally binding contract and acknowledges and agrees that such party has consulted with legal counsel of their choice.  Each party has cooperated in the drafting, negotiation and preparation of this Agreement.  Hence, in any construction to be made of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such language.  The Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.
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IN WITNESS WHEREOF, AHL and the Executive have executed this Agreement as of the date hereof.

ATHENE HOLDING LTD.
a Bermuda exempted company limited by shares

By:_/s/ John Golden______________________
Name:    John Golden    
Title:    General Counsel

EXECUTIVE

/s/ James R. Belardi______________________
James R. Belardi    
Acknowledged:
APOLLO INSURANCE SOLUTIONS GROUP LP
By:  AISG GP Ltd., its general partner

By:_/s/ Angelo Lombardo________________
Name:    Angelo Lombardo
Title:    General Counsel

EXHIBIT A

CERTAIN DEFINED TERMS

(a)    “Accrued Obligations” means:
(i)    any Base Salary that had accrued but had not been paid on or before the Severance Date; 
(ii)    except in the event the Executive’s employment is terminated by AGM for Cause or by the Executive without Good Reason (unless such without Good Reason termination is governed by Section 5.8(b) of the LP Agreement):
(A)    any Incentive Bonus payable pursuant to Section 3.2 above with respect to any calendar year in the Term preceding the calendar year in which the Severance Date occurs, or that would have been paid in respect of such preceding year if the Executive had remained employed until the payment date in the calendar year in which the Severance Date occurs, provided, that if any such Incentive Bonus would have otherwise been subject to service vesting conditions, such conditions shall be deemed fully satisfied on the payment date; provided, however, that any such Incentive Bonus that is already due to be paid under Section 3.2 above shall in all events other than a termination for Cause be paid promptly following the Severance Date; 
(B)    any AAME Payment payable pursuant to Section 3.4 above for any calendar year in the Term preceding the calendar year in which the Severance Date occurs, or that would have been paid in respect of such preceding year if the Executive had remained employed until the payment date in the calendar year in which the Severance Date occurs; provided, however, that any such AAME Payment that is already due to be paid under Section 3.4 above shall in all events other than a termination for Cause be paid promptly following the Severance Date; 
(C)    provided, further, solely for purposes of clause (ii)(A) and clause (ii)(B) of this clause (a), a termination that is governed by Section 5.8(b) of the LP Agreement (which excludes an Involuntary Termination) for which the Severance Date falls on a December 31 shall be treated as if such Severance Date had been 

one day later (i.e., on January 1), but the payment of any amounts payable under such clauses for service during the calendar year that includes such December 31 Severance Date shall be paid on the same schedule, and the same Section 5.3(d), 5.4(a) and 5.7(a) terms, as apply to a payment of the Pro Rata Bonus pursuant to Section 5.3(b)(i); and
(iii)    any other payment or benefit then or thereafter due to the Executive under the then-applicable terms of any applicable Company Arrangement (as defined below).
(b)     “Adjusted Base Salary” shall be equal to the Executive’s Base Salary in effect on the Severance Date, adjusted to eliminate the effect of any reduction of Base Salary (i) pursuant to  Section 3.1 or (ii) made in violation of Section 3.1.
(c)     “Affiliate” shall mean, with respect to any specified Person, any other Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with such specified Person.  As used in this definition, the term “control,” including the correlative terms “controlling,” “controlled by” and “under common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a Person.  The term “Affiliate” shall not include any portfolio companies of the Apollo Group (as defined in the LP Agreement).
(d)     “Bonus Percentage” shall mean a fraction, the numerator being the annual Incentive Bonus payments paid (or due to be paid) to the Executive by (or on behalf of) AHL and/or AISG for the calendar year preceding the year in which the Severance Date occurred (excluding, for avoidance of doubt, any AISG Profits Interests payment, or payment under Section 3.4, 5.3(b)(ii) or 5.3(b)(iii) of this Agreement, or Section 5.8 of the LP Agreement) and the denominator being the sum of the actual aggregate base salaries paid to the Executive by (or on behalf of) AHL and/or AISG in the calendar year preceding the year in which the Severance Date occurred.
(e)     “Cause” shall mean that one or more of the following has occurred:
(i)    the Executive has been indicted for, otherwise formally charged for, or plead guilty or no contest to, a felony (under the laws of the United States or any relevant state, or a similar crime or offense under the applicable laws of any relevant foreign jurisdiction);
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(ii)    the Executive has engaged in acts of fraud, material dishonesty or other acts of knowing misconduct in the course of his duties hereunder and such acts have resulted in, or are reasonably expected to result in, material harm to a Company or AGM;
(iii)    the Executive has knowingly failed to perform or uphold his duties under this Agreement and/or has knowingly failed to comply with reasonable directives of either Company Board or the AGM Board (including, without limitation, such applicable Board’s reasonable directive to the Executive to relocate if such relocation is determined by the applicable board of directors, acting in good faith, to be advisable for regulatory or tax purposes);
(iv)    the Executive has engaged in gross negligence in the course of his duties hereunder that has resulted in, or is reasonably expected to result in, material harm to a Company or AGM;
(v)    the Executive’s violation of a fiduciary duty of loyalty to a Company or AGM that has resulted in, or is reasonably expected to result in, material harm to a Company or AGM;
(vi)    the Executive’s knowing attempt to obstruct, or knowing failure to cooperate on reasonable request with, any investigation authorized by AGM, a Company or any governmental or self-regulatory entity;
(vii)    the Executive’s disqualification or bar by any governmental or self-regulatory authority from serving in the capacity contemplated by this Agreement or the Executive’s loss of any governmental or self-regulatory license that is reasonably necessary for the Executive to perform his responsibilities under this Agreement;
(viii)    any directive to terminate the Executive’s employment has been made by any governmental or self-regulatory authority with jurisdiction over the matter; or
(ix)    a material breach by the Executive of any material provision of this Agreement, or any material breach by the Executive of any other material provision of any contract he is a party to with the Group;
provided, however, that if the Executive is in breach of (iii), (iv), (v), (vi) or (ix) above, AGM shall first notify the Executive in writing, and in reasonable detail, of the specific 
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breach(es) claimed to constitute Cause and may only terminate the Executive for Cause if the Executive fails to cure such breach(es) within ten (10) business days following his receipt of the written notice.  Notwithstanding the foregoing, solely for purposes of the payments under Section 5.8 of the LP Agreement, if the Executive provides notice of resignation under Section 5.8(b) of the LP Agreement, “Cause” shall be limited to subclauses (i), (ii), (iii), (v), (vi), (vii) and (viii) of this clause (e) as applied to terminations of employment by AGM effective after December 31, 2023 and such clause (iii) shall be qualified by “and such failure has resulted in, or is reasonably expected to result in, material harm to a Company.”    
(f)     “Company Arrangement” shall mean: (i) any written equity-based or other written awards granted to the Executive by any Company or any of their parents, subsidiaries or Affiliates, or by AGM or any of its Affiliates for which, or for the benefit of which, the Executive has agreed to perform services, to the extent that such awards continue after the termination of the Executive’s employment in accordance with the applicable terms of such awards (and subject to any period in which to exercise such awards following such termination of employment); (ii) any right to indemnification (including, without limitation, advancement of legal fees and other expenses) that the Executive may have under any written agreement or arrangement or under applicable state law; (iii) any rights that the Executive may have to insurance coverage for losses, damages or expenses under any insurance policy; (iv) the Executive’s receipt of benefits otherwise due to terminated employees under group insurance coverage consistent with the terms of the applicable welfare benefit plans; (v) the Executive’s rights under COBRA to continue participation in medical, dental, hospitalization and life insurance coverage; (vi) the Executive’s receipt of benefits otherwise due in accordance with the terms of the any written 401(k), retirement or deferred compensation plan, program, agreement or arrangement; (vii) the Executive’s rights under any written vacation policy, as in effect from time to time, with respect to any accrued but unused vacation; and (viii) any rights to reimbursement of business expenses incurred on or before the Severance Date in accordance with this Agreement (or under Section 4.2 of the Athene Agreement or Section 4.2 of the AAM Agreement).  
(g)     “Disability” shall mean a physical or mental impairment that has rendered the Executive unable to perform the essential functions of his employment with AHL, even with reasonable accommodation that does not impose an undue hardship on AHL, for more than 90 days in any 180-day period, unless a longer period is required by federal or state law, in which case that longer period would apply.
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(h)     “Good Reason” shall mean a resignation by the Executive after the occurrence (without the Executive’s prior written consent) of any one or more of the following conditions: 
(i)    a material diminution in the Executive’s rate of Base Salary or Incentive Bonus target, other than in accordance with Section 3.1 (for the avoidance of doubt it shall not constitute Good Reason if the Executive’s Base Salary or Incentive Bonus is paid to the Executive by an Affiliate of AHL (including AISG or AGM)); 
(ii)    a material diminution in the Executive’s titles, authority, duties or responsibilities with respect to the Companies under this Agreement;
(iii)    assignment of duties inconsistent with the Executive’s titles set forth in Section 1.2 hereof, it being agreed that assignment to the Executive of managerial or advisory duties with Affiliates of AHL, AISG or AGM, to the extent the Executive shall have previously agreed to undertake such duties, shall not be treated as inconsistent with any such titles;
(iv)    a material adverse change in the Executive’s titles set forth in Section 1.2 hereof;
(v)    an adverse change in the Executive’s reporting relationship to the AGM Chief Executive Officer;
(vi)    a material change in geographic locations at which the Executive 
must perform his services to the Companies (except if such change is determined by the AGM Board or a Company Board, acting in good faith, to be advisable for regulatory or tax purposes);
(vii)    the Executive’s removal from or the failure to reappoint the Executive to the Company Boards (except if such removal is as a result of Cause) for so long as they remain in existence; or
(viii)    a material breach by either of the Companies or any of their respective Affiliates of this Agreement or any other material agreement to which either of the Companies or any of their respective Affiliates, and the Executive, are parties;
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provided, however, that any such condition or conditions, as applicable, shall not constitute grounds for resignation with Good Reason unless both (x) the Executive provides written notice to AGM of the conditions claimed to constitute grounds for a resignation with Good Reason within sixty (60) days after he learns of the initial existence of such condition(s) (such notice to be delivered in accordance with Section 21), and (y) AGM fails to remedy, or cause to be remedied, such condition(s) within sixty (60) days of receiving such written notice thereof; and provided, further, that in all events the termination of the Executive’s employment under this Agreement shall not constitute a resignation with Good Reason unless such termination occurs not more than one hundred and twenty (120) days following the date the Executive learns of the initial existence of the condition(s) claimed to constitute grounds for a resignation with Good Reason.
(i)     “Involuntary Termination” shall mean: (i) a termination by AGM of the Executive’s employment hereunder without Cause; (ii) a termination by the Executive of his employment hereunder with Good Reason; (iii) a termination by AGM of the Executive’s employment hereunder in connection with AGM’s provision of notice pursuant to Section 2 that the Term shall not be extended or further extended, as the case may be; (iv) the Executive’s death; or (v) a termination by AGM of the Executive’s employment hereunder due to the Executive’s Disability.  
(j)    “Person” shall be construed broadly and shall include, without limitation, an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.
(k)     “Separation from Service” occurs when the Executive dies, resigns, or otherwise has a termination of employment with the Group that constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h)(1).  Notwithstanding anything in this Agreement or elsewhere to the contrary, the Executive shall have no duties following the Severance Date that are inconsistent with his having a Separation from Service on the Severance Date.  
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EXHIBIT B
 FORM OF RELEASE1
This Release (this “Release”) is entered into by James R. Belardi, an individual (“Executive”), for the benefit of Athene Holding Ltd., a Bermuda exempted company limited by shares (the “Company”), Apollo Insurance Solutions Group LP (“AISG”) and the other Releasees (as defined below).
WHEREAS, Executive has been employed by AHL and has provided services to AISG and one or more of their Affiliates; and
WHEREAS, Executive’s employment by AHL and the Group has terminated and, in connection with the Amended and Restated Employment Agreement dated June 16, 2022, by and between Executive and AHL, as amended from time to time in accordance with its terms (the “Employment Agreement”), Executive desires to enter into this Release upon the terms set forth herein;
NOW, THEREFORE, in consideration of the covenants undertaken and the releases contained in this Release, and in consideration of the obligations of AHL (or one of its subsidiaries) to pay severance benefits (conditioned upon this Release) under and pursuant to the Employment Agreement, which benefits Executive would not receive without entering into this Release, Executive agrees as follows:
1.    Termination of Employment.  Executive’s employment with AHL and engagement by AISG has terminated.  Executive waives any right or claim to reinstatement as an employee or service provider of AHL, AISG and each of its and their respective Affiliates.  Executive hereby confirms that Executive has resigned from, and does not assert that he rightfully holds, any position as an officer, director, employee, member, manager and in any other capacity with AHL,  AISG and each of its and their respective parents, subsidiaries and other Affiliates, other than positions in which he has been requested in writing by AHL, AISG or Apollo Global Management, Inc. (“AGM”) to continue.  Capitalized terms used but not defined herein shall have the meanings specified in the Employment Agreement.
2.    Release. 
2.1    Executive, on behalf of himself, his descendants, dependents, heirs, executors, administrators, assigns, and successors, and each of them, hereby covenants not to sue and fully releases and discharges AHL, AISG, AGM, their parents, subsidiaries and Affiliates, past and present, as well as each of their trustees, directors, officers, members, managers, partners, agents, attorneys, insurers, employees, stockholders, representatives, assigns, and successors, past and present, and each of them, hereinafter together and collectively referred to as the “Releasees,” with respect to and from any and all claims, wages, demands, rights, liens, agreements or contracts (written or oral), covenants, actions, suits, causes of action, obligations, debts, costs, expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or otherwise, whether now known or unknown, suspected or unsuspected, and whether or not concealed or hidden (each, a “Claim”), which he or she now owns or holds or he or she has at any time heretofore owned or held or may in the future hold as against any of said Releasees (including, without limitation, any Claim arising out of or in any way connected with 

1 The Company reserves the right to modify this form to the extent provided in Section 5.4(a) of the Employment Agreement. 

Executive’s service as an officer, director, employee, member or manager of any Releasee, Executive’s separation from his or her position as an officer, director, employee, manager and/or member, as applicable, of any Releasee, or any other transactions, occurrences, acts or omissions or any loss, damage or injury whatever), whether known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of said Releasees, or any of them, committed or omitted prior to the date of this Release including, without limiting the generality of the foregoing, any Claim under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967 (the “ADEA”), the Americans with Disabilities Act, the Family and Medical Leave Act of 1993, or any other federal, state or local law, regulation, or ordinance, or any Claim for severance pay, bonus, sick leave, holiday pay, vacation pay, life insurance, health or medical insurance or any other fringe benefit, workers’ compensation or disability; provided, however, that the foregoing Release does not apply to any obligation of any Releasee to Executive pursuant to any of the following: (1) excluding the AISG Profits Interests (which are addressed in clause (6) below), any equity-based or other awards granted to Executive by AHL, AISG or any of their respective parents, subsidiaries or Affiliates (including, without limitation, Apollo Management Holdings, L.P., and its Affiliates), to the extent that such awards continue after the termination of Executive’s employment in accordance with the applicable terms of such awards (and subject to any period in which to exercise such awards following such termination of employment); (2) any right to indemnification, or advancement of expenses subject to indemnification, that Executive may have pursuant to the bylaws, certificate of incorporation, operating agreement, written indemnification agreement or similar governing document of AHL, AISG or any of their respective parents, subsidiaries or Affiliates, or under applicable law (including, without limitation, attorneys’ fees to the extent otherwise provided), that Executive may have; (3) with respect to any rights that Executive may have to insurance coverage for such losses, damages or expenses under any directors and officers liability insurance policy of AHL, AISG or any of their respective parents, subsidiaries or Affiliates; (4) any rights to continued medical or dental coverage that Executive may have under COBRA (or similar applicable state law); (5) any rights to benefits under Section 5.3 of the Employment Agreement, (6) any rights under Section 5.8 or 5.9 of the LP Agreement that have accrued during the Executive’s employment or any right under any other Section of the LP Agreement; or (7) any rights to payment of benefits that Executive may have under a retirement plan sponsored or maintained by AHL, AISG or any of their respective parents, subsidiaries or affiliates that is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended.  In addition, this Release does not cover:  (a) any Claim that cannot be so released as a matter of applicable law; or (b) any Claim against any Releasee (other than AHL, AISG and its and their respective Affiliates) that neither arises out of, nor relates to, Executive’s employment with AHL or engagement by AISG or any other member of the Group or the termination thereof.  Executive understands that, by entering into this Release, Executive is not waiving rights or claims that may arise after the date of Executive’s execution of this Release, including without limitation any rights or claims that Executive may have to secure enforcement of the terms and conditions of this Release.
2.2    Within 90 days after the Severance Date, AISG shall notify Executive in writing of any amount payable to him or his Permitted Transferees that is described in clause (1) (to the extent it relates to Section 5.8 of the LP Agreement) or clause (6) (the “Applicable Clauses”) of the first sentence of Section 2.1 of this Release (the “AISG Notice”).  AISG and Executive shall cooperate in providing information reasonably necessary to confirm such calculations.  To the extent Executive wishes to challenge the amount specified in the AISG Notice, he shall notify AISG  in writing not later than 210 days after the Severance Date, specifying in reasonable detail the basis for the challenge and the amount of the alleged insufficiency, requesting cure (the “Written Objection”).  Except for the amount of any alleged insufficiency specified in the Written Objection, the amount specified in the AISG Notice shall (a) be deemed accepted by 
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Executive and Executive acknowledges and agrees that he shall have no further right to challenge such amount or assert any Claim under the Applicable Clauses that would affect any amount payable in respect of, or calculated by reference to, the Lookback Period (as defined in the LP Agreement) or any portion thereof, and (b) be paid at such time(s) as required by the governing agreement (even if the Written Objection remains unresolved at such time(s)).  
3.    Section 1542 Waiver.  It is the intention of Executive in executing this Release that the same shall be effective as a bar to each and every Claim hereinabove specified.  In furtherance of this intention, Executive hereby expressly waives any and all rights and benefits conferred upon him or her by the provisions of SECTION 1542 OF THE CALIFORNIA CIVIL CODE or any similar applicable law of any other state and expressly consents that this Release (including, without limitation, the Release set forth above) shall be given full force and effect according to each and all of its express terms and provisions, including those related to unknown and unsuspected Claims, if any, as well as those relating to any other Claims hereinabove specified.  SECTION 1542 OF THE CALIFORNIA CIVIL CODE provides:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”
Executive acknowledges that he may hereafter discover Claims or facts in addition to or different from those which Executive now knows or believes to exist with respect to the subject matter of this Release and which, if known or suspected at the time of executing this Release, may have materially affected this settlement.  Nevertheless, Executive hereby waives any right, Claim or cause of action that might arise as a result of such different or additional Claims or facts.  Executive acknowledges that he understands the significance and consequences of such release and such specific waiver of SECTION 1542 OF THE CALIFORNIA CIVIL CODE and any similar applicable law of any other state.
4.    ADEA Waiver.  Executive expressly acknowledges and agrees that by entering into this Release, Executive is waiving any and all rights or Claims that he or she may have arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), which have arisen on or before the date of execution of this Release.  Executive further expressly acknowledges and agrees that:
A.    In return for this Release, Executive will receive consideration beyond that which Executive was already entitled to receive before entering into this Release;

B.    Executive is hereby advised in writing by this Release to consult with an attorney before signing this Release;

C.    Executive has voluntarily chosen to enter into this Release and has not been forced or pressured in any way to sign it;

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D.    Executive was informed that he had [twenty one (21)/forty five (45)] days within which to consider this Release and that if he wished to execute this Release prior to expiration of such [21-day/45-day] period, he should execute the Endorsement attached hereto;2 

E.    Executive was informed that he had seven (7) days following the date of execution of this Release in which to revoke this Release, and this Release will become null and void if Executive elects revocation during that time.  Any revocation must be in writing and must be received by AHL during the seven-day revocation period.  In the event that Executive exercises his right of revocation, none of AHL, AISG or Executive will have any obligations under this Release;

F.    Nothing in this Release prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal law.

G.    Executive understands that this Release may not affect the rights and responsibilities of the U.S. Equal Employment Opportunity Commission (the “EEOC”) to enforce the ADEA or be used to justify interfering with the protected right of Executive to file a charge or participate in an investigation or proceeding conducted by the EEOC under the ADEA.  
5.    No Filed or Transferred Claims.  Executive warrants and represents that Executive has not heretofore assigned or transferred to any person not a party to this Release any released matter or any part or portion thereof and he shall defend, indemnify and hold AHL, AISG and each of its and their respective affiliates harmless from and against any claim (including the payment of attorneys’ fees and costs actually incurred whether or not litigation is commenced) based on or in connection with or arising out of any such assignment or transfer made, purported or claimed.  Except as provided under Section 6.1(e) of the Employment Agreement, Executive warrants and represents that Executive has not filed against AHL or any of the other Releasees, any complaints, claims or lawsuits with any arbitral tribunal, administrative agency, or court on or prior to the date hereof.  
6.    Severability.  It is the desire and intent of AHL, AISG and Executive that the provisions of this Release be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought.  Accordingly, if any particular provision of this Release shall be adjudicated by an arbitrator or a court of competent jurisdiction to be invalid, prohibited or unenforceable under any present or future law, and if the rights and obligations of any party under this Release will not be materially and adversely affected thereby, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Release or affecting the validity or enforceability of such provision in any 

2 Whether Executive has 21 days, 45 days, or some other period in which to consider the Release will be determined with reference to the requirements of the ADEA in order for such waiver to be valid in the circumstances.

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other jurisdiction, and to this end the provisions of this Release are declared to be severable; furthermore, in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Release, a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.  Notwithstanding the foregoing, if such provision could be more narrowly drawn (as to geographic scope, period of duration or otherwise) so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Release or affecting the validity or enforceability of such provision in any other jurisdiction.
7.    Signatures.  Signatures delivered by facsimile (including, without limitation, by “pdf”) shall be effective for all purposes.
8.    Successors.  This Release is personal to Executive and shall not, without the prior written consent of AHL, be assignable by Executive.  This Release shall inure to the benefit of and be binding upon AHL and AISG and its and their respective successors and assigns and any such successor or assignee shall be deemed substituted for AHL or AISG, as applicable, under the terms of this Release for all purposes.  As used herein, “successor” and “assignee” shall include any person, firm, corporation or other business entity which at any time, whether by purchase, merger, acquisition of assets, or otherwise, directly or indirectly acquires the ownership of AHL or AISG, acquires all or substantially all of AHL’s or AISG’s assets, or to which AHL or AISG assigns this Release by operation of law or otherwise.  In the event of Executive’s death or a judicial determination of his incompetence, references in this Release to Executive shall be deemed, where appropriate, to be references to his executor(s), guardian(s), or other legal representative(s).
9.    Governing Law.  THIS RELEASE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK TO BE APPLIED.  IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.
10.    Modifications.  This Release may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Release, which agreement is executed by the Parties.
11.    Waiver.  Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Release shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.  No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.
12.    Section Headings.  The headings and titles of the Sections and sub-sections of this Release are for the purpose of convenience only, and they neither form a part of this Release nor are they to be used in the construction or interpretation thereof.
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13.    Construction.  Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates.  The language used in this Release shall be deemed to be the language chosen by Executive, AISG and AHL to express their mutual intent, and no strict rule of construction shall be applied against any such person.
14.    Waiver of Jury Trial.  EXECUTIVE HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS RELEASE.
15.    Number and Gender; Examples.  Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other genders.  Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates.
16.    No Wrongdoing.  This Release does not constitute an adjudication or finding on the merits and it is not, and shall not be construed as, an admission or acknowledgment by any person of any violation of any policy, procedure, state or federal law or regulation, or any unlawful or improper act or conduct, all of which is expressly denied.  Moreover, neither this Release nor anything in this Release shall be construed to be, or shall be, admissible in any proceeding as evidence of or an admission by any person of any violation of any policy, procedure, state or federal law or regulation, or any unlawful or improper act or conduct.  This Release may be introduced, however, in any proceeding to enforce this Release or the Employment Agreement.
17.    Legal Counsel; Mutual Drafting.  Executive recognizes that this Release is legally binding and acknowledges and agrees that he has had the opportunity to consult with legal counsel of his choice.  Executive, AISG and AHL have cooperated in the drafting, negotiation and preparation of this Release.  Hence, in any construction to be made of this Release, the same shall not be construed against Executive, AISG or AHL on the basis of that person being the drafter of such language.  Executive agrees and acknowledges that he has read and understands this Release, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Release and has had ample opportunity to do so.
[Remainder of page intentionally left blank]
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The undersigned has read and understand the consequences of this Release and voluntarily sign it.  The undersigned declares under penalty of perjury under the laws of the State of California that the foregoing is true and correct.
EXECUTED on the date set forth below.
                    “Executive”

                    __________________________________
                    Print Name:________________________
                    Date:________________________

                    

ENDORSEMENT

I hereby acknowledge that I was given [21/45] days to consider the foregoing Release and voluntarily chose to sign the Release prior to the expiration of the [21-day/45-day] period.
I declare under penalty of perjury under the laws of the United States and the State of California that the foregoing is true and correct.
EXECUTED on the date set forth below.
                    
________________________________, 20____
Print Name:     
Date:______________________________________

8Exhibit 4.1

 

Conn’s
Receivables Funding 2022-A, LLC,

as Issuer

 

and

 

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee

 

 

 

BASE INDENTURE

 

Dated as of July 21, 2022

 

 

 

Asset Backed Notes

(Issuable in Series)

 

     

     

    

 

Table
of Contents

 

Page

 

	ARTICLE 1.	DEFINITIONS AND INCORPORATION BY REFERENCE	2

	Section 1.1.	Definitions	2

	Section 1.2.	Incorporation by Reference of Trust Indenture Act	22

	Section 1.3.	Cross-References	22

	Section 1.4.	Accounting and Financial Determinations; No Duplication	22

	Section 1.5.	Rules of Construction	22

	Section 1.6.	Other Definitional Provisions	23
	 	 	 

	ARTICLE 2.	THE NOTES	23

	Section 2.1.	Designation and Terms of Notes	23

	Section 2.2.	New Series Issuances	24

	Section 2.3.	[Reserved]	24

	Section 2.4.	Execution and Authentication	25

	Section 2.5.	Authenticating Agent	25

	Section 2.6.	Registration of Transfer and Exchange of Notes	26

	Section 2.7.	Appointment of Paying Agent	29

	Section 2.8.	Paying Agent to Hold Money in Trust	30

	Section 2.9.	Private Placement Legend	31

	Section 2.10.	Mutilated, Destroyed, Lost or Stolen Notes	32

	Section 2.11.	Temporary Notes	33

	Section 2.12.	Persons Deemed Owners	34

	Section 2.13.	Cancellation	34

	Section 2.14.	Release of Receivables Trust Estate and Trust Estate	34

	Section 2.15.	Payment of Principal and Interest	35

	Section 2.16.	Book-Entry Notes	35

	Section 2.17.	Notices to Clearing Agency	38

	Section 2.18.	Definitive Notes	38

	Section 2.19.	Global Note	39

	Section 2.20.	Tax Treatment	39

	Section 2.21.	Duties of the Trustee and the Transfer Agent and Registrar	40
	 	 	 

	ARTICLE 3.	[ARTICLE 3 IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES
OF NOTES]	40
	 	 	 

	ARTICLE 4.	NOTEHOLDER LISTS AND REPORTS	40

	Section 4.1.	Issuer To Furnish To Trustee Names and Addresses of Noteholders	40

	Section 4.2.	Preservation of Information; Communications to Noteholders	40

	Section 4.3.	Reports by Issuer	41

	Section 4.4.	Reports by Trustee	42

	Section 4.5.	Reports and Records for the Trustee and Instructions	42
	 	 	 

	ARTICLE 5.	ALLOCATION AND APPLICATION OF COLLECTIONS	42

	Section 5.1.	Rights of Noteholders	42

	Section 5.2.	Collection of Money	42

	Section 5.3.	Establishment of Accounts	43

	Section 5.4.	Collections and Allocations	44

 

    -i- 

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 5.5.	Determination of Monthly Interest	45

	Section 5.6.	Determination of Monthly Principal	46

	Section 5.7.	General Provisions Regarding Accounts	46

	Section 5.8.	Removed Receivables	46

	Section 5.9.	[Reserved]	46
	 	 	 

	ARTICLE 6.	[ARTICLE 6 IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]	46
	 	 	 

	ARTICLE 7.	[ARTICLE 7 IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]	46
	 	 	 

	ARTICLE 8.	COVENANTS	46

	Section 8.1.	Money for Payments To Be Held in Trust	46

	Section 8.2.	Affirmative Covenants of Issuer	47

	Section 8.3.	Negative Covenants	52

	Section 8.4.	Further Instruments and Acts	54

	Section 8.5.	Appointment of Successor Servicer	55
	 	 	 

	ARTICLE 9.	[RESERVED]	55
	 	 	 

	ARTICLE 10.	REMEDIES	55

	Section 10.1.	Events of Default	55

	Section 10.2.	Rights of the Trustee Upon Events of Default	56

	Section 10.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	57

	Section 10.4.	Remedies	58

	Section 10.5.	[Reserved]	59

	Section 10.6.	Waiver of Past Events	59

	Section 10.7.	Limitation on Suits	60

	Section 10.8.	Unconditional Rights of Holders to Receive Payment; Withholding Taxes	60

	Section 10.9.	Restoration of Rights and Remedies	61

	Section 10.10.	The Trustee May File Proofs of Claim	61

	Section 10.11.	Priorities	62

	Section 10.12.	Undertaking for Costs	62

	Section 10.13.	Rights and Remedies Cumulative	62

	Section 10.14.	Delay or Omission Not Waiver	62

	Section 10.15.	Control by Noteholders	63

	Section 10.16.	Waiver of Stay or Extension Laws	63

	Section 10.17.	Action on Notes	63

	Section 10.18.	Performance and Enforcement of Certain Obligations	63

	Section 10.19.	Reassignment of Surplus	64
	 	 	 

	ARTICLE 11.	THE TRUSTEE	64

	Section 11.1.	Duties of the Trustee	64

	Section 11.2.	Rights of the Trustee	68

	Section 11.3.	Trustee Not Liable for Recitals in Notes	72

	Section 11.4.	Individual Rights of the Trustee	73

 

    -ii- 

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 11.5.	Notice of Defaults	73

	Section 11.6.	Compensation	73

	Section 11.7.	Replacement of the Trustee	73

	Section 11.8.	Successor Trustee by Merger, etc.	75

	Section 11.9.	Eligibility: Disqualification	75

	Section 11.10.	Appointment of Co-Trustee or Separate Trustee	76

	Section 11.11.	Preferential Collection of Claims Against the Issuer	77

	Section 11.12.	Tax Returns	77

	Section 11.13.	Trustee May Enforce Claims Without Possession of Notes	77

	Section 11.14.	Suits for Enforcement	78

	Section 11.15.	Reports by Trustee to Holders	78

	Section 11.16.	Representations and Warranties of Trustee	78

	Section 11.17.	Issuer Indemnification of the Trustee	78

	Section 11.18.	Trustee’s Application for Instructions from the Issuer	79

	Section 11.19.	[Reserved]	79

	Section 11.20.	Maintenance of Office or Agency	79

	Section 11.21.	Concerning the Rights of the Trustee	79

	Section 11.22.	Direction to the Trustee	79
	 	 	 

	ARTICLE 12.	DISCHARGE OF INDENTURE	80

	Section 12.1.	Satisfaction and Discharge of Indenture	80

	Section 12.2.	Application of Issuer Money	80

	Section 12.3.	Repayment of Moneys Held by Paying Agent	80

	Section 12.4.	[Reserved]	80

	Section 12.5.	Final Payment with Respect to Any Series	81

	Section 12.6.	Termination Rights of Issuer	82

	Section 12.7.	Repayment to the Issuer	82
	 	 	 

	ARTICLE 13.	AMENDMENTS	82

	Section 13.1.	Without Consent of the Noteholders	82

	Section 13.2.	Supplemental Indentures with Consent of Noteholders	84

	Section 13.3.	Execution of Supplemental Indentures	86

	Section 13.4.	Effect of Supplemental Indenture	86

	Section 13.5.	Conformity With TIA	86

	Section 13.6.	Reference in Notes to Supplemental Indentures	86

	Section 13.7.	Series Supplements	87

	Section 13.8.	Revocation and Effect of Consents	87

	Section 13.9.	Notation on or Exchange of Notes	87

	Section 13.10.	The Trustee to Sign Amendments, etc.	87

	Section 13.11.	Back-Up Servicer Consent	87
	 	 	 

	ARTICLE 14.	REDEMPTION AND REFINANCING OF NOTES	88

	Section 14.1.	Redemption and Refinancing	88

	Section 14.2.	Form of Redemption Notice	88

	Section 14.3.	Notes Payable on Redemption Date	89

	Section 14.4.	Release of Receivables Trust Certificate	89

 

    -iii- 

     

    

 

Table
of Contents

(continued)

 

Page

 

	ARTICLE 15.	MISCELLANEOUS	89

	Section 15.1.	Compliance Certificates and Opinions, etc.	89

	Section 15.2.	Form of Documents Delivered to Trustee	91

	Section 15.3.	Acts of Noteholders	92

	Section 15.4.	Notices	93

	Section 15.5.	Notices to Noteholders: Waiver	93

	Section 15.6.	Alternate Payment and Notice Provisions	94

	Section 15.7.	Conflict with TIA	94

	Section 15.8.	Effect of Headings and Table of Contents	94

	Section 15.9.	Successors and Assigns	94

	Section 15.10.	Separability of Provisions	94

	Section 15.11.	Benefits of Indenture	95

	Section 15.12.	Legal Holidays	95

	Section 15.13.	GOVERNING LAW; JURISDICTION	95

	Section 15.14.	Counterparts	95

	Section 15.15.	Recording of Indenture	96

	Section 15.16.	Issuer Obligation	96

	Section 15.17.	No Bankruptcy Petition Against the Issuer	96

	Section 15.18.	No Joint Venture	96

	Section 15.19.	Rule 144A Information	97

	Section 15.20.	No Waiver; Cumulative Remedies	97

	Section 15.21.	Third-Party Beneficiaries	97

	Section 15.22.	Merger and Integration	97

	Section 15.23.	Rules by the Trustee	97

	Section 15.24.	Duplicate Originals	97

	Section 15.25.	Waiver of Trial by Jury	97

	Section 15.26.	AML Law	97

	Section 15.27.	Limitation of Liability	98

 

	Exhibit A:	Form of Release and Reconveyance of Receivables Trust Estate

 

    -iv- 

     

    

 

BASE INDENTURE, dated as
of July 21, 2022, between Conn’s Receivables Funding 2022-A, LLC, a limited liability company established under the laws of
Delaware, as issuer (the “Issuer”) and Computershare Trust Company, National Association, a national banking
association validly existing under the laws of the United States of America, as Trustee.

 

W
I T N E S S E T H:

 

WHEREAS, the Issuer has duly
executed and delivered this Indenture to provide for the issuance from time to time of one or more Series of Notes, issuable as
provided in this Indenture; and

 

WHEREAS, all things necessary
to make this Indenture a legal, valid and binding agreement of the Issuer, enforceable in accordance with its terms, have been done,
and the Issuer proposes to do all the things necessary to make the Notes, when executed by the Issuer and authenticated and delivered
by the Trustee hereunder and duly issued by the Issuer, the legal, valid and binding obligations of the Issuer as hereinafter provided;

 

NOW, THEREFORE, for and in
consideration of the premises and the receipt of the Notes by the Noteholders, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Noteholders, as follows:

 

GRANTING CLAUSE

 

The
Issuer hereby grants to the Trustee at the Closing Date, for the benefit of the Trustee, the Noteholders, and any other Person to which
any Issuer Obligations are payable (the “Secured Parties”), to secure the Issuer Obligations, a continuing Lien on
all of the Issuer’s right, title and interest in, to and under the following property whether now owned or hereafter acquired,
now existing or hereafter created and wherever located (a) 100% interest in the Receivables Trust Certificate; (b) all
Collections thereon received after the Cut-Off Date; (c) all Related Security; (d) the Collection Account, each Investor Account,
the Reserve Account, any Series Account and any other account maintained with a Qualified Institution for the benefit of the Secured
Parties of any Series of Notes (each such account, a “Trust Account”), all monies from time to time deposited
therein and all Permitted Investments and other investment property from time to time credited thereto; (e) all certificates and
instruments, if any, representing or evidencing any or all of the Trust Accounts or the funds on deposit therein from time to time; (f) the
Issuer’s rights, powers and benefits, but none of its obligations, under the Transaction Documents or that have been assigned to
the Issuer; (g) all additional property that may from time to time hereafter (pursuant to the terms of any Series Supplement
or otherwise) be subjected to the grant and pledge made by the Issuer or by anyone on its behalf; and (h) all present and future
claims, demands, causes and choses in action and all payments on or under and all proceeds of every kind and nature whatsoever in respect
of any or all of the foregoing, including all proceeds of all of the foregoing and the conversion thereof, voluntary or involuntary,
into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks,
deposit accounts, insurance proceeds, investment property, rights to payment of any and every kind and other forms of obligations and
receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the
foregoing (collectively, the “Receivables Trust Estate”).

 

     

     

    

 

The Receivables Trust and
the Receivables Trust Trustee hereby grant to the Trustee at the Closing Date, for the benefit of the Trustee, the Noteholders, and any
other Secured Party, to secure the Issuer Obligations, a continuing Lien on all of the their right, title and interest in, to and under
the Trust Estate.

 

The foregoing Grants are
made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Issuer Obligations,
equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions
of this Indenture, all as provided in this Indenture.

 

The Trustee, for the
benefit of the Secured Parties, hereby acknowledges such Grants, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and the Lien on the Receivables Trust Estate conveyed by the Issuer pursuant to the Grant and the Lien
on the Trust Estate conveyed by the Receivables Trust pursuant to the Grant, declares that it shall maintain such right, title and
interest, upon the trust set forth, for the benefit of all Secured Parties, subject to Sections 11.1 and 11.2, and
agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture.

 

ARTICLE 1.

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section 1.1. Definitions.
Certain capitalized terms used herein (including the preamble and the recitals hereto) shall have the following meanings:

 

“Adverse Claim”
means a Lien on any Person’s assets or properties in favor of any other Person (including any UCC financing statement or any similar
instrument filed against such Person’s assets or properties), other than a Permitted Encumbrance.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common
control with, such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly,
the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of voting
stock, by contract or otherwise.

 

“Agent” means any Transfer
Agent and Registrar or Paying Agent.

 

“Applicants”
has the meaning specified in Section 4.2(b).

 

“Back-Up Servicer”
has the meaning specified in the Servicing Agreement.

 

“Back-Up Servicing
Agreement” has the meaning specified in the Servicing Agreement.

 

“Bankruptcy Code”
means The Bankruptcy Reform Act of 1978, as amended from time to time, and as codified as 11 U.S.C. Section 101 et seq.

 

    2 

     

    

 

“Base Indenture”
means this Base Indenture, dated as of July 21, 2022, between the Issuer and the Trustee, as amended, restated, modified or supplemented
from time to time, exclusive of Series Supplements.

 

“Benefit Plan”
means any employee benefit plan as defined in Section 3(3) of ERISA in respect of which the Issuer, the Seller, the Originators,
Servicer or any ERISA Affiliate thereof is, or at any time during the immediately preceding six (6) years was, an “employer”
as defined in Section 3(5) of ERISA, or with respect to which the Issuer, the Seller, the Originators, the Servicer or any
of their respective ERISA Affiliates has any liability, contingent or otherwise.

 

“Benefit Plan Investor”
means an “employee benefit plan” as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA,
a “plan” as described in Section 4975 of the Code, that is subject to Section 4975 of the Code, or an entity deemed
to hold plan assets of any of the foregoing.

 

“Book-Entry Notes”
means Notes in which beneficial interests are owned and transferred through book entries by a Clearing Agency or a Foreign Clearing Agency
as described in Section 2.16; provided that after the occurrence of a condition whereupon book-entry registration
and transfer are no longer permitted and Definitive Notes are issued to the Note Owners, such Definitive Notes shall replace Book-Entry
Notes.

 

“Business Day”
unless otherwise specified in a Series Supplement, means any day that DTC is open for business at its office in New York City and
any day other than a Saturday, Sunday or other day on which banking institutions or trust companies in the State of New York generally,
the City of New York, St. Joseph, Missouri, Minneapolis, Minnesota or The Woodlands, Texas are authorized or obligated by law, executive
order or governmental decree to be closed.

 

“Business Taxes”
means any Federal, state or local income taxes or taxes measured by income, property taxes, excise taxes, franchise taxes or similar
taxes.

 

“Capitalized Lease”
of a Person means any lease of property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared
in accordance with GAAP.

 

“Certificateholder”
means the holder of the Receivables Trust Certificate.

 

“Class”
means a group of notes whose form is identical except for variation in denomination, principal amount or owner, and references to “each
Class” thus mean each of the Class A Notes, the Class B Notes, the Class C Notes and the Class R Notes.

 

“Clearing Agency”
means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act or any successor
provision thereto.

 

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

 

    3 

     

    

 

“Clearstream”
means Clearstream Banking, société anonyme.

 

“Closing Date”
means July 21, 2022.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

 

“Collateral Interests”
has the meaning, if any, with respect to any Series, specified in the related Series Supplement.

 

“Collection Account”
has the meaning specified in Section 5.3(a).

 

“Collections”
means, with respect to any Receivable, all cash collections and other cash proceeds of such Receivable made by or on behalf of Obligors,
including, without limitation, all principal, Finance Charges and Recoveries, if any, and cash proceeds of Related Security with respect
to such Receivable (including any insurance and RSA proceeds and returned premiums, but excluding refunds and rebates of earned premium
with respect to the cancellation of credit insurance and RSAs and unearned commissions with respect to RSAs related to Defaulted Receivables),
any sales tax refunds and proceeds collected in connection with the sale of any such Receivable, and any Deemed Collections in each case,
received after the Cut-Off Date; provided, however, that, if not otherwise specified, the term “Collections”
shall refer to the Collections on all the Receivables collectively together with any Investment Earnings and any other funds received
with respect to the Trust Estate.

 

“Conn Appliances”
means Conn Appliances, Inc., a Texas corporation.

 

“Conn Officer’s
Certificate” means a certificate signed by any Responsible Officer of the Issuer, the Depositor, the Seller or Conn Appliances,
as the case may be, and delivered to the Trustee.

 

“Consolidated Parent”
means initially, Conn’s, Inc., a Delaware corporation, and any successor to Conn’s, Inc. as the indirect or direct
parent of Conn Appliances, the financial statements of which are for financial reporting purposes consolidated with Conn Appliances in
accordance with GAAP, or if there is none, then Conn Appliances.

 

“Contract”
means any Installment Contract (which “Installment Contract” has been acquired (or purported to be acquired) by the Depositor
from the Seller pursuant to the First Receivables Purchase Agreement and subsequently acquired by the Receivables Trust from the Depositor
pursuant to the terms of the Second Receivables Purchase Agreement).

 

“Contractual Obligation”
means, with respect to any Person, any provision of any security issued by that Person or of any indenture, mortgage, deed of trust,
contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound
or to which it or any of its properties is subject.

 

“Controlling Class”
means (i) the Class A Noteholders for as long as the Class A Notes are Outstanding, (ii) thereafter, the Class B
Noteholders for as long as the Class B Notes are Outstanding, (iii) thereafter, the Class C Noteholders for as long as
the Class C Notes are Outstanding and (iv) thereafter, the Class R Noteholders.

 

    4 

     

    

 

“Controlling Person”
means a Person or an “affiliate” of such Person (as defined in Section 3(42) of ERISA and 29 C.F.R. Section 2510.3-101)
that has discretionary authority or control with respect to the assets of the Issuer or provides investment advice for a fee (direct
or indirect) with respect to the assets of the Issuer.

 

“Corporate Trust
Office” means the principal office of the Trustee at which at any particular time its corporate trust business shall be administered,
which office at the date of the execution of this Base Indenture is located at 600 S. 4th Street, MAC N9300-070, Minneapolis, Minnesota
55415, Attention: Corporate Trust Services/Asset Backed Administration.

 

“Credit and Collection
Policies” means the Servicer’s credit and collection policy or policies relating to Contracts and Receivables existing
on the Closing Date and referred to and in accordance with the Servicing Agreement, as the same is amended, supplemented or otherwise
modified and in effect from time to time in compliance with Section 2.14(c) of the Servicing Agreement; provided,
however, if the Servicer is any Person other than the initial Servicer, “Credit and Collection Policies” shall refer
to the collection policies of such Servicer as they relate to receivables of a similar nature to the Receivables.

 

“Cut-Off Date” means the close
of business on June 30, 2022.

 

“Deemed Collections”
means, in connection with any Receivable underlying the Receivables Trust Certificate, all amounts payable (without duplication) with
respect to such Receivable, by (i) the Seller pursuant to Section 2.5 of the First Receivables Purchase Agreement, (ii) the
Depositor pursuant to Section 2.5 of the Second Receivables Purchase Agreement and/or (iii) the initial Servicer pursuant
to Section 2.16 of the Servicing Agreement.

 

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

 

“Defaulted Receivable”
means a Receivable (i) as to which, at the end of any Monthly Period, any scheduled payment, or part thereof, remains unpaid for
210 days or more past the due date for such payment determined by reference to the contractual payment terms, as amended, of such Receivable,
such amendment in accordance with the Credit and Collection Policies or (ii) which, consistent with the Credit and Collection Policies,
would be written off the Issuer’s, the Seller’s or the Servicer’s books as uncollectible.

 

“Definitive Notes”
has the meaning specified in Section 2.16(f).

 

“Delinquent Receivable”
means a Receivable (other than a Defaulted Receivable) as to which (i) all or any part of a scheduled payment remains unpaid for
thirty-one (31) days or more from the due date for such payment or (ii) the Obligor thereon is suffering or has suffered an Event
of Bankruptcy.

 

“Depositor”
means Conn Appliances Receivables Funding, LLC.

 

    5 

     

    

 

“Depository”
has the meaning specified in Section 2.16.

 

“Depository Agreement”
means, with respect to each Series, the agreement among the Issuer and the Clearing Agency or Foreign Clearing Agency, or as otherwise
provided in the related Series Supplement.

 

“Determination Date”
means, unless otherwise specified in the related Series Supplement, the third Business Day prior to each Series Transfer Date.

 

“Dollars”
and the symbol “$” mean the lawful currency of the United States.

 

“DTC”
means The Depository Trust Company.

 

“Eligible Receivable”
means, as of the Cut-Off Date, each Receivable:

 

(a)            that
was originated in compliance with all applicable requirements of law (including without limitation all laws, rules and regulations
relating to truth in lending, fair credit billing, fair credit reporting, fair debt collection practices and privacy) and which complies
with all applicable requirements of law;

 

(b)            with
respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority
required to be obtained, effected or given by the Seller in connection with the creation or the execution, delivery and performance of
such Receivable, have been duly obtained, effected or given and are in full force and effect;

 

(c)            as
to which, at the time of the sale of such Receivable to the Depositor, the Seller was the sole owner thereof and had good and marketable
title thereto free and clear of all Liens;

 

(d)            as
to which, upon the filing of any financing statements described in Article 8 and, solely with respect to the Related
Security, to the extent required for perfection under the relevant UCC, the delivery of possession of all instruments, if
any, included in such Related Security to the Servicer, the Trustee will have a first priority perfected security interest in such
Receivable and the Related Security, subject to any Permitted Encumbrances;

 

(e)            that
is the legal, valid and binding payment obligation of the Obligor thereon enforceable against such Obligor in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, receivership, conservatorship or other laws, regulations and administrative
orders now or hereafter in effect, affecting the rights of creditors generally and except as such enforcement may be limited by general
principles of equity (whether considered in a proceeding at law or in equity), and is not subject to any right of rescission, setoff,
counterclaim or defense (including the defense of usury) or to any repurchase obligation or return right;

 

(f)            the
related Installment Contract of which constitutes an “account” or “chattel paper”, in each case under and as
defined in Article 9 of the UCC of all applicable jurisdictions;

 

    6 

     

    

 

(g)            that
was established in accordance with the Credit and Collection Policies in the regular and ordinary course of the business of the related
Originator;

 

(h)            that
is denominated and payable in Dollars, is only payable in the United States of America and each Obligor in respect of which resided in
the United States of America at the time of the origination of such Receivables;

 

(i)            other
than a Receivable (i) that is a Defaulted Receivable or (ii) as to which, on the related Purchase Date, all of the original
Obligors obligated thereon are deceased;

 

(j)            the
terms of which have not been modified or waived except as permitted under the Credit and Collection Policies or the Transaction Documents;

 

(k)            that
was originated in connection with a sale of Merchandise by the Retailer;

 

(l)            that
has no Obligor thereon that is a Governmental Authority;

 

(m)            the
original terms of which provide for repayment in full of the amount financed or the principal balance thereof in equal monthly installments
over a maximum term not to exceed forty-eight months; and

 

(n)            the
assignment of which to the Depositor or the Receivables Trust does not contravene or conflict with any law, rule or regulation or
any contractual or other restriction, limitation or encumbrance, and the sale or assignment of which does not require the consent of
the Obligor thereof.

 

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

 

“ERISA Affiliate”
means, with respect to any Person, (i) any corporation which is a member of the same controlled group of corporations (within the
meaning of Section 414(b) of the Code) as such Person; (ii) a trade or business (whether or not incorporated) under
common control (within the meaning of Section 414(c) of the Code) with such Person; or (iii) a member of the same affiliated
service group (within the meaning of Section 414(m) of the Code) as such Person.

 

“ERISA Event”
means any of the following: (i) the failure to satisfy the minimum funding standard under Section 302 of ERISA or Section 412
of the Code with respect to any Pension Plan; (ii) the filing by the Pension Benefit Guaranty Corporation or a plan administrator
of any notice relating to an intention to terminate any Pension Plan or Pension Plans or an event or condition which constitutes grounds
under Section 4042 of ERISA for the termination of, or grounds to appoint a trustee to administer any Pension Plan; (iii) the
complete withdrawal or partial withdrawal by any Person or any of its ERISA Affiliates from any Pension Plan or Multiemployer Plan; (iv) any
 “reportable event” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Pension
Plan (other than an event for which the 30-day notice period is waived), (v) the commencement of proceedings by the Pension Benefit
Guaranty Corporation to terminate a Pension Plan or the treatment of a Multiemployer Plan amendment as a termination under Section 4041A
of ERISA, (vi) the receipt by the Issuer, the Seller, an Originator, the initial Servicer or any ERISA Affiliate thereof of any
notice concerning a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning of Title IV of ERISA;
or (vii) the imposition of any liability under Title IV of ERISA, other than for Pension Benefit Guaranty Corporation premiums due
but not delinquent under Section 4007 of ERISA upon the Issuer, the Seller, an Originator, the initial Servicer or any of their
ERISA Affiliates thereof.

 

    7 

     

    

 

“Euroclear”
means the Euroclear System, as operated by Euroclear Bank S.A./N.V.

 

“Event of Bankruptcy”
shall be deemed to have occurred with respect to a Person if:

 

(a)            a
Proceeding shall be commenced, without the application or consent of such Person, before any Governmental Authority, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or adjustment of debts of such Person, the appointment of a
trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets,
or any similar action with respect to such Person under any Law relating to bankruptcy, insolvency, reorganization, winding up or composition
or adjustment of debts, and in the case of any Person, such Proceeding shall continue undismissed, or unstayed and in effect, for a period
of sixty (60) consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary case under the Federal
bankruptcy Laws or other similar Laws now or hereafter in effect; or

 

(b)            such
Person shall (i) consent to the institution of (except as described in the proviso to clause (a) above) any Proceeding
or petition described in clause (a) of this definition, or (ii) commence a voluntary Proceeding under any applicable bankruptcy,
insolvency, reorganization, debt arrangement, dissolution or other similar Law now or hereafter in effect, or shall consent to the appointment
of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for such Person
or for any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail to, or
admit in writing its inability to, pay its debts generally as they become due, or, if a corporation or similar entity, its board of directors
shall vote to implement any of the foregoing.

 

“Event of Default”
has the meaning specified in Section 10.1.

 

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

 

“FATCA”
means Sections 1471 through 1474 of the Code (or any amendments or successor versions thereof) and any related current or future rules,
regulations or official interpretations thereof and any non-governmental agreements and implementing rules.

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“Finance Charges”
means any finance, interest, late, servicing or similar charges or fees owing by an Obligor pursuant to the Contracts (other than with
respect to Defaulted Receivables).

 

    8 

     

    

 

“First Receivables
Purchase Agreement” means the First Receivables Purchase Agreement, dated as of July 21, 2022, between the Seller and
the Depositor, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time.

 

“Fiscal Year”
means any period of twelve consecutive calendar months ending on January 31.

 

“Fitch”
means Fitch Ratings, Inc.

 

“Foreign Clearing
Agency” means Clearstream and Euroclear.

 

“GAAP”
means those generally accepted principles of accounting set forth in pronouncements of the Financial Accounting Standards Board, the
American Institute of Certified Public Accountants or which have other substantial authoritative support and are applicable in the circumstances
as of the date of a report, as such principles are from time to time supplemented and amended, and with respect to determinations or
calculations to be made by a Person other than a successor Servicer, applied on a basis consistent with the most recent audited financial
statements of Consolidated Parent before the Closing Date.

 

“Global Note”
has the meaning specified in Section 2.19.

 

“Governmental Authority”
means any government or political subdivision or any agency, authority, bureau, central bank, commission, department or instrumentality
of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic.

 

“Grant”
means (i) the Issuer’s grant of a Lien on the Receivables Trust Estate and (ii) the Receivables Trust’s grant of
a Lien on the Trust Estate, each as set forth in the Granting Clause of this Base Indenture.

 

“Gross Receivables
Balance” means, with respect to any date of determination and any Receivable, the sum of each of the monthly payments originally
contracted for less any payments or credits received prior to such date; provided, however, that, if not otherwise specified, the term
 “Gross Receivables Balance” shall refer to the Gross Receivables Balance of all Receivables collectively together.

 

“Holder”
or “Noteholder” means the Person in whose name a Note is registered in the Note Register or such other Person deemed
to be a “Holder” or “Noteholder” in any related Series Supplement.

 

“Indebtedness”
means, with respect to any Person, such Person’s (i) obligations for borrowed money, (ii) obligations representing the
deferred purchase price of property other than accounts payable arising in the ordinary course of such Person’s business on terms
customary in the trade, (iii) obligations, whether or not assumed, secured by Liens on or payable out of the proceeds or production
from, property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or
other instruments, (v) Capitalized Lease obligations and (vi) obligations of another Person of a type described in clauses
(i) through (v) above, for which such Person is obligated pursuant to a guaranty, put or similar arrangement.

 

    9 

     

    

 

“Indenture”
means the Base Indenture, together with all Series Supplements, as the same may be amended, restated, modified or supplemented from
time to time.

 

“Indenture Termination
Date” has the meaning specified in Section 12.1.

 

“Independent”
means, when used with respect to any specified Person, that such Person (a) is in fact independent of the Issuer, any other obligor
upon the Notes, any Originator, the Seller, the Depositor, the Receivables Trust and any Affiliate of any of the foregoing Persons, (b) does
not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, any Originator,
the Seller, the Depositor, the Receivables Trust or any Affiliate of any of the foregoing Persons and (c) is not connected with
the Issuer, any such other obligor, any Originator, the Seller, the Depositor, the Receivables Trust or any Affiliate of any of the foregoing
Persons as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.

 

“Independent Certificate”
means a certificate or opinion to be delivered to the Trustee under the circumstances described in, and otherwise complying with, the
applicable requirements of Section 15.1, prepared by an Independent appraiser or other expert appointed by an Issuer Order
and approved by the Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read
the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof.

 

“Independent Manager”
has the meaning specified in Section 8.2(p).

 

“Initial Note Principal”
means, with respect to any Series of Notes, the amount stated in the related Series Supplement.

 

“Installment Contract”
means any retail installment sale contract or installment loan originally entered into between an Originator and an Obligor in connection
with a sale of Merchandise and all amounts due thereunder from time to time.

 

“Installment Contract
Receivable” means any indebtedness of an Obligor arising under an Installment Contract.

 

“Intercreditor Agreement”
means the Eleventh Amended and Restated Intercreditor Agreement, dated as of July 21, 2022, by and among JP Morgan Chase Bank N.A.,
the Receivables Trust, Conn’s Receivables 2021-A Trust, Conn’s Receivables Warehouse Trust, Conn Appliances, Inc., Conn
Credit Corporation, Inc. and Conn Credit I, LP, as such agreement may be amended, modified, waived, supplemented or restated from
time to time.

 

“Interest Period”
means, with respect to any Series of Notes, the period specified in the applicable Series Supplement.

 

“Investment Company
Act” means the Investment Company Act of 1940, as amended.

 

“Investment Earnings”
means all interest and earnings (net of losses and investment expenses) accrued on funds on deposit in the Trust Accounts (except if
otherwise provided with respect to any Series Account in the Series Supplement).

 

    10 

     

    

 

“Investor Account” means each
of the Payment Accounts.

 

“Issuer” has the meaning specified
in the preamble of this Base Indenture.

 

“Issuer Obligations”
means (i) all principal and interest, at any time and from time to time, owing by the Issuer on the Notes (including any Note held
by the Seller, the Depositor, any Originator, the Parent or any Affiliate of any of the foregoing) and (ii) all costs, fees, expenses,
indemnity and other amounts owing or payable by, or obligations of, the Issuer to any Person (other than the Seller, the Depositor, any
Originator or Conn’s, Inc.) under the Indenture or the other Transaction Documents.

 

“Issuer Order”
and “Issuer Request” means a written order or request signed in the name of the Issuer by any one of its Responsible
Officers and delivered to the Trustee.

 

“Law”
means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or
award of any Governmental Authority.

 

“Legal Final Payment
Date” is defined, with respect to any Series of Notes, in the applicable Series Supplement.

 

“Lien”
means any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest,
easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever
(including any lease or title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing,
and the filing of, or agreement to give, any financing statement perfecting a security interest under the UCC or comparable Law of any
jurisdiction).

 

“Material Adverse
Effect” means any event or condition which would have a material adverse effect on (i) the collectibility of any material
portion of the Receivables owned by the Receivables Trust, (ii) the condition (financial or otherwise), businesses or properties
of the Issuer, the Servicer, the Depositor, the Receivables Trust or the Seller, (iii) the ability of the Issuer, the Depositor,
the Receivables Trust or the Seller to perform its respective obligations under the Transaction Documents or the ability of the Servicer
to perform its obligations under the Servicer Transaction Documents and (iv) the interests of the Trustee or any Secured Party in
the Receivables Trust Estate or under the Transaction Documents.

 

“Merchandise”
means (i) furniture and mattresses, home appliances, consumer electronics, home office, flooring and other goods and merchandise
of the type sold by the Retailer from time to time in the ordinary course of business, which in each case constitute “consumer
goods” under and as defined in Article 9 of the UCC of all applicable jurisdictions, (ii) RSAs and services in respect
of any goods or merchandise referred to in clause (i) above, and (iii) credit insurance (including life, disability,
property and involuntary unemployment) in respect of any goods or merchandise referred to in clause (i) above or any Obligor’s
payment obligations in respect of a Receivable.

 

“Monthly Noteholders’
Statement” means, with respect to any Series of Notes, a statement substantially in the form attached in the relevant
Series Supplement, with such changes as the Servicer (with prior consent of the Back-Up Servicer) may determine to be necessary
or desirable; provided, however, that no such change shall serve to exclude information expressly required by this Base
Indenture or any Series Supplement.

 

    11 

     

    

 

“Monthly Period”
means, unless otherwise defined in any Series Supplement, the period from and including the first day of a calendar month to and
including the last day of a calendar month (or in the case of the first Monthly Period, the period commencing on the Cut-Off Date and
ending on the last day of the month immediately preceding the first Payment Date).

 

“Monthly Remittance
Condition” will be satisfied with respect to any Monthly Period so long as:

 

(i)            Conn
Appliances is Servicer;

 

(ii)            a
Servicer Default shall not have occurred and be continuing; and

 

(iii)            the
long-term rating of the Consolidated Parent is at least “BBB-” or “F3” by Fitch.

 

“Monthly Servicer
Report” means a report substantially in the form attached as Exhibit A-1 to the Servicing Agreement or in such
other form as shall be agreed between the Servicer (with prior consent of the Back-Up Servicer) and the Trustee; provided, however,
that no such other agreed form shall serve to exclude information expressly required by this Base Indenture or any Series Supplement.

 

“Multiemployer Plan” means
a Benefit Plan that is a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA.

 

“New Series Issuance”
means any issuance of a new Series of Notes pursuant to Section 2.2.

 

“New Series Issuance
Date” has the meaning, with respect to any Series issued pursuant to a New Series Issuance, specified in Section 2.2.

 

“New Series Issuance
Notice” has the meaning, with respect to any Series issued pursuant to a New Series Issuance, specified in Section 2.2.

 

“Non-U.S. Person”
means a person who is not a “U.S. Person” as such term is defined in Regulation S.

 

“Note Interest”
means interest payable in respect of the Notes of any Series pursuant to the Series Supplement for such Series.

 

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

 

    12 

     

    

 

“Note Principal”
means the principal payable in respect of the Notes of any Series pursuant to Article 5.

 

“Note Purchase Agreement”
has, with respect to any Series of Notes, the meaning stated in the related Series Supplement.

 

“Note Rate”
means, with respect to any Series of Notes (or, for any Series with more than one Class, for each Class of such Series),
the annual rate, if any, at which interest accrues on the Notes of such Series of Notes (or formula on the basis of which such rate
shall be determined) as stated in the applicable Series Supplement, if any.

 

“Note Register”
has the meaning specified in Section 2.6(a).

 

“Notes”
means any one of the notes (including, without limitation, the Global Notes or the Definitive Notes) issued by the Issuer, executed and
authenticated by the Trustee substantially in the form (or forms in the case of a Series with multiple Classes) of the note attached
to the related Series Supplement or such other obligations of the Issuer deemed to be a “Note” in any related
Series Supplement.

 

“Obligor”
means, with respect to any Receivable, the Person or Persons obligated to make payments with respect to such Receivable, including any
guarantor thereof.

 

“Offering Memorandum”
means the Offering Memorandum dated July 14, 2022, relating to the Series 2022-A Notes.

 

“Opinion of Counsel”
means one or more written opinions of counsel to the Issuer, the Depositor, the Receivables Trust, the Trustee, the Seller or the Servicer
who (except in the case of opinions regarding matters of organizational standing, power and authority, conflict with organizational documents,
conflict with agreements other than Transaction Documents, qualification to do business, licensure and litigation or other Proceedings)
shall be external counsel, satisfactory to the Trustee, which opinions shall comply with any applicable requirements of Section 15.1
and TIA Section 314 (if this Indenture is required to be qualified under the TIA), if applicable, and shall be in form and substance
satisfactory to the Trustee, and shall be addressed to the Trustee. An Opinion of Counsel may, to the extent same is based on any factual
matter, rely on a Conn Officer’s Certificate as to the truth of such factual matter.

 

“Optional Redemption” shall
have the meaning specified in the applicable Series Supplement.

 

“Originator” means each of
Conn Appliances, Inc., and Conn Credit Corporation, Inc., as applicable.

 

“Outstanding”
has the meaning, with respect to any Series, specified in the related Series Supplement.

 

    13 

     

    

 

“Outstanding
Receivables Balance” means, as of any date with respect to any Receivable, an amount equal to (i) with respect to
Receivables originated by CCC that have interest calculated on a simple interest basis, the outstanding principal balance of such
loan, and (ii) with respect to the Receivables originated by CCC that have interest calculated on a precomputed basis or
originated by Conn Appliances, the Gross Receivables Balance of such Receivable minus (iii) the Unearned Finance Charges
for such Receivable; provided, however, that if not otherwise specified, the term “Outstanding Receivables
Balance” shall refer to the Outstanding Receivables Balance of all Receivables owned by the Receivables Trust and underlying
the Receivables Trust Certificate collectively and which Receivables are not required to be purchased or repurchased by the initial
Servicer or any other Person pursuant to the terms of the Transaction Documents, provided further that the Outstanding Receivables
Balance of any Defaulted Receivable will be equal to zero, except with respect to the calculation of any Purchase Price payable by
the initial Servicer.

 

“Parent”
shall mean Conn Appliances.

 

“Paying Agent”
means any paying agent appointed pursuant to Section 2.7 and shall initially be the Trustee.

 

“Payment Account”
has the meaning specified in Section 5.3(c).

 

“Payment Date”
means, with respect to each Series, the dates specified in the related Series Supplement.

 

“Pension Plan” means a Benefit
Plan that is an “employee benefit pension plan” as described in Section 3(2) of ERISA that is subject to Title
IV of ERISA or Section 302 of ERISA or 412 of the Code, other than a Multiemployer Plan.

 

“Permitted Encumbrance”
means each of the following:

 

(i)            Liens
for taxes and assessments that are not yet due and payable or that are being contested in good faith and for which reserves have been
established, if required in accordance with GAAP;

 

(ii)            Liens
of or resulting from any judgment or award, the time for the appeal or petition for rehearing of which shall not have expired, or in
respect of which the Seller shall at any time in good faith be prosecuting an appeal or proceeding for a review and with respect to which
adequate reserves or other appropriate provisions are being maintained in accordance with GAAP;

 

(iii)            Liens
incidental to the conduct of business or the ownership of properties and assets (including mechanics’, carriers’, repairers’,
warehousemen’s and statutory landlords’ liens and liens to secure the performance of leases) and Liens to secure statutory
obligations, surety or appeal bonds or other Liens of like general nature incurred in the ordinary course of business and not in connection
with the borrowing of money, provided in each case, the obligation secured is not overdue, or, if overdue, is being contested
in good faith by appropriate actions or Proceedings and with respect to which adequate reserves or other appropriate provisions are being
maintained in accordance with GAAP;

 

(iv)            Liens
created pursuant to the Transaction Documents or the Contracts;

 

    14 

     

    

 

(v)            Liens
that, in the aggregate do not exceed $500,000 (such amount not to include Permitted Encumbrances under clauses (i) through (iv) or
(vi)) and which, individually or in the aggregate, do not materially interfere with the rights under the Transaction Documents of the
Trustee or any Noteholder in any of the Receivables; and

 

(vi)            any
Lien created in favor of the Seller in connection with the purchase of any Receivables by the Seller.

 

“Permitted Investments”
means book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form and that evidence:

 

(a)            direct
obligations of, and obligations fully guaranteed as to the full and timely payment by, the United States;

 

(b)            demand
deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the
United States or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision
and examination by federal or state banking or depository institution authorities (including depository receipts issued by any such
institution or trust company as custodian with respect to any obligation referred to in clause (a) above or a portion of such
obligation for the benefit of the holders of such depository receipts); provided that at the time of the investment or
contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each
Payment Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of
which is based on the credit of a person other than such depository institution or trust company) of such depository institution or
trust company shall have a credit rating from Fitch of at least “F1+”;

 

(c)            commercial
paper having, at the time of the investment or contractual commitment to invest therein, a rating from Fitch of at least “F1+”;

 

(d)            investments
in money market funds with a rating by Fitch of at least “AAAmmf” or in the highest rating category by any two other nationally
recognized statistical rating organization (including proprietary money market funds offered by Computershare Trust Company, National
Association or any of its Affiliates); or

 

(e)            bankers’
acceptances issued by any depository institution or trust company referred to in clause (b) above;

 

provided, that funds on deposit
in the Reserve Account shall only be invested in Permitted Investments deemed to be “cash equivalents” for purposes of 17
CFR Part 246.4(b)(2) of Regulation RR, as determined by the Servicer.

 

Permitted Investments may be purchased by or through
the Trustee or any of its Affiliates.

 

“Person”
means any corporation, limited liability company, natural person, firm, joint venture, partnership, trust, unincorporated organization,
enterprise, government or any department or agency of any government.

 

    15 

     

    

 

“Plan”
means an “employment benefit plan” as defined in Section 3(3) of ERISA whether or not subject to Title I of ERISA,
a “plan” as defined in Section 4975 of the Code, or an entity or account that is deemed to hold plan assets of any of
the foregoing.

 

“Post Office Box”
has the meaning specified in the Servicing Agreement.

 

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

 

“Purchase and Sale
Agreement” means the Purchase and Sale Agreement, dated as of July 21, 2022, between the Depositor and the Issuer, as
such agreement may be amended, supplemented or otherwise modified and in effect from time to time.

 

“Purchase Date”
has the meaning specified in the Purchase and Sale Agreement, First Receivables Purchase Agreement or Second Receivables Purchase Agreement,
as applicable.

 

“Purchase Event”
has the meaning specified in the Servicing Agreement.

 

“Qualified Institution”
means a depository institution or trust company (x) whose long-term unsecured debt obligations are rated at least “BBB”
by Fitch, or the equivalent by any nationally recognized statistical rating organization, if the deposits are to be held in the account
more than 30 days or (y) approved by the Rating Agency.

 

“Rating Agency”
means Fitch.

 

“Receivable”
means the indebtedness of any Obligor under an Installment Contract (which “Receivable” has been acquired (or purported to
be acquired) by the Receivables Trust pursuant to the terms of the Second Receivables Purchase Agreement), whether constituting an account,
chattel paper, an instrument, a general intangible, payment intangible, promissory note or otherwise, and shall include (i) the
right to payment of such indebtedness and any interest or finance charges and other obligations of such Obligor with respect thereto
(including, without limitation, the principal amount of such indebtedness, periodic finance charges, late fees and returned check fees),
and (ii) all proceeds of, and payments or Collections on, under or in respect of any of the foregoing. Notwithstanding the foregoing,
upon release from the Trust Estate, pursuant to the Indenture, a Removed Receivable shall no longer constitute a Receivable. If an Installment
Contract is modified for credit reasons, the indebtedness under the new Installment Contract shall, for purposes of the Transaction Documents,
constitute the same Receivable as existed under the original Installment Contract. If an Installment Contract is refinanced in connection
with the purchase of additional Merchandise, the original Receivable shall be deemed collected and cease to be a Receivable for purposes
of the Transaction Documents upon payment in accordance with the Servicing Agreement with respect thereto.

 

“Receivable File” means with
respect to a Receivable, (i) the Installment Contract related to such Receivable, (ii) each UCC financing statement related
thereto, if any, and (iii) the application, if any, of the related Obligor to obtain the financing extended by such Receivable;
provided that such Receivable File may be converted to microfilm or other electronic media within six months after the Initiation
Date for the related Receivable.

 

    16 

     

    

 

“Receivables Trust” means Conn’s
Receivables 2022-A Trust, a Delaware statutory trust.

 

“Receivables Trust
Agreement” means the trust agreement, dated May 26, 2022, as amended and restated as of the date hereof, between the Depositor
and the Receivables Trust Trustee, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time.

 

“Receivables Trust
Certificate” means the certificate issued by the Receivables Trust pursuant to the Receivables Trust Agreement, representing
a 100% beneficial interest in the Receivables Trust.

 

“Receivables Trust
Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the Lien of this
Indenture for the benefit of the Secured Parties (including all property and interests Granted to the Trustee), including all proceeds
thereof, as defined in the Granting Clause to this Base Indenture.

 

“Receivables Trust
Trustee” means Wilmington Trust, National Association, not in its individual capacity but solely as trustee of the Receivables
Trust.

 

“Record Date”
means, with respect to any Payment Date or Redemption Date and (a) with respect to each Class of Series 2022-A Notes that
is issued in the form of Global Notes, the Business Day immediately preceding such Payment Date or Redemption Date, as applicable, and
(b) for any Class of Series 2022-A Notes that is issued in the form of Definitive Notes, the last Business Day of the
month immediately preceding the month in which the related Payment Date or Redemption Date, as applicable, shall occur.

 

“Records”
means all Contracts and other documents, books, records and other information (including, without limitation, computer programs, tapes,
disks, punch cards, data processing software and related property and rights) maintained with respect to Receivables and the related
Obligors.

 

“Recoveries”
means, with respect to any period, all Collections (net of auction related expenses) received during such period in respect of a Receivable
after it became a Defaulted Receivable.

 

“Redemption Date”
means (a) in the case of a redemption of the Notes pursuant to Section 14.1, the Business Day specified by the initial
Servicer or the Issuer pursuant to Section 14.1 or (b) the date specified for a Series pursuant to redemption provisions
of the related Series Supplement.

 

“Redemption Price”
means in the case of a redemption of the Notes pursuant to Section 14.1, an amount as set forth in the Series Supplement
for the redemption of the Notes.

 

“Registered Notes”
has the meaning specified in Section 2.1.

 

“Related Security”
means, with respect to any Receivable, all guaranties, indemnities, insurance (including any insurance and RSA proceeds and returned
premiums) and other agreements (including the related Receivable File) or arrangement and other collateral of whatever character from
time to time supporting or securing payment of such Receivable or otherwise relating to such Receivable (including any returned sales
taxes).

 

    17 

     

    

 

“Removed Receivables”
means any Receivable underlying the Receivables Trust Certificate which is purchased or repurchased by the initial Servicer pursuant
to the Servicing Agreement, or by any other Person pursuant to Section 5.8 of the Indenture.

 

“Required Noteholders”
has, with respect to any Series of Notes, the meaning stated in the related Series Supplement.

 

“Requirements of
Law” means, as to any Person, the organizational documents of such Person and any Law applicable to or binding upon such Person
or any of its property or to which such Person or any of its property is subject.

 

“Responsible Officer”
means, with respect to any Person, the member, the Chairman, the President, the Controller, any Vice President, the Secretary, Chief
Financial Officer, the Treasurer, or any other officer of such Person or of a direct or indirect managing member of such Person, who
customarily performs functions similar to those performed by any of the above-designated officers and also, with respect to a particular
matter any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular
subject.

 

“Restricted Period”
has, with respect to any Series of Notes, the meaning designated as the “Restricted Period,” if any, in the related
Series Supplement.

 

“Retained Notes”
means any Notes retained by the Issuer, the Depositor, the Seller or a Person that is considered the same Person as the Issuer for United
States federal income tax purposes.

 

“Retailer”
means Conn Appliances, Inc.

 

“RSA”
means a repair service agreement for Merchandise purchased by an Obligor provided by a third party or by Conn Appliances, Inc.

 

“Second Receivables
Purchase Agreement” means the Second Receivables Purchase Agreement, dated as of July 21, 2022, between the Depositor
and the Receivables Trust, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time.

 

“Secured Parties”
has the meaning specified in Granting Clause of this Base Indenture.

 

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

 

“Seller”
means Conn Credit I, LP.

 

“Series Account”
has the meaning specified in Section 5.3(d).

 

    18 

     

    

 

“Series of
Notes” or “Series” means any Series of Notes issued and authenticated pursuant to the Base Indenture
and a related Series Supplement, which may include within any Series multiple Classes of Notes, one or more of which may be
subordinated to another Class or Classes of Notes.

 

“Series Supplement”
means a supplement to the Base Indenture complying with the terms of Section 2.2 of this Base Indenture.

 

“Series Termination
Date” means, with respect to any Series of Notes, the date specified as such in the applicable Series Supplement.

 

“Series Transfer
Date” means, unless otherwise specified in the related Series Supplement, with respect to any Series, the Business Day
immediately prior to each Payment Date.

 

“Servicer”
means initially Conn Appliances and its permitted successors and assigns and thereafter any Person appointed as successor pursuant to
the Servicing Agreement to service the Receivables.

 

“Servicer Default”
has the meaning specified in Section 2.06 of the Servicing Agreement.

 

“Servicer Transaction
Documents” means collectively, the Base Indenture, any Series Supplement, the Servicing Agreement, the Back-Up Servicing
Agreement and the Intercreditor Agreement, as applicable.

 

“Servicing Agreement”
means the Servicing Agreement, dated as of July 21, 2022, among the Issuer, the Receivables Trust, the Servicer and the Trustee,
as the same may be amended or supplemented from time to time.

 

“Servicing
Fee” means with respect to any Monthly Period, an amount equal to (A) in the case of the initial Servicer, the
product of (i) 4.75%, (ii) one-twelfth and (iii) the aggregate Outstanding Receivables Balance as of the last day of
the immediately prior Monthly Period (provided that, the Servicing Fee payable on the first Payment Date will be equal to the sum of
(a) the product of (i) 4.75%, (ii) one-twelfth and (iii) the aggregate Outstanding Receivables Balance as of the
Cut-Off Date) and (B) in the case of SST acting as successor Servicer, the fees and reimbursable expenses as set forth on the
SST Fee Schedule and indemnity amounts owing to SST as successor Servicer in accordance with the terms of the Transaction Documents
(but, as to such indemnity amount, not in excess of $100,000 per calendar year unless an Event of Default has occurred and is
continuing which has resulted in the acceleration of any series of Notes, in which case no such cap shall apply). Amounts withdrawn
from the Reserve Account may not be used to pay the Servicing Fee for so long as Conn Appliances is the Servicer.

 

“Servicing Officer”
means any officer of the Servicer involved in, or responsible for, the administration and servicing of the Receivables whose name appears
on a list of servicing officers furnished to the Trustee by the Servicer, as such list may from time to time be amended.

 

“SST”
means Systems & Services Technologies, Inc.

 

    19 

     

    

 

“SST Fee Schedule”
means Schedule I and Schedule II to the Back-Up Servicing Agreement.

 

“STAMP”
means the Securities Transfer Agents Medallion Program.

 

“Subsidiary”
of a Person means any other Person more than 50% of the outstanding voting interests of which shall at any time be owned or controlled,
directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or any similar business organization which
is so owned or controlled.

 

“Supplement”
means a supplement to this Base Indenture complying with the terms of Article 13 of this Base Indenture.

 

“Transaction Documents”
means, collectively, the Indenture, the Notes, the Servicing Agreement, the Back-Up Servicing Agreement, the First Receivables Purchase
Agreement, the Second Receivables Purchase Agreement, the Purchase and Sale Agreement, the Receivables Trust Agreement, the Intercreditor
Agreement, the Note Purchase Agreement, and any agreements of the Issuer relating to the issuance or the purchase of any of the Notes.

 

“Transfer Agent
and Registrar” has the meaning specified in Section 2.6 and shall initially, and so long as Computershare Trust
Company, National Association is acting as Paying Agent, be the Trustee.

 

“Transition Costs”
means all reasonable costs and expenses incurred by the Back-Up Servicer in connection with a transfer of servicing in accordance with
the Back-Up Servicing Agreement (including for the avoidance of doubt during the Servicing Centralization Period).

 

“Trust Account”
has the meaning specified in the Granting Clause to this Base Indenture, which accounts are under the sole dominion and control of the
Trustee.

 

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

 

“Trust
Estate” means with respect to the Receivables Trust, (i) certain retail installment sales contracts and installment loans
(made to finance customer purchases of Merchandise from the Retailer) (the “Contracts”) that have been conveyed, sold
and/or assigned by the Seller to the Depositor and by the Depositor to the Receivables Trust, (ii) the Receivables related to such
Contracts; (iii) all Collections received in respect of the Receivables after the Cut-Off Date; (iv) all Related Security;
(v) the Receivables Trust’s rights, powers and benefits but none of its obligations under the Transaction Documents to which
it is a party and (vi) all present and future claims, demands, causes and choses in action and all payments on or under, and all
proceeds of every kind and nature whatsoever in respect of, any or all of the foregoing.

 

“Trust Officer”
means any officer within the Corporate Trust Office (or any successor group of the Trustee), including any Vice President, any Managing
Director, any Assistant Vice President, any Secretary, any Assistant Treasurer, any Assistant Secretary or any other officer of the Trustee
customarily performing functions similar to those performed by any individual who at the time shall be such an officer of the Trustee
and also, with respect to a particular matter, any other officer to whom any corporate trust matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.

 

    20 

     

    

 

“Trustee”
means initially Computershare Trust Company, National Association, and its successors and assigns and any corporation resulting from
or surviving any consolidation or merger to which it or its successors and assigns may be a party and any successor trustee appointed
in accordance with the provisions of this Base Indenture.

 

“Trustee Indemnified
Amounts” has the meaning specified in Section 11.17.

 

“Trustee Indemnified
Persons” has the meaning specified in Section 11.17.

 

“Trustee, Receivables
Trust Trustee, Back-Up Servicer and Issuer Fees and Expenses” means, for any Payment Date, (i) the amount of accrued and
unpaid fees, expenses and indemnity amounts, including but not limited to indemnified losses (but, as to expenses and indemnity amounts,
not in excess of $50,000 per annum, to each of the Trustee, Back-Up Servicer and Receivables Trust Trustee, which amount shall not be
shared with any other entity (unless an Event of Default has occurred and the Notes have been accelerated, in which case such cap shall
not apply) of the Trustee (including in its capacity as Agent), Receivables Trust Trustee and Back-Up Servicer, (ii) reimbursement
of expenses of the Issuer not otherwise payable under the priority of payments as set forth in Section 5.15 of the applicable
Series Supplement (but not in excess of $50,000 per annum) and (iii) the Transition Costs (but not in excess of $115,000),
if applicable. Additionally, Trustee, Receivables Trust Trustee, Back-Up Servicer and Issuer Fees and Expenses shall include, if 100%
of the Noteholders of the Controlling Class consent to such action, any costs and expenses associated with the designation of an
employee of the successor Servicer being assigned to all or any Conn Appliances store to oversee the collection of in-store payments
at such store.

 

“UCC”
means, with respect to any jurisdiction, the Uniform Commercial Code as the same may, from time to time, be enacted and in effect in
such jurisdiction.

 

“Unearned Finance Charges”
means, as of any date of determination with respect to any Receivable, that portion of the Gross Receivables Balance attributable to
Finance Charges under such Receivable that have not accrued as of such date.

 

“U.S.”
or “United States” means the United States of America and its territories.

 

“Warehouse Trust”
means Conn’s Receivables Warehouse Trust.

 

“written”
or “in writing” means any form of written communication, including, without limitation, by means of e-mail, telex,
telecopier device, telegraph or cable.

 

    21 

     

    

 

Section 1.2. Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference
in and made a part of this Indenture, except to the extent that the Trustee has been advised by an Opinion of Counsel that the Indenture
does not need to be qualified under the TIA or such provision is not required under the TIA to be applied to this Indenture in light
of the outstanding Notes; provided, that it is hereby understood and agreed that as of the Closing Date the Indenture does not need to
be qualified under the TIA. The following TIA terms used in this Indenture have the following meanings:

 

“Commission”
means the Securities and Exchange Commission.

 

“indenture
securities” means the Notes.

 

“indenture
security holder” means a Noteholder.

 

“indenture
to be qualified” means this Indenture.

 

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

 

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

 

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

 

Section 1.3. Cross-References.
Unless otherwise specified, references in this Indenture and in each other Transaction Document to any Article or Section are
references to such Article or Section of this Indenture or such other Transaction Document, as the case may be, and, unless
otherwise specified, references in any Article, Section or definition to any clause are references to such clause of such Article,
Section or definition.

 

Section 1.4. Accounting
and Financial Determinations; No Duplication. Where the character or amount of any asset or liability or item of income or
expense is required to be determined, or any accounting computation is required to be made, for the purpose of this Indenture, such
determination or calculation shall be made, to the extent applicable and except as otherwise specified in this Indenture, in
accordance with GAAP. When used herein, the term “financial statement” shall include the notes and schedules thereto.
All accounting determinations and computations hereunder or under any other Transaction Documents shall be made without
duplication.

 

Section 1.5. Rules of
Construction. In this Indenture, unless the context otherwise requires:

 

(i)            “or”
is not exclusive;

 

(ii)            the
singular includes the plural and vice versa;

 

(iii)            reference
to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted
by this Indenture, and reference to any Person in a particular capacity only refers to such Person in such capacity;

 

(iv)            reference
to any gender includes the other gender;

 

    22 

     

    

 

(v)            reference
to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect
from time to time;

 

(vi)            “including”
(and with correlative meaning “include”) means including without limiting the generality of any description preceding such
term; and

 

(vii)            with
respect to the determination of any period of time, “from” means “from and including” and “to” means
 “to but excluding”.

 

Section 1.6. Other
Definitional Provisions.

 

(a)            All
terms defined in any Series Supplement or this Base Indenture shall have the defined meanings when used in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein. Capitalized terms used but not defined herein shall have
the respective meaning given to such term in the Servicing Agreement.

 

(b)            The
words “hereof,” “herein” and “hereunder” and words of similar import when used in this Base Indenture
or any Series Supplement shall refer to this Base Indenture or such Series Supplement as a whole and not to any particular
provision of this Base Indenture or any Series Supplement; and Section, subsection, Schedule and Exhibit references contained
in this Base Indenture or any Series Supplement are references to Sections, subsections, Schedules and Exhibits in or to this Base
Indenture or any Series Supplement unless otherwise specified.

 

ARTICLE 2.

 

THE NOTES

 

Section 2.1. Designation
and Terms of Notes. Subject to Sections 2.16 and 2.19, the Notes of each Series and any Class thereof shall
be issued in fully registered form (the “Registered Notes”), and shall be substantially in the form of exhibits with
respect thereto attached to the applicable Series Supplement, with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such
restrictions, legends or endorsements placed thereon and shall bear, upon their face, the designation for such Series to which they
belong so selected by the Issuer, all as determined by the officers executing such Notes, as evidenced by their execution of the Notes.
Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the
Note. All Notes of any Series shall, except as specified in the related Series Supplement, be pari passu and equally
and ratably entitled as provided herein to the benefits hereof without preference, priority or distinction on account of the actual time
or times of authentication and delivery, all in accordance with the terms and provisions of this Base Indenture and the related Series Supplement.
Each Series of Notes shall be issued in the minimum denominations set forth in the related Series Supplement.

 

    23 

     

    

 

Section 2.2. New
Series Issuances. The Notes may be issued in one Series. The Series of Notes shall be created by a
Series Supplement. The Issuer may effect the issuance of one Series of Notes on the Closing Date (a “New
Series Issuance”) by notifying the Trustee in writing at least one (1) day in advance (a “New
Series Issuance Notice”) of the date upon which the New Series Issuance is to occur (a “New
Series Issuance Date”) and shall not effect any future issuances. The New Series Issuance Notice shall state the
designation of the Series (and each Class thereof, if applicable) to be issued on the New Series Issuance Date and,
with respect to such Series: (a) the Initial Note Principal and (b) the aggregate initial outstanding principal amount of
the Notes thereof. On the New Series Issuance Date, the Issuer shall execute and the Trustee shall authenticate and deliver any
such Series of Notes only upon delivery to it of the following:

 

(i)            an
Issuer Order authorizing and directing the authentication and delivery of the Notes of such new Series by the Trustee and specifying
the designation of such new Series and the aggregate principal amount of Notes of such new Series (and each Class thereof)
to be authenticated with respect to such new Series;

 

(ii)            a
Series Supplement in form reasonably satisfactory to the Trustee executed by the Issuer and the Trustee and specifying the principal
terms of such new Series;

 

(iii)            an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (upon which the Trustee shall be entitled to conclusively
rely) as to the Trustee’s Lien in and to the Receivables Trust Estate;

 

(iv)            evidence
(which, in the case of the filing of financing statements on form UCC-1, may be telephonic, followed by prompt written confirmation)
that the Issuer has delivered the Receivables Trust Estate to the Trustee and has caused all filings (including filing of financing statements
on form UCC-1) and recordings to be accomplished as may be reasonably required by Law to establish, perfect, protect and preserve the
rights, titles, interests, remedies, powers and security interest of the Trustee in the Receivables Trust Estate for the benefit of the
Secured Parties;

 

(v)            any
consents required pursuant to Section 13.1 or otherwise;

 

(vi)            a
Conn Officer’s Certificate (upon which the Trustee shall be entitled to conclusively rely), stating that all conditions precedent
to the issuance of such Series of Notes (including but not limited to those set forth in clauses (i)-(v) above) have been satisfied;
and

 

(vii)            such
other documents, instruments, certifications, agreements or other items as the Trustee may reasonably require.

 

Upon satisfaction of such conditions, the Trustee
shall authenticate and deliver, as provided above, such Series of Notes.

 

Section 2.3. [Reserved].

 

    24 

     

    

 

Section 2.4. Execution
and Authentication.

 

(a)            Each
Note shall be executed by manual or facsimile signature by the Issuer. Notes bearing the manual or facsimile signature of the individual
who was, at the time when such signature was affixed, authorized to sign on behalf of the Issuer shall not be rendered invalid, notwithstanding
that such individual has ceased to be so authorized prior to the authentication and delivery of such Notes or does not hold such office
at the date of such Notes. Unless otherwise provided in the related Series Supplement, no Notes shall be entitled to any benefit
under this Indenture, or be valid for any purpose, unless there appears on such Note a certificate of authentication substantially in
the form provided for herein, duly executed by or on behalf of the Trustee by the manual signature of a duly authorized signatory, and
such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered
hereunder.

 

(b)            Pursuant
to Section 2.2, the Issuer shall execute and the Trustee shall authenticate and deliver a Series of Notes having the
terms specified in the related Series Supplement, upon the written order of the Issuer, to the purchasers thereof, the underwriters
for sale or to the Issuer for initial retention by it. If specified in the related Series Supplement for any Series, the Issuer
shall execute and the Trustee shall authenticate and deliver the Global Note that is issued upon original issuance thereof, upon the
written order of the Issuer, to the Depository against payment of the purchase price therefor. If specified in the related Series Supplement
for any Series, the Issuer shall execute and the Trustee shall authenticate Book-Entry Notes that are issued upon original issuance thereof,
upon the written order of the Issuer, to a Clearing Agency or its nominee as provided in Section 2.16 against payment
of the purchase price thereof.

 

(c)            All
Notes shall be dated and issued as of the date of their authentication.

 

Section 2.5. Authenticating
Agent.

 

(a)            The
Trustee may appoint one or more authenticating agents with respect to the Notes which shall be authorized to act on behalf of the Trustee
in authenticating the Notes in connection with the issuance, delivery, registration of transfer, exchange or repayment of the Notes.
Whenever reference is made in this Indenture to the authentication of Notes by the Trustee or the Trustee’s certificate of authentication,
such reference shall be deemed to include authentication 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 must be acceptable to the Issuer.

 

(b)            Any
institution succeeding to the corporate agency business of an authenticating agent shall continue to be an authenticating agent without
the execution or filing of any paper or any further act on the part of the Trustee or such authenticating agent.

 

(c)            An
authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may
at any time terminate the agency of an authenticating agent by giving notice of termination to such authenticating agent and to the Issuer.
Upon receiving such a notice of resignation or upon such a termination, or in case at any time an authenticating agent shall cease to
be acceptable to the Trustee or the Issuer, the Trustee promptly may appoint a successor authenticating agent. 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.

 

    25 

     

    

 

(d)            The
Issuer agrees to pay each authenticating agent from time to time reasonable compensation for its services under this Section 2.5.

 

(e)            Pursuant
to an appointment made under this Section 2.5, the Notes may have endorsed thereon, in lieu of the Trustee’s certificate
of authentication, an alternate certificate of authentication in substantially the following form:

 

This is one of the certificates
described in the Indenture.

 

	 	[Name of Authenticating Agent],
	 	 
	 	as Authenticating Agent
	 	for the Trustee,
	 	 	 

	 	By:	 

	 	Responsible Officer

 

Section 2.6. Registration of Transfer
and Exchange of Notes.

 

(a)            (i) The
Trustee shall cause to be kept at the office or agency to be maintained by a transfer agent and registrar (the “Transfer Agent
and Registrar”), in accordance with the provisions of Section 2.6(c), a register (the “Note Register”)
in which, subject to such reasonable regulations as it may prescribe, the Transfer Agent and Registrar shall provide for the registration
of the Notes of each Series (unless otherwise provided in the related Series Supplement) and registrations of transfers and
exchanges of the Notes as herein provided. The Trustee is hereby initially appointed Transfer Agent and Registrar for the purposes of
registering the Notes and transfers and exchanges of the Notes as herein provided. If a Person other than the Trustee is appointed by
the Issuer as Transfer Agent and Registrar, the Issuer will give the Trustee prompt written notice of the appointment of such Transfer
Agent and Registrar and of the location, and any change in the location, of the Note Register, and the Trustee shall have the right to
inspect the Note Register at all reasonable times and to obtain copies thereof, and the Trustee shall have the right to rely upon a certificate
executed on behalf of the Transfer Agent and Registrar by a Responsible Officer thereof as to the names and addresses of the Holders
of the Notes and the principal amounts and number of such Notes. For so long as the Trustee is acting as Transfer Agent and Registrar,
the Issuer shall not appoint any Transfer Agent and Registrar without the prior written consent of the Trustee. If any form of Note is
issued as a Global Note, the Trustee may appoint a co-transfer agent and co-registrar in a European city. Any reference in this Indenture
to the Transfer Agent and Registrar shall include any co-transfer agent and co-registrar unless the context otherwise requires. The Trustee
shall be permitted to resign as Transfer Agent and Registrar upon thirty (30) days’ written notice to the Servicer and the Issuer.
In the event that the Trustee shall no longer be the Transfer Agent and Registrar, the Issuer shall appoint a successor Transfer Agent
and Registrar.

 

    26 

     

    

 

(ii)            Upon
surrender for registration of transfer of any Note at any office or agency of the Transfer Agent and Registrar, if the requirements of
Section 8-401(1) of the UCC are met, the Issuer shall execute, subject to the provisions of Section 2.6(b), and
the Trustee shall authenticate and (unless the Transfer Agent and Registrar is different than the Trustee, in which case the Transfer
Agent and Registrar shall) deliver and the Noteholder shall obtain from the Trustee, in the name of the designated transferee or transferees,
one or more new Notes in authorized denominations of like aggregate principal amount.

 

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

 

(iv)            At
the option of any Holder of Registered Notes, Registered Notes may be exchanged for other Registered Notes of either (a) the same
Series of the same Class in authorized denominations of like aggregate principal amounts or (b) the same Series, solely
upon the initial issuance of such Registered Notes in the manner specified in the Series Supplement for such Series, upon surrender
of the Registered Notes to be exchanged at any office or agency of the Transfer Agent and Registrar maintained for such purpose.

 

(v)            Whenever
any Notes of any Series are so surrendered for exchange, if the requirements of Section 8-401(1) of the UCC are met, the
Issuer shall execute and the Trustee shall authenticate and (unless the Transfer Agent and Registrar is different than the Trustee, in
which case the Transfer Agent and Registrar shall) deliver and the Noteholders shall obtain from the Trustee, the Notes which the Noteholder
making the exchange is entitled to receive. Every Note presented or surrendered for registration of transfer or exchange, other than
as explicitly set forth in a Series Supplement, shall be accompanied by a written instrument of transfer in a form satisfactory
to the Trustee and the Transfer Agent and Registrar duly executed by the Noteholder thereof or his attorney-in-fact duly authorized in
writing. The signature of the Noteholder on such instrument of transfer shall be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Transfer Agent and Registrar, which requirements include membership or participation in STAMP or such
other “signature guarantee program” as may be determined by the Transfer Agent and Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Exchange Act.

 

(vi)            The
preceding provisions of this Section 2.6 notwithstanding, the Trustee or the Transfer Agent and Registrar, as the case may
be, shall not be required to register the exchange of any Global Note of any Series for a Definitive Note or the transfer of or
exchange of any Note of any Series for a period of five (5) Business Days preceding the due date for any payment with respect
to the Notes of such Series or during the period beginning on any Record Date and ending on the next following Payment Date.

 

(vii)            Unless
otherwise provided in the related Series Supplement, no service charge shall be made for any registration of transfer or exchange
of Notes, but the Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may
be imposed in connection with any transfer or exchange of Notes.

 

    27 

     

    

 

(viii)            All
Notes surrendered for registration of transfer and exchange shall be cancelled by the Transfer Agent and Registrar and disposed of in
a manner satisfactory to the Trustee. The Trustee shall cancel and destroy any Global Note upon its exchange in full for Definitive Notes
and shall, if requested by the Issuer in writing, deliver a certificate of destruction to the Issuer, using a form of such certificate
customarily delivered by the Trustee. If applicable, such certificate shall also state that a certificate or certificates of each Foreign
Clearing Agency to the effect referred to in Section 2.19 was received with respect to each portion of the Global Note exchanged
for Definitive Notes.

 

(ix)            Upon
written direction, the Issuer shall deliver to the Trustee or the Transfer Agent and Registrar, as applicable, Registered Notes in such
amounts and at such times as are necessary to enable the Trustee to fulfill its responsibilities under this Indenture and the Notes.

 

(x)            Prior
to due presentment for registration of transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose
name any Note is registered (as of the day of determination) as the absolute owner of such Note for the purpose of receiving payment
of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and neither the
Trustee, any Agent nor the Issuer shall be affected by notice to the contrary.

 

(xi)            Notwithstanding
any other provision of this Section 2.6, the typewritten Note or Notes representing Book-Entry Notes for any Series may
be transferred, in whole but not in part, only to another nominee of the Clearing Agency or Foreign Clearing Agency for such Series,
or to a successor Clearing Agency or Foreign Clearing Agency for such Series selected or approved by the Issuer or to a nominee
of such successor Clearing Agency or Foreign Clearing Agency, only if in accordance with this Section 2.6.

 

(xii)            Unless
otherwise provided in the related Series Supplement, by its acceptance of a Note, each Noteholder and Note Owner (and if such Noteholder
or Note Owner is a Plan, its fiduciary or trustee) shall be deemed to (1) represent and warrant that either (A) it is not acquiring
the Note (or any interest therein) on behalf of or with the assets of a Benefit Plan Investor or a Plan that is subject to a law that
is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) or (B) its acquisition
and holding of such Note (or interest therein), in the case of a Benefit Plan Investor, will not result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or, in the case of a Plan that is subject to Similar Law, will not result
in a violation of Similar Law; and (2) acknowledge and agree that the Note (or any interest therein) is not eligible for acquisition
by Benefit Plan Investors or Plans that are subject to Similar Law at any time that the Notes do not constitute debt under applicable
local law without substantial equity features (within the meaning of the Department of Labor regulation located at 29 C.F.R. Section 2510.3-101,
as modified by Section 3(42) of ERISA).

 

    28 

     

    

 

(b)            Unless
otherwise provided in the related Series Supplement, registration of transfer of Registered Notes containing a legend relating to
the restrictions on transfer of such Registered Notes (which legend shall be set forth in the Series Supplement relating to such
Notes) shall be effected only if the conditions set forth in such related Series Supplement are satisfied.

 

Whenever a Registered Note
containing the legend set forth in the related Series Supplement is presented to the Transfer Agent and Registrar for registration
of transfer, the Transfer Agent and Registrar shall promptly seek instructions from the Issuer regarding such transfer. The Transfer
Agent and Registrar and the Trustee shall be entitled to receive written instructions signed by a Responsible Officer prior to registering
any such transfer or authenticating new Registered Notes, as the case may be. The Issuer hereby agrees to indemnify the Transfer Agent
and Registrar and the Trustee and to hold each of them harmless against any loss, liability or expense incurred without negligence or
bad faith on their part arising out of or in connection with actions taken or omitted by them in reliance on any such written instructions
furnished pursuant to this Section 2.6(b).

 

(c)            The
Transfer Agent and Registrar will maintain at its expense in Minneapolis, Minnesota (and subject to this Section 2.6, if
specified in the related Series Supplement for any Series, any other city designated in such Series Supplement) an office or
offices or an agency or agencies where Notes of such Series may be surrendered for registration of transfer or exchange.

 

(d)            Any
Retained Notes (other than the Class R Notes) may not be transferred to another Person (other than a Person that is considered the
same Person as the Issuer for United States federal income tax purposes) unless (x) in the case of any Class A Notes that are
Retained Notes, the Transferor shall cause an Opinion of Counsel to be delivered to the Seller and the Trustee at such time stating that
such Notes will be debt for United States federal income tax purposes or (y) in the case of any Class B Notes, Class C
Notes or Class R Notes that are Retained Notes, the Transferee shall have provided the related Transferee Certificate required by
the Series Supplement. In addition, the Retained Notes will not be registered under the Securities Act of 1933.

 

Section 2.7. Appointment of Paying Agent.

 

(a)            The
Paying Agent shall make payments to the Secured Parties from the appropriate account or accounts maintained for the benefit of the Secured
Parties as specified in this Base Indenture or the related Series Supplement for any Series pursuant to Articles 5 and
6. Any Paying Agent shall have the revocable power to withdraw funds from such appropriate account or accounts for the purpose
of making distributions referred to above. The Trustee (or the Issuer or the initial Servicer on behalf of the Issuer if the Trustee
is the Paying Agent) may revoke such power and remove the Paying Agent, if the Trustee (or the Issuer or the initial Servicer on behalf
of the Issuer if the Trustee is the Paying Agent) determines in its sole discretion that the Paying Agent shall have materially breached
this Indenture or for other good cause (such good cause shall be limited to the good cause set forth in Section 11.7(b) with
respect to the removal of the Trustee). The Paying Agent shall initially be the Trustee. The Trustee shall be permitted to resign as
Paying Agent upon thirty (30) days’ written notice to the Issuer with a copy to the Servicer. In the event that the Trustee shall
no longer be the Paying Agent, the Issuer or the initial Servicer shall appoint a successor to act as Paying Agent (which shall be a
bank or trust company). For so long as the Trustee is acting as Paying Agent, neither the Issuer nor the Servicer shall appoint any Paying
Agent without the prior written consent of the Trustee.

 

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(b)            The
Issuer shall cause each Paying Agent (other than the Trustee) to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee that such Paying Agent will hold all sums, if any, held by it for payment to the Secured Parties in
trust for the benefit of the Secured Parties entitled thereto until such sums shall be paid to such Secured Parties and shall agree,
and if the Trustee is the Paying Agent it hereby agrees, that it shall comply with all requirements of the Code regarding the withholding
of payments in respect of Federal income taxes due from Note Owners or other Secured Parties.

 

Section 2.8. Paying Agent to Hold Money
in Trust.

 

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

 

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

 

(ii)            give
the Trustee written notice of any Default by the Issuer (or any other obligor under the Issuer Obligations) of which it (or, in the case
of the Trustee, a Trust Officer) has received written notice or has actual knowledge in the making of any payment required to be made
with respect to the Notes;

 

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

 

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

 

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

 

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

 

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(c)            Subject
to applicable Laws with respect to escheat of funds, any money held by the Trustee, any Paying Agent or any Clearing Agency in trust
for the payment of any amount due with respect to any Issuer Obligation and remaining unclaimed for two years after such amount has become
due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request; and the holder of such Issuer Obligation
shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts
so paid to the Issuer), and all liability of the Trustee, such Paying Agent or such Clearing Agency with respect to such trust money
shall thereupon cease. The Trustee may adopt and employ, at the expense of the Issuer, any reasonable means of notification of such repayment.

 

Section 2.9. Private Placement Legend.

 

Unless otherwise provided for in a Series Supplement,
in addition to any legend required by Section 2.16, each Note shall bear a legend in substantially the following form:

 

THIS NOTE HAS NOT BEEN AND WILL NOT
BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION.
THIS NOTE MAY BE OFFERED, SOLD, PLEDGED OR TRANSFERRED ONLY TO A PERSON THAT IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”)) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, IN EACH
SUCH CASE, IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION, SUBJECT IN EACH OF THE ABOVE CASES TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THE SELLER’S PROPERTY OR THE
PROPERTY OF AN INVESTMENT ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN THE SELLER’S OR ACCOUNT’S CONTROL. THE HOLDER WILL,
AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY TRANSFEREE FROM IT OF THE RESALE RESTRICTIONS SET FORTH ABOVE.

 

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By
acquiring this note (or any interest herein), each purchaser and transferee (AND IF THE PURCHASER OR TRANSFEREE IS A “PLAN”
(AS DEFINED BELOW), ITS FIDUCIARY OR TRUSTEE) shall be deemed to (A) REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING
THIS NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF OR WITH ANY ASSETS OF A “PLAN” (AS DEFINED BELOW) THAT IS SUBJECT TO TITLE
I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR AN ENTITY OR ACCOUNT THAT IS DEEMED TO HOLD PLAN ASSETS OF ANY OF
THE FOREGOING (each, a “benefit Plan Investor”), OR ANY “PLAN” (AS DEFINED BELOW) THAT IS SUBJECT TO ANY LAW
THAT IS SUBSTANTIALLY SIMILAR TO TITLE I of ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) ITS
acquisition AND HOLDING OF THis Note (or any interest herein), in the case of a Benefit Plan Investor, WILL NOT give rise to A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE or, in the case of any Plan that is subject to
Similar Law, will not give rise to a violation of Similar Law; and (b) acknowledge and agree that the note (or any interest herein)
is not eligible for acquisition by benefit plan investors or plans that are subject to similar law at any time that the note does not
constitute debt under applicable local law without substantial equity features (within the meaning of the department of labor regulation
located at 29 C.f.r. section 2510.3-101, as modified by section 3(42) of ERISA). FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS
AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN”
AS DEFINED IN SECTION 4975 OF THE CODE, OR ANY ENTITY OR ACCOUNT that is DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING.

 

Section 2.10. Mutilated, Destroyed, Lost
or Stolen Notes.

 

(a)            If
(i) any mutilated Note is surrendered to the Transfer Agent and Registrar, or the Transfer Agent and Registrar receives evidence
to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Transfer Agent and Registrar
and the Trustee such security or indemnity (including, without limitation, a surety bond) as may be required by them to hold the Transfer
Agent and Registrar and the Trustee harmless then, in the absence of written notice to a Trust Officer of the Trustee that such Note
has been acquired by a bona fide purchaser, and provided that the requirements of Section 8-405 of the UCC (which generally permit
the Issuer to impose reasonable requirements) are met, then the Issuer shall execute and the Trustee shall authenticate and (unless the
Transfer Agent and Registrar is different from the Trustee, in which case the Transfer Agent and Registrar shall) deliver (in compliance
with applicable Law), in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like tenor
and aggregate principal balance; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated
Note, shall have become or within seven (7) days shall be due and payable or shall have been called for redemption, instead of issuing
a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable without surrender thereof.

 

    32 

     

    

 

If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide purchaser
for value of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer
and the Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any
Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except
a bona fide purchaser for value, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any
loss, damage, cost or expense incurred by the Issuer or the Trustee in connection therewith.

 

(b)            Upon
the issuance of any replacement Note under this Section 2.10, the Transfer Agent and Registrar or the Trustee may require
the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses of the Trustee and the Transfer Agent and Registrar) connected
therewith.

 

(c)            Any
duplicate Note issued pursuant to this Section 2.10 shall constitute complete and indefeasible evidence of contractual debt
obligation of the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Note shall be found at any time.

 

(d)            Every
replacement Note issued pursuant to this Section 2.10 in replacement of any mutilated, destroyed, lost or stolen Note shall
constitute an original additional Contractual Obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note
shall be at any time enforceable by anyone and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Notes duly issued hereunder.

 

(e)            The
provisions of this Section 2.10 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

 

Section 2.11. Temporary
Notes.

 

(a)            Pending
the preparation of Definitive Notes, the Issuer may request and the Trustee, upon receipt of an Issuer Order, shall authenticate and
deliver temporary Notes of such Series. Temporary Notes shall be substantially in the form of Definitive Notes of like Series but
may have variations that are not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as
evidenced by their execution of such Notes.

 

(b)            If
temporary Notes are issued pursuant to Section 2.11(a) above, the Issuer will cause Definitive Notes to be prepared
without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes
upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 8.2(b),
without charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and upon
receipt of an Issuer Order the Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes
of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this
Indenture as Definitive Notes.

 

    33 

     

    

 

Section 2.12. Persons
Deemed Owners. Prior to due presentation of a Note for registration of transfer, the Servicer, the Trustee, the Paying Agent, the
Transfer Agent and Registrar and any agent of any of them may treat a Person in whose name any Note is registered (as of any date of
determination) as the owner of the related Note for the purpose of receiving payments of principal and interest, if any, on such Note
and for all other purposes whatsoever whether or not such Note be overdue, and neither the Trustee, the Paying Agent, the Transfer Agent
and Registrar nor any agent of any of them shall be affected by any notice to the contrary; provided, however, that in
determining whether the requisite number of Holders of Notes have given any request, demand, authorization, direction, notice, consent
or waiver hereunder (including under any Series Supplement), Notes owned by any of the Issuer, the Depositor, an Originator, the
Seller, the Servicer or any Affiliate controlled by or controlling Conn Appliances shall be disregarded and deemed not to be outstanding,
except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes for which a Trust Officer in the Corporate Trust Office of the Trustee actually knows or has received
written notice are so owned shall be so disregarded. The foregoing proviso shall not apply if there are no Holders other than the Issuer
or its Affiliates.

 

Section 2.13. Cancellation.
All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly cancelled by the Trustee. The Issuer may at any time deliver to the Trustee
for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever,
and all Notes so delivered shall be promptly cancelled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or
disposed of by the Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall
direct by an Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and the Notes have
not been previously disposed of by the Trustee. The Transfer Agent and Registrar and Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment.

 

Section 2.14. Release
of Receivables Trust Estate and Trust Estate. (a) In connection with any removal of Removed Receivables from the Trust Estate,
the Issuer shall execute and deliver to the Trustee a Conn Officer’s Certificate certifying that the Outstanding Receivables Balance
(or such other amount required in connection with the disposition of such Removed Receivables as provided by the Transaction Documents)
with respect thereto has been deposited into the Collection Account, (b) in connection with any redemption of the Notes of any Series,
the Trustee shall release the Receivables Trust Estate from the Lien created by this Indenture upon receipt of a Conn Officer’s
Certificate certifying that the Redemption Price and all other amounts due and owing on the Redemption Date have been deposited into
a Trust Account that is within the sole control of the Trustee and (c) on or after the Indenture Termination Date, the Trustee shall
release any remaining portion of the Receivables Trust Estate from the Lien created by this Indenture and in each case deposit in the
Collection Account any funds then on deposit in any other Trust Account upon receipt of an Issuer Request accompanied by a Conn Officer’s
Certificate, and Independent Certificates (if this Indenture is required to be qualified under the TIA) in accordance with TIA Sections
314(c) and 314(d)(1) meeting the applicable requirements of Section 15.1.

 

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Section 2.15. Payment of Principal and
Interest.

 

(a)            The
principal of each Series of Notes shall be payable at the times and in the amounts set forth in the related Series Supplement
and in accordance with Section 8.1.

 

(b)            Each
Series of Notes shall accrue interest as provided in the related Series Supplement and such interest shall be payable at the
times and in the amounts set forth in the related Series Supplement and in accordance with Section 8.1.

 

(c)            Any
installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the
applicable Payment Date shall be paid to the Person in whose name such Note is registered at the close of business on any Record Date
with respect to a Payment Date for such Note and such Person shall be entitled to receive the principal and interest payable on such
Payment Date notwithstanding the cancellation of such Note upon any registration of transfer, exchange or substitution of such Note subsequent
to such Record Date, by wire transfer in immediately available funds to the account designated by the Holder of such Note, except that,
unless Definitive Notes have been issued pursuant to Section 2.18, with respect to Notes registered on the Record Date in
the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer
in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with
respect to such Note on a Payment Date or on the Legal Final Payment Date for the applicable Class of Notes (and except for the
Redemption Price for any Note called for redemption pursuant to Section 14.1) which shall be payable as provided herein;
except that, any interest payable at maturity shall be paid to the Person to whom the principal of such Note is payable.

 

Section 2.16. Book-Entry
Notes.

 

(a)            If
provided in the related Series Supplement, the Notes of such Series, upon original issuance, shall be issued in the form of one
or more Book-Entry Notes, to be delivered to the depository specified in such Series Supplement (the “Depository,”)
which shall be the Clearing Agency or Foreign Clearing Agency, by or on behalf of such Series. The Notes of each Series issued as
Book-Entry Notes shall, unless otherwise provided in the related Series Supplement, initially be registered on the Note Register
in the name of the nominee of the Clearing Agency or Foreign Clearing Agency. Unless otherwise provided in a related Series Supplement,
no Note Owner of Notes issued as Book-Entry Notes will receive a definitive note representing such Note Owner’s interest in the
related Series of Notes, except as provided in Section 2.18.

 

(b)            For
each Series of Notes to be issued in registered form, the Issuer shall duly execute, and the Trustee shall, in accordance with Section 2.4
hereof, authenticate and deliver initially, unless otherwise provided in the applicable Series Supplement, one or more Global
Notes that shall be registered on the Note Register in the name of a Clearing Agency or Foreign Clearing Agency or such Clearing Agency’s
or Foreign Clearing Agency’s nominee. Each Global Note registered in the name of DTC or its nominee shall bear a legend substantially
to the following effect:

 

    35 

     

    

 

UNLESS THIS NOTE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO CONN’S
RECEIVABLES FUNDING 2022-A, LLC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. (“CEDE”) OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE 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 SINCE THE REGISTERED OWNER HEREOF, CEDE,
HAS AN INTEREST HEREIN.

 

So long as the Clearing Agency
or Foreign Clearing Agency or its nominee is the registered owner or holder of a Global Note, the Clearing Agency or Foreign Clearing
Agency or its nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by such Global Note for
purposes of this Indenture and such Notes. Members of, or participants in, the Clearing Agency or Foreign Clearing Agency shall have
no rights under this Indenture with respect to any Global Note held on their behalf by the Clearing Agency or Foreign Clearing Agency,
and the Clearing Agency or Foreign Clearing Agency may be treated by the Issuer, the Trustee, any Agent and any agent of such entities
as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Issuer, the Trustee, any Agent and any agent of such entities from giving effect to any written certification, proxy or other authorization
furnished by the Clearing Agency or Foreign Clearing Agency or impair, as between the Clearing Agency or Foreign Clearing Agency and
its agent members, the operation of customary practices governing the exercise of the rights of a holder of any Note.

 

(c)            Subject
to Section 2.6(a)(ix), the provisions of the “Operating Procedures of the Euroclear System” and the “Terms
and Conditions Governing Use of Euroclear” and such procedures governing the use of such Clearing Agencies as may be enacted from
time to time shall be applicable to a Global Note insofar as interests in such Global Note are held by the agent members of Euroclear
or Clearstream (which shall only occur in the case of a temporary Regulation S Global Note and a permanent Regulation S Global Note).
Account holders or participants in Euroclear and Clearstream shall have no rights under this Indenture with respect to such Global Note
and the registered holder may be treated by the Issuer, the Trustee, any Agent and any agent of the Issuer or the Trustee as the owner
of such Global Note for all purposes whatsoever.

 

(d)            Title
to the Notes shall pass only by registration in the Note Register maintained by the Transfer Agent and Registrar pursuant to Section 2.6.

 

    36 

     

    

 

(e)            Any
typewritten Note or Notes representing Book-Entry Notes shall provide that they represent the aggregate or a specified amount of outstanding
Notes from time to time endorsed thereon and may also provide that the aggregate amount of outstanding Notes represented thereby may
from time to time be increased or reduced to reflect exchanges. Any endorsement of a typewritten Note or Notes representing Book-Entry
Notes to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Note Owners represented thereby,
shall be made in such manner and by such Person or Persons as shall be specified therein or in the Issuer Order to be delivered to the
Trustee pursuant to Section 2.4(b). The Trustee shall deliver and redeliver any typewritten Note or Notes representing Book-Entry
Notes in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Issuer Order. Any instructions
by the Issuer with respect to endorsement or delivery or redelivery of a typewritten Note or Notes representing the Book-Entry Notes
shall be in writing but need not comply with Section 13.3 hereof and need not be accompanied by an Opinion of Counsel.

 

(f)            Unless
and until definitive, fully registered Notes of any Series or any Class thereof (“Definitive Notes”) have
been issued to Note Owners with respect to any Series of Notes initially issued as Book-Entry Notes pursuant to Section 2.18
or the applicable Series Supplement:

 

(i)            the
provisions of this Section 2.16 shall be in full force and effect with respect to each such Series;

 

(ii)            the
Issuer, the Seller, the Depositor, the Servicer, the Paying Agent, the Transfer Agent and Registrar and the Trustee may deal with the
Clearing Agency or Foreign Clearing Agency and the Clearing Agency Participants for all purposes of this Indenture (including the making
of payments on the Notes of each such Series and the giving of instructions or directions hereunder) as the authorized representatives
of such Note Owners;

 

(iii)            to
the extent that the provisions of this Section 2.16 conflict with any other provisions of this Indenture, the provisions
of this Section 2.16 shall control;

 

(iv)            whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of such Series of Notes
evidencing a specified percentage of the outstanding principal amount of such Series of Notes, the Clearing Agency or Foreign Clearing
Agency, as applicable, shall be deemed to represent such percentage only to the extent that it has received instructions to such effect
from Note Owners and/or their related Clearing Agency Participants owning or representing, respectively, such required percentage of
the beneficial interest in such Series of Notes and has delivered such instructions to the Trustee;

 

(v)            the
rights of Note Owners of each such Series shall be exercised only through the Clearing Agency or Foreign Clearing Agency and their
related Clearing Agency Participants and shall be limited to those established by Law and agreements between such Note Owners and the
related Clearing Agency or Foreign Clearing Agency and/or the Clearing Agency Participants. Pursuant to the Depository Agreement applicable
to a Series, unless and until Definitive Notes of such Series are issued pursuant to Section 2.18, the applicable Clearing
Agencies or Foreign Clearing Agencies will make book-entry transfers among their related Clearing Agency Participants and receive and
transmit payments of principal and interest on such Series of Notes to such Clearing Agency Participants; and

 

    37 

     

    

 

(vi)            the
Trustee shall make electronically available to Note Owners copies of any reports sent to Noteholders of the relevant Series generally
pursuant to the Indenture, within a commercially reasonable time after receipt by the Trustee of the written request of such Note Owners,
together with a certification that they are Note Owners.

 

Section 2.17. Notices
to Clearing Agency. Whenever notice or other communication to the Noteholders is required under this Indenture, unless and until
Definitive Notes shall have been issued to Note Owners pursuant to Section 2.18 or the applicable Series Supplement,
the Trustee shall give all such notices and communications specified herein to be given to Holders of the Notes to the applicable Clearing
Agency or Foreign Clearing Agency for distribution to the Holders of the Notes.

 

Section 2.18. Definitive
Notes.

 

(a)            Conditions
for Exchange. If with respect to any Series of Book-Entry Notes (i) (A) the Issuer advises the Trustee in writing
that the Clearing Agency or Foreign Clearing Agency is no longer willing or able to discharge properly its responsibilities under the
applicable Depository Agreement and (B) neither the Trustee nor the Issuer is able to locate a qualified successor or (ii) the
Issuer, at the direction of all Noteholders of a Class of Series 2022-A Notes, elects to terminate the book-entry system through
the Clearing Agency with respect to such Class of Series 2022-A Notes, or (iii) after the occurrence of a Servicer Default
or Event of Default, the Required Noteholders advise the Trustee and the applicable Clearing Agency or Foreign Clearing Agency through
the applicable Clearing Agency Participants in writing that the continuation of a book-entry system through the applicable Clearing Agency
or Foreign Clearing Agency is no longer in the best interests of the Note Owners of such Series, the Trustee shall notify all Note Owners
of such Series, through the applicable Clearing Agency Participants, of the occurrence of any such event and of the availability of Definitive
Notes to Note Owners of such Series requesting the same. Upon surrender to the Trustee of the typewritten Note or Notes representing
the Book-Entry Notes of such Series by the applicable Clearing Agency or Foreign Clearing Agency, accompanied by registration instructions
from the applicable Clearing Agency or Foreign Clearing Agency for registration, the Trustee shall issue the Definitive Notes of such
Series or Class. Neither the Issuer nor the Trustee shall be liable for any delay in delivery of such instructions and may conclusively
rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes of such Series and upon
the issuance of any Series of Notes or any Class thereof in definitive form in accordance with the related Series Supplement,
all references herein to obligations imposed upon or to be performed by the applicable Clearing Agency or Foreign Clearing Agency shall
be deemed to be imposed upon and performed by the Trustee, to the extent applicable with respect to such Definitive Notes, and the Trustee
shall recognize the Holders of the Definitive Notes of such Series or Classes as Noteholders of such Series or Classes hereunder.
Notwithstanding anything in this Indenture to the contrary, Definitive Notes shall not be issued in respect of any Temporary Regulation
S Global Note.

 

    38 

     

    

 

(b)            Transfer
of Definitive Notes. Subject to the terms of this Indenture (including the requirements of any relevant Series Supplement),
the Holder of any Definitive Note may transfer the same in whole or in part, in an amount equivalent to an authorized denomination,
by surrendering at the office maintained by the Transfer Agent and Registrar for such purpose in Minneapolis, Minnesota, such
Definitive Note with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of
transfer in form satisfactory to the Issuer and the Transfer Agent and Registrar by, the holder thereof and, if applicable,
accompanied by a certificate substantially in the form required under the related Series Supplement. The signature of the
Holder on such instrument of transfer shall be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Transfer Agent and Registrar, which requirements include membership or participation in STAMP or such
other “signature guarantee program” as may be determined by the Transfer Agent and Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Exchange Act. In exchange for any Definitive Note properly presented for
transfer, the Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be executed, authenticated
and delivered in compliance with applicable Law, to the transferee at such office, or send by mail (at the risk of the transferee)
to such address as the transferee may request, Definitive Notes for the same aggregate principal amount as was transferred. In the
case of the transfer of any Definitive Note in part, the Issuer shall execute and the Trustee shall promptly authenticate and
deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of the transferor)
to such address as the transferor may request, Definitive Notes for the aggregate principal amount that was not transferred. No
transfer of any Definitive Note shall be made unless the request for such transfer is made by the Holder at such office. Neither the
Issuer nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and
shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes for such Series, the Trustee shall
recognize the Holders of the Definitive Notes as Noteholders of such Series.

 

Section 2.19. Global
Note. If specified in the related Series Supplement for any Series, (i) the Notes may be initially issued in the form of
a single temporary global note (the “Global Note”) in registered form, without interest coupons, in the denomination
of the initial aggregate principal amount of the Notes and (ii) a Class of Notes may be initially issued in the form of a single
temporary Global Note in registered form, in the denomination of the portion of the initial aggregate principal amount of the Notes represented
by such Class, each substantially in the form attached to the related Series Supplement. Unless otherwise specified in the related
Series Supplement, the provisions of this Section 2.19 shall apply to such Global Note. The Global Note will be authenticated
by the Trustee upon the same conditions, in substantially the same manner and with the same effect as the Definitive Notes. The Global
Note may be exchanged in the manner described in the related Series Supplement for Registered Notes in definitive form.

 

Section 2.20. Tax
Treatment. The Notes (other than as set forth in the applicable Series Supplement) have been (or will be) issued with the intention
that, the Notes (other than the Class R Notes) will qualify under applicable tax Law as indebtedness of the Issuer secured by the
Receivables Trust Estate and any entity acquiring any direct or indirect interest in any Note (other than the Class R Notes) by
acceptance of its Notes (or, in the case of a Note Owner, by virtue of such Note Owner’s acquisition of a beneficial interest therein)
(other than the Class R Notes) agrees to treat the Notes (or beneficial interests therein) for purposes of Federal, state and local
and income or franchise taxes and any other tax imposed on or measured by income, as indebtedness. Each Noteholder agrees that it will
cause any Note Owner acquiring an interest in a Note (other than the Class R Notes) through it to comply with this Indenture as
to treatment as indebtedness for such tax purposes.

 

    39 

     

    

 

Section 2.21. Duties
of the Trustee and the Transfer Agent and Registrar. Notwithstanding anything contained herein or a Series Supplement to the
contrary, neither the Trustee nor the Transfer Agent and Registrar shall be responsible for ascertaining whether any transfer of a Note
complies with the terms of this Base Indenture or a Series Supplement, the registration provision of or exemptions from the Securities
Act, applicable state securities laws, ERISA or the Investment Company Act; provided that if a transfer certificate or opinion is specifically
required by the express terms of this Base Indenture or a Series Supplement to be delivered to the Trustee or the Transfer Agent
and Registrar in connection with a transfer, the Trustee or the Transfer Agent and Registrar, as the case may be, shall be under a duty
to receive the same.

 

ARTICLE 3.

 

[ARTICLE 3
IS RESERVED AND SHALL BE SPECIFIED IN ANY

SUPPLEMENT WITH RESPECT TO ANY SERIES OF NOTES]

 

ARTICLE 4.

 

NOTEHOLDER
LISTS AND REPORTS

 

Section 4.1. Issuer
To Furnish To Trustee Names and Addresses of Noteholders. The Issuer will furnish or cause the Transfer Agent and Registrar to
furnish to the Trustee (a) not more than five (5) days after each Record Date a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders as of such Record Date, (b) at such other times as the Trustee
may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a list of similar form and content
as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that so
long as the Trustee is the Transfer Agent and Registrar, no such list shall be required to be furnished. The Issuer will furnish or
cause to be furnished by the Transfer Agent and Registrar to the Paying Agent (if not the Trustee) such list for payment of
distributions to Noteholders.

 

Section 4.2. Preservation
of Information; Communications to Noteholders.

 

(a)            The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders contained in the most
recent list furnished to the Trustee as provided in Section 4.1 and the names and addresses of Holders received by the Trustee
in its capacity as Transfer Agent and Registrar. The Trustee may destroy any list furnished to it as provided in such Section 4.1
upon receipt of a new list so furnished.

 

(b)            Noteholders
may communicate (including pursuant to TIA Section 312(b) (if this Indenture is required to be qualified under the TIA)) with
other Noteholders with respect to their rights under this Indenture or under the Notes. Unless otherwise provided in the related Series Supplement,
if holders of Notes evidencing in aggregate not less than 20% of the outstanding principal balance of the Notes of any Series (the
 “Applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each such Applicant
has owned a Note for a period of at least 6 months preceding the date of such application, and if such application states that the Applicants
desire to communicate with other Noteholders of any Series with respect to their rights under this Indenture or under the Notes
and is accompanied by a copy of the communication which such Applicants propose to transmit, then the Trustee, after having been adequately
indemnified by such Applicants for its costs and expenses, shall within five (5) Business Days after the receipt of such application
afford or shall cause the Transfer Agent and Registrar to afford such Applicants access during normal business hours to the most recent
list of Noteholders held by the Trustee and shall give the Issuer notice that such request has been made within five (5) Business
Days after the receipt of such application. Such list shall be as of the most recent Record Date, but in no event more than forty-five
(45) days prior to the date of receipt of such Applicants’ request.

 

    40 

     

    

 

(c)            The
Issuer, the Trustee and the Transfer Agent and Registrar shall have the protection of TIA Section 312(c) (if this Indenture
is required to be qualified under the TIA). Every Noteholder, by receiving and holding a Note, agrees with the Issuer and the Trustee
that neither the Issuer, the Trustee, the Transfer Agent and Registrar, nor any of their respective agents shall be held accountable
by reason of the disclosure of any such information as to the names and addresses of the Noteholders in accordance with this Section 4.2,
regardless of the source from which such information was obtained.

 

Section 4.3. Reports
by Issuer.

 

(a)            (i) 
the Issuer or the initial Servicer on its behalf, shall deliver to the Trustee, on the date, if any, the Issuer is required to file the
same with the Commission, hard and electronic 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 Issuer
is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

 

(ii)            the
Issuer or the initial Servicer on its behalf, shall 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, if any, with respect to compliance
by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations;

 

(iii)            the
Issuer or the initial Servicer on its behalf, shall supply to the Trustee (and the Trustee shall make available to all Noteholders through
the Trustee’s internet website) such information, documents and reports required to be filed by the Issuer (if any) pursuant to
clauses (i) and (ii) of this Section 4.3(a) as may be required by rules and regulations prescribed from
time to time by the Commission if the Indenture is TIA qualified; and

 

(iv)            the
Servicer shall prepare and distribute any other reports required to be prepared by the Servicer (except, if a successor Servicer is acting
as Servicer, any reports expressly only required to be prepared by the initial Servicer or Conn Appliances) under any Servicer Transaction
Documents.

 

(b)            Unless
the Issuer otherwise determines, the fiscal year of the Issuer shall end on January 31 of each year.

 

    41 

     

    

 

Section 4.4. Reports
by Trustee. If this Indenture is required to be qualified under the TIA, within sixty (60) days after each April 1,
beginning with April 1, 2023, the Trustee shall make available to each Noteholder through the Trustee’s internet website
as required by TIA Section 313(c) a brief report dated as of such date that complies with TIA Section 313(a). If this
Indenture is required to be qualified under the TIA, the Trustee also shall comply with TIA Section 313(b).

 

If this Indenture is required
to be qualified under the TIA, a copy of each report at the time of its posting for Noteholders on the Trustee’s internet website
shall be filed by the Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall
notify the Trustee if and when the Notes are listed on any stock exchange.

 

Section 4.5. Reports
and Records for the Trustee and Instructions.

 

(a)            Unless
otherwise stated in the related Series Supplement with respect to any Series, on each Determination Date the Servicer shall forward
to the Trustee a Monthly Servicer Report prepared by the Servicer.

 

(b)            Unless
otherwise specified in the related Series Supplement, on each Payment Date, the Trustee or the Paying Agent shall make available
via the Trustee’s website initially located at www.ctslink.com in the same manner as the Monthly Servicer Report to each
Noteholder of record of each outstanding Series the Monthly Noteholders’ Statement with respect to such Series and the
Issuer shall send such Monthly Servicer Report to the Rating Agency.

 

ARTICLE 5.

 

ALLOCATION
AND APPLICATION OF COLLECTIONS

 

Section 5.1. Rights
of Noteholders. Each Series of Notes shall be secured by the entire Receivables Trust Estate, including the right to receive
the Collections and other amounts at the times and in the amounts specified in this Article 5 to be deposited in the Investor
Accounts and any other Series Account (if so specified in the related Series Supplement) or to be paid to the Noteholders of
such Series. In no event shall the grant of a security interest in the entire Receivables Trust Estate be deemed to entitle any Noteholder
to receive Collections or other proceeds of the Receivables Trust Estate in excess of the amounts described in Article 5.

 

Section 5.2. Collection
of Money. Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and collect,
directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or
receivable by the Trustee pursuant to this Indenture. The Trustee shall apply all such money received by it as provided in this Indenture.
Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any
agreement or instrument that is part of the Receivables Trust Estate, the Trustee may take such action as may be appropriate to enforce
such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice
to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article 9.

 

    42 

     

    

 

Section 5.3. Establishment of Accounts.

 

(a)            The
Collection Account. On or prior to the Closing Date, the Issuer shall cause the initial Servicer, for the benefit of the Secured
Parties, to establish and the Servicer shall maintain, with a Qualified Institution, in the name of the Trustee, a non-interest bearing
segregated trust account (the “Collection Account”) bearing a designation clearly indicating that the funds deposited
therein are held in trust for the benefit of the Secured Parties. Pursuant to authority granted to it pursuant to Section 2.02(a) of
the Servicing Agreement, the Servicer shall have the revocable power to cause the Trustee to withdraw funds from the Collection Account
by so directing the Trustee in writing for the purposes of carrying out the Servicer’s duties thereunder. The Trustee shall be
the entitlement holder of the Collection Account, and shall possess all right, title and interest in all moneys, instruments, securities
and other property on deposit from time to time in the Collection Account and the proceeds thereof for the benefit of the Secured Parties.
The Collection Account will be established with a Qualified Institution in the name of the Trustee, and the Trustee hereby agrees to
maintain the Collection Account in accordance with the terms of this Indenture.

 

(b)            The
Payment Accounts. For each Series, the Trustee, for the benefit of the Secured Parties of such Series, shall establish and
maintain with one or more Qualified Institutions, in the name of the Trustee, a non-interest bearing segregated trust account (each,
a “Payment Account” and collectively, the “Payment Accounts”) bearing a designation clearly
indicating that the funds deposited therein are held in trust for the benefit of the Secured Parties of such Series. The Trustee
shall possess all right, title and interest in all funds on deposit from time to time in the Payment Accounts and in all
proceeds thereof. The Trustee shall be the sole entitlement holder of the Payment Accounts and the Payment Accounts shall be under
the sole dominion and control of the Trustee for the benefit of the Secured Parties of such Series.

 

(c)            Series Accounts.
If so provided in the related Series Supplement, the Trustee or the Servicer, for the benefit of the Secured Parties of such Series,
shall cause to be established and maintained, in the name of the Trustee, one or more accounts (each, a “Series Account”
and, collectively, the “Series Accounts”). Each such Series Account shall bear a designation clearly indicating
that the funds deposited therein are held for the benefit of the Secured Parties of such Series. Each such Series Account will be
a trust account, if so provided in the related Series Supplement, and will have the other features and be applied as set forth in
the related Series Supplement.

 

(d)            Administration
of the Collection Account and the Reserve Account.

 

(i)            The
Issuer shall cause funds on deposit in the Collection Account and the Reserve Account that are not both deposited and to be withdrawn
on the same date to be invested in Permitted Investments pursuant to a form of investment direction acceptable to the Trustee. The Issuer
agrees that it shall ensure that any such investment shall mature and such funds shall be available for withdrawal on or prior to the
Series Transfer Date related to the Monthly Period in which such funds were received or deposited, or if so specified in the related
Series Supplement, immediately preceding a Payment Date.

 

    43 

     

    

 

(ii)            The
Trustee, as the entitlement holder of the Collection Account, the Payment Accounts and any Series Accounts, represents, warrants
and covenants that:

 

(A)            it
is the “entitlement holder,” as such term is defined in Section 8-102(a)(7) of the relevant UCC;

 

(B)            pursuant
to Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC, the jurisdiction of the securities intermediary
for the Collection Account, the Payment Accounts and any Series Accounts is the State of New York.  Further, the law of the
State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention; and

 

(C)            the
securities intermediary for the Collection Account, the Payment Accounts and any Series Accounts has and shall continue to have
at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America engaged
in a business or other regular activity of maintaining securities accounts.

 

(iii)            The
Trustee represents and warrants that the Trustee has control (as such term is defined in Section 8-106 of the relevant UCC) of each
Trust Account.

 

(iv)            At
the end of each month, the Servicer shall direct all interest and earnings (net of losses and investment expenses) on funds on deposit
in the Reserve Account to be deposited in the Collection Account and treated as Investment Earnings. If at the end of a month losses
and investment expenses on funds on deposit in any of the Collection Account or the Reserve Account exceed interest and earnings on such
funds during such month, losses and expenses to the extent of such excess will be allocated by the Servicer on the related Series Transfer
Date, with respect to any Series, among the Noteholders of such Series and the Issuer as provided in the related Series Supplement.
Subject to the restrictions set forth above, the Issuer, or a Person designated in writing by the Issuer, of which the Trustee shall
have received written notification thereof, shall have the authority to instruct the Trustee with respect to the investment of funds
on deposit in the Collection Account and the Reserve Account.

 

(e)            Qualified
Institution. If, at any time, the institution holding any account established pursuant to this Section 5.3 ceases to
be a Qualified Institution, the Issuer shall notify the Rating Agency and within ten (10) Business Days establish a new account
or accounts, as the case may be, meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or
any investments to such new account or accounts, as the case may be.

 

Section 5.4. Collections and Allocations.

 

(a)            Collections
in General. Subject to the last paragraph of this Section 5.4(a), until this Indenture is terminated pursuant to Section 12.1,
the Issuer shall or shall cause the Servicer under the Servicing Agreement to cause all Collections due and to become due, as the
case may be, to be paid directly into the Collection Account as promptly as possible after the date of receipt of such Collections,
but in no event later than the second Business Day following such date of receipt and identification. All monies,
instruments, cash and other proceeds received by the Servicer in respect of the Receivables Trust Estate pursuant to this Indenture
and the Trust Estate shall be deposited in the Collection Account as specified herein and shall be applied as provided in this Article 5
and Article 6.

 

    44 

     

    

 

The Servicer shall allocate
such amounts to each Series of Notes and to the Issuer in accordance with this Article 5 and shall withdraw the required
amounts from the Collection Account or pay such amounts to the Issuer in accordance with this Article 5, in both cases as
modified by any Series Supplement. The Servicer shall make such deposits or payments on the date indicated therein by wire transfer
or as otherwise provided in the Series Supplement for any Series of Notes with respect to such Series.

 

Notwithstanding anything
in this Base Indenture or the Servicing Agreement to the contrary, for so long as, and only so long as, the Monthly Remittance Condition
is satisfied, the Issuer shall not be required to cause the Servicer to make daily deposits of Collections into the Collection Account
within two Business Days after identification in the manner provided in this Article 5 or as required under the Servicing
Agreement prior to the close of business on the day any such Collections are due to be deposited, but instead, the Servicer may commingle
such Collections with its general funds or otherwise during each Monthly Period and make one or more deposits in the Collection Account
in immediately available funds not later than 12:00 p.m., New York City time, two Business Days prior to the related Payment Date
in an amount equal to Collections received in the immediately preceding Monthly Period.

 

If the Monthly Remittance
Condition is not satisfied, the Issuer shall or shall cause the Servicer under the Servicing Agreement to cause all Collections due and
to become due, as the case may be, to be paid directly into the Collection Account as promptly as possible after the date of receipt
of such Collections, but in no event later than the second Business Day following such date of identification.

 

(b)            [Reserved].

 

(c)            [Reserved].

 

(d)            [Reserved].

 

(e)            Disqualification
of Institution Maintaining Collection Account. Upon and after the establishment of a new Collection Account with a Qualified Institution,
the Servicer shall deposit or cause to be deposited all Collections as set forth in Section 5.3(a) into the new Collection
Account, and in no such event shall deposit or cause to be deposited any Collections thereafter into any account established, held or
maintained with the institution formerly maintaining the Collection Account (unless it later becomes a Qualified Institution or qualified
corporate trust department maintaining the Collection Account).

 

Section 5.5. Determination
of Monthly Interest. Monthly interest with respect to each Series of Notes shall be determined, allocated and distributed in
accordance with the procedures set forth in the applicable Series Supplement.

 

    45 

     

    

 

Section 5.6. Determination
of Monthly Principal. Monthly principal with respect to each Series of Notes shall be determined, allocated and distributed
in accordance with the procedures set forth in the applicable Series Supplement. However, all principal or interest with respect
to any Series of Notes shall be due and payable no later than the Legal Final Payment Date with respect to such Series.

 

Section 5.7. General
Provisions Regarding Accounts. Subject to Section 11.1(c), the Trustee shall not in any way be held liable by reason
of any insufficiency in any of the Receivables Trust Estate resulting from any loss on any Permitted Investment included therein except
for losses attributable to the Trustee’s failure to make payments on such Permitted Investments issued by the Trustee, in its commercial
capacity as principal obligor and not as trustee, in accordance with their terms.

 

Section 5.8. Removed
Receivables. Upon satisfaction of the conditions and the requirements of Section 2.03 or 2.04 of the Servicing Agreement, as
applicable, the Issuer shall execute and deliver to the Trustee and the Trustee shall acknowledge upon its receipt from the Issuer an
instrument acknowledging that such Removed Receivable has been released by the Receivables Trust and that such Removed Receivable no
longer constitutes a Receivable underlying the Receivables Trust Certificate. The Trustee shall have no duty to make any determination
regarding whether any conditions or requirements of such sections of such agreements have been satisfied.

 

Section 5.9. [Reserved].

 

[THE REMAINDER OF ARTICLE 5 IS RESERVED AND SHALL
BE SPECIFIED IN ANY SERIES SUPPLEMENT WITH RESPECT TO ANY SERIES.]

 

ARTICLE 6.

 

[ARTICLE 6
IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]

 

ARTICLE 7.

 

[ARTICLE 7
IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]

 

ARTICLE 8.

 

COVENANTS

 

Section 8.1. Money
for Payments To Be Held in Trust. At all times from the date hereof to the Indenture Termination Date, unless the Required Noteholders
of each Series shall otherwise consent in writing, all payments of amounts due and payable with respect to any Notes that are to
be made from amounts withdrawn from the applicable Payment Account shall be made on behalf of the Issuer by the Trustee or by another
Paying Agent, and no amounts so withdrawn from such Payment Account for payments of such Notes shall be paid over to the Issuer except
as provided in this Indenture.

 

    46 

     

    

 

Section 8.2. Affirmative
Covenants of Issuer. At all times from the date hereof to the Indenture Termination Date, unless the Required Noteholders of each
Series shall otherwise consent in writing, the Issuer shall:

 

(a)            Payment
of Notes. Duly and punctually pay or cause to be paid principal of (and premium, if any) and interest on the Notes pursuant to the
provisions of this Base Indenture and any applicable Series Supplement. Principal and interest shall be considered paid on the date
due if the Trustee or the Paying Agent holds on that date money designated for and sufficient to pay all principal and interest then
due. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered
as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.

 

(b)            Maintenance
of Office or Agency. Maintain an office or agency (which may be an office of the Trustee, Transfer Agent and Registrar or co-registrar)
where Notes may be surrendered for registration of transfer or exchange, where notices and demands to or upon the Issuer in respect of
the Notes and this Indenture may be served, and where, at any time when the Issuer is obligated to make a payment of principal and premium
upon the Notes, the Notes may be surrendered for payment. The Issuer hereby initially appoints the Trustee to serve as its agent for
the foregoing purposes. The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of
such office or agency. If at any time the Issuer 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, and the Issuer hereby appoints the Trustee as its agent to receive all such surrenders, notices and demands.

 

The Issuer may also from
time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations. The Issuer 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.

 

The Issuer hereby designates
the Corporate Trust Office of the Trustee as one such office or agency of the Issuer.

 

(c)            Compliance
with Laws, Etc. Comply in all material respects with all applicable Laws.

 

(d)            Preservation
of Existence. Preserve and maintain its existence rights, franchises and privileges in the jurisdiction of its incorporation or organization,
and qualify and remain qualified in good standing as a foreign entity in the jurisdiction where its principal place of business and its
chief executive office are located and in each other jurisdiction where the failure to preserve and maintain such existence, rights,
franchises, privileges and qualifications would have a Material Adverse Effect.

 

(e)            [Reserved.]

 

    47 

     

    

 

(f)            [Reserved.]

 

(g)            Reporting
Requirements of The Issuer. Until the Indenture Termination Date, furnish to the Trustee:

 

(i)            Financial
Statements.

 

(A)            as
soon as available and in any event within ninety (90) days after the end of each Fiscal Year of Consolidated Parent, a balance sheet
of Consolidated Parent as of the end of such year and statements of income and retained earnings and of source and application of funds
of Consolidated Parent, for the period commencing at the end of the previous Fiscal Year and ending with the end of such year, in each
case setting forth comparative figures for the previous Fiscal Year, certified without material qualification by Ernst and Young or other
nationally recognized independent public accountants acceptable to the Trustee, together with a certificate of such accounting firm stating
that in the course of the regular audit of the business of Consolidated Parent, which audit was conducted in accordance with GAAP (as
then in effect), such accounting firm has obtained no knowledge that an Event of Default or Default has occurred and is continuing, or
if, in the opinion of such accounting firm, such an Event of Default or Default has occurred and is continuing, a statement as to the
nature thereof; and

 

(B)            as
soon as available and in any event within forty-five (45) days after the end of each fiscal quarter, quarterly balance sheets and quarterly
statements of source and application of funds and quarterly statements of income and retained earnings of Consolidated Parent, certified
by a Responsible Officer of Consolidated Parent (which certification shall state that such balance sheets and statements fairly present
the financial condition and results of operations for such fiscal quarter, subject to year-end audit adjustments), delivery of which
balance sheets and statements shall be accompanied by a Conn Officer’s Certificate to the effect that no Event of Default or Default
has occurred and is continuing.

 

For so long as Consolidated Parent
is subject to the reporting requirements of Section 13(a) of the Exchange Act, its filing of the annual and quarterly reports
required under the Exchange Act, on a timely basis, shall be deemed compliance with this Section 8.2(g)(i).

 

(ii)            Notice
of Default or Event of Default. Immediately, and in any event within one (1) Business Day after the Issuer obtains knowledge
of the occurrence of each Default or Event of Default, a statement of a Responsible Officer of the Issuer setting forth details of such
Default or Event of Default and the action which the Issuer proposes to take with respect thereto;

 

(iii)            [Reserved];

 

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(iv)            ERISA.
Promptly after the filing or receiving thereof, copies of all reports and notices with respect to any reportable event as defined in
Section 4043 of ERISA (other than an event for which the 30-day notice period is waived) with respect to a Pension Plan which either
(i) the Issuer, Seller, an Originator, Servicer or any of their respective ERISA Affiliates files under ERISA with the Internal
Revenue Service, the Pension Benefit Guaranty Corporation or the U.S. Department of Labor or (ii) the Issuer, Seller, an Originator,
Servicer or any of their respective ERISA Affiliates receives from the Internal Revenue Service, the Pension Benefit Guaranty Corporation
or the U.S. Department of Labor. The Issuer shall give the Trustee and each Noteholder prompt written notice of any event that could
reasonably be expected to result in the imposition of a Lien on the Receivables under Section 430(k) of the Code or Section 303(k) or
4068 of ERISA; and

 

(v)            If
a Responsible Officer of the Issuer shall have actual knowledge of the occurrence of a Servicer Default, notice thereof to the Trustee
and the Rating Agency, which notice shall specify the action, if any, the Issuer is taking in respect of such default. If a Servicer
Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Servicing Agreement, the Issuer
shall take all reasonable steps available to it to remedy such failure, including any action reasonably requested by the Trustee.

 

(h)            Use
of Proceeds. Use the proceeds of the Notes solely in connection with the acquisition of the Receivables Trust Certificate and the
funding of the Reserve Account.

 

(i)            Protection
of Receivables Trust Estate. At its expense, perform all acts and execute all documents reasonably requested by the Trustee at any
time to evidence, perfect, maintain and enforce the title or the security interest of the Trustee in the Receivables Trust Estate and
the priority thereof. The Issuer will, at the reasonable request of the Trustee, prepare, deliver and authorize the filing of financing
statements relating to or covering the Receivables Trust Estate sold to the Issuer and subsequently conveyed to the Trustee.

 

(j)            Inspection
of Records. Permit the Trustee or its duly authorized representatives, attorneys or auditors to examine all the books of account,
records, reports, and other papers of such Receivables Trust Estate, to make copies and extracts therefrom, to cause such books to be
audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s
officers, employees and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested.

 

(k)            Furnishing
of Information. Provide such cooperation, information and assistance, and prepare and supply the Trustee with such data regarding
the performance by the Obligors of their obligations under the Receivables and the performance by the Issuer and Servicer of their respective
obligations under the Transaction Documents, as may be reasonably requested by the Trustee from time to time.

 

    49 

     

    

 

(l)            Accounts.
Not maintain any bank accounts other than the Trust Accounts. Except as set forth in the Servicing Agreement the Issuer shall not make,
nor will it permit the Seller or Servicer to make, any change in its instructions to Obligors regarding payments to be made to the Post
Office Box. The Issuer shall not add any additional Trust Accounts unless the Trustee shall have consented thereto and received a copy
of any documentation with respect thereto. The Issuer shall not terminate any Trust Accounts or close any Trust Accounts unless the Trustee
shall have received at least thirty (30) days prior written notice of such termination and shall have consented thereto.

 

(m)            [Reserved].

 

(n)            Collections
Received. Hold in trust, and immediately (but in any event no later than two (2) Business Days following its receipt and identification
thereof) transfer to the Servicer for deposit into the Collection Account (subject to Section 5.4(a)) all Collections, if
any, received from time to time by the Issuer.

 

(o)            Enforcement
of Transaction Documents. Use its best efforts to enforce all rights held by it under any of the Transaction Documents, shall not
amend, supplement or otherwise modify any of the Transaction Documents and shall not waive any breach of any covenant contained thereunder
without the prior written consent of the Required Noteholders for each Series. The Issuer shall take all actions reasonably requested
by the Trustee to enforce the Issuer’s rights and remedies under the Transaction Documents. The Issuer agrees that it will not
waive timely performance or observance by the Servicer or the Seller of their respective duties under the Transaction Documents if the
effect thereof would adversely affect any of the Secured Parties.

 

(p)            Separate
Legal Entity. The Issuer hereby acknowledges that the Trustee and the Noteholders are entering into the transactions contemplated
by this Base Indenture and the other Transaction Documents in reliance upon the Issuer’s identity as a legal entity separate from
any other Person. Therefore, from and after the date hereof, the Issuer shall take all reasonable steps to continue the Issuer’s
identity as a separate legal entity and to make it apparent to third Persons that the Issuer is an entity with assets and liabilities
distinct from those of any other Person, and is not a division of any other Person. Without limiting the generality of the foregoing
and in addition to and consistent with the covenant set forth herein, the Issuer shall take such actions as shall be required in order
that:

 

(i)            have
its own business office (which, however, may be within the premises of the Member) at which will be maintained its own separate limited
liability company books and records;

 

(ii)            observe
all requirements of the Act, the Certificate of Formation and this Indenture;

 

(iii)            compensate
all consultants and agents directly, from its own bank account, for services provided to it by such consultants and agents and pay its
own liabilities and expenses only out of its own funds;

 

(iv)            pay
the salaries of its own employees, if any, and maintain a sufficient number of employees in light of its contemplated business obligations;

 

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(v)            readily
identify and allocate any sharing of overhead expenses between the Company and the Member;

 

(vi)            preserve
its limited liability company form and hold itself out to the public and all other Persons as a separate legal entity separate and distinct
from the Member and all other Persons;

 

(vii)            strictly
observe and maintain separate financial records and separate financial statements which are and will continue to be maintained to reflect
its assets and liabilities which will be subject to audit by independent public accountants;

 

(viii)            declare
and pay all dividends in accordance with law, the provisions of its organic documents, and the provisions of the Securitization Documents;

 

(ix)            maintain
its assets and liabilities in such a manner that its individual assets and liabilities can be readily and inexpensively identified from
those of the Member or any other Person, including any other subsidiary or Affiliate of the Member;

 

(x)            maintain
its own bank accounts and books of account and records separate from the Member or any other subsidiary or Affiliate of the Member or
any other Person;

 

(xi)            avoid
commingling or pooling of its funds or other assets or liabilities with those of the Member or any other subsidiary or Affiliate of the
Member or any other Person, except with respect to the temporary commingling of collections and except with respect to the Member’s
retention of certain books and records of the Company and except to the extent that the provisions of the Securitization Documents permit
such commingling;

 

(xii)            properly
reflect in its financial records all monetary transactions between it and the Member or any other subsidiary or Affiliate of the Member
or any other Person;

 

(xiii)            file
its own tax returns, if any, as may be required under applicable law, to the extent (1) not part of a consolidated group filing
or a consolidated return or returns or (2) not treated as a division for tax purposes of another taxpayer, and pay any taxes so
required to be paid under applicable law;

 

(xiv)            maintain
an arm’s length relationship with its Affiliates and the Member and correct any known misunderstanding regarding its separate identity;

 

(xv)            not
hold out its credit or assets as being available to satisfy the obligations of others;

 

(xvi)            use
separate stationery and checks bearing its own name and conduct its own business in its own name;

 

(xvii)            except
as contemplated by the Securitization Documents, not pledge its assets for the benefit of, or make any loans or advances to, any other
Person;

 

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(xviii)            maintain
adequate capital in light of its contemplated business purpose, transactions and liabilities, provided, however, the foregoing
shall not require the Member to make any additional capital contributions to the Company; and

 

(xix)            cause
the Directors, Officers, agents and other representatives of the Company to act at all times with respect to the Company consistently
and in furtherance of the foregoing and in the best interests of the Company.

 

(q)            [Reserved].

 

(r)            Servicer’s
Obligations. Cause the Servicer to comply with the terms of the Servicer Transaction Documents, including without limitation, Section 2.02(c) and
Sections 2.11 and 2.12 of the Servicing Agreement, and otherwise enforce the terms of the Servicing Agreement and the other
Servicer Transaction Documents applicable to it.

 

(s)            Income
Tax Characterization. For purposes of federal income, state and local income and franchise and any other income taxes, unless otherwise
required by the relevant governmental authority, the Issuer will treat the Notes (other than as set forth in any Series Supplement)
as indebtedness.

 

Section 8.3. Negative
Covenants. So long as any Notes are outstanding, the Issuer shall not, unless the Required Noteholders of each Series shall
otherwise consent in writing:

 

(a)            Sales,
Liens, Etc. Except pursuant to, or as contemplated by, the Transaction Documents, the Issuer shall not sell, transfer, exchange,
assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist voluntarily or, for a period in excess
of thirty (30) days, involuntarily any Adverse Claims upon or with respect to any of its assets, including, without limitation, the Receivables
Trust Estate, any interest therein or any right to receive any amount from or in respect thereof, unless directed to do so by the Trustee.

 

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

 

(c)            Mergers,
Acquisitions, Sales, Subsidiaries, etc. The Issuer shall not:

 

(i)            be
a party to any merger or consolidation, or directly or indirectly purchase or otherwise acquire all or substantially all of the assets
or any stock of any class of, or any partnership or joint venture interest in, any other Person, except for Permitted Investments, or
sell, transfer, assign, convey or lease any of its property and assets (or any interest therein) other than pursuant to, or as contemplated
by, this Indenture or the other Transaction Documents;

 

(ii)            make,
incur or suffer to exist an investment in, equity contribution to, loan or advance to, or payment obligation in respect of the deferred
purchase price of property from, any other Person, except for Permitted Investments or pursuant to the Transaction Documents;

 

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(iii)            invest
or cause to be invested in any securities or instruments unless the ownership (and acquisition) of such obligations would not cause the
Issuer to be treated as engaged in a U.S. trade or business or otherwise subject to net income taxation in the United States;

 

(iv)            create
any direct or indirect Subsidiary or otherwise acquire direct or indirect ownership of any equity interests in any other Person other
than pursuant to the Transaction Documents; or

 

(v)            enter
into any transaction with any Affiliate except for the transactions contemplated by the Transaction Documents and other transactions
upon fair and reasonable terms materially no less favorable to the Issuer than would be obtained in a comparable arm’s length transaction
with a Person not an Affiliate.

 

(d)            Change
in Business Policy. The Issuer shall not make any change in the character of its business which would impair in any material respect
the collectibility of the Receivables Trust Estate.

 

(e)            Other
Debt. Except as provided for herein, the Issuer shall not create, incur, assume or suffer to exist any Indebtedness whether current
or funded, other than (i) the Notes, (ii) Indebtedness of the Issuer representing fees, expenses and indemnities arising hereunder
or under the Purchase and Sale Agreement for the purchase price of the Receivables Trust Certificate under the Purchase and Sale Agreement
and (iii) other Indebtedness permitted pursuant to Section 8.3(h).

 

(f)            Certificate
of Formation and Limited Liability Company Agreement. The Issuer shall not amend its certificate of formation or limited liability
company agreement unless it shall have received an Opinion of Counsel or Conn Officer’s Certificate to the effect that any such
amendment would not have a material adverse effect on Noteholders.

 

(g)            Financing
Statements. The Issuer shall not authorize the filing of any financing statement (or similar statement or instrument of registration
under the laws of any jurisdiction) or statements relating to the Receivables Trust Estate other than the financing statements authorized
and filed in connection with and pursuant to the Transaction Documents.

 

(h)            Business
Restrictions. The Issuer shall not (i) engage in any business or transactions, or be a party to any documents, agreements
or instruments, other than the Transaction Documents or those incidental to the purposes thereof, or (ii) make any
expenditure for any assets (other than the Receivables Trust Estate) if such expenditure, when added to other such expenditures made
during the same calendar year would, in the aggregate, exceed Ten Thousand Dollars ($10,000); provided, however, that
the foregoing will not restrict the Issuer’s ability to pay servicing compensation as provided herein and, so long as no
Default or Event of Default shall have occurred and be continuing, the Issuer’s ability to pay other payments or distributions
legally made to the Issuer’s equity owners.

 

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(i)            ERISA
Matters.

 

(i)            To
the extent applicable, the Issuer, Seller, an Originator or initial Servicer will not (A) engage or permit any of its respective
ERISA Affiliates to engage in any prohibited transaction (as defined in Section 4975 of the Code and Section 406 of ERISA)
with respect to any Benefit Plan for which an exemption is not available or has not previously been obtained from the U.S. Department
of Labor; (B) fail to make, or permit any of its ERISA Affiliates to fail to make, any payments to any Multiemployer Plan that
the Issuer, Seller, an Originator, initial Servicer or any of their respective ERISA Affiliates is required to make under the agreement
relating to such Multiemployer Plan or any law pertaining thereto; (C) terminate, or permit any of its ERISA Affiliates to terminate,
any Pension Plan so as to result in any liability to Issuer, initial Servicer, Seller, an Originator or any of their ERISA Affiliates;
or (D) permit to exist any occurrence of any reportable event described in Title IV of ERISA, if such prohibited transactions, failures
to make payment, terminations and reportable events described in clauses (A), (B), (C) and (D) above would in the aggregate
have a Material Adverse Effect.

 

(ii)            The
Issuer will not permit to exist any failure to satisfy the minimum funding standard (as described in Section 302 of ERISA and Section 412
of the Code) sufficient to give rise to a Lien under Section 430(k) of the Code or Section 303(k) of ERISA with respect
to any Pension Plan.

 

(iii)            The
Issuer, Seller, initial Servicer, or any Originator will not cause or permit any of their respective ERISA Affiliates to cause or permit
the occurrence of an ERISA Event with respect to Pension Plans that could result in a Material Adverse Effect.

 

(j)            Name;
Principal Office. The Issuer will not change its name, its jurisdiction of organization or the location of its chief executive office
or principal place of business (within the meaning of the applicable UCC) without prior written notice to the Trustee sufficient to allow
the Trustee to make all filings (including filings of financing statements on form UCC-1) and recordings necessary to maintain the perfection
of the interest of the Trustee in the Receivables Trust Estate pursuant to this Indenture. The Issuer further agrees that it will not
become or seek to become organized under the Laws of more than one jurisdiction. In the event that the Issuer desires to so change its
jurisdiction of organization or its office or change its name, the Issuer will make any required filings and prior to actually making
such change the Issuer will deliver to the Trustee (i) a Conn Officers’ Certificate and (except with respect to a change of
the location of the Issuer’s chief executive office or principal place of business to a new location in the same county) an Opinion
of Counsel confirming that all required filings have been made to continue the perfected interest of the Trustee in the Receivables Trust
Estate in respect of such change and (ii) copies of all such required filings with the filing information duly noted thereon by
the office in which such filings were made.

 

Section 8.4. Further
Instruments and Acts. Upon request of the Trustee, the Issuer will execute and deliver such further instruments, furnish such other
information and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

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Section 8.5. Appointment
of Successor Servicer. If the Trustee has given notice of termination to the Servicer of the Servicer’s rights and powers pursuant
to Section 2.01 of the Servicing Agreement, as promptly as possible thereafter, the Trustee shall appoint a successor servicer
in accordance with Section 2.01 of the Servicing Agreement.

 

ARTICLE 9.

 

[RESERVED]

 

ARTICLE 10.

 

REMEDIES

 

Section 10.1. Events
of Default. Unless otherwise specified in a Series Supplement, an “Event of Default”, wherever used herein,
means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body):

 

(i)            default
in the payment of any interest on the Controlling Class when the same becomes due and payable, and such default shall continue (and
shall not have been waived by the Required Noteholders of such Series) for a period of five (5) Business Days after receipt of notice
thereof from the Trustee;

 

(ii)            default
in the payment of the principal of or any installment of the principal of any Class of Series 2022-A Notes when the same becomes
due and payable on the related Legal Final Payment Date;

 

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

 

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

 

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Section 10.2. Rights of the Trustee Upon
Events of Default.

 

(a)            If
and whenever an Event of Default (other than in clause (iii) and (iv) of Section 10.1) shall have
occurred and is continuing, the Trustee may and, at the written direction of the Required Noteholders, shall cause the principal amount
of all Notes of all Series outstanding to be immediately due and payable at par, together with interest thereon. If an Event of
Default with respect to the Issuer specified in clause (iii) and (iv) of Section 10.1 shall occur,
all unpaid principal of and accrued interest, if applicable, on all the Notes of all Series outstanding shall become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Noteholder. If an Event of Default shall have
occurred and be continuing, the Trustee may exercise from time to time any rights and remedies available to it under applicable Law and
Section 10.4. Any amounts obtained by the Trustee on account of or as a result of the exercise by the Trustee of any right
shall be held by the Trustee as additional collateral for the repayment of the Issuer Obligations and shall be applied as provided in
Article 5 hereof. If so specified in the applicable Series Supplement, the Trustee may agree to limit its exercise of
rights and remedies available to it as a result of the occurrence of an Event of Default to the extent set forth therein.

 

(b)            If
an Event of Default shall have occurred and be continuing, then at any time after such declaration of acceleration of maturity has been
made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article 10
provided, the Required Noteholders of a Series, by written notice to the Issuer and the Trustee, may rescind and annul such declaration
and its consequences if:

 

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

 

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

 

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

 

(ii)            all
Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been
cured or waived as provided in Section 10.6.

 

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

 

(c)            Additional
Remedies. In addition to any rights and remedies now or hereafter granted hereunder or under applicable Law with respect to the Receivables
Trust Estate, the Trustee shall have all of the rights and remedies of a secured party under the UCC as enacted in any applicable jurisdiction.

 

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Section 10.3. Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

(a)            The
Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five (5) days, or (ii) default is made in the payment of the principal of any Note when
the same becomes due and payable on the Legal Final Payment Date, the Issuer will, upon demand of the Trustee, pay to it, for the benefit
of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue
principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at
the applicable Note Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel.

 

(b)            If
an Event of Default occurs and is continuing, the Trustee may (in its discretion) and, at the written direction of the Required Noteholders
of a Series, shall proceed to protect and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as
the Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or
equitable right vested in the Trustee by this Indenture or by Law; provided, however, that the Trustee shall sell or otherwise
liquidate the Receivables Trust Estate or any portion thereof only in accordance with Section 10.4(d).

 

(c)            In
any Proceedings brought by the Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture), the
Trustee shall be held to represent all the Secured Parties, and it shall not be necessary to make any such Person a party to any such
Proceedings.

 

(d)            In
case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership
interest in the Receivables Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable Federal or state
bankruptcy, insolvency or other similar Law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor
or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the
creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of any Notes shall then
be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand
pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise:

 

(i)            to
file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable
compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of
all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence,
bad faith or willful misconduct) and of the Secured Parties allowed in such Proceedings;

 

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(ii)            unless
prohibited by applicable Law, to vote on behalf of the Secured Parties in any election of a trustee, a standby trustee or Person performing
similar functions in any such Proceedings;

 

(iii)            to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with
respect to the claims of the Secured Parties and of the Trustee on their behalf; and

 

(iv)            to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee or
the Secured Parties allowed in any judicial Proceedings relative to the Issuer, its creditors and its property;

 

and any trustee, receiver,
liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Secured Parties to make payments
to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to such Secured Parties, to pay to
the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective
agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor
Trustee except as a result of negligence, bad faith or willful misconduct.

 

(e)            Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any
Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Secured Party
or to authorize the Trustee to vote in respect of the claim of any Secured Party in any such Proceeding except, as aforesaid, to vote
for the election of a trustee in bankruptcy or similar Person.

 

(f)            All
rights of action and of asserting claims under this Indenture or under any of the Notes, may be enforced by the Trustee without the possession
of any of the Notes or the production thereof in any Proceedings relative thereto, and any such action or Proceedings instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the
expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be
for the Secured Parties.

 

Section 10.4. Remedies.
If an Event of Default shall have occurred and be continuing, the Trustee may and, at the written direction of the Required Noteholders
of a Series, shall do one or more of the following:

 

(a)            institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable under the Transaction Documents,
enforce any judgment obtained, and collect from the Issuer and any other obligor under the Transaction Documents moneys adjudged due;

 

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(b)            institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Receivables Trust Estate;

 

(c)            subject
to the limitations set forth in clause (d) below, exercise any remedies of a secured party under the UCC and take any other appropriate
action to protect and enforce the rights and remedies of the Trustee and the Secured Parties; and

 

(d)            sell
the Receivables Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and
conducted in any manner permitted by Law; provided, however, that the Trustee may not sell or otherwise liquidate the Receivables
Trust Estate following an Event of Default unless:

 

(i)            the
Holders of 100% of the outstanding Notes direct such sale and liquidation,

 

(ii)            the
proceeds of such sale or liquidation distributable to the Noteholders of each Series are sufficient to discharge in full all amounts
then due and unpaid with respect to all outstanding Notes for principal and interest and any other amounts due Noteholders, or

 

(iii)            the
Trustee determines that the proceeds of the Receivables Trust Estate will not continue to provide sufficient funds for the payment of
principal of and interest on all outstanding Notes as such amounts would have become due if such Notes had not been declared due and
payable and the Required Noteholders of a Series direct such sale and liquidation.

 

In determining such sufficiency
or insufficiency with respect to clauses (d)(ii) and (d)(iii), the Trustee may, but need not, obtain and rely upon an opinion of
an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Receivables Trust Estate for such purpose.

 

The Trustee may maintain
a Proceeding even if it does not possess any of the Notes or does not produce any of them in the Proceeding, and any such Proceeding
instituted by the Trustee shall be in its own name as trustee. All remedies are cumulative to the extent permitted by Law.

 

Section 10.5. [Reserved].

 

Section 10.6. Waiver
of Past Events. If an Event of Default shall have occurred and be continuing, prior to the declaration of the acceleration of the
maturity of the Notes as provided in Section 10.2(a), the Required Noteholders of a Series may waive any past Default
or Event of Default and its consequences except a Default in payment of principal (or premium, if any) of any of the Notes. In the case
of any such waiver, the Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

 

Upon any such waiver, such
Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall
be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent
or other Default or Event of Default or impair any right consequent thereto.

 

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Section 10.7. Limitation
on Suits. No Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Base Indenture
and related Series Supplement, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

(i)            such
Noteholder previously has given written notice to the Trustee of a continuing Event of Default;

 

(ii)            the
Holders of not less than 25% of the outstanding principal amount of all Notes of all affected Series have made written request to
the Trustee to institute such Proceeding in respect of such Event of Default in its own name as Trustee hereunder;

 

(iii)            such
Noteholder has offered and, if requested, provided to the Trustee indemnity reasonably satisfactory to it against the costs, expenses
and liabilities to be incurred in complying with such request;

 

(iv)            the
Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings;
and

 

(v)            no
direction inconsistent with such written request has been given to the Trustee during such sixty (60) day period by the Required Noteholders;

 

it being understood and intended
that no one or more Noteholder 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 Noteholder or to obtain or to seek to obtain priority or preference over any
other Noteholder or to enforce any right under this Indenture, except in the manner herein provided.

 

Notwithstanding any provision
of this Base Indenture or any Series Supplement to the contrary, in the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Secured Parties, each representing less than the Required Noteholders of all Series,
the Trustee shall proceed in accordance with the request of the greater majority of the outstanding principal amount of the Notes of
all Series, as determined by reference to such requests.

 

Section 10.8. Unconditional
Rights of Holders to Receive Payment; Withholding Taxes.

 

(a)            Notwithstanding
any other provision of this Indenture, the right of any Noteholder of a Note to receive payment of principal and interest, if any, on
the Note, on or after the respective due dates expressed in the Note or in this Indenture (or, in the case of redemption, on or after
the Redemption Date), or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional
and shall not be impaired or affected without the consent of the Noteholder.

 

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(b)            The
Paying Agent shall (or if the Trustee is not the Paying Agent, the Trustee shall cause the Paying Agent to execute and deliver to
the Trustee an instrument in which such Paying Agent shall agree with the Trustee that such Paying Agent shall) comply with all
requirements of the Code regarding the withholding of payments in respect of Federal income taxes due from Noteholders or the Issuer
and otherwise comply with the provisions of this Indenture applicable to it. The right of any Noteholder to receive interest,
principal or distribution on any Note and any right of the Issuer to receive payment pursuant to this Indenture shall be subject to
any applicable withholding or deduction imposed pursuant to the Code or other applicable tax law, including foreign withholding and
deduction. Any amounts properly so withheld or deducted shall be treated as actually paid to the appropriate Noteholder or the
Issuer, as applicable. With respect to any amounts payable thereto under this Indenture, each Noteholder and the Issuer shall
deliver to the Paying Agent such tax forms or other documents requested by the Paying Agent as shall be prescribed by the Code or
other applicable law at such time or times reasonably required by the Paying Agent, including, without limitation, such tax
forms or other documents, as applicable (x) to demonstrate that payments to such Noteholder or the Issuer under this Indenture
are exempt from any United States withholding tax imposed pursuant to the Code, including, without limitation, under FATCA, or
(y) to allow the Paying Agent to determine the amount to deduct or withhold (and to allow the Paying Agent to so deduct or
withhold) pursuant to the Code, including, without limitation, under FATCA, from a payment to be made pursuant to this Indenture,
and further agrees to complete and to deliver to the Paying Agent from time to time, any successor or additional forms required by
the Internal Revenue Service or reasonably requested by the Paying Agent in order to secure an exemption from, or reduction in the
rate of, United States withholding tax imposed pursuant to the Code, including, without limitation, under FATCA.

 

Section 10.9. Restoration
of Rights and Remedies. If any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such
Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder, then
and in every such case the Issuer, the Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders
shall continue as though no such Proceeding had been instituted.

 

Section 10.10. The
Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the Noteholders allowed in any judicial Proceedings relative to
the Issuer (or any other obligor upon the Notes), its creditors or its property, and shall be entitled and empowered to collect, receive
and distribute any money or other property payable or deliverable on any such claim and any custodian in any such judicial Proceeding
is hereby authorized by each Noteholder 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 Noteholders, to pay the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 11.6.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 11.6 out of the estate in any such Proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, notes
and other properties which the Noteholders may be entitled to receive in such Proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Noteholder thereof, or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such Proceeding.

 

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Section 10.11. Priorities.
Following the declaration of an Event of Default pursuant to Section 9.1 or 10.2, all amounts in any Payment Account,
including any money or property collected pursuant to Section 10.4 (after deducting the reasonable costs and expenses of
such collection), shall be applied by the Trustee on the related Payment Date in accordance with the provisions of Article 5
and the applicable Series Supplement.

 

Section 10.12. Undertaking
for Costs. All parties to this Indenture agree, and each Secured Party 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, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against
any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to (a) any suit instituted by the Trustee, (b) any suit instituted
by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the aggregate outstanding principal
balance of the Notes on the date of the filing of such action or (c) any suit instituted by any Noteholder for the enforcement of
the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture
(or, in the case of redemption, on or after the Redemption Date).

 

Section 10.13. Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Secured Parties 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 10.14. Delay
or Omission Not Waiver. No delay or omission of the Trustee or any Secured Party to exercise any right or remedy accruing upon any
Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article 10 or by Law to the Trustee or to the Secured Parties
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Secured Parties, as the case may
be.

 

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Section 10.15. Control
by Noteholders. Subject to the last sentence of Section 10.7, the Required Noteholders of a Series shall have the
right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee with respect to the Notes
of such Series or exercising any trust or power conferred on the Trustee, including but not limited to the right of the Trustee
to determine whether to deliver a “control notice” pursuant to the Intercreditor Agreement; provided that:

 

(i)            such
direction shall not be in conflict with any Law or with this Indenture;

 

(ii)            subject
to the express terms of Section 10.4, any direction to the Trustee to sell or liquidate the Receivables Trust Estate shall
be by the Holders of Notes representing not less than 100% of the aggregate outstanding principal balance of all the Notes of all Series;

 

(iii)            the
Trustee shall have been provided with indemnity reasonably satisfactory to it; and

 

(iv)            the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction;

 

provided,
however, that, subject to Section 11.1, the Trustee need not take any action that it determines might involve it in
liability or might materially adversely affect the rights of any Noteholders not consenting to such action.

 

Section 10.16. Waiver
of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon,
or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension Law wherever enacted, now or at
any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such Law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though
no such Law had been enacted.

 

Section 10.17. Action
on Notes. The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the
seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor
any rights or remedies of the Trustee or the Secured Parties shall be impaired by the recovery of any judgment by the Trustee against
the Issuer or by the levy of any execution under such judgment upon any portion of the Receivables Trust Estate or upon any of the assets
of the Issuer.

 

Section 10.18. Performance
and Enforcement of Certain Obligations.

 

(a)            Promptly
following a request from the Trustee to do so the Issuer agrees to take all such lawful action as the Trustee may reasonably request
to compel or secure the performance and observance by the Seller, the Parent and the Servicer, as applicable, of each of their obligations
to the Issuer under or in connection with the Transaction Documents in accordance with the terms thereof, and to exercise any and all
rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Transaction Documents to the
extent and in the manner directed by the Trustee, including the transmission of notices of default on the part of the Seller, the Parent
or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the
Seller, the Parent or the Servicer of each of their obligations under the Transaction Documents.

 

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(b)            If
an Event of Default has occurred and is continuing, the Trustee may, and, at the written direction of the Required Noteholders of a
Series shall, subject to Section 10.2(b), exercise all rights, remedies, powers, privileges and claims of the
Issuer against the Receivables Trust, the Seller, the Parent or the Servicer under or in connection with the Transaction
Documents, including the right or power to take any action to compel or secure performance or observance by the Receivables Trust,
the Seller, the Parent or the Servicer of each of their obligations to the Issuer thereunder and to give any consent, request,
notice, direction, approval, extension or waiver under the Transaction Documents, and any right of the Issuer to take such action
shall be suspended.

 

Section 10.19. Reassignment
of Surplus. Promptly after termination of this Indenture and the payment in full of the Issuer Obligations, any proceeds of the Receivables
Trust Estate received or held by the Trustee shall be turned over to the Issuer and the assets in the Receivables Trust Estate shall
be released to the Issuer by the Trustee without recourse to the Trustee and without any representations, warranties or agreements of
any kind.

 

ARTICLE 11.

 

THE TRUSTEE

 

Section 11.1. Duties of the Trustee.

 

(a)            If
an Event of Default has occurred and is continuing, and of which a Trust Officer of the Trustee has actual knowledge or received written
notice, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs; provided,
however, that the Trustee shall have no liability in connection with any action or inaction taken, or not taken, by it upon the
deemed occurrence of an Event of Default of which a Trust Officer has not received written notice; and provided, further
that the preceding sentence shall not have the effect of insulating the Trustee from liability arising out of the Trustee’s negligence
or willful misconduct.

 

(b)            Except
during the occurrence and continuance of an Event of Default:

 

(i)            the
Trustee undertakes to perform only those duties that are specifically set forth in this Indenture and no others, and no implied duties
(including fiduciary duties), covenants or obligations shall be read into this Indenture or into any other Transaction Document against
the Trustee;

 

(ii)            in
the absence of negligence and 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 documents, certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture; provided, however, in the case of any such documents, certificates or opinions which by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the documents, certificates and opinions to
determine whether or not they conform to the requirements of this Indenture and, if applicable, the Transaction Documents to which the
Trustee is a party, provided, further, that the Trustee shall not be responsible for the accuracy or content of any of
the aforementioned documents, certificates or opinions and the Trustee shall have no obligation to verify or recompute any numeral information
provided to it pursuant to the Transaction Documents.

 

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(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 or for the breach of the express terms of the Indenture caused by its own negligence, willful
misconduct or bad faith, except that:

 

(i)            this
clause does not limit the effect of clause (b) of this Section 11.1;

 

(ii)            the
Trustee shall not be personally liable for any error of judgment made in good faith by a Trust Officer or Trust Officers of the Trustee,
unless it is proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(iii)            the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to this Indenture, including Section 10.15;

 

(iv)            the
Trustee shall not be charged with knowledge of any failure by the Servicer referred to in clauses (a)-(h) of Section 2.06
of the Servicing Agreement and the items referred to in the definition of “Monthly Remittance Condition” unless a Trust
Officer of the Trustee obtains actual knowledge of such failure or the Trustee receives written notice of such failure from the Servicer
or any Holders of Notes evidencing not less than 10% of the aggregate outstanding principal balance of the Notes of any Series adversely
affected thereby.

 

(d)            Notwithstanding
anything to the contrary contained in this Indenture or any of the Transaction Documents, 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 and powers, if there is reasonable ground (as determined by the Trustee
in its sole discretion) for believing that the repayment of such funds or indemnity reasonably satisfactory to the Trustee against
such risk is not reasonably assured (as determined by the Trustee in its sole discretion) to it by the security afforded to it by
the terms of this Indenture.

 

(e)            Every
provision of this Indenture or any other Transaction Document relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section and to the provisions of the TIA (if this Indenture is required
to be qualified under the TIA).

 

(f)            The
Trustee shall, and hereby agrees that it will, perform all of the express obligations and duties required of it in the Servicing Agreement.

 

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(g)            Except
for actions expressly authorized by this Indenture, the Trustee shall take no action reasonably likely to impair the interests of the
Issuer in any asset of the Receivables Trust Estate now existing or hereafter created or to impair the value of any asset of the Receivables
Trust Estate now existing or hereafter created.

 

(h)            Except
as provided in this Section 11.1(h), the Trustee shall have no power to vary the corpus of the Receivables Trust Estate including,
without limitation, the power to (i) accept any substitute obligation for an asset of the Receivables Trust Estate assigned by the
Issuer under the Granting Clause except for actions expressly authorized by this Indenture or (ii) release any assets from the Receivables
Trust Estate, except in each case as permitted or contemplated by the Transaction Documents permitted under Sections 5.8, 10.19,
12.1, 15.1 or Article 5 and Section 2.03 or Section 2.04 of the Servicing Agreement.

 

(i)            Subject
to Section 11.2(k), the Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee which are specifically required to be furnished pursuant to any provision of this
Indenture, shall examine them to determine whether they substantially conform on their face to the requirements of this Indenture, to
the extent this Indenture specifically sets forth any requirements for any such resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments and requires such requirements to be confirmed by the Trustee.

 

(j)            Without
limiting the generality of this Section 11.1 and subject to the other provisions of this Indenture, the Trustee shall have
no duty (i) to see to any recording, filing or depositing of this Indenture or any agreement referred to herein, or to see to the
maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof or to see to the
validity, perfection, continuation, or value of any lien or security interest created herein or to monitor the status of any such lien
or security interest or the performance of any collateral, (ii) to see to the payment or discharge of any tax, assessment or other
governmental Lien owing with respect to, assessed or levied against any part of the Issuer, (iii) to confirm, verify or review (unless
expressly required by the terms of this Indenture or any other Transaction Document to which the Trustee is a party) the contents of
any reports or certificates delivered to the Trustee pursuant to this Indenture or any other Transaction Document believed by the Trustee
to be genuine and to have been signed or presented by the proper party or parties, (iv) to determine whether any Receivables is
an Eligible Receivable or to inspect the Receivables Trust Certificate or the Receivables at any time or ascertain or inquire as to the
performance or observance of any of the Issuer’s, the Receivables Trust’s, the Seller’s, the Parent’s or the
Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian
of the Receivable Files under the Servicer Transaction Documents or (v) to determine when a Purchase Event occurs.

 

(k)            Subject
to Section 11.1(d), in the event that the Paying Agent or the Transfer Agent and Registrar (if other than the Trustee) shall
fail to perform any obligation, duty or agreement in the manner or on the day required to be performed by the Paying Agent or the Transfer
Agent and Registrar, as the case may be, under this Indenture, the Trustee shall be obligated as soon as practicable upon actual knowledge
of a Trust Officer thereof and receipt of appropriate records and information, if any, to perform such obligation, duty or agreement
in the manner so required.

 

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(l)            No
provision of this Indenture or any other Transaction Document shall be construed to require the Trustee to perform, or accept any responsibility
for the performance of, the obligations of the Servicer hereunder or under any other Transaction Document or any Person other than itself
under any Transaction Document.

 

(m)            Subject
to Section 11.4, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for
the purposes for which they were received, but need not be segregated from other funds except to the extent required by Law or the Transaction
Documents.

 

(n)            Except
as otherwise required or permitted by the TIA (if this Indenture is required to be qualified under the TIA), nothing contained herein
shall be deemed to authorize the Trustee to engage in any business operations or any activities other than those set forth in this Indenture.
Specifically, the Trustee shall have no authority to engage in any business operations, acquire any assets other than those specifically
included in the Receivables Trust Estate under this Indenture or otherwise vary the assets held by the Issuer. Similarly, the Trustee
shall have no discretionary duties, except as otherwise required or permitted by the TIA (if this Indenture is required to be qualified
under the TIA), provided, that the Trustee shall perform those ministerial acts set forth above necessary to accomplish the purpose of
this Indenture.

 

(o)            Notwithstanding
any provision of this Indenture or any other Transaction Document to the contrary, the Trustee shall not be required to take action (including
the sending of any notice) upon, or be deemed to have notice or knowledge of, any Default, Event of Default, event or information unless
a Trust Officer of the Trustee shall have received written notice thereof. In the absence of a Trust Officer’s receipt of such
notice, the Trustee shall have no duty to take any action to determine whether any such event, Default or Event of Default has occurred
and may conclusively assume that no such event, Default or Event of Default has occurred.

 

(p)            Anything
in this Indenture to the contrary notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood
of such loss or damage regardless of the form of action.

 

(q)            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 Issuer, the Servicer and/or a specified percentage of Noteholders under circumstances in which such direction is required or permitted
by the terms of this Base Indenture, a Series Supplement or other Transaction Document.

 

(r)            The
Trustee agrees to provide the Issuer with prompt written notice of any written repurchase demand it receives with respect to the Receivables
underlying the Receivables Trust Certificate and to cooperate in good faith with any reasonable written request by the Issuer for information
in the possession of the Trustee which is required in order to enable the Issuer to comply with the provisions of Rule 15Ga-1 under
the Exchange Act as it relates to the Trustee or to the Trustee’s obligations under the Transaction Documents; provided that with
respect to Rule 15Ga-1, only information in its possession need be provided, and the Trustee shall not be deemed a “securitizer”
under the Exchange Act.

 

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(s)            The
enumeration of any discretion, permissive right, privilege or power herein or in any other Transaction Document available to the Trustee
shall not be construed to be the imposition of a duty, unless and except to the extent expressly set forth herein.

 

(t)            Each
of the Trustee’s services hereunder shall be conducted through the Corporate Trust Services division of Computershare Trust Company,
National Association (including, as applicable, any agents or affiliates utilized thereby).

 

Section 11.2. Rights
of the Trustee. Except as otherwise provided by Section 11.1:

 

(a)            The
Trustee may conclusively rely on and shall be protected in acting upon or refraining from acting upon and in accord with, without any
duty to verify or review (unless expressly required by the terms of this Indenture or any other Transaction Document to which the Trustee
is a party) the contents or recompute any calculations therein, any document (whether in its original or facsimile form), including the
Monthly Servicer Report, the annual Servicer’s certificate, the monthly payment instructions and notification to the Trustee, the
Monthly Noteholders’ Statement, any resolution, Conn Officer’s Certificate, certificate of auditors or any other certificate,
statement, instrument, opinion (including any Opinion of Counsel), report, notice, request, consent, order, appraisal, bond or other
paper or document, believed by it to be genuine and to have been signed by or presented by the proper Person. Subject to Section 11.1,
the Trustee need not investigate any fact or matter stated in any such document.

 

(b)            Before
the Trustee acts or refrains from acting, the Trustee may, at the reasonable expense of the Issuer require a Conn Officer’s
Certificate or consult with counsel of its selection and the Conn Officer’s Certificate or the advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(c)            The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys, Affiliates, custodians and nominees and the Trustee shall not be liable for any action or inaction, misconduct or negligence
on the part of, or for the supervision of, any such agent or attorneys, custodian or nominee so long as such agent, custodian or nominee
is appointed with due care.

 

(d)            The
Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights
or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute
willful misconduct, negligence or bad faith or a breach of the express terms of this Indenture caused by its own negligence, willful
misconduct or bad faith.

 

(e)            The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Base Indenture or any Series Supplement
or any other Transaction Document, or to institute, conduct or defend any litigation hereunder or thereunder or in relation hereto, at
the request, order or direction of any of the Noteholders, pursuant to the provisions of this Base Indenture or any Series Supplement
or any other Transaction Document, unless such Noteholders shall have offered to the Trustee security or indemnity reasonably satisfactory
to the Trustee against the costs, expenses and liabilities which may be incurred therein or thereby; nothing contained herein or therein
shall, however, relieve the Trustee of the obligations, upon receipt by a Trust Officer of written notice of the occurrence of an Event
of Default (which has not been cured or waived), to exercise such of the rights and powers vested in it by this Base Indenture or any
Series Supplement, and to 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.

 

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(f)            The
Trustee shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate (including any Conn
Officer’s Certificate), statement, instrument, opinion (including any Opinion of Counsel), report, notice, request, consent, order,
approval, bond or other paper or document (including, the Monthly Servicer’s Report, the annual Servicer’s certificate, the
monthly payment instructions and notification to the Trustee or the Monthly Noteholders’ Statement), unless requested in writing
so to do by the Holders of Notes evidencing not less than 25% of the aggregate outstanding principal balance of Notes of any Series which
could be materially adversely affected if the Trustee does not perform such acts, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry
or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney at
the sole cost of the Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;
provided, however, 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 (as determined by
the Trustee in its sole discretion) to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require
security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred thereby as a condition
to so proceeding; the reasonable expense of every such examination shall be paid by the Person making such request, or, if paid by the
Trustee, shall be reimbursed by the Person making such request upon demand.

 

(g)            The
Trustee shall have no liability for the selection of Permitted Investments and shall not be liable for any losses (including,
without limitation, any loss of principal or interest) or liquidation penalties in connection with Permitted Investments, unless
such losses or liquidation penalties were incurred through the Trustee’s own willful misconduct or negligence. The Trustee
shall have no obligation to invest or reinvest any amounts except as provided in this Indenture and as directed by the Issuer (or
the initial Servicer on its behalf). Notwithstanding the foregoing, if the initial Servicer is removed or replaced, the selected
Permitted Investment for investment or reinvestment as provided in this Indenture shall be as in effect on the date of such removal
or replacement. In the absence of written instructions received by the Trustee in accordance with the second sentence of this
paragraph, all amounts held in the Trust Accounts shall remain uninvested and the Trustee shall not be required to pay, or be liable
for, any interest or earnings on such amounts, unless and until the Trustee receives written instruction in accordance with the
second sentence of this paragraph. Unless specifically otherwise provided in this Indenture, any earnings on investments of the
funds in any Trust Account shall become part of such Trust Account, and shall be disbursed from such Trust Account as and when set
forth in this Indenture, and the parties hereto understand and agree that the Trustee and its Affiliates may provide various
services with respect to Permitted Investments and may be paid fees for such services. Similarly, the parties hereto understand and
agree that proceeds of the sale of Permitted Investments will be delivered on the Business Day on which the appropriate instructions
are received by the Trustee if received prior to the deadline for same day sale of such Permitted Investments. If such instructions
are received after the applicable deadline, proceeds will be delivered on the next succeeding Business Day. The parties
hereto acknowledge that the Trustee is not providing investment supervision, recommendations or advice. The Issuer acknowledges that
upon its written request and at no additional cost, it has the right to receive notification after the completion of each purchase
and sale of Permitted Investments or the Trustee’s receipt of a broker’s confirmation. The Issuer agrees that such
notifications shall not be provided by the Trustee hereunder, and the Trustee shall make available, upon request and in lieu of
notifications, periodic account statements that reflect such investment activity. No statement need be made available for any
account if no activity has occurred in such account during such period.

 

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(h)            The
Trustee shall not be liable for the acts or omissions of any successor to the Trustee so long as such acts or omissions were not the
result of the negligence, bad faith or willful misconduct of the predecessor Trustee.

 

(i)            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 to each agent, custodian and other
Person employed to act hereunder.

 

(j)            Except
as may be required by Sections 11.1(b)(ii), 11.1(i), 11.2(a) and 11.2(f), the Trustee shall not
be required to make any initial or periodic examination of any documents or records related to the Receivables Trust Estate for the purpose
of establishing the presence or absence of defects, the compliance by the Seller, the Parent or the Servicer with their respective representations
and warranties or for any other purpose; and shall not be required to provide any notice of any breach of a representation or warranty
unless a Trust Officer of the Trustee has received written notice thereof.

 

(k)            Without
limiting the generality of this Section, the Trustee shall have no duty (i) to see to any recording or filing of, or for the preparation,
correctness or accuracy of, any financing statement or continuation statement evidencing a security interest in the Receivables, or to
see to the maintenance of any such recording or filing or to any rerecording, refiling or redepositing of any thereof, (ii) to confirm
or verify the contents of any reports or certificates of the Servicer or the Issuer delivered to the Trustee pursuant to this Indenture
or the other Transaction Documents believed by the Trustee to be genuine and to have been signed or presented by the proper party or
parties or (iii) to inspect the Receivables at any time or ascertain or inquire as to the performance or observance of any of the
Issuer’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer
and as custodian of books, records, files and computer records relating to the Receivables.

 

(l)            The
Trustee shall not be responsible to any Person for (i) the value, validity, effectiveness, genuineness, enforceability (other than
as to the Trustee with respect to this Indenture) or sufficiency of this Indenture or any other document referred to or provided for
herein or therein or, except as may otherwise be required by law, of the Receivables Trust Estate held by the Trustee hereunder, or (ii) the
existence, validity, perfection, priority or enforceability of the Liens in any of the Receivables Trust Estate, whether impaired by
operation of law or by reason of any action or omission to act on its part hereunder (except to the extent such action or omission constitutes
negligence, bad faith or willful misconduct on the part of the Trustee), the validity of the title to the Receivables Trust Estate, insuring
the Receivables Trust Estate or the payment of taxes, charges, assessments or Liens upon the Receivables Trust Estate.

 

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(m)            Whenever
the Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Indenture or any other
Transaction Document, or is unsure as to the application, intent, interpretation or meaning of any provision of this Indenture or any
other Transaction Document, or is, or appears to be, in conflict with any other applicable provision, or is silent or is incomplete as
to the course of action to be adopted, the Trustee may give notice to the Holders and request written direction therefrom, as to the
course of action to be adopted and, to the extent the Trustee acts in good faith in accordance with the written direction of the Required
Noteholders (or, if applicable, the Required Noteholders) of any one or more applicable Series, the Trustee shall not be liable on account
of such action. If the Trustee shall not have received appropriate written direction within 30 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice), it may, but will be under no duty to, take or refrain from taking such
action, not inconsistent with this Indenture, as it deems to be in the best interests of the Holders, and the Trustee shall not have
any liability to the Issuer, the Holders or any other Person for such action or inaction.

 

(n)            Without
limiting any other provision of this Indenture or any other Transaction Document, the Trustee shall not be charged with any knowledge
held by or imputed to any of the Holders, the Issuer, the Servicer or any other Person.

 

(o)            The
Trustee shall not be liable for any delays in performance for causes beyond its control, including, but not limited to, any provision
of any present or future law or regulation or act of any governmental authority, act of God, natural disaster, fire, flood, disease,
epidemic, pandemic, quarantine, national emergency, unusually severe weather, strike, war, terrorism, civil unrest, labor dispute, restriction
by civil or military authority in their sovereign or contractual capacities, transportation failure, power line or other utility failures
or interruptions, computer or software failure, malware or ransomware attack, communications systems failure, the unavailability of Federal
Reserve Bank wire or telex system or other applicable wire or funds transfer system, unavailability of any securities clearing system,
inability to obtain labor, shelter-in-place orders or any similar directive guidance or policy or any other force majeure event.
In the event of any such delay, performance shall be extended for so long as such period of delay.

 

(p)            The
Trustee shall not be liable for the actions, omissions, default or misconduct of any other party hereto, or of any other Person, in connection
with this Indenture or otherwise, and shall not be responsible for monitoring or supervising (and may assume that such other parties
have performed their obligations absent written notice or actual knowledge of a Trust Officer of the Trustee to the contrary), or for
any act or omission of, the Servicer, the Depositor, the Seller, the Issuer, the Back-up Servicer, or any other Person unless such monitoring
or supervision is expressly required to be performed by the Trustee pursuant to the Transaction Documents to which the Trustee is a party.

 

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(q)            Each
of the parties hereto hereby agrees and, as evidenced by its acceptance of any benefits hereunder, any Holder agrees that the Trustee
in any capacity (x) has not provided and will not provide in the future, any advice, counsel or opinion regarding the tax, financial,
investment, securities law or insurance implications and consequences of the consummation, funding and ongoing administration of this
Indenture, including, but not limited to, income, gift and estate tax issues, and the initial and ongoing selection and monitoring of
financing arrangements, (y) has not made any investigation as to the accuracy of any representations, warranties or other obligations
of any Person under any Transaction Document (other than the Trustee’s representations and warranties set forth in Section 11.16)
and shall have no liability in connection therewith, including any liability for the enforcement thereof (except for any enforcement
obligations of the Trustee expressly set forth in the Transaction Documents) and (z) the Trustee has not prepared or verified, and
shall not be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document or in any
other document issued or delivered in connection with the sale or transfer of the Notes other than the statements set forth under the
heading “THE TRUSTEE” in the Offering Memorandum.

 

(r)            The
Trustee shall have no notice of and shall not be bound by any of the terms and conditions of any other document or agreement executed
or delivered in connection with, or intended to control any part of, the transactions anticipated by or referred to in this Indenture
unless the Trustee is or has become a signatory party to that document or agreement in such capacity. The delivery or availability of
reports or documents (including news or other publically available reports or documents) or any reports delivered to the Trustee for
which the Trustee has no duty, obligation or requirement to review or consider shall not constitute actual or constructive knowledge
or notice of information contained in or determinable from those reports or documents.

 

(s)            Nothing
in this Indenture or any other Transaction Document shall be deemed to obligate the Trustee to deliver any instruments, documents or
any other property referred to herein or therein, unless the same or the components thereof shall have first been received by the Trustee
pursuant to this Indenture.

 

(t)            The
Trustee shall not be required to take any action hereunder or pursuant to any written instruction, direction or request delivered in
accordance with the provisions hereof if the Trustee shall have been advised by counsel or it shall otherwise have reasonably determined
that such action is likely to result in liability on the part of the Trustee (unless the Trustee has been sufficiently indemnified in
its reasonable judgment), is contrary to the terms hereof or is otherwise contrary to law.

 

Section 11.3. Trustee
Not Liable for Recitals in Notes. The Trustee assumes no responsibility for the correctness of the recitals contained in this Indenture,
in any other Transaction Document and in the Notes (other than the signature and authentication of the Trustee on the Notes). Except
as set forth in Section 11.16, the Trustee makes no representations as to the enforceability, validity or sufficiency of
this Indenture or of the Notes (other than the signature and authentication of the Trustee on the Notes) or of any asset of the Receivables
Trust Estate or related document. The Trustee shall not be accountable for the use or application by the Depositor, the Issuer or the
Seller of any of the Notes or of the proceeds of such Notes, or for the use or application of any funds paid to the Depositor, the Seller
or to the Issuer in respect of the Receivables Trust Estate or deposited in or withdrawn from the Collection Account, the Reserve Account,
any Payment Account or any Series Account by the Servicer.

 

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Section 11.4. Individual
Rights of the Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise
deal with the Issuer or an Affiliate of the Issuer with the same rights it would have if it were not Trustee. Any Paying Agent, Transfer
Agent and Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Sections
11.9 and 11.11.

 

Section 11.5. Notice
of Defaults. If a Default or Event of Default occurs and is continuing and if a Trust Officer of the Trustee receives written notice
or has actual knowledge thereof, the Trustee shall promptly provide, with respect to any Event of Default, the Issuer (who shall promptly
provide to the Rating Agency) and each Noteholder (and in any event within three (3) Business Days) after such actual knowledge
or notice occurs, to the extent possible by email or facsimile, and, otherwise, by first class mail at their respective addresses appearing
in the Note Register.

 

Section 11.6. Compensation.

 

(a)            To
the extent not otherwise paid pursuant to the terms of the Indenture, the Issuer covenants and agrees to pay to the Trustee from time
to time, and the Trustee shall be entitled to receive, reasonable compensation (which shall not be limited by any provision of Law in
regard to the compensation of a trustee of an express trust) for all services rendered by it in the execution of the trust hereby created
and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, the Issuer will pay or reimburse the
Trustee (except as provided in Section 10.10, without reimbursement from the Collection Account, any Investor Account, any
Series Account or otherwise) upon its request for all reasonable expenses, disbursements and advances (including legal fees and
costs and costs of persons not regularly employed by the Trustee) incurred or made by the Trustee in accordance with any of the provisions
of this Indenture except any such expense, disbursement or advance as may arise from its own willful misconduct, negligence or bad faith
or breach of the express terms of this Indenture caused by its own negligence, willful misconduct or bad faith.

 

(b)            The
obligations of the Issuer under this Section 11.6 shall survive the termination and assignment of this Base Indenture and
the resignation or removal of the Trustee.

 

Section 11.7. Replacement
of the Trustee.

 

(a)            A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 11.7.

 

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(b)            The
Trustee may, after giving sixty (60) days prior written notice to the Issuer and the Servicer, resign at any time and be discharged from
the trust hereby created; provided, however, that no such resignation of the Trustee shall be effective until a successor
trustee has assumed the obligations of the Trustee hereunder. The Issuer may remove the Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee if:

 

(i)            the
Trustee fails to comply with Section 11.9;

 

(ii)            a
court or Federal or state bank regulatory agency having jurisdiction in the premises in respect of the Trustee shall have entered a decree
or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official)
for the Trustee or for any substantial part of the Trustee’s property, or ordering the winding-up or liquidation of the Trustee’s
affairs;

 

(iii)            the
Trustee consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator
(or other similar official) for the Trustee or for any substantial part of the Trustee’s property, or makes any assignment for
the benefit of creditors or fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of
any of the foregoing; or

 

(iv)            the
Trustee becomes incapable of acting.

 

If the Trustee resigns or
is removed or if a vacancy exists in the office of the Trustee for any reason, the Servicer (or if Conn Appliances is not the Servicer,
the Issuer) shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered
to the resigning and one copy to the successor trustee.

 

(c)            If
a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, the retiring Trustee
may petition any court of competent jurisdiction for the appointment of a successor Trustee and all reasonable, documented out-of-pocket
fees, costs and expenses (including external attorney’s fees and expenses) incurred in connection with such petition shall be paid
by the Issuer. For the sake of clarity, the foregoing shall apply to the Trustee in each of its capacities hereunder.

 

A successor Trustee shall
deliver a written acceptance of its appointment to the retiring or removed Trustee and to the Issuer. Thereupon the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee, without any further act, deed or conveyance, shall become
fully vested with all the rights, powers and duties of the Trustee under this Base Indenture and any Series Supplement. The successor
Trustee shall mail a notice of its succession to Noteholders. The retiring Trustee shall promptly transfer all property held by it as
Trustee to the successor Trustee; provided, however, that all sums owing to the retiring Trustee hereunder (and its agents
and counsel) have been paid and all documents and statements held by it hereunder, and the Issuer and the predecessor Trustee shall execute
and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in
the successor Trustee all such rights, powers, duties and obligations. Notwithstanding replacement of the Trustee pursuant to this Section 11.7,
the Issuer’s obligations under Sections 11.6 and 11.17 shall continue for the benefit of the retiring Trustee.

 

(d)            Any
resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 11.7
shall not become effective until acceptance of appointment by the successor Trustee pursuant to this Section 11.7 and
payment of all fees and expenses owed to the retiring Trustee.

 

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(e)            No
successor Trustee shall accept appointment as provided in this Section 11.7 unless at the time of such acceptance such successor
Trustee shall be eligible under the provisions of Section 11.9 hereof.

 

Section 11.8. Successor
Trustee by Merger, etc. Any Person into which the Trustee may be merged or converted or with which it may be consolidated, or
to which all of the Trustee’s corporate trust business may be sold or transferred, or any Person resulting from any merger, conversion,
consolidation, sale or transfer to which the Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such Person shall be eligible under the provisions
of Section 11.9 hereof, without the execution or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding.

 

In case at the time such
successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any
of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication
of any predecessor Trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated,
any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor
to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Trustee shall have.

 

Section 11.9. Eligibility:
Disqualification. The Trustee shall at all times satisfy the requirements of TIA Section 310(a) (if this Indenture is required
to be qualified under the TIA).

 

The Trustee hereunder shall
at all times be organized and doing business under the Laws of the United States of America or any State thereof authorized under such
laws to exercise corporate trust powers, having a long term senior, unsecured debt rating of investment grade by the Rating Agency or,
if not rated by the Rating Agency, from another nationally recognized statistical rating organization, having, in the case of an entity
that is subject to risk-based capital adequacy requirements, risk-based capital of at least $50,000,000 or, in the case of an entity
that is not subject to risk-based capital adequacy requirements, having a combined capital and surplus of at least $50,000,000 and subject
to supervision or examination by federal or state authority. If such corporation publishes reports of condition at least annually, pursuant
to Law, then for the purpose of this Section 11.9, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of condition so published.

 

The Trustee shall comply
with TIA Section 310(b) (if this Indenture is required to be qualified under the TIA), including the optional provision permitted
by the second sentence of TIA Section 310(b)(9) (if this Indenture is required to be qualified under the TIA); provided,
however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under
which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are
met.

 

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In case at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section 11.9, the Trustee shall resign immediately in
the manner and with the effect specified in Section 11.7.

 

Section 11.10. Appointment
of Co-Trustee or Separate Trustee.

 

(a)            Notwithstanding
any other provisions of this Base Indenture or any Series Supplement, at any time, for the purpose of meeting any legal requirements
of any jurisdiction in which any part of the Receivables Trust Estate may at the time be located, the Trustee shall have the power and
may execute and deliver all instruments to appoint one or more persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of all or any part of the Receivables Trust Estate, and to vest in such Person or Persons, in such capacity and for
the benefit of the Secured Parties, such title to the Receivables Trust Estate, or any part thereof, and, subject to the other provisions
of this Section 11.10 such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable.
No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 11.9
and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 11.7.
No co-trustee shall be appointed without the consent of the Issuer unless such appointment is required as a matter of Law or to enable
the Trustee to perform its functions hereunder (including, without limitation, for jurisdictional issues, enforcement actions and where
an actual or potential conflict of interests exists). The appointment of any co-trustee or separate trustee shall not relieve the Trustee
of any of its obligations hereunder.

 

(b)            Every
separate trustee and co-trustee shall, to the extent permitted by Law, be appointed and act subject to the following provisions and conditions:

 

(i)            the
Notes of each Series shall be authenticated and delivered solely by the Trustee or an authenticating agent appointed by the Trustee;

 

(ii)            all
rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed
by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized
to act separately without the Trustee joining in such act), except to the extent that under any Law (whether as Trustee hereunder or
as successor to the Servicer under the Servicing Agreement), the Trustee shall be incompetent or unqualified to perform, such act or
acts, in which event such rights, powers, duties and obligations (including the holding of title to the Receivables Trust Estate or any
portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely
at the direction of the Trustee;

 

(iii)            no
trustee hereunder shall be personally liable by reason of any act or omission of any other trustees, hereunder, including acts or omissions
of predecessor or successor trustees;

 

(iv)            the
Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee; and

 

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(v)            the
Trustee shall not be liable or responsible for appointment of any co-trustee or for the actions or omissions of any co-trustee.

 

(c)            Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture
and the conditions of this Article 11. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred,
shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Base Indenture and any Series Supplement, specifically including
every provision of this Base Indenture or any Series Supplement relating to the conduct of, affecting the liability of, or affording
protection to, the Trustee. Every such instrument shall be filed with the Trustee and a copy thereof given to the Servicer.

 

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

 

(e)            Any
separate trustee or co-trustee appointed in accordance herewith shall not be deemed an agent of the Trustee for any purpose.

 

Section 11.11. Preferential
Collection of Claims Against the Issuer. The Trustee shall comply with TIA Section 311(a), excluding any creditor relationship
listed in TIA Section 311(b) (if this Indenture is required to be qualified under the TIA). A Trustee who has resigned or been
removed shall be subject to TIA Section 311(a) to the extent indicated (if this Indenture is required to be qualified under
the TIA).

 

Section 11.12. Tax
Returns. Neither the Trustee nor (except to the extent the initial Servicer breaches its obligations or covenants contained in the
Servicing Agreement) the Servicer shall be liable for any liabilities, costs or expenses of the Issuer, the Noteholders nor the Note
Owners arising under any tax Law, including without limitation federal, state, local or foreign income or franchise taxes or any other
tax imposed on or measured by income (or any interest or penalty with respect thereto or arising from a failure to comply therewith).

 

Section 11.13. Trustee
May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or any Series of Notes
may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any Proceeding
relating thereto, and any such Proceeding instituted by the Trustee shall be brought in its own name as trustee. 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 any Series of Noteholders in respect of which such judgment has been obtained.

 

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Section 11.14. Suits
for Enforcement. If an Event of Default shall occur and be continuing, the Trustee in its discretion may (and, pursuant to Section 10.7,
at the written direction of the Required Noteholders, shall), subject to the provisions of Section 2.01 of the Servicing
Agreement, proceed to protect and enforce its rights and the rights of any Secured Party under this Indenture or any other Transaction
Document by a Proceeding, whether for the specific performance of any covenant or agreement contained in this Indenture or such other
Transaction Document or in aid of the execution of any power granted in this Indenture or such other Transaction Document or for the
enforcement of any other legal, equitable or other remedy as the Trustee, being advised by counsel, shall deem most effectual to protect
and enforce any of the rights of the Trustee or any Secured Party.

 

Section 11.15. Reports
by Trustee to Holders. The Trustee shall deliver to each Noteholder such information as delivered to it by the Servicer pursuant
to the Code, as further described in the applicable Series Supplement.

 

Section 11.16. Representations
and Warranties of Trustee. The Trustee represents and warrants to the Issuer and the Secured Parties that:

 

(i)            the
Trustee is a banking association duly organized, existing and authorized to engage in the business of banking under the Laws of the United
States of America;

 

(ii)            the
Trustee has full power, authority and right to execute, deliver and perform this Base Indenture and any Series Supplement issued
concurrently with this Base Indenture and to authenticate the Notes issued concurrently with this Base Indenture, and has taken all necessary
action to authorize the execution, delivery and performance by it of this Base Indenture and any Series Supplement issued concurrently
with this Base Indenture and to authenticate the Notes issued concurrently with this Base Indenture;

 

(iii)            this
Base Indenture and any Series Supplement issued concurrently with this Base Indenture has been duly executed and delivered by the
Trustee; and

 

(iv)            the
Trustee meets the requirements of eligibility hereunder set forth in Section 11.9.

 

Section 11.17. Issuer
Indemnification of the Trustee. The Issuer shall fully indemnify, protect, defend and hold harmless the Trustee (and any
predecessor Trustee) and its directors, officers, shareholders, agents and employees (collectively, “Trustee Indemnified
Persons”) from and against any and all loss, liability, claim, fees, costs, expense (including reasonable attorneys’
fees and costs), damage or injury (including, without limitation, any legal fees, costs and expenses incurred in connection with any
enforcement (including any dispute, action, claim or suit brought) by the Trustee of any indemnification or other obligation of the
Issuer, and reasonable attorneys’ fees, expenses, court costs and any losses incurred in connection with a successful defense,
in whole or in part, of any claim that the Trustee breached its standard of care) (collectively, “Trustee Indemnified Amounts”)
suffered or sustained arising out of or in connection with this Base Indenture or any Series Supplement and any other
Transaction Document, including, by reason of any acts, omissions or alleged acts or omissions arising out of the activities of the
Trustee pursuant to this Base Indenture or any Series Supplement and any other Transaction Document to which it is a party,
including but not limited to any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred
in connection with the defense of any actual or threatened action, Proceeding or claim; provided, however, that the
Issuer shall not indemnify any Trustee Indemnified Person for the extent of any Trustee Indemnified Amounts caused by such acts or
omissions by such Trustee Indemnified Person constituting negligence or willful misconduct thereby. The indemnity provided herein
shall survive the termination and assignment of this Indenture and the resignation and removal of the Trustee.

 

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Section 11.18. Trustee’s
Application for Instructions from the Issuer. Any application by the Trustee for written instructions from the Issuer or the initial
Servicer may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this
Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. Subject to Section 11.1,
the Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application
on or after the date specified in such application (which date shall not be less than thirty (30) days after the date any Responsible
Officer of the Issuer or the initial Servicer actually receives such application, unless any such officer shall have consented in writing
to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have
received written instructions in response to such application specifying the action to be taken or omitted.

 

Section 11.19. [Reserved]

 

Section 11.20. Maintenance
of Office or Agency. The Trustee will maintain at its expense, an office or offices, or agency or agencies, where notices and demands
to or upon the Trustee in respect of the Notes and this Indenture may be served. The Trustee initially appoints its Corporate Trust Office
as its office for such purposes. The Trustee will give prompt written notice to the Issuer, the Servicer and to Noteholders of any change
in the location of the Note Register or any such office or agency.

 

Section 11.21.Concerning
the Rights of the Trustee. The rights, privileges and immunities afforded to the Trustee in the performance of its duties under this
Indenture shall apply equally to the performance by the Trustee of its duties under each other Transaction Document to which it is a
party.

 

Section 11.22.Direction
to the Trustee. The Issuer hereby directs the Trustee to enter into the Transaction Documents to which it is a party.

 

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ARTICLE 12.

 

DISCHARGE
OF INDENTURE

 

Section 12.1. Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights
of Noteholders to receive payments of principal thereof and interest thereon and any other amount due to Noteholders, (ii) Sections
8.1, 11.6, 11.12, 12.2, 12.5(b), 15.16 and 15.17, (iii) the rights, obligations and
immunities of the Trustee hereunder (including the rights of the Trustee under Sections 11.6 and 11.17 and the obligations
of the Trustee under Section 12.2) and (iv) the rights of Noteholders as beneficiaries hereof with respect to the property
deposited with the Trustee as described below payable to all or any of them, and the Trustee, in accordance with an Issuer Order and
at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect
to the Notes (and their related Secured Parties), and release its Lien in the Receivables Trust Certificate and all Collections with
respect thereto received on or after the date of the deposit of the Discharge Amount (as described in the immediately succeeding paragraph)
(and, notwithstanding anything in the Transaction Documents to the contrary, the Issuer may sell or otherwise distribute the Receivables)
on the Business Day (the “Indenture Termination Date”) on which the Issuer has paid, caused to be paid or irrevocably
deposited or caused to be irrevocably deposited in the applicable Payment Account and any applicable Series Account funds sufficient
to pay in full all Issuer Obligations and Collateral Interests, if any (the “Discharge Amount”), and the Issuer has
delivered to the Trustee a Conn Officer’s Certificate, an Opinion of Counsel and, if required by the TIA (if this Indenture is
required to be qualified under the TIA), an Independent Certificate from a firm of certified public accountants, each meeting the applicable
requirements of Section 15.1(a) and each stating that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been satisfied.

 

After any irrevocable deposit
of the Discharge Amount made pursuant to Section 12.1 and satisfaction of the other conditions set forth in this Section 12.1,
the Trustee promptly upon Issuer Request shall acknowledge in writing the discharge of the Issuer’s obligations under this Indenture
except for those surviving obligations specified above.

 

Section 12.2. Application
of Issuer Money. All moneys deposited with the Trustee pursuant to Section 12.1 shall be held in trust and applied by
it, in accordance with the provisions of the Notes and this Base Indenture and the related Series Supplement, to the payment, either
directly or through any Paying Agent, as the Trustee may determine, to the Holders of the particular Notes for the payment or redemption
of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but
such moneys need not be segregated from other funds except to the extent required herein or in the other Transaction Documents to which
the Trustee is a party or required by Law.

 

The provisions of this Section 12.2
shall survive the expiration or earlier termination of this Indenture.

 

Section 12.3. Repayment
of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all
moneys then held by any Paying Agent other than the Trustee under the provisions of this Indenture with respect to such Notes shall,
upon demand of the Issuer, be paid to the Trustee to be held and applied according to Section 8.1 and thereupon such Paying
Agent shall be released from all further liability with respect to such moneys.

 

Section 12.4. [Reserved]

 

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Section 12.5. Final
Payment with Respect to Any Series.

 

(a)            To
the extent any Definitive Note is issued and authenticated pursuant to this Base Indenture and any Series Supplement, written notice
of any termination, specifying the Payment Date upon which the Noteholders of any Series may surrender their Notes for final payment
with respect to such Series and cancellation, shall be given (subject to at least two (2) Business Days’ notice from
the Issuer to the Trustee prior to the date the Trustee must mail notice to any Noteholder) by the Trustee to Noteholders of such Series mailed
not later than five (5) Business Days preceding such final payment (or in the manner provided by the Series Supplement relating
to such Series) specifying (i) the Payment Date (which shall be the Payment Date in the month (x) in which the deposit is made as
may be specified in the related Series Supplement, or (y) in which the related Series Termination Date occurs) upon which
final payment of such Notes will be made upon presentation and surrender of such Notes at the office or offices therein designated, (ii) the
amount of any such final payment and (iii) that, with respect to any Definitive Notes, the Record Date otherwise applicable to such
Payment Date is not applicable, payments being made only upon presentation and surrender of the Notes at the office or offices therein
specified. The Trustee shall give such notice to the Transfer Agent and Registrar, and the Paying Agent at the time such notice is given
to such Noteholders.

 

(b)            Notwithstanding
the termination or discharge of the Indenture pursuant to Section 12.1 or the occurrence of the Series Termination Date
with respect to any Series, all funds then on deposit in the applicable Payment Account shall continue to be held in trust for the benefit
of the Noteholders of the related Series and the Paying Agent or the Trustee shall pay such funds to the Noteholders of the related
Series upon surrender of their Notes. In the event that all of the Noteholders of any Series shall not surrender their Notes
for cancellation within six (6) months after the date specified in the above-mentioned written notice, the Trustee shall give second
written notice to the remaining Noteholders of such Series upon receipt of the appropriate records from the Transfer Agent and Registrar
to surrender their Notes for cancellation and receive the final distribution with respect thereto. If within one and one-half years after
the second notice with respect to a Series, all the Notes of such Series shall not have been surrendered for cancellation, the Trustee
may take appropriate steps or may appoint an agent to take appropriate steps, to contact the remaining Noteholders of such Series concerning
surrender of their Notes, and the cost thereof shall be paid out of the funds in the Payment Account or any Series Account held
for the benefit of such Noteholders. Subject to applicable Laws with respect to escheat of funds, the Trustee and the Paying Agent shall
pay to the Issuer upon request any monies held by them for the payment of principal or interest which remains unclaimed for two (2) years.
After such payment to the Issuer, Noteholders entitled to the money must look to the Issuer for payment as general creditors unless an
applicable abandoned property Law designates another Person other than the Trustee.

 

(c)            All
Notes surrendered for payment of the final distribution with respect to such Notes and cancellation shall be cancelled by the Transfer
Agent and Registrar and be disposed of in a manner satisfactory to the Trustee and the Issuer.

 

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Section 12.6. Termination
Rights of Issuer. Upon the termination of the Lien of the Indenture pursuant to Section 12.1, and after payment of all
amounts due hereunder on or prior to such termination, the Trustee shall upon receipt of an Issuer Request execute a written release
and reconveyance substantially in the form of Exhibit A pursuant to which it shall release the Lien of the Indenture on the
Receivables Trust Estate and the Trust Estate and reconvey to the Issuer (without recourse, representation or warranty) all right, title
and interest in the Receivables Trust Estate, whether then existing or thereafter created, all moneys due or to become due with respect
to such Receivables Trust Estate (including all accrued interest theretofore posted as Finance Charges) and all proceeds of the Receivables
Trust Estate, except for amounts held by the Trustee or any Paying Agent pursuant to Section 12.5(b). The Trustee shall execute
and deliver such instruments of transfer and assignment, in each case without recourse, as shall be reasonably requested by the Issuer
or the Servicer to release the Lien of the Indenture on the Receivables Trust Estate and the Trust Estate and to vest in the Issuer all
right, title and interest in the Receivables Trust Estate.

 

Section 12.7. Repayment
to the Issuer. The Trustee and the Paying Agent shall promptly pay to the Issuer upon written request any excess money or, pursuant
to Sections 2.10 and 2.13, return any Notes held by them at any time.

 

ARTICLE 13.

 

AMENDMENTS

 

Section 13.1. Without
Consent of the Noteholders. Without the consent of the Noteholders, and subject to satisfaction of the Rating Agency Condition, and,
unless otherwise provided in any Series Supplement, with the consent of the Servicer or Back-Up Servicer (including, as successor
Servicer) if the rights and/or obligations of the Servicer or the Back-Up Servicer, as applicable, are materially and adversely affected
thereby, the Issuer and the Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more
indenture supplements or amendments hereto or amendments to any Series Supplement (which shall conform to any applicable provisions
of the TIA as in force at the date of execution thereof), in form satisfactory to the Trustee, unless otherwise provided in a Series Supplement,
for any of the following purposes:

 

(a)            to
correct or amplify the description of any property at any time subject to the Lien of this Indenture, or better to assure, convey and
confirm unto the Trustee any property subject or required to be subjected to the Lien of this Indenture, or to subject to the Lien of
this Indenture additional property;

 

(b)            to
evidence the succession, in compliance with the applicable provisions hereof, of another Person to the Issuer, and the assumption by
any such successor of the covenants of the Issuer herein and in the Notes;

 

(c)            to
add to the covenants of the Issuer for the benefit of any Secured Parties or to surrender any right or power herein conferred upon the
Issuer;

 

(d)            to
convey, transfer, assign, mortgage or pledge to the Trustee any property or assets as security for the Issuer Obligations and to specify
the terms and conditions upon which such property or assets are to be held and dealt with by the Trustee and to set forth such other
provisions in respect thereof as may be required by this Indenture or as may, consistent with the provisions of this Indenture, be deemed
appropriate by the Issuer and the Trustee, or to correct or amplify the description of any such property or assets at any time so mortgaged,
pledged, conveyed and transferred to the Trustee;

 

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(e)            to
cure any ambiguity, or correct or supplement any provision of this Indenture which may be inconsistent with any other provision of this
Indenture or to make any other provisions with respect to matters or questions arising under this Indenture; provided, however,
that such action shall not adversely affect the interests of any Holder of the Notes in any material respect without its consent;

 

(f)            to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of one or more Series or
to add to or change any of the provisions of this Indenture as shall be necessary and permitted to provide for or facilitate the administration
of the trusts hereunder by more than one trustee pursuant to the requirements of Article 11;

 

(g)            to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this
Indenture under the TIA or under any similar Federal statute hereafter enacted and to add to this Indenture such other provisions as
may be expressly required by the TIA;

 

(h)            to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the treatment of the Receivables
Trust (or any part thereof), for United States federal income tax purposes, as a fixed investment trust described in Treasury Regulation
section 301.7701-4(c) that is treated as a grantor trust under subpart E, Part I of subchapter J, chapter 1 of Subtitle A of
the Code;

 

(i)            to
add any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or modify in any manner the rights
of the Holders of the Notes under this Indenture; or

 

(j)            to
reduce the Class C Note Rate with the consent of each Class C Noteholder;

 

provided,
however, that no such amendment or supplement under this Section 13.1 shall be permitted unless such amendment or supplement
(a) would not result in a taxable event to any Noteholder (unless each Series 2022-A Noteholder subject to a taxable event
has consented thereto) and (b) would not have a material adverse effect with respect to Noteholders (unless such amendment or supplement
is permitted under clause (j) above or each Series 2022-A Noteholder materially and adversely affected thereby has consented
thereto), in each case as evidenced by: (i) an Opinion of Counsel or (ii) Conn’s Officer Certificate.

 

Upon the request of the Issuer
and upon receipt by the Trustee of the documents described in Section 2.2, the Trustee shall join with the Issuer in the
execution of any supplemental indenture or amendment authorized or permitted by the terms of this Base Indenture and shall make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such supplemental
indenture or amendment that affects its own rights, duties or immunities under this Indenture or otherwise.

 

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Section 13.2. Supplemental
Indentures with Consent of Noteholders. The Issuer and the Trustee, when authorized by an Issuer Order, also may, and unless otherwise
provided in any Series Supplement, with the consent of the Required Noteholders of each Series and, if the Servicer’s
or Back-Up Servicer’s (including, as successor Servicer) rights and/or obligations are materially and adversely affected thereby,
the Servicer or Back-Up Servicer, as applicable, enter into one or more indenture supplements or amendments hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner
the rights of the Holders of the Notes of any Series under this Indenture; provided, however, that no such indenture
supplement or amendment shall, without the consent of the Required Noteholders and without the consent of the Holder of each outstanding
Note affected thereby (and in the case of clause (iii) below, the consent of each Secured Party):

 

(i)            change
the date of payment of any installment of principal of or interest on, or any premium payable upon the redemption of, any Note or reduce
in any manner the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, modify the provisions
of this Base Indenture or any Series Supplement relating to the application of Collections on, or the proceeds of the sale of, the
Receivables Trust Estate to payment of principal of, or interest on, the Notes, or change any place of payment where, or the coin or
currency in which, any Note or the interest thereon is payable;

 

(ii)            change
the voting requirements in any Transaction Document;

 

(iii)            impair
the right to institute suit for the enforcement of the certain provisions of this Indenture requiring the application of funds available
therefor, as provided in Article 9, to the payment of any such amount due on the Notes on or after the respective due dates
thereof (or, in the case of redemption, on or after the Redemption Date);

 

(iv)            reduce
the percentage of the aggregate outstanding principal amount of the Notes, the consent of the Holders of which is required for any such
indenture supplement or amendment, or the consent of the Holders of which is required for any waiver of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

 

(v)            modify
or alter the provisions of this Indenture regarding the voting of Notes held by the Issuer, the Depositor, the Seller or an Affiliate
of the foregoing;

 

(vi)            reduce
the percentage of the aggregate outstanding principal amount of the Notes, the consent of the Holders of which is required to direct
the Trustee to sell or liquidate the Receivables Trust Estate pursuant to Section 10.4 if the proceeds of such sale would
be insufficient to pay the principal amount and accrued but unpaid interest on the outstanding Notes;

 

(vii)            modify
any provision of this Section 13.2, except to increase any percentage specified herein or to provide that certain additional
provisions of this Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected thereby;

 

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(viii)            modify
any of the provisions of this Indenture in such manner as to affect in any material respect the calculation of the amount of any payment
of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation),
to alter the application of “Investor Principal Collections” or to affect the rights of the Holders of Notes to the benefit
of any provisions for the mandatory redemption of the Notes contained in this Indenture; or

 

(ix)            permit
the creation of any Lien ranking prior to or on a parity with the Lien of this Indenture with respect to any part of the Receivables
Trust Estate for the Notes (except for Permitted Encumbrances) or, except as otherwise permitted or contemplated in this Indenture, terminate
the Lien of this Indenture on any such collateral at any time subject hereto or deprive any Secured Party of the security provided by
the Lien of this Indenture; provided, further, that no amendment will be permitted if it would result in a taxable event
to any Noteholder, as evidenced by an Opinion of Counsel, unless such Noteholder’s consent is obtained as described above.

 

The Trustee may, but shall
not be obligated to, enter into any such amendment or supplement that affects the Trustee’s rights, duties or immunities under
this Indenture or otherwise.

 

Notwithstanding anything
in Sections 13.1 and 13.2 to the contrary but subject to Section 13.11, the Series Supplement with respect
to any Series may be amended with respect to the items and in accordance with the procedures provided in such Series Supplement.

 

Without the consent of the
Noteholders, the Issuer and the Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or
more indenture supplements or amendments hereto or amendments to any Series Supplement (which shall conform to any applicable provisions
of the TIA as in force at the date of execution thereof), in form satisfactory to the Trustee to conform to the terms of the Offering
Memorandum.

 

No supplemental indenture
or amendment to this Base Indenture or any Series Supplement shall be effective if the result will cause (i) the Issuer or
the Receivables Trust to be classified as an association or publicly traded partnership taxable as a corporation, or (ii) the Receivables
Trust (or any part thereof) to be classified, for United States federal income tax purposes, as other than a fixed investment trust described
in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under subpart E, Part I of subchapter J, chapter
1 of Subtitle A of the Code.

 

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

 

The manner of obtaining such
consents and of evidencing the authorization of the execution thereof by Note shall be subject to such reasonable requirements as the
Trustee may prescribe.

 

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Promptly after the execution
by the Issuer and the Trustee of any supplemental indenture or amendment to this Base Indenture or any Series Supplement pursuant
to this Section, the Trustee shall mail to each Holder of the Notes of all Series (or with respect to an amendment or supplemental
indenture of a Series Supplement, to the Noteholders of the applicable Series), the Back-Up Servicer, the Servicer and the Rating
Agency a copy of such supplemental indenture or amendment. Any failure of the Trustee to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such supplemental indenture or amendment.

 

Section 13.3. Execution
of Supplemental Indentures. In executing any amendment or supplemental indenture permitted by this Article 13 or the
modifications thereby of the trust created by this Indenture, the Trustee shall be entitled to receive, and subject to Section 11.1,
shall be fully protected in conclusively relying upon, an Opinion of Counsel stating that the execution of such amendment or
supplemental indenture is authorized, permitted or not prohibited (as the case may be) by this Indenture and that all conditions
precedent to the execution of such amendment or supplemental indenture in accordance with the relevant provisions hereof and thereof
have been met. Such Opinion of Counsel may be subject to reasonable qualifications and assumptions of fact. The Trustee may, but
shall not be obligated to, enter into any such amendment or supplemental indenture that affects the Trustee’s own rights,
duties, liabilities or immunities under this Indenture or otherwise.

 

Section 13.4. Effect
of Supplemental Indenture. Upon the execution of any amendment or supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the
respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Trustee, the Issuer
and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such amendment or supplemental indenture shall be and be deemed to be part of
the terms and conditions of this Indenture for any and all purposes. Any supplemental indenture which affects the rights, duties, immunities
or liabilities of the Receivables Trust Trustee shall require the Receivables Trust Trustee’s written consent.

 

Section 13.5. Conformity
With TIA. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article 13 shall
conform to the requirements of the TIA as then in effect so long as this Indenture shall then be required to be qualified under the TIA.
The Trustee shall be entitled to rely conclusively on the advice of one counsel, obtained at the Issuer’s reasonable expense, regarding
whether any such amendment or supplemental indenture conforms to the requirements of the TIA as then in effect.

 

Section 13.6. Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any amendment or supplemental indenture
pursuant to this Article 13 may, and if required by the Trustee shall, bear a notation in form approved by the Trustee as
to any matter provided for in such amendment or supplemental indenture. If the Issuer or the Trustee shall so determine, new Notes so
modified as to conform, in the opinion of the Trustee and the Issuer, to any such amendment or supplemental indenture may be prepared,
executed, authenticated and delivered by the Trustee in exchange for outstanding Notes.

 

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Section 13.7. Series Supplements.
In addition to the manner provided in Sections 13.1 and 13.2 but subject to Section 13.11, the Series Supplement
may be amended as provided therein.

 

Section 13.8. Revocation
and Effect of Consents. Until an amendment, supplemental indenture or waiver becomes effective, a consent to it by a Noteholder of
a Note is a continuing consent by the Noteholder and every subsequent Noteholder of a Note or portion of a Note that evidences the same
debt as the consenting Noteholder’s Note, even if notation of the consent is not made on any Note. However, any such Noteholder
or subsequent Noteholder may revoke the consent as to his Note or portion of a Note if the Trustee receives written notice of revocation
before the date the amendment, supplemental indenture or waiver becomes effective. An amendment, supplemental indenture or waiver becomes
effective in accordance with its terms and thereafter binds every Noteholder. The Issuer may fix a record date for determining which
Noteholders must consent to such amendment, supplemental indenture or waiver.

 

Section 13.9. Notation
on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplemental indenture or waiver on any
Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall authenticate new Notes that reflect
the amendment, supplemental indenture or waiver. Failure to make the appropriate notation or issue a new Note shall not affect the validity
and effect of such amendment, supplemental indenture or waiver.

 

Section 13.10. The
Trustee to Sign Amendments, etc. The Trustee shall sign any amendment or supplemental indenture authorized pursuant to this
Article 13 if the amendment or supplemental indenture does not adversely affect in any material respect the rights, duties,
liabilities or immunities of the Trustee, as determined by the Trustee. If any amendment or supplemental indenture does have such a materially
adverse effect, the Trustee may, but need not, sign it. In signing such amendment or supplemental indenture, the Trustee shall be entitled
to receive, if requested, an indemnity reasonably satisfactory to it and to receive and, subject to Section 11.1, shall be
fully protected in relying upon, a Conn Officer’s Certificate and an Opinion of Counsel as conclusive evidence that such amendment
or supplemental indenture is authorized, permitted or not prohibited (as the case may be) by this Indenture, that all conditions precedent
to the execution of such amendment or supplemental indenture in accordance with the relevant provisions hereof and thereof have been
met, and that it will be valid and binding upon the Issuer in accordance with its terms. All fees and expenses (including reasonable
attorney’s fees) incurred by the Trustee in connection with any amendment or supplemental indenture authorized pursuant to this
Article 13, unless paid by the party requesting such amendment or supplemental indenture or by another Person, shall be paid
by the Issuer.

 

Section 13.11. Back-Up
Servicer Consent. No amendment or indenture supplement hereto executed after the Closing Date (including pursuant to Section 2.2 hereof)
shall be effective if such amendment or supplement shall adversely affect the rights, duties or obligations of the Back-Up Servicer
(including in its capacity as successor Servicer) without its prior written consent, notwithstanding anything to the contrary.

 

Section 13.12. Receivables Trust Trustee
Consent. No amendment or indenture supplement hereto executed after the Closing Date (including pursuant to Section 2.2
hereof) shall be effective if such amendment or supplement shall adversely affect the rights, duties or obligations of the Receivables
Trust Trustee without its prior written consent, notwithstanding anything to the contrary contained in this Indenture.

 

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ARTICLE 14.

 

REDEMPTION
AND REFINANCING OF NOTES

 

Section 14.1. Redemption
and Refinancing. If specified in a Series Supplement, the Notes of any Series are subject to redemption as may be specified
in the related Series Supplement, on any Business Day on which 100% of the Outstanding Class R Noteholders exercises their
option to redeem the Notes (other than the Class R Notes) for the Redemption Price; provided, however, that the Issuer
has available funds sufficient to pay the Redemption Price. If the Notes (other than the Class R Notes) of any Series are to
be redeemed pursuant to this Section 14.1, the Issuer shall furnish notice of such election to the Trustee not later than
fifteen (15) days prior to the Redemption Date and the Issuer shall deposit with the Trustee in a Trust Account that is within the sole
control of the Trustee no later than the Business Day prior to the Redemption Date the Redemption Price of the Notes (other than the
Class R Notes) of such Series to be redeemed (and deliver the Conn Officer’s Certificate described in Section 2.14,
which shall also provide the Redemption Date and the Redemption Price) whereupon all such redeemed Notes shall be due and payable on
the Redemption Date upon the furnishing of a notice complying with Section 14.2 to each Holder of such Notes.

 

Section 14.2. Form of
Redemption Notice. Notice of redemption under Section 14.1 shall be given by the Trustee by facsimile or by first-class
mail, postage prepaid, transmitted or mailed no later than one day prior to the applicable Redemption Date to each Holder of Notes (other
than the Class R Notes) of the Series to be redeemed, as of the close of business on the Record Date preceding the applicable
Redemption Date, at such Holder’s address appearing in the Note Register.

 

All notices of redemption
shall state:

 

(i)            the
Redemption Date;

 

(ii)            the
Redemption Price (and the amounts payable out of the Reserve Account, the Collection Account and the Payment Account pursuant to clauses
(a) through (d) of the definition of “Redemption Price” to the Secured Parties, including such amounts payable
to the Noteholders of each Class of Series 2022-A Notes);

 

(iii)            that
the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only upon presentation
and surrender of such Notes and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be
the office or agency of the Issuer to be maintained as provided in Section 8.2); and

 

(iv)            that
interest on the Notes shall cease to accrue on the Redemption Date.

 

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Notice of redemption of the
Notes shall be given by the Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect
therein, to any Holder of any Note to be redeemed shall not impair or affect the validity of the redemption of any other Note. The Trustee
shall be entitled to conclusively rely on the notice of redemption delivered to it pursuant to Section 14.2 in making any redemption
payments or distributions pursuant to this Indenture.

 

Section 14.3. Notes
Payable on Redemption Date. The Notes (other than the Class R Notes) of any Series to be redeemed shall, following
notice of redemption as required by Section 14.2 (in the case of redemption pursuant to Section 14.1), on
the Redemption Date become due and payable at the portion of the Redemption Price applicable thereto and (unless the Issuer shall
default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to
which accrued interest is calculated for purposes of calculating the Redemption Price. On the Redemption Date, the Trustee shall
distribute the Redemption Price (plus the amounts, if any, on deposit on such Business Day in the Reserve Account, the Collection
Account and the Payment Account for the payment of the amounts specified in clauses (a) through (d) of the
definition of “Redemption Price”) to the Secured Parties entitled thereto pursuant to the notice of redemption delivered
pursuant to Section 14.2).

 

Section 14.4.Release
of Receivables Trust Certificate. Upon deposit of the Redemption Price, which deposit may not be revoked, in accordance with Section 14.1,
the Trustee shall, with the consent of 100% of the Class R Noteholders and delivery of the Conn Officer’s Certificate in accordance
with Section 2.14(b), contemporaneously with such deposit, release its Lien in the Receivables Trust Certificate and all
Collections with respect thereto received on or after the date of such deposit (and, notwithstanding anything in the Transaction Documents
to the contrary, the Issuer may sell or distribute the Receivables).

 

ARTICLE 15.

 

MISCELLANEOUS

 

Section 15.1. Compliance
Certificates and Opinions, etc.

 

(a)            Upon
any application or request by the Issuer to the Trustee to take any action under any provision of this Indenture, the Issuer shall furnish
to the Trustee if requested thereby (i) a Conn Officer’s Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel (subject to reasonable
assumptions and qualifications) stating that in the opinion of such counsel such action is authorized or permitted by this Indenture
and that all such conditions precedent, if any, have been complied with and (iii) (if this Indenture is required to be qualified
under the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section,
except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by
any provision of this Indenture, no additional certificate or opinion need be furnished.

 

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Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 

(i)            a
statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions
herein relating thereto;

 

(ii)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

 

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

 

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

 

(b)            (i) Prior
to the deposit of any property or securities (other than cash) with the Trustee that is to be made the basis for the release of any property
or securities subject to the Lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 15.1(a) or
elsewhere in this Indenture, furnish to the Trustee upon the Trustee’s request a Conn Officer’s Certificate certifying or
stating the opinion of each individual signing such certificate as to the fair value (within ninety (90) days of such deposit) to the
Issuer of the Receivables Trust Estate or other property or securities to be so deposited.

 

(ii)            Whenever
the Issuer is required to furnish to the Trustee a Conn Officer’s Certificate certifying or stating the opinion of any signer thereof
as to the matters described in clause (i) above, the Issuer shall also deliver to the Trustee an Independent Certificate as to the
same matters, if (which the Trustee shall have no duty to determine or confirm) the fair value to the Issuer of the securities to be
so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current
fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10%
or more of the aggregate outstanding principal amount of all the Notes of all Series issued by the Issuer, but such a certificate
need not be furnished with respect to any securities so deposited, if (which the Trustee shall have no duty to determine or confirm)
the fair value thereof to the Issuer as set forth in the related Conn Officer’s Certificate is less than $25,000 or less than 1%
percent of the aggregate outstanding principal amount of all the Notes of all Series issued by the Issuer of the Notes.

 

(iii)            Other
than with respect to the release of any cash (including Collections) in accordance with the Series Supplements, Removed Receivables
or liquidated Receivables (and the Related Security therefor), and except for discharges of this Indenture as described in Section 12.1,
whenever any property or securities are to be released from the Lien of this Indenture, the Issuer shall also furnish to the Trustee
a Conn Officer’s Certificate certifying or stating the opinion of each individual signing such certificate as to the fair value
(within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such
individual the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

 

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(iv)            Whenever
the Issuer is required to furnish to the Trustee a Conn Officer’s Certificate certifying or stating the opinion of any signer thereof
as to the matters described in clause (iii) above, the Issuer shall also furnish to the Trustee an Independent Certificate as to
the same matters if (which the Trustee shall have no duty to determine or confirm) the fair value of the property or securities and of
all other property other than cash (including Collections) in accordance with the Series Supplements, Removed Receivables and Defaulted
Receivable, or securities released from the Lien of this Indenture since the commencement of the then current calendar year, as set forth
in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the aggregate outstanding principal
amount of all Notes of all Series issued by the Issuer, but such certificate need not be furnished in the case of any release of
property or securities if (which the Trustee shall have no duty to determine or confirm) the fair value thereof as set forth in the related
Conn Officer’s Certificate is less than $25,000 or less than 1% percent of the then aggregate outstanding principal amount of all
Notes of all Series issued by the Issuer of the Notes.

 

Section 15.2. 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 a Responsible Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate of a Responsible
Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the initial Servicer, the Seller or the Issuer, stating that the information with respect to such factual
matters is in the possession of or known to the initial Servicer, the Seller or the Issuer, 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.

 

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Whenever in this Indenture,
in connection with any application or certificate or report to the Trustee, it is provided that the Issuer shall deliver any document
as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as
the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer
to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed
to affect the Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as
provided in Article 10; it being agreed that, subject to Section 11.1, the Trustee shall be entitled to assume
the truth and accuracy of any such statement or opinion without any duty to make any investigation or determination with respect thereto.

 

Section 15.3. Acts
of Noteholders.

 

(a)            Wherever
in this Indenture a provision is made that an action may be taken or a notice, demand or instruction given by Noteholders, such
action, notice or instruction may be taken or given by any Noteholder, unless such provision requires a specific percentage of
Noteholders. Notwithstanding anything in this Indenture to the contrary, none of the Seller, the Depositor, the initial
Servicer, the Issuer or any Affiliate controlled by Conn Appliances or controlling Conn Appliances shall have any right to make any
request, demand, authorization, direction, notice, consent, vote or waiver with respect to any Note. (other than with respect to any
Class R Notes in connection with the exercise of the Optional Redemption unless the only Class R Notes held by such
entities are equal to the Tax Matters Partner Amount) unless all of the Notes are then owned by the Issuer, the Seller, the
Depositor, the initial Servicer, or any of their respective Affiliates or any of their respective Affiliates, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent, vote or waiver, only Notes that Trust Officer of the Trustee actually knows to be so owned shall be so disregarded.

 

(b)            Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in
person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when
such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument
or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the
Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section 11.1) conclusive in favor of the Trustee and
the Issuer, if made in the manner provided in this Section.

 

(c)            The
fact and date of the execution by any Person of any such instrument or writing may be proved in any customary manner of the Trustee.

 

(d)            The
ownership of Notes shall be proved by the Note Register.

 

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(e)            Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any such Notes shall bind such Noteholder
and the Holder of every Note and every subsequent Holder of such Notes issued upon the registration thereof or in exchange therefor or
in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Servicer or the Issuer in reliance thereon,
whether or not notation of such action is made upon such Note.

 

Section 15.4. Notices.
All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered
at, sent by facsimile to, sent by courier (overnight or hand-delivered) at or mailed by registered mail, return receipt requested, to
(a) in the case of the Issuer, to 3295 College Street, Beaumont, Texas 77701, Attention: Office of the General Counsel, (b) in
the case of the Servicer or Conn Appliances, to 3295 College Street, Beaumont, Texas 77701, Attention: Office of the General Counsel,
(c) in the case of the Trustee, to the Corporate Trust Office and (d) in the case of the Rating Agency, Fitch Ratings, Inc.,
33 Whitehall Street, New York, NY 10004, or, as to each party, at such other address as shall be designated by such party in a written
notice to each other party. Unless otherwise provided with respect to any Series in the related Series Supplement or otherwise
expressly provided herein, any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage
prepaid, at the address of such Noteholder as shown in the Note Register. Any notice so mailed or published, as the case may be, within
the time prescribed in this Indenture shall be conclusively presumed to have been duly given, whether or not the Noteholder receives
such notice.

 

The Issuer or the Trustee
by notice to the other may designate additional or different addresses for subsequent notices or communications; provided, however,
the Issuer may not at any time designate more than a total of three (3) addresses to which notices must be sent in order to be effective.

 

Any notice (i) given
in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given
five (5) days after the date that such notice is mailed, (iii) delivered by telex or telecopier shall be deemed given on the
date of confirmation of the delivery of such notice by e-mail or telephone, and (iv) delivered by overnight air courier shall be
deemed delivered one Business Day after the date that such notice is delivered to such overnight courier.

 

Notwithstanding any provisions
of this Indenture to the contrary, the Trustee shall have no liability based upon or arising from the failure to receive any notice required
by or relating to this Indenture or the Notes.

 

If the Issuer mails a notice
or communication to Noteholders, it shall mail a copy to the Trustee at the same time.

 

Section 15.5. Notices
to Noteholders: Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given
(unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor
any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders,
and any notice that is mailed in the manner here in provided shall conclusively be presumed to have been duly given.

 

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Where this Indenture provides
for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

 

In case, by reason of the
suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice
of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of
giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

 

Section 15.6. Alternate
Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Trustee on
behalf of the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Trustee
or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices, provided
that such methods are consented to by the Issuer (which consent shall not be unreasonably withheld). The Trustee will cause payments
to be made and notices to be given in accordance with such agreements.

 

Section 15.7. Conflict
with TIA. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in
this Indenture by any of the provisions of the TIA, such required provision shall control (if this Indenture is required to be qualified
under the TIA).

 

The provisions of TIA Sections
310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded
by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein (if this Indenture is required
to be qualified under the TIA). Notwithstanding the foregoing, and regardless of whether the Indenture is required to be qualified under
the TIA, the provisions of Section 316(a)(1) of the TIA shall be excluded from this Indenture.

 

Section 15.8. Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents and Cross-Reference
Table are for convenience of reference only, are not to be considered a part hereof, and shall not affect the meaning or construction
hereof.

 

Section 15.9. Successors
and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether
so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors.

 

Section 15.10. Separability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Indenture or Notes shall for any reason
whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Indenture and shall in no way affect the validity or enforceability of the other provisions of
this Indenture or of the Notes or rights of the Holders thereof.

 

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Section 15.11. Benefits
of Indenture. Except as set forth in this Indenture, nothing in this Indenture or in the Notes, expressed or implied, shall give
to any Person, other than the parties hereto and their successors hereunder, the Receivables Trust Trustee and the Secured Parties, any
benefit or any legal or equitable right, remedy or claim under the Indenture.

 

Section 15.12. Legal
Holidays. In any case where the date on which any payment is due to any Secured Party shall not be a Business Day, then (notwithstanding
any other provision of the Notes or this Indenture) any such payment need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period
from and after any such nominal date.

 

Section 15.13. GOVERNING
LAW; JURISDICTION. THIS INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. EACH OF THE PARTIES TO THIS INDENTURE AND EACH SECURED PARTY HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION
OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT HAVING JURISDICTION TO REVIEW THE JUDGMENT
THEREOF. EACH OF THE PARTIES AND EACH SECURED PARTY HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION
TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE
RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

 

Section 15.14. Counterparts.
This Indenture may be executed in any number of counterparts, and by different parties on separate counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. This Indenture
shall be valid, binding and enforceable against a party only when executed and delivered by an authorized individual on behalf of the
party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act,
state enactments of the Uniform Electronic Transactions Act and/or any other relevant electronic signatures law, including the relevant
provisions of the UCC (collectively, “Signature Law”); (ii) an original manual signature; or (iii) a faxed,
scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all
purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall
be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature,
or other electronic signature, of any other party (whether such signature is with respect to this Indenture or any notice, officer’s
certificate or other ancillary document delivered pursuant to or in connection with this Indenture) and shall have no duty to investigate,
confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures shall be used for
execution or indorsement of writings and authentication of Certificates when required under the UCC or other Signature Law due to the
character or intended character of the writings.

 

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Section 15.15. Recording
of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected
by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Trustee or any other counsel reasonably
acceptable to the Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the Trustee under this Indenture.

 

Section 15.16. Issuer
Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or under this Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer or the Trustee
or (ii) any partner, owner, incorporator, member, manager, beneficiary, beneficial owner, agent, officer, director, employee, shareholder
or agent of the Issuer, the Seller, the Servicer or the Trustee, except (x) as any such Person may have expressly agreed and (y) nothing
in this Section shall relieve the Seller or the Servicer from its own obligations under the terms of any Servicer Transaction Document.
Nothing in this Section 15.16 shall be construed to limit the Trustee from exercising its rights hereunder with respect to
the Receivables Trust Estate.

 

Section 15.17. No
Bankruptcy Petition Against the Issuer. Each of the Secured Parties and the Trustee by entering into the Indenture, any
Series Supplement or any Note Purchase Agreement (as defined in such Series Supplement) and in the case of a Noteholder
and Note Owner, by accepting a Note, hereby covenants and agrees that, prior to the date which is one year and one day after the
payment in full of the latest maturing Note and the termination of the Indenture, it will not institute against, or join with any
other Person in instituting against, the Issuer, the Depositor or the Receivables Trust any bankruptcy, reorganization, arrangement,
insolvency or liquidation Proceedings, or other Proceedings, under any United States Federal or state bankruptcy or similar Law in
connection with any obligations relating to the Notes, the Indenture or any of the Transaction Documents. In the event that any such
Secured Party or the Trustee takes action in violation of this Section 15.17, the Issuer, the Depositor or the
Receivables Trust, as applicable, shall file an answer with the bankruptcy court or otherwise properly contesting the filing of such
a petition by any such Secured Party or the Trustee against the Issuer, the Depositor or the Receivables Trust, as applicable, or
the commencement of such action and raising the defense that such Secured Party or the Trustee has agreed in writing not to take
such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may
assert. The provisions of this Section 15.17 shall survive the termination of this Indenture, and the resignation or
removal of the Trustee. Nothing contained herein shall preclude participation by any Secured Party or the Trustee in the assertion
or defense of its claims in any such Proceeding involving the Issuer.

 

Section 15.18. No
Joint Venture. Nothing herein contained shall be deemed or construed to create a co-partnership or joint venture between the parties
hereto and the services of the Servicer shall be rendered as an independent contractor and not as agent for the Trustee.

 

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Section 15.19. Rule 144A
Information. For so long as any of the Notes of any Series or any Class are “restricted securities” within
the meaning of Rule 144(a)(3) under the Securities Act, the Issuer and the Trustee agree to reasonably cooperate with each
other to provide to any Noteholders of such Series or Class and to any prospective purchaser of Notes designated by such Noteholder
upon the request of such Noteholder or prospective purchaser, any information required to be provided to such holder or prospective purchaser
(in the case of the Trustee, if such information is in the Trustee’s possession) to satisfy the condition set forth in Rule 144A(d)(4) under
the Securities Act if at the time of the request the Issuer is not a reporting company under Section 13 or Section 15(d) of
the Exchange Act and the Servicer agrees to reasonably cooperate with the Issuer and the Trustee in connection with the foregoing.

 

Section 15.20. No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Trustee, any Secured Party, any
right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power
or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies,
powers and privileges provided by Law.

 

Section 15.21. Third-Party
Beneficiaries. This Indenture will inure to the benefit of and be binding upon the parties hereto, the Receivables Trust Trustee,
the Secured Parties, and their respective successors and permitted assigns. Except as otherwise provided in this Article 15,
no other Person will have any right or obligation hereunder.

 

Section 15.22. Merger
and Integration. Except as specifically stated otherwise herein, this Indenture sets forth the entire understanding of the parties
relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Indenture.

 

Section 15.23. Rules by
the Trustee. The Trustee may make reasonable rules for action by or at a meeting of any Secured Parties.

 

Section 15.24. Duplicate
Originals. The parties may sign any number of copies of this Indenture. One signed copy is enough to prove this Indenture.

 

Section 15.25. Waiver
of Trial by Jury. To the extent permitted by applicable Law, each of the parties hereto and each Secured Party irrevocably waives
all right of trial by jury in any action or Proceeding arising out of or in connection with this Indenture or the Transaction Documents
or any matter arising hereunder or thereunder.

 

Section 15.26. AML
Law. The parties hereto acknowledge that in accordance with laws, regulations and executive orders of the United States or any state
or political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist
activities and money laundering , including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by
the Office of Foreign Asset Control (collectively, “AML Law”), the Trustee is required to obtain, verify, and record
information relating to individuals and entities that establish a business relationship or open an account with the Trustee. Each party
hereby agrees that it shall provide the Trustee with such identifying information and documentation as the Trustee may request from time
to time to enable the Trustee to comply with all applicable requirements of AML Law.

 

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Section 15.27. Limitation
of Liability. It is expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered
by Wilmington Trust, National Association (“WTNA”), not individually or personally but solely as Receivables
Trust Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the
representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal
representations, undertakings and agreements by WTNA but is made and intended for the purpose of binding only the Issuer,
(c) nothing herein contained shall be construed as creating any liability on WTNA, individually or personally, to perform any
covenant either expressed or implied contained herein of the Issuer, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the parties hereto, (d) WTNA has made no investigation as to the
accuracy or completeness of any representations and warranties made by the Issuer in this Indenture and (e) under no
circumstances shall WTNA be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the
breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or
any other related documents.

 

[THIS SPACE LEFT INTENTIONALLY BLANK]

 

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

 

	 	CONN’S RECEIVABLES FUNDING 2022-A, LLC,
 as Issuer

   

	 	By:	/s/ George Bchara

	 	Name:	George Bchara
	 	Title: 	President

 

	 	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, not in its
individual capacity, but solely as Trustee

 

	 	By:	/s/ G. Brad Martin

	 	Name:	 G. Brad Martin
	 	Title: 	Vice President

 

    	 	S-1	Base Indenture

     

    

 

Acknowledged and Agreed solely

with respect to the Granting Clause:

 

CONN’S RECEIVABLES 2022-A TRUST,

 

By: Wilmington Trust, National Association,

not in its individual capacity but solely as

Receivables Trust Trustee

 

	By:	/s/ Patrick A.  Kanar	 

Name:  Patrick A.  Kanar

Title:  Assistant Vice President

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

not in its individual capacity but solely as

Receivables Trust Trustee

 

	By:	/s/ Patrick A.  Kanar	 

Name:  Patrick A.  Kanar

Title:  Assistant Vice President

 

    	 	S-2	Base Indenture

     

    

 

EXHIBIT A

TO BASE INDENTURE

Form of Release and Reconveyance of
Receivables Trust Estate

 

RELEASE AND RECONVEYANCE OF RECEIVABLES TRUST
ESTATE

 

RELEASE AND RECONVEYANCE
OF RECEIVABLES TRUST ESTATE, dated as of __________, _____, between CONN’S RECEIVABLES FUNDING 2022-A, LLC (the “Issuer”)
and COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association (solely in such capacity, including its successors
and assigns, the “Trustee”) pursuant to the Base Indenture referred to below.

 

W
I T N E S S E T H:

 

WHEREAS, the Issuer and the
Trustee are parties to the Base Indenture dated as of July 21, 2022 (hereinafter as such agreement may have been, or may from time
to time be, amended, supplemented or otherwise modified, the “Base Indenture”);

 

WHEREAS, pursuant to the
Base Indenture, upon the termination of the Lien of the Base Indenture pursuant to Section 12.1 of the Base Indenture and
after payment of all amounts due under the terms of the Base Indenture on or prior to such termination, the Trustee shall upon receipt
of an Issuer Request reconvey and release the Lien on the Receivables Trust Estate;

 

WHEREAS, the conditions to
termination of the Base Indenture pursuant to Sections 12.1 and 12.6 have been satisfied;

 

WHEREAS, the Issuer has requested
that the Trustee terminate the Lien of the Indenture on the Receivables Trust Estate pursuant to Section 12.6; and

 

WHEREAS, the Trustee is willing
to execute such release and reconveyance subject to the terms and conditions hereof;

 

NOW, THEREFORE, the Issuer
and the Trustee hereby agree as follows:

 

1.            Defined
Terms. All terms defined in the Base Indenture and used herein shall have such defined meanings when used herein, unless otherwise
defined herein.

 

2.            Release
and Reconveyance. (a) The Trustee does hereby release and reconvey to the Issuer, without recourse, representation or warranty,
on and after ____, ____ (the “Reconveyance Date”) all right, title and interest in the Receivables Trust Estate whether
then existing or thereafter created, all monies due or to become due with respect thereto (including all accrued interest theretofore
posted as Finance Charges) and all proceeds of such Receivables Trust Estate, except for amounts, if any, held by the Trustee or any
Paying Agent pursuant to Section 12.5 of the Base Indenture.

 

    	 	EXHIBIT A-1	Base Indenture

     

    

 

(b)            In
connection with such transfer, the Trustee does hereby release the Lien of the Indenture on the Receivables Trust Estate and the Trust
Estate and agrees, upon the request and at the expense of the Issuer, to authorize the filing of any necessary or reasonably desirable
UCC termination statements in connection therewith.

 

3.            Counterparts.
This Release and Reconveyance may be executed in two or more counterparts (and by different parties on separate counterparts), each of
which shall be an original, but all of which together shall constitute one and the same instrument.

 

4.            Governing
Law. THIS RELEASE AND RECONVEYANCE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO
ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

 

    	 	EXHIBIT A-2	Base Indenture

     

    

 

IN WITNESS WHEREOF, the undersigned have caused this Release and Reconveyance
of Receivables Trust Estate to be duly executed and delivered by their respective duly authorized officers on the day and year first
above written.

 

	 	Conn’s Receivables Funding 2022-A, LLC, as Issuer

 

	 	By:	 

	 	Name:	 
	 	Title: 	 

 

	 	Computershare Trust Company, National Association, not in its
individual capacity, but solely as Trustee

 

	 	By:	 

	 	Name:	 
	 	Title: 	 

 

    	 	EXHIBIT A-3	Base Indenture

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