Document:

Second Modification Agreement

 Exhibit 10.38 
 SECOND MODIFICATION AGREEMENT 
 This Second
Modification Agreement (this “Agreement”) is made and entered into effective as of the 30th day of November, 2010 (the “Effective Date”), by and among VIEWPOINT BANK, a federal savings bank (“Lender”), and RF MONOLITHICS, INC., a Delaware corporation
(“RF Mono”), and CIRRONET INC., a Georgia corporation (“Cirronet”) (RF Mono and Cirronet together, sometimes “Borrowers”). 
 R E C I T A L S 

A. Heretofore, Borrowers executed and delivered that certain Promissory Note (Commercial – Revolving Draw) (the
“Note”), dated November 30, 2009, in the original principal amount of $5,000,000, payable to the order of Lender. 
 B. Heretofore, Borrowers executed and delivered that certain Commercial Loan and Security Agreement (Revolving Draw Loan) (the “Loan Agreement”), dated November 30, 2009, pertaining
to and securing the Note. 
 C. The Note is further secured by that certain Deed of Trust (the “Deed of
Trust”), dated November 30, 2009, from RF Mono to Mark E. Hord, Trustee, covering a certain tract of land (and the improvements thereon) being legally described as Lot 1 in Block 1 of RF Monolithics, an addition to the
City of Farmers Branch, Dallas County, Texas, according to the Map or Plat thereof recorded in Volume 2003125, page 96 of the Plat Records of Dallas County, Texas. The Deed of Trust is recorded in/under County Clerk’s File No.
20090033780 in the Real Property Records of Dallas County, Texas. 
 D. Heretofore, Lender and Borrowers have executed that
certain Modification Agreement (the “First Modification Agreement”), dated August 27, 2010, modifying the Note, the Loan Agreement, the Deed of Trust and all other documents evidencing, securing or pertaining to the loan (the
“Loan”), evidenced in part by the Note, the Loan Agreement and the Deed of Trust (the Note, the Loan Agreement, the Deed of Trust and all such other documents together, the “Loan Documents”), as specifically set
forth therein. 
 E. Lender and Borrowers have agreed to renew and extend the Loan and to further modify the Loan Documents as
set forth hereinbelow. 
 F. All capitalized terms used but not defined in this Agreement shall have the meanings given such
terms in the Loan Agreement. 

  

			
	 ViewPoint Bank/RF Monolithics, Inc./Cirronet Inc.
 Second Modification Agreement (11/11/10)
	  	Page 1

 AGREEMENTS 

NOW, THEREFORE, KNOW ALL PERSONS BY THESE PRESENTS, that for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged and confessed, Lender and Borrowers hereby agree as follows: 
 1. Maturity Date. The Maturity
Date (as such term is used in the Note and in the Loan Agreement) is changed from November 30, 2010, to November 30, 2012. 
 2. Financial Covenants. The Stockholders’ Equity requirement of $4,800,000.00 referred to in Section 7 of the Loan Agreement is increased to $5,500,000.00. 

3. Conforming Amendments/Conflicts. Lender and Borrowers agree that the Loan Documents are amended hereby wherever
necessary to conform to the terms and conditions contained in this Agreement. In the event of any conflict or inconsistency between the terms and conditions contained in this Agreement and the terms and conditions contained in the Loan Documents,
the terms and conditions contained in this Agreement shall control. 
 4. Reaffirmation. Borrowers hereby
represent and agree that there are no oral agreements which modify any of the Loan Documents and that the Loan Documents, as expressly modified herein, constitute the entire agreement between Borrowers and Lender with respect to the Loan. Borrowers
hereby reaffirm and restate, as of the date hereof, all covenants, representations and warranties set forth in any of the Loan Documents to which the applicable party is a part or by which the applicable party is otherwise bound. Borrowers consent
to the amendments in this Agreement and agree that nothing contained in this Agreement shall impair or affect Lender’s rights under the Note, the Loan Agreement, the Deed of Trust or any of the other Loan Documents to which Borrowers are a
party or by which Borrowers otherwise are bound. Nothing contained herein shall constitute, and there has not otherwise occurred, any extinguishment or release of or substitution for the obligations and agreements of Borrowers under the Note, the
Loan Agreement, the Deed of Trust or any of the other Loan Documents to which Borrowers are a party or by which Borrowers otherwise are bound, and nothing herein shall constitute, and there has not otherwise occurred, any novation with respect to
the Note, the Loan Agreement, the Deed of Trust or any of the other Loan Documents. Except as expressly modified in the First Modification Agreement and in this Agreement, all terms, covenants and provisions of the Note, the Loan Agreement, the Deed
of Trust and the other Loan Documents shall remain unaltered and in full force and effect, and Borrowers do hereby expressly ratify and confirm the Note, the Loan Agreement, the Deed of Trust and the other Loan Documents as modified in the First
Modification Agreement and in this Agreement. 

  

			
	 ViewPoint Bank/RF Monolithics, Inc./Cirronet Inc.
 Second Modification Agreement (11/11/10)
	  	Page 2

 5. Representations. Borrowers hereby warrant, represent and certify to Lender
the following facts, knowing that Lender requires, and is relying upon, the warranties, representations and certifications contained in this paragraph as a condition to entering into this Agreement: 

(a) No Defenses. As of the date hereof, Borrowers have no defense, right of setoff, counterclaim, claim or
cause of action of any kind or description against Lender related to: (i) payment of the principal sum described in the Note; (ii) payment of interest under the Note; (iii) payment of any other sums due and payable under the Note, the
Loan Agreement, the Deed of Trust or any of the other Loan Documents; (iv) performance of any obligations under the Loan Documents; or (v) any of Lender’s acts or omissions with respect to the Property, the Loan Documents or
Lender’s performance under the Loan Documents with respect to the Property. To the extent Borrowers now have any defenses, rights of setoff, counterclaims, claims or causes of action against Lender or the repayment of all or a portion of the
Loan, whether known or unknown, fixed or contingent, the same are hereby forever irrevocably waived and released in their entireties. 
 (b) Enforceable Obligations. The Note, the Loan Agreement, the Deed of Trust and the other Loan Documents are valid and enforceable against Borrowers in accordance with their respective
terms. Lender is not in default, and no event has occurred which, with the passage of time, giving of notice or both, would constitute a default by Lender of Lender’s obligations under the terms and provisions of the Loan Documents. 

(c) Strict Performance. Lender’s agreement to modify the Note, the Loan Agreement, the Deed of Trust
and the other Loan Documents, as set forth herein, is without prejudice to Lender’s right at any time hereafter to exercise any right or remedy conferred upon Lender in the Note, the Loan Agreement, the Deed of Trust or in any of the other Loan
Documents or otherwise available at law or in equity, and shall not constitute a waiver of Lender’s right to insist upon strict performance by Borrowers of their respective obligations under the Note, the Loan Agreement, the Deed of Trust and
the other Loan Documents. 
 6. No Waiver or Implication. This Agreement modifies the Loan Documents and in no way
acts as a release or relinquishment of any lien, security interest, right, title, privilege or remedy created by any of the Loan Documents or now or hereafter existing at law or in equity. The liens and security interests of the Loan Documents
securing payment of the Note (as the Note has been herein modified) are hereby renewed and confirmed by Borrowers in all respects and shall continue to be enforceable and shall remain in full force and effect until the entire principal amount of the
Note, all accrued but unpaid interest, and all extensions, renewals and rearrangements thereof, and all other sums secured by the Loan Documents have been fully and finally paid. Borrowers hereby agree that nothing contained herein shall constitute
a waiver by Lender of any default, whether known or unknown, which may now or hereafter exist under the Note, the Loan Agreement, the Deed of Trust or any of the other Loan Documents. Borrowers hereby further agree that no action, inaction or
agreement by Lender, including, without limitation, any extension, indulgence, waiver, consent or agreement of modification which may have occurred or been granted or entered into (or which may be occurring or be granted or entered into hereunder or
otherwise) with respect to nonpayment of the Loan or any portion thereof, or with respect to matters involving security for the Loan, or with respect to any other matter relating to the Loan, shall require or imply any future extension, indulgence,
waiver, consent or agreement by Lender. Borrowers hereby acknowledge and agree that Lender has made no agreement, and is in no way obligated, to grant any future extension, indulgence, waiver or consent or enter into any further agreement or
modification with respect to the Loan or any matter relating to the Loan. 

  

			
	 ViewPoint Bank/RF Monolithics, Inc./Cirronet Inc.
 Second Modification Agreement (11/11/10)
	  	Page 3

 7. Additional Documentation. From time to time, Borrowers shall execute or
procure and deliver to Lender such other and further documentation evidencing, securing or pertaining to the Loan or the Loan Documents as reasonably requested by Lender so as to evidence or effect the terms and provisions hereof. Upon Lender’s
request, Borrowers shall cause to be delivered to Lender an opinion of counsel, satisfactory to Lender as to form, substance and rendering attorney, opining as to: (i) the validity and enforceability of this Agreement and the terms and
provisions hereof and any other agreement executed in connection with the transaction contemplated thereby; (ii) the authority of Borrowers to execute, deliver and perform its or their respective obligations under the Loan Documents, as hereby
modified; and (iii) such other matters reasonably requested by Lender. 
 8. Authority. Each person executing
this Agreement on behalf of Lender and Borrowers warrants and represents that the applicable person has the authority to execute and deliver this Agreement on behalf of the entity for which such person is executing and delivering this Agreement and
that, upon execution and delivery of this Agreement by such person, this Agreement will be binding upon and enforceable against the entity for which such person is executing and delivering this Agreement. 

9. Binding Effect. This Agreement is binding upon and inures to the benefit of Lender and Borrowers and their respective
heirs, devisees, executors, administrators, personal representatives, successors and assigns. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 

  

			
	 ViewPoint Bank/RF Monolithics, Inc./Cirronet Inc.
 Second Modification Agreement (11/11/10)
	  	Page 4

 EXECUTED by Lender and Borrowers on the date of each party’s acknowledgment, but dated
and made effective for all purposes as of the Effective Date. 
  

			
	LENDER:
	
	 VIEWPOINT BANK,
 a federal savings bank

		
	By	 	 /s/ Patrick Burnes

		 	Patrick Burns
		 	Vice President

  

			
	THE STATE OF TEXAS	 	§
		 	§
	COUNTY OF COLLIN	 	§

 This instrument was acknowledged
before me on November     , 2010, by Patrick Burns, a Vice President of ViewPoint Bank, a federal savings bank, on behalf of said savings bank. 

 

	
	  

	Notary Public in and for the State of Texas

  

			
	 ViewPoint Bank/RF Monolithics, Inc./Cirronet Inc.
 Second Modification Agreement (11/11/10)
	  	Page 5

 EXECUTED by Lender and Borrowers on the date of each party’s acknowledgment, but dated
and made effective for all purposes as of the Effective Date. 
  

									
	BORROWERS:
			
	RF MONOLITHICS, INC.,	 		 	CIRRONET INC.,
	a Delaware corporation	 		 	a Georgia corporation
					
	By	 	 /s/ Harley E Barnes III
	 		 	By	 	 /s/ Harley E Barnes III

		 	Harley E Barnes III	 		 		 	Harley E Barnes III
		 	Chief Financial Officer	 		 		 	Vice President

  

			
	THE STATE OF TEXAS	 	    §
		 	    §
	COUNTY OF                     	 	    §

 This
instrument was acknowledged before me on November     , 2010, by Harley E Barnes, III, Chief Financial Officer of RF Monolithics, Inc., a Delaware corporation, on behalf of said corporation. 

 

	
	  

	Notary Public in and for the State of Texas

  

			
	THE STATE OF TEXAS	 	    §
		 	    §
	COUNTY OF                     	 	    §

 This
instrument was acknowledged before me on November     , 2010, by Harley E Barnes, III, Vice President of Cirronet Inc., a Georgia corporation, on behalf of said corporation. 

 

	
	  

	Notary Public in and for the State of Texas

  

			
	 ViewPoint Bank/RF Monolithics, Inc./Cirronet Inc.
 Second Modification Agreement (11/11/10)
	  	Page 6Series 2011-1 Indenture Supplement

 Exhibit 4.1 
 SERIES 2011-1 
 INDENTURE SUPPLEMENT 

BETWEEN 

ALLY MASTER OWNER TRUST 
 ISSUING ENTITY 
 AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION 
 INDENTURE TRUSTEE 
 DATED AS OF JANUARY 20, 2011 

SERIES 2011-1 ASSET BACKED NOTES, 
 CLASS A-1, CLASS A-2, CLASS B, CLASS C AND CLASS D 
 AND 

SERIES 2011-1 ASSET BACKED EQUITY NOTES 
 CLASS E 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE I CREATION OF SERIES 2011-1 NOTES
	  	 	2	  
	 SECTION 1.01
	  	Designation	  	 	2	  
	 SECTION 1.02
	  	Reopening of Class or Tranche of Notes	  	 	3	  
		
	 ARTICLE II DEFINITIONS
	  	 	3	  
	 SECTION 2.01
	  	Definitions	  	 	3	  
	 SECTION 2.02
	  	Other Definitional Provisions	  	 	21	  
		
	 ARTICLE III SERVICING FEE
	  	 	21	  
	 SECTION 3.01
	  	Servicing Compensation	  	 	21	  
		
	ARTICLE IV RIGHTS OF SERIES 2011-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	  	 	22	  
	 SECTION 4.01
	  	Collections and Allocations	  	 	22	  
	 SECTION 4.02
	  	Determination of Monthly Interest	  	 	22	  
	 SECTION 4.03
	  	Determination of Monthly Principal Amount	  	 	23	  
	 SECTION 4.04
	  	Application of Available Funds on Deposit in Collection Account and Other Sources	  	 	24	  
	 SECTION 4.05
	  	Series Charge-Offs	  	 	28	  
	 SECTION 4.06
	  	Reallocated Principal Collections	  	 	29	  
	 SECTION 4.07
	  	Excess Interest Collections	  	 	30	  
	 SECTION 4.08
	  	Shared Principal Collections	  	 	30	  
	 SECTION 4.09
	  	Reinstatement of Invested Amount	  	 	31	  
	 SECTION 4.10
	  	Note Distribution Account	  	 	31	  
	 SECTION 4.11
	  	Reserve Fund	  	 	32	  
	 SECTION 4.12
	  	Determination of LIBOR	  	 	33	  
	 SECTION 4.13
	  	Accumulation Period Reserve Account	  	 	34	  
	 SECTION 4.14
	  	Transfer Restrictions	  	 	36	  
		
	ARTICLE V DELIVERY OF SERIES 2011-1 NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2011-1 NOTEHOLDERS	  	 	38	  
	 SECTION 5.01
	  	Delivery and Payment for Series 2011-1 Notes	  	 	38	  
	 SECTION 5.02
	  	Distributions	  	 	38	  
	 SECTION 5.03
	  	Reports and Statements to Series 2011-1 Noteholders	  	 	40	  
		
	 ARTICLE VI SERIES 2011-1 EARLY AMORTIZATION EVENTS AND SERIES 2011-1 EVENTS OF DEFAULT
	  	 	40	  
	 SECTION 6.01
	  	Series 2011-1 Early Amortization Events	  	 	40	  
	 SECTION 6.02
	  	Series 2011-1 Events of Default	  	 	42	  
	 SECTION 6.03
	  	Acceleration of Maturity; Rescission and Annulment	  	 	43	  

  
 i 

							
	ARTICLE VII REDEMPTION OF SERIES 2011-1 NOTES; SERIES LEGAL MATURITY; FINAL DISTRIBUTIONS	  	 	44	  
	 SECTION 7.01
	  	Optional Redemption of Series 2011-1 Notes	  	 	44	  
	 SECTION 7.02
	  	Series Legal Maturity	  	 	45	  
		
	 ARTICLE VIII MISCELLANEOUS PROVISIONS
	  	 	46	  
	 SECTION 8.01
	  	Ratification of Agreement	  	 	46	  
	 SECTION 8.02
	  	Form of Delivery of Series 2011-1 Notes	  	 	46	  
	 SECTION 8.03
	  	Counterparts	  	 	47	  
	 SECTION 8.04
	  	Governing Law	  	 	47	  
	 SECTION 8.05
	  	Effect of Headings and Table of Contents	  	 	47	  
	 SECTION 8.06
	  	Notices	  	 	47	  

							
			
	 EXHIBIT A
	  	Form of Note	  	 	A-1	  
	 EXHIBIT B
	  	Form of Monthly Statement	  	 	B-1	  

  
 ii 

 SERIES 2011-1 INDENTURE SUPPLEMENT, dated as of January 20, 2011, by and between ALLY
MASTER OWNER TRUST, a Delaware statutory trust, as Issuing Entity, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee. 
 RECITALS 
 A. Section 2.1 of the Indenture provides,
among other things, that the Issuing Entity and the Indenture Trustee may at any time and from time to time enter into an Indenture Supplement to authorize the issuance by the Issuing Entity of Notes in one or more Series. 

B. The parties to this Indenture Supplement, by executing and delivering this Indenture Supplement, are providing for the creation of the
Series 2011-1 Notes and specifying the Principal Terms thereof. 
 In consideration of the mutual covenants and agreements
contained in this Indenture Supplement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

GRANTING CLAUSES 
 In addition to the grant of the Indenture, the Issuing Entity hereby grants to the Indenture Trustee, for the exclusive benefit of the Holders of the Series 2011-1 Notes, all of the Issuing Entity’s
right, title and interest (whether now owned or hereafter acquired) in, to and under the following (collectively, the “Series Collateral”) with respect to the Series 2011-1: 

(i) all Collections on the Receivables allocated to the Series 2011-1 Notes; 

(ii) all Eligible Investments and all monies, instruments, securities, security entitlements, documents, certificates of
deposit and other property from time to time on deposit in or credited to the Series Accounts (including any subaccount thereof) and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any
accrued discount realized on liquidation of any investment purchased at a discount); and 
 (iii) all present and
future claims, demands, causes of action and choses in action regarding any of the foregoing and all payments on any of the foregoing and all proceeds of any nature whatsoever regarding any of the foregoing, including all proceeds of the voluntary
or involuntary conversion thereof into cash or other liquid property and all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to
payment of any kind and other forms of obligations and receivables, instruments and other property that at any time constitute any part of or are included in the proceeds of any of the foregoing. 

 The foregoing grants are made in trust to secure (a) the Issuing Entity’s
obligations under the Series 2011-1 Notes equally and ratably without prejudice, priority or distinction between any Series 2011-1 Note and any other Series 2011-1 Notes, other than as expressly provided in this Indenture Supplement, (b) the
payment of all other sums payable under the Series 2011-1 Notes, the Indenture and this Indenture Supplement and (c) the compliance with the terms and conditions of the Series 2011-1 Notes, the Indenture and this Indenture Supplement, all as
provided herein or therein. 
 The Indenture Trustee, as indenture trustee on behalf of the Noteholders, hereby acknowledges the
foregoing grants, accepts the trusts under this Indenture Supplement in accordance with the provisions of this Indenture Supplement, and agrees to perform the duties herein required to the end that the interests of the Noteholders may be adequately
protected. 
 ARTICLE I 
 CREATION OF SERIES 2011-1 NOTES 
 SECTION 1.01
Designation. 
 (a) There is hereby created a Series of Notes to be issued by the Issuing Entity on the Closing
Date pursuant to the Indenture and this Indenture Supplement to be known as the “Series 2011-1 Asset Backed Notes” or the “Series 2011-1 Notes.” The Series 2011-1 Notes shall be issued in five Classes, the first
shall be known as the “Series 2011-1 Asset Backed Notes, Class A,” the second shall be known as the “Series 2011-1 Floating Rate Asset Backed Notes, Class B,” the third shall be known as the “Series 2011-1
Floating Rate Asset Backed Notes, Class C,” the fourth shall be known as the “Series 2011-1 Floating Rate Asset Backed Notes, Class D,” and the fifth shall be known as the “Series 2011-1 Asset Backed Equity Notes,
Class E.” The Series 2011-1 Asset Backed Notes, Class A, shall be issued in two Tranches, the first shall be known as the “Series 2011-1 Floating Rate Asset Backed Notes, Class A-1” and the second shall be known
as the “Series 2011-1 Fixed Rate Asset Backed Notes, Class A-2.” The Series 2011-1 Notes shall be due and payable on the Series 2011-1 Legal Maturity Date. 

(b) Series 2011-1 shall be a Nonoverconcentration Series. Series 2011-1 shall be in Excess Interest Sharing Group One and in Principal
Sharing Group One. Series 2011-1 shall not be a Shared Enhancement Series or in an Interest Reallocation Group. Series 2011-1 shall not be subordinated to any other Series. 
 (c) The Series 2011-1 Notes are “Notes” and this Indenture Supplement is an “Indenture Supplement” for all purposes under the Indenture. If any provision of the Series 2011-1 Notes or
this Indenture Supplement conflicts with or is inconsistent with any provision of the Indenture, the provisions of the Series 2011-1 Notes or this Indenture Supplement, as the case may be, control. 

(d) Each term defined in Section 2.01 of this Indenture Supplement relates only to Series 2011-1 and this Indenture
Supplement and to no other Series or Indenture Supplements. 
 (e) Notwithstanding anything to the contrary in the Indenture,
the Series 2011-1 Notes, other than the Class E Note, shall be issued in fully registered form in minimum amounts 

  
 2 

 
of $100,000 and in integral multiples of $1,000 in excess thereof (except that one Note from each such class may be issued in a different amount so long as such amount exceeds $1,000); provided
that the minimum amounts of the Series 2011-1 Notes, other than the Class E Note, shall be subject to the restrictions set forth in Section 4.14. The Class E Note shall be issued in fully registered form in a principal amount equal to
the Class E Note Principal Balance. The Class E Note will be issuable in a minimum denomination of 100% of the Class E Note Principal Balance. 
 SECTION 1.02 Reopening of Class or Tranche of Notes. 
 The Depositor
may from time to time, with notice to the Rating Agencies but without notice to, or the consent of, the holders of a Class or Tranche of Series 2011-1 Notes, create and issue additional Series 2011-1 Notes equal in rank to any Class or Tranche of
Series 2011-1 Notes previously offered in all respects or in all respects, except for the payment of interest accruing prior to the Issuance Date of such additional Series 2011-1 Notes in a Class or Tranche of Series 2011-1 Notes or except for the
first payment of interest following the Issuance Date of such additional Series 2011-1 Notes in a Class or Tranche of Series 2011-1 Notes. This is called a “reopening.” When issued, the additional Series 2011-1 Notes of a Class or
Tranche shall be equally and ratably entitled to the benefits of the Indenture and this Indenture Supplement applicable to those Series 2011-1 Notes with the other Outstanding Notes of that Class or Tranche without preference, priority or
distinction. These additional Series 2011-1 Notes may be consolidated and form a single Class or Tranche with the previously issued Series 2011-1 Notes and shall have the same terms as to status, redemption or otherwise as the previously issued
Series 2011-1 Notes. 
 ARTICLE II 
 DEFINITIONS 
 SECTION 2.01 Definitions. 

Whenever used in this Indenture Supplement, the following words and phrases have the following meanings, and the definitions of such
terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 Accumulation Period Factor: With respect to any Collection Period, a fraction: 
 (a) the numerator of which is equal to the sum of the invested amounts of all outstanding Series in Principal Sharing Group One (including the Invested Amount for Series 2011-1) as of the last day of the
Revolving Period; and 
 (b) the denominator of which is equal to the sum of (i) the Invested Amount as of
the last day of the Revolving Period, plus (ii) the invested amounts as of the last day of the Revolving Period of all outstanding Series in Principal Sharing Group One (other than the Invested Amount for Series 2011-1) that are expected to be
paying or accumulating principal during the period from such Collection Period to the Collection Period immediately preceding the Series 2011-1 Expected Maturity Date; 

  
 3 

 provided, however, that this definition may be changed at any time upon
receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such change shall not have an Adverse Effect. 
 Accumulation Period Length: Has the meaning specified in Section 4.04(h). 
 Accumulation Period Reserve Account: Has the meaning specified in Section 4.13(a). 
 Accumulation Period Reserve Account Available Amount: With respect to each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until termination of the
Accumulation Period Reserve Account pursuant to Section 4.13(e), the lesser of: 
 (a) the amounts on
deposit in the Accumulation Period Reserve Account on such Distribution Date (before giving effect to any (i) deposits made or to be made therein pursuant to Section 4.04(a)(xi) and Section 4.04(b)(i) on such
Distribution Date or (ii) any withdrawals made or to be made therefrom pursuant to Section 4.13(c) on such Distribution Date); and 
 (b) the Accumulation Period Reserve Account Required Amount for such Distribution Date. 
 Accumulation Period Reserve Account Deposit Amount: With respect to each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until termination of the
Accumulation Period Reserve Account pursuant to Section 4.13(e), the excess of (a) the Accumulation Period Reserve Account Required Amount for such Distribution Date, over (b) the Accumulation Period Reserve Account Available
Amount for such Distribution Date. 
 Accumulation Period Reserve Account Funding Date: The Distribution Date occurring
in the third Collection Period preceding the scheduled commencement of the Controlled Accumulation Period (or such earlier or later date as may be directed by the Servicer; provided, however, that, if the Accumulation Period Reserve
Account Funding Date occurs on a later date, the Servicer expects the Accumulation Period Reserve Account to be fully funded by the commencement of the Controlled Accumulation Period). 

Accumulation Period Reserve Account Required Amount: With respect to each Distribution Date beginning on the Accumulation Period
Reserve Account Funding Date and until the Accumulation Period Reserve Account is terminated pursuant to Section 4.13(e), an amount equal to the product of (a) 0.0% (or a lower percentage upon satisfaction of the Series 2011-1
Rating Agency Condition with respect to the Series 2011-1 Notes) and (b) the Investor Note Principal Balance of the Investor Notes as of the Accumulation Period Reserve Account Funding Date. 

  
 4 

 Accumulation Period Reserve Draw Amount: With respect to any Distribution Date
relating to the Controlled Accumulation Period or the first Distribution Date relating to the Early Amortization Period, the excess, if any, of (a) the Covered Amount determined as of such Distribution Date, over (b) the portion of the
Available Series Interest Collections for such Distribution Date constituting net investment earnings from the Note Distribution Account and the Accumulation Period Reserve Account. 

Additional Available Series Principal Collections: With respect to any Distribution Date and the related Collection Period, an
amount equal to the sum of (i) upon the termination of the Reserve Fund pursuant to Section 4.11(e), all remaining amounts on deposit in the Reserve Fund (excluding amounts relating to investment earnings and after giving effect to
Section 4.04(b)(ii)), plus (ii) any Available Series Interest Collections, Reserve Fund Available Amounts and Excess Interest Collections from other Series in the same Excess Interest Sharing Group as the Series 2011-1 Notes that,
as provided in Sections 4.04(a) and (b), are to be treated as Additional Available Series Principal Collections with respect to that Distribution Date. 
 Available Series Interest Collections: With respect to any Distribution Date, an amount equal to the sum of (a) the Series Interest Collections with respect to such Distribution Date, plus
(b) all interest and investment earnings on Eligible Investments credited to the Reserve Fund, the Note Distribution Account and the Accumulation Period Reserve Account (net of losses and investment expenses) during the related Collection
Period, plus (c) all withdrawals from the Accumulation Period Reserve Account pursuant to Section 4.13(c), plus (d) on the termination of the Accumulation Period Reserve Account pursuant to Section 4.13(e), all
remaining amounts on deposit in the Accumulation Period Reserve Account (excluding amounts relating to investment earnings and after giving effect to Section 4.13(c)). 

Available Series Principal Collections: With respect to any date, an amount equal to the sum of (i) the Series Principal
Collections for such date, plus (ii) any Shared Principal Collections with respect to other Series in Principal Sharing Group One (including any amounts on deposit in the Excess Funding Account that are allocated to Series 2011-1 pursuant to
the Indenture for application as Shared Principal Collections) for such date, plus (iii) if such date is also a Distribution Date, the amount of any Additional Available Series Principal Collections remaining after application thereof pursuant
to Section 4.04(f) being treated as Available Series Principal Collections on such date plus (iv) the amounts, if any, withdrawn from the Excess Funding Account and applied pursuant to Section 4.04(g), minus (v) the
amount of any Series Principal Collections being treated as Reallocated Principal Collections pursuant to Section 4.06. 
 Average Class A-1 Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class A-1 Note Principal Balance for each day during that period
divided by (b) the number of days in that period. 

  
 5 

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

Back-up Servicing Fee Rate: 0.009% per annum or such other percentage (not to exceed 0.009% without satisfaction of the
Series 2011-1 Rating Agency Condition) as may be specified as such in the Back-up Servicing Agreement. 
 Bloomberg Screen
BTMM Page: The display page currently so designated on the Bloomberg Screen BTMM Page (or such other page as may replace such page in that service for the purpose of displaying comparable rates or prices). 

Class A Invested Amount: As of any date, an amount equal to (a) the Class A Note Principal Balance as of such date,
minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class A Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of
reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class A Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series
Charge-Offs allocable to the Class A Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited
to an amount that would reduce the Class A Invested Amount to zero. 
 Class A Monthly Interest: With respect
to any Interest Period and the related Distribution Date, the sum of the Class A-1 Monthly Interest and the Class A-2 Monthly Interest for such Interest Period and Distribution Date. 

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

Class A Note Initial Principal Balance: $1,250,000,000. 

  
 6 

 Class A-1 Monthly Interest: Has the meaning specified in
Section 4.02(a). 
 Class A-1 Notes: Any one of the Series 2011-1 Floating Rate Asset Backed Notes,
Class A-1 executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class A-1 Note Initial Principal Balance: $500,000,000. 

Class A-1 Note Interest Rate: With respect to any Interest Period, LIBOR for such Interest Period plus 0.87% per annum.

 Class A-1 Note Principal Balance: As of any date, the Class A-1 Note Initial Principal Balance, minus the
aggregate amount of any principal payments made to the Class A-1 Noteholders on or prior to such date. 
 Class A-2
Monthly Interest: Has the meaning specified in Section 4.02(b). 
 Class A-2 Notes: Any one of the
Series 2011-1 Fixed Rate Asset Backed Notes, Class A-2 executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 

Class A-2 Note Initial Principal Balance: $750,000,000. 

Class A-2 Note Interest Rate: With respect to any Interest Period, 2.15% per annum. 

Class A-2 Note Principal Balance: As of any date, the Class A-2 Note Initial Principal Balance, minus the aggregate
amount of any principal payments made to the Class A-2 Noteholders on or prior to such date. 
 Class A Note
Principal Balance: As of any date, the sum of the Class A-1 Note Principal Balance as of such date and the Class A-2 Note Principal Balance as of such date. 
 Class A Noteholder: The Person in whose name a Class A Note is registered in the Note Register. 
 Class B Invested Amount: As of any date, an amount equal to (a) the Class B Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of
Reallocated Principal Collections allocable to the Class B Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date,
but limited to an amount that would reduce the Class B Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class B Notes immediately before such date pursuant to
Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class B Invested Amount to zero. 

  
 7 

 Class B Monthly Interest: Has the meaning specified in Section 4.02(c).

 Class B Note: Any one of the Series 2011-1 Floating Rate Asset Backed Notes, Class B executed by the Issuing Entity
and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class B Note
Initial Principal Balance: $114,890,000. 
 Class B Note Interest Rate: With respect to any Interest Period, LIBOR
for such Interest Period plus 1.15% per annum. 
 Class B Note Principal Balance: As of any date, the Class B Note
Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class B Noteholders on or prior to such date. 
 Class B Noteholder: The Person in whose name a Class B Note is registered in the Note Register. 
 Class C Invested Amount: As of any date, an amount equal to (a) the Class C Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of
Reallocated Principal Collections allocable to the Class C Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date,
but limited to an amount that would reduce the Class C Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class C Notes immediately before such date pursuant to
Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class C Invested Amount to zero. 

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

Class C Note: Any one of the Series 2011-1 Floating Rate Asset Backed Notes, Class C executed by the Issuing Entity and
authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class C Note
Initial Principal Balance: $87,316,000. 
 Class C Note Interest Rate: With respect to any Interest Period, LIBOR for
such Interest Period plus 1.70% per annum. 
 Class C Note Principal Balance: As of any date, the Class C Note
Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class C Noteholders on or prior to such date. 
 Class C Noteholder: The Person in whose name a Class C Note is registered in the Note Register. 

  
 8 

 Class D Invested Amount: As of any date, an amount equal to (a) the Class D Note
Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class D Notes immediately before such date pursuant to Section 4.06 over
(ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class D Invested Amount to zero, minus (c) the excess, if any, of (i) the
cumulative amount of Series Charge-Offs allocable to the Class D Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before
that date, but limited to an amount that would reduce the Class D Invested Amount to zero. 
 Class D Monthly Interest:
Has the meaning specified in Section 4.02(e). 
 Class D Note: Any one of the Series 2011-1 Floating Rate
Asset Backed Notes, Class D executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class D Note Initial Principal Balance: $91,912,000. 
 Class D Note
Interest Rate: With respect to any Interest Period, LIBOR for such Interest Period plus 2.50% per annum. 
 Class D
Note Principal Balance: As of any date, the Class D Note Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class D Noteholders on or prior to such date. 

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

Class E Invested Amount: 
 (a) With respect to the Closing Date, $294,117,295, and 
 (b) with respect to any
subsequent date, an amount equal to 
 (i) the Class E Invested Amount determined as of the immediately preceding
Distribution Date (or, with respect to the initial Distribution Date, the Class E Invested Amount as of the Closing Date); 
 (ii) minus (A) the amount of Reallocated Principal Collections allocable to the Class E Notes pursuant to Section 4.06, if any, since the Distribution Date immediately preceding
such date, but limited to an amount that would reduce the Class E Invested Amount to zero, plus (B) the amount of reimbursements of Reallocated Principal Collections allocable to the Class E Notes pursuant to Section 4.09, if
any, since the Distribution Date immediately preceding such date; 

  
 9 

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

(iv) minus an amount equal to the product of (A) the Subordination Percentage and (B) the increase, if
any, in the Series 2011-1 Excess Funding Amount since the Distribution Date immediately preceding such date; 

(v) plus an amount equal to the product of (A) the Subordination Percentage and (B) the decrease, if any,
in the Series 2011-1 Excess Funding Amount since the Distribution Date immediately preceding such date (to the extent that the Required Nonoverconcentration Pool Balance would not exceed the Nonoverconcentration Pool Balance, any such excess to
become Class E Invested Amount on the date and to the extent that such additions would not result in the Required Nonoverconcentration Pool Balance exceeding the Nonoverconcentration Pool Balance); 

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

(vii) minus an amount equal to the decrease, if any, in the Required Class E Invested Amount as a result of a
change in the Subordination Factor since the Distribution Date immediately preceding such date; 
 (viii)
plus the amount of any Available Series Interest Collections treated as Additional Available Series Principal Collections on such date to ensure that the Class E Invested Amount as of such date is not less than the Required Class E Invested
Amount pursuant to Section 4.04(a)(ix); 
 (ix) minus the aggregate amount of any principal
payments made to the Class E Noteholders since the Distribution Date immediately preceding such date; 
 provided, however, that
in no event shall the Class E Invested Amount as of any date be more than the Required Class E Invested Amount as of such date; provided that the Depositor may at any time and from time to time increase the Class E Invested Amount by allocating a
portion of the Nonoverconcentration Certificate Interest thereto; provided such increase shall not cause the Required Nonoverconcentration Pool Balance to exceed the Nonoverconcentration Pool Balance

  
 10 

 
or cause the Nonoverconcentration Certificate Amount to be less than the Required Nonoverconcentration Certificate Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to
increase the Class E Invested Amount without satisfaction of the Series 2011-1 Rating Agency Condition with respect to each Class of Series 2011-1 Notes in connection therewith if such increase would result in the aggregate amount of all such
increase together with all amounts resulting from a discretionary increase in the Series 2011-1 Subordination Factor and the Reserve Fund exceeding 5.0% of the Note Principal Balance as of the date of such increase. 

Class E Note: Any one of the Series 2011-1 Asset Backed Equity Notes, Class E executed by the Issuing Entity and authenticated by
or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class E Note Initial Principal
Balance: $294,117,295. 
 Class E Note Principal Balance: As of any date, the Class E Note Initial Principal Balance,
minus the aggregate amount of any principal payments made to the Class E Noteholders before such date; provided, however, that the Depositor, at any time and from time to time, may (A) in connection with an increase in the Class E
Invested Amount increase the Class E Note Principal Balance, but not in excess of the increase in the Class E Invested Amount or (B) decrease the Class E Note Principal Balance upon satisfaction of the Series 2011-1 Rating Agency Condition and
obtaining written consent of all of the Class E Noteholders. 
 Class E Noteholder: The Person in whose name a Class E
Note is registered in the Note Register. 
 Closing Date: January 20, 2011. 

Controlled Accumulation Amount: The result of (a) the Note Principal Balance as of the last day of the Revolving Period (less
the amount, if any, already on deposit in the Note Distribution Account to pay principal of the Series 2011-1 Notes as of the close of business on the last day of the Revolving Period) divided by (b) the number of months in the Controlled
Accumulation Period. 
 Controlled Accumulation Period: Unless an Early Amortization Event has occurred prior thereto,
the period beginning on the first day of the July 2013 Collection Period or such later date as is determined in accordance with Section 4.04(h) and ending on the earlier to occur of (a) the close of business on the day immediately
preceding the commencement of the Early Amortization Period and (b) the end of the Collection Period immediately preceding the Distribution Date on which the Note Principal Balance shall be paid in full. 

Controlled Deposit Amount: For any Collection Period with respect to the Controlled Accumulation Period, an amount equal to the
sum of (a) the Controlled Accumulation Amount for such Collection Period and (b) any Deficit Controlled Accumulation Amount for the immediately preceding Collection Period. 

  
 11 

 Covered Amount: As of any Distribution Date on which the Servicer calculates the
Accumulation Period Reserve Draw Amount pursuant to Section 4.13(c), an amount equal to the product of (a) (i) the actual number of days in the related Collection Period divided by (ii) 360, times, (b) the product of
(i) the amounts on deposit in the Note Distribution Account being accumulated to pay the principal on the Series 2011-1 Notes as of the immediately preceding Distribution Date (excluding amounts relating to investment earnings and after giving
effect to any deposit or withdrawals therein on such preceding Distribution Date), times (ii) 0% (or a lower percentage upon satisfaction of the Series 2011-1 Rating Agency Condition with respect to the Series 2011-1 Notes). 

Deficit Controlled Accumulation Amount: (a) for the Collection Period immediately preceding the Controlled Accumulation
Period, zero, and (b) for any Collection Period in the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such Collection Period over the amount deposited into the Note Distribution Account with respect to
such Collection Period. 
 Determination Date: The tenth day of each calendar month, or if such tenth day is not a
Business Day, the next succeeding Business Day. 
 Distribution Date: February 15, 2011, and the 15th day of each
calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
 Early Amortization
Period: The period beginning on the first day on which an Early Amortization Event with respect to Series 2011-1 occurs and ending on the earlier to occur of (a) the end of the Collection Period immediately preceding the Distribution Date
on which the Note Principal Balance shall be paid in full and (b) the Series 2011-1 Legal Maturity Date. 
 Excess
Interest Collections: With respect to Series 2011-1, the meaning specified in Section 4.07. 
 Fixed Series
Percentage: With respect to any date, the percentage equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the Net Invested Amount as of such date or, if the Revolving Period is no longer in effect, as of the close of
business on the last day of the Revolving Period and (b) the denominator of which is the greater of (i) the Adjusted Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection
Period (or, in the case of the first Collection Period, the Closing Date) and (ii) the sum of the numerators used to calculate the applicable fixed series percentages for allocating Nonoverconcentration Principal Collections to all outstanding
Series (including Series 2011-1) with respect to such date. 
 Floating Series Percentage: With respect to any Collection
Period, the percentage equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the Average Net Invested Amount for that Collection Period and (b) the denominator of which is the greater of (i) the average of the
Adjusted Nonoverconcentration Pool Balance for each day during such 

  
 12 

 
Collection Period and (ii) the sum of the numerators used to calculate the applicable floating series percentages for allocating Nonoverconcentration Interest Collections to all outstanding
Series (including Series 2011-1) with respect to such Collection Period. 
 Indenture: The Indenture, dated as of
February 12, 2010, between the Issuing Entity and the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 
 Indenture Supplement: This Series 2011-1 Indenture Supplement, as the same may be amended, supplemented or otherwise modified from time to time. 

Initial Invested Amount: With respect to the Series 2011-1 Notes, the Initial Note Principal Balance. 

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

Insolvency Event of Default: With respect to the Series 2011-1, any Event of Default specified in Sections 6.02(e)
or (f). 
 Interest Collections Shortfall: Has, with respect to Series 2011-1, the meaning specified in
Section 4.07. 
 Interest Period: With respect to any Distribution Date, the period from and including the
Distribution Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date. 

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

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

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

  
 13 

 LIBOR: With respect to any Interest Period, the London interbank offered rate for
one-month United States dollar deposits determined by the Indenture Trustee for such Interest Period pursuant to Section 4.12. 
 LIBOR Determination Date: With respect to any Interest Period, the second London Business Day before the commencement of such Interest Period. 

London Business Day: Any day other than a Saturday, Sunday or any other day on which banks in London are required or authorized to
be closed for business. 
 Majority of Manufacturers: Two or more Manufacturers that the aggregate amount of all Eligible
Principal Receivables held by the Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufactured by one of those Manufacturers is 50.0% or more of the Pool Balance. 

Monthly Back-up Servicing Fee: With respect to any Distribution Date on which the Back-up Servicing Agreement is in effect, an
amount equal to the greater of (a) one-twelfth (or, with respect to the first Distribution Date, 60/360) of the product of (i) the Back-up Servicing Fee Rate, (ii) the Floating Series Percentage for the related Collection Period and
(iii) the Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection Period and (b) $4,000. 
 Monthly Interest: With respect to any Distribution Date, the sum of (a) the Class A Monthly Interest for such Distribution Date, plus (b) the Class B Monthly Interest for such
Distribution Date, plus (c) the Class C Monthly Interest for such Distribution Date, plus (d) the Class D Monthly Interest for such Distribution Date. 
 Monthly Nonoverconcentration Defaulted Amount: With respect to any Collection Period, the aggregate of Nonoverconcentration Defaulted Amounts for each day in that Collection Period. 

Monthly Payment Rate: For any Collection Period, the percentage equivalent of a fraction (a) the numerator of which is
the Principal Collections for such Collection Period with respect to Principal Receivables arising under the Scheduled Accounts and (b) the denominator of which is the average daily aggregate principal balance of all Principal Receivables
arising under the Scheduled Accounts during such Collection Period.  
 Monthly Principal Amount: With respect to
any Collection Period, the amount required to be deposited into the Note Distribution Account with respect to that Collection Period in respect of the Series 2011-1 Notes as determined pursuant to Section 4.03. 

Monthly Servicing Fee: With respect to any Distribution Date, an amount equal to one-twelfth (or, with respect to the first
Distribution Date, 60/360) of the product of (a) the Servicing Fee Rate, (b) the Floating Series Percentage for the related Collection Period and (c) the Nonoverconcentration Pool Balance as of the close of business on the last day of
the immediately preceding Collection Period. 

  
 14 

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

 Net Invested Amount: With respect to the Series 2011-1 Notes as of any date of determination, the sum of (a) the
Net Investor Invested Amount as of such date and (b) the excess, if any, of (i) the Class E Invested Amount as of such date over (ii) the Note Distribution Account Amount allocated to pay principal of the Class E Notes, if any, on
such date. 
 Net Investor Invested Amount: With respect to the Investor Notes as of any date of determination, the
excess, if any, of (i) the Investor Invested Amount as of such date over (ii) the Note Distribution Account Amount allocated to pay principal of the Investor Notes, if any, on such date. 

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

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

Note Principal Balance: As of any date of determination, the sum of the Investor Note Principal Balance on such date and the Class
E Note Principal Balance on such date. 
 Principal Sharing Group One: Series 2011-1 and each other Series specified in
the related Indenture Supplements to be included in Principal Sharing Group One. 
 Principal Shortfall: With respect to
Series 2011-1, the meaning specified in Section 4.08. 
 Rating Agency: Has the meaning set forth in the
Ratings Free Writing Prospectus. 
 Ratings Free Writing Prospectus: The issuer free writing prospectus, as defined in
Rule 433 of the Securities Act, filed by the Depositor on January 11, 2011, relating to the Series 2011-1 Notes. 

Reallocated Principal Collections: With respect to any Distribution Date, the amounts applied in accordance with
Section 4.06 in an amount not to exceed: 
 (a) with respect to amounts to be applied to pay Monthly
Servicing Fees, Monthly Back-up Servicing Fees, and Class A Monthly Interest, the sum of the Class A Invested Amount, the Class B Invested Amount, Class C Invested Amount, Class D Invested Amount and Class E Invested Amount for that
Distribution Date (in each case, after giving effect to any change in that amount on that date); 

  
 15 

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

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

(d) with respect to amounts to be applied to pay Class D Monthly Interest, the sum of the Class D Invested Amount and the
Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clauses (a), (b) and (c) above). 
 Reassignment Amount: With respect to any Distribution Date, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date, the sum of (a) the Note
Principal Balance on such Distribution Date, plus (b) the Monthly Interest for such Distribution Date, together with any Monthly Interest previously due but not paid to the Series 2011-1 Noteholders on prior Distribution Dates. 

Required Accumulation Factor Number: A fraction, rounded upwards to the nearest whole number, the numerator of which is one and
the denominator of which is equal to the lowest Monthly Payment Rate on the Accounts, expressed as a decimal, for the 12 months preceding the date of such calculation; provided, however, that this definition may be changed at any time
upon receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such change shall not have an Adverse Effect. 
 Required Class E Invested Amount: As of any Distribution Date, the product of (i) the Subordination Percentage and (ii) the excess, if any, of (A) (1) with respect to any
Distribution Date occurring during the Controlled Accumulation Period or the Early Amortization Period, the Net Investor Invested Amount as of the last day of the Revolving Period, and (2) with respect to any Distribution Date occurring during
the Revolving Period, the Net Investor Invested Amount as of such Distribution Date, over (B) the Series 2011-1 Excess Funding Amount on such date (after giving effect to any changes in such amount on such date). 

Required Pool Percentage: 102%, except that the Depositor may reduce this percentage so long as the Series 2011-1 Rating Agency
Condition is satisfied with respect to the Series 2011-1 Notes, but without the consent of any Noteholder or any other Person. 

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

Reserve Fund Available Amount: With respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve
Fund on such date (excluding any net investment earnings 

  
 16 

 
on amounts on deposit therein and before giving effect to any (i) deposit made or to be made therein pursuant to Section 4.04(a) on such date or (ii) any withdrawal made or
to be made therefrom pursuant to Section 4.04(b)(ii) on such date) and (b) the Reserve Fund Required Amount for such Distribution Date. 
 Reserve Fund Deposit Amount: With respect to any Distribution Date, the excess, if any, of (a) the Reserve Fund Required Amount for such Distribution Date, over (b) the Reserve Fund
Available Amount for such Distribution Date. 
 Reserve Fund Initial Amount: $18,382,353. 

Reserve Fund Required Amount: With respect to any Distribution Date, an amount equal to the product of Reserve Fund Required
Percentage and the Invested Amount as of such Distribution Date (after giving effect to any changes therein on such Distribution Date); provided, however, that the Depositor may, in its discretion, increase or, upon satisfaction of the
Series 2011-1 Rating Agency Condition, decrease the Reserve Fund Required Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Reserve Fund Required Amount in its discretion without satisfaction of the Series
2011-1 Rating Agency Condition if such increase would result in the aggregate amount of all such increases together with all amounts added to the Class E Invested Amount and all amount resulting from a discretionary increase in the Class E Invested
Amount or in the Subordination Factor exceeding 5.0% of the Note Principal Balance as of the date of such increase 
 Reserve
Fund Required Percentage: As of any date, 1.00%; provided, however, that in the event the Subordination Factor would otherwise be required to increase as a result of a decrease in the Monthly Payment Rate in accordance with the definition of
Subordination Factor, the Depositor may by delivering an Officer’s Certificate to the Indenture Trustee and the Rating Agencies prior to the date such increase was to become effective, elect to increase the Reserve Fund Required Percentage in
an amount in percentage points equal to (i) an additional 2.20% rather than increasing the Subordination Factor by 2.72% pursuant to clause (i) of the first proviso of the definition of Subordination Factor, (ii) an additional 2.40%
rather than increasing the Subordination Factor by 2.97% pursuant to clause (ii) of the first proviso of the definition of Subordination Factor or (iii) an additional 2.65% rather than increasing the Subordination Factor by 3.28% pursuant
to clause (iii) of the first proviso of the definition of Subordination Factor. In the event that the Depositor shall elect to so increase the Reserve Fund Required Percentage rather than the Subordination Factor, any increase in the Monthly
Payment Rate that otherwise would have resulted in a decrease in the Subordination Factor will alternatively result in corresponding decrease in the Reserve Fund Required Percentage to the extent that the Reserve Fund Required Percentage had been
increased rather than making the corresponding increase in the Subordination Factor. The election of the Depositor to increase the Reserve Fund Required Percentage rather than increasing the Subordination Factor shall be deemed not to be a
discretionary increase. 

  
 17 

 Reserve Fund Trigger Amount: As of any date, an amount equal to the product of 1.00%
and the Invested Amount on such date (after giving effect to any changes therein on such date); provided, however, that, if the Reserve Fund Required Amount has been increased solely as a result of the decrease in the Three Month Average Payment
Rate, then with respect to that Distribution Date and each Distribution Date thereafter until the amount on deposit in the Reserve Fund equals the Reserve Fund Required Amount, the Reserve Fund Trigger Amount will equal $0. 

Revolving Period: The period beginning on the Closing Date and ending on the earlier of the close of business on the day
immediately preceding the date on which the Controlled Accumulation Period or the Early Amortization Period commences. 

Series 2011-1: The Series of Notes, the Principal Terms of which are specified in this Indenture Supplement. 

Series 2011-1 Early Amortization Event: Has the meaning specified in Section 6.01. 

Series 2011-1 Excess Funding Amount: As of any date of determination, the product of (a) the amount on deposit in the Excess
Funding Account (excluding amounts relating to investment earnings) on such date, times (b) a fraction (i) the numerator of which is the Net Invested Amount as of such date and (ii) the denominator of which is the sum of the net
invested amounts of each outstanding Nonoverconcentration Series (including Series 2011-1) being allocated a portion of the funds on deposit in the Excess Funding Account. 
 Series 2011-1 Event of Default: Has the meaning specified in Section 6.02. 
 Series 2011-1 Expected Maturity Date: The January 2014 Distribution Date. 

Series 2011-1 Insolvency Event of Default: The Series 2011-1 Events of Default set forth in clauses (e) or
(f) of Section 6.02. 
 Series 2011-1 Issuing Entity Insolvency Event of Default: The Series
2011-1 Event of Default set forth in clause (f) of Section 6.02. 
 Series 2011-1 Legal Maturity
Date: The January 2016 Distribution Date. 
 Series 2011-1 Note: A Class A Note, a Class B Note, a Class C Note,
a Class D Note or a Class E Note. 
 Series 2011-1 Noteholder: A Class A Noteholder, a Class B Noteholder, a Class C
Noteholder, a Class D Noteholder or a Class E Noteholder. 
 Series 2011-1 Noteholders’ Collateral: The
Noteholders’ Collateral for the Series 2011-1. 

  
 18 

 Series 2011-1 Private Notes: The Series 2011-1 Class B Notes, the Series 2011-1 Class
C Notes, the Series 2011-1 Class D Notes and the Series 2011-1 Class E Notes. 
 Series 2011-1 Rating Agency Condition:
The condition that each of the Rating Agencies with respect to the Series 2011-1 Notes shall have notified the Depositor, the Servicer and the Issuing Entity in writing that such action shall not result in a downgrade, suspension or withdrawal of
the then current rating of the Series 2011-1 Notes then rated by such Rating Agency. 
 Series Accounts: With respect to
Series 2011-1, the Note Distribution Account, the Reserve Fund and the Accumulation Period Reserve Account. 
 Series
Charge-Offs: Has the meaning specified in Section 4.05. 
 Series Collateral: Has the meaning specified
in the granting clauses of this Indenture Supplement. 
 Series Cut-Off Date: The close of business on December 1,
2010. 
 Series Defaulted Amount: With respect to any Distribution Date, the amount of the Nonoverconcentration Defaulted
Amount for the related Collection Period allocated to the Series 2011-1 pursuant to Section 4.01(d). 
 Series
Defaulted Percentage: With respect to any Collection Period, the Floating Series Percentage. 
 Series Interest
Collections: With respect to any Distribution Date, the amount of Nonoverconcentration Interest Collections for the related Collection Period (and, in the case of the initial Distribution Date, the prior Collection Period) allocated to the
Series 2011-1 pursuant to Section 4.01(b). 
 Series Interest Percentage: With respect to any Collection
Period, the Floating Series Percentage. 
 Series Principal Collections: With respect to any date, the amount of the
Nonoverconcentration Principal Collections for that date allocated to the Series 2011-1 pursuant to Section 4.01(c). 
 Series Principal Percentage: For any date, the Fixed Series Percentage. 

Series Required Certificate Amount: On any date, the product of (a) the excess, if any, of (i) the Required Pool
Percentage over (ii) 100% and (b) the Net Invested Amount on that date. 
 Shared Principal Collections: With
respect to Series 2011-1, has the meaning specified in Section 4.08. 

  
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 Significant Manufacturer: As of any date, a Manufacturer that the aggregate amount of
all Eligible Principal Receivables held by the Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufacturer by such Manufacturer is 35.0% (or, in the case of Chrysler, 25.0%) or more of the Pool Balance.

 Special Pass-Through Entity: A grantor trust, S corporation, or partnership where more than 50% of the value of a
beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Class B Note, Class C Note, and/or Class D Note, as applicable. 

Subordination Factor: As of any date, 16.00%; provided, however, that if on any Distribution Date, the Three Month
Average Payment Rate is (i) less than 25.00% but greater than or equal to 22.50%, (ii) less than 22.50% but greater than or equal to 20.00%, or (iii) less than 20.00%, then on the next Distribution Date, the Subordination Factor shall
be increased by (i) 2.72% over what it would have been had the Three Month Average Payment Rate been greater than or equal to 25.00%, (ii) 2.97% over what it would have been had the Three Month Average Payment Rate been less than 25.00%
but greater than or equal to 22.50%, or (iii) 3.28% over what it would have been had the Three Month Average Payment Rate been less than 22.50% but greater that or equal 20.00%, respectively; provided, however, that if after any
such increase in the Subordination Factor, on any Distribution Date the Three Month Average Payment Rate as of Distribution Date is, and the Three Month Average Payment Date with respect to each of the two prior Distribution Dates was,
(i) greater than or equal 20.00% but less than 22.50%, (ii) greater than or equal to 22.50% but less than 25.00% or (iii) greater than or equal to 25.00%, then on the next Distribution Date, the Subordination Factor shall be decreased
by (i) 3.28% over what it would have been had the Three Month Average Payment Rate been less than 20.00%, (ii) 2.97% over what it would have been had the Three Month Average Payment Rate been less than 22.50% but greater than or equal to
20.00% or (iii) 2.72% over what it would have been had the Three Month Average Payment Rate been less than 25.00% but greater than or equal to 22.50%, respectively; provided, further, that the Depositor may, by delivering an
Officer’s Certificate to the Indenture Trustee and the Rating Agencies prior to the date such increase was to become effective, elect to increase the Reserve Fund Required Percentage by an additional amount in percentage points equal to 2.20%,
2.40%, or 2.65%, as applicable, pursuant to the proviso in the definition of “Reserve Fund Required Percentage” rather than increasing the Subordination Factor by an additional 2.72%, 2.97%, or 3.28%, respectively. In addition, the
Depositor may (a) in its discretion increase the Subordination Factor, increasing the Subordination Percentage and thereby increasing the Class E Invested Amount and the Class E Principal Amount by an amount equal to the product of (i) the
increase in the Subordination Percentage and (ii) the excess, if any, of (A) the Net Invested Amount over (B) the Series 2011-1 Excess Funding Amount on such date (after giving effect to any changes in such amount on such date);
provided such increase shall not cause the Required Nonoverconcentration Pool Balance to exceed the Nonoverconcentration Pool Balance or cause the Nonoverconcentration Certificate Amount to be less than the Required Nonoverconcentration Certificate
Amount or (b) upon satisfaction of the Series 2011-1 Rating Agency Condition with 

  
 20 

 
respect to each Class of Series 2011-1 Notes in connection therewith, decrease the Subordination Factor, with corresponding decreases in the Subordination Percentage, the Class E Invested Amount
and the Class E Principal Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Subordination Factor in its discretion without satisfaction of the Series 2011-1 Rating Agency Condition with respect to each Class
of Series 2011-1 Notes in connection therewith if such increase would result in the aggregate amount of all such increases together with discretionary increases in the Class E Invested Amount and the Reserve Fund exceeding 5.0% of the Note Principal
Balance as of the date of such increase. 
 Subordination Percentage: As of any date, an amount (expressed as a
percentage) equal to (a) the Subordination Factor divided by (b) the result of 100% minus the Subordination Factor. 

Three Month Average Payment Rate: As of any Distribution Date, the arithmetic average of the Monthly Payment Rate determined with
respect to each of the three Collection Periods immediately preceding such Distribution Date. 
 SECTION 2.02 Other
Definitional Provisions. 
 (a) Certain capitalized terms used but not otherwise defined in this Indenture Supplement shall
have the respective meanings assigned to them in Part I of the Appendix A to the Trust Sale and Servicing Agreement, dated as of February 12, 2010 (the “Trust Sale and Servicing Agreement”), among Ally Master
Owner Trust, Ally Wholesale Enterprises LLC, Ally Bank, and Ally Financial Inc. (formerly GMAC Inc.) (“Ally Financial”), as amended, supplemented, restated or otherwise modified from time to time. 

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

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

ARTICLE III 

SERVICING FEE 
 SECTION 3.01 Servicing Compensation. 
 The share of the Servicing Fee
and the Back-up Servicing Fee, respectively, allocable to the Series 2011-1 Noteholders with respect to any Distribution Date is equal to the Monthly Servicing Fee and the Monthly Back-up Servicing Fee, respectively. The portion of the Servicing Fee
and Back-up Servicing Fee that is not allocable to the Series 2011-1 Noteholders shall be 

  
 21 

 
paid by the holders of the Certificate Interest or the Noteholders of other Series (as provided in the related Indenture Supplements) and in no event shall the Issuing Entity, the Indenture
Trustee or the Series 2011-1 Noteholders be liable for the share of the Servicing Fee or the Back-up Servicing Fee to be paid by the holders of the Certificate Interest or the Noteholders of any other Series. 

ARTICLE IV 

RIGHTS OF SERIES 2011-1 NOTEHOLDERS 
 AND ALLOCATION AND APPLICATION OF COLLECTIONS 
 SECTION 4.01
Collections and Allocations. 
 (a) Allocations to Series 2011-1. As provided in Section 8.4(a) of the
Indenture, Nonoverconcentration Interest Collections, Nonoverconcentration Principal Collections and Nonoverconcentration Defaulted Amounts shall be allocated to Series 2011-1 and then applied in accordance with this Article IV. No
Overconcentration Interest Collections, Overconcentration Principal Collections or Overconcentration Defaulted Amounts shall be allocated to the Series 2011-1. 
 (b) On each Determination Date beginning on the Determination Date in February 2011, the Servicer shall allocate to the Series 2011-1 an amount of Nonoverconcentration Interest Collections for the related
Collection Period (and, in the case of the initial Distribution Date, the prior Collection Period) equal to the product of (i) the Series Interest Percentage for the related Collection Period, and (ii) the Nonoverconcentration Interest
Collections for such Collection Period; provided, however, that for purposes of calculating the Series Interest Percentage for this Section 4.01(b), the Series 2011-1 Notes shall be deemed to have been outstanding since the
Series Cut-Off Date. 
 (c) On each Business Day beginning on the Closing Date, the Servicer shall allocate to the Series 2011-1
an amount of Nonoverconcentration Principal Collections for that date equal to the product of (i) the Series Principal Percentage for that date and (ii) the Nonoverconcentration Principal Collections for such that date. 

(d) On each Determination Date beginning on the Determination Date in February 2011, the Servicer shall allocate to the Series 2011-1 an
amount of the Nonoverconcentration Defaulted Amount for the related Collection Period equal to the product of (i) the Series Defaulted Percentage for the related Collection Period and (ii) the Monthly Nonoverconcentration Defaulted Amount
for the related Collection Period. 
 SECTION 4.02 Determination of Monthly Interest. 

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

  
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 (b) The amount of monthly interest due with respect to the Class A-2 Notes for any
Distribution Date and the related Interest Period (the “Class A-2 Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) one-twelfth (or, in the case of the February 2011
Distribution Date, a fraction, the numerator of which is 25 and the denominator of which is 360, times (ii) the Class A-2 Note Interest Rate, times (iii) the Average Class A-2 Note Principal Balance for the related Interest
Period. 
 (c) The amount of monthly interest due with respect to the Class B Notes for any Distribution Date and the related
Interest Period (the “Class B Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest
Period and the denominator of which is 360, times (ii) the Class B Note Interest Rate, times (iii) the Average Class B Note Principal Balance for the related Interest Period. 

(d) The amount of monthly interest due with respect to the Class C Notes for any Distribution Date and the related Interest Period (the
“Class C Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the
denominator of which is 360, times (ii) the Class C Note Interest Rate, times (iii) the Average Class C Note Principal Balance for the related Interest Period. 
 (e) The amount of monthly interest due with respect to the Class D Notes for any Distribution Date and the related Interest Period (the “Class D Monthly Interest”) shall be calculated by
the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (ii) the Class D Note Interest Rate,
times (iii) the Average Class D Note Principal Balance for the related Interest Period. 
 SECTION 4.03
Determination of Monthly Principal Amount. 
 The amount of monthly principal to be deposited into the Note Distribution
Account with respect to any Collection Period in the Controlled Accumulation Period or, if earlier, any Collection Period or portion thereof in the Early Amortization Period (the “Monthly Principal Amount”), shall be equal to the
least of (a) the sum of (i) the Available Series Principal Collections for the related Distribution Date, (ii) Additional Available Series Principal Collections for the related Distribution Date and (iii) any Series 2011-1 Excess
Funding Amount with respect to such period, (b) for each Collection Period with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Collection Period, and (c) the Net Invested Amount (after taking into
account any adjustments to be made on the related Distribution Date pursuant to Sections 4.05 and 4.06). 

  
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 SECTION 4.04 Application of Available Funds on Deposit in Collection Account and
Other Sources. 
 (a) On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee to apply by
written instruction to the Indenture Trustee, Available Series Interest Collections with respect to such Distribution Date on deposit in the Collection Account to make the following distributions or deposits in the following priority: 

(i) first, an amount equal to the Monthly Servicing Fee for such Distribution Date, together with any Monthly Servicing
Fees previously due but not paid to the Servicer on prior Distribution Dates, shall be distributed to the Servicer (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4 of the
Indenture); second, pro rata, an amount equal to the accrued and unpaid fees, expenses and indemnities owed to the Indenture Trustee, the Owner Trustee, the Administrator and any other fees or expenses of the Issuing Entity payable by the Servicer
or the Administrator (to the extent not paid by the Servicer or the Administrator) shall be distributed to the Indenture Trustee, the Owner Trustee, the Administrator, or the Person to whom such payment is owed, as applicable, provided that
the amount distributed pursuant to this clause second shall not exceed $150,000 in any calendar year; third, an amount equal to the Monthly Back-up Servicing Fee for such Distribution Date, together with any Monthly Back-up Servicing Fees previously
due but not paid to the Back-up Servicer on prior Distribution Dates, shall be distributed to the Back-up Servicer; 
 (ii) an amount equal to the Class A Monthly Interest for such Distribution Date, together with any Class A Monthly Interest previously due but not paid to the Class A Noteholders on prior
Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class A Noteholders, pro rata, between the Class A-1 Noteholders and the Class A-2 Noteholders; 

(iii) an amount equal to the Class B Monthly Interest for such Distribution Date, together with any Class B Monthly
Interest previously due but not paid to the Class B Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class B Noteholders; 

(iv) an amount equal to the Class C Monthly Interest for such Distribution Date, together with any Class C Monthly
Interest previously due but not paid to the Class C Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class C Noteholders; 

(v) an amount equal to the Class D Monthly Interest for such Distribution Date, together with any Class D Monthly Interest
previously due but not paid to the Class D Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class D Noteholders; 

(vi) an amount equal to the Series Defaulted Amount for such Distribution Date shall be treated as Additional Available
Series Principal Collections for such Distribution Date; 

  
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 (vii) an amount equal to the sum of Series Charge-Offs that have not been
previously reimbursed shall be treated as Additional Available Series Principal Collections for such Distribution Date; 
 (viii) the amount equal to the sum of Reallocated Principal Collections that have not been previously reimbursed shall be treated as Additional Available Series Principal Collections for such Distribution
Date; 
 (ix) the amount necessary to cause the Class E Invested Amount to not be less than the Required Class E
Invested Amount shall be treated as Additional Available Series Principal Collections for such Distribution Date; 
 (x) an amount equal to the Reserve Fund Deposit Amount for such Distribution Date shall be deposited into the Reserve Fund; 

(xi) beginning on the Accumulation Period Reserve Account Funding Date, an amount equal to the Accumulation Period Reserve
Account Deposit Amount for such Distribution Date shall be deposited into the Accumulation Period Reserve Account; 
 (xii) the amount required to repay the Servicer for all outstanding Servicer Advances made in respect of the Series 2011-1 Notes shall be distributed to the Servicer (unless such amount has been netted
against deposits into the Collection Account in accordance with Section 8.4 of the Indenture); 

(xiii) pro rata, the amounts required to pay any remaining fees, expenses, indemnities or other amounts required to be
paid pursuant to clause second of subsection (i) above but not paid as a result of the proviso thereto, the amount required to reimburse the Back-up Servicer for all unpaid Servicer Transition Costs in excess of the amounts reimbursed by funds
from the Servicer Termination Costs Reserve Account and the amount required to reimburse the Back-up Servicer for all unpaid amounts due to the Back-up Servicer pursuant to the Back-up Servicing Agreement shall be distributed to the applicable
person; 
 (xiv) an amount equal to the Interest Collections Shortfalls for other outstanding Series in Excess
Interest Sharing Group One shall be treated as Excess Interest Collections available from Series 2011-1 and applied to cover the Interest Collections Shortfalls for other outstanding Series in Excess Interest Sharing Group One; and 

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

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

(iii) third, from the Reallocated Principal Collections for such Distribution Date, but only to cover shortfalls in the
distributions required under clauses (i) through (v) of Section 4.04(a) in that order; and 
 (iv) fourth, from the Servicer to the extent that the Servicer, in its sole discretion, decides to make an advance, but only to cover shortfalls in the distributions and deposits required under clauses
(i) through (xi) of Section 4.04(a) in that order, and only to the extent that the Servicer expects to recover such advances (each, a “Servicer Advance”) pursuant to Section 4.04(a)(xii)
on subsequent Distribution Dates. 
 (c) On each Business Day with respect to the Revolving Period, the Servicer shall apply, or
direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date as Shared Principal Collections with respect to Principal Sharing Group One and applied in accordance with
Section 4.08 hereof and Section 8.5(c) of the Indenture. 
 (d) On each Business Day with respect to the
Controlled Accumulation Period, the Servicer shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date to make the following distributions or deposits
in the following priority: 
 (i) first, an amount equal to the excess, if any, of (A) the Monthly Principal
Amount for the related Collection Period over (B) the amount previously deposited during that Collection Period for the payment of principal to the Noteholders shall be deposited into the Note Distribution Account for payment of principal to
the Noteholders; and 

  
 26 

 (ii) second, any remaining amounts shall be treated as Shared Principal
Collections with respect to Principal Sharing Group One and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 
 (e) On each Business Day with respect to the Early Amortization Period, the Servicer shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series
Principal Collections for such date to make the following distributions or deposits in the following priority: 

(i) first, the amount necessary to reduce the Note Principal Balance to zero, but not more than the amount that would
reduce the Invested Amount to zero, shall be deposited into the Note Distribution Account for payment of principal to the Noteholders in accordance with Section 5.02(b); and 

(ii) second, any remaining amounts shall be treated as Shared Principal Collections with respect to Principal Sharing
Group One and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 
 (f)
On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee to apply by written instructions to the Indenture Trustee, Additional Available Series Principal Collections, if any, (i) first, to make the applications of
Additional Available Series Principal Collections required pursuant to Section 4.06, (ii) second, to make the deposits and distributions required to be made during the related Collection Period pursuant to Sections 4.04(c),
(d) and (e) that have not otherwise been made as of such Distribution Date, and (iii) third, any remaining Additional Available Series Principal Collections shall be treated as Available Series Principal Collections for
such date. 
 (g) On the first Business Day of the earlier to occur of the Controlled Accumulation Period and the Early
Amortization Period, the Indenture Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the Excess Funding Account and apply in accordance with Sections 4.04(d) or (e), as applicable, an amount
equal to the lesser of (i) the Series 2011-1 Excess Funding Amount for such date and (ii) the amount required to be deposited or distributed on that date pursuant to Section 4.04(d)(i) or 4.04(e)(i), as applicable that
was not previously deposited or distributed on that date. 
 (h) The Controlled Accumulation Period is scheduled to commence on
the first day of the July 2013 Collection Period; provided, however, that, if the Accumulation Period Length (determined as described below) is less than six Collection Periods, the date on which the Controlled Accumulation Period
actually commences shall be delayed to the first day of the Collection Period that is the number of whole Collection Periods before the Series 2011-1 Expected Maturity Date at least equal to the Accumulation Period Length and, as a result, the
number of Collection Periods in the Controlled Accumulation Period shall at least equal the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the June 2013 Collection Period and ending when the
Controlled Accumulation Period begins, the Servicer shall determine the “Accumulation Period Length” as of such Determination Date, which shall equal the number of whole Collection Periods such that

  
 27 

 
the sum of the Accumulation Period Factors for each Collection Period during such period shall be equal to or greater than the Required Accumulation Factor Number; provided,
however, that the Accumulation Period Length shall not be determined to be less than one Collection Period. If the number of whole Collection Periods remaining after such Determination Date and before the Series 2011-1 Expected Maturity Date
is less than or equal to the Accumulation Period Length calculated as of such Determination Date, the Controlled Accumulation Period shall commence on the first day of the following Collection Period; provided, however, if such number
of Collection Periods is greater than such Accumulation Period Length, the commencement of the Controlled Accumulation Period shall be delayed until at least the next Determination Date, at which time the Accumulation Period Length shall be
recalculated as described above. 
 (i) All distributions that are deposited by the Indenture Trustee into the Certificate
Distribution Account for distribution to the holders of the Certificate pursuant to this Indenture Supplement shall be made in accordance with such written remittance instructions as may be provided to the Indenture Trustee by the Depositor from
time to time. 
 (j) Notwithstanding any other provision of this Indenture Supplement or the Indenture, if any amount is
required to be deposited into any Series Account or other account pursuant to this Indenture Supplement and all or part of the amount of such deposit is to be deposited into another account or otherwise distributed on that date, such amount may be
deposited directly into the applicable subsequent account or distributed directly to the applicable recipient without first being deposited into the initial Series Account or account. 

(k) If an increase in the Subordination Factor is to occur on the next Distribution Date, the Required Nonoverconcentration Pool Balance
for purposes of Section 8.3 of the Indenture as of such Distribution Date and on each subsequent date until the Distribution Date on which such increase takes effect shall be calculated as if the increase in the Subordination Factor has
already occurred. 
 SECTION 4.05 Series Charge-Offs. 

(a) On each Determination Date, the Servicer shall calculate the Series Defaulted Amount, if any, for the related Distribution Date. If
the Series Defaulted Amount for any Distribution Date exceeds the sum of: 
 (i) the Available Series Interest
Collections for such Distribution Date applied to fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi); 
 (ii) the Excess Interest Collections available from other outstanding Series in Excess Interest Sharing Group One for such Distribution Date applied to fund such Series Defaulted Amount pursuant to
Section 4.04(a)(vi) in accordance with Section 4.04(b)(i); 
 (iii) the Reserve Fund
Available Amount for such Distribution Date applied to fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi) in accordance with Section 4.04(b)(ii) (after giving effect to the application of such amounts to items
(i) through (v) in Section 4.04(a)); and; 

  
 28 

 (iv) the amount of Servicer Advances for such Distribution Date applied to
fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi) in accordance with Section 4.04(b)(iv); 
 then, a
“Series Charge-Off” in the amount of such excess shall exist for such Distribution Date and shall reduce the Invested Amount. 
 (b) The reduction in the Invested Amount for such Distribution Date due to such Series Charge-Off shall be allocated as follows: 

(i) first, the Class E Invested Amount shall be reduced by the amount of such reduction until the Class E Invested Amount
is reduced to zero; then 
 (ii) second, the Class D Invested Amount shall be reduced by any remaining amount
until the Class D Invested Amount is reduced to zero; then 
 (iii) third, the Class C Invested Amount shall be
reduced by any remaining amount until the Class C Invested Amount is reduced to zero; then 
 (iv) fourth, the
Class B Invested Amount shall be reduced by any remaining amount until the Class B Invested Amount is reduced to zero; and then 
 (v) fifth, the Class A Invested Amount shall be reduced by any remaining amount until the Class A Invested Amount is reduced to zero. 

SECTION 4.06 Reallocated Principal Collections. 
 On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee by written instruction to the Indenture Trustee to apply the portion of Reallocated Principal Collections specified in
Section 4.04(b)(iii) from the following sources and in the following order of priority, (i) first, Additional Available Series Principal Collections for that Distribution Date available in accordance with
Section 4.04(f), (ii) second, Series Principal Collections for that date, and (iii) third, amounts on deposit in the Note Distribution Account for the payment of principal (first for the Class E Notes, then for the Class D
Notes, then for the Class C Notes, then for the Class B Notes and then for the Class A Notes), but not in excess of the amounts specified in the definition of “Reallocated Principal Collections,” in accordance with
Section 4.04(b)(iii). If, on any Distribution Date, Reallocated Principal Collections for such Distribution Date are so applied, then, the Invested Amount shall be reduced by the amount of such application and, if such amounts are from
withdrawals from the Note Distribution Account, those amounts shall be deemed not to have been allocated or deposited into the Note Distribution Account for purposes of this Indenture Supplement. The reduction in the Invested Amount for such
Distribution Date due to the application of such Reallocated Principal Collections shall be allocated as follows: 
 (a) first,
the Class E Invested Amount shall be reduced by the amount of such reduction until the Class E Invested Amount is reduced to zero; then 

  
 29 

 (b) second, the Class D Invested Amount shall be reduced by any remaining amount until the
Class D Invested Amount is reduced to zero; then 
 (c) third, the Class C Invested Amount shall be reduced by any remaining
amount until the Class C Invested Amount is reduced to zero; then 
 (d) fourth, the Class B Invested Amount shall be reduced by
any remaining amount until the Class B Invested Amount is reduced to zero; and then 
 (e) fifth, the Class A Invested
Amount shall be reduced by any remaining amount until the Class A Invested Amount is reduced to zero. 
 SECTION 4.07
Excess Interest Collections. 
 Subject to Section 8.05(b) of the Indenture, Excess Interest Collections with
respect to the Excess Interest Sharing Series in Excess Interest Sharing Group One for any Distribution Date shall be allocated to Series 2011-1 in an amount equal to the product of (i) the aggregate amount of Excess Interest Collections with
respect to all the Excess Interest Sharing Series in Excess Interest Sharing Group One for such Distribution Date and (ii) a fraction, the numerator of which is the Interest Collections Shortfall for Series 2011-1 for such Distribution Date and
the denominator of which is the aggregate amount of Interest Collections Shortfalls for all the Excess Interest Sharing Series in Excess Interest Sharing Group One for such Distribution Date. The “Interest Collections Shortfall” for
Series 2011-1 for any Distribution Date shall equal the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to clauses (i) through (xii) of Section 4.04(a) on such
Distribution Date, over (b) the Available Series Interest Collections for such Distribution Date. The maximum amount of “Excess Interest Collections” with respect to Series 2011-1 for any Distribution Date available for other
Series in Excess Sharing Group One shall equal the excess, if any, of (a) the Available Series Interest Collections for such Distribution Date over (b) the full amount required to be distributed, without duplication, pursuant to clauses
(i) through (xii) of Section 4.04(a) on such Distribution Date. 
 SECTION 4.08 Shared
Principal Collections. 
 Subject to Section 8.5(c) of the Indenture, the aggregate amount of Shared Principal
Collections with respect to the Principal Sharing Series in Principal Sharing Group One for any date shall be allocated to Series 2011-1 in an amount equal to the product of (i) the aggregate amount of Shared Principal Collections, times
(ii) a fraction, the numerator of which is the Principal Shortfall for Series 2011-1 for such date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Principal Sharing Series in Principal Sharing Group One
for such date. The “Principal Shortfall” for Series 2011-1 shall equal (a) for any date in the Revolving Period, zero, (b) for any date in the Controlled Accumulation Period, the amount to be deposited or distributed
pursuant to Sections 4.04(d) over the amount previously deposited or distributed pursuant to that subsection, and (c) for any date in the Early Amortization Period, the amount to be deposited or distributed pursuant to
Section 4.04(e) over the amount previously deposited or distributed pursuant to that subsection. The “Shared Principal Collections” with 

  
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respect to Series 2011-1 for any date shall equal the excess, if any, of (a) the Available Series Principal Collections for such date (without giving effect to clause (ii) of the
definition thereof) over (b) the full amount required to be deposited or distributed, without duplication, pursuant to Sections 4.04(c), (d) or (e) on such date. 

SECTION 4.09 Reinstatement of Invested Amount. 
 (a) The Invested Amount shall be reinstated on any Distribution Date by the amount of any Available Series Interest Collections that are applied pursuant to Section 4.04(a)(vi),
(vii), (viii) and (ix). This amount shall be applied as follows: 
 (i) first, if the
Class A Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class A Invested Amount until it equals the Class A Note Principal Balance minus the amount on deposit in the Note Distribution Account
(excluding amounts relating to investment earnings) allocated to it; then 
 (ii) second, if the Class B Invested
Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class B Invested Amount until it equals the Class B Note Principal Balance minus the amount on deposit in the Note Distribution Account (excluding amounts relating to
investment earnings) allocated to it; then 
 (iii) third, if the Class C Invested Amount has been reduced
pursuant to Sections 4.05 or 4.06, to the Class C Invested Amount until it equals the Class C Note Principal Balance minus the amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings)
allocated to it; then 
 (iv) fourth, if the Class D Invested Amount has been reduced pursuant to Sections
4.05 or 4.06, to the Class D Invested Amount until it equals the Class D Note Principal Balance minus the amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings) allocated to it; and then

 (v) fifth, if the Class E Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to
the Class E Invested Amount until it equals the Required Class E Invested Amount. 
 SECTION 4.10 Note Distribution
Account. 
 (a) The Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture Trustee in
the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit
of the Noteholders (the “Note Distribution Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents,
certificates of deposit and other property from time to time on deposit in or credited to the Note Distribution Account and in all interest, proceeds, earnings, income, 

  
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revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as
expressly provided in this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in
the Note Distribution Account for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the written direction of the Servicer, shall make deposits and withdrawals from
the Note Distribution Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. 

(b) Funds on deposit in the Note Distribution Account shall, at the written direction of the Servicer, be invested by the Indenture
Trustee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Noteholders. The Indenture Trustee shall
cause each Eligible Investment to be delivered to it (including a securities intermediary) and shall be credited to the Note Distribution Account. Funds on deposit in the Note Distribution Account shall be invested in Eligible Investments. On each
Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Note Distribution Account shall be treated as Available Series Interest Collections with respect to the related
Collection Period. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.10(b) nor for the selection of Eligible
Investments in accordance with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 
 SECTION 4.11 Reserve Fund. 
 (a) The Servicer, for the benefit of the
Series 2011-1 Noteholders, shall establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a
designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 2011-1 Noteholders (the “Reserve Fund”). The Indenture Trustee shall possess all right, title and interest in
all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Reserve Fund and in all interest, proceeds,
earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Series 2011-1 Noteholders. Except as expressly provided in
this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Reserve Fund for
any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the written direction of the Servicer, shall make deposits to and withdrawals from the Reserve Fund from time to
time in the amounts and for the purposes set forth in this Indenture Supplement. 

  
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 (b) Funds on deposit in the Reserve Fund shall, at the written direction of the Servicer, be
invested by the Indenture Trustee or its nominee (including the Securities Intermediary) in Eligible Investments. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Series 2011-1 Noteholders.
The Indenture Trustee shall cause each Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and shall be credited to the Reserve Fund. Funds on deposit in the Reserve Fund shall be invested in Eligible
Investments. On each Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund shall be treated as Available Series Interest Collections for such Distribution Date.
The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.11(b) nor for the selection of Eligible Investments in accordance
with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 
 (c) The Reserve
Fund initially shall be funded by the Depositor on the Closing Date in the amount of the Reserve Fund Initial Amount. After the Closing Date, funds shall be deposited into the Reserve Fund as provided in Section 4.04(a)(x). The Depositor
may at any time and from time to time make additional deposits into the Reserve Fund; provided, however, the Depositor shall not be permitted to make any such discretionary deposit without satisfaction of the Series 2011-1 Rating
Agency Condition with respect to each Class of Series 2011-1 Notes in connection therewith if such deposit together with any discretionary increases in the Subordination Factor and the Class E Invested Amount would result in the aggregate amount of
all such deposits and increases exceeding 5.0% of the Note Principal Balance as of the date of such deposit. 
 (d) If on any
Distribution Date, after giving effect to all withdrawals from and deposits to the Reserve Fund, the amount on deposit in the Reserve Fund (excluding amounts relating to investment earnings) exceeds the Reserve Fund Required Amount then in effect,
the Indenture Trustee shall, at the written direction of the Servicer, distribute such excess to the Owner Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement. 

(e) Upon the earlier to occur of the date on which the Series 2011-1 Notes are paid in full and the Series 2011-1 Legal Maturity Date,
any funds remaining in the Reserve Fund, after giving effect to any deposits and withdrawals made therefrom on such date, shall be treated as Additional Available Series Principal Collections. The Reserve Fund shall thereafter be deemed to have
terminated for purposes of this Indenture Supplement. 
 SECTION 4.12 Determination of LIBOR. 

(a) On each LIBOR Determination Date, the Indenture Trustee shall determine LIBOR on the basis of the rate for deposits in United States
dollars for a one-month period which appears on Bloomberg Screen BTMM Page under the heading “LIBOR FIX BBAM” as of 11:00 a.m., London time, on such date. If such rate does not appear on such page (or such other

  
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page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Indenture Trustee
after consultation with the Depositor), the rate shall be the One Month Reference Bank Rate. The “One Month Reference Bank Rate” shall be determined on the basis of the rates at which deposits in U.S. dollars are offered by the
reference banks (which shall be four major banks that are engaged in transactions in the London interbank market, selected by the Indenture Trustee after consultation with the Depositor) as of 11:00 a.m., London time, on the applicable LIBOR
Determination Date to prime banks in the London interbank market for a period of one month commencing on such preceding Distribution Date in amounts approximately equal to the principal balance of the Series 2011-1 Notes. The Indenture Trustee shall
request the principal London office of each of the reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate shall be the arithmetic mean of the quotations, rounded upwards to the nearest
one-sixteenth of one percent. If on any such date fewer than two quotations are provided as requested, the rate shall be the arithmetic mean, rounded upwards to the nearest one-sixteenth of one percent, of the rates quoted by one or more major banks
in New York, selected by the Indenture Trustee after consultation with the Depositor, as of 11:00 a.m., New York time, on such date to leading European banks for U.S. dollar deposits for a period of one month commencing on such applicable date in
amounts approximately equal to the then outstanding principal balance of the Series 2011-1 Notes. If no such quotation can be obtained, the rate shall be LIBOR for the prior Distribution Date. 

(b) On each LIBOR Determination Date, the Indenture Trustee shall send to the Servicer, the Issuing Entity and the Administrator by
facsimile or email transmission, notification of LIBOR for the following Interest Period. 
 (c) The Servicer shall provide, in
the Monthly Statement, the Class A Note Interest Rate, the Class B Note Interest Rate, the Class C Note Interest Rate and the Class D Note Interest Rate applicable to each Distribution Date. 

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

(a) If the Accumulation Period Reserve Account Required Amount is greater than zero ($0), the Servicer, for the benefit of the
Noteholders, shall establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Accumulation Period Reserve Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible
Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Accumulation Period Reserve Account and in all interest,
proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in
this Indenture Supplement and the 

  
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Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in
the Accumulation Period Reserve Account for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the direction of the Servicer, shall make deposits and withdrawals from
the Accumulation Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. 
 (b) Funds on deposit in the Accumulation Period Reserve Account shall, at the written direction of the Servicer, be invested by the Indenture Trustee (including the Securities Intermediary) in Eligible
Investments selected by the Servicer. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including
a securities intermediary) and shall be credited to the Accumulation Period Reserve Account. Funds on deposit in the Accumulation Period Reserve Account shall be invested in Eligible Investments. On each Distribution Date, all interest and other
investment earnings (net of losses and investment expenses) on funds on deposit in the Accumulation Period Reserve Account shall be treated as Available Series Interest Collections with respect to the related Collection Period. The Indenture Trustee
shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.13(b) nor for the selection of Eligible Investments in accordance with the provisions of
this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 
 (c) On or before each Distribution Date
with respect to the Controlled Accumulation Period and on or before the first Distribution Date with respect to the Early Amortization Period beginning after the commencement of the Controlled Accumulation Period, the Servicer shall calculate the
Accumulation Period Reserve Draw Amount; provided, however, that such amount shall be reduced to the extent that funds otherwise would be available for deposit into the Accumulation Period Reserve Account pursuant to Sections
4.04(a)(xi) and Section 4.04(b)(i) on such Distribution Date. If for any Distribution Date, the Accumulation Period Reserve Draw Amount is greater than zero, the Accumulation Period Reserve Draw Amount, up to the Available
Accumulation Period Reserve Account Amount, shall be withdrawn from the Accumulation Period Reserve Account on such Distribution Date by the Indenture Trustee (acting in accordance with the written instructions of the Servicer) and deposited into
the Collection Account for application as Available Series Interest Collections. 
 (d) If on any Distribution Date, after
giving effect to all withdrawals from and deposits to the Accumulation Period Reserve Account, the amount on deposit in the Accumulation Period Reserve Account exceeds the Accumulation Period Reserve Account Required Amount then in effect, the
Indenture Trustee shall, at the written direction of the Servicer, distribute such excess to the Owner Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement. 

(e) Upon the earliest to occur of (i) the payment in full of the Series 2011-1 Notes, (ii) the first Distribution Date relating
to the Early Amortization Period and (iii) the Series 2011-1 Legal Maturity Date, any funds remaining in the Accumulation Period Reserve Account, after withdrawal of funds therefrom on such date in accordance with Section 4.13(c),
shall be treated as Available Series Interest Collections. The Accumulation Period Reserve Account shall thereafter be deemed to have terminated for purposes of this Indenture Supplement. 

  
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 SECTION 4.14 Transfer Restrictions. 

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

(b) The Series 2011-1 Private Notes will not be registered under the Securities Act or the securities or blue sky laws of any other
jurisdiction. Consequently, the Series 2011-1 Private Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions specified herein. No sale,
pledge or other transfer of the Series 2011-1 Private Notes (or interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made to or by the Depositor, (ii) so long as the Series 2011-1 Private
Notes are eligible for resale pursuant to Rule 144A under the Securities Act, such sale, pledge or other transfer is made to a person whom the transferor “reasonably believes” within the meaning of Rule 144A under the Securities Act is a
“qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a 

  
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“Qualified Institutional Buyer”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Qualified
Institutional Buyers) to whom notice is given that the sale, pledge or transfer is being made in reliance on Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the
registration requirements of the Securities Act, in which case (A) the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts
surrounding such transfer, which certification shall be in form and substance satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee shall require a written opinion of counsel (which will not be at the expense of
the Issuing Entity, the Seller, the Depositor, the Servicer or the Indenture Trustee) satisfactory to the Depositor and the Indenture Trustee to the effect that such transfer will not violate the Securities Act. Neither the Depositor nor the
Indenture Trustee shall be obligated to register the Series 2011-1 Private Notes under the Securities Act, qualify the Series 2011-1 Private Notes under the securities laws of any state or provide registration rights to any purchaser or holder
thereof. 
 (c) Transfer of a Class E Note may only be made to a Person who is a United States Person (within the meaning of
Section 7701(a)(30) of the Internal Revenue Code). Any Person acquiring a Class E Note or an interest therein (i) shall not be deemed to have made the representations set forth in Section 2.14 of the Indenture and (ii) other than
the Depositor shall not acquire or hold such Class E Note or interest therein in the form of a Book Entry Note. 
 (d) No sale,
pledge or other transfer may be made to any one person of a Class E Note with a face amount of less than the amount determined in accordance with Section 1.01(E) hereof (in order to prevent the Issuing Entity from being treated as a
“publicly traded partnership” under Section 7704 of the Code), and, in the case of any Person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its
fiduciary capacity), for a Class E Note with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding restriction will be void ab initio and the purported
transferor will continue to be treated as the owner of the Class E Notes for all purposes. No Class E Note may be transferred unless the transferor provides to the Indenture Trustee an opinion of independent counsel that the transfer will not cause
the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes. 
 (e) (i) A sale, pledge, or transfer of a Class B Note or a Class D Note may only be made to a Person who is a United State Person (within the meaning of Section 7701(a)(30) of the Internal
Revenue Code). A Person other than the Depositor acquiring a Class B Note or Class D Note or an interest therein shall be deemed to have made the representations set forth in Section 2.14 of the Indenture; and (ii) no sale, pledge,
or transfer of a Class B Note or a Class D Note shall be made (x) to any one person with a face amount of less than 100% of the Class B Note Principal Balance or Class D Note Principal Balance, as applicable, or (y) to a Special
Pass-Through Entity, in each case, unless (A) an opinion of counsel satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause the Trust to be treated as an association (or publicly traded
partnership) taxable as a corporation for federal income tax purposes shall have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall have provided prior written approval; provided, however, that
the 

  
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restrictions in this Section 4.14(e) shall not apply in the event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an opinion to the effect that the Class
B Note or the Class D Note, as applicable, to be sold, pledged, or transferred will be characterized as indebtedness for federal income tax purposes. Any attempted transfer in contravention of this Section 4.14(e) will be void ab
initio and the purported transferor will continue to be treated as the owner of, as applicable, the Class B Note or the Class D Note for all purposes. 
 ARTICLE V 
 DELIVERY OF SERIES 2011-1 NOTES; 

DISTRIBUTIONS; REPORTS TO SERIES 2011-1 NOTEHOLDERS 
 SECTION 5.01 Delivery and Payment for Series 2011-1 Notes. 
 The
Indenture Trustee shall authenticate the Series 2011-1 Notes in accordance with Section 2.2 of the Indenture. The Indenture Trustee shall deliver the Series 2011-1 Notes to the Issuing Entity when so authenticated. 

SECTION 5.02 Distributions. 
 (a) On each Distribution Date, based solely on the information contained in the Monthly Statement, the Indenture Trustee shall distribute to each Class A-1 Noteholder, Class A-2 Noteholder,
Class B Noteholder, Class C Noteholder and Class D Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture) such Class A-1 Noteholder’s, Class A-2 Noteholder’s, Class B
Noteholder’s, Class C Noteholder’s and Class D Noteholder’s, respectively, pro rata share of the amounts allocated and available in the Note Distribution Account on such Distribution Date to pay interest on the Class A-1 Notes,
the Class A-2 Notes, the Class B Notes, the Class C Notes and the Class D Notes, respectively, pursuant to this Indenture Supplement. 
 (b) On the Series 2011-1 Expected Maturity Date and on each Distribution Date with respect to the Early Amortization Period, based solely on the information contained in the Monthly Statement, from the
amounts allocated during the related or any prior Collection Period or, with respect to Additional Available Series Principal Collections, on such or any prior Distribution Date and available in the Note Distribution Account on such Distribution
Date to pay principal of the Series 2011-1 Notes pursuant to this Indenture Supplement, the Indenture Trustee shall distribute: 
 (i) first, pro rata to each Class A-1 Noteholder of record and Class A-2 Noteholder of record, as applicable, on the related Record Date (other than as provided in Section 11.2 of
the Indenture), principal of the Class A Notes (allocated pro rata between the Class A-1 Notes and the Class A-2 Notes), until the Class A Notes have been paid in full, 

(ii) second, pro rata to each Class B Noteholder of record on the related Record Date (other than as provided in
Section 11.2 of the Indenture), principal of the Class B Notes until the Class B Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal with respect to the Class B Notes
unless the Class A Principal Balance is zero, 

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

(c) The distributions to be made pursuant to this Section are subject to the provisions of Sections 2.5 of the Trust Sale and
Servicing Agreement, Section 11.2 of the Indenture and Section 7.01 of this Indenture Supplement. 
 (d)
Except as provided in Section 11.2 of the Indenture with respect to a final distribution, distributions to Series 2011-1 Noteholders hereunder shall be made by (i) wire transfer (to the account specified by the applicable
Noteholder) or check mailed first class, postage prepaid to each Series 2011-1 Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect to any Series 2011-1 Notes registered in the name of the
nominee of a Clearing Agency, such distribution shall be made in immediately available funds and (ii) without presentation or surrender of any Series 2011-1 Note or the making of any notation thereon. 

(e) The amount of all distributions and deposits that are required to be made by the Indenture Trustee on each Distribution Date pursuant
to this Section 5.02 shall be set forth in written instructions (which may be in the form of the Monthly Statement) provided by the Servicer to the Indenture Trustee no later than the second Business Day prior to the related Distribution
Date. 
 (f) The Indenture Trustee shall have no duty to make any deposits or distributions or any other payments under this
Indenture Supplement unless and until it has sufficient cash to make such payments and it has received written instructions from the Servicer as to such deposits, distributions and payments. 

  
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 SECTION 5.03 Reports and Statements to Series 2011-1 Noteholders. 

(a) The Indenture Trustee will make available each month to each Series 2011-1 Noteholder the statements referred to in
Section 5.03(b) below (and certain other documents, reports and information regarding the Receivables provided by the Servicer form time to time) via the Indenture Trustee’s internet website, with the use of a password provided by the
Indenture Trustee. The Indenture Trustee’s internet website will be located at www.CTSLink.com or at such other address as the Indenture Trustee shall notify the Series 2011-1 Noteholders from time to time. For assistance with regard to this
service, the Series 2011-1 Noteholders can call the Indenture Trustee’s Corporate Trust Office at (866) 846-4526. The Indenture Trustee shall have the right to change the way the statements referred to in Section 5.03(b) below
are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements so long as such statements are only provided to the then current Series 2011-1 Noteholders. The Indenture
Trustee shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.4, Section 12.5 or Section 12.6 of the Indenture, as appropriate.

 (b) No later than the second Business Day preceding each Distribution Date, the Servicer shall deliver to the Owner Trustee,
the Indenture Trustee and, if Ally Financial or an Affiliate of Ally Financial is the Servicer, each Rating Agency (or, if Ally Financial or an Affiliate of Ally Financial is not the Servicer, to the Depositor, who shall promptly provide such
Monthly Statement to each Rating Agency) a statement substantially in the form of Exhibit B (the “Monthly Statement”) prepared by the Servicer; provided that the Servicer may amend the form of Exhibit B from time to
time. 
 (c) A copy of each statement or certificate provided pursuant to Section 5.03(a) or (b) may be
obtained by any Series 2011-1 Noteholder by a request in writing to the Servicer. 
 (d) Within the prescribed period of time
for tax reporting purposes after the end of each calendar year during the term of this Indenture Supplement, the Indenture Trustee and the Administrator shall furnish (or cause to be furnished), to each Person who at any time during such calendar
year shall have been a holder of record of Series 2011-1 Notes, and received any payment thereon, a statement containing such information as may be required by the Code and applicable Treasury Regulations to enable such Noteholder to prepare its
federal income tax returns. 
 ARTICLE VI SERIES 2011-1 EARLY AMORTIZATION EVENTS AND SERIES 2011-1 

EVENTS OF DEFAULT 
 SECTION 6.01 Series 2011-1 Early Amortization Events. 
 If any one of
the following events occurs with respect to the Series 2011-1 Notes: 
 (a) failure on the part of the Depositor, the Servicer
or the Seller, as applicable, to duly observe or perform in any material respect any other covenants or agreements of the Depositor, the Servicer or the Seller, as the case may be, set forth in the Trust Sale and Servicing Agreement or the Pooling
and Servicing Agreement, which failure continues unremedied for a 

  
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period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given by the Indenture Trustee or the Owner Trustee to the Depositor,
provided, however, that no Early Amortization Event shall be deemed to occur if such failure results in the creation of Warranty Receivables or Administrative Receivables and such Warranty Receivables or Administrative Receivables are
purchased by the Seller, the Depositor or the Servicer in accordance with the Basic Documents; 
 (b) any representation or
warranty made by the Seller in the Pooling and Servicing Agreement or the Depositor in the Trust Sale and Servicing Agreement or any information contained on the Schedule of Accounts, (i) shall prove to have been incorrect in any material
respect when made or when delivered, and shall continue to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Depositor
by the Indenture Trustee or the Owner Trustee and (ii) as a result of such incorrectness the interests of the Noteholders are materially and adversely affected, provided, however, that no Early Amortization Event shall be deemed
to occur if such failure results in the creation of Warranty Receivables or Administrative Receivables and such Warranty Receivables or Administrative Receivables are purchased by the Seller, the Depositor or the Servicer in accordance with the
Basic Documents; 
 (c) failure on the part of the Depositor, the Servicer or the Seller, as applicable, to pay (or set aside
for payment) all amounts required to be paid as principal on any Series 2011-1 Notes on the Series 2011-1 Expected Maturity Date; 
 (d) on any Distribution Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 17.50%; 

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

 (f) on any Distribution Date, the Reserve Fund Required Amount for such Distribution Date exceeds the amount on deposit in
the Reserve Fund by more than the Reserve Fund Trigger Amount; 
 (g) the unpaid principal amount of Outstanding Series 2011-1
Notes (together with accrued and unpaid interest thereon) shall have become immediately due and payable as a result of an Event of Default pursuant to Section 6.03 of this Indenture Supplement; 

(h) an Insolvency Event with respect to the Seller, the Depositor or the Servicer (or Ally Financial, if Ally Financial is not the
Servicer); 
 (i) on any Distribution Date, the amount on deposit in the Excess Funding Account exceed 30.0% of the sum of the
Net Invested Amounts of all outstanding Series (including Series 2011-1), being determined as the average over the six Collection Periods immediately preceding the Distribution Date, or, if shorter, the period from the initial issuance date through
and including the last day of the immediately preceding Collection Period); 
 (j) the Issuing Entity or the Depositor is
required to register under the Investment Company Act; 

  
 41 

 (k) a Liquidation Event occurs with respect to a Significant Manufacturer or with respect to
a Majority of Manufacturers; 
 (l) on any Distribution Date, the Required Class E Invested Amount for such Distribution Date
exceeds the Class E Invested Amount; 
 (m) a failure by the Depositor to transfer to the Issuing Entity Receivables arising in
connection with Additional Accounts within 15 Business Days after the date on which the Depositor is required to convey such Receivables pursuant to Section 2.7(a) of the Trust Sale and Servicing Agreement; or 

(n) on the first Distribution Date related to the Controlled Accumulation Period, the amount on deposit in the Accumulation Period
Reserve Account is less than the Accumulation Period Reserve Account Required Amount; 
 then, (i) in the case of
any event described in clauses (a) or (b) above, after any applicable grace period, either the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of Series 2011-1 Notes by notice then given in writing
to the Depositor and the Servicer (and to the Indenture Trustee if given by the Series 2011-1 Noteholders) may declare that an Early Amortization Event with respect to the Series 2011-1 Notes (a “Series 2011-1 Early Amortization
Event”) has occurred as of the date of such notice, and (ii) in the case of any event described in clauses (c) through (n) above, immediately and without any notice or other action on the part of the Indenture
Trustee or the Series 2011-1 Noteholders, a Series 2011-1 Early Amortization Event shall be deemed to have occurred.  

SECTION 6.02 Series 2011-1 Events of Default. 
 For the purposes of this Indenture Supplement, “Event of Default” wherever used herein, means any one of the following events: 

(a) failure to pay any interest on any Investor Note as and when the same becomes due and payable, and such default shall continue
unremedied for a period of thirty-five (35) days; or 
 (b) except as set forth in Section 6.02(c) below,
failure to pay any instalment of the principal of any Investor Note as and when the same becomes due and payable, and such default continues unremedied for a period of thirty (30) days after there shall have been given, by registered or
certified mail, written notice thereof to the Issuing Entity and the Servicer by the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of not less than 25% of the Outstanding Amount of such Notes, a
written notice specifying such default and demanding that it be remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (c) failure to pay in full the Outstanding Amount attributable to the Series 2011-1 Notes on or prior to the Series 2011-1 Legal Maturity Date for such Notes; 

  
 42 

 (d) default in the observance or performance in any material respect of any covenant or
agreement of the Issuing Entity made in the Indenture or this Indenture Supplement in respect of the Series 2011-1 Notes (other than a covenant or agreement in respect of the Series 2011-1 Notes a default in the observance or performance which is
specifically dealt with elsewhere in this Section 6.02), which failure materially and adversely affects the rights of the Noteholders, and such default shall continue or not be cured for a period of 30 days after there shall have been
given, by registered or certified mail, to the Issuing Entity and the Servicer by the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Series 2011-1
Notes, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 
 (e) the filing of an order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial part of the Trust Estate in an involuntary case under the
Bankruptcy Code, and such order shall have continued undischarged or unstayed for a period of 90 days; or the filing of a decree or order by a court having jurisdiction in the premises approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of the Issuing Entity under any other Insolvency Law, and such decree or order shall have continued undischarged or unstayed for a period of 90 days; or the filing of a decree or order of a court having
jurisdiction in the premises appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the
Issuing Entity’s affairs, and such decree or order shall have continued undischarged and unstayed for a period of 90 consecutive days; or 
 (f) the commencement by the Issuing Entity of a voluntary case under the Bankruptcy Code; or the filing of a petition or answer or consent by the Issuing Entity seeking reorganization, arrangement,
adjustment or composition under any other Insolvency Law, or consent to the filing of any such petition, answer or consent; or the consent by the Issuing Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or the making by the Issuing Entity of an assignment for the benefit of creditors, or the admission in writing of its inability to pay
its debts generally as such debts become due. 
 The Issuing Entity shall deliver to the Indenture Trustee within five Business
Days after learning of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under Section 6.02(d), its
status and what action the Issuing Entity is taking or proposes to take with respect thereto. 
 SECTION 6.03
Acceleration of Maturity; Rescission and Annulment. 
 (a) If an Event of Default, other than an Event of Default as a
result of an Insolvency Event with respect to the Issuing Entity, should occur and is continuing, then the Indenture Trustee may, or shall, at the direction of the Holders of at least a majority of the Outstanding Amount of the Series 2011-1 Notes,
declare all the Series 2011-1 Notes to be immediately due and payable, by a notice in writing to the Issuing Entity and the Servicer (and to the Indenture 

  
 43 

 
Trustee if declared by such Noteholders) setting forth the Event or Events of Default. If an Insolvency Event of Default occurs and is continuing, then the Series 2011-1 Notes shall be
immediately and without further action become due and payable, and the Indenture Trustee shall give a notice to such effect in writing to the Issuing Entity (although failure to give such notice shall not affect the immediate acceleration of
maturity). Upon any such declaration or automatic occurrence, the Revolving Period or the Controlled Accumulation Period, as applicable, with respect to the Series 2011-1 Notes shall terminate, an Early Amortization Period shall commence and the
unpaid principal amount of such Series 2011-1 Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

(b) At any time after such acceleration of maturity has occurred pursuant to Section 6.03(a) and before a judgment or decree
for payment of the money due has been obtained by the Indenture Trustee as provided in Article V of the Indenture, the Holders of at least a majority of the Outstanding Amount of the Series 2011-1 Notes, by written notice to the Issuing
Entity, the Servicer and the Indenture Trustee, may rescind and annul such acceleration and its consequences with respect to the Series 2011-1 Notes. No such rescission and annulment shall extend to or affect any subsequent Event of Default or
impair any right consequent thereto; and provided, further, that if the Indenture Trustee shall have proceeded to enforce any right under the Indenture and such proceedings shall have been discontinued or abandoned because of such
rescission and annulment or for any other reason, or shall have been determined adversely to the Indenture Trustee, then and in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored to
their respective former positions and rights hereunder and under the Indenture, and all rights, remedies and powers of the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall continue as though no such proceedings
had been commenced. 
 (c) If the Series 2011-1 Notes shall have been accelerated following an Event of Default, the Indenture
Trustee may exercise the remedies available to it as set forth in Article V the Indenture. 
 (d) Any money or property
collected by the Indenture Trustee pursuant to this Section 6.03 following the acceleration of the maturities of the Series 2011-1 Notes (so long as such acceleration has not been rescinded or annulled) shall be paid out or allocated in
accordance with Section 5.4(b) of the Indenture. 
 ARTICLE VII 

REDEMPTION OF SERIES 2011-1 NOTES; SERIES LEGAL MATURITY; FINAL 

DISTRIBUTIONS 
 SECTION 7.01 Optional Redemption of Series 2011-1 Notes. 
 (a) On any
day occurring on or after the date on which the Note Principal Balance is reduced to 10% or less of the Initial Note Principal Balance, the Servicer (if Ally Financial or an Affiliate of Ally Financial is the Servicer) shall have the option to
purchase the Series 2011-1 Noteholders’ Collateral and thereby cause a redemption of the Series 2011-1 Notes, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or
(ii) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. 

  
 44 

 (b) Upon any such election, the Servicer shall give the Depositor, the Indenture Trustee,
the Issuing Entity and, if applicable, other holders of the Certificate Interest at least 30 days prior written notice of the date on which the Servicer intends to exercise such optional redemption as well as the Reassignment Amount and the
Indenture Trustee shall provide notice to Holders of the Series 2011-1 Notes that it has received such notice from the Servicer. No later than 11:00 a.m. (New York City time) on such day the Servicer shall deposit the Reassignment Amount into the
Collection Account in immediately available funds. Such redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the Collection Amount in accordance with the foregoing, the Invested Amount of the Series
2011-1 Notes shall be deemed reduced to zero and the Series 2011-1 Noteholders shall be deemed to have no further interest in the Receivables. The Reassignment Amount shall be distributed as set forth in Section 7.02. 

SECTION 7.02 Series Legal Maturity. 
 (a) The amount to be paid by the Depositor with respect to Series 2011-1 in connection with a reassignment of the Noteholders’ Collateral pursuant to Section 2.5 of the Trust Sale and
Servicing Agreement shall be the Reassignment Amount for the first Distribution Date following the Collection Period in which the reassignment obligation arises under the Trust Sale and Servicing Agreement. With respect to the Reassignment Amount
deposited into the Collection Account pursuant to Section 2.5 of the Trust Sale and Servicing Agreement or pursuant to Section 7.01 of this Indenture Supplement or the proceeds from any Foreclosure Remedy pursuant to
Section 5.4 of the Indenture, the Indenture Trustee shall, in accordance with the written direction of the Servicer, no later than 11:00 a.m. (New York City time) on the related Distribution Date, make deposits or distributions of the
following amounts (in the priority set forth below and, in each case after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds: 

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

  
 45 

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

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

(b) Notwithstanding anything to the contrary in this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement,
(i) all amounts distributed to the Indenture Trustee pursuant to Section 7.02(a) for payment to the Series 2011-1 Noteholders shall be deemed distributed in full to the Series 2011-1 Noteholders on the date on which such funds are
distributed to the Indenture Trustee pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 11.2 of the Indenture and (ii) in the event that the amounts available for final distribution to the
Series 2011-1 Noteholders and to the Noteholders of any other Series on any Distribution Date are less than the full amount required to be so distributed, the available amounts shall be allocated to each Series based on the respective amounts
required to be distributed to each such Series (including Series 2011-1) on such Distribution Date. 
 ARTICLE VIII

 MISCELLANEOUS PROVISIONS 
 SECTION 8.01 Ratification of Agreement. 
 As supplemented by this
Indenture Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement is to be read, taken and construed as one and the same instrument. 

SECTION 8.02 Form of Delivery of Series 2011-1 Notes. 

The Series 2011-1 Notes shall be delivered as Registered Notes as provided in Section 2.2 of the Indenture. 

  
 46 

 SECTION 8.03 Counterparts. 

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

THIS INDENTURE SUPPLEMENT AND EACH SERIES 2011-1 NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 8.05 Effect of Headings and Table of
Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect
the construction hereof. 
 SECTION 8.06 Notices. 

(a) The Issuing Entity (or the Servicer or Administrator on its behalf) shall deliver all notices, requests, consents or other
communications delivered to the Rating Agencies hereunder to Standard & Poor’s concurrently with the delivery thereof to the Rating Agencies. 
 (b) All notices, requests, reports, consents or other communications deliverable to the Rating Agencies hereunder or under any other Basic Document by the Owner Trustee, the Issuing Entity or the
Indenture Trustee shall instead be delivered to the Depositor, which shall promptly deliver such document to the Rating Agencies (which may be delivered by posting such document to the website maintained by the Depositor for notifications to
nationally recognized statistical rating organizations). 

  
 47 

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

			
	 ALLY MASTER OWNER TRUST,
 as Issuing Entity

	
	 By HSBC Bank USA, National Association, not in
 its individual capacity, but solely as Owner Trustee

		
	By	 	  

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

		
	By	 	  

		 	Name:
		 	Title:

  
 48 

 EXHIBIT A 
 FORM OF CLASS [A-1][A-2][B][C][D][E] NOTE 
 [Unless this Class [A-1][A-2][B][C][D]
Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of
DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 

[This Class [B][C][D][E] Note has not and will not be registered under the United States Securities Act of 1933, as amended (the
“Securities Act”), or under the securities or blue sky laws of any State in the United States or any foreign securities laws. By its acceptance of this Class [B][C][D][E] Note (or interest therein), the Holder of this Class
[B][C][D][E] Note (or such interest), if other than the Depositor, is deemed to represent and warrant to the Depositor and the Indenture Trustee that it is a “Qualified Institutional Buyer” as defined in Rule 144A under the Securities Act
and is acquiring this Class [B][C][D][E] Note (or interest therein) for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Qualified Institutional Buyers) or has otherwise acquired an
interest in the Class [B][C][D][E] Note in a transaction that is exempt from the registration requirements of the Securities Act.] 
 [No sale, pledge or other transfer of this Class [B][C][D][E] Note (or interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made by or to the
Depositor, (ii) at the time of such sale, pledge or other transfer, this Class [B][C][D][E] Note (A) is eligible for resale pursuant to Rule 144A under the Securities Act, and such sale, pledge or other transfer is made to a person whom
the transferor “reasonably believes” within the meaning of Rule 144A under the Securities Act is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a “Qualified Institutional
Buyer”) acting for its own account or the accounts of other Qualified Institutional Buyers, and (B) the transferee is aware that the transferor of this Class [B][C][D][E] Note intends to rely on the exemption from the registration
requirements of the Securities Act provided by Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in which case
(A) the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form
and substance satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee 

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

Each Noteholder or Note Owner, by acceptance of this Note (or interest therein), hereby covenant and agree that by accepting the benefits
of the Indenture such Noteholder or Note Owner shall not, prior to the date which is one year and one day after the termination of the Indenture with respect to the Issuing Entity and, with respect to the Depositor, the Securities issued by each
other trust formed by and each other financing by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or
sustaining a case against the Depositor or the Issuing Entity under any Insolvency Law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any
substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity. 
 Each Noteholder, by acceptance of this Note (or interest therein), covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the
Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against: 

(i) the Indenture Trustee or the Owner Trustee in its individual capacity; 

(ii) the Depositor or any other owner of a beneficial interest in the Issuing Entity; or 

(iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any
such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Except as expressly provided in the Basic Documents, none of the Seller, the Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective

  
 Ex. A-2

 
individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, owners, beneficiaries, agents, officers, directors, employees or successors
or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of [or interest on], or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in
this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made solely by the Issuing Entity. Each Noteholder by accepting this Note (or any interest therein) acknowledges that such
Noteholder’s Note (or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or
any Affiliate thereof (other than the Issuing Entity) and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by
the acceptance of a Note (or beneficial interest therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Notes, it shall have no claim against any of Depositor, the
Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this Notes. 
 If any of the foregoing covenants of a Noteholder is prohibited by, or declared illegal or otherwise unenforceable against or with respect to any Noteholder under applicable law by any court or other
authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity (“other assets”), each Noteholder or Note
Owner by the acceptance of this Note (or beneficial interest therein), agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the
other assets have been expressly granted (“entitled Persons”), including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a
“subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 [The
holder of this Note, by acceptance of this Note, and each holder of a beneficial interest therein, unless otherwise required by the appropriate taxing authorities, agree to treat this Note as indebtedness of the Issuing Entity for applicable United
States federal, state and local income and franchise tax purposes and any other taxes imposed upon, measured by or based upon gross or net income.] 
 [Any holder of this Class [A-1][A-2][B][C][D] Note, by its acceptance of this Class [A-1][A-2][B][C][D] Note, shall be deemed to have represented that either (a) it is not acquiring the Class
[A-1][A-2][B][C][D] Note with the assets of (i) an employee 

  
 Ex. A-3

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

  
 Ex. A-4

 
treated as a “publicly traded partnership” under Section 7704 of the Code, and, in the case of any Person acting on behalf of one or more third parties (other than a bank (as
defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for a Class E Note with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding
restriction will be void ab initio and the purported transferor will continue to be treated as the owner of the Class E Notes for all purposes. No Class E Note may be transferred unless the transferor provides to the Indenture Trustee an
opinion of independent counsel that the transfer will not cause the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes.] 

  
 Ex. A-5

  

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

ALLY MASTER OWNER TRUST 
 SERIES 2011-1 [FLOATING][FIXED] RATE ASSET BACKED NOTE, CLASS 

[A-1][A-2][B][C][D][E] 
 Ally Master Owner Trust (herein referred to as the “Issuing Entity”), a Delaware statutory trust governed by the Trust Agreement, dated as of February 12, 2010, for value received,
hereby promises to pay to                     , or registered assigns, subject to the following provisions, the principal sum of
                                
                 DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture and the Indenture Supplement (each
referred to herein), on the January 2016 Distribution Date (the “Series 2011-1 Legal Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement. [Beginning on February 15, 2011, and on
each Distribution Date thereafter until the principal amount of this Note is paid in full, the Issuing Entity shall pay interest on the unpaid principal amount of this Note at an annual rate equal to the Class [A-1][A-2][B][C][D] Note Interest Rate,
as determined pursuant to the Indenture Supplement. Interest on this Note shall begin accruing from January [20], 2011 (the “Closing Date”) and shall be payable in arrears on each Distribution Date, [computed on the basis of a
360-day year and the actual number of days elapsed][computed on the basis of a 360-day year and twelve 30-day months]. The principal of this Note shall be paid in the manner specified on the reverse hereof. 

The principal of [and interest] on this Note are payable in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the
certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof,
or be valid for any purpose. 
  

	1	 [This Class
[A-1][A-2][B][C][D] Note may be issued in denominations of $100,000 and integral multiples of $1,000 in excess thereof.][This Class E Note may be issued only in denominations equal to the Class E Note Principal Balance.]

  
 Ex. A-6

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

 

			
	 ALLY MASTER OWNER TRUST,
 as Issuing Entity

	
	 By HSBC Bank USA, National Association,
 not in its individual capacity, but solely as
 Owner Trustee

		
	By	 	  

		 	Name:
		 	Title:

 Dated: 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes described in the within-mentioned Indenture. 
  

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

		
	By	 	  

	Authorized Officer

  
 Ex. A-7

 ALLY MASTER OWNER TRUST 

SERIES 2011-1 [FLOATING][FIXED] RATE ASSET BACKED NOTES, CLASS 
 [A-1][A-2][B][C][D][E] 
 Summary of Terms and Conditions 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as the Series 2011-1 [Floating][Fixed] Rate Asset
Backed Notes (the “Notes”), issued under the Indenture, dated as of February 12, 2010 (the “Indenture”), between the Issuing Entity and Wells Fargo Bank, National Association, as indenture trustee (the
“Indenture Trustee”), as supplemented by the Series 2011-1 Indenture Supplement, dated as of January [20], 2011 (the “Indenture Supplement” and, together with the Indenture, the “Series Agreement”),
and representing the right to receive certain payments from the Issuing Entity. The Notes are subject to all of the terms of the Series Agreement. All terms used in this Note that are defined in the Series Agreement have the meanings assigned to
them in or pursuant to the Series Agreement. In the event of any conflict or inconsistency between the Series Agreement and this Note, the Series Agreement controls. 
 The [Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Note] with initial principal amounts of $[    ],
$[    ], $[    ], $[    ], and $[    ], respectively, shall also be issued under the Series Agreement. [The rights of the holders of the [Class A Notes, the Class B
Notes, the Class C Notes, and the Class D Notes] to receive payments on [the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes] are senior to the rights of the holders of the Class [B][C][D][E] Notes to receive payments
as specified in the Series Agreement.] [The rights of the holders of [the Class B Notes, the Class C Notes, the Class D Notes, and the Class E Notes] to receive payments on [the Class B Notes, the Class C Notes, the Class D Notes and the Class E
Notes] are subordinate to the rights of the holders of the Class [A][B][C][D] Notes to receive payments as specified in the Series Agreement.] 
 The Noteholder, by its acceptance of this Note, agrees that it shall look solely to the property of the Issuing Entity allocated to the payment of the Notes for payment hereunder and under the Series
Agreement and that the Indenture Trustee is not liable to the Noteholders for any amount payable under the Notes or the Series Agreement or, except as expressly provided in the Series Agreement, subject to any liability under the Series Agreement.

 This Note does not purport to summarize the Series Agreement and reference is made to the Series Agreement for the interests,
rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

  
 Ex. A-8

 The Class [A-1][A-2][B][C][D][E] Note Initial Principal Balance is
$[                ]. The Class [A-1][A-2][B][C][D][E] Note Principal Balance on any date of determination shall be an amount equal to the Class
[A-1][A-2][B][C][D][E] Note Initial Principal Balance minus the aggregate amount of any principal payments made to the Class [A-1][A-2][B][C][D][E] Noteholders before such date. 

The Series 2011-1 Expected Maturity Date is the January 2014 Distribution Date, but principal with respect to the Class
[A-1][A-2][B][C][D][E] Notes may be paid earlier or later under certain circumstances described in the Series Agreement. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to deposit the Controlled
Deposit Amount into the Note Distribution Account, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of
principal of the Notes shall occur later than the Series 2011-1 Expected Maturity Date. Payments of principal of the Notes shall be payable in accordance with the provisions of the Series Agreement. 

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

  
 Ex. A-9

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

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

As provided in the Series Agreement and subject to certain limitations therein set forth, Class [A-1][A-2][B][C][D][E] Notes are
exchangeable for new Class [A-1][A-2][B][C][D][E] Notes in any authorized denominations and of like aggregate principal amount, upon surrender of such Notes to be exchanged at the office or agency of the Transfer Agent and Registrar. No service
charge may be imposed for any such exchange but the Issuing Entity or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

The Issuing Entity, the Depositor, the Indenture Trustee and any agent of the Issuing Entity, the Depositor or the Indenture Trustee
shall treat the person in whose name this Note is registered as the owner hereof for all purposes, and none of the Issuing Entity, the Depositor, the Indenture Trustee or any agent of the Issuing Entity, the Depositor or the Indenture Trustee shall
be affected by notice to the contrary. 
 This Note is to be construed in accordance with the laws of the State of New York,
without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder are to be determined in accordance with such laws. 

  
 Ex. A-10

 ASSIGNMENT 
 Social Security or other identifying number of assignee
                                        

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

  
  

 
  

 
  

 
  

 
  

 
  

(name and address of assignee) 

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

							
	Dated:	 	  
	 		 	 2

				
		 		 		 	Signature Guaranteed:
				
		 		 		 	  

 

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

  
 Ex. A-11

 EXHIBIT B 
 FORM OF MONTHLY STATEMENT 
  

 
 ALLY MASTER
OWNER TRUST 
 SERIES 2011-1 ASSET BACKED NOTES

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