Document:

Document

Exhibit 10.1

			
	

HEIGHTS FINANCING I, LLC, 
as Borrower,

SOUTHERNCO, INC.,
as Servicer,
the Subservicers party hereto,
as Subservicers,

the LENDERS
from time to time parties hereto,

the AGENTS
from time to time parties hereto,
COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
as Paying Agent, Image File Custodian, Backup Servicer 
and Collateral Agent,
WILMINGTON TRUST, NATIONAL ASSOCIATION,
not in its individual capacity but solely as Borrower Loan Trustee,
and
CREDIT SUISSE AG, NEW YORK BRANCH,
as Structuring and Syndication Agent and as Administrative Agent
			
	CREDIT AGREEMENT
Dated as of July 15, 2022

	

Signature Page to Credit Agreement (Heights/SouthernCo)

TABLE OF CONTENTS
Page

									
	ARTICLE ONE	DEFINITIONS; CONSTRUCTION	1
	Section 1.01.	Definitions	1
	Section 1.02.	Accounting Terms and Determinations	55
	Section 1.03.	Computation of Time Periods	56
	Section 1.04.	Interpretation	56
	ARTICLE TWO	LOANS	56
	Section 2.01.	Loans	56
	Section 2.02.	Funding Mechanics	58
	Section 2.03.	Reductions of Commitments	60
	Section 2.04.	[Reserved]	60
	Section 2.05.	[Reserved]	61
	Section 2.06.	Optional Principal Repayment	61
	Section 2.07.	Payments	61
	Section 2.08.	Settlement Procedures	62
	Section 2.09.	Tranching	65
	Section 2.10.	Payments, Computations, Etc	65
	Section 2.11.	Collections and Allocations; Investment of Funds	66
	Section 2.12.	Fees	69
	Section 2.13.	Increased Costs; Capital Adequacy; Illegality	70
	Section 2.14.	Taxes	72
	Section 2.15.	Securitizations	75
	Section 2.16.	Sharing Payments	77
	Section 2.17.	Tax Treatment	77
	Section 2.18.	The Paying Agent	77
	Section 2.19.	Effect of Benchmark Transition Event	83
	Section 2.20.	Removal or Replacement of a Lender	84
	ARTICLE THREE	SECURITY	85
	Section 3.01.	Collateral	85
	Section 3.02.	Release of Collateral; No Legal Title	87
	Section 3.03.	Protection of Security Interest; Collateral Agent, as Attorney-in-Fact	88
	Section 3.04.	Assignment of the Purchase Agreement	89
	Section 3.05.	Waiver of Certain Laws	89
	Section 3.06.	Electronic Vault System and Electronic Collateral Control Agreement	90
	ARTICLE FOUR	CONDITIONS OF CLOSING AND THE LOANS	92
	Section 4.01.	Conditions of Closing and the Initial Loan	92
	Section 4.02.	Conditions Precedent to All Loans	95
	ARTICLE FIVE	REPRESENTATIONS AND WARRANTIES	96
	Section 5.01.	Representations and Warranties of the Borrower	96
	Section 5.02.	Representations and Warranties of the Borrower Loan Trustee	101
	Section 5.03.	Representations and Warranties of the Borrower as to the Receivables	101

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	Section 5.04.	Representations and Warranties of the Servicer and each Subservicer	102
	Section 5.05.	Representations and Warranties of the Backup Servicer and the Image File Custodian	105
	Section 5.06.	Repurchase of Certain Receivables	106
	ARTICLE SIX	COVENANTS	110
	Section 6.01.	Affirmative Covenants of the Borrower	110
	Section 6.02.	Negative Covenants of the Borrower and the Borrower Loan Trustee	116
	Section 6.03.	Covenant of the Borrower Relating to Hedging	119
	Section 6.04.	Affirmative Covenants of the Servicer and each Subservicer	120
	Section 6.05.	Negative Covenants of the Servicer and each Subservicer	123
	ARTICLE SEVEN	ADMINISTRATION AND SERVICING OF CONTRACTS	125
	Section 7.01.	Designation of Servicing and Subservicing	125
	Section 7.02.	Servicing and Subservicing Compensation	126
	Section 7.03.	Duties of the Servicer	127
	Section 7.04.	Collection of Payments; Establishment of Accounts	132
	Section 7.05.	Payment of Certain Expenses by the Initial Servicer	133
	Section 7.06.	Reports	133
	Section 7.07.	Annual Statement as to Compliance	134
	Section 7.08.	Annual Diligence Reports	134
	Section 7.09.	Limitation on Liability of the Servicer, the Subservicers and Others	135
	Section 7.10.	The Servicer Not to Resign	136
	Section 7.11.	Servicer Termination Events	136
	Section 7.12.	Appointment of Successor Servicer	137
	Section 7.13.	Rights After Assumption of Duties by Successor Servicer; Liability	140
	Section 7.14.	Merger or Consolidation, Assumption of Obligations or Resignation, of the Servicer	141
	Section 7.15.	Computershare as Successor Servicer	142
	Section 7.16.	Responsibilities of the Borrower	144
	Section 7.17.	Servicing Centralization Event	144
	ARTICLE EIGHT	THE BACKUP SERVICER	144
	Section 8.01.	Designation of the Backup Servicer	144
	Section 8.02.	Duties of the Backup Servicer	145
	Section 8.03.	Backup Servicing Compensation	148
	Section 8.04.	Backup Servicer Removal	148
	Section 8.05.	The Backup Servicer Not to Resign	148
	Section 8.06.	Covenants of the Backup Servicer	149
	Section 8.07.	Merger of the Backup Servicer	149
	Section 8.08.	Privilege	149
	ARTICLE NINE	THE IMAGE FILE CUSTODIAN	149

Signature Page to Credit Agreement (Heights/SouthernCo)

									
	Section 9.01.	Appointment; Duties of the Image File Custodian	149
	Section 9.02.	Compensation and Indemnification of Image File Custodian	150
	Section 9.03.	Covenants of the Image File Custodian	150
	Section 9.04.	Liability of the Image File Custodian	150
	Section 9.05.	Limitation on Liability of the Image File Custodian and Others	153
	Section 9.06.	Certain Matters Affecting the Image File Custodian	153
	Section 9.07.	Custody of Imaged Files	155
	Section 9.08.	Further Agreements	157
	Section 9.09.	System Maintenance	159
	ARTICLE TEN	EVENTS OF DEFAULT	159
	Section 10.01.	Events of Default	159
	Section 10.02.	Actions Upon Declaration or the Automatic Occurrence of the Maturity Date	163
	Section 10.03.	Exercise of Remedies	165
	Section 10.04.	Waiver of Certain Laws	165
	Section 10.05.	Power of Attorney	166
	Section 10.06.	Class B Lender Purchase Option	166
	ARTICLE ELEVEN	INDEMNIFICATION	168
	Section 11.01.	Indemnities by the Borrower	168
	Section 11.02.	Indemnities by the Servicer	170
	Section 11.03.	General Indemnity Provisions	171
	Section 11.04.	Applicability and Survival	172
	ARTICLE TWELVE	THE ADMINISTRATIVE AGENT AND THE AGENTS	172
	Section 12.01.	Authorization and Action	172
	Section 12.02.	Delegation of Duties	173
	Section 12.03.	Exculpatory Provisions	173
	Section 12.04.	Reliance	173
	Section 12.05.	Non-Reliance on Administrative Agent and Other Lenders	174
	Section 12.06.	Indemnification	175
	Section 12.07.	Each Agent in its Individual Capacity	175
	Section 12.08.	Successor Agents	176
	Section 12.09.	Borrower, Borrower Loan Trustee, Servicer Reliance	176
	ARTICLE THIRTEEN	THE COLLATERAL AGENT	176
	Section 13.01.	Authorization and Actions	177
	Section 13.02.	[Reserved]	178
	Section 13.03.	Compensation and Reimbursement	178
	Section 13.04.	Certain Matters Affecting the Collateral Agent	178
	Section 13.05.	Reliance	182
	Section 13.06.	Non-Reliance	183
	Section 13.07.	Collateral Agent in its Individual Capacity	183
	Section 13.08.	Resignation or Termination of Collateral Agent; Successor Collateral Agent	183

Signature Page to Credit Agreement (Heights/SouthernCo)

									
	Section 13.09.	Appointment of Co-Collateral Agent or Separate Collateral Agent	185
	Section 13.10.	Eligibility; Disqualification	186
	Section 13.11.	Representations and Warranties of the Collateral Agent	186
	Section 13.12.	Force Majeure	187
	Section 13.13.	Intercreditor Actions	187
	ARTICLE FOURTEEN	ASSIGNMENTS; PARTICIPATIONS	187
	Section 14.01.	Assignments and Participations	187
	ARTICLE FIFTEEN	MUTUAL COVENANTS REGARDING CONFIDENTIALITY	191
	Section 15.01.	Covenants of the Borrower, the Borrower Loan Trustee, the Servicer, the Subservicers, the Image File Custodian and the Backup Servicer	191
	Section 15.02.	Covenants of the Administrative Agent, the Agents, the Lenders, the Backup Servicer and the Image File Custodian	191
	Section 15.03.	Non-Confidentiality of Tax Treatment and Tax Structure	194
	ARTICLE SIXTEEN	MISCELLANEOUS	194
	Section 16.01.	Amendments and Waivers	194
	Section 16.02.	Notices, Etc	197
	Section 16.03.	No Waiver, Rights and Remedies	197
	Section 16.04.	Binding Effect	197
	Section 16.05.	Term of this Agreement	197
	Section 16.06.	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE	197
	Section 16.07.	WAIVER OF JURY TRIAL	198
	Section 16.08.	Costs, Expenses and Taxes	198
	Section 16.09.	No Insolvency Proceedings	198
	Section 16.10.	Recourse Against Certain Parties	199
	Section 16.11.	Patriot Act Compliance	200
	Section 16.12.	Execution in Counterparts; Severability; Integration	201
	Section 16.13.	Intercreditor Agreement	202
	Section 16.14.	Additional Subservicers	202
	Section 16.15.	Limitation of Liability of Collateral Agent and Borrower Loan Trustee	202

Signature Page to Credit Agreement (Heights/SouthernCo)

SCHEDULES
Schedule A-1    Credit Suisse Lender Supplement    SA-1
Schedule A-2    Atalaya Lender Supplement    SA-2
Schedule B    –    Eligible Receivable Criteria     SB-1
Schedule C    –    Schedule of Receivables    SC-1
Schedule D    –    Location of Receivable Files and Books and Records    SD-1
Schedule E    –    Representations and Warranties Regarding Security Interests    SE-1
Schedule F    –    Servicing Centralization Event Changes    SF-1
Schedule G1    –    Schedule of Servicer Master Collection Accounts    SG-1
Schedule G2    –    Schedule of Servicer Deposit Accounts    SG-2
Schedule H    –    List of Subservicers    SH-1
Schedule I    –    Regulatory Events    SI-1

EXHIBITS
Exhibit A    –    Funding Request    A-1
Exhibit B-1    –    [Reserved]    B-1
Exhibit B-2    –    [Reserved]    B-2
Exhibit C    –    Form of Assignment and Acceptance    C-1
Exhibit D    –    Accession Agreement    D-1
Exhibit E    –    Conditions to Accession    E-1
Exhibit F-1    –    Form of Power of Attorney (Borrower – Collateral Agent)    F-1
Exhibit F-2    –    Form of Power of Attorney (SouthernCo – Collateral Agent)    F-2
Exhibit F-3    –    Form of Power of Attorney (Borrower Loan Trustee – Collateral Agent)    F-3
Exhibit F-4    –    Form of Power of Attorney (Borrower Loan Trustee – Servicer)    F-4
Exhibit F-5    –    Form of Power of Attorney (Borrower Loan Trustee – Subservicer)    F-5
Exhibit G    –    Securitization Release    G-1
Exhibit H    –    Form of Monthly Report    H-1
Exhibit I    –    Form of Custodian Certification    I-1
Exhibit J    –    Form of Removal Request    J-1
Exhibit K    –    Form of Prepayment Notice    K-1

CREDIT AGREEMENT
This Credit Agreement, dated as of July 15, 2022 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is among Heights Financing I, LLC, a Delaware limited liability company, as borrower (the “Borrower”), SouthernCo, Inc., a Delaware corporation (“SouthernCo”), as servicer (the “Servicer”), the Subservicers party hereto as identified in Schedule H hereto, the lenders from time to time parties hereto (the “Lenders”), the agents for the Lender Groups (as defined herein) from time to time parties hereto (the “Agents”), Credit Suisse AG, New York Branch, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and as structuring and syndication agent (in such capacity, the “Structuring and Syndication Agent”), Computershare Trust Company, National Association (“Computershare” acting through its Computershare Corporate Trust division), as paying agent (in such capacity, the “Paying Agent”), image file custodian (in such capacity, the “Image File Custodian”), backup servicer (in such capacity, the “Backup Servicer”) and collateral agent (in such capacity, the “Collateral Agent”), and Wilmington Trust, National Association, not in its 
Signature Page to Credit Agreement (Heights/SouthernCo)

individual capacity but solely as borrower loan trustee (in such capacity, the “Borrower Loan Trustee”).
WITNESSETH:
WHEREAS, the Borrower was formed for the purpose of taking assignments of, and holding, various assets, including secured and unsecured consumer loans, amounts received on or in respect of such finance contracts and proceeds of the foregoing;
WHEREAS, the Borrower desires that the Lenders make loans to the Borrower from time to time, the proceeds of which will be used to finance the purchase price of certain secured and unsecured consumer loans as described herein; 
WHEREAS, the Lenders have made and desire to make such loans to the Borrower upon the terms and subject to the conditions set forth herein;
NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
ARTICLE ONE

DEFINITIONS; CONSTRUCTION
Section 1.01.    Definitions.  Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the following meanings:
“Acceptable Cap Agreement” means a Hedging Agreement in the form of an interest rate cap agreement with a term that extends at least until the Legal Final Maturity Date, to be entered into at the then prevailing market rate with a strike rate of no higher than [***] with monthly settlement and having a notional amount equal to the aggregate Principal Balance of Loans Outstanding on the date of such Hedging Agreement. For the avoidance of doubt, all costs related to Acceptable Cap Agreement(s) shall be covered by the Borrower.
“Accession Agreement” means each agreement executed by SouthernCo and a Subservicer, substantially in the form of Exhibit D hereto.
“Account Collateral” means the Accounts, together with all cash, securities, financial assets (as defined in Section 8-102(a)(9) of the UCC) and investments and other property from time to time deposited or credited to the Accounts and all proceeds thereof.
“Account Control Agreement” means the Account Control Agreement relating to the Accounts, dated as of the Closing Date, among the Borrower, the Servicer, the Paying Agent and the Collateral Agent.
“Accounts” mean the Collection Account and the Reserve Account.
“Additional Amount” has the meaning given to such term in Section 2.14(a).
“Adjusted Net Income” means, for a fiscal quarter of Parent, the consolidated net income (loss) of the Parent determined in accordance with GAAP and adjusted plus or minus to account for certain legal and other costs, income or loss from equity method investment, goodwill and intangible asset impairments, transaction-related costs, restructuring costs, loss on extinguishment of debt, adjustments related to acquisition accounting, share-based 
Signature Page to Credit Agreement (Heights/SouthernCo)

compensation, intangible asset amortization, certain tax adjustments and impacts from tax law changes and cumulative tax effect of applicable adjustments.
“Administrative Agent” has the meaning given to such term in the Preamble.
“Advisors” means accountants, attorneys, consultants, advisors, credit enhancers, liquidity providers and Persons similar to the foregoing and the respective directors, officers, employees and managers of each of the foregoing.
“Affected Party” means the Administrative Agent, any Lender, any Credit Provider (in the case of any Conduit Lender) or any of their respective Affiliates. 
“Affiliate” means, with respect to a Person, any other Person controlling, that is controlled by or under common control with such Person.  For purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” or “controlled” have meanings correlative to the foregoing.
“Agent” means the agent for a particular Lender Group and “Agents” means all agents for all Lender Groups.
“Aggregate Commitment” means, as of any day, the sum of the Class A Aggregate Commitment and the Class B Aggregate Commitment.
“Aggregate Unpaids” means, as of any date, an amount equal to the sum of (without duplication) (i) the Loans Outstanding, (ii) all accrued but unpaid Interest and (iii) all Unused Commitment Fees and other Obligations owed (whether due or accrued) by the Borrower to the Secured Parties, the Administrative Agent, the Backup Servicer, the Image File Custodian, the Paying Agent, the Borrower Loan Trustee and the Third Party Allocation Agent under this Agreement and the other Basic Documents.
“Agreement” has the meaning given to such term in the Preamble.
“Annual Percentage Rate” or “APR” means, with respect to a Receivable, the rate per annum of finance charges stated in such Receivable as the “annual percentage rate” (within the meaning of the Federal Truth-in-Lending Act).  If, after the Closing Date, the rate per annum with respect to a Receivable as of the related Cutoff Date is reduced (i) as a result of an Insolvency Proceeding involving the related Obligor or (ii) pursuant to the Servicemembers Civil Relief Act or similar State law, “Annual Percentage Rate” or “APR” shall refer to such reduced rate.
“Annualized Net Charge-off Ratio” means, with respect to any Determination Date and the related Collection Period, the product of (i) 12 and (ii) the percentage equivalent of a fraction, (a) the numerator of which is the result of (1) the aggregate outstanding Principal Balance (determined for this purpose, with respect to any Charged-Off Receivable, as if such Receivable was not a Charged-Off Receivable) of all Receivables that have become Charged-Off Receivables during such Collection Period minus (2) Net Liquidation Proceeds received by the Servicer with respect to such Charged-Off Receivables as of the last day of the related Collection Period and (b) the denominator of which is the Eligible Receivable Principal Balance as of the first day of such Collection Period.
“Anti-Corruption Laws” means the U.S. Foreign Corrupt Practices Act, the UK Bribery Act, or any other law, rule, or regulation of any jurisdiction applicable to each of the Borrower, 
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the Servicer and their respective Affiliates from time to time concerning or relating to bribery or corruption.
“Anti-Money Laundering Laws” means applicable laws or regulations in any jurisdiction in which each of the Borrower, the Servicer and their respective Affiliates is located or doing business that relates to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.
“Applicable Law” means, with respect to any Person, all existing and future applicable laws, rules, regulations (including temporary and final income tax regulations), statutes, treaties, codes, ordinances and orders of and interpretations by any Governmental Authority (including, but not limited to, the federal Dodd-Frank Act; the federal Truth in Lending Act and its implementing regulation, Regulation Z, of the CFPB; the Equal Credit Opportunity Act and its implementing regulation, Regulation B, of the CFPB; the Exchange Act of 1934; the Fair Credit Reporting Act, including Regulation V; the Fair Credit Billing Act; the Fair Debt Collection Practices Act; the Federal Trade Commission Act; the Servicemembers Civil Relief Act; Anti-Corruption Laws; Anti-Money Laundering Laws; Sanctions; state adoptions of the foregoing federal laws; state usury laws; and state-specific adoptions of the National Consumer Act and the Uniform Consumer Credit Code), and applicable judgments, decrees, injunctions, writs, orders or line actions of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction, to which the Person in question is subject or by which it or any of its assets or properties are bound.
“Assignment and Acceptance” means an assignment and acceptance agreement between a Lender and an Eligible Assignee, in substantially the form of Exhibit C hereto.
“Assumption Date” means the date, if any, when the Backup Servicer becomes Successor Servicer hereunder.
    “Atalaya Lender Group” means the group of Lenders consisting of (i) ACM AIF Evergreen P2 DAC SubCo LP, (ii) Atalaya A4 Pool 1 LP, (iii) Atalaya A4 Pool 1 (Cayman) LP and (iv) any other Lender in the Atalaya Lender Group designated as such in the Class B Lender Supplement or Assignment and Acceptance pursuant to which such Lender became a party to this Agreement.
“Authoritative Copy” means, with respect to any Electronic Contract, the authoritative copy thereof, as such term is used in Section 9-105 of the UCC.
“Authorized Officer” means, with respect to any Person other than a natural person, any officer of such Person, including any president, vice president, assistant vice president, treasurer, assistant treasurer, secretary or assistant secretary or any other officer performing functions similar to those performed by such officers.
“Available Amount” means, with respect to any day, the positive amount, if any, by which the Facility Amount exceeds the Loans Outstanding on such day.
“Available Funds” means, for any Payment Date and the related Collection Period, the sum of (i) Collections on deposit in the Collection Account, to the extent received during or in respect of such Collection Period and (ii) any Reserve Account Withdrawal Amounts.
“Available Funds Shortfall” means, for any Payment Date and the related Collection Period, the positive difference, if any, of (i) the amount necessary to make all distributions required to be made pursuant to clauses (i) through (vi) of Section 2.08(a) over (ii) Collections 
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on deposit in the Collection Account, to the extent received during or in respect of such Collection Period.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date.
“Backup Servicer” has the meaning given to such term in the Preamble.
“Backup Servicer Termination Notice” has the meaning given to such term in Section 8.04.
“Backup Servicing Fee” means the fee payable to the Backup Servicer on each Payment Date in accordance with Section 2.12(c), which fee shall be equal to the greater of (i) $[***], and (ii) the product of (a) the Backup Servicing Fee Rate, (b) the aggregate Principal Balance of all Receivables as of the first day of the related Collection Period (or, with respect to any Receivables added or to be added to the Collateral following such first day, the related Cutoff Date) and (c) 1/12.
“Backup Servicing Fee Rate” [***].
“Bankruptcy Code” means the United States Bankruptcy Code (Title 11 of the United States Code).
“Bankruptcy Receivable” shall mean, to the extent reflected on the servicing systems of the Servicer, any Receivable (a) with respect to which, as of the applicable Cutoff Date, all or any portion of the Principal Balance thereof has been discharged or is involved in any bankruptcy or court-ordered restructuring proceeding and has not been reaffirmed by the related Obligor, or (b) the Obligor of which has filed, or there has been filed against such Obligor, voluntary or involuntary proceedings under the Bankruptcy Code or any other Insolvency Laws and such Receivable has not been reaffirmed by the Obligor in that proceeding.
“Base Rate” means, for any day, a rate per annum equal to the higher of (i) the Prime Rate in effect on such day, and (ii) the Federal Funds Rate in effect on such day plus 0.50%. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Rate, respectively.
“Basel II” means the second Basel Accord issued by the Basel Committee on Banking Supervision.
“Basel III” means the third Basel Accord issued by the Basel Committee on Banking Supervision.
“Basic Documents” means this Agreement, the Purchase Agreement, the Borrower Loan Trust Agreement, the Guaranty, the Fee Letter, the Upfront Fee Letter, all Hedging Agreements, the Account Control Agreement, the Servicer Account Agreement, the Electronic Collateral Control Agreement (after the satisfaction of the Electronic Chattel Paper Condition), the Electronic Vault Services Agreement (after the satisfaction of the Electronic Chattel Paper Condition), the Intercreditor Agreement (after the satisfaction of the Intercreditor Condition), each Accession Agreement, and any other document, certificate, opinion, agreement or writing delivered pursuant to, or the execution of which is necessary or incidental to carrying out the transactions contemplated by, this Agreement or any of the other foregoing documents.
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“Benchmark” means Term SOFR; provided, that, if a Benchmark Transition Event and its related and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.19(a).
“Benchmark Adjustment” means, with respect to any Benchmark, 
(1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Administrative Agent: (a) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; or (b) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and
(2) for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrative Agent in its sole discretion for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for asset-backed lending transactions substantially similar hereto; provided that, in the case of clause (ii) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion. 
“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below for the applicable Benchmark Replacement Date:
1)    if a Compounded SOFR Transition Event has occurred, the sum of (a) Compounded SOFR and (b) the related Benchmark Adjustment;
2)    the sum of (a) Daily Simple SOFR and (b) the related Benchmark Adjustment;
3)    the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent in its sole discretion as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for asset-backed lending transactions substantially similar hereto at such time and (b) the related Benchmark Adjustment
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provided, that, (i) if the Benchmark is Term SOFR and (x) Term SOFR ceases to be available, (y) the Administrative Agent determines in its sole discretion that the use of Term SOFR has become operationally, administratively or technically unfeasible, or (z) the Administrative Agent determines in its sole discretion that Term SOFR has ceased to reflect market conditions, the Benchmark Replacement shall be (1), (2) or (3) above, as applicable; (ii) if the Benchmark is Compounded SOFR and (x) Compounded SOFR ceases to be available, (y) the Administrative Agent determines in its sole discretion that the use of Compounded SOFR has become operationally, administratively or technically unfeasible, or (z) the Administrative Agent determines in its sole discretion that Compounded SOFR has ceased to reflect market conditions, the Benchmark Replacement shall be (2) or (3) above, as applicable; (iii) if the Benchmark is Daily Simple SOFR and (x) Daily Simple SOFR ceases to be available, (y) the Administrative Agent determines in its sole discretion that the use of Daily Simple SOFR has become operationally, administratively or technically unfeasible, or (z) the Administrative Agent determines in its sole discretion that Daily Simple SOFR has ceased to reflect market conditions, the Benchmark Replacement shall be (1) or (3) above, as applicable; and (iv) the Administrative Agent shall have the right to make any Benchmark Replacement Conforming Change that the Administrative Agent deems appropriate in its sole discretion.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational change (including any change to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides, in its reasonable discretion, may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides, in its reasonable discretion, is reasonably necessary in connection with the administration of this Agreement or any other Basic Document).
“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the then-current Benchmark: (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to then-current Benchmark: (1) a public statement or publication of information by or on behalf of the administrator of such Benchmark announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such 
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statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or component thereof); (2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over administrator for such Benchmark (or component thereof), a resolution authority with jurisdiction over the administrator for such Benchmark (or component thereof) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or component thereof), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or (3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.  For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred for purposes of clauses (1), (2), and (3) above with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the ninetieth (90th) day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than ninety (90) days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or Required Lenders, as applicable, by notice to the Borrower, Administrative Agent (in the case of such notice by Required Lenders) and Lenders.
“Benefit Plan” means (i) employee benefit plans (as defined in Section 3(3) of ERISA) that are subject to Title I of ERISA, (ii) plans described in Section 4975(e)(1) of the Code, including individual retirement accounts or Keogh Plans that are subject to Section 4975 of the Code and (iii) any entities whose underlying assets include Plan Assets by reason of a plan’s investment in such entities.
“Borrower” has the meaning given to such term in the Preamble.
“Borrower Basic Documents” means all Basic Documents to which the Borrower is a party or by which it is bound.
“Borrower Loan Trust Agreement” means the Loan Trust Agreement, dated as of the Closing Date, between the Borrower and the Borrower Loan Trustee.
“Borrower Loan Trustee” has the meaning given to such term in the Preamble.
“Borrower Loan Trustee Fee” means the fees set forth in the Borrower Loan Trust Agreement and payable to the Borrower Loan Trustee on each Payment Date in accordance with Section 2.12(c).
“Borrower Order” means a written order or request signed in the name of the Borrower by an Authorized Officer of the Borrower delivered to the Collateral Agent.
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“Breakage Costs” means such amount or amounts as shall compensate any Lender for any administrative loss, cost or expense (but excluding lost profits) incurred by such Lender (as reasonably determined by such Lender) as a result of (a) any prepayment of a Loan (and interest thereon) other than on a Payment Date or (b) any failure by the Borrower to draw on a Funding Date in an amount set forth in the related Funding Request (including, without limitation, as a result of a failure to satisfy any condition to such funding as set for in Sections 2.01 and 4.02).
“Business Day” means any day other than a Saturday or a Sunday on which commercial banking institutions are not required or authorized to be closed in Wilmington, Delaware, Minneapolis, Minnesota, and New York, New York.
“Cash” means money, currency or a credit balance in any demand, securities account or deposit account; provided, however, that notwithstanding anything to the contrary contained herein, “Cash” shall exclude any amounts that would not be considered “cash” under GAAP.
“Cash Equivalents” means, as of any day, (a) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States government or the Canadian government or (ii) issued by any agency of the United States or Canada the obligations of which are backed by the full faith and credit of the United States or Canada, in each case maturing within one (1) year after such day; (b) marketable direct obligations issued by any State or Province of the United States or Canada, as the case may be, or any political subdivision of any such State or any Province, as the case may be, or public instrumentality thereof, in each case maturing within one (1) year after such day and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (c) commercial paper maturing no more than one (1) year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (d) certificates of deposit or bankers’ acceptances maturing within one (1) year after such day and issued or accepted by any Lender or by any commercial bank organized under the laws of the United States or any state thereof, the District of Columbia, Canada or any Province thereof that (i) is at least “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and (ii) has Tier 1 capital (as defined in such regulations) of not less than One Hundred Million Dollars ($100,000,000); and (e) shares of any money market mutual fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clauses (a) and (b) above, (ii) has net assets of not less than Five Hundred Million Dollars ($500,000,000) and (iii) has the highest rating obtainable from either S&P or Moody’s. 
“Certificate of Formation” means the certificate of formation of the Borrower filed in Delaware, dated as of April 28, 2022.
“CFPB” means the Consumer Financial Protection Bureau.
“Change in Control” means the occurrence of any of the following: (i) Parent at any time ceases to own directly or indirectly 100% of the outstanding voting equity interests of SouthernCo, (ii) SouthernCo at any time ceases to own directly or indirectly 100% of all of the outstanding voting equity (including membership) interests of any Originator; (iii) the Originators at any time cease to own directly and free and clear of Liens 100% of all of the outstanding voting equity (including membership) interests of the Borrower, or (iv) any Person or group of Persons (within the meaning of Section 13 or 14 of the Exchange Act), acquiring beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of 35% or more of the total outstanding voting equity interests of Parent on a fully-diluted basis (and taking into account all such equity interests that such Person or group of Persons has the right to acquire pursuant to any option right).
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“Charged-Off Receivable” means, any Receivable that (i) is at least one hundred and eighty-one (181) days past due or (ii) which has been charged-off or is deemed uncollectible, in each case, as reflected in the records of the Servicer or Subservicer in accordance with the Collection Policy. The Principal Balance of any Receivable that becomes a “Charged-Off Receivable” will be deemed to be zero as of the date it becomes a “Charged-Off Receivable”.
“Charged-Off Receivable Release Price” means, with respect to any Charged-Off Receivable to be sold to a third party in accordance with the Collection Policy pursuant to Section 5.06(e), an amount equal to the Net Liquidation Proceeds expected to be received by the Servicer in connection the sale of such Charged-Off Receivable to a third party. 
“Class A Advance Rate” [***].
“Class A Aggregate Commitment” means, as of any day, the sum of the Commitments of each Lender Group consisting of Class A Lenders.
“Class A Borrowing Base” means, as of any date of determination, an amount equal to the sum of (a) the product of (i) sum of the Eligible Pool Balance and (ii) the Class A Advance Rate and (b) all amounts on deposit in the Collection Account as of such date of determination in excess of the product of (i) [***] and (ii) all amounts sufficient to make all payments required to be made pursuant to clauses (i), (ii), (iii) and (v) of Section 2.08(a) on the Payment Date immediately following such date of determination.
“Class A Borrowing Base Deficiency” means, as of any date of determination, the positive amount, if any, by which (i) the aggregate Loans Outstanding that are Class A Loans exceeds (ii) the Class A Borrowing Base.
“Class A Committed Lender” means any Lender that is designated as a Class A Committed Lender in a Class A Lender Supplement or in the Assignment and Acceptance pursuant to which it became a party to this Agreement, and any assignee of such Lender to the extent of the portion of such Lender Group’s Commitment assumed by such assignee pursuant to its respective Assignment and Acceptance.
“Class A Conduit Lender” means any Lender that is designated as a “Conduit Lender” in the Class A Lender Supplement or in the Assignment and Acceptance pursuant to which it became a party to this Agreement, and any assignee of such Lender to the extent of the portion of its Lender Group’s Commitment assumed by such assignee pursuant to its respective Assignment and Acceptance.
“Class A Lender” means (i) any Class A Committed Lender or (ii) any Class A Conduit Lender.
“Class A Lender Supplement” means the information set forth in Schedule A-1 to this Agreement with respect to each Class A Lender in the Credit Suisse Lender Group relating to payment and notice information and setting forth the identity and related Commitment of each such Class A Lender.  With respect to the Class A Lender Supplement for any Lender Group other than the Credit Suisse Lender Group, such Class A Lender Supplement shall contain substantially similar information.
“Class A Loan” has the meaning given to such term in Section 2.01(a).
“Class A Monthly Principal Payment Amount” means, with respect to any Payment Date, the amount (or such lesser amount as then available pursuant to Section 2.08(a)(iv)), if any, necessary to reduce the Loans Outstanding that are Class A Loans so that they equal the Class A 
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Borrowing Base (while a Level I Trigger Event is continuing, without giving effect to any amount on deposit in the Collection Account) as of such Payment Date.
“Class A Obligations” means all Obligations owing to the Class A Lenders and the related Agents, including, without limitation, the aggregate principal amount of all Class A Loans and all accrued and unpaid Interest.
“Class B Aggregate Commitment” means, as of any day, the sum of the Commitments of each Lender Group consisting of Class B Lenders.
“Class B Committed Lender” means any Lender that is designated as a Class B Committed Lender in a Class B Lender Supplement or in the Assignment and Acceptance pursuant to which it became a party to this Agreement, and any assignee of such Lender to the extent of the portion of such Lender Group’s Commitment assumed by such assignee pursuant to its respective Assignment and Acceptance.
“Class B Conduit Lender” means any Lender that is designated as a “Conduit Lender” in the Class B Lender Supplement or in the Assignment and Acceptance pursuant to which it became a party to this Agreement, and any assignee of such Lender to the extent of the portion of its Lender Group’s Commitment assumed by such assignee pursuant to its respective Assignment and Acceptance.
“Class B Initial Funding Date” means the date on which the Class B Lenders fund the initial Class B Loan, which date shall be no later than July 22, 2022.
“Class B Lender” means (i) any Class B Committed Lender or (ii) any Class B Conduit Lender.
“Class B Lender Supplement” means the information set forth in Schedule A-2 to this Agreement with respect to each Class B Lender in the Atalaya Lender Group relating to payment and notice information and setting forth the identity and related Commitment of each such Class B Lender.  With respect to the Class B Lender Supplement for any Lender Group other than the Atalaya Lender Group, such Class B Lender Supplement shall contain substantially similar information.
“Class B Loan” has the meaning given to such term in Section 2.01(a).
“Class B Monthly Principal Payment Amount” means, with respect to any Payment Date, the amount (or such lesser amount as then available pursuant to Section 2.08(a)(vi)), if any, necessary to reduce the Loans Outstanding (after giving effect to the payment of Class A Monthly Principal Payment Amount on such Payment Date) so that the Loans Outstanding equal the Total Borrowing Base (while a Level I Trigger Event is continuing, without giving effect to any amounts on deposit in the Collection Account) as of such Payment Date.
“Closing Date” means July 15, 2022.
“Code” means the Internal Revenue Code of 1986.
“Collateral” has the meaning given to such term in Section 3.01(a).
“Collateral Agent” has the meaning given to such term in the Preamble.
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“Collection Account” means a segregated trust account established and maintained by the Paying Agent at a Depository Institution, for the benefit of the Secured Parties, into which all Collections shall be deposited.
“Collection Period” means, with respect to any Payment Date, the immediately preceding calendar month (or, in the case of the first Payment Date, the period from and including the initial Cutoff Date through and including the last day of the calendar month immediately preceding the first Payment Date).
“Collection Policy” means with respect to (i) the initial Servicer and any Subservicer, the servicing policies, procedures and practices of such Person (as may be changed from time to time pursuant to this Agreement), dated June 27, 2022 and identified as “Servicing and Collections Policy”, a copy of which is delivered to the Administrative Agent and the Lenders on the Closing Date, and (ii) any Successor Servicer, the servicing policies, procedures and practices of such Successor Servicer (as may be changed from time to time pursuant to this Agreement) used by servicing companies of comparable experience to the Successor Servicer for servicing receivables comparable to the Receivables which the Successor Servicer services for its own account. 
“Collections” means, with respect to any Collection Period and the related Payment Date, (i) all cash collections and other cash proceeds of any Receivable or any other Collateral received by the Servicer (including from the Originators, a Subservicer or the Borrower) from or on behalf of any Obligor in payment of any amounts owed in respect of such Receivable, including Release Amounts deposited in the Collection Account pursuant to Sections 5.06 and 7.03(c), any Terminated Receivable Price deposited in the Collection Account in connection with any Renewal pursuant to Section 7.03(j), investment earnings in the Collection Account and the Reserve Account and Net Liquidation Proceeds, (ii) any other funds received by the Servicer (including from the Originators, a Subservicer or the Borrower) with respect to any Receivable (exclusive of the portion of Excluded Amounts permitted to be retained by the Servicer in accordance with Section 7.05) or any other Collateral, (iii) all payments received by the Borrower pursuant to any Hedging Agreement or Hedge Transaction, and (iv) all amounts received as proceeds of the Collateral sold pursuant to Section 10.02(c); in each case received during or in respect of such Payment Date and Collection Period.
“Commercial Paper Notes” means any short-term promissory notes issued by or on behalf of a Conduit Lender with respect to financing any Loan hereunder.
“Commitment” means, with respect to any Lender Group as of any day, the commitment of such Lender Group to fund Loans in an aggregate amount not to exceed the amount set forth with respect to such Lender Group in the Class A Lender Supplement or the Class B Lender Supplement, as applicable, as such amount may be modified in accordance with the terms hereof (including, for the avoidance of doubt, Section 2.03).
“Committed Lender” or “Committed Lenders” means (a) collectively, the Class A Committed Lenders and the Class B Committed Lenders, and (b) individually, a Class A Committed Lender or a Class B Committed Lender.
“Compounded SOFR” means, with respect to any U.S. Government Securities Business Day:
(1) the applicable compounded average of SOFR for the Corresponding Tenor as published on the SOFR Administrator’s Website on such U.S. Government Securities Business Day at the SOFR Determination Time; or
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(2) if the rate specified in (1) above does not so appear, the applicable compounded average of SOFR for the Corresponding Tenor as published on the SOFR Administrator’s Website in respect of the first preceding U.S. Government Securities Business Day for which such rate appeared on the SOFR Administrator’s Website.
“Compounded SOFR Transition Event” means the election by the Administrative Agent following the determination by the Administrative Agent in its sole discretion that Compounded SOFR (a) has been (x) applied in any asset-backed lending transaction substantially similar hereto where the Administrative Agent or one of its affiliates is a lender or (y) adopted by a significant number of market participants for use in asset-backed lending transactions substantially similar hereto, and (b) is operationally, administratively and technically feasible for the Administrative Agent.
“Computershare” has the meaning assigned to such term in the Preamble.
“Computershare Fee Letter” means that certain Schedule of Fees, dated as of May 26, 2022, between Parent and Computershare.
“Concentration Limits” [***]:
(i)    [***];
(ii)    [***];
(iii)    [***];
(iv)    [***];
(v)    [***];
(vi)    [***];
(vii)    [***];
(viii)    [***];
(ix)    [***];
(x)    [***];
(xi)    [***]; 
(xii)    [***];
(xiii)    [***]; 
(xiv)    [***]; and
(xv)    [***]; and
(b)    [***]:
(i)    [***];
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(ii)    [***];
(iii)    [***];
(iv)    [***];
(v)    [***];
(vi)    [***];
(vii)    [***];
(viii)    [***];
(ix)    [***];
(x)    [***];
(xi)    [***];
(xii)    [***];
(xiii)    [***];
(xiv)    [***]; 
(xv)    [***];
(xvi)    [***];
(xvii)    [***]; and
(xviii)    [***].
“Conduit Lender” or “Conduit Lenders” means (a) collectively, the Class A Conduit Lenders and the Class B Conduit Lenders, and (b) individually, a Class A Conduit Lender or a Class B Conduit Lender.
“Confidential Information” means any information with respect to Heights Finance Holding Co., the Guarantor, the Servicer, the Borrower, the Originators, any of their Affiliates and their respective businesses and financial information, the Obligors, the Receivables and other Collateral and includes (i) information transmitted in written, oral, magnetic or any other medium, (ii) all copies and reproductions, in whole or in part, of such information and (iii) all summaries, analyses, compilations, studies, notes or other records to the extent such contain, reflect or are generated from such information; provided, that Confidential Information does not include, with respect to a Person, information that (a) was already known to such Person and such knowledge was not obtained from the disclosing party under confidentiality obligations still binding on such Person, (b) is or has become part of the public domain through no act or omission of such Person in breach of Article Fifteen hereof, (c) is or was lawfully disclosed to such Person without restriction on disclosure by a third party, or (d) is or was developed independently by such Person.
“Continued Errors” has the meaning given to such term in Section 8.02(e).
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“Contract” means, with respect to any Receivable, any non-revolving personal loan agreement executed by an Obligor under which an extension of credit by the related Originator was made in the ordinary course of business to such Obligor, which contract contains the terms and conditions applicable to such Receivable and any applicable truth in lending disclosure statements related thereto, and which the Borrower and, with respect to legal title to the contracts, the Borrower Loan Trustee have acquired from the Originators pursuant to the Purchase Agreement and have included as part of the Collateral hereunder.
“Contractual Obligation” means, with respect to any Person, any provision of any securities issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject.
“Controlled Accounts Agent” means Computershare Trust Company, National Association, in its capacity as agent for the benefit of the Secured Parties under the Intercreditor Agreement. 
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Credit Adjustment Spread” shall have the meaning given to such term in the Fee Letter.
“Credit Facility” means any of the committed loan facilities, lines of credit, letters of credit and other forms of credit enhancement available to the Conduit Lenders that are not Liquidity Facilities.
“Credit Policy” means the policies, procedures and practices of the related Originator (which may be changed from time to time in accordance with this Agreement) with respect to the underwriting and origination of personal loans that such Originator underwrites and originates for itself and others, dated June 3, 2020 and identified as “Corporate Procedures Manual: Underwriting”, a copy of which is delivered to the Administrative Agent and the Lenders on the Closing Date.
“Credit Provider” means any provider of a Credit Facility or Liquidity Facility.
“Credit Suisse” means Credit Suisse AG, Cayman Islands Branch.
“Credit Suisse Agent” means Credit Suisse AG, New York Branch, in its capacity as Agent for the Credit Suisse Lender Group.
“Credit Suisse Committed Lender” means Credit Suisse, as committed lender for the Credit Suisse Lender Group.
“Credit Suisse Lender Group” means the group of Lenders consisting of (i) the Credit Suisse Agent, (ii) the Credit Suisse Committed Lender, (iii) GIFS Capital Company, LLC and (vi) any other Conduit Lender in the Credit Suisse Lender Group designated as such in the Class A Lender Supplement or Assignment and Acceptance pursuant to which such Conduit Lender became a party to this Agreement.
“Cumulative Net Losses” means, as of any date of determination, with respect to any Quarterly Vintage Pool, the aggregate Principal Balance of all Managed Receivables in such Quarterly Vintage Pool that have become Charged-Off Receivables through the last day of the most recently ended Collection Period, net of all Net Liquidation Proceeds received by the 
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Servicer with respect to such Charged-Off Receivables in such Quarterly Vintage Pool as of the last day of the most recently ended Collection Period (it being understood that, for purposes of this definition (1) the references in the definition of “Principal Balance”, “Charged-Off Receivables” and “Net Liquidation Proceeds” and the related definitions therein to “Receivables” shall mean the Managed Receivables (which includes the Receivables hereunder) and (2) the references to “Servicer” shall mean any Person then acting as servicer in respect of the related Managed Receivables (which includes the Receivables hereunder)).
“Cumulative Net Loss Rate” means, as of any date of determination, with respect to any Quarterly Vintage Pool, a rate, expressed as a percentage equal to a fraction, (a) the numerator of which is the Cumulative Net Losses with respect to the Managed Receivables in such Quarterly Vintage Pool and (b) the denominator of which is the original Principal Balance of all Managed Receivables in such Quarterly Vintage Pool (it being understood that, for purposes of this definition, the references in the definition of “Principal Balance” and the related definitions therein to (1) “Receivables” shall mean the Managed Receivables (which includes the Receivables hereunder) and (2) “Charged-Off Receivables” shall mean the Managed Receivables (which includes the Receivables hereunder) that are at least one hundred and eighty-one (181) days past due or which have been charged-off or is deemed uncollectible by the related servicer in accordance with its servicing policies)).
“Custodian Certification” has the meaning given to such term in Section 9.07(c).
“Cutoff Date” means, with respect to Receivables transferred to the Borrower and the Borrower Loan Trustee for the benefit of the Borrower on each Funding Date, the close of business on such date as shall be identified as the Cutoff Date in the related Funding Request, which, with respect to any Renewal Receivable originated in connection with a Renewal Receivable Replacement, shall be the date such Renewal Receivable Replacement was effected.
“Daily Simple SOFR” means, for any day, SOFR, with conventions (including, without limitation, a lookback) established by the Administrative Agent in its sole discretion in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided that, if the Administrative Agent determines that any such convention is not administratively, operationally, or technically feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its sole discretion.
“DBRS” means DBRS, Inc.
“Deceased Receivable” shall mean any Receivable for which the Servicer has (a) been notified that each Obligor with respect to such Receivable is deceased and (b) verified the deceased status of such Obligor consistent with the Collection Policy. A Receivable becomes a Deceased Receivable during the Collection Period in which the verification described in clause (b) above is completed.
“Delinquency Ratio (31+ Days)” means, with respect to any Collection Period, the percentage equivalent of a fraction, (i) the numerator of which is equal to the aggregate Principal Balance of all Delinquent Receivables (31+ Days) as of the last day of such Collection Period and (ii) the denominator of which is equal to the aggregate Principal Balance of all Receivables that are Collateral as of the last day of such Collection Period.
“Delinquent Receivable (31+ Days)” means a Receivable, other than a Charged-Off Receivable, with respect to which any portion of a Scheduled Payment thereon remains unpaid for thirty-one (31) days or more from the related due date.
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“Delinquent Receivable (61+ Days)” means a Receivable, other than a Charged-Off Receivable, with respect to which any portion of a Scheduled Payment thereon remains unpaid for sixty-one (61) days or more from the related due date.
“Depository Institution” means a depository institution or trust company, incorporated under the laws of the United States or any State thereof that is subject to supervision and examination by federal or State banking authorities.
“Derivatives” means any (i) exchange-traded or over-the-counter forward, future, option, swap, cap, collar, floor or foreign exchange contract or any combination of the foregoing, whether for physical delivery or cash settlement, relating to any interest rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price, debt index, depository instrument, depository price, depository index, equity instrument, equity price, equity index, commodity, commodity price or commodity index, (ii) similar transaction, contract, instrument, undertaking or security or (iii) transaction, contract, instrument, undertaking or security containing any of the foregoing.
“Determination Date” means, with respect to any Payment Date and the related Collection Period, the last day of such Collection Period.
“Dodd-Frank Act” means The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173).
“Dollars” or “$” means the lawful currency of the United States.
“Early Adoption Increased Costs” means charges or compensation sought from the Borrower by an Affected Party under Section 2.13(a) in anticipation of a Regulatory Change (including the imposition of internal charges on such Affected Party’s interests or obligations under this Agreement) in connection with such measures, in advance of the effective date of such Regulatory Change.
“Early Opt-in Election” means the occurrence of (i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that (a) U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in the Section titled “Effect of Benchmark Transition Event,” are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace Term SOFR or (b) the rate at which deposits of Dollars are being offered to such Lender at the overnight financing rate published by the Federal Reserve Bank of New York (or any successor administrator of the secured overnight financing rate) does not accurately reflect the cost to such Lender of making, funding or maintaining any Loan.
“Electronic Chattel Paper” shall have the meaning specified in Article 9 of the UCC.
“Electronic Chattel Paper Condition” shall mean the delivery to the Administrative Agent of a legal opinion in a form acceptable to the Administrative Agent from a nationally recognized law firm to the effect that the Collateral Agent’s security interest in any Receivables that constitute electronic chattel paper under the UCC has been perfected by control pursuant to Section 9-105 of the UCC, other than any Specified Electronic Contracts.
“Electronic Collateral Control Agreement” means an electronic collateral control agreement to be dated after the Closing Date in a form acceptable to the Administrative Agent, to be among the Collateral Agent, for itself and other secured parties, the Borrower, as a debtor, the 
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Borrower Loan Trustee, as a debtor, each Originator, as a debtor, and the Electronic Vault Provider.
“Electronic Contract” shall mean a Contract that constitutes “Electronic Chattel Paper”.
“Electronic Vault” shall mean the electronic vault wherein custody of Electronic Contracts shall be maintained in electronic form through a third-party Electronic Vault Provider that enables electronic contracting pursuant to the Electronic Vault Services Agreement.
“Electronic Vault Provider” shall mean a third-party provider of the technology platform on which the Electronic Vault operates, acting in such capacity with the consent of the Administrative Agent (with the written consent of the Required Lenders).
“Electronic Vault Services Agreement” shall mean an agreement to be dated after the Closing Date in a form acceptable to the Administrative Agent, to be among SouthernCo and/or the Borrower and the Electronic Vault Provider pursuant to which the Electronic Vault Provider maintains the Electronic Vault.
“Electronic Vault System” shall mean the electronic vault system with characteristics acceptable to the Administrative Agent provided by the Electronic Vault Provider pursuant to the Electronic Vault Services Agreement that enables electronic contracting.
“Eligible Assignee” means (a) prior to the occurrence of an Event of Default or a Facility Amortization Event, a Person (i) who is either an Affiliate of a Lender, an Agent or the Administrative Agent or a commercial paper conduit that is administered by a Lender, an Agent or the Administrative Agent or an Affiliate thereof or to whom a Lender, an Agent or the Administrative Agent provides liquidity support, credit enhancement or other similar support (provided, that the prior consent of the Borrower shall be required if such transfer would result in an increase the interest rate payable by the Borrower) or (ii) who has been consented to by the Borrower, which consent shall not be unreasonably withheld, delayed or conditioned and (b) upon or after the occurrence of an Event of Default or a Facility Amortization Event, any Person.
“Eligible Pool Balance” means, as of any date of determination, (i) the sum of (a) the aggregate Eligible Receivables Principal Balance as of the most recent Determination Date (or as of such date of determination if such date is a Determination Date) and (b) without duplication, the aggregate Eligible Receivables Principal Balance of the Eligible Receivables added to the Collateral during the period commencing on the Determination Date referred to in clause (a) above and ending on such date of determination, as of the related Cutoff Dates, minus (ii) any Excess Concentration Amounts as of such date of determination, minus (iii) the aggregate Principal Balance of all Eligible Receivables that are Delinquent Receivables (61+ Days) as of the most recent Determination Date (or as of such date of determination if such date is a Determination Date), minus (iv) the aggregate Principal Balance of all Receivables that were determined to be Ineligible Receivables at any time during the period commencing on the most recent Determination Date and ending on such date of determination, minus (v) the aggregate Principal Balance of all Eligible Receivables that became Terminated Receivables during the period commencing on the most recent Determination Date and ending on such date of determination.
“Eligible Receivable” has the meaning assigned thereto in Schedule B hereto.
“Eligible Receivables Principal Balance” means, on any date of determination, the sum of the Principal Balances of all of the Receivables that are Eligible Receivables (or, if indicated by the context for purposes of the Concentration Limits, the Eligible Receivables originated by the SouthernCo Originators or the Eligible Receivables originated by the Heights Originators) as of 
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the immediately preceding Determination Date (or as of such date of determination if such date is a Determination Date) or, in the case of Receivables transferred to the Borrower and the Borrower Loan Trustee for the benefit of the Borrower after such Determination Date, as of the related Cutoff Date.
“ERISA” means the Employee Retirement Income Security Act of 1974, and the regulations promulgated and rulings issued thereunder.
“ERISA Affiliate” means any (i) corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower, (ii) trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the Borrower or (iii) solely for purposes of Section 302 of ERISA and Section 412 of the Code, a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower.
“Errors” has the meaning given to such term in Section 8.02(e).
“ESG Issue” means a finding (including a finding by regulatory or law enforcement agencies) that Parent, Servicer or Borrower has violated any law or regulation relating to: protection of the environment; worker safety; fair wages and working conditions; collective bargaining; unlawful discrimination; child or forced labor; bribery or corruption; consumer, patient or tenant protection or privacy; fair lending or fair debt collection practices; product or drug safety; or taxation, that has a material impact on the Parent, Servicer or Borrower.
“Event of Default” has the meaning given to such term in Section 10.01(a).
“Excess Amount” has the meaning given to such term in Section 2.16(a).
“Excess Concentration Amounts” means, without duplication, the aggregate Eligible Receivables Principal Balance of Receivables that cause the applicable Concentration Limits to not be met.
“Excess Spread Percentage” means, with respect to any Collection Period, the excess of (1) the Weighted Average Coupon of the Eligible Pool Balance as of the first day of such Collection Period, over (2) the annualized fraction (expressed as a percentage) the numerator of which is the excess (if any) of (i) the sum of the following amounts for the related Payment Date: (A) the Servicing Fee, (B) the Backup Servicing Fee, (C) the Image File Custodian Fee, (D) the aggregate amount of Interest payable by the Borrower on all Loans Outstanding during the related Collection Period and any Interest with respect to any prior Payment Date to the extent not paid on a prior Payment Date, (E) the aggregate amount payable by the Borrower pursuant to a Hedging Agreement or Hedge Transaction on the related Payment Date (excluding termination payments and any upfront cap premiums), (F) the aggregate amount payable by the Borrower pursuant to the Borrower Loan Trust Agreement and (G) the Principal Balance of all Receivables that became Charged-Off Receivables during such Collection Period (determined for this purpose, with respect to any Charged-Off Receivable, as if such Receivable was not a Charged-Off Receivable) minus any Net Liquidation Proceeds received in respect of such Charged-Off Receivables, over (ii) the aggregate amount received by the Borrower pursuant to a Hedging Agreement or Hedge Transaction during such Collection Period (excluding termination payments), and the denominator of which is (x) for any Collection Period during which no Securitization occurred, the Eligible Pool Balance as of the first day of such Collection Period or (y) for any Collection Period during which a Securitization occurred, the weighted average Eligible Pool Balance during such Collection Period. Notwithstanding the foregoing, for purposes of calculating the Excess Spread Percentage for the first Determination Date, the related “Collection Period” shall mean the period from the Closing Date to July 31, 2022 and for 
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purposes of clause (x) hereof, “the first day of such Collection Period” shall mean the Closing Date.
“Exchange Act” means the Securities Exchange Act of 1934.
“Excluded Amounts” means (i) Supplemental Servicing Fees, (ii) expenses incurred by the Servicer in connection with collection or enforcement activities on any Charged-Off Receivable, (iii) any payments required by law to be returned to an Obligor, (iv) any amounts deposited into the Collection Account in error or with respect to dishonored Obligor checks or reversed payments described in Section 7.03(c)(iii), (v) reimbursements for any amounts advanced by the Servicer with respect to premiums on lender-placed insurance policies covering any Titled Asset; provided, that, for the avoidance of doubt, in no event shall any Successor Servicer be required to implement any lender-placed insurance policy, and (vi) all out-of-pocket costs and expenses incurred by the Servicer in connection with a sale or other disposition of a Titled Asset, including without limitation, all repossession, auction, painting, repair and any and all other similar liquidation and refurbishment costs and expenses.
“Excluded Amounts Cap” [***].
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a Secured Party: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes imposed or branch profits Taxes imposed (a) as a result of the recipient being organized in, or having its principal office or applicable lending office located in the jurisdiction imposing such Tax or any political subdivision thereof) or (b) that are Other Connection Taxes, (ii) any Tax imposed by reason of a Secured Party’s failure to comply with Sections 2.14(d) through (g), (iii) any United States federal withholding Taxes that would be imposed on amounts payable to a Secured Party or other recipient under a Basic Document based upon the applicable withholding rate in effect at the time such Secured Party or other recipient becomes a party to such Basic Document (or designates a new lending office), except in each case to the extent that, pursuant to Section 2.14, amounts with respect to such Taxes were payable either to such Secured Party’s or recipient’s assignor immediately before such Secured Party or recipient became a party hereto or to such Secured Party or recipient immediately before it changed its lending office and (iv) any Taxes imposed pursuant to or as a result of FATCA.
“Expense Claims” has the meaning given to such term in Section 16.10(b).
“Facility Amortization Event” [***]:
(i)    [***];
(ii)    [***];
(iii)    [***];
(iv)    [***]; 
(v)    [***]; or
(vi)    [***]. 
“Facility Amount” means, on any date of determination, (i) if such date occurs during the Revolving Period, the Aggregate Commitment on such day and (ii) if such date does not occur during the Revolving Period, the Loans Outstanding.
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“Facility Termination Date” means the date following the termination of the Revolving Period on which the Aggregate Unpaids have been indefeasibly paid in full.
“FATCA” means Sections 1471 through 1474 of the Code (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b) of the Code and any laws, rules, regulations or practices applicable to or adopted pursuant to any intergovernmental agreement, treaty or convention enacted pursuant to the foregoing.
“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) equal for each day during such period to the weighted average of the federal funds rates as reported in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent (or, if such day is not a Business Day, for the preceding Business Day), or, if for any reason such rate is not available on any day, the rate determined, in the sole opinion of the Administrative Agent, to be the rate at which federal funds are being offered for sale in the national federal funds market at 9:00 a.m., New York City time, on such day.
“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org or any successor source.
“Federal Reserve Board” means the Board of Governors of the Federal Reserve System.
“Fee Letter” means the fee letter, dated as of the Closing Date, among the Borrower, the Servicer, the Administrative Agent and the initial Committed Lenders, setting forth, among other things, the Floor, the Margin, the Step-Up Margin and the Unused Commitment Fee Rate. 
“FICO® score” means a credit score created by Fair Isaac & Corporation, or any successor thereto.
“Financial Covenant” means (A) the amount of the Eligible Receivable Principal Balance plus Cash and Cash Equivalents on deposit in the Collection Account minus all Loans Outstanding is greater than $[***], in each case, as of the last day of the most recently ended Collection Period, (B) as of the last day of any monthly period, the Unrestricted Cash or Cash Equivalents owned by the Parent on a consolidated basis is equal to or greater than $[***], (C) as of the last day of any fiscal quarter of the Parent, its Adjusted Net Income, on a trailing twelve month basis, shall be greater than zero, and (D) as of the last day of each monthly period, Total Stockholders’ Equity shall not be less than the sum of (A) $[***], plus (B) a cumulative amount equal to [***]% of the net proceeds of any equity capital raised by the Parent following January 28, 2021.
“FinCEN” means the US Department of the Treasury’s Financial Crimes Enforcement Network.
“Fitch” means Fitch Ratings Inc.
“Floor” has the meaning given to such term in the Fee Letter.
“Formation Documents” means the limited liability company agreement of the Borrower and the Certificate of Formation.
“Funding Date” means each Business Day on which a Loan is made and Receivables are added to the Collateral in connection with such Loan.  For the avoidance of doubt, the Class B 
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Initial Funding Date shall not constitute a Funding Date.  For the avoidance of doubt, for purposes of the requirements and conditions to the making of the Class B Loan (other than Section 4.02(b)(ii)), the Class B Initial Funding Date shall be deemed to be the Closing Date.
“Funding Request” means a written notice from the Borrower requesting a Loan and including the items required by Section 2.01(b), substantially in the form of Exhibit A hereto.
“GAAP” means generally accepted accounting principles as in effect from time to time in the United States.
“Governmental Authority” means, with respect to any Person, any nation or government, any State or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, any bank examiner, any central bank or comparable agency and any court or arbitrator having jurisdiction over such Person.
“Gramm-Leach-Bliley Act” means the Financial Services Modernization Act of 1999 (Pub.L. 106-102, 113 Stat. 1338).
“Guarantor” means CURO Group Holdings Corp.
“Guaranty” means that certain Limited Guaranty, dated as of the date hereof, by and between the Guarantor and the Administrative Agent.
“Hard Secured Receivable” means a Receivable that is, as of the date of the origination thereof, at least partially secured by a lien on one or more Titled Assets.
“Hedge Collateral” means all of the rights of the Borrower, whether now existing and hereafter acquired, in and to all Hedging Agreements, Hedge Transactions and all present and future amounts payable by all Hedge Counterparties to the Borrower under or in connection with such Hedging Agreements and Hedge Transactions with such Hedge Counterparties.
“Hedge Condition” means, as of any date of determination on or after the date of the Initial Loan, a condition that shall be satisfied if the Borrower is party to one or more Acceptable Cap Agreements with one or more Hedge Counterparties within thirty (30) days of the occurrence of a Hedge Event that satisfy the following conditions:
(i) the aggregate notional principal of such Hedge Transactions is not less than nor greater than the respective percentage of the Eligible Receivables Principal Balance reasonably acceptable to the Administrative Agent, which aggregate notional principal amount may be stepped down on a schedule resulting from the usage of an assumed rate of prepayments on the Receivables and reasonably acceptable to the Administrative Agent;
(ii) the Hedge Rate for any such Hedge Transactions shall not be higher than a rate acceptable to the Administrative Agent; 
(iii) the final maturity date for such Hedge Transactions shall be a date reasonably acceptable to the Administrative Agent; and
(iv) the related Hedging Agreements are in form and substance reasonably acceptable to the Required Lenders and copies of which have been delivered to the Administrative Agent (which delivery may be made by electronic mail) and expressly acknowledge that the Borrower has assigned its rights thereunder to the Collateral Agent for the benefit of the Secured Parties 
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and that the Collateral Agent will have the right to enforce the Hedge Counterparty’s obligations thereunder.
“Hedge Counterparty” means any entity that on the date of entering into any Hedge Transaction (1) is an Affiliate of the Agent for the Credit Suisse Lender Group or the Agent for the Credit Suisse Lender Group or (2) (i) is an interest rate hedge provider that has been approved in writing by the Administrative Agent, acting at the direction of the Required Lenders (which approval shall not be unreasonably withheld), (ii) whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement and (iii) who agrees that in the event that Moody’s, DBRS or Standard & Poor’s reduces its long-term unsecured debt rating below the Long-Term Rating Requirement or its short-term unsecured debt rating below the Short-Term Rating Requirement, it shall (a) transfer its rights and obligations under each Hedge Transaction to another entity that meets the requirements of this definition and has entered into a Hedging Agreement with the Borrower on or prior to the date of such transfer, (b) obtain a guarantee of all its obligations under each Hedge Transaction to which it is party, for the benefit of the Borrower, from a Person that satisfies each of the Long-Term Rating Requirement and the Short-Term Rating Requirement or (c) post collateral in an amount and form and upon such terms as are satisfactory to the Required Lenders.  Each Hedge Counterparty must consent to the assignment of the Borrower’s rights under the Hedging Agreement to the Collateral Agent Section 6.03(b).
“Hedge Rate” means, on any date of determination, the weighted average fixed rate under the Hedging Agreements on such date, based on the current outstanding notional amounts of such Hedging Agreements.
“Hedge Transaction” means each interest rate cap transaction between the Borrower and a Hedge Counterparty entered into pursuant to Section 6.03(a) and governed by a Hedging Agreement.
“Hedging Agreement” means each agreement between the Borrower and a Hedge Counterparty which governs one or more Hedge Transactions entered into pursuant to Section 6.03(a), which shall consist of a “Master Agreement” in a form published by the International Swaps and Derivatives Association, Inc., together with a “Schedule” thereto, any applicable Credit Support Annex and each “Confirmation” thereunder confirming the specific terms of each such Hedge Transaction, in form and substance satisfactory to the Required Lenders.  For the avoidance of doubt, a long form confirmation that incorporates a Master Agreement and any applicable Credit Support Annex by reference and includes terms that, if accompanying a Master Agreement or Credit Support Annex, would be included in the Schedule to the Master Agreement or paragraph 13 of the Credit Support Annex shall be considered a Hedging Agreement. 
“Hedging Event” means the occurrence and continuation of any Event of Default or Facility Amortization Event.
”Heights Originators” means Heights Finance Corporation, an Illinois corporation, Heights Finance Corporation, a Tennessee corporation, Quick Credit Corporation, a South Carolina corporation, Southern Finance of South Carolina, Inc., a South Carolina corporation, Southern Finance of Tennessee, Inc., a Tennessee corporation, and any other entity approved in writing by the Administrative Agent and the Required Lenders (a copy of which the Servicer shall provide to each Loan Rating Agency, if any).
“Heights/SouthernCo Entity” means any of SouthernCo, the Borrower and any Originator (including in its capacity as Subservicer).
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“Image File Custodian” has the meaning given to such term in the Preamble.
“Image File Custodian Fee” means the fee payable to the Image File Custodian on each Payment Date in accordance with Section 2.12(c), as described in the Computershare Fee Letter.
“Imaged File” means, with respect to any Receivable (except for a Receivable with respect to which the related Contract is an Electronic Contract that is maintained in the Electronic Vault), the imaged copy of (a) the applicable loan agreement and (b) in the event such Receivable is a Hard Secured Receivable, an imaged copy of the certificate of title of the Titled Asset securing such Hard Secured Receivable, in each case as such document exists as of the date such imaging is performed with respect to such Receivable.
 “Imaged File Delivery Date” means, with respect to an Imaged File, the date on which the Servicer or a Subservicer, as applicable, delivers such Imaged File to the Image File Custodian in accordance with Section 9.07.
“Imaged File Loan Schedule” has the meaning given to such term in Section 9.07(a).
“Indebtedness” means, with respect to any Person and any day, without duplication, (i) all indebtedness or guarantees of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade practices) or which is evidenced by a note, bond, debenture or similar instrument, (ii) all obligations of such Person under capital leases, (iii) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (iv) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, (v) all indebtedness, obligations or liabilities of that Person in respect of Derivatives, (vi) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (vii) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.
“Indemnified Amounts” has the meaning given to such term in Section 11.01.
“Indemnified Party” has the meaning given to such term in Section 11.01.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or for the account of the Borrower under the Basic Documents, and (b) to the extent not covered in (a) above, Other Taxes.
“Ineligible Receivable” means a Receivable that is not an Eligible Receivable as of the Funding Date with respect to such Receivable.
“Initial Loan” means the first Loan made on or after the Closing Date.
“Initial Receivables” means the Receivables that become a part of the Collateral in connection with the Initial Loan.
“Insolvency Event” means, with respect to any Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days or (ii) the 
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commencement by such Person of a voluntary case under any Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such Insolvency Law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.
“Insolvency Laws” means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities or similar debtor relief laws from time to time in effect affecting the rights of creditors generally.
“Insolvency Proceeding” means, with respect to any Person, any bankruptcy, insolvency, arrangement, rearrangement, conservatorship, moratorium, suspension of payments, readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities or similar proceeding of or relating to such Person under any Insolvency Laws.
“Intercreditor Action” has the meaning given to such term in Section 13.13.
“Intercreditor Agreement” means, on or after the satisfaction of the Intercreditor Condition, the master intercreditor agreement referenced in the definition of “Intercreditor Condition”.
“Intercreditor Condition” means that a master intercreditor agreement with respect to each Servicer Master Collection Account, in a form acceptable to the Administrative Agent, has been entered by and among the Servicer, the Controlled Accounts Agent, and other Person (or trustee or agent on behalf of such Person) that lends or otherwise provides financing to the Servicer or any of its Subsidiaries.
 “Interest” means, for any Interest Period and each Loan outstanding during such Interest Period, interest on the Principal Amount of such Loan computed pursuant to Section 2.07; provided, however, that (i) no provision of this Agreement shall require or permit the collection of Interest in excess of the Maximum Lawful Rate and (ii) no portion of any payment of Interest shall be considered to have been paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason.
“Interest Period” means, (i) as to the initial Payment Date, (x) with respect to the Class A Loans, the period beginning on, and including, the Closing Date and ending on, and including, the last day of July 2022 or (y) with respect to the Class B Loans, the period beginning on, and including, the Class B Initial Funding Date and ending on, and including, the last day of July 2022, and (ii) as to any subsequent Payment Date, the period beginning on, and including, the first day of the calendar month immediately preceding such Payment Date and ending on, and including, the last day of such calendar month; provided, that the final Interest Period shall begin on, and include, the first day of the calendar month containing the Facility Termination Date and shall end on the Facility Termination Date.
“Interest Rate” means, with respect to any Loan and any day in an Interest Period, a per annum rate equal to (i) on such day (a) prior to the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Benchmark, and (b) upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, (1) prior to a Benchmark Transition Start Date, the replacement rate determined by the Administrative Agent pursuant to the last sentence of Section 2.19(a), and (2) on and after a Benchmark Transition Start Date, the 
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Benchmark Replacement; provided, however, if the rate as determined pursuant to this clause (i) would be less than the Floor, the rate for purposes of this clause (i) will be deemed to be the Floor for purposes of this Agreement and the other Basic Documents, plus (ii) the Credit Adjustment Spread, plus (iii) the applicable Margin on such day plus (iv) the applicable Step-up Margin.
“Invested Percentage” means, for a Lender on any day, the percentage equivalent of (i) the sum of (a) the portion of the Loans Outstanding (if any), or the Loans Outstanding that are Class A Loans or Class B Loans (as the context requires), funded by such Lender on or prior to such day, plus, without duplication, (b) any portion of the Loans Outstanding, or the Loans Outstanding that are Class A Loans or Class B Loans (as the context requires), acquired by such Lender on or prior to such day as an assignee from another Lender pursuant to an Assignment and Acceptance, minus (c) any portion of the Loans Outstanding, or the Loans Outstanding that are Class A Loans or Class B Loans (as the context requires), assigned by such Lender to an assignee on or prior to such day pursuant to an Assignment and Acceptance, divided by (ii) the aggregate Loans Outstanding, or the Loans Outstanding that are Class A Loans or Class B Loans (as the context requires), on such day.
“Investment” means, with respect to any Person, any direct or indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, and excluding commission, travel and similar advances to officers, employees and directors made in the ordinary course of business, except as permitted under the Basic Documents.
“Investment Company Act” means the Investment Company Act of 1940.  
“IRS” means the U.S. Internal Revenue Service.
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
“Legal Final Maturity Date” means the Payment Date falling in the twelfth month following the termination of a Revolving Period.
“Lender” means, as applicable, a Conduit Lender or a Committed Lender, and “Lenders” means, collectively, all of the foregoing Persons.
“Lender Advance” has the meaning given to such term in Section 2.01(a). 
“Lender Group” means each group of Lenders consisting of (i) if applicable, a group of Conduit Lenders, (ii) an agent for such group of Lenders and (iii) a group of Committed Lenders, whether directly or as assignees of any such Conduit Lender.  As of the Closing Date, the Lender Groups are the Credit Suisse Lender Group and the Atalaya Lender Group.
“Lender Percentage” means, with respect to a Committed Lender or Conduit Lender, its Commitment as a percentage of the Aggregate Commitment or the Class A Aggregate Commitment or Class B Aggregate Commitment, as applicable.
“Lender Register” has the meaning given to such term in Section 14.01(d).
“Level I Trigger Event” [***]:
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(i)    [***];  
(ii)    [***];  
(iii)    [***]; 
(iv)    [***]; 
(v)    [***]; 
(vi)    [***]; 
(vii)     [***];
(viii)    [***]; 
 (ix)    [***]:
						
	Vintage Age (month)	Cumulative Net Loss Rate
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

or
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 (x)    [***]:
						
	Vintage Age (month)	Cumulative Net Loss Rate
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

[***].
“Level II Trigger Event” [***]:
(i)    [***];  
(ii)    [***];  
(iii)    [***]; 
(iv)    [***]; 
(v)    [***]; 
(vi)    [***]; 
(vii)     [***];
Signature Page to Credit Agreement (Heights/SouthernCo)

(viii)    [***]; 
 (ix)    [***]:
						
	Vintage Age (month)	Cumulative Net Loss Rate
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

 
or
 (x)    [***]:
Signature Page to Credit Agreement (Heights/SouthernCo)

						
	Vintage Age (month)	Cumulative Net Loss Rate
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

[***].
 “Level III Trigger Event” [***]:
(i)    [***];  
(ii)    [***];  
(iii)    [***]; 
(iv)    [***]; 
(v)    [***]; 
(vi)    [***]; 
(vii)     [***]; or
(viii)    [***];
Signature Page to Credit Agreement (Heights/SouthernCo)

[***].
“Liability” means any duty, responsibility, obligation or liability.
“Lien” means any mortgage, lien, pledge, charge, claim, security interest or encumbrance of any kind.
“Liquidity Facilities” means each of the committed loan facilities, lines of credit and other financial accommodations available to a Conduit Lender to support the liquidity of such Conduit Lender’s Commercial Paper Notes.
“Loan” means the Class A Loans or the Class B Loans, as the context requires.
“Loan Rating Agency” means any Rating Agency rating the Class A Loans, the Class B Loans or all Loans.
“Loans Outstanding” means, on any day, the aggregate Principal Amount of Class A Loans, Class B Loans or Loans, as the context requires, made on or prior to such day, reduced from time to time by payments and distributions in respect of principal of the Loans in accordance with the terms hereof.
“Long-Term Rating Requirement” means, with respect to any Person, that such Person has a long-term unsecured debt rating of either not less than “A” by Standard & Poor’s, not less than “A(high)” by DBRS or not less than “A2” by Moody’s.
“Managed Receivables” means all Receivables (without giving effect to the requirement in the definition thereof that such Receivables be included in the Schedule of Receivables) originated by the Originators and held or serviced by the Originators or their Affiliates (including the Borrower) other than Receivables that were “live check” Receivables generated in April, May or June of 2021.
“Margin” has the meaning set forth in the Fee Letter. 
“Master Collection Account Bank” means Computershare Trust Company, N.A.
“Material Adverse Effect” means, with respect to any Person and to any event or circumstance, a material adverse effect on (i) the business, condition (financial or otherwise), operations, performance or properties of such Person, (ii) the validity, enforceability or collectability of this Agreement or any other Basic Document or the validity, enforceability or collectability of a material portion of (a) the Contracts, (b) the Receivables or (c) any other Collateral, (iii) the rights and remedies of the Secured Parties under the Basic Documents, (iv) the ability of such Person to perform its obligations under this Agreement or any other Basic Document to which it is a party or (v) the status, existence, perfection, priority or enforceability of the interest of the Collateral Agent or the Lenders in the Collateral.
“Material Receivable Fields” [***].
“Maturity Date” means the earlier to occur of (i) the Legal Final Maturity Date and (ii) the deemed occurrence or declaration of the Maturity Date under Section 10.01(b). 
“Maximum Lawful Rate” means the highest rate of interest permissible under Applicable Law.
“Members” means the Originators, as the members of the Borrower.
Signature Page to Credit Agreement (Heights/SouthernCo)

“Modified Contract” means, with respect to a Receivable, the related Contract (i) was in default and which default was cured by adjusting or amending the contract terms or accepting a reduced payment, other than a Contract that was modified in connection with an insolvency proceeding under Chapter 13 of the Bankruptcy Code, or (ii) was amended or otherwise modified at any time to reduce the interest rate, extend the original term, reduce, or change the frequency of, Scheduled Payments or extend Scheduled Payment dates or reduce the Principal Balance.  For the avoidance of doubt, Routine Modifications shall not cause the related Receivable to be deemed a “Modified Contract”.
“Monthly Loan Tape” [***].
“Monthly Report” means, with respect to any Payment Date and the related Collection Period, a monthly statement of the Servicer delivered on each Reporting Date with respect to such Collection Period, in substantially the form of Exhibit H, which shall specify, among other things, whether each of Parent and the Borrower is in compliance with the Financial Covenants and which may be modified from time to time as mutually agreed by the Servicer, the Administrative Agent (acting at the direction of the Required Lenders) and the Backup Servicer.
“Moody’s” means Moody’s Investors Service, Inc.
“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA which is or was at any time during the current year or the immediately preceding five years contributed to by the Borrower or any ERISA Affiliate on behalf of its employees.
“Net Liquidation Proceeds” means, for any Collection Period and any Charged-Off Receivable, the amount (which shall not be less than zero) received by the Servicer and deposited into the Collection Account after such Receivable became a Charged-Off Receivable, in connection with the attempted realization of the full amounts due or to become due under such Receivable, whether from the sale or other disposition of any underlying collateral securing the related Contract, the proceeds of repossession or any collection effort, the proceeds of recourse or similar payments payable in respect of such Receivable, or otherwise, net of any amounts required by Applicable Law to be remitted to the related Obligor and net of any reasonable out-of-pocket expenses (exclusive of overhead) incurred by the Servicer with respect to the collection and enforcement of such Receivable, to the extent not previously reimbursed to the Servicer.
“Obligations” means all loans, advances, debts, liabilities, indemnities and obligations for monetary amounts owing by the Borrower to the Secured Parties, the Agents, the Paying Agent, the Backup Servicer, the Image File Custodian or any of their respective assigns, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent and all covenants and duties regarding such amounts, of any kind or nature, present or future, arising under or in respect of the Loans or any Hedging Agreement, whether or not evidenced by any separate note, agreement or other instrument, including all principal, interest (including interest that accrues after the commencement against the Borrower of any action under the Bankruptcy Code), amounts payable pursuant to Sections 2.13 and 2.14, Breakage Costs, fees, including any and all arrangement fees, loan fees, Interest and Unused Commitment Fee and any and all other fees, expenses, indemnities, costs or other sums (including attorneys’ fees and disbursements) chargeable to the Borrower under the Basic Documents, and all obligations of the Guarantor under the Guaranty.
“Obligor” means each Person obligated to make payments on or pursuant to a Receivable, including any guarantor thereof.
“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.
Signature Page to Credit Agreement (Heights/SouthernCo)

“Officer’s Certificate” means a certificate signed by any officer of the Borrower, the Borrower Loan Trustee, the Servicer, an Originator, the Backup Servicer, the Image File Custodian, the Collateral Agent or any other Person, as the case may be, and delivered to the Administrative Agent or any other party hereto as required by this Agreement. 
“Online Receivable” shall mean a personal loan that is offered to a new customer and funded through a website or another internet-based portal . For the avoidance of doubt, (a) a Receivable offered to a current or former branch based customer of an Originator and funded through a website or another internet-based portal and (b) a Receivable with respect to which the related Obligor was prequalified through a website or another internet-based portal in accordance with the Credit Policy but the resulting personal loan is funded through a branch of an Originator shall, in each case, not be an “Online Receivable”.
“Opinion of Counsel” means, with respect to any Person, a written opinion of counsel, who is reasonably acceptable to the Administrative Agent or the party hereto that is the recipient of such written opinion of counsel.
“Originators” means, collectively, the Heights Originators and the SouthernCo Originators.
“Other Connection Taxes” means, with respect to any Secured Party, Taxes imposed as a result of a present or former connection between such Secured Party and the jurisdiction imposing such Tax (other than connections arising from such Secured Party having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Basic Document, or sold or assigned an interest in any Loan or Basic Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or the other Basic Documents, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made in connection with Section 2.10(f)). 
“Parent” means Curo Group Holdings Corp., a Delaware corporation.
“Parent Sponsored Securitization” means an asset-backed note securitization sponsored by Parent or any affiliate thereof and undertaken by a Special Purpose Affiliate that (i) is secured, directly or indirectly, by all or a portion of the personal loan originated by Parent or an Affiliate thereof, (ii) has been issued in the capital markets and (iii) includes at least one class of securities that is rated by one or more nationally recognized statistical rating organizations.
“Participant Register” has the meaning given to such term in Section 14.01(g).
“Patriot Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).
“Paying Agent” shall have the meaning given to such term in the Preamble.
“Paying Agent/Collateral Agent Fee” [***].
“Payment Date” means the 15th day of each calendar month (or, if any such day is not a Business Day, the next succeeding Business Day); provided that the first Payment Date will be August 15, 2022.
Signature Page to Credit Agreement (Heights/SouthernCo)

“Payment Ratio” means, with respect to any Collection Period, the percentage equivalent of a fraction, (i) the numerator of which is equal to the aggregate Collections received in the Collection Account as of the last day of such Collection Period and (ii) the denominator of which is equal to the aggregate Principal Balance of all Eligible Receivables as of the last day of such Collection Period.
“Pension Plans” means any employee pension benefit plan as defined in Section 3(2) of ERISA (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Permitted Investments” means any of the following types of investments:
(i)    marketable obligations of the United States, the full and timely payment of which are backed by the full faith and credit of the United States and which have a maturity of not more than two hundred and seventy (270) days from the date of acquisition;
(ii)    bankers’ acceptances and certificates of deposit and other interest-bearing obligations (in each case having a maturity of not more than two hundred and seventy (270) days from the date of acquisition) denominated in Dollars and issued by any bank with capital, surplus and undivided profits aggregating at least $100,000,000, the short-term obligations of which meet or exceed the Short-Term Rating Requirement;
(iii)    repurchase obligations with a term of not more than ten (10) days for underlying securities of the types described in clauses (i) and (ii) above entered into with any bank of the type described in clause (ii) above;
(iv)    commercial paper rated at least “A-1” by Standard & Poor’s and “Prime-1” by Moody’s;
(v)    money market funds registered under the Investment Company Act having a rating, at the time of such investment in the highest rating category by Moody’s and Standard & Poor’s (including funds for which the Paying Agent or its Affiliates is investment manager or advisor);
(vi)    demand deposits, time deposits or certificates of deposit (having original maturities of no more than three hundred and sixty five (365) days) of depository institutions or trust companies incorporated under the laws of the United States or any State (or domestic branches of any foreign bank) and subject to supervision and examination by federal or State banking or depository institution authorities; provided, however, that at the time such investment, or the commitment to make such investment, is entered into, the short-term debt rating of such depository institution or trust company meets or exceeds the Short-Term Rating Requirement; and
(vii)    any other investments approved in writing by the Administrative Agent (acting at the direction of the Required Lenders); provided, that each of the Permitted Investments may be purchased by the Paying Agent or through any Affiliate of the Paying Agent.
“Permitted Liens” means (i) Liens in favor of the Borrower and the Borrower Loan Trustee created pursuant to the Purchase Agreement, (ii) Liens in favor of any Agent or the Collateral Agent, as agent for the Secured Parties created pursuant to this Agreement or any 
Signature Page to Credit Agreement (Heights/SouthernCo)

other Basic Document, (iii) mechanics’ and other statutory Liens arising by operation of law with respect to a Hard Secured Receivable and (iv) Liens for taxes and assessments not yet due or for taxes which the Borrower is contesting in good faith and by appropriate legal proceedings the validity, applicability or amount thereof and such contest does not materially endanger any right or interest of the Secured Parties under the Basic Documents.
“Person” means an individual, partnership, corporation, limited liability company, joint stock company, trust (including a business or statutory trust), unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof) or other entity.
“Plan Assets” has the meaning given to such term in 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA.
“Precompute Receivable” means any Receivable for which the related Contract is reflected as a precompute loan on the records of the Servicer or the applicable Subservicer.
“Prepayment Notice” means a written notice from the Borrower to the Administrative Agent, the Agents, the Collateral Agent, the Paying Agent and each Hedge Counterparty, if any, notifying such parties of its intent to prepay all or any portion of the Loans Outstanding in accordance with Section 2.06, substantially in the form of Exhibit K hereto.
“Prime Rate” for any date of determination means the highest rate of interest (or if a range is given, the highest prime rate) published in The Wall Street Journal on such date as constituting the “prime rate” or “base rate” in such publication’s table of Money Rates or, if The Wall Street Journal is not published on such date, then in The Wall Street Journal most recently published.
“Principal Amount” means, with respect to any Loan, the aggregate amount advanced by the Lenders on the related Funding Date in respect of such Loan (or, in the case of the initial Class B Loan, the aggregate amount advanced by the Class B Lenders on the Class B Initial Funding Date).
“Principal Balance” means, as of any determination date with respect to (a) a Receivable other than a Precompute Receivable, the outstanding principal balance of such Receivable and (b) a Receivable that is a Precompute Receivable, the calculated principal balance of such Precompute Receivable, which is the result of (x) the remaining unpaid amount due in respect of such Precompute Receivable minus (y) the unearned interest on such Precompute Receivable calculated on an accrual basis; provided, that in the case of (a) and (b) the principal balance of such Receivable is measured as of the most recent Determination Date (or as of such date of determination if such date is a Determination Date), or with respect to any Receivables transferred to the Borrower and the Borrower Loan Trustee for the benefit of the Borrower after such Determination Date, as of the related Cutoff Date; provided, that, the Principal Balance of any Receivable that becomes a “Charged-Off Receivable” will be deemed to be zero as of the date it becomes a “Charged-Off Receivable”.
“Purchase Agreement” means the Purchase Agreement, dated as of the Closing Date, among the Originators, the Borrower and the Borrower Loan Trustee.
“Qualified Institution” means any depository institution or trust company organized under the laws of the United States or any State (or any domestic branch of a foreign bank) that either (i)(A) meets, or the parent of which meets, either (1) the Long-Term Rating Requirement or (2) the Short-Term Rating Requirement and (B) whose deposits are insured by the Federal Deposit Insurance Corporation, or (ii) is approved by the Administrative Agent in writing.
Signature Page to Credit Agreement (Heights/SouthernCo)

“Quarterly Vintage Pool” means the pool of Receivables originated during the same fiscal calendar quarter.
“Rating Agency” means, as of any date of determination, each nationally recognized statistical rating organization then rating any Loan or any related Credit Facility or Liquidity Facility provided to a Conduit Lender with respect to any Loan, in each case, at the request of the Borrower or any Secured Party.
“Ratings Request” means a written request by an Agent to the Borrower and the Servicer, stating that the related Agent intends to request that a nationally recognized statistical rating organization publicly issue a Required Rating to the transactions contemplated by this Agreement that reasonably reflects the economics and credit of the Loans at the time of such request.
 “Receivable” means any personal loan entered into between an Originator and an Obligor included in the Schedule of Receivables.  Notwithstanding the foregoing, once the Collateral Agent has released its security interest in a Receivable and the related Contract in accordance with the terms of this Agreement, such Receivable shall no longer be a Receivable hereunder.
“Receivable File” means, with respect to each Receivable, (i)(x) in the case of a contract that constitutes tangible chattel paper (within the meaning of Section 9-102 of the UCC), the original fully executed Contract, (y) in the case of any Electronic Contract (other than a Specified Electronic Contract) following the satisfaction of the Electronic Chattel Paper Condition, a single Authoritative Copy of the executed Contract and (z) in the case of any Electronic Contract prior to the satisfaction of the Electronic Chattel Paper Condition with respect thereto or any Specified Electronic Contract, the fully executed Contract, (ii) any additional original executed documents, if any, evidencing a modification to any of the foregoing documents and, (iii)(x)if such Receivable is Hard Secured Receivable and the applicable jurisdiction issues physical certificates of title, the original certificate of title with respect to such Receivable (or, until such original certificate of title is available, an application therefor) or (y) if such Receivable is a Hard Secured Receivable and the applicable jurisdiction does not issue physical certificates of title, a copy of such certificate of title or other equivalent issued by such jurisdiction and, until such copy is issued, a copy of the application filed therefor.
“Records” means, with respect to any Contract, all documents, books, records and other information (including computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained in accordance with the Collection Policy with respect to any related item of Collateral and the related Obligor.
“Reference Time” means, with respect to any setting of the then-current Benchmark, (1) if such Benchmark is Term SOFR, 3:00 p.m. (New York time) on a U.S. Government Securities Business Day, at which time Term SOFR, is published on the Federal Reserve Bank of New York’s website, and (2) if such Benchmark is not Term SOFR, the time determined by the Administrative Agent in its reasonable discretion.
“Regulation AB” means Regulation AB under the Securities Act.
“Regulatory Change” means (i) the adoption or any change therein after the date hereof of any Applicable Law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy or liquidity coverage) or (ii) any change after the date hereof in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such Governmental Authority; provided, that for purposes of 
Signature Page to Credit Agreement (Heights/SouthernCo)

this definition, (a) the Risk-Based Capital Requirements, (b) the Dodd-Frank Act, Basel II, Basel III, the Volcker Rule and all requests, rules, guidelines or directives thereunder, issued in connection therewith or in implementation thereof, and (c) all requests, rules, guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted, issued or implemented.
“Regulatory Event” means, as of any day, 
(a) [***]; or 
(b) [***].
“Release Amount” means, as of the related Release Date, the aggregate Release Price deposited for a retransfer of Receivables under Section 5.06 and 7.03(c) and the aggregate Charged-Off Receivable Release Price deposited for a retransfer of Charged-Off Receivables under Section 5.06(e).
“Release Date” means a Payment Date specified by the Borrower in connection with the retransfer of the Receivables under Section 5.06.
“Release Price” means an amount equal to the Principal Balance as of the last day of the month preceding the related Release Date (determined for this purpose, with respect to any Charged-Off Receivable, as if such Receivable was not a Charged-Off Receivable) of a Receivable to be retransferred pursuant to Section 5.06, plus accrued and unpaid interest on such Receivable (at the related APR) through the date of repurchase and all related Breakage Costs.
“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
“Removal Request” has the meaning given to such term in Section 9.07(d).
“Renewal” shall mean with respect to any Receivable that constitutes Collateral, a transaction in which a new Receivable originated pursuant to a Contract is entered into between an Originator and an Obligor, which new Receivable (x) refinances such Receivable in full and (y) may also extend additional financing to such Obligor.
“Renewal Receivable” means pursuant to any Renewal, the personal loan entered into between an Originator and the Obligor to refinance the related Terminated Receivable, which shall include, for the avoidance of doubt, any and all rights to any Renewal Receivable Advance.
“Renewal Receivable Advance” means all right, title and interest of an Originator in to and under any additional advances made by an Originator, if any, in connection with a Renewal and, to the extent such rights were not previously conveyed or are not proceeds of the Receivable prior to such Renewal, all rights in to and under the replacement or substitute Contract entered into in connection with a Renewal.
“Renewal Receivable Replacement” means a Renewal effected on or prior to the last day of the Revolving Period in which (a) the applicable Renewal Receivable (including the amount of the related Renewal Receivable Advance) is sold by an Originator to the Borrower and the Borrower Loan Trustee for the benefit of the Borrower, and (b) the existing Contract with respect 
Signature Page to Credit Agreement (Heights/SouthernCo)

to the applicable Terminated Receivable is terminated and replaced, on the day such Renewal is effected.
“Reportable Event” has the meaning given to such term in Section 4043 of ERISA or the regulations issued thereunder with respect to a Pension Plan (other than an event for which the 30-day notice period is waived).
“Reporting Date” means, with respect to any Payment Date, the third Business Day prior to such Payment Date.
“Required Cash Reserve Percentage” [***].
“Required Legend” shall mean a watermark notation applied by the Electronic Vault System to every page of an Electronic Contract that reads “Computershare Trust Company, National Association, as Collateral Agent, acting solely for the benefit of the Secured Parties, as secured party and assignee”.
“Required Lenders” means, at any time, Class A Lenders representing a majority of the Loans Outstanding that are Class A Loans; provided, however, if at any time the only Loans Outstanding are Class B Loans, “Required Lenders” shall mean the Class B Lenders representing a majority of the Loans Outstanding that are Class B Loans.
“Required Rating” means a rating of the transaction contemplated by this Agreement of, in the case of the Class A Loans (or any related Credit Facility or Liquidity Facility provided by a Class A Lender with respect to a Conduit Lender hereunder), at least “A” from DBRS or an equivalent rating from another nationally recognized statistical rating organization selected by the Required Lenders and reasonably acceptable to the Borrower, and in the case of the Class B Loans (or any related Credit Facility or Liquidity Facility provided by a Class B Lender with respect to a Conduit Lender hereunder), at least “BBB” from DBRS or an equivalent rating from another nationally recognized statistical rating organization selected by the Required Lenders and reasonably acceptable to the Borrower.
“Requirements of Law” means, with respect to any Person, any law, treaty, rule or regulation, or order or determination of a Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject, whether federal, State or local (including usury laws, the Federal Truth-in-Lending Act, Regulations U and T of the Federal Reserve Board and Regulations B and Z of the CFPB).
“Reserve Account” means a segregated trust account established and maintained by the Paying Agent at a Depository Institution for the benefit of the Secured Parties.
“Reserve Account Amount” means, on any day, the amount on deposit in the Reserve Account.
“Reserve Account Initial Deposit” [***].
“Reserve Account Required Amount” means, on any date of determination, the product of (a) the Required Cash Reserve Percentage and (b) the aggregate Eligible Receivables Principal Balance as of the last day of the preceding month.
“Reserve Account Withdrawal Amount” means, with respect to any Payment Date (i) on which an Available Funds Shortfall exists, an amount equal to the lesser of (a) the Reserve Account Amount and (b) the Available Funds Shortfall, (ii) following the occurrence of an Event of Default that has not been waived by the Administrative Agent (acting at the direction of the 
Signature Page to Credit Agreement (Heights/SouthernCo)

Required Lenders), the Reserve Account Amount or such other lesser amount on any Payment Date following the occurrence of an Event of Default as may be specified by the Administrative Agent (acting at the direction of the Required Lenders) in writing to the Borrower, the Servicer, the Collateral Agent and the Paying Agent, and (iii) on any other Payment Date, zero.
“Responsible Officer” means, when used with respect to any Person, any officer of such Person, including any president, vice president, assistant vice president, treasurer, secretary, assistant secretary, corporate trust officer or any other officer thereof customarily performing functions similar to those performed by the individuals who at the time shall be such officers, respectively, or to whom any matter is referred because of such officer’s knowledge of or familiarity with the particular subject, and, in each case, having direct responsibility for the administration of this Agreement.
“Restricted Subsidiaries” shall have the meaning provided in the Indenture, dated August 27, 2018 (the “Notes Indenture”), among, inter alios, the Parent and TMI Trust Company in respect of the issuance of senior secured notes due in 2025; provided, that, if the Notes Indenture is no longer outstanding, “Restricted Subsidiaries” shall have the meaning provided in the Notes Indenture as of the last day prior to the Notes Indenture no longer being outstanding.
“Review” has the meaning given to such term in Section 9.07(f).
“Revolving Period” means the period commencing on the Closing Date and ending on the occurrence of a Revolving Period Termination Date.
“Revolving Period Termination Date” means the earlier to occur of (i) the Scheduled Amortization Date and (ii) a Facility Amortization Event.
“Risk-Based Capital Requirements” means the United States bank regulatory rule titled Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modification to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related Issues, adopted on December 15, 2009 by the Financial Accounting Standard Board.
“Routine Modification” means, with respect to a Contract, any ordinary course deferral or payment date modification (which modification will not exceed 30 days from the original payment date) in accordance with the Collection Policy.
“Sanctioned Target”:  Any individual, entity, group, sector, territory, or country that is the target of any Sanctions, including without limitation, (a) any legal entity that is deemed to be a target of Sanctions based on the direct or indirect ownership or control of such entity by any other Sanctioned Target(s) and (b) any legal entity located, domiciled, resident or incorporated in a territory or country that is the target of any Sanctions.
“Sanctions” means individually and collectively, any and all economic or financial sanctions, trade embargoes and anti-terrorism laws imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), the U.S. State Department, the U.S. Department of Commerce, or through any existing or future Executive Order; (b) the United Nations Security Council; (c) the European Union; (d) the United Kingdom; or (e) any other governmental authorities with jurisdiction over the Borrower, the Servicer and their respective Affiliates.
“Schedule of Receivables” means the schedule of Receivables attached hereto as Schedule C, as updated from time to time each month pursuant to Section 7.06(a) or in 
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connection with each Funding Request, Renewal, Renewal Receivable Replacement, Securitization or substitution of Receivables, as applicable.
“Scheduled Amortization Date” means July 15, 2024 (or, if such day is not a Business Day, the immediately preceding Business Day), or such later date to which the Scheduled Amortization Date may be extended upon the written agreement of the Borrower, the Lenders, the Agents, the Administrative Agent and the other parties hereto. 
“Scheduled Payments” means the regularly scheduled monthly, semi-monthly or bi-weekly payments, as applicable, to be made by an Obligor pursuant to the terms of the related Contract.
“SEC” means the U.S. Securities and Exchange Commission.
“Secured Party” means (i) the Collateral Agent, (ii) each Lender and (iii) the Administrative Agent.
“Securities Act” means the Securities Act of 1933. 
“Securities Intermediary” means the Paying Agent, in its capacity as securities intermediary under the Account Control Agreement.
“Securitization” means any securitization transaction undertaken by a Special Purpose Affiliate that (i) is secured, directly or indirectly, by all or a portion of the Receivables in accordance with Section 2.15 and (ii) is or will be issued in the capital markets, including, for the avoiding of doubt, any revolving period included as part of such securitization transaction.
“Securitization Date” means the date upon which a Securitization is consummated.
“Securitization Date Certificate” means a certificate substantially in the form of Annex I to Exhibit G delivered by an Authorized Officer of the Servicer on the Securitization Date indicating that the requirements set forth in this Agreement for a Securitization has been satisfied.
“Securitization Release” means a release executed pursuant to Section 2.15, substantially in the form of Exhibit G.
“Servicer” has the meaning given to such term in the Preamble.
“Servicer Account Agreement” means, with respect to a Servicer Master Collection Account, an agreement among the Servicer, the Controlled Accounts Agent and an account bank approved by the Administrative Agent, which provides the Controlled Accounts Agent with “control” (as defined in the relevant UCC) with respect to such Servicer Master Collection Account and contains other terms and provisions reasonably acceptable to the Controlled Accounts Agent.
“Servicer Account” means the Servicer Master Collection Accounts and the Servicer Deposit Accounts.
“Servicer Basic Documents” means all Basic Documents to which the Servicer or any Subservicer is a party or by which it is bound.
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“Servicer Deposit Account” means each lockbox, lockbox account or deposit account maintained by the Servicer listed in Schedule G-2 attached hereto, as such schedule may be updated from time to time in accordance with Section 6.04(t).  
“Servicer File” means, with respect to a Receivable, each of the following documents: (i) application of the Obligor for credit; (ii) a copy (but not the original) of the Contract and any amendments thereto; and (iii) such other documents as the Servicer customarily retains in its files in order to accomplish its duties under this Agreement in accordance with the Collection Policy.
“Servicer Master Collection Account” means each account established by the Master Collection Account Bank (and beginning no later than sixty (60) days of the Closing Date shall be subject to an account control agreement in favor of (i) the Collateral Agent or (ii) Controlled Accounts Agent and subject to an Intercreditor Agreement) listed on Schedule G-1 attached hereto, as such schedule may be updated from time to time in accordance with Section 6.04(t).
“Servicer Termination Event” has the meaning given to such term, on any day (i) prior to the Assumption Date, in Section 7.11 and (ii) on and after the Assumption Date, in Section 7.15(e).
“Servicer Termination Notice” has the meaning given to such term in Section 7.11.
“Servicing Centralization Event” [***].
“Servicing Fee” means the fee payable to the Servicer on each Payment Date, monthly in arrears in accordance with Section 2.08, in an amount equal to the product of (i) the Servicing Fee Rate, (ii) the aggregate Principal Balance of all Receivables as of the first day of the related Collection Period (or, with respect to any Receivables added or to be added to the Collateral following such first day, the related Cutoff Date) and (iii) 1/12; provided, that the Servicing Fee for the Collection Period during which the initial Funding Date occurs, shall be an amount equal to the product of (i) the Servicing Fee Rate, (ii) the aggregate Principal Balance of all Receivables as of the related Cutoff Date and (iii) a fraction having as its numerator the number of days from the initial Funding Date through the end of the related Collection Period, and as its denominator 360.
“Servicing Fee Rate” [***].
“Short-Term Rating Requirement” means, with respect to any Person, that such Person has a short-term unsecured debt rating of either not less than “A-1” by Standard & Poor’s, not less than “R-1 (middle)” by DBRS or not less than “Prime-1” by Moody’s.
“Single State Originated Receivables” means with respect to any State and date of determination, all of the Receivables (or, if indicated by the context for purposes of the Concentration Limits, the Receivables originated by the SouthernCo Originators or the Receivables originated by the Heights Originators) on such date that (i) were originated by any branch within such State or (ii) in the case of a Receivable not closed in a branch, were assigned to a branch within such State at the time of origination thereof.
“SOFR” means, with respect to any SOFR Business Day, a rate per annum equal to the secured overnight financing rate for such SOFR Business Day published by the SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately succeeding SOFR Business Day. 
“SOFR Administrator” means the Federal Reserve Bank of New York (or any successor administrator of the secured overnight financing rate).
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“SOFR Administrator’s Website” means the SOFR Administrator’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“SOFR Business Day” means a day on which banks are open for dealing in foreign currency and exchange in London, New York City and Washington, D.C.
“SOFR Determination Time” means 3:00 p.m. (New York time) on a U.S. Government Securities Business Day, at which time Compounded SOFR or Term SOFR, as applicable, is published on the Federal Reserve Bank of New York’s Website.
“SOFR Replacement Considerations” means, as applicable, (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body, or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to Term SOFR for comparable U.S. dollar denominated syndicated credit facilities, (iii) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of Term SOFR with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (iv) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of Term SOFR with the applicable Unadjusted Benchmark Replacement for comparable U.S. dollar denominated syndicated credit facilities at such time.
“Solvent” means, with respect to any Person at any time, having a state of affairs such that (i) the fair value of the property owned by such Person is greater than the amount of such Person’s liabilities (including the amount of any known disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (ii) the present fair salable value of the property owned by such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured; (iii) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business; (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to generally pay as such debts and liabilities mature; and (v) such Person is not engaged in business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s property would constitute unreasonably small capital in relation to such business or transaction.
“SouthernCo” has the meaning given to such term in the Preamble.
“SouthernCo Originators” means SouthernCo, Covington Credit, Inc., an Oklahoma corporation, Covington Credit of Alabama, Inc., an Alabama corporation, Covington Credit of Georgia, Inc., a Georgia corporation, Covington Credit of Texas, Inc., a Texas corporation, and any other entity approved in writing by the Administrative Agent and the Required Lenders (a copy of which the Servicer shall provide to each Loan Rating Agency, if any).
“Special Purpose Affiliate” means any special purpose entity that is a subsidiary of SouthernCo and was created for the purpose of one or more Securitizations.
“Specified Delinquent Receivables” has the meaning given to such term in Section 5.06(h).
“Specified Electronic Contract” means an Electronic Contract originated prior to July 31, 2020, with respect to which the related Receivable is a Hard Secured Receivable.
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“Specified Percentage” means, with respect to a Securitization Date, the percentage equivalent of a fraction (i) the numerator of which is the aggregate Principal Balance of the Receivables being released from the Lien of the Collateral Agent and sold to such Securitization and (ii) the denominator of which is the Eligible Receivables Principal Balance immediately prior to such Securitization.
“Standard & Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.
“State” means any state of the United States or the District of Columbia.
“Step-Up Margin” has the meaning set forth in the Fee Letter.
“Subsequent Loan” means each Loan made following the Initial Loan.
“Subsequent Receivable” means each Receivable that becomes a part of the Collateral on a Funding Date other than the Funding Date relating to the Initial Loan.
“Subservicer” means each subservicer listed in Schedule H hereto.
“Subsidiary” means, with respect to a Person, any entity with respect to which more than 50.0% of the outstanding voting securities or other ownership interests shall at any time be owned or controlled, directly or indirectly, by such Person and/or one or more of its Subsidiaries, or any similar business organization which is so owned or controlled.
“Substitute Receivable” means one or more Eligible Receivables not previously a part of the Collateral, substituted for a Receivable pursuant to Section 5.06, each having characteristics substantially similar, and in no event less favorable to the Secured Parties in any respect, than the affected Receivables being so substituted, without the consent of the Administrative Agent (acting at the direction of the Required Lenders).
“Successor Servicer” means the Backup Servicer, as successor to the Servicer, or another entity appointed pursuant to Section 7.12(b) as successor to the Servicer.
“Supplemental Servicing Fees” means any and all (i) late fees, (ii) non-sufficient funds charges and (iii) any and all other administrative fees or similar charges allowed by applicable law with respect to any Receivable.
“System Description” shall mean the written description of the Electronic Vault System.
“Tangible Net Worth” means, with respect to any Person, as of the Determination Date, its net worth calculated in accordance with GAAP, after subtracting therefrom the aggregate amount of its deferred tax assets and intangible assets, including goodwill, franchises, licenses, patents, trademarks, tradenames, copyrights and service marks.
“Tax” or “Taxes” means any present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), charges, assessments or fees of any nature (including interest, penalties and additions thereto) that are imposed by any Governmental Authority.
“Technical Unmatured Event of Default” shall mean an Unmatured Event of Default with respect to an event described in Section 10.1(a) other than Sections 10.1(a)(i)-(v), (viii), (ix), (xii) and (xviii) hereto.
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“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. Term SOFR shall initially mean, for any day during any Interest Period, the per annum rate equal to the offered rate which appears on the Bloomberg ticker which displays the one month term SOFR as determined by CME Group (or such other person that takes over the determination of such rate as recommended by the SOFR Administrator) (such ticker currently being Bloomberg ticker SR1M).
“Terminated Receivable” shall mean the Receivable that is refinanced in connection with a Renewal.
“Terminated Receivable Price” shall mean, with respect to any Receivable that becomes a Terminated Receivable, the excess of (a) all amounts owing on such Receivable (including all amounts of principal, interest and fees on the day that such Receivable becomes a Terminated Receivable), minus (b) all amounts received from the proceeds of the Renewal Receivable that are applied by the Servicer in accordance with the Collection Policy to satisfy any amounts of interest and fees owing on such Receivable, minus (c) all amounts of insurance refunds applied by the Servicer in accordance with the Collection Policy to satisfy any portion of principal owing on the Receivable, in each case (with respect to clauses (b) and (c)) that are also applied in connection with such Terminated Receivable as Collections by the Servicer under the Basic Documents on the day such Receivable becomes a Terminated Receivable.
 “Test Data File” means a test data file, which shall include the loan master file, the transaction history file and all other files necessary to carry out the servicing obligations hereunder.
“Third Party Allocation Agent” means Computershare, in such capacity under the Intercreditor Agreement.
“Titled Asset” shall mean a motor vehicle, boat, recreational vehicle, camper, trailer, motorcycle, all-terrain vehicle or other asset for which, under applicable State law, a certificate of title is issued and any security interest therein is required to be perfected by notation on such certificate of title.
“Top State” means, for any date of determination, the State that has the highest concentration of Single State Originated Receivables on such date.
“Top Three States” means, for any date of determination, the three States that have the highest concentrations of Single State Originated Receivables on such date.
“Total Advance Rate” [***].
“Total Borrowing Base” means, as of any date of determination, an amount equal to the sum of (a) the product of (i) the Eligible Pool Balance and (ii) the Total Advance Rate and (b) all amounts on deposit in the Collection Account as of such date of determination in excess of the product of (i) [***] and (ii) all amounts sufficient to make all payments required to be made pursuant to clauses (i), (ii), (iii) and (v) of Section 2.08(a) on the Payment Date immediately following such date of determination.
“Total Borrowing Base Deficiency” means, as of any date of determination, the positive amount, if any, by which (i) the aggregate Loans Outstanding exceeds (ii) the Total Borrowing Base.
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“Total Stockholders’ Equity” means, with respect to the Parent as of any date, the total stockholders’ equity of the Parent and its subsidiaries, shown on the balance sheet for the most recently ended calendar month for which financial statements are available, determined on a consolidated basis in accordance with GAAP.
“Transition Expenses” has the meaning given to such term in Section 7.12(d).
“UCC” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Adjustment.
“United States” or “U.S.” means the United States of America.
“Unmatured Event of Default” means any event that, with the giving of notice or the lapse of time, or both, would become an Event of Default.
“Unrestricted Cash or Cash Equivalents” means Cash or Cash Equivalents which are not subject to any Liens or control agreements.
“Unsecured Receivable” means a Receivable that is, as of the date of the origination thereof, not secured by any collateral or secured by non-Titled Assets pursuant to the terms of the applicable Contract.
“Unused Commitment Fee” means, for any Interest Period during the Revolving Period, the fee payable by the Borrower pursuant to the Fee Letter on the related Payment Date in an amount equal to product of (i) the Unused Commitment Fee Rate, (ii) an amount equal to the average daily Aggregate Commitment during such Interest Period minus the average daily Loans Outstanding during such Interest Period and (iii) a fraction, the numerator of which is the actual number of days during such Interest Period and the denominator of which is 360.
“Unused Commitment Fee Rate” has the meaning given to such term in the Fee Letter.
“Upfront Fee Letter” means the fee letter, dated as of the Closing Date, among Credit Suisse AG, New York Branch, the Agent for the Class B Lenders, the Borrower and the Servicer, setting forth the upfront fee payable to Credit Suisse AG, New York Branch and Agent for the Class B Lenders on the Closing Date.
“Utilization Make-Whole Fee” shall have the meaning given to such term in the Fee Letter.
“U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.
“U.S. Person” means a “United States person” as defined in Code Section 7701(a)(30).
“Vintage Age” means, with respect to any Receivable, the number of full calendar quarters elapsed since the origination of such Receivable.
“Volcker Rule” means the regulations adopted to implement Section 619 of the Dodd-Frank Act.
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“Weighted Average Coupon” shall mean, with respect to any date of determination, the weighted average coupon (based on the coupon set forth in the applicable Contracts) of all Eligible Receivables (or, if indicated by the context for purposes of the Concentration Limits, the Eligible Receivables originated by the SouthernCo Originators or the Eligible Receivables originated by the Heights Originators) on such date, determined based upon (i) the Principal Balance of such Receivables on such date and (ii) the coupon of such Receivables as of the close of business on the last day of the Collection Period immediately preceding such date of determination (or, if a Receivable did not exist as of the last day of such Collection Period, the date on which such Receivable was originated).
“Weighted Average Receivable FICO® Score” shall mean, with respect to any date of determination, the weighted average FICO® score of the Obligors of all Eligible Receivables (or, if indicated by the context for purposes of the Concentration Limits, the Eligible Receivables originated by the SouthernCo Originators or the Eligible Receivables originated by the Heights Originators) on such date, determined based upon (i) the Principal Balance of such Receivables on such date and (ii) the FICO® score of the Obligors of such Receivables as of the most recent FICO® score obtained by such Originator with respect to the related Obligors; provided, that the calculation of the Weighted Average Receivable FICO® Score shall not take into account any Receivables with respect to which the Obligor thereon does not have a FICO® score.
“Weighted Average Receivable Original Principal Balance” shall mean, with respect to any date of determination, the weighted average Principal Balance (as set forth in the applicable Contracts) of all Eligible Receivables (or, if indicated by the context for purposes of the Concentration Limits, the Eligible Receivables originated by the SouthernCo Originators or the Eligible Receivables originated by the Heights Originators) on such date, determined based upon (i) the Principal Balance of such Receivables on such date and (ii) the original Principal Balance of such Receivables as of the date on which such Receivable was originated.
“Weighted Average Receivable Original Term” shall mean, with respect to any date of determination, the weighted average original term to maturity (as set forth in the applicable Contracts) of all Eligible Receivables (or, if indicated by the context for purposes of the Concentration Limits, the Eligible Receivables originated by the SouthernCo Originators or the Eligible Receivables originated by the Heights Originators) on such date, determined based upon (i) the Principal Balance of such Receivables on such date and (ii) the original term to maturity of such Receivables as of the date on which such Receivable was originated.
Section 1.02.    Accounting Terms and Determinations.  Unless otherwise defined or specified herein, all accounting terms shall be construed herein, all accounting determinations hereunder shall be made, all financial statements required to be delivered hereunder shall be prepared and all financial records shall be maintained in accordance with GAAP.  If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth herein, the Administrative Agent, the Required Lenders, SouthernCo and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided, that until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) SouthernCo and the Borrower shall provide to the Administrative Agent financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.
Section 1.03.    Computation of Time Periods.  Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”.
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Section 1.04.    Interpretation.  When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; (iii) “or” is not exclusive; (iv) “including” means including without limitation; (v) words in the singular include the plural and words in the plural include the singular; (vi) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (vii) references to a Person are also to its successors and permitted assigns; (viii) the words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision hereof; (ix) references contained herein to Article, Section, subsection, Schedule and Exhibit, as applicable, are references to Articles, Sections, subsections, Schedules and Exhibits in this Agreement unless otherwise specified; (x) references to “writing” include printing, typing and other means of reproducing words in a visible form; and (xi) the term “proceeds” has the meaning set forth in the applicable UCC.
ARTICLE TWO

LOANS
Section 2.01.    Loans.  
(a)    On the terms and subject to the conditions set forth in this Agreement (including the conditions precedent set forth in Article Four), the Borrower may from time to time on any Business Day during the Revolving Period, request that each Conduit Lender and Committed Lender make an advance (each such advance made by (i) a Class A Lender, a “Class A Loan”, and (ii) a Class B Lender, a “Class B Loan”) in the amount of each such Conduit Lender’s or Committed Lender’s Lender Percentage of the Principal Amount of the Loan requested (each, a “Lender Advance”), to the Borrower on a Funding Date; provided, that, solely with respect to the initial Class B Loans, the Class B Lenders shall make the related Lender Advance on the Class B Initial Funding Date; provided further, that, notwithstanding the requirement above that each request to a Lender for a Lender Advance be in the amount of such Lender’s Lender Percentage of the Principal Amount of the Loan requested, with respect to any such requests made to Lenders in the Credit Suisse Lender Group, the Credit Suisse Agent, as Agent for the Credit Suisse Lender Group, shall have the right to reallocate the aggregate amount of such requests among the Lenders in the Credit Suisse Lender Group in its discretion; provided further, that, notwithstanding the requirement above that each request to a Lender for a Lender Advance be in the amount of such Lender’s Lender Percentage of the Principal Amount of the Loan requested, with respect to any such requests made to Lenders in the Atalaya Lender Group, the Agent for the Atalaya Lender Group shall have the right to reallocate the aggregate amount of such requests among the Lenders in the Atalaya Lender Group in its discretion.  For purposes of clarity, unless at the time of any Lender Advance (x) the aggregate outstanding principal balance of the Class A Loans is equal to the Class A Aggregate Commitment or (y) the aggregate outstanding principal balance of the Class B Loans is equal to the Class B Aggregate Commitment, no Lender Advance may consist of any one single class, except in connection with the initial Funding Date and the Class B Initial Funding Date.
(b)    No later than 12:00 p.m., New York City time, two (2) Business Days prior to a proposed Funding Date, the Borrower shall notify the Administrative Agent, the Collateral Agent, the Agents and the Lenders of such proposed Funding Date and Loan by delivering to the Administrative Agent and the Agents (with a copy to the Collateral Agent and the Paying Agent):
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(i)    a Funding Request, which will include, among other things, the proposed Funding Date, a calculation of the Class A Borrowing Base and the Total Borrowing Base (calculated as of the previous Determination Date or, with respect to the initial Funding Date or any Receivables added or to be added to the Collateral following such Determination Date, but prior to or on such date of determination, the related Cutoff Date), each as of the date the Loan is requested and the Principal Amount of the Class A Loan and Class B Loan requested, and, other than in connection with the initial Funding Date and the Class B Initial Funding Date, the Class A Loan and the Class B Loan shall each be in an amount at least equal to $250,000 or integral multiples of $10,000 in excess thereof; and
(ii)    an updated Schedule of Receivables that includes each Receivable, if any, that is to be purchased by the Borrower with the proceeds of the proposed Loan.
(c)    Following receipt by the Administrative Agent, the Collateral Agent, the Agents and the Lenders of a Funding Request during the Revolving Period, (i) each Conduit Lender (if any) may, in its sole discretion, make its Lender Advance of any Loan requested by the Borrower pursuant to Section 2.01(b), and (ii) each Committed Lender, to the extent not made by the Conduit Lender in its Lender Group (if any), severally agrees to make its Lender Advance of any Loan requested by the Borrower, in each case, subject to the conditions contained herein, in an aggregate amount equal to the Loan so requested.
(d)    In no event shall:
(i)    a Committed Lender be required on any date to fund a Principal Amount that would cause the Loans Outstanding with respect to such Committed Lender’s Lender Group, as determined after giving effect to such funding, to exceed such Committed Lender’s Commitment;
(ii)    any Loan be requested hereunder, nor shall any Lender be obligated to fund its Lender Advance of any Loan, to the extent that after giving effect to such Loan, the Loans Outstanding that are Class A Loans would exceed the Class A Borrowing Base or the Loans Outstanding would exceed the Total Borrowing Base (each calculated as of the previous Determination Date or, with respect to any Receivables added or to be added to the Collateral following such Determination Date, but prior to or on such date of determination, the related Cutoff Date); provided that the Class B Lenders shall be required to fund the Class B Loans on the Class B Initial Funding Date if the Loans Outstanding did not exceed the Total Borrowing Base as of the initial Funding Date;
(iii)    any Loan be requested hereunder if it shall cause more than two (2) Funding Dates to occur in any one (1) calendar week; and
(iv)    the Principal Amount of the Loans made on any Funding Date exceed the Available Amount on such day.
Section 2.02.    Funding Mechanics.
(a)    If any Funding Request is delivered to the Administrative Agent and the applicable Agents after 12:00 p.m., New York City time, on any Business Day, such Funding Request shall be deemed to be received prior to 12:00 p.m., New York City time, on the next succeeding Business Day and the proposed Funding Date of such proposed Loan shall be deemed to be the second Business Day following such deemed receipt.  Each Funding Request shall include a representation by the Borrower that (i) the requested Loans will not, on the related Funding Date, exceed the Available Amount, (ii) after giving effect to such Loans, the amount of 
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all Loans Outstanding that are Class A Loans will not exceed the Class A Borrowing Base, and the aggregate amount of all Loans Outstanding will not exceed the Total Borrowing Base (calculated as of the previous Determination Date or, with respect to the initial Funding Date or any Receivables added or to be added to the Collateral following such Determination Date, but prior to or on such date of determination, the related Cutoff Date), and (iii) a representation that all of the conditions precedent to the making of such Loan have been satisfied or will be satisfied as of the proposed Funding Date.  Any Funding Request shall be irrevocable.
(b)    Each Conduit Lender shall notify the Agent for its Lender Group and the Administrative Agent by 10:00 a.m., New York City time, on the applicable Funding Date whether it has elected to make its Lender Advance offered to it pursuant to Section 2.01; provided, that in the case of the Credit Suisse Lender Group, each Conduit Lender for the Credit Suisse Lender Group shall be deemed to have notified the Credit Suisse Agent and the Administrative Agent that it has elected to make its Lender Advance on such Funding Date unless written notice not to make such Lender Advance was given to the Credit Suisse Agent and the Administrative Agent by 10:00 a.m., New York City time, on such Funding Date. In the event that a Conduit Lender shall not have timely provided such notice, such Conduit Lender shall be deemed to have elected not to make its Lender Advance of such Loan. If the Conduit Lender shall have elected or be deemed to have elected not to make its Lender Advance of such Loan, the Committed Lender in such Lender Group shall make available on the applicable Funding Date an amount equal to the portion of the Loan that each such Conduit Lender has not elected to fund, in an amount equal to its share of the Principal Amount to be funded.
(c)    Each Lender’s Lender Advance of a Loan shall be made, subject to the fulfillment of the applicable conditions set forth in Article Four on the related Funding Date (and, solely with respect to the initial Class B Loan, Section 4.02(b)(ii), on the Class B Initial Funding Date), by initiation of a wire at or prior to 2:00 p.m., New York City time, on the applicable Funding Date (or, in the case of the initial Class B Loan, on the Class B Initial Funding Date), by deposit of immediately available funds to an account specified by the Borrower.  Each Agent shall promptly notify the Borrower and the other Agents in the event that any Lender in such Agent’s Lender Group either fails to make such funds available before such time or notifies such Agent that it will not make such funds available before such time.  For the avoidance of doubt, if any Class B Lender fails to fund the initial Class B Loan by 2:00 p.m., New York City time, on July 22, 2022, such Class B Loan shall not constitute a Loan hereunder and such Class B Lender shall not constitute a Lender hereunder.
(d)    In the event that, notwithstanding the fulfillment of the applicable conditions set forth in Article Four with respect to a Loan, a Conduit Lender elected to make an advance on a Funding Date but failed to make its Lender Advance available to the Borrower when required by Section 2.02(c), such Conduit Lender shall be deemed to have rescinded its election to make such advance, and neither the Borrower nor any other party shall have any claim against such Conduit Lender by reason of its failure to timely make such purchase.  In any such case, the Borrower shall give notice of such failure not later than 3:00 p.m., New York City time, on the Funding Date to the related Agent, the Committed Lender for such Lender Group and to the Administrative Agent, which notice shall specify (i) the identity of such Conduit Lender and (ii) the amount of the Lender Advance which it had elected but failed to make.  Subject to receiving such notice, such Committed Lender shall advance a portion of the Principal Amount in an amount equal to the amount described in clause (ii) above, at or before 4:00 p.m., New York City time, on such Funding Date and otherwise in accordance with Section 2.01(d).  
(e)    If any Lender makes available to the Borrower funds for any Loan to be made by such Lender as provided in the provisions of Sections 2.01 and this Section 2.02, and the conditions to the applicable Loan set forth in Article Four are not satisfied or waived in 
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accordance with the terms hereof, the Borrower shall return such funds (in like funds as received from such Lender) to such Lender.
(f)    If any Loan is not made or effectuated, as the case may be, due to the Borrower’s failure to satisfy, or continue to satisfy, the conditions to fund the Loan on the Closing Date, the Borrower and SouthernCo shall indemnify, jointly and severally, each Lender against any reasonable loss, cost or expense incurred by such Lender, including any loss (including loss of anticipated profits, net of anticipated profits in the reemployment of such funds in the manner determined by such Lender), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain such Loan.
(g)    The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided, that the Commitments of the Lenders are several and, except as provided in Section 2.02(d), no Lender shall be responsible for any other Lender’s failure to make Loans as required.
(h)    The Borrower expressly acknowledges and agrees that any election by any Lender, in its sole discretion, on one or more occasion to fund any Loan on any day prior to the final passage of the applicable notice period set forth in Section 2.01(a) above shall not constitute or be deemed to be an amendment, waiver or other modification of the requirement for such notice prior to any Lender funding any other Loan hereunder.
(i)    No portion of any Loan shall be funded (initially or through participation, assignment, transfer or securitization of the Loan) with Plan Assets if it would cause the Borrower to incur prohibited transaction excise tax penalties under Section 4975 of the Code.
Section 2.03.    Reductions of Commitments.
(a)    At any time after the eighteen-month anniversary of the Closing Date, the Borrower may, upon at least ten (10) Business Days’ prior written notice to the Administrative Agent, the Collateral Agent, each Agent, the Paying Agent, the Backup Servicer and each Hedge Counterparty, if any, reduce the Facility Amount, which shall be applied, unless otherwise consented to by the Administrative Agent (acting at the direction of the Required Lenders) and the Agents, pro rata to the Class A Aggregate Commitment and the Class B Aggregate Commitment.  Each partial reduction shall be in a minimum aggregate amount of $5,000,000 or integral multiples of $1,000,000 in excess thereof.  Reductions of the Aggregate Commitment pursuant to this Section 2.03(a) shall be allocated to the Commitment of each Committed Lender and each Conduit Lender, pro rata based on the Lender Percentage of the Class A Aggregate Commitment or Class B Aggregate Commitment, as applicable, represented by such Commitment.  Any request for a reduction in the Facility Amount shall be irrevocable and the Borrower shall deliver no more than two such requests in any 12-month period.  In no event shall any reduction of the Facility Amount be permitted prior to the eighteen-month anniversary of the Closing Date.
(b)    In connection with any reduction of the Facility Amount, the Borrower shall remit (i) first, to each applicable Agent for the ratable payment to each Class A Lender, the amount sufficient to pay the Aggregate Unpaids due to such Class A Lenders with respect to such reduction of the Facility Amount, including any associated Breakage Costs, and (ii) second, to each applicable Agent for the ratable payment to each Class B Lender, the amount sufficient to pay the Aggregate Unpaids due to such Class B Lenders with respect to such reduction of the Facility Amount, including any associated Breakage Costs.  
(c)    On any date that does not occur during the Revolving Period, the Commitments of all Lenders shall be automatically reduced to zero; provided that if a Revolving Period 
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Termination Date occurs, but the Revolving Period is reinstated in accordance with the definition thereof, the Commitments of all Lenders shall automatically be reinstated to the Commitments as they existed immediately prior to such Revolving Period Termination Date.
(d)    [***].
Section 2.04.    [Reserved].  
Section 2.05.    [Reserved].
Section 2.06.    Optional Principal Repayment.  The Borrower may prepay all or any portion of the Loans Outstanding on any Business Day occurring on or after the 18-month anniversary of the Closing Date without penalty, upon delivery of a Prepayment Notice to the Administrative Agent, the Collateral Agent, the Agents, the Paying Agent and each Hedge Counterparty, if any, at least five (5) Business Days prior to such anticipated prepayment; provided that (i) the amount prepaid is at least $1,000,000 or integral multiples of $250,000 in excess thereof (unless otherwise agreed to in writing by the Administrative Agent or unless such prepayment would reduce the aggregate Loans Outstanding to zero); (ii) the Borrower pays to each of the Secured Parties, on the date of any such prepayment, each such Secured Party’s pro rata allocable share of (a) accrued Interest with respect to the portion of the Loans Outstanding to be prepaid through the date of prepayment, as calculated by the Administrative Agent, and (b) the pro rata portion of all other Aggregate Unpaids due and owing relating to such prepayment (including all Breakage Costs) payable to any Indemnified Party under this Agreement through the date of such prepayment, including Indemnified Amounts pursuant to Section 11.01; (iii) the Borrower certifies that following such prepayment, the Class A Borrowing Base and the Total Borrowing Base shall be in compliance; (iv) all prepayments shall be made (a) prior to the Revolving Period Termination Date, pro rata to the Class A Lenders and Class B Lenders, based on the amount of Loans Outstanding that are Class A Loans and Class B Loans and (b) on or after the Revolving Period Termination Date, first, to reduce the Loans Outstanding that are Class A Loans to zero, and second, to reduce the Loans Outstanding that are Class B Loans to zero; and (v) if such prepayment is a prepayment in part (but not in whole), such prepayment is occurring in connection with a Securitization.  Any notice of a prepayment shall be irrevocable. The Borrower may not prepay the Loans Outstanding, in whole or in part, prior to the 18-month anniversary of the Closing Date, except if such prepayment is effected in accordance with Section 2.15.  
Section 2.07.    Payments.
(a)    The Borrower shall pay Interest on the unpaid Principal Amount of each Loan for the period from and including the related Funding Date (or, in the case of the initial Class B Loan, the aggregate amount advanced by the Class B Lenders on the Class B Initial Funding Date) until the date that such Loan shall be paid in full.  Interest shall accrue during each Interest Period and be payable on the Loans Outstanding on each Payment Date in accordance with Section 2.08, unless earlier paid pursuant to Section 2.06 or Section 2.15.  Notwithstanding the foregoing, the Principal Amount of each Loan, all Interest thereon, together with all other Aggregate Unpaids, shall be due and payable, if not previously paid, on the Maturity Date. 
(b)    Each Lender’s Invested Percentage of the Loans Outstanding shall bear interest for each day during an Interest Period at a rate per annum equal to the applicable Interest Rate for such Interest Period, which, for each Interest Period, shall be the determined as of the day that is two (2) Business Days prior to the start of such Interest Period.  
(c)    Interest calculated by reference to any Benchmark, Benchmark Replacement or any other Interest Rate shall be calculated on the basis of a 360-day year for the actual number of 
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days elapsed during the related interest period.  Periodic fees or other periodic amounts payable hereunder shall be calculated on the basis of a 360-day year and for the actual number of days elapsed during the related interest period.
(d)    The principal of and Interest on the Loans shall be paid as provided herein.  In the case of Loans made by a Lender Group, the Agent for shall Lender Group shall allocate to the members of its Lender Group each payment in respect of the Loans received by such Agent as provided herein.  Payments in respect of principal and Interest (including pursuant to Section 2.06) shall be allocated and applied to Lender based on their respective Invested Percentages that are Class A Loans or Class B Loans, as applicable, or in any such case in such other proportions as each affected Lender may agree upon in writing from time to time with such Agent and the Borrower.
(e)    At or before 3:00 p.m., New York City time, on the first Business Day prior to each Reporting Date, each Lender shall notify the Agent for its Lender Group of its Interest Rate in effect for the current Interest Period.  At or before 5:00 p.m., New York City time, on the first Business Day prior to each Reporting Date, the Agents shall then notify the Borrower of all such rates. For such purposes, the Agents may rely conclusively on notices from Lenders as to the interest rate or rates from time to time applicable to their respective Invested Percentage of the Loans Outstanding.  Each determination by a Lender of its Interest Rate pursuant to this Agreement shall be conclusive and binding on the Lenders, each Agent, the Borrower, the Servicer and the Backup Servicer, in the absence of manifest error. 
(f)    Notwithstanding any other provision of this Agreement or the other Basic Documents, if at any time the rate of interest payable by any Person under the Basic Documents exceeds the Maximum Lawful Rate, then, so long as the Maximum Lawful Rate would be exceeded, such rate of interest shall be equal to the Maximum Lawful Rate.  If at any time thereafter the rate of interest so payable is less than the Maximum Lawful Rate, such Person shall continue to pay Interest at the Maximum Lawful Rate until such time as the total interest received from such Person is equal to the total Interest that would have been received had Applicable Law not limited the interest rate so payable.  In no event shall the total Interest received by a Lender under this Agreement and the other Basic Documents exceed the amount which such Lender could lawfully have received, had the Interest due been calculated from the Closing Date at the Maximum Lawful Rate.
Section 2.08.    Settlement Procedures.  
(a)    On each Payment Date, the Servicer shall instruct the Paying Agent in writing to pay, or if an Event of Default shall have occurred and is continuing, the Administrative Agent shall instruct the Paying Agent in writing to pay, no later than 2:00 p.m., New York City time, in each case, based solely on the information in the related Monthly Report, to the following Persons, from the Collection Account (to the extent of Available Funds) and from the Reserve Account (in the amount of the related Reserve Account Withdrawal Amount), in the following order of priority as set forth in the Monthly Report:
(i)    First, to the Servicer, the accrued and unpaid Servicing Fee (and any accrued and unpaid Servicing Fee from any prior Payment Date); 
(ii)    Second, pro rata, based on amounts owing (A) to the Borrower Loan Trustee, the sum of (1) the accrued and unpaid Borrower Loan Trustee Fee and (2) any out-of-pocket expenses and indemnities due to the Borrower Loan Trustee, which in the case of subclause (A)(2) shall not in the aggregate exceed $[***] in any calendar year, (B) to the Backup Servicer, the sum of (1) the accrued and unpaid Backup Servicing Fee and (2) any out-of-pocket expenses and indemnities (other than Transition Expenses) due 
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to the Backup Servicer (including as Successor Servicer), which in the case of subclause (B)(2) shall not in the aggregate exceed $[***] in any calendar year, (C) to the Backup Servicer or other Successor Servicer, any unpaid Transition Expenses (such Transition Expenses not to exceed $[***] in the aggregate) payable pursuant to Section 7.12(d), (D) to the Image File Custodian, the sum of (1) the accrued and unpaid Image File Custodian Fee and (2) any out-of-pocket expenses and indemnities due to the Image File Custodian, which in the case of subclause (D)(2) shall not in the aggregate exceed $[***] in any calendar year, and (E) to the Paying Agent, the Collateral Agent and the Third Party Allocation Agent (so long as such Third Party Allocation Agent is Computershare), the sum of (1) the accrued and unpaid Paying Agent/Collateral Agent Fee payable to the Paying Agent and Collateral Agent and (2) any out-of-pocket expenses and indemnities due to the Paying Agent, Collateral Agent and the Third Party Allocation Agent (so long as such Third Party Allocation Agent is Computershare), which in the case of this subclause (E)(2) shall not in the aggregate exceed $[***] in any calendar year;
(iii)    Third, pro rata, to each applicable Agent for the ratable payment to each Class A Lender in an amount equal to any accrued and unpaid (1) Interest on the Class A Loans, (2) Breakage Costs relating to any Class A Loans and (3) all other Aggregate Unpaids allocable to the Loans Outstanding that are Class A Loans (other than the principal amount of the Loans Outstanding) then due under this Agreement to the Administrative Agent and the applicable Agents or Class A Lenders for the payment thereof, which in the case of subclauses (2) and (3) shall not exceed $[***] in any calendar year;
(iv)    Fourth, (a) so long as a Facility Amortization Event or an Event of Default has occurred and is continuing on such Payment Date, based on amounts owing, to each applicable Agent for the ratable payment to each Class A Lender, any remaining Available Funds, until the Loans Outstanding that are Class A Loans are reduced to zero, and (b) so long as neither a Facility Amortization Event nor an Event of Default has occurred and is continuing on such Payment Date, based on amounts owing to each applicable Agent, for the ratable payment (by outstanding Principal Amount) to each Class A Lender, an amount equal to the Class A Monthly Principal Payment Amount; 
(v)    Fifth, to each applicable Agent for the ratable payment to each Class B Lender in an amount equal to any accrued and unpaid (1) Interest on the Class B Loans, (2) Breakage Costs relating to any Class B Loans and (3) all other Aggregate Unpaids allocable to the Loans Outstanding that are Class B Loans (other than the principal amount of the Loans Outstanding) then due under this Agreement to the applicable Agents or Lenders for the payment thereof, which in the case of subclauses (2) and (3) shall not exceed $[***] in any calendar year;
(vi)    Sixth, (a) so long as a Facility Amortization Event or an Event of Default has occurred and is continuing on such Payment Date, based on amounts owing, to each applicable Agent for the ratable payment to each Class B Lender, any remaining Available Funds, until the Loans Outstanding that are Class B Loans are reduced to zero, and (b) so long as neither a Facility Amortization Event nor an Event of Default has occurred and is continuing on such Payment Date, based on amounts owing to each applicable Agent, for the ratable payment (by outstanding Principal Amount) to each Class B Lender, an amount equal to the Class B Monthly Principal Payment Amount;
(vii)    Seventh, if such Payment Date occurs during the Revolving Period, to the Reserve Account, the amount necessary to cause the amount on deposit therein to equal the Reserve Account Required Amount;
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(viii)    Eighth, if such Payment Date does not occur during the Revolving Period and neither a Facility Amortization Event nor an Event of Default has occurred and is continuing on such Payment Date, (x) if such Payment Date is one of the first three (3) Payment Dates after the Scheduled Amortization Date or, if the Scheduled Amortization Date occurs on a Payment Date, such Payment Date is one of the first two (2) Payment Dates after the Scheduled Amortization Date, fifty (50) percent of the remaining Available Funds shall be paid (A) first, to each applicable Agent for the ratable payment to each Class A Lender, until the Loans Outstanding that are Class A Loans are reduced to zero, and (B) second, to each applicable Agent for the ratable payment to each Class B Lender, until the Loans Outstanding that are Class B Loans are reduced to zero, (y) if such Payment Date is not one of the first three (3) Payment Dates on or after the Scheduled Amortization Date or, if the Scheduled Amortization Date occurs on a Payment Date, such Payment Date is not one of the first two (2) Payment Dates after the Scheduled Amortization Date, any remaining Available Funds (A) first, to each applicable Agent for the ratable payment to each Class A Lender, until the Loans Outstanding that are Class A Loans are reduced to zero, and (B) second, to each applicable Agent for the ratable payment to each Class B Lender, until the Loans Outstanding that are Class B Loans are reduced to zero;
(ix)    Ninth, to each applicable Agent for the ratable payment to each Class A Lender in an amount equal to any accrued and unpaid Breakage Costs and other Aggregate Unpaids due to the Class A Lenders and not paid pursuant to clause (iii) above;
(x)    Tenth, to each applicable Agent for the ratable payment to each Class B Lender in an amount equal to any accrued and unpaid Breakage Costs and other Aggregate Unpaids due to the Class B Committed Lenders and not paid pursuant to clause (v) above;
(xi)    Eleventh, all other Aggregate Unpaids (other than the principal amount of the Loans Outstanding) then due under this Agreement to the Affected Parties or the Indemnified Parties, for the payment thereof;
(xii)    Twelfth, pro rata, based on amounts owing to the Backup Servicer, the Servicer, the Collateral Agent, the Image File Custodian, the Paying Agent, the Borrower Loan Trustee and the Third Party Allocation Agent (so long as such Third Party Allocation Agent is Computershare), any fees, expenses, indemnities and Transition Expenses not paid pursuant to clauses (i) or (ii) above, as applicable; and
(xiii)    Thirteenth, so long as no Unmatured Event of Default has occurred and is then continuing, any amount remaining in the Collection Account shall be distributed to an account designated by the Borrower; provided, however, during the occurrence and continuance of an Unmatured Event of Default, any remaining amounts shall remain in the Collection Account, or, at the election of the Borrower in its sole discretion be used (A) to prepay any Class A Loans and Class B Loans, on a pro rata basis or (B) to purchase additional Receivables in accordance with Section 2.11(f).
(b)    For the avoidance of doubt, it is hereby agreed that (i) accrued and unpaid fees, expenses and indemnities payable to the Collateral Agent, the Paying Agent, the Image File Custodian, the Backup Servicer (including in its capacity as Successor Servicer), the Borrower Loan Trustee or the Third Party Allocation Agent (so long as such Third Party Allocation Agent is Computershare) in excess of the aggregate annual maximum amount for any year (as set forth in Section 2.08(a)(ii)) and not paid pursuant to Section 2.08(a)(xii) shall be reimbursable in subsequent years in the same order of priority and subject to the same limitations as set forth 
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above until paid in full, and (ii) each of the caps set forth in Section 2.08(a)(ii) with respect to the out-of-pocket expenses, fees, losses and indemnities of the Collateral Agent, the Paying Agent, the Backup Servicer, the Image File Custodian, the Borrower Loan Trustee and the Third Party Allocation Agent (so long as such Third Party Allocation Agent is Computershare) shall not be applicable upon the occurrence and during the continuance of any Event of Default. In making the payments required under this Section 2.08, the Paying Agent shall have no duty to make any determination, calculation or verification regarding any amounts to be paid or the recipients of such amounts, and shall be entitled to rely exclusively and conclusively on the related Monthly Report.
Section 2.09.    Tranching.  At the direction of the Administrative Agent or any Lender, the Borrower shall enter into an amendment to this Agreement for the purpose of tranching or adjusting the tranching on any Loans, provided that all reasonable costs and expenses of the Borrower incurred in connection with such amendment shall be borne by the Lenders, and provided further that the Borrower shall not be required to enter into such amendment if it could reasonably be expected to have a material adverse effect on the payments, economics or obligations of the Borrower hereunder. Upon the exercise of such option to tranche or adjust tranching, the Borrower shall cooperate with the Administrative Agent and the Lenders and any intended assignee(s) (if any) of any Lender, as may be reasonably requested by the Administrative Agent or any Lender, to effect the exercise of such option, including the issuance of an additional class of Loans that bear interest at a rate separate and apart from the then current Interest Rate, or advance rates separate and apart from the then current advance rates, or a new class of Loans having terms as may be reasonably determined by the Administrative Agent or any Lender.
Section 2.10.    Payments, Computations, Etc.
(a)    Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower or the Servicer hereunder, including such amounts contemplated pursuant to Section 2.08, shall be paid or deposited in accordance with the terms hereof no later than 2:00 p.m., New York City time, on the day when due in Dollars in immediately available funds, in the case of amounts due to a Lender, to each Lender at such Lender’s Account, the details of which appear on the Class A Lender Supplement or Class B Lender Supplement, as applicable, for such Lender.  
(b)    Whenever any payment hereunder (i) shall be stated to be due on a day other than a Business Day, such payment shall be made, without penalty, on the next succeeding Business Day, except in the case where the next succeeding Business Day would occur in the succeeding calendar month, in which case such payment shall be due on the preceding Business Day or (ii) is received after 2:00 p.m., New York City time, such payment shall be deemed to have been received on the next succeeding Business Day, and any such extension of time shall in such case be included in the computation of payment of Interest, other interest or any fee payable hereunder, as the case may be.
(c)    If any Loan requested by the Borrower and approved by a Lender and the Administrative Agent pursuant to Section 2.01 is not, for any reason other than due to the fault of a Lender, Administrative Agent or the applicable Agent, made or effectuated, as the case may be, on the date specified therefor, the Borrower shall indemnify such Lender against any reasonable loss, cost or expense incurred by such Lender, including any loss (including loss of anticipated profits, net of anticipated profits in the reemployment of such funds in the manner determined by such Lender), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain such Loan.
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(d)    All payments hereunder shall be made without set-off or counterclaim, subject to Section 2.14, and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement.
(e)    To the extent that (i) any Person makes a payment to any party hereto or (ii) any party hereto receives or is deemed to have received any payment or proceeds for application to an obligation, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any Insolvency Law, State or federal law, common law or for equitable cause, then, to the extent such payment or proceeds are set aside, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received or deemed received by the related party.
(f)    Each Lender agrees or is deemed to agree that, as promptly as practicable after the officer of such Lender responsible for administering its Loans becomes aware of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Party or that would entitle such Lender to receive payments under Section 2.13 or Section 2.14, it shall, to the extent not inconsistent with its internal policies of general application, use commercially reasonable efforts to minimize costs, expenses and other amounts incurred by it and payable by the Borrower pursuant to Section 2.13 or Section 2.14, as applicable.
Section 2.11.    Collections and Allocations; Investment of Funds.
(a)    On or prior to the Closing Date or the applicable Funding Date (with respect to Subsequent Receivables), (i) the Servicer and each Subservicer shall have directed each Obligor to make all payments in respect of the Receivables to a Servicer Deposit Account in accordance with the Collection Policy, and (ii) the Servicer will deposit (in immediately available funds) into the Collection Account all Collections received after the related Cutoff Date and through and including the second (2nd) Business Day prior to the Closing Date or the Funding Date, as the case may be.  
(b)    Each of the Servicer, each Subservicer and the Borrower shall transfer, or cause to be transferred, all Collections it has received in respect of a Collection Period in the form of immediately available funds to the Collection Account promptly, but in no event later than the close of business on the second Business Day after it has received such Collections, whether such Collections were received centrally, at a local branch or otherwise.
(c)    On each Payment Date, subject to Section 2.11(f), the Paying Agent shall, based on the amounts set forth in the Monthly Report, withdraw from the Reserve Account the Reserve Account Withdrawal Amount, if any, to be deposited into the Collection Account on such Payment Date and applied in accordance with the written instructions delivered to it pursuant to Section 2.08; provided, however, that on any Payment Date following an Event of Default that has not been waived by the Administrative Agent (acting at the direction of the Required Lenders), the Paying Agent shall withdraw such amount, if any, as may be specified by the Administrative Agent (acting at the direction of the Required Lenders).  With respect to any Payment Date that occurs during the Revolving Period, so long as no Event of Default or Unmatured Event of Default has occurred or is continuing, if, after giving effect to the distributions from, and deposits in, the Reserve Account on such Payment Date pursuant to Section 2.08, the Reserve Account Amount is greater than the Reserve Account Required Amount for such Payment Date, the Servicer shall direct the Paying Agent in writing to distribute such excess amount to or at the direction of the Borrower into an account specified by the Borrower.
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(d)    To the extent there are uninvested amounts on deposit in the Collection Account or the Reserve Account, such amounts may be invested by the Securities Intermediary in Permitted Investments that mature no later than the Business Day before the next Payment Date, which Permitted Investments shall be selected (i) prior to the occurrence of any Facility Amortization Event, by the Borrower or (ii) after the occurrence of any Facility Amortization Event, by the Administrative Agent (acting at the direction of the Required Lenders).  So long as Computershare is the Securities Intermediary under the Account Control Agreement, each Permitted Investment may be purchased by the Securities Intermediary or through an Affiliate of the Paying Agent.  No Permitted Investment may be purchased at a premium and any earnings (and losses) on the foregoing investments shall be for the account of the Borrower.  Absent direction from the Borrower or the Administrative Agent, as specified above, any uninvested amounts on deposit in either Account shall remain uninvested and the Securities Intermediary shall have no obligation or liability to pay any interest or earnings thereon; provided that the Borrower or Administrative Agent may provide standing instructions for the investment of such funds.  None of the Borrower, the Servicer, the Administrative Agent, the Paying Agent or the Securities Intermediary shall be liable for any loss, including without limitation any loss of principal or interest, or for any breakage fees or penalties in connection with the purchase or liquidation of any investment, which in the case of the Paying Agent, is made in accordance with the written instructions of the Borrower or the Administrative Agent. Investments in any Permitted Investments are not obligations or recommendations of, or endorsed or guaranteed by, the Securities Intermediary or its Affiliates and are not insured by the Federal Deposit Insurance Corporation. Each party hereto acknowledges and agrees that the Securities Intermediary is not providing investment supervision, recommendations, suitability or advice. The Securities Intermediary and its Affiliates may provide various services for Permitted Investments and may be paid fees for such services. The parties agree that, for tax reporting purposes, all interest or other income from investments shall, as of the end of each calendar year and to the extent required by the IRS be reported as having been earned whether or not income was disbursed during a particular year.  Each of the Borrower and Administrative Agent agrees that such notifications shall not be provided by the Securities Intermediary hereunder, and the Securities Intermediary shall instead make available to the Borrower, the Collateral Agent and Administrative Agent, upon request and in lieu of such notifications, periodic account statements that reflect such investment activity.  No statement need be made available for any account if no activity has occurred in such account during such period.
(e)    Notwithstanding anything herein to the contrary, all withdrawals of funds from the Collection Account shall require the consent of the Administrative Agent; provided, that the Administrative Agent hereby provides (subject to Section 2.11(f)), the Paying Agent with revocable standing instructions allowing withdrawals from the Collection Account on each Payment Date in accordance with the Monthly Report and as otherwise provided in Section 2.11(f).
(f)    Prior to an Event of Default, the Administrative Agent shall not alter or revoke the standing instructions described in Section 2.11(e) unless (i) the Administrative Agent reasonably believes the Monthly Report is in error, and (ii) the Administrative Agent and the Servicer are unable to reconcile such error prior to the related Payment Date.  At such time, the Administrative Agent shall instruct the Paying Agent in writing to distribute funds in accordance with the priority of payments set forth in Section 2.08(a) from the Collection Account on such Payment Date in accordance with a report prepared and delivered by the Administrative Agent and the Paying Agent shall comply with such instructions.  Furthermore, on any Business Day during the Revolving Period other than a Payment Date, without the consent of the Administrative Agent, no more than twice each week, the Borrower shall be entitled to direct the Paying Agent to withdraw amounts on deposit in the Collection Account so long as (i) after giving effect to such withdrawal, the amount on deposit in the Collection Account will be equal to or greater than the product of (x) 1.25 and (y) an amount sufficient to make all payments that 
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are required to be made on the immediately following Payment Date pursuant to clauses (i), (ii), (iii) and (v) of Section 2.08(a), (ii) no Insolvency Event or any Unmatured Event of Default (other than a Technical Unmatured Event of Default), Event of Default, Facility Amortization Event, Servicer Termination Event or other default which, with the passage of time or the giving of notice, could become an Event of Default, a Facility Amortization Event or a Servicer Termination Event, has occurred and is continuing or will occur after giving effect to such withdrawal, (iii) the Borrower has provided the Paying Agent, the Administrative Agent and the Agents with prior written notice of such withdrawal at least one (1) Business Day in advance thereof, which written notice shall include a certification that all conditions precedent to such withdrawal provided in this Section 2.11(f) have been satisfied and a calculation of the amounts to be paid on the immediately following Payment Date after giving effect to such withdrawal, (iv) the amounts withdrawn from the Collection Account are used to purchase additional Receivables pursuant to the Purchase Agreement and (v) no Class A Borrowing Base Deficiency or Total Borrowing Base Deficiency will exist after giving effect to such withdrawal or any related purchase of Receivables.  The Paying Agent shall not be subject to any claim or liability for its following Borrower’s instructions (provided that the Paying Agent shall not have received written instructions from the Administrative Agent to the contrary prior to any action taken in connection with instructions previously received so as to allow the Paying Agent to act or refrain from acting as required) pursuant to this Section 2.11(f), and shall have no obligation to monitor or confirm compliance with the conditions to such withdrawal of amounts on deposit in the Collection Account in accordance with such instructions; it being acknowledged and agreed that the Borrower’s instruction to the Paying Agent to withdraw amounts on deposit in the Collection Account constitutes Borrower’s deemed certification to the Paying Agent that all conditions to such withdrawal set forth in this Section 2.11(f) have been satisfied and the Paying Agent may conclusively rely and act thereon (provided that the Paying Agent shall not have received written instructions from the Administrative Agent to the contrary prior to any action taken in connection with instructions previously received so as to allow the Paying Agent to act or refrain from acting as required) without liability to any Person.
(g)    Except as otherwise expressly provided herein, the Collateral Agent may demand payment or delivery of, and receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property due and payable to or receivable by the Collateral Agent pursuant to this Agreement. The Collateral Agent shall deposit or apply all such money and property received by it for the Secured Parties and shall apply it as instructed by the Administrative Agent in accordance with the order of priority set forth in Section 2.08. Except as otherwise expressly provided in this Agreement, if any default occurs in the making of any payment or performance under any Basic Document, the Collateral Agent may take such action as appropriate, and upon the written direction of the Required Lenders or the Administrative Agent shall, subject to Section 12.06 take such action as instructed, to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.  Any such action shall be without prejudice to any right to claim an Facility Amortization Event or an Event of Default under this Agreement and to proceed thereafter as provided in Article Ten hereof.
Section 2.12.    Fees.
(a)    The Borrower hereby agrees to pay to each Agent, for the account of the related Lenders, monthly in arrears, the Unused Commitment Fee from the Collection Account in accordance with Section 2.08.  Payments of the Unused Commitment Fee shall be allocated and paid to Lenders based upon their respective Invested Percentages of the Loans Outstanding that are Class A Loans or Class B Loans, as applicable, for the applicable Interest Period.
(b)    The Borrower hereby agrees to pay to the Agents, on or prior to the Closing Date, all reasonable out-of-pocket expenses of the Agents in connection with the negotiation, execution 
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and delivery of this Agreement, including reasonable fees and out of pocket expenses of one counsel and one counsel for regulatory matters to each of the Credit Suisse Lender Group and the Atalaya Lender Group in immediately available funds.  In addition, the Borrower hereby agrees to pay the Utilization Make-Whole Fee when due under the Fee Letter.
(c)    In accordance with Section 2.08, (i) the Servicer shall be entitled to receive the Servicing Fee, and (ii) the Borrower Loan Trustee, the Backup Servicer, the Image File Custodian, the Paying Agent and the Collateral Agent shall be entitled to receive the Borrower Loan Trustee Fee, the Backup Servicing Fee, the Image File Custodian Fee, the Paying Agent/Collateral Agent Fee, respectively, in each case monthly in arrears, and (iii) the Third Party Allocation Agent (so long as such Third Party Allocation Agent is Computershare) shall be entitled to receive amounts due and owing to it by the Borrower pursuant to the terms of the Intercreditor Agreement.
Section 2.13.    Increased Costs; Capital Adequacy; Illegality.
(a)    If any Regulatory Change (i) subjects any Affected Party to any charge or withholding on or with respect to this Agreement or an Affected Party’s obligations under this Agreement, or on or with respect to a Loan and/or the Receivables, or changes the basis of taxation of payments to any Affected Party of any amounts payable under this Agreement (except for Indemnified Taxes and Excluded Taxes), (ii) imposes, modifies or deems applicable any reserve, assessment, fee, Tax (except for Indemnified Taxes and Excluded Taxes), insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or liabilities of an Affected Party, or credit extended by an Affected Party pursuant to this Agreement or (iii) imposes any other condition affecting a Loan or a Lender’s right hereunder (other than Taxes), the result of which (A) is a fee, expense, internal capital charge or other imputed cost allocable to any Affected Party, (B) increases the cost to an Affected Party of performing its obligations under this Agreement or (C) reduces the rate of return on an Affected Party’s capital or assets as a consequence of its obligations under this Agreement, or to reduce the amount of any sum received or receivable by an Affected Party under this Agreement, or to require any payment calculated by reference to the amount of interests or loans held or interest received by it, then, after demand by the applicable Agent on behalf of such Affected Party, the Borrower shall pay to such Agent, for the benefit of the relevant Affected Party, such amounts charged to such Affected Party or such amounts to otherwise compensate such Affected Party for such increased cost or such reduction in accordance with Section 2.08(a).  The Borrower acknowledges that any Affected Party may institute measures in anticipation of a Regulatory Change (including the imposition of internal charges on such Affected Party’s interests or obligations under this Agreement), and may commence allocating Early Adoption Increased Costs, in advance of the effective date of such Regulatory Change, and the Borrower agrees to pay such Early Adoption Increased Costs to the Affected Party within thirty (30) days after demand therefor without regard to whether such effective date has occurred; provided, however, that such amounts shall be payable to an Affected Party only if such Affected Party represents and warrants in writing to the Borrower that it is (1) recognizing internal charges in respect of such Affected Party’s interests or obligations under this Agreement in anticipation of a Regulatory Change and (2) applying consistent return metrics in making determinations to charge Early Adoption Increased Costs or similar amounts to its similarly situated consumer loan finance company customers; further provided, however, that no amount of Early Adoption Increased Costs shall begin to accrue or be payable by the Borrower in respect of an anticipated Regulatory Change until thirty (30) days after the Borrower’s receipt of written notice that such Affected Party intends to make a claim for Early Adoption Increased Costs under this Section in respect of such change.  For the avoidance of doubt, the Borrower shall not be required to pay any Early Adoption Increased Costs incurred by any Affected Party prior to the expiration of the 30-day notice period specified in the preceding sentence.  The Borrower further acknowledges 
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that any charge or compensation demanded hereunder may take the form of a monthly charge to be assessed by such Affected Party.
(b)    If either (i) the introduction of or any change in or in the interpretation of any law, guideline, rule, regulation, directive or request (including the Dodd-Frank Act, Basel II, Basel III, the Volcker Rule or the Risk-Based Capital Requirements) or (ii) compliance by any Affected Party with the interpretation of or any change in the interpretation of any law, guideline, rule, regulation, directive or request from any Governmental Authority (whether or not having the force of law), including compliance by an Affected Party with any request or directive regarding capital adequacy (including the Dodd-Frank Act, Basel II, Basel III or the Risk-Based Capital Requirements), but in each case, excluding Indemnified Taxes and Excluded Taxes, that has or would have the effect of reducing the rate of return on the capital of any Affected Party as a consequence of its obligations hereunder or arising in connection herewith to a level below that which any such Affected Party could have achieved but for such introduction, change or compliance (taking into consideration the policies of such Affected Party with respect to capital adequacy) by an amount deemed by such Affected Party to be material, then from time to time, after demand by such Affected Party (which demand shall be accompanied by a statement setting forth the basis for such demand and reasonably estimated calculation of such demand), the Borrower shall pay directly to such Affected Party such additional amount or amounts as will compensate such Affected Party for such reduction in accordance with Section 2.08(a).
(c)    If as a result of any event or circumstance similar to those described in Section 2.13(a) or 2.13(b), any Affected Party is required to compensate a Credit Provider in connection with this Agreement or the funding or maintenance of Loans hereunder, then after demand by such Affected Party, the Borrower shall pay to such Affected Party such additional amount or amounts as may be necessary to reimburse such Affected Party for any such amounts paid by it in accordance with Section 2.08(a).
(d)    In determining any amount provided for in this Section, the Affected Party may use any reasonable averaging and attribution methods.  Any Affected Party making a claim under this Section shall submit to the Borrower a certificate describing such additional or increased cost or reduction in reasonable detail, which certificate shall be conclusive absent manifest error.
(e)    If any Lender has or anticipates having any claim for compensation from the Borrower pursuant to Section 2.13(a), and such Lender believes that having the Loans under this Agreement (or any related Credit Facility or Liquidity Facility provided by a Lender with respect to a Conduit Lender hereunder) rated by a particular nationally recognized statistical rating organization would reduce the amount of such compensation by an amount deemed by such Lender to be material, such Lender shall provide a Ratings Request to the Borrower and the Servicer that such Lender intends to request a Required Rating.  The Borrower and the Servicer agree that they shall reasonably cooperate with such Lender’s efforts to obtain the Required Rating, and shall provide the applicable nationally recognized statistical rating organization (either directly or through distribution to the Administrative Agent or Lender) any information reasonably requested by such nationally recognized statistical rating organization for purposes of providing and monitoring the Required Rating.  The Borrower agrees to pay the initial fees payable to such nationally recognized statistical rating organization for providing the rating and all ongoing fees payable to such nationally recognized statistical rating organization for their continued monitoring of the rating.  Nothing in this subsection shall preclude any Lender from demanding compensation from the Borrower pursuant to Section 2.13(a) at any time and without regard to whether the Required Rating shall have been obtained, or shall require any Lender to obtain any rating on the facility prior to demanding any such compensation from the Borrower.
(f)    If in its sole discretion any Agent desires, such Agent shall provide a Rating Request to the Borrower and the Servicer (for the avoidance of doubt, such Rating Request will 
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not require the Servicer to obtain a corporate credit rating for itself).  The Borrower and the Servicer shall reasonably cooperate with such Agent’s efforts to obtain a rating from the rating agency specified in the Rating Request, and shall provide the applicable rating agency (either directly or through distribution to such Agent) any information such rating agency may reasonably require that is in their possession or readily obtainable without undue cost or burden for purposes of providing and monitoring such rating. Such Agent shall pay the initial and ongoing fees payable to such rating agency in connection with such Rating Request.
Section 2.14.    Taxes.
(a)    All payments made by the Borrower in respect of the Loans and all other payments made by the Borrower or the Servicer under this Agreement will be made free and clear of and without deduction or withholding for or on account of any Taxes (including FATCA), unless such withholding or deduction is required by Applicable Law.  In such event, the applicable withholding agent shall be entitled to make such withholding or deduction and shall pay to the appropriate taxing authority the full amount deducted or withheld and if such Taxes are Indemnified Taxes the amount payable to a Lender, the Collateral Agent, the Administrative Agent or an Agent, as the case may be, will be increased (such increase, the “Additional Amount”) such that after deduction or withholding for or on account of any Indemnified Taxes (including any deduction or withholding for any Indemnified Taxes imposed on such Additional Amount), the applicable Lender receives an amount equal to the amount that would have been paid had no such deduction or withholding been made.
(b)    The Borrower will indemnify each Lender and the Administrative Agent for the full amount of Indemnified Taxes in respect of which the Borrower is required to pay Additional Amounts (including any Indemnified Taxes imposed by any jurisdiction on such Additional Amounts) paid by such Lender or the Administrative Agent and any reasonable expenses arising therefrom or with respect thereto; provided, however, that the Lender or the Administrative Agent making a demand for indemnity payment hereunder shall provide the Borrower with a certificate from the relevant taxing authority or from a Responsible Officer of such Lender or the Administrative Agent, as the case may be, stating or otherwise evidencing that it has made payment of such Taxes and will provide a copy of or extract from documentation, if available, furnished by such taxing authority evidencing assertion or payment of such Taxes, which, in each case, shall be conclusive absent manifest error.  This indemnification shall be made within ten (10) days from the date a Lender or the Administrative Agent, as the case may be, makes written demand therefor.
(c)    Within thirty (30) days after the date of any payment by the Borrower of any Taxes pursuant to this Section, the Borrower will furnish to the Administrative Agent and the applicable Agent at its address set forth below its name on the signature pages of this Agreement, the original or a certified copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent and the applicable Agent. 
(d)    If an Agent or Lender is a U.S. Person, such Person shall deliver to the Borrower, with a copy to the Collateral Agent, Administrative Agent and the Paying Agent, upon the earlier of fifteen (15) days after the Closing Date or on or prior to the date on which such entity becomes an Agent or Lender hereunder (and from time to time thereafter upon the reasonable written request of the Borrower, the Collateral Agent or the Administrative Agent), two executed copies of IRS Form W-9 certifying that such Person is exempt from U.S. federal backup withholding tax.
(e)    If an Agent or Lender is not created or organized under the laws of the United States or a State or is otherwise not a U.S. Person, such Person shall, to the extent that it may then do so under Applicable Law, deliver to the Borrower, with a copy to the Collateral Agent, 
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Administrative Agent and the Paying Agent, upon the earlier of fifteen (15) days after the Closing Date, or on or prior to the date on which such entity becomes an Agent or Lender hereunder and (from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), (i) two executed copies of IRS Form W-8ECI, Form W-8BEN or W-8BEN-E, or Form W-8IMY accompanied by the relevant certification documents for each beneficial owner, as appropriate, and (ii) two executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower, the Collateral Agent or the Administrative Agent to determine the withholding or deduction required to be made; provided, however, that the delivery of any form or documentation pursuant to this subclause (other than the specific IRS Forms and related documentation described in clause (i) above) shall not be required if in the related Agent’s or Lender’s reasonable judgment the completion, execution or delivery of such form or documentation would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(f)    If a payment made to any Agent or Lender under any Basic Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Agent or Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Agent or Lender shall deliver to the Borrower, the Collateral Agent, the Administrative Agent and the Paying Agent, at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower, the Collateral Agent, the Administrative Agent or the Paying Agent, such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower, the Collateral Agent, the Administrative Agent or the Paying Agent as may be necessary for the Borrower, the Collateral Agent, the Administrative Agent and the Paying Agent to comply with their obligations under FATCA and to determine that such Agent or Lender has complied with its obligations under FATCA or to determine the amount to deduct and withhold from such payment.
(g)    Each Agent and Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower, the Collateral Agent, the Administrative Agent and the Paying Agent of its legal inability to do so.
(h)    The Administrative Agent and any successor Administrative Agent shall deliver to the Borrower either (i) an executed copy of IRS Form W-9 or (ii) a duly completed and executed copy IRS Form W-8ECI to establish that the Administrative Agent is not subject to withholding Taxes under the Code with respect to amounts payable for the account of the Administrative Agent under any of the Basic Documents.  In addition, if the Administrative Agent is not a U.S. Person, the Administrative Agent agrees that, with respect to payments it receives on behalf of Lenders or an Agent, it shall deliver to the Borrower either (A) a duly executed original of IRS Form W-8IMY certifying on Part I and Part VI of such IRS Form W-8IMY (or applicable successor form or Parts) that it is a U.S. branch that has agreed to be treated as a United States person for U.S. federal withholding Tax purposes with respect to payments received by it from the Borrower for the account of others under the Basic Documents or (B) a duly executed original of IRS Form W-8IMY certifying on Part I and Part III of such Form W-8IMY that it is a qualified intermediary that has assumed both (x) primary withholding and reporting obligations for purposes of chapters 3 and 4 of the Code and (y) primary IRS Form 1099 reporting and backup withholding responsibility.  The Administrative Agent agrees that if such IRS Form W-9 or, W-8ECI or W-8IMY, as applicable, previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or promptly notify the Borrower in writing of its legal inability to do so.
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(i)    If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of Additional Amounts), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this subsection in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (i), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (i) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person or to file a refund or claim.
(j)    Each Agent and Lender is deemed to understand, acknowledge and agree that the Paying Agent has the right to withhold on payments (without any corresponding gross-up) where an applicable party fails to comply with the requirements of Applicable Law. The Borrower hereby covenants with the Paying Agent that the Borrower will provide the Paying Agent with sufficient information as requested by the Paying Agent so as to enable the Paying Agent to determine whether or not the Paying Agent is obliged to make any withholding, including under FATCA, in respect of any payments (and if applicable, to provide the necessary detailed information to effectuate any such withholding) and to provide such additional information as requested by the Paying Agent that it may have to assist the Paying Agent in making determinations as to its obligations with respect to any withholdings or informational reports. 
(k)    Each party’s obligations under this Section shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Basic Document.
Section 2.15.    Securitizations.
(a)    On any Business Day, the Borrower shall have the right, by executing a Securitization Release in connection with a Securitization, to prepay all or a portion of the Loans Outstanding and require the Collateral Agent (at the direction of the Administrative Agent) to release its security interest and Lien on the related Receivables (and the other related Collateral), subject to the following terms and conditions:
(i)    the Borrower shall have given the Administrative Agent, the Collateral Agent, each Agent, the Servicer, the Image File Custodian, the Paying Agent and the Backup Servicer, if any, at least thirty (30) days’ (or such lesser number of days as agreed to by the Required Lenders) prior written notice (in the form of Annex II to Exhibit G) of its intent to effect a Securitization;
(ii)    unless a Securitization is to be effected on a Payment Date (in which case the relevant calculations with respect to such Securitization shall be reflected on the applicable Monthly Report), the Servicer shall deliver to the Administrative Agent and each Agent (A) a Securitization Date Certificate (which shall include the relevant 
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calculations with regard to such Securitization, including a calculation of the Class A Borrowing Base and the Total Borrowing Base after giving effect to such Securitization), together with evidence to the reasonable satisfaction of the Administrative Agent and the Agents that the Borrower shall have sufficient funds on the related Securitization Date so that no Class A Borrowing Base Deficiency or Total Borrowing Base Deficiency results from such Securitization, which funds may come from the proceeds of sales of the Receivables in connection with such Securitization (which sales must be made in arm’s-length transactions) and (B) a computer tape of the Receivables, both before and after giving effect to such Securitization;
(iii)    on the related Securitization Date, the following shall be true and correct and the Borrower shall be deemed to have certified that after giving effect to the Securitization and the release to the Borrower of the related Receivables (and the other related Collateral) on the related Securitization Date, (A) no adverse selection procedures (taking into consideration the eligibility criteria applicable to the related Securitization) shall have been used by the Borrower with respect to the Receivables that will remain subject to this Agreement after giving effect to the Securitization; provided, that, if the prepayment in connection with such Securitization is in an amount that is less than 100% of the Loans Outstanding, the Administrative Agent shall have confirmed in writing to the Borrower that it has determined, in its reasonable discretion, that such procedures will not result in an adverse selection of the Receivables subject to this Agreement, (B) no Class A Borrowing Base Deficiency or Total Borrowing Base Deficiency exists, (C) no Unmatured Event or Default, Event of Default or Facility Amortization Event has occurred or results from such release and Securitization, (D) if such Securitization Date is not a Payment Date, the Borrower shall have sufficient available funds on the immediately succeeding Payment Date to pay all amounts due and payable on such Payment Date pursuant to Section 2.08, (E) the representations and warranties contained in Sections 5.01 and 5.03 are true and correct in all material respects, except to the extent that such representations and warranties expressly relate to an earlier date as set forth therein and (F) with respect to any Receivables being transferred by the Borrower or Heights/SouthernCo Entity in connection with such Securitization, the purchase price relating to such Receivables shall be at fair market value as determined in good faith by the Borrower and SouthernCo, as applicable;
(iv)    on the related Securitization Date, (x) the Borrower shall have paid, in immediately available funds, to the applicable entities (A) the portion of the aggregate Loans Outstanding to be prepaid, (B) an amount equal to all unpaid Interest (including Interest not yet accrued) to the extent reasonably determined by the Administrative Agent to be attributable to that portion of the aggregate Loans Outstanding to be paid in connection with the Securitization, (C) an aggregate amount equal to the sum of all other amounts due and owing to the Administrative Agent and the Lenders, as applicable, under this Agreement and the other Basic Documents, to the extent accrued to such date and to accrue thereafter (including Breakage Costs) and (D) all other Aggregate Unpaids with respect thereto (excluding, for the avoidance of doubt, the portion of the aggregate Loans Outstanding not being prepaid on the Securitization Date and unpaid Interest thereon), and (y) each of the Collateral Agent, the Backup Servicer, the Image File Custodian and the Paying Agent shall have received all Aggregate Unpaids accrued and owing to such party on such date;
(v)    at least five (5) Business Days prior to the related Securitization Date, the Borrower shall have delivered to the Administrative Agent, the Collateral Agent, the Agents, the Borrower Loan Trustee, and the Image File Custodian, a list specifying the Receivables being released pursuant to such Securitization;  
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(vi)    the Loans Outstanding that are Class A Loans shall be reduced by a minimum aggregate amount of $5,000,000 dollars; 
(vii)    the Loans Outstanding that are to be prepaid shall not exceed the amount necessary to avoid a Class A Borrowing Base Deficiency or a Total Borrowing Base Deficiency after giving effect to the Receivables sold to the Securitization; 
(viii)    the Administrative Agent shall have consented to such Securitization; and
(ix)    if the Administrative Agent has sent to the Borrower a request to repurchase Specified Delinquent Receivables pursuant to Section 5.06(h), the Borrower has caused such repurchase to occur.
(b)    The Borrower hereby agrees to pay the reasonable out-of-pocket legal fees and expenses of the Administrative Agent, the Collateral Agent, the Lenders, the Servicer, the Backup Servicer, the Image File Custodian and the Paying Agent in connection with any Securitization (including expenses incurred in connection with the release of the Lien of the Administrative Agent, the Lenders and any other party having such an interest in the Receivables in connection with such Securitization).
Section 2.16.    Sharing Payments.  
(a)    If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of the Loans made by it any payment in excess of its Invested Percentage of the Loans Outstanding that are Class A Loans or Class B Loans, as applicable (such excess payment, the “Excess Amount”), such Lender shall immediately (i) notify the Borrower and the Administrative Agent of such fact and (ii) repay to the Borrower forthwith on demand by the Administrative Agent or the Borrower the amount so distributed to such Lender in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Borrower, at the Federal Funds Rate.  The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of Excess Amounts owed under this Section and will in each case notify each Agent following the payment of any Excess Amounts or the repayment thereof.
(b)    If any Lender fails to make any payment required to be made by it pursuant to Section 2.16(a), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), instruct the Servicer to instruct the Paying Agent pursuant to any related Monthly Report to apply any amounts thereafter allocated to such Lender pursuant to Section 2.08 to satisfy such Lender’s obligations under Section 2.16(a) until all such unsatisfied obligations are fully paid.
Section 2.17.    Tax Treatment.  The Borrower, the Lenders and the Administrative Agent agree to treat the Loans and any interests therein as indebtedness of the Borrower secured by the Collateral for U.S. federal, State and local income, single business and franchise tax purposes.
Section 2.18.    The Paying Agent.
(a)    The Borrower hereby appoints Computershare as the initial Paying Agent.  All payments of amounts due and payable in respect of the Aggregate Unpaids that are to be made from amounts withdrawn from the Collection Account or the Reserve Account shall be made on behalf of the Borrower by the Paying Agent in accordance with Section 2.08.
(b)    The Paying Agent shall be compensated for its activities hereunder by receiving the Paying Agent/Collateral Agent Fee.  The Paying Agent/Collateral Agent Fee shall be payable 
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in accordance with the priorities specified in Section 2.08 or, at the option of the Servicer, may be paid directly to the Paying Agent by the Servicer.  The Borrower and the Servicer shall indemnify the Paying Agent and its officers, directors, employees and agents pursuant to Section 11.01 and Section 11.02.
(c)    The Paying Agent shall not be liable for:
(i)    an error of judgment made in good faith by one of its officers; or
(ii)    any action taken, suffered or omitted to be taken in good faith in accordance with or believed by it to be authorized or within the discretion or rights or powers conferred, by this Agreement or at the direction of a Secured Party relating to the exercise of any power conferred upon the Paying Agent under this Agreement in each case unless it shall be proved that the Paying Agent shall have been grossly negligent in ascertaining the pertinent facts.
(d)    The Paying Agent shall not be charged with knowledge of any event or information, including any Unmatured Event of Default, Event of Default or Facility Amortization Event, or be required to act (including the sending of any notice) upon any such event or information, including any Unmatured Event of Default, Event of Default or Facility Amortization Event, unless a Responsible Officer of the Paying Agent has actual knowledge of such event or receives written notice of such event from the Borrower, the Borrower Loan Trustee, the Servicer, the Administrative Agent or any Secured Party, and shall have no duty to take action to determine whether any such event, default or Event of Default shall have occurred.
(e)    Without limiting the generality of this Section, the Paying Agent shall have no duty (i) to see to any recording, filing or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Collateral, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to the payment or discharge of any Tax or any Lien of any kind owing with respect to, assessed or levied against, any part of the Contracts, (iii) to confirm or verify the contents of any reports or certificates of the Servicer (other than in its capacity as Backup Servicer in accordance with its express duties as such undertaken herein) or the Borrower delivered to the Paying Agent pursuant to this Agreement believed by the Paying Agent to be genuine and to have been signed or presented by the proper party or parties or (iv) to ascertain or inquire as to the performance or observance of any of the Borrower’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Contracts under this Agreement.
(f)    The Paying Agent shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or indemnity satisfactory to it against such risk or liability shall not be reasonably assured to it. None of the provisions contained in this Agreement shall in any event require the Paying Agent to perform, or be responsible for or have any duty to supervise or monitor, the manner of performance of, any of the obligations or the acts or omissions of the Borrower, the Servicer or any other party under this Agreement, and the Paying Agent may assume performance of such parties absent written notice or actual knowledge of a Responsible Officer of the Paying Agent to the contrary.
(g)    The Paying Agent may consult with counsel of its choice with regard to legal questions arising out of or in connection with this Agreement and the advice or opinion of such 
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counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Paying Agent in good faith in accordance therewith.
(h)    The Paying Agent shall be under no obligation to exercise any of the rights, powers or remedies vested in it by this Agreement or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of the Collateral Agent or the Administrative Agent pursuant to the provisions of this Agreement, unless the Administrative Agent, on behalf of the Secured Parties, or any other party hereto shall have offered to the Paying Agent security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby. The Paying Agent shall have no liability for any action or inaction taken at the direction of the Borrower, the Servicer, the Administrative Agent, the Required Lenders or the Collateral Agent in accordance with this Agreement.
(i)    The Paying Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by a Secured Party; provided, that if the payment within a reasonable time to the Paying Agent of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Paying Agent, not reasonably assured by the Borrower, the Paying Agent may require indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to so proceeding.  The reasonable expense of every such examination shall be paid by the Borrower or, if paid by the Paying Agent, shall be reimbursed by the Borrower pursuant to Section 2.08.
(j)    The Paying Agent may execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through Affiliates, agents or attorneys or a custodian.  The Paying Agent shall not be responsible for any misconduct or negligence of any such Affiliate, agent, attorney or custodian appointed with due care by it hereunder.
(k)    The Paying Agent shall have no duties or responsibilities except those that are specifically set forth herein and the other Basic Documents to which it is a party, and no implied duties (including fiduciary duties), covenants or obligations shall be read into this Agreement against the Paying Agent.  If the Paying Agent shall request instructions from the Administrative Agent or the Servicer with respect to any act, action or failure to act in connection with and as set forth in this Agreement, the Paying Agent shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Paying Agent shall have received written instructions from the Collateral Agent, the Administrative Agent or the Servicer, as applicable, without incurring any liability therefor to the Collateral Agent, the Administrative Agent, the Borrower, the Borrower Loan Trustee, the Servicer or any other Person.
(l)    The Paying Agent may act in reliance upon any written communication of the Collateral Agent or the Administrative Agent concerning the delivery of Collateral pursuant to this Agreement.  The Paying Agent does not assume and shall have no responsibility for, and makes no representation as to, monitoring the value of the Contracts and other Collateral.  The Paying Agent shall not be liable for any action or omission to act hereunder, except for its own gross negligence, bad faith or willful misconduct.
THE FOREGOING PARAGRAPH SHALL APPLY WHETHER OR NOT SUCH LIABILITIES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY THE PAYING AGENT.
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(m)    If the Paying Agent shall at any time receive conflicting instructions from the Administrative Agent and the Servicer or any other party to this Agreement and the conflict between such instructions cannot be resolved by reference to the terms of this Agreement, the Paying Agent shall be entitled to rely on the instructions of the Administrative Agent.  In the absence of bad faith, gross negligence or willful misconduct on the part of the Paying Agent, the Paying Agent may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, Monthly Report, certificate of auditors, or any other certificate, statement, instrument, opinion, report, notice request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties.  The Paying Agent may conclusively rely upon the validity of documents delivered to it, without investigation as to their authenticity or legal effectiveness, and the Paying Agent shall not be liable to the Servicer or any other party to this Agreement in respect of any claims that may arise or be asserted against the Paying Agent because of the invalidity of any such documents or their failure to fulfill their intended purpose.  The Paying Agent shall not be bound to ascertain or inquire as to the performance or observance of any of the terms of this Agreement or any other agreement on the part of any party, and may assume performance of such parties absent written notice or actual knowledge of a Responsible Officer of the Paying Agent to the contrary.
(n)    The Paying Agent is authorized, in its sole discretion, to disregard any and all notices or instructions given by any other party hereto or by any other Person other than any such notices or instructions as are expressly provided for in this Agreement or the Account Control Agreement and orders or process of any court entered or issued with or without jurisdiction.  If any property subject hereto is at any time attached, garnished or levied upon under any court order or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made or entered by any court affecting such property or any part hereof, then and in any of such events the Paying Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree with which it is advised by legal counsel of its own choosing is binding upon it, and if it complies with any such order, writ, judgment or decree it shall not be liable to any other party hereto or to any other Person by reason of such compliance even though such order, writ, judgment or decree maybe subsequently reversed, modified, annulled, set aside or vacated.
(o)    Any Person into which the Paying Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Paying Agent shall be a party, or any Person succeeding to the all or substantially all of the corporate trust business of the Paying Agent, provided that such Person otherwise meets the requirements of the definition of the term “Paying Agent”, shall be the successor of the Paying Agent under this Agreement, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
(p)    The Paying Agent may at any time resign and terminate its obligations under this Agreement by providing written notice thereof to the Borrower, the Borrower Loan Trustee, the Administrative Agent and the Lenders; provided, however, that except as provided below, no such resignation or termination shall be effective until a successor Paying Agent is appointed (and accepts such appointment) pursuant to the terms of this Section 2.18.  Promptly after receipt of notice of the Paying Agent’s intended resignation, the Borrower shall appoint, by written instrument, a successor Paying Agent.  If the Borrower fails to appoint a successor Paying Agent pursuant to the terms hereof within thirty (30) days after receipt of the Paying Agent’s notice of resignation, the Administrative Agent (acting at the direction of the Required Lenders) shall have the exclusive right to appoint by written instrument, a successor Paying Agent.  If neither the Borrower nor the Administrative Agent (acting at the direction of the Required Lenders) has 
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appointed a successor Paying Agent within sixty (60) days after receipt of the Paying Agent’s notice of resignation, the Paying Agent may petition a court of competent jurisdiction to appoint a successor Paying Agent, with the cost of such petition (including any attorneys’ fees and expenses and court costs) to be borne by the Borrower.
(q)    Without limiting the generality of any other provision hereof, the Paying Agent shall have no duty to conduct any investigation as to the occurrence of any condition requiring the repurchase of any Receivable by any Person pursuant to this Agreement, or the eligibility of any Receivable for purposes of this Agreement.
(r)    Before the Paying Agent acts or refrains from taking any action under this Agreement, it may require an Officer’s Certificate and/or an Opinion of Counsel from the party requesting that the Paying Agent act or refrain from acting in form and substance acceptable to the Paying Agent, the costs of which (including the Paying Agent’s reasonable attorney’s fees and expenses) shall be paid by the party requesting that the Paying Agent act or refrain from acting.  The Paying Agent shall not be liable for any action it takes or omits to take in good faith in reliance on any such Officer’s Certificate and/or Opinion of Counsel.
(s)    Notwithstanding anything to the contrary in this Agreement, the Paying Agent shall not be liable for any loss or damage or any failure or delay in the performance of its obligations hereunder if it is prevented from so performing its obligations by any reason which is beyond the control of the Paying Agent, including by any existing or future law or regulation, any existing or future act of governmental authority, act of God, flood, war whether declared or undeclared, terrorism, riot, rebellion, civil commotion, other industrial action, general failure of electricity or other supply, technical failure, accidental or mechanical or electrical breakdown, computer failure or failure of any money transmission system and any other market conditions affecting the execution or settlement of transactions or any event where, in the reasonable opinion of the Paying Agent, performance of any duty or obligation under or pursuant to this Agreement would or may be illegal or would result in the Paying Agent being in breach of any Applicable Law or any practice, request, direction, notice, announcement or similar action of any Governmental Authority to which the Paying Agent is subject.
(t)    Notwithstanding anything to the contrary in this Agreement, the Paying Agent shall not be required to take any action that is not in accordance with Applicable Law.
(u)    The right of the Paying Agent to perform any permissive or discretionary act enumerated in this Agreement or any related document shall not be construed as a duty.  In the event that any provision of this Agreement implies or requires that action or forbearance from action be taken by a party but is silent as to which party has the duty to act or refrain from acting, the parties hereto agree that the Paying Agent shall not be the party required to take the action or refrain from acting.
(v)    Neither the Paying Agent nor any of its officers, directors, employees, attorneys or agents will be responsible or liable for (i) the existence, genuineness, value or protection of any collateral securing the Receivables, for the legality, enforceability, effectiveness or sufficiency of the Basic Documents for the creation, perfection, continuation, priority, sufficiency or protection of any of the Liens, or for any defect or deficiency as to any such matters, or for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the Liens or Basic Documents or any delay in doing so, or (ii) reviewing or determining the accuracy, completeness or sufficiency of any chain of ownership (including endorsements or assignments related thereto) with respect to any Receivable or Receivable File.
(w)    The Paying Agent shall not be liable for any action or inaction of the Servicer, or any other party (or agent thereof) to this Agreement or any related document and may assume 
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compliance by such parties with their obligations under this Agreement or any related agreements, unless a Responsible Officer of the Paying Agent shall have received written notice to the contrary at the address set forth below the name of the Paying Agent on the signature pages of this Agreement.
(x)    The Paying Agent shall not be imputed with any knowledge of, or information possessed or obtained by, Collateral Agent, the Backup Servicer or the Image File Custodian, or any affiliate, line of business, or other division of Computershare Trust Company, National Association, and vice versa.
(y)    The Paying Agent shall not be liable for any action or inaction of the Borrower, Servicer or any other party (or agent thereof) to this Agreement or any related document and may assume compliance by such parties with their obligations under this Agreement or any related agreements, unless a Responsible Officer of the Paying Agent shall have received written notice to the contrary at the address set forth below the name of the Paying Agent on the signature pages of this Agreement
(z)    Neither the Paying Agent nor any of its directors, officers, agents or employees shall be responsible in any manner to any of the Secured Parties for any recitals, statements, representations or warranties made by the Borrower, the Borrower Loan Trustee, the Servicer, SouthernCo, the Administrative Agent, the Collateral Agent, the Backup Servicer or the Image File Custodian contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement or any other Basic Document to which it is a party for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article Four.
(aa)    Without limiting the generality of any other provision hereof, neither the Paying Agent’s preparation or receipt of any reports or other documents pursuant to this Agreement or related agreements or documents nor any other publicly available information available to the Paying Agent shall constitute actual or constructive knowledge or written notice of any information contained therein.
(bb)    The Paying Agent shall be entitled to any protection, privilege or indemnity afforded to the Image File Custodian under the terms of this Agreement, mutatis mutandis.  The Third Party Allocation Agent (so long as such Third Party Allocation Agent is Computershare) under the Intercreditor Agreement shall be entitled to any protection, privilege or indemnity afforded to the Paying Agent under the terms of this Agreement as though set forth in their entirety therein, mutatis mutandis.
(cc)    In no event shall the Paying Agent be responsible or liable for punitive, special, indirect, or consequential loss or damage of any kind whatsoever (including, without limitation, loss of profit) irrespective of whether the Paying Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 
(dd)    The Paying Agent shall not be responsible for preparing or filing any reports or returns relating to federal, state or local income taxes with respect to this Agreement or any other Basic Document other than for the Paying Agent’s compensation.
Section 2.19.    Effect of Benchmark Transition Event.    
(a)    Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Basic Document, upon the occurrence of a Benchmark Transition Event or an Early 
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Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace Term SOFR with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has provided such proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection (which determination shall be made in good faith) to such amendment from Lenders constituting a majority of each class of Lenders (“Benchmark Transition Objection Notice”). Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders constituting a majority of each class of Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept (which determination shall be made in good faith) such amendment (the “Early Opt-in Consent”). Notwithstanding the foregoing, the Administrative Agent shall not be required to seek any Benchmark Transition Objection Notice or any Early Opt-in Consent from any Lender (and no Lender shall have any right to consent or object to any Benchmark Replacement) to the extent the Administrative Agent has elected to make or consented or not objected to the making of such amendments for comparable U.S. dollar denominated credit facilities. No replacement of Term SOFR with a Benchmark Replacement pursuant to this Section titled “Effect of Benchmark Transition Event” will occur prior to the applicable Benchmark Transition Start Date. If there is a Benchmark Transition Event or an Early Opt-In Election, until such time as a Benchmark Replacement has been determined pursuant to this Section 2.19, Term SOFR shall be replaced with the Base Rate.
(b)    Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time in a manner consistent with market practice and, notwithstanding anything to the contrary herein or in any other Basic Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Basic Document.
(c)    Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, and (iii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Administrative Agent, Lenders or the Borrower pursuant to this Section titled “Effect of Benchmark Transition Event,” including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section titled “Effect of Benchmark Transition Event.” In no event will the Borrower Loan Trustee be involved in or have any obligation or liability in relation to the determination of Term SOFR, the determination or selection of any Benchmark Replacement or the determination of any equivalent interest rate.
Section 2.20.    Removal or Replacement of a Lender. 
    Anything contained herein to the contrary notwithstanding, in the event that: 

(a)    (i) any Lender (other than a Lender in the Credit Suisse Lender Group or any Affiliate of the Administrative Agent) (an “Increased-Cost Lender”) shall give notice to the Borrower that such Lender is entitled to receive payments under Section 2.13 or Section 2.14, (ii) the circumstances which entitle such Lender to receive such payments shall remain in effect, and 
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(iii) such Lender shall fail to withdraw such notice within five (5) Business Days after the Borrower’s request for such withdrawal; 
(b)     in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 16.01, the consent of Administrative Agent and any Lender that is an Affiliate of the Administrative Agent shall have been obtained but the consent of one or more of such other Lenders (each a “Non-Consenting Lender”) whose consent is required shall not have been obtained; or
(c)    the Administrative Agent (together with any Lender directing the Administrative Agent, a “Benchmark Replacement Lender”) shall replace the Benchmark pursuant to Section 2.19 in a manner that is not in substantially the same manner as applied to other similarly situated borrowers under comparable credit facilities;
    then, with respect to each such Increased-Cost Lender, Non-Consenting Lender or Benchmark Replacement Lender (the “Terminated Lender”), the Borrower may, by giving written notice to any Terminated Lender of its election to do so, elect to cause such Terminated Lender (and such Terminated Lender hereby irrevocably agrees) to assign its outstanding Loans and its Commitments, if any, in full to one or more Eligible Assignees identified by the Borrower (each a “Replacement Lender”) in accordance with the provisions of Section 14.01; provided, (1) on the date of such assignment, the Replacement Lender shall pay to the Terminated Lender an amount equal to the sum of (A) an amount equal to the principal of, and all accrued Interest on, all Loans Outstanding of the Terminated Lender, and (B) an amount equal to all accrued, but theretofore unpaid, fees owing to such Terminated Lender pursuant to Section 2.06; (2) on the date of such assignment, the Borrower shall pay any amounts payable to such Terminated Lender pursuant to Section 2.13 and/or Section 2.14 and any other amounts due to such Terminated Lender; (3) in the event such Terminated Lender is an Increased-Cost Lender, such assignment will result in a reduction in any claims for payments under Section 2.13 and/or Section 2.14, as applicable, and (4) in the event such Terminated Lender is a Non-Consenting Lender, each Replacement Lender shall consent, at the time of such assignment, to each matter in respect of which such Terminated Lender was a Non-Consenting Lender. Upon the prepayment of all amounts owing to any Terminated Lender and the termination of such Terminated Lender’s Commitments, such Terminated Lender shall no longer constitute a “Lender” for purposes hereof; provided, that any rights of such Terminated Lender to indemnification hereunder shall survive as to such Terminated Lender.

ARTICLE THREE

SECURITY
Section 3.01.    Collateral.
(a)    The parties hereto intend that this Agreement constitute a security agreement and the transactions effected hereby constitute secured loans by the Lenders to the Borrower under Applicable Law.  As collateral security for the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations, each of the Borrower and, with respect to the legal title to the Receivables, the Borrower Loan Trustee hereby grants to the Collateral Agent, as agent for the Secured Parties, a lien on and security interest in all of their respective right, title and interest in, to and under the following, whether now existing or owned or hereafter arising or acquired by the Borrower and the Borrower Loan Trustee (collectively, the “Collateral”):
(i)    the Receivables and the related Contracts, (including the right to service the Receivables in connection therewith), and any accounts or obligations evidenced 
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thereby, any guarantee thereof, all Collections and all monies due (including any payments made under any guarantee or similar credit enhancement with respect to any such Receivables) or to become due or received by any Person in payment of any of the foregoing after the related Cutoff Date;
(ii)    the Purchase Agreement and all remedies thereunder and the assignment to the Collateral Agent of all UCC financing statements filed by the Borrower and Borrower Loan Trustee against the Originators under or in connection with the Purchase Agreement;
(iii)    the Account Collateral;
(iv)    all Net Liquidation Proceeds;
(v)    all Hedge Collateral;
(vi)    all Receivable Files, Servicer Files and the Schedule of Receivables, and the documents, agreements and instruments included in the Receivable Files and Servicer Files, including rights of recourse of the Borrower and the Borrower Loan Trustee against the Originators under or in connection with this Agreement;
(vii)    all Records, documents and writings evidencing or related to the Receivables or the Contracts;
(viii)    all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof), payments and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise;
(ix)    all security interests, Liens, guaranties and other encumbrances in favor of or assigned or transferred to the Borrower and the Borrower Loan Trustee in and to the Receivables and the related Contracts;
(x)    all chattel paper, general intangibles, goods, motor vehicles, investment property, letter-of-credit rights, letters of credit, money and supporting obligations, consisting of, arising from, purporting to secure, or relating to, any of the foregoing; and
(xi)    all income, products, accessions and proceeds of the foregoing.
(b)    The grant under this Section does not constitute and is not intended to result in a creation or an assumption by any Agent or any of the Secured Parties of any obligation of the Borrower or any other Person in connection with any or all of the Collateral or under any agreement or instrument relating thereto.  Anything herein to the contrary notwithstanding, (i) the Borrower shall remain liable under the Contracts to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Collateral Agent of any of its rights in the Collateral shall not release the Borrower from any of its duties or obligations under the Collateral and (iii) no Agent or any Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall any Agent or any Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.
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(c)    Notwithstanding the foregoing grant of security interest, no account, instrument, chattel paper or other obligation or property of any kind due from, owned by or belonging to a Sanctioned Target shall be Collateral.
(d)    Each of the Borrower and the Servicer represents and warrants as to itself that each remittance of Collections by the Borrower or the Servicer to the Collateral Agent, the Administrative Agent or any Lender under this Agreement will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and the Servicer and (ii) made in the ordinary course of business or financial affairs of the Borrower and the Servicer or as required under the Basic Documents.
Section 3.02.    Release of Collateral; No Legal Title.
(a)    At the same time as any Receivable (i) expires by its terms and all amounts in respect thereof have been paid by the related Obligor and deposited into the Collection Account or (ii) has been prepaid in full and all amounts in respect thereof have been paid by the related Obligor and deposited into the Collection Account, the Administrative Agent will, to the extent requested by the Servicer, direct the Collateral Agent to release its interest in such Receivable, the related Contract and the related Collateral, and the Collateral Agent shall execute instruments prepared by and at the expense of the Servicer that the Servicer purports will effect such release.  In connection with any sale of any property on or after the occurrence of an event described in clauses (i) or (ii) above or in connection with a Charged-Off Receivable, after the deposit by the Servicer of the proceeds of the sale or other disposition of the related property into the Collection Account, the Administrative Agent will direct the Collateral Agent, at the sole expense of the Servicer, to, and the Collateral Agent shall, execute and deliver to the Servicer any assignments, bills of sale, termination statements, payoff letters and any other releases and instruments as the Servicer may reasonably request, in the form prepared by the Servicer, in order to effect the release and transfer of such property; provided, (i) that the Collateral Agent will not make any representation or warranty, express or implied, with respect to any such property in connection with such sale or transfer and assignment, (ii) no party relying upon an instrument executed by the Collateral Agent as provided in this Article Three shall be bound to ascertain the Collateral Agent’s authority, inquire into the satisfaction of any conditions precedent or the application of any monies, and (iii) that the Collateral Agent shall execute and deliver any such instruments reasonably requested by the Administrative Agent or the Required Lenders, in the form presented to it by the Administrative Agent, pursuant to this Article Three; provided, that the Collateral Agent shall have no duty or obligation to review, investigate or verify the contents of any such instruments.  Nothing in this Section shall diminish the Servicer’s obligations pursuant to Section 5.06 or 7.03(c) with respect to the proceeds of any such sale or other disposition.
(b)    Upon (i) a transfer of Receivables in connection with a Securitization or (ii) the Facility Termination Date, the Administrative Agent shall direct the Collateral Agent, at the Borrower’s expense, upon payment in full of the related Aggregate Unpaids, to, and the Collateral Agent shall, execute and file such partial or full releases or partial or full assignments of financing statements and other documents and instruments as may be reasonably requested by the Borrower, in the form prepared by the Borrower, to effectuate the release of the relevant portion of the Collateral.
(c)    The Collateral Agent will not, except as may result from the exercise of its remedies hereunder, have legal title to any part of the Collateral on the Facility Termination Date and will have no further interest in or rights with respect to the Collateral.
(d)    In the event of any Renewal Receivable Replacement, immediately upon (i) conveyance to the Borrower of the related Renewal Receivable (and the related Contract and the related Collateral) with respect to such Renewal Receivable Replacement, (ii) receipt in the 
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Collection Account of any amounts described in Section 4.01(a)(vi) of the Purchase Agreement related to such Renewal Receivable Replacement and (iii) satisfaction of each other condition to such Renewal Receivable Replacement set forth in Section 6.02(t) of this Agreement and in Sections 2.05 and 4.01(a)(iv) of the Purchase Agreement, the related Terminated Receivable (together with the related Contract, all insurance proceeds allocable thereto and all rights to payment and amounts due or to become due with respect thereto, any other Collateral relating to such Terminated Receivable, and all proceeds thereof) shall be deemed automatically released from the lien of this Agreement without further action.
Section 3.03.    Protection of Security Interest; Collateral Agent, as Attorney-in-Fact.
(a)    The Borrower for itself and on behalf of the Borrower Loan Trustee agrees that from time to time, at the expense of the Borrower, it will promptly execute and deliver all instruments and documents, and take all actions, that may reasonably be necessary, or that the Collateral Agent, the Administrative Agent or any Agent may reasonably deem necessary, to perfect, protect or more fully evidence the security interest granted to the Collateral Agent in the Receivables and the other Collateral, or to enable the Collateral Agent or the Secured Parties to exercise and enforce their rights and remedies hereunder and thereunder.
(b)    If the Borrower or the Borrower Loan Trustee for the benefit of the Borrower fails to perform any of its obligations hereunder after five (5) Business Days’ notice from the Administrative Agent or any Secured Party, the Administrative Agent or any Secured Party may (but shall not be required to) perform, or cause performance of, such obligation; and the reasonable costs and expenses incurred by the Administrative Agent or such Secured Party in connection therewith shall be payable by the Borrower as provided in Article Eleven.  Each of the Borrower and the Borrower Loan Trustee irrevocably authorizes the Collateral Agent and appoints the Collateral Agent, as its attorney-in-fact to act on behalf of the Borrower and the Borrower Loan Trustee, (i) to execute or cause to be executed on behalf of the Borrower as debtor and the Borrower Loan Trustee and to file financing statements necessary or desirable in the Collateral Agent’s or the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Receivables and the other Collateral, including financing statements that describe the collateral covered thereby as “all assets of the Debtor whether now owned or existing or hereafter acquired or arising and wheresoever located”, except with respect to financing statements naming the Borrower Loan Trustee as debtor, which such financing statements shall describe the Collateral as set forth herein and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables and the other Collateral, as a financing statement in such offices as the Collateral Agent or the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Receivables and the other Collateral; provided, however, that the Collateral Agent shall not be obliged to execute, file or authorize such instruments or take any other action in connection with such appointment and shall have no liability in connection therewith, including as a result of a failure of any such instruments to be filed.  This appointment is coupled with an interest and is irrevocable. The Borrower Loan Trustee shall not be liable for any negligence with respect to, or misuse of, such appointment of the Collateral Agent or any of its agents as its attorney-in-fact to act on behalf of the Borrower Loan Trustee as described herein, and the Borrower shall indemnify and hold the Borrower Loan Trustee harmless against any costs, liabilities, expenses, losses, claims, damages, fines or penalties of any nature incurred in connection therewith. 
(c)    The Servicer, on behalf of the Borrower, shall deliver to the Administrative Agent, the Collateral Agent, each Agent, the Borrower Loan Trustee and the Backup Servicer an electronic data file containing a true and complete list of all such Receivables, identified by account number and principal balance as of the end of the Collection Period ending immediately 
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prior to the initial Funding Date.  Such file or list shall be marked as the Schedule of Receivables attached hereto as Schedule C hereto, delivered to the Administrative Agent, the Collateral Agent, each Agent and the Backup Servicer as confidential and proprietary information, and is hereby incorporated into and made a part of this Agreement.  The Servicer, on behalf of the Borrower, agrees to deliver to the Administrative Agent or the Collateral Agent at such times as requested by the Administrative Agent or the Collateral Agent in connection with a third-party’s request to review the Schedule of Receivables, as provided in the financing statement filed pursuant hereto under the UCC naming the Collateral Agent as secured party, an electronic data file containing a true and complete list of all Receivables, including all Receivables created after the initial Cutoff Date, in existence as of the later of (x) the last day of the prior Collection Period, (y) the most recent Funding Date or (z) the most recent Securitization Date by account number and by Principal Balance as of such day or date.  Such updated and revised file or list shall be marked as the Schedule of Receivables, delivered to the Administrative Agent, the Collateral Agent, each Agent and the Backup Servicer as confidential and proprietary information, shall replace the previously delivered Schedule of Receivables, and shall be incorporated into and made a part of this Agreement.
Section 3.04.    Assignment of the Purchase Agreement.  Each of the Borrower and the Borrower Loan Trustee hereby represents, warrants and confirms to the Collateral Agent that each of the Borrower and the Borrower Loan Trustee has collaterally assigned to the Collateral Agent, for the ratable benefit of the Secured Parties hereunder, all of its right and title to and interest in the Purchase Agreement.  Each of the Borrower and the Borrower Loan Trustee confirms that the Collateral Agent shall have the sole right to enforce the Borrower’s and the Borrower Loan Trustee’s, as applicable, rights and remedies under the Purchase Agreement for the benefit of the Secured Parties, but without any obligation on the part of the Collateral Agent, the Secured Parties or any of their respective Affiliates, to perform any of the obligations of the Borrower or the Borrower Loan Trustee under the Purchase Agreement.  Each of the Borrower and the Borrower Loan Trustee further confirms and agrees that such collateral assignment to the Collateral Agent shall terminate upon the Facility Termination Date; provided, however, that the rights of the Secured Parties pursuant to such collateral assignment with respect to rights and remedies in connection with any indemnities and any breach of any representation, warranty or covenants made by the Originators pursuant to the Purchase Agreement, which rights and remedies survive the termination of the Purchase Agreement, shall be continuing and shall survive any termination of such collateral assignment.
Section 3.05.    Waiver of Certain Laws.  Each of the Borrower, the Borrower Loan Trustee, the Backup Servicer, the Image File Custodian, and the Servicer agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any part of the Collateral may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and each of the Borrower, the Borrower Loan Trustee, the Backup Servicer, the Image File Custodian, and the Servicer, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Collateral Agent or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the Collateral Agent, the Administrative Agent or such court may determine.
Section 3.06.    Electronic Vault System and Electronic Collateral Control Agreement.  Following the satisfaction of the Electronic Chattel Paper Condition:
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(a)    With respect to each Contract that is an Electronic Contract for which the Authoritative Copy has been communicated to and is maintained by the Electronic Vault Provider as a designated custodian of the Collateral Agent, the Collateral Agent is the agent and bailee for the Secured Parties exclusively; provided, that in no event shall the designation of the Collateral Agent as bailee have the effect of expanding or otherwise altering the standard of care applicable to the Collateral Agent, as set forth in Section 13.04(a)(i).  The Collateral Agent (at the direction of the Administration Agent) shall direct the Electronic Vault Provider to make dispositions of Electronic Contracts for the exclusive benefit of the Secured Parties and only in accordance with this Agreement or the Electronic Collateral Control Agreement or otherwise pursuant to written instructions furnished by the Required Lenders.   
(b)    The Servicer shall maintain or cause to be maintained the Electronic Vault so that the Electronic Vault System will place the Required Legend on each page of any perceivable copy of an Electronic Contract.  None of the Collateral Agent or the Heights/SouthernCo Entities shall make any changes to the Owner of Record of the Electronic Vault or to the Required Legend on any Electronic Contract, without the prior written consent of the Required Lenders.
(c)    The Servicer shall maintain or cause to be maintained each Electronic Contract for which the Authoritative Copy has been communicated to and is maintained by the Electronic Vault Provider such that (i) a watermark on any perceivable rendering of the Authoritative Copy thereof shall read “View of Authoritative Copy,” (ii) a watermark on any perceivable rendering of each Electronic Contract that is not a perceivable rendering of the Authoritative Copy thereof shall read “View of Non-Authoritative Copy,” and (iii) the Required Legend is placed on each perceivable rendering thereof.  The Servicer shall cause the Electronic Vault to reflect the name of the applicable Owner of Record.  Neither any Heights/SouthernCo Entity nor the Collateral Agent shall destroy any Contract nor transfer or cause the transfer or Export of any Electronic Contract except in accordance with the terms hereof and the Electronic Collateral Control Agreement, provided that, for the avoidance of doubt, the Servicer may Export an Electronic Contract in accordance with the terms hereof and the terms of the Electronic Collateral Control Agreement in connection with the release of such Receivable from the lien of this Agreement in accordance with the terms hereof.
(d)    The Heights/SouthernCo Entities shall notify the Collateral Agent, the Administrative Agent and the Lenders in writing as soon as reasonably practicable and in any event within two (2) Business Days after any Responsible Officer thereof receives notice or obtains actual knowledge of: (I) the intent or threat (expressed in writing) of the Electronic Vault Provider to terminate, or the termination of, the Electronic Collateral Control Agreement or the Electronic Vault Services Agreement, (II) receipt of written notice from the Electronic Vault Provider of any actual or suspected theft of, accidental disclosure of, loss of, or inability to account for, any nonpublic or confidential information (including, but not limited to, the access codes of the Electronic Vault Provider or any party hereto) of the Electronic Vault Provider or any party hereto which is maintained in the Electronic Vault and/or any unauthorized intrusions into the Electronic Vault Provider’s or any of its subcontractor’s facilities or secure systems on or in which any nonpublic or confidential information of the Electronic Vault Provider or any party hereto is maintained, (III) receipt of written notification from the Electronic Vault Provider of any changes to the System Description, which shall include any changes to the Electronic Vault System that are materially inconsistent with the System Description, with respect to the Electronic Vault, (IV) any “integrity check” failure with respect to or any other attempted unauthorized access to or modification or alteration of an Authoritative Copy of an Electronic Contract which constitutes or evidences a Receivable maintained in the Electronic Vault, (V) any claim of any Person (other than the Collateral Agent) of an interest in an Electronic Contract, (VI) the receipt of written notice of the commencement or the threat in writing of any actions, suits, investigations or proceedings against the Electronic Vault Provider which may materially interfere with (A) the Electronic Vault Provider’s provision of the Electronic Vault System or 
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(B) the Borrower’s, the Servicer’s, the Collateral Agent’s or any other Person’s access to or use of the Electronic Vault or against the Borrower, the Servicer, the Collateral Agent, the Administrative Agent or otherwise relating to or affecting the Electronic Vault or the Contracts, in any court, or before any arbitrator of any kind, or before or by any Governmental Authority or (VII) the receipt of any other material or adverse written notice from the Electronic Vault Provider. The Collateral Agent shall, upon receipt of written notice by a Responsible Officer thereof of any of the foregoing, forward written notice thereof to the Administrative Agent and the Lenders as soon as reasonably practicable.
(e)    The Collateral Agent shall appoint only its own personnel (or personnel of its subcontractors) as “authorized users” (or such similar concept specified in the Electronic Collateral Control Agreement and in the System Description) in respect of the Electronic Vault and the Contracts contained therein and shall not otherwise permit any Person to have access to thereto other than (1) prior to the delivery of a Notice of Exclusive Control under (and as defined in) the Electronic Collateral Control Agreement, designated officers of the Servicer, (2) from and after the delivery of a “notice of exclusive control” under (and as defined in) the Electronic Collateral Control Agreement (or such similar concept as may be used therein), the Required Lenders and any Person appointed by the Required Lenders as an “administrative user”, (3) personnel of Electronic Vault Provider in connection with providing technical support to any such “authorized users” and (4) the Required Lenders and their respective agents or representatives in connection with an audit pursuant to Section 7.03(h).  The Collateral Agent shall not provide any Person other than the Required Lenders with any right to control the actions of the Collateral Agent under the Electronic Collateral Control Agreement, or any consent or approval rights in respect of the Electronic Collateral Control Agreement or any rights thereunder or any provisions thereof, or permit any other Person to direct the Servicer to take or refrain from taking any action, in each case, which could affect the Contracts.
(f)    The Collateral Agent shall not agree to amend, or provide any consents, waivers or directions under, the Electronic Collateral Control Agreement without the prior written consent of the Required Lenders or the Administrative Agent.
(g)    Upon the occurrence of (x) an Event of Default, (y) the termination of Electronic Vault Services Agreement or the Electronic Collateral Control Agreement or the delivery of any notice of termination thereunder or (z) a determination by the Administrative Agent or the Required Lenders, each in their reasonable discretion, that the functionality, security, integrity or reliability of the Electronic Vault System (or any portion thereof) is impaired or the Contracts are otherwise adversely affected by any event (including any change in configuration, technology or law) or circumstance with respect to the Electronic Vault Provider, the Collateral Agent, the Electronic Vault System, the Electronic Vault Services Agreement, the Electronic Collateral Control Agreement or Electronic Contracts generally, including, without limitation, adverse claims being asserted therein by the Electronic Vault Provider or other lenders, (1) the Collateral Agent shall, notwithstanding any contrary instruction received from the Heights/SouthernCo Entities, promptly take such reasonable action with respect to the Electronic Contracts and the Electronic Collateral Control Agreement, as the Administrative Agent may direct in writing (including, without limitation, causing the export of the Contracts maintained within the Electronic Vault System) and (2) the Collateral Agent (acting at the written direction of the Required Lenders or the Administrative Agent) as “secured party” under the Electronic Collateral Control Agreement shall deliver a “notice of exclusive control” under (and as defined in) the Electronic Collateral Control Agreement.
(h)    On the date of the satisfaction of the Electronic Chattel Paper Condition, the initial Servicer and the Borrower shall be deemed to represent and warrant to the Secured Parties as of the date thereof and as of each Funding Date thereafter that none of the Heights/SouthernCo Entities has any right of access to the Electronic Vault under the Electronic 
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Collateral Control Agreement without the prior written consent of the Collateral Agent (at the direction of the Administrative Agent or the Required Lenders), except in accordance with the terms thereof and the terms of this Agreement.
ARTICLE FOUR

CONDITIONS OF CLOSING AND THE LOANS
Section 4.01.    Conditions of Closing and the Initial Loan.  The Closing Date shall not occur and no Lender shall be obligated to make any Lender Advance hereunder in respect of the Initial Loan, nor shall any Lender, the Administrative Agent, any Agent or any other party hereto be obligated to take, fulfill or perform any other action hereunder, until the following conditions precedent, after giving effect to the proposed Loan, in each case, have been satisfied or waived in the sole discretion of the Required Lenders:
(a)    The Administrative Agent and each Agent shall have received (i) an executed copy of each Basic Document and (ii) such other documents, instruments, agreements and Opinions of Counsel as the Administrative Agent or any Agent shall request in connection with the transactions contemplated by this Agreement, each in form and substance satisfactory to the Administrative Agent or such Agent, as applicable.
(b)    The Administrative Agent and each Agent shall have received (i) satisfactory evidence, which may be in the form of an Officer’s Certificate or an Opinion of Counsel, that the Borrower (on behalf of itself and on behalf of the Borrower Loan Trustee), the Servicer, the Subservicers, the Originators, the Backup Servicer, the Collateral Agent, the Guarantor and the Image File Custodian have obtained all required consents and approvals of all Persons, including all requisite Governmental Authorities, to the execution, delivery and performance of this Agreement and the other Basic Documents to which each is a party and the consummation of the transactions contemplated hereby or thereby or (ii) an Officer’s Certificate or an Opinion of Counsel from each of the Borrower (on behalf of itself and on behalf of the Borrower Loan Trustee), the Servicer, the Subservicers, the Originators, the Backup Servicer, the Collateral Agent, the Guarantor and the Image File Custodian, in form and substance satisfactory to the Administrative Agent and each Agent, affirming that no such consents or approvals are required; it being understood that the acceptance of such evidence, Opinion of Counsel or Officer’s Certificate shall in no way limit the recourse of the Administrative Agent or any Secured Party against SouthernCo, the Subservicers, the Originators, the Borrower or the Borrower Loan Trustee for a breach of SouthernCo’s, the Subservicers, the Originators’, the Borrower’s or the Borrower Loan Trustee’s representation or warranty that all such consents and approvals have, in fact, been obtained.
(c)    The Borrower (on behalf of itself and on behalf of the Borrower Loan Trustee), the Subservicers, the Originators and SouthernCo shall each be in compliance in all material respects with all Applicable Laws and shall have delivered an Officer’s Certificate to the Administrative Agent and each Agent as to such compliance and other closing matters.
(d)    The Borrower shall have paid all fees, costs and expenses required to be paid by it on the Closing Date, including all fees required hereunder and under the Fee Letter and the Upfront Fee Letter, and shall have reimbursed each Lender and the Administrative Agent for all fees, costs and expenses of closing the transactions contemplated hereunder and under the other Basic Documents, including the fees and expenses of Weil, Gotshal & Manges LLP.
Signature Page to Credit Agreement (Heights/SouthernCo)

(e)    No Event of Default, Unmatured Event of Default or Facility Amortization Event shall have occurred.
(f)    No Servicer Termination Event or any event that, with the giving of notice or the lapse of time, or both, would become a Servicer Termination Event shall have occurred.
(g)    The Collateral Agent, the Administrative Agent and each Agent shall have received the Schedule of Receivables.
(h)    The Administrative Agent shall have received evidence reasonably satisfactory to it of the completion of all searches, recordings, registrations, and filings as may be necessary or, in the reasonable opinion of the Administrative Agent, desirable to perfect or evidence sale of the Receivables by the Originators to the Borrower and the Borrower Loan Trustee and the pledge by the Borrower and the Borrower Loan Trustee to the Collateral Agent of the Receivables and the proceeds thereof.
(i)    All existing financing statements naming any Originator, as debtor, shall be terminated, or amended to release such collateral, to the extent such financing statement covers any Receivables that will become Collateral upon its pledge on the Closing Date.
(j)    [Reserved].
(k)    (i) The Borrower (directly or through the Servicer and the Subservicers) shall have deposited into the Collection Account, an amount equal to all Collections received on or in respect of the Receivables since the related Cutoff Date through the second (2nd) Business Day prior to the Closing Date and (ii) the amount on deposit in the Reserve Account shall equal the Reserve Account Initial Deposit (including by the Borrower instructing the Administrative Agent to remit proceeds of the related Loan to the Reserve Account).
(l)    On and as of the Closing Date, each of the Borrower, the Borrower Loan Trustee, the Servicer and each Originator has performed all of the agreements contained in this Agreement and the other Basic Documents to be performed by it in all material respects.
(m)    To the Borrower’s knowledge, the selection of the Receivables did not result in a selection adverse to the Lenders.
(n)    No Applicable Law shall prohibit, and no order, judgment or decree of any Governmental Authority, in each case, applicable or binding upon the Borrower, shall prohibit or enjoin, the making of the Loan by the Lenders in accordance with the provisions hereof.
(o)    The Administrative Agent and each Agent shall have received opinions from Mayer Brown with respect to corporate, security interest, true sale and nonconsolidation opinions customarily rendered in connection with the transactions contemplated by the Basic Documents and such other opinions as requested by the Lenders.
(p)    The Lenders shall have received no later than three (3) Business Days in advance of the Closing Date all documentation and other information requested in connection with applicable “know your customer” and anti-money laundering rules and 
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regulations, including the Patriot Act, that has been reasonably requested in writing by any Lender at least ten (10) days in advance of the Closing Date.
(q)    The Administrative Agent and each Agent shall have received such other approvals, opinions, information or documents as the Administrative Agent or the Lenders may reasonably require.
(r)    All necessary designations, as determined by the Administrative Agent in its sole discretion, under the Notes Indenture and under that certain Revolving Loan Agreement, dated as of September 1, 2017, among Curo Financial Technologies Corp. and Curo Intermediate Holdings Corp., as borrowers, certain subsidiaries of Curo Financial Technologies Corp., as guarantors, the lenders party thereto, and Bay Coast Bank, as administrative agent, collateral agent and issuing bank, as amended, restated or otherwise modified from time to time (the “Revolving Loan Agreement”), have been made in accordance with the Notes Indenture and the Revolving Loan Agreement.
(s)    Copies of any necessary lien releases relating to the Collateral (or evidence of the automatic release of such liens), as determined by the Administrative Agent in its sole discretion, under the Notes Indenture and the Revolving Loan Agreement, have been delivered to the Administrative Agent.
Section 4.02.    Conditions Precedent to All Loans.  The Lenders’ obligation to make any Lender Advance on any Funding Date hereunder shall be subject to the conditions set forth in Section 4.01 and the further conditions precedent that:
(a)    With respect to any Loan (including the Initial Loan), the Borrower shall have delivered to the Collateral Agent, the Administrative Agent and each applicable Agent (i) a Funding Request in accordance with Section 2.02(a); provided, that in the case of the initial Funding Request delivered in connection with the Initial Loan, the Principal Amount of the Class A Loan and Class B Loan requested shall not be less than, in the aggregate, $250,000,000, and (ii) in the case of Receivables being added to the Collateral, an updated Schedule of Receivables dated within two (2) Business Days prior to the date of such Loan (other than the Initial Loan, in which case such items shall be dated within two (2) days prior to the date of such Initial Loan) and containing such additional information as may be reasonably requested by the Collateral Agent, the Administrative Agent and each applicable Agent.
(b)    On each Funding Date, the following shall be true and correct and the Borrower shall be deemed to have certified that, after giving effect to the proposed Loan and pledge of the Collateral (or as of such other time otherwise specified herein):
(i)    the representations and warranties contained in Sections 5.01 and 5.03 are true and correct in all material respects (except if such representation or warranty is qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such date as though made on and as of such date and shall be deemed to have been made on such date, except to the extent such representations and warranties expressly relate to an earlier date as set forth herein;
(ii)    no event has occurred and is continuing, or would result from such transaction that constitutes (i) an Event of Default, Unmatured Event of Default or Facility Amortization Event or (ii) a Servicer Termination Event or any event that with the giving of notice of the lapse of time, or both, would constitute a Servicer Termination Event;
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(iii)    on and as of such date, after giving effect to such Loan, the amount of such Loan (if it is a Class A Loan) and all Loans Outstanding that are Class A Loans does not exceed the Class A Borrowing Base and the amount of such Loan and the aggregate amount of all Loans Outstanding does not exceed the Total Borrowing Base (each calculated as of the previous Determination Date or, with respect to the initial Funding Date or any Receivables added to the Collateral following such Determination Date, but prior to or on such date of determination, the related Cutoff Date);
(iv)    on and as of each such date, the Borrower, the Borrower Loan Trustee, the Servicer, each Subservicer and each Originator each has performed all of the agreements contained in this Agreement and the other Basic Documents to be performed by it at or prior to such date; 
(v)    for each Lender Advance to be made after the 60th day following the Closing Date, the Intercreditor Condition is satisfied by no later than the 60th day after the Closing Date; and
(vi)    no Applicable Law shall prohibit, and no order, judgment or decree of any Governmental Authority, in each case, applicable or binding upon the Borrower, shall prohibit or enjoin, the making of such Loans by the Lenders in accordance with the provisions hereof.
(c)    The Borrower shall have deposited to the Reserve Account an amount of cash such that the Reserve Account Amount is not less than the Reserve Account Required Amount, taking into account the aggregate Principal Balance of the Receivables transferred in connection with such Loan (including by the Borrower instructing the Administrative Agent to remit proceeds of the related Loan to the Reserve Account). 
(d)    The Borrower shall be in compliance with Section 6.03 and with all requirements of any Hedging Agreement required thereby.
(e)    On the date of such transaction, the Administrative Agent and each Agent shall have received such other approvals, opinions, information or documents as the Administrative Agent or an Agent may reasonably require. 
(f)    Other than with respect to the initial Funding Date, the Image File Custodian has delivered to the Administrative Agent, the Servicer and each Lender a copy of the related Certificate of Receipt.
ARTICLE FIVE

REPRESENTATIONS AND WARRANTIES
Section 5.01.    Representations and Warranties of the Borrower.  The Borrower represents and warrants, as of the Closing Date, as of each Payment Date and as of each Funding Date, as follows:
(a)    Organization and Good Standing.  The Borrower has been duly organized, and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with all requisite power and authority to own or lease its properties and conduct its business as such business is presently conducted, and the Borrower had at all relevant times, and now has all necessary power, authority and legal right to acquire, own, sell and pledge the Receivables and the other Collateral.
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(b)    Due Qualification.  The Borrower is duly qualified to do business and is in good standing as a Delaware limited liability company and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals (including, as applicable, the purchase and pledge of the Receivables), except where the failure to so qualify or obtain such license or approval could not reasonably be expected to result in a Material Adverse Effect.
(c)    Power and Authority; Due Authorization.  The Borrower (i) has all necessary power, authority and legal right to (A) execute and deliver the Borrower Basic Documents, (B) carry out the terms of the Borrower Basic Documents and (C) grant the security interest in the Collateral on the terms and conditions herein provided and (ii) has duly authorized by all necessary limited liability company action the execution, delivery and performance of the Borrower Basic Documents and the grant of the security interest in the Collateral on the terms and conditions herein and therein provided.
(d)    Binding Obligation.  Each Borrower Basic Document constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).
(e)    No Violation.  The execution and delivery of the Borrower Basic Documents, the consummation of the transactions contemplated by the Borrower Basic Documents and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Formation Documents or any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien upon any of the Borrower’s properties pursuant to the terms of any such Contractual Obligation, other than this Agreement, or (iii) violate any Applicable Law, which violation of Applicable Law could reasonably be expected to have an Material Adverse Effect.  Borrower has in place a compliance management system appropriate for its size and complexity.
(f)    No Proceedings.  There is no litigation, proceeding or investigation pending or, to the knowledge of the Borrower, threatened against the Borrower, before any Governmental Authority (i) asserting the invalidity of any Borrower Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by the Borrower Basic Documents or (iii) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect.
(g)    All Consents Required.  All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental Authority required for the due execution, delivery and performance by the Borrower of the Borrower Basic Documents have been obtained.
(h)    Bulk Sales.  The execution, delivery and performance of this Agreement do not require compliance with any “bulk sales” act or similar law by the Borrower.
(i)    Solvency.  The transactions contemplated by the Basic Documents do not and will not render the Borrower not Solvent.
(j)    Taxes.  The Borrower has filed or caused to be filed all federal tax returns and all other material tax returns that are required to be filed by it and all such returns are 
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correct in all material respects.  The Borrower has paid or made adequate provisions for the payment of all Taxes shown on such tax returns and all material assessments made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves have been provided on the consolidated books of SouthernCo and the Borrower), and no Tax lien has been filed and, to the Borrower’s knowledge, no claim is being asserted, with respect to any such Tax.
(k)    Exchange Act Compliance; Regulations T, U and X.  None of the transactions contemplated herein (including the use of the proceeds from the Loans and the pledge of the Collateral) will violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including Regulations T, U and X of the Federal Reserve Board, 12 C.F.R., Chapter II.  The Borrower does not own or intend to carry or purchase, and no proceeds from the Loans will be used to carry or purchase, any “Margin Stock” within the meaning of Regulation U or to extend “Purchase Credit” within the meaning of Regulation U.
(l)    Quality of Title.  Upon the making of the Loan, the Collateral Agent, on behalf of the Secured Parties, shall acquire a valid and perfected first priority security interest in the Receivables and, to the extent such a security interest can be perfected by filing a financing statement under the UCC, the related Collateral, free and clear of all Liens other than Permitted Liens.  No effective financing statement or other instrument similar in effect covering any portion of the Collateral shall at any time be on file in any recording office except such as may be filed in favor of (i) the Borrower and the Borrower Loan Trustee in accordance with the Purchase Agreement or (ii) the Collateral Agent in accordance with this Agreement.
(m)    Reports Accurate.  All written information (including email) furnished or to be furnished by the Borrower to each Agent, the Administrative Agent, any Secured Party, the Backup Servicer, the Paying Agent, the Borrower Loan Trustee or the Image File Custodian in connection with this Agreement are true and correct in all material respects as of the dates specified therein or the date so furnished (as applicable).
(n)    Security Interest.  Each of the Borrower and the Borrower Loan Trustee has granted a security interest (as defined in the UCC) to the Collateral Agent, on behalf of the Secured Parties, in the Collateral, which is enforceable in accordance with Applicable Law upon execution and delivery of this Agreement.  Upon the filing of UCC-1 financing statements naming the Collateral Agent, as secured party and the Borrower and the Borrower Loan Trustee as debtors, the Collateral Agent, on behalf of the Secured Parties, shall have a first priority (except for any Permitted Liens) perfected security interest in the Collateral to the extent such an interest can be perfected by filing a financing statement under the UCC or maintaining such possession.  All filings (including such UCC filings) as are necessary in any jurisdiction to perfect such security interest of the Collateral Agent, on behalf of the Secured Parties, in the Collateral have been (or prior to the applicable Loan will be) made.
(o)    The Accounts.  The Borrower has neither pledged nor assigned, nor entered into a control agreement with respect to either Account, other than in accordance with the terms of this Agreement and the Account Control Agreement.  Each Account is a “securities account”, under and as defined in the relevant UCC.
(p)    Tax Status.  The Borrower has not elected and will not elect to be treated as a corporation, nor, to its knowledge, has it engaged in any transaction which could 
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result in it becoming treated as a corporation, for United States federal income tax purposes.
(q)    Tradenames and Place of Business.  (i) The Borrower has no trade names, fictitious names, assumed names or “doing business as” names or other names under which it has done or is doing business and (ii) the principal place of business and chief executive office of the Borrower are located at the address of the Borrower set forth below its name on the signature pages of this Agreement and has been so for the last four months.
(r)    Purchase Agreement.  The Purchase Agreement is the only agreement pursuant to which the Borrower and the Borrower Loan Trustee for the benefit of the Borrower purchased the Receivables and the related Contracts.
(s)    Value Given.  In consideration for the transfer to the Borrower and the Borrower Loan Trustee for the benefit of the Borrower of the Receivables and the related Collateral under the Purchase Agreement, the Borrower shall have paid the Originators an amount equal to the fair market value of the Receivables, and no such transfer shall have been made for or on account of an antecedent debt owed by any Originator to the Borrower and no such transfer is or may be voidable or subject to avoidance under any Insolvency Law.  
(t)    Accounting.  The Borrower accounts for the transfers to it from the Originators of the Receivables and related Collateral under the Purchase Agreement as true sales/true contributions of such Receivables and related Collateral in its books, records and financial statements (or in the financial statements on which the Borrower was included on a consolidated or combined basis, as applicable), in each case, in accordance with the requirements set forth herein.
(u)    Special Purpose Entity.  The Borrower is in compliance with Section 6.02(o) in all material respects.
(v)    Investment Company Act.  The Borrower (i) is not a “covered fund” as defined in the final regulations issued December 10, 2013 implementing the “Volcker Rule” (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) and (ii) is not an “investment company” within the meaning of the Investment Company Act. The Borrower relies on an exclusion from the definition of “investment company” under the Investment Company Act contained in Rule 3a-7 of the Investment Company Act, although there may be additional exclusions or exemptions available.
(w)    ERISA.  The Borrower and each ERISA Affiliate is in compliance with and has complied with the requirements relating to the minimum required contributions (including any installment payments) to Pension Plans and Multiemployer Plans, as applicable, and set forth in Section 412 of the Code and Section 302 of ERISA, and no waiver of such minimum funding requirements has been applied for or obtained.  No prohibited transactions, withdrawals of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a substantial employer (as defined in Section 4001(a)(2) of ERISA), or Reportable Events have occurred with respect to any Pension Plan that, in the aggregate, could subject the Borrower to any material tax, penalty or other liability.  No notice of intent to terminate a Pension Plan has been issued, nor has any Pension Plan been terminated under Section 4041(f) of ERISA, nor has the Pension Benefit Guaranty Corporation instituted proceedings to terminate, or appoint a trustee to administer such a Pension Plan and no event has occurred or condition exists that would reasonably be expected to 
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constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan.  None of the assets of the Borrower constitute Plan Assets of any Benefit Plan.
(x)    Accuracy of Representations and Warranties.  Each representation or warranty by the Borrower contained herein, in any other Borrower Basic Document or in any certificate or other document furnished by the Borrower pursuant hereto or thereto or in connection herewith or therewith is true and correct in all material respects.
(y)    Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions.  None of Borrower nor, to the knowledge of the Borrower, any of its Affiliates (i) is in violation of any Sanctions, (ii) is a Sanctioned Target, (iii) is controlled by or is acting on behalf of a Sanctioned Target, or (iv) to the best knowledge of Borrower after due inquiry, is under investigation for an alleged breach of Sanctions by a governmental authority that enforces Sanctions.  The proceeds of any Loan have not been and will not be used, directly or indirectly, in violation of applicable Sanctions, to fund any operations in, finance any investments or activities in or make any payments to a Sanctioned Target or otherwise in violation of Sanctions, Anti-Corruptions Laws or Anti-Money Laundering Laws.  The operations of Borrower are, and have been, conducted at all times in compliance with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws in all material respects.  No litigation, regulatory or administrative proceedings of or before any court, tribunal or agency with respect to any Anti-Money Laundering Laws or Anti-Corruption Laws have been initiated or (to the best of its knowledge and belief) threatened against each of Borrower or, to the knowledge of the Borrower, any Affiliates of Borrower.
(z)    Money Services Business.  The Borrower is not, nor is required to be registered as, nor will it at any time during the term of this Agreement be, or be required to be registered as, a “Money Services Business” within the meaning of the FinCEN rules at 31 C.F.R. 1010.100(ff).
Section 5.02.    Representations and Warranties of the Borrower Loan Trustee.  The Borrower Loan Trustee represents and warrants, as of the Closing Date, as of each Payment Date and as of each Funding Date, as follows:
(a)    Organization and Good Standing.  The Borrower Loan Trustee is a national banking association duly formed and validly existing under the laws of the United States of America. The Borrower Loan Trustee has full power and authority, in all material respects, to own its properties as currently owned, to conduct its business as currently conducted, and to execute, deliver and perform its obligations under this Agreement and each other Basic Document to which it is a party.
(b)    Due Authorization.  The Borrower Loan Trustee has duly authorized, by all necessary action, its execution and delivery of this Agreement and each other Basic Document to which it is a party and its consummation of the transactions contemplated by this Agreement and each other Basic Document to which it is a party.  When executed and delivered, this Agreement will constitute legal, valid and binding obligations of the Borrower Loan Trustee enforceable against the Borrower Loan Trustee in accordance with its terms, except as enforceability may be subject to or limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).
(c)    Beneficial Interest.  The Borrower Loan Trustee will hold all of its interest in the Receivables for the benefit of the Borrower and not for its own account.
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Section 5.03.    Representations and Warranties of the Borrower as to the Receivables.  
(a)    Eligibility of Receivables.  The Borrower represents and warrants, as of the Closing Date, as of each Payment Date and as of each Funding Date, as follows:  
(i)    As of the Closing Date, (A) Schedule C and the information contained in the Funding Request delivered pursuant to Section 2.01 is (i) with respect to the Material Receivable Fields, an accurate and complete listing of the Receivables constituting a portion of the Collateral as of the date of the Initial Loan and such information contained therein with respect to such Receivables is true and correct as of the related Cutoff Date, and (ii) with respect to information other than the Material  Receivable Fields, such information is true and correct in all material respects as of the related Cutoff Date, (B) each such Receivable is an Eligible Receivable and (C) with respect to each such Receivable, all consents, licenses, approvals or authorizations of or registrations or declarations with any Governmental Authority required to be obtained, effected or given by the Borrower in connection with the origination, purchase and pledge of such Receivable and the related Collateral to the Collateral Agent have been duly obtained, effected or given and are in full force and effect; and 
(ii)    As of each Funding Date other than the Funding Date on which the Initial Loan is made, the Borrower shall be deemed to represent and warrant that (A) Schedule C and the information contained in the related Funding Request is (i) with respect to the Material Receivable Fields, an accurate and complete listing of the Receivables (including the Subsequent Receivables being transferred on such Funding Date) constituting a portion of the Collateral as of the date of the Subsequent Loan and such information contained therein is true and correct as of the related Cutoff Date and (ii) with respect to information other than the Material  Receivable Fields, such information is true and correct in all material respects as of the related Cutoff Date, (B) each Subsequent Receivable referenced on the related Funding Request is an Eligible Receivable and (C) with respect to each such Subsequent Receivable, all consents, licenses, approvals, authorizations, registrations or declarations with any Governmental Authority required to be obtained, effected or given by the Borrower in connection with the origination, purchase and pledge of such Subsequent Receivable and the related Collateral have been duly obtained, effected or given and are in full force and effect.
(b)    Security Interest.  The Borrower represents and warrants, as of the Closing Date and as of each Funding Date, as follows:
(i)    This Agreement constitutes a grant of a security interest in all Collateral to the Collateral Agent which upon the filing of financing statements in the applicable jurisdictions, shall be a first priority perfected security interest in all Collateral (to the extent such a security interest can be perfected by filing a financing statement under the UCC), subject only to Permitted Liens.
(ii)    Until the Facility Termination Date, neither the Borrower, the Borrower Loan Trustee nor any Person claiming through or under the Borrower or the Borrower Loan Trustee shall have any claim to or interest in any Account Collateral; provided, if this Agreement constitutes the grant of a security interest in such property, except for the respective interests of the Borrower, the Borrower Loan Trustee and the Collateral Agent in such property.  
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(iii)    The representations and warranties contained in Schedule E are true and correct in all material respects.
Section 5.04.    Representations and Warranties of the Servicer and each Subservicer.  The Servicer and each Subservicer represents and warrants, as of the Closing Date, as of each Payment Date and as of each Funding Date, as follows:
(a)    Organization and Good Standing.  It has been duly organized and is validly existing as a corporation or limited liability company, as applicable, in good standing under the laws of the State of its incorporation or formation, as applicable, with all requisite corporate power and authority to own or lease its properties and to conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement and it had at all relevant times, and now has all requisite corporate or limited liability company, as applicable, power and authority to service the Receivables and the other Collateral.
(b)    Due Qualification.  It is duly qualified to do business and is in good standing as a corporation or limited liability company, as applicable, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property and or the conduct of its business, including the servicing of the Receivables, requires such qualification, licenses or approvals, except where the failure to so qualify or obtain such license or approval could not reasonably be expected to result in a Material Adverse Effect.
(c)    Power and Authority; Due Authorization.  It (i) has all necessary power, authority and legal right to (A) execute and deliver the Servicer Basic Documents and (B) carry out the terms of the Servicer Basic Documents and (ii) has duly authorized by all necessary corporate action the execution, delivery and performance of the Servicer Basic Documents.
(d)    Binding Obligation.  Each Servicer Basic Document constitutes a legal, valid and binding obligation of it enforceable against it in accordance with its respective terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).
(e)    No Violation.  The execution and delivery of the Servicer Basic Documents, the consummation of the transactions contemplated the Servicer Basic Documents and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, its organizational documents or any material Contractual Obligation of it, (ii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such organizational documents or Contractual Obligation, other than this Agreement, or (iii) violate any Applicable Law, in each case other than clause (i), which creation or imposition of a Lien or violation could reasonably be expected to have an Material Adverse Effect.  Servicer has in place a compliance management system appropriate for its size and complexity.
(f)    No Proceedings.  There is no litigation, proceeding or investigation pending or, to its best knowledge, threatened against it, before any Governmental Authority (i) asserting the invalidity of any Servicer Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by any Servicer Basic Document, (iii) challenging the enforceability of a material portion of the Receivables or 
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(iv) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect.
(g)    All Consents Required.  All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by it of the Servicer Basic Documents have been obtained, other than any such approval, authorization, consent, order, license or other action which the failure to receive or complete could not reasonably be expected to have a Material Adverse Effect.
(h)    Solvency.  The transactions contemplated by the Basic Documents do not and will not render it not Solvent.
(i)    Taxes. It has filed or caused to be filed all material tax returns that are required to be filed by it and all such returns are correct in all material respects.  It has paid or made adequate provisions for the payment of all Taxes shown on such tax returns and all material assessments made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on its books), and no tax lien has been filed and, to its knowledge, no claim is being asserted, with respect to any such Tax.
(j)    Reports Accurate.  All Monthly Reports and other written information (including any email) furnished or to be furnished by it to any Agent, the Administrative Agent, any Secured Party, the Backup Servicer, the Paying Agent or the Image File Custodian in connection with this Agreement are true and correct in all material respects as of the date specified therein or the date so furnished (as applicable).
(k)    Compliance with the Collection Policy.  It has, with respect to the Receivables, complied in all material respects with the Collection Policy.
(l)    The Accounts.  It has neither pledged nor assigned, nor entered into a control agreement with respect to, either Account or amounts on deposit therein with or to any other Person except the Collateral Agent and/or the Secured Parties.  Each Account is a “deposit account” or “securities account”, in each case under and as defined in the relevant UCC.
(m)    Anti-Corruption Laws and Sanctions.  It has implemented and maintains in effect policies and procedures designed to promote and achieve compliance by it and its Subsidiaries, directors, officers and employees with Anti-Corruption Laws and applicable Sanctions, and it, its Subsidiaries and their respective officers and employees and to its knowledge, their directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (i) it, any Subsidiary or to its knowledge any of their respective directors, officers or employees, or (ii) to its knowledge, any of their respective agents or any Subsidiary that will act in any capacity in connection with or benefit from the facility established hereby, is a Sanctioned Target.  No advance, use of proceeds or other transaction involving the Servicer as contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions.
(n)    Money Services Business.  It is not, nor is required to be registered as, nor will it at any time during the term of this Agreement be, or be required to be registered as, a “Money Services Business” within the meaning of the FinCEN rules at 31 C.F.R. 1010.100(ff).
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(o)    Electronic Chattel Paper.  On or after the date of the satisfaction of the Electronic Chattel Paper Condition, with respect to each Electronic Contract other than a Specified Electronic Contract, it shall be deemed to represent that the Collateral Agent holds the Authoritative Copy of such Electronic Contract in the Electronic Vault as pledgee of the Borrower for the benefit of the Secured Parties.
(p)    Servicer Accounts.  
(i)    Each of the Servicer Master Collection Accounts is set forth on Schedule G-1 attached hereto and made part hereof (as such Schedule may be supplemented by the Servicer from time to time pursuant to Section 6.04(t)), including, with respect to each bank (a) the name and address of such Person, and (b) the account numbers of the Servicer Master Collection Accounts maintained with such Person.  Each Servicer Master Collection Account is a “securities account” (under and as defined in the relevant UCC).  Other than in connection with the Intercreditor Agreement upon the satisfaction of the Intercreditor Condition, the Servicer has not pledged or granted any Lien on, or entered into any control arrangement over, the Servicer Master Collection Accounts.  
(ii)    Each of the Servicer Deposit Accounts is set forth on Schedule G-2 attached hereto and made part hereof (as such Schedule may be supplemented by the Servicer from time to time pursuant to Section 6.04(t)), including, with respect to each bank (a) the name and address of such Person, and (b) the account numbers of the Servicer Deposit Accounts maintained with such Person.  The Servicer has not pledged or granted any Lien on, or entered into any control arrangement over, the Servicer Deposit Accounts. 
Section 5.05.    Representations and Warranties of the Backup Servicer and the Image File Custodian.  Each of the Backup Servicer and the Image File Custodian represents and warrants as of the Closing Date:
(a)    Organization.  It has been duly organized, and is validly existing as a national banking association under the laws of the United States, with all requisite power and authority to own or lease its properties and to conduct its business as such business is presently conducted and to execute, deliver and perform its obligations under the Basic Documents to which it is a party.
(b)    Power and Authority; Due Authorization.  It (i) has all necessary power and authority to execute, deliver and carry out the terms of the Basic Documents to which it is a party and (ii) has duly authorized by all necessary action on its part the execution, delivery and performance of such Basic Documents.
(c)    Binding Obligation.  Each of the Basic Documents to which it is a party constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).
(d)    No Violation.  The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, its organizational documents or any of Computershare’s Contractual Obligations, (ii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such organizational documents or Contractual Obligation, or (iii) violate any Applicable Law, to the extent applicable to 
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Computershare.  Computershare has in place a compliance management system appropriate for its size and complexity.
(e)    No Proceedings.  There is no litigation, proceeding or investigation pending or, to its knowledge, threatened against it, before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect (solely with respect to part (iv) of the definition thereof).
(f)    All Consents Required.  All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority (if any) required for the due execution, delivery and performance by it of this Agreement have been obtained.
Section 5.06.    Repurchase of Certain Receivables.
(a)    The Borrower and the Servicer, as applicable, shall inform the Administrative Agent, the Collateral Agent, each Agent and each Lender promptly, in writing, upon knowledge that any Receivable is an Ineligible Receivable and disclose the identity of the affected Receivables on the next Monthly Report relating to the Collection Period in which such Receivable was determined to be an Ineligible Receivable. Unless waived by the Required Lenders, the Servicer shall deliver to the Borrower a written demand to cause the Originators to (i) reacquire the affected Receivable, for the related Release Price, as provided in the Purchase Agreement, or (ii) substitute a Substitute Receivable for such affected Receivable, in each case on or before the earlier of (x) the next Payment Date following the Collection Period in which such Receivable was determined to be an Ineligible Receivable or (y) if such Payment Date mentioned in clause (x) is more than thirty (30) days following the date that such Receivable was determined to be an Ineligible Receivable, the date that is thirty (30) days after such Receivable was determined to be an Ineligible Receivable.  The Collateral Agent shall be deemed, upon receipt of the Release Price into the Collection Account or upon receipt of a Substitute Receivable in respect of any affected Receivable repurchased or substituted by the Borrower and the Borrower Loan Trustee for the benefit of the Borrower in accordance with the terms hereof, as applicable, to convey to the Borrower and the Borrower Loan Trustee for the benefit of the Borrower, without recourse, representation or warranty, all of its right, title and interest in each such affected Receivable.  In consideration of a release, (i) in the case of a repurchased Receivable, the Borrower shall, on the date of release of such affected Receivable, make or cause to be made a deposit of the Release Price to the Collection Account in immediately available funds and/or via an ACH transaction and (ii) in the case of a substituted Receivable, include the Substitute Receivable as part of the Collateral hereunder.  Upon each release to the Borrower and the Borrower Loan Trustee for the benefit of the Borrower of such an affected Receivable, the Collateral Agent shall automatically and without further action be deemed to transfer, assign and set-over to the Borrower and the Borrower Loan Trustee for the benefit of the Borrower, without recourse, representation or warranty, all the right, title and interest of the Collateral Agent in, to and under such Receivable and all future monies due or to become due with respect thereto (as of the end of the Collection Period immediately prior to the date of repurchase or substitution), all proceeds of such Receivable and Net Liquidation Proceeds relating thereto, all rights to security for any such Receivable, and all proceeds and products of the foregoing (other than, for the avoidance of doubt, the Release Price).  In connection with the addition of any Substitute Receivable to the Collateral in accordance with the terms of this Section 5.06, the Borrower shall be deemed to have represented, as of the related date of substitution, that such Substitute Receivable is an Eligible Receivable.  In any of the foregoing instances, the aggregate Eligible Receivables Principal Balance shall be reduced by the Principal Balance (as of the end of the most recent Collection Period) of each such affected Receivable and, if applicable, increased by the Principal Balance of each such Substitute Receivable.  On and after the date of release, any 
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affected Receivable so released shall not be included in the Collateral and, as applicable, the related Substitute Receivable shall be included in the Collateral.  The Administrative Agent shall direct the Collateral Agent, at the sole expense of the Originators, to execute such documents and instruments of release as may be prepared by SouthernCo on behalf of the Borrower and take other such actions as shall reasonably be requested by the Borrower or the Borrower Loan Trustee to effect the release of such a Receivable removed from the Collateral pursuant to this subsection.  The Borrower shall deliver to the Administrative Agent, the Collateral Agent, the Backup Servicer and each Agent an updated Schedule of Receivables in connection with any such repurchase or substitution hereunder, in accordance with the terms of Section 3.03(c).
(b)    Without limiting Sections 5.06(a), 5.06(c) or 5.06(d), with respect to any Receivable for which the Custodian Certification has identified any exception (which exception, in the case of clause (d) of Section 9.07(b)(2), represents a variance of more than 20 basis points (0.20%) and, in the case of clause (e) of Section 9.07(b)(2), represents a variance of more than 20 basis points (0.20%)), which has not been corrected by the Borrower or the Servicer in a manner acceptable to, or waived in writing by, the Administrative Agent (acting at the direction of the Required Lenders) on or before the earlier of (x) the next Payment Date following the Collection Period in which the Image File Custodian delivered the related Custodian Certification for such Receivable or (y) if such Payment Date mentioned in clause (x) is more than thirty (30) days following the date that the Image File Custodian delivered the related Custodian Certification for such Receivable, the date that is thirty (30) days following the date that the Image File Custodian delivered the related Custodian Certification for such Receivable (a “Certification Repurchase Date”), then the Borrower shall remove or cause the removal of the related Receivable from the Collateral, and the Borrower shall acquire and repurchase, respectively, such Receivable from the Collateral and deposit the Release Price into the Collection Account on or before the Certification Repurchase Date. None of the Collateral Agent, the Image File Custodian, the Backup Servicer, Paying Agent or Borrower Loan Trustee is responsible for monitoring or enforcing repurchase requirements. Other than a review in accordance with Section 9.07(c), with respect to each Initial Receivable and any Subsequent Receivable, the Image File Custodian shall have no duty or obligation to review any of the Imaged Files. Upon each release to the Servicer of such an affected Receivable, the Collateral Agent shall automatically and without further action be deemed to transfer, assign and set-over to the Servicer, without recourse, representation or warranty, all the right, title and interest of the Collateral Agent in, to and under such Receivable and all future monies due or to become due with respect thereto (as of the end of the Collection Period immediately prior to the date of repurchase or substitution), all proceeds of such Receivable and Net Liquidation Proceeds relating thereto, all rights to security for any such Receivable, and all proceeds and products of the foregoing (other than, for the avoidance of doubt, the Release Price).  
(c)    The Collateral Agent (at the direction of the Administrative Agent or the Required Lenders) shall have the right to enforce all rights of the Borrower and the Borrower Loan Trustee under the Purchase Agreement including the right to require the Originators to repurchase Receivables for breaches of representations and warranties made by the Originators.
(d)    In the event that the Servicer breaches a servicing covenant pursuant to Section 7.03(c)(i), no later than the earlier of (i) knowledge by the Servicer of such event or (ii) receipt by the Servicer from the Administrative Agent, a Responsible Officer of the Collateral Agent, any Lender, the Borrower or the Borrower Loan Trustee of written notice thereof, the Servicer shall (A) disclose the identity of each Receivable that is adversely affected in any material respect by such breach on the next Monthly Report relating to the Collection Period in which such Receivable was determined adversely affected by such breach and (B) on or before the next Payment Date relating to the Collection Period in which such Receivable was determined adversely affected by such breach, to the extent such breach has not been cured or waived, make a deposit of the Release Price for each such adversely affected Receivable into the Collection 
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Account in immediately available funds, and the Borrower and the Borrower Loan Trustee for the benefit of the Borrower shall accept the release of such Receivable(s), in each case as described in Section 5.06(a). Upon each release to the Servicer of such an affected Receivable, the Collateral Agent shall automatically and without further action be deemed to transfer, assign and set-over to the Servicer, without recourse, representation or warranty, all the right, title and interest of the Collateral Agent in, to and under such Receivable and all future monies due or to become due with respect thereto (as of the end of the Collection Period immediately prior to the date of repurchase or substitution), all proceeds of such Receivable and Net Liquidation Proceeds relating thereto, all rights to security for any such Receivable, and all proceeds and products of the foregoing (other than, for the avoidance of doubt, the Release Price).  The Servicer’s repurchase described in this Section 5.06(d) shall be the sole remedy (other than any indemnification obligations herein) for the Servicer’s breach of a servicing covenant pursuant to Section 7.03(c)(i).
(e)    In the event that the Servicer identifies a third party to purchase a Charged-Off Receivable in accordance with the Collection Policy (other than, for the avoidance of doubt, any Receivable required to be repurchased pursuant to Sections 5.06(a), (b) and (d)), the Servicer shall make a deposit of the Charged-Off Receivable Release Price for such Charged-Off Receivable into the Collection Account in immediately available funds, and the Borrower and the Borrower Loan Trustee for the benefit of the Borrower shall accept the release of such Charged-Off Receivable as described in Section 5.06(a) so that the Servicer, on its own behalf, can then sell such Charged-Off Receivable to the third party purchaser. Upon the release to the Borrower and the Borrower Loan Trustee of such Charged-Off Receivable, the Collateral Agent shall automatically and without further action be deemed to transfer, assign and set-over to the Borrower and the Borrower Loan Trustee for the benefit of the Borrower, without recourse, representation or warranty, all the right, title and interest of the Collateral Agent in, to and under such Charged-Off Receivable and all future monies due or to become due with respect thereto, all proceeds of such Charged-Off Receivable and Net Liquidation Proceeds relating thereto, all rights to security for any such Charged-Off Receivable, and all proceeds and products of the foregoing (other than, for the avoidance of doubt, the Charged-Off Receivable Release Price).
(f)    The Borrower or the Servicer, as applicable, shall provide written notice to the Collateral Agent, the Backup Servicer, the Administrative Agent and each Lender on the Monthly Report of any release of Receivables pursuant to Sections 5.06(a), (b), (d) and (e). 
(g)    Notwithstanding anything to the contrary in this Agreement, without the consent of the Administrative Agent, the Collateral Agent, any Agent or any Lender and subject to the satisfaction of the conditions set forth below, the Borrower may sell and transfer any Receivable that is not an Eligible Receivable following the Funding Date with respect to such Receivable  to the related Originator in exchange for the related Originator paying the Release Price of such Receivable to the Borrower.  Such sale shall occur on any Business Day as agreed to by the Borrower and such Originator and Borrower shall deliver to the Administrative Agent and the Collateral Agent (1) a written notice prior to such date of sale attaching a schedule identifying the Receivables to be released from the Lien of this Agreement, and (2) a report as of such date that, after giving effect to such sale, the amount of all Loans Outstanding that are Class A Loans does not exceed the Class A Borrowing Base and the  aggregate amount of all Loans Outstanding does not exceed the Total Borrowing Base (each calculated as of the previous Determination Date or, with respect to the initial Funding Date or any Receivables added to the Collateral following such Determination Date, but prior to or on such date of determination, the related Cutoff Date); provided, that no such sale and transfer of any such Receivable shall be permissible or effective if the aggregate principal balance of all Receivables purchased by the Originators in connection with this Section 5.06(g) and with Section 5.06(h) as of the date of such sale and transfer exceeds 10% of the aggregate principal balance of all Receivables acquired by Borrower during the term of this Agreement as of the date of such sale and transfer.  
Signature Page to Credit Agreement (Heights/SouthernCo)

The proceeds of any such sale and transfer of any Receivable under this paragraph shall be deposited directly into the Collection Account on the date of such sale and the Collateral Agent’s Lien on such sold Receivables shall be automatically released upon deposit therein.
(h)    In connection with a Securitization pursuant to Section 2.15, the Borrower shall have the right to designate specific Receivables included in the Collateral on the related Securitization Date that shall be excluded from the Receivables being measured in clauses (i), (ii), (iii), (iv), (v), (vi) and (viii) of the definition of each of “Level I Trigger Event”, “Level II Trigger Event” and “Level III Trigger Event”, by delivering a schedule of such Receivables to the Administrative Agent on such Securitization Date (such Receivables, the “Specified Delinquent Receivables”), provided that the following conditions are satisfied: (x) the Specified Delinquent Receivables shall be limited to the Specified Percentage multiplied by the number of Delinquent Receivables (61+ Days) included in the Collateral as of such Securitization Date; provided, that, if the Receivables being released from the Lien of the Collateral Agent in connection with such Securitization do not include Delinquent Receivables (31+ Days), then such Specified Delinquent Receivables shall be limited to the Specified Percentage multiplied by the number of Delinquent Receivables (31+ Days) included in the Collateral as of such Securitization Date, and (y) no adverse selection procedures shall have been used by the Borrower with respect to designating the Specified Delinquent Receivables, including, without limitation, that Receivables were designated pro rata across the related aging buckets.  At the Administrative Agent’s request, the Borrower shall cause the related Originator to, within five (5) Business Days of such request, repurchase the Specified Delinquent Receivables for an amount equal to the aggregate Principal Balance of such Receivables (as of the last day of the month preceding such request), plus accrued and unpaid interest on such Receivables (at the related APRs) through the date of purchase and all related Breakage Costs, and deposit such amounts into the Collection Account in immediately available funds; provided, that no such sale and transfer of any such Specified Delinquent Receivable shall be permissible or effective if the aggregate principal balance of all Receivables purchased by the Originators in connection with this Section 5.06(h) and with Section 5.06(g) as of the date of such sale and transfer exceeds 10% of the aggregate principal balance of all Receivables acquired by Borrower during the term of this Agreement as of the date of such sale and transfer.
ARTICLE SIX

COVENANTS
Section 6.01.    Affirmative Covenants of the Borrower.  From the Closing Date until the Facility Termination Date:
(a)    Compliance with Laws.  The Borrower will comply in all material respects with all Applicable Laws, including those with respect to the Receivables.  The Borrower will maintain, or cause to be maintained, an in-place compliance management system appropriate for its size and complexity.
(b)    Preservation of Existence.  The Borrower will preserve and maintain its existence, rights, franchises and privileges in the State of Delaware, and qualify and remain qualified in good standing as a foreign limited liability company in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect. The Borrower will at all times endeavor to maintain a Borrower Loan Trustee. If the Borrower Loan Trustee resigns or is removed pursuant to the Borrower Loan Trust Agreement, the Borrower will promptly cause a successor Borrower Loan Trustee to be appointed.
Signature Page to Credit Agreement (Heights/SouthernCo)

(c)    Performance and Compliance with Agreements.  The Borrower will, at its expense, timely and fully perform and comply (or cause (i) the Servicer to perform and comply pursuant to this Agreement and other Basic Documents to which the Servicer is a party or (ii) the Originators to perform and comply pursuant to the Purchase Agreement and the other Basic Documents to which any Originator is a party) with all provisions, covenants and other promises required to be observed by it under the Basic Documents and the Contracts.
(d)    Keeping of Records and Books of Account.  The Borrower will (or will direct the Servicer on behalf of the Borrower to) maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables.
(e)    Borrower Assets.  The Borrower for itself and on behalf of the Borrower Loan Trustee will: (i) acquire the Receivables pursuant to and in accordance with the terms of the Purchase Agreement, (ii) take all action necessary to perfect, protect and more fully evidence the Borrower’s and the Borrower Loan Trustee’s ownership of such Receivables, including (A) filing and maintaining effective financing statements (Form UCC-1) listing each Originator as debtor in all necessary or appropriate filing offices, and filing continuation statements, amendments or assignments with respect thereto in such filing offices and (B) executing or causing to be executed such other instruments or notices as may be necessary or appropriate and (iii) take all additional action that the Administrative Agent or any Lender may reasonably request, including the filing of financing statements (Form UCC-1) listing the Collateral Agent as secured party to perfect, protect and more fully evidence the respective interests of the parties to this Agreement in the Collateral on the Closing Date. Each of the Borrower and the Borrower Loan Trustee hereby appoints the Collateral Agent as its agent and attorney-in-fact and hereby authorizes the Collateral Agent to file all financing statements, continuation statements or other instruments required to be executed or filed (if any) pursuant to this Section 6.01; provided, however, that the Collateral Agent shall not be obligated to execute, file or authorize such instruments or take any other action in connection with such appointment and shall have no liability in connection therewith, including as a result of a failure of any such instruments to be filed.  Notwithstanding any statement to the contrary contained herein or in any other Basic Document, the Borrower shall not be required to notify any insurer with respect to any insurance policy with respect to a Receivable about any aspect of the transactions contemplated by the Basic Documents.  Financing statements filed pursuant to such appointment may describe the Collateral in the same manner as described herein or may describe the collateral subject thereto as “All of the Debtor’s personal property and other assets, whether now owned or existing or hereafter acquired or arising, together with all products and proceeds thereof, substitutions and replacements therefor, and additions and accessions thereto.” The Borrower shall pay or cause to be paid any taxes levied on all or any part of the Collateral from amounts available for such purpose pursuant to this Agreement.
(f)    Delivery of Collections.  The Borrower will deliver or cause to be delivered to the Servicer for further remittance to the Collection Account promptly (but in no event later than two (2) Business Days after processing thereof) all Collections received by it.
(g)    Separate Existence.  The Borrower shall be in compliance with the special purpose entity requirements set forth in Section 6.02(o).
Signature Page to Credit Agreement (Heights/SouthernCo)

(h)    Credit Policy and Collection Policy.  The Borrower will cause the Servicer to (i) with respect to the Receivables, comply in all material respects with the Credit Policy and the Collection Policy, as applicable, throughout the life of such Receivable, (ii) furnish to the Collateral Agent, the Administrative Agent and each Lender, prior to its effective date, prompt notice of any change to the Credit Policy or the Collection Policy that would impair the collectability of the Receivables or otherwise be material to the interests or remedies of a Secured Party under this Agreement or the Basic Documents, and with respect to any such change, the Borrower will not allow such change to be put into effect without the prior written consent of the Administrative Agent acting at the direction of the Required Lenders, and (iii) to the extent the Servicer is SouthernCo or an Affiliate thereof, furnish to the Lenders and the Administrative Agent, at such Person’s request, a copy of the Credit Policy or Collection Policy, as applicable, reflecting any changes thereof.  For the avoidance of doubt, no Successor Servicer (other than an Affiliate of SouthernCo) has any duty or obligation hereunder in relation to the Credit Policy or its implementation. 
(i)    Events of Default and Facility Amortization Event.  The Borrower will provide the Administrative Agent, each Lender, the Collateral Agent, the Backup Servicer, the Borrower Loan Trustee and the Image File Custodian with written notice promptly and in any event within three (3) Business Days after a Responsible Officer of the Borrower obtains knowledge of the occurrence of each Event of Default, Unmatured Event of Default and Facility Amortization Event setting forth the details of such event and the action that the Borrower proposes to take with respect thereto.
The Collateral Agent shall have no obligation either prior to or after receiving any notice indicating the existence of any Insolvency Event or any Default, Event of Default, Facility Amortization Event, Servicer Termination Event or other default which, with the passage of time or the giving of notice, could become an Event of Default, a Facility Amortization Event or a Servicer Termination Event, to investigate or verify that such event has in fact occurred and shall be entitled to rely conclusively, and shall be fully protected in so relying, on any notice so furnished to it.  In the absence of a Responsible Officer of the Collateral Agent’s receipt of such notice or the actual knowledge of a Responsible Officer of the Collateral Agent that any Insolvency Event, any Event of Default or incipient Event of Default, any Facility Amortization Event or incipient Facility Amortization Event or any Servicer Termination Event or incipient Servicer Termination Event has occurred, the Collateral Agent may conclusively assume that there is no Insolvency Event, Event of Default or incipient Event of Default, Facility Amortization Event or incipient Facility Amortization Event, or Servicer Termination Event or incipient Servicer Termination Event.  When the Collateral Agent incurs expenses or renders services in connection with an Event of Default, the expenses (including the reasonable fees and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable bankruptcy laws.
(j)    Taxes.  The Borrower will file or cause to be filed all federal tax returns and all other material tax returns that are required to be filed by it.  The Borrower will pay when due, cause to be paid when due, or make adequate and timely provisions for the payment when due of all federal Taxes and all other material Taxes and assessments made against it or any of its property (other than any amount of Tax the validity of which the Borrower may contest in good faith by appropriate proceedings, including appeals, and with respect to which SouthernCo or the Borrower retains reserves on the consolidated books of SouthernCo and the Borrower), including those required to meet the obligations of the Basic Documents.
Signature Page to Credit Agreement (Heights/SouthernCo)

(k)    Tax Status.  The Borrower will not elect to be treated as a corporation or enter into any transaction which could reasonably be expected to result in it becoming taxable as a corporation, for U.S. federal income tax purposes.
(l)    Use of Proceeds.  The Borrower will use the proceeds of the Loans only to acquire the Receivables from the Originators pursuant to the Purchase Agreement and to fund the fees and expenses arising under this Agreement and the other Basic Documents.  No part of the proceeds of the Loans will be used, whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Federal Reserve Board, including Regulations T, U and X.
(m)    Reporting.  The Borrower will maintain for itself, or cause to be maintained, a system of accounting and furnish or cause to be furnished to the Collateral Agent, the Administrative Agent and each Lender and, in the case of Monthly Reports, Monthly Loan Tapes and notices of material events, each Lender, the Paying Agent and the Backup Servicer: 
(i)    Monthly Reports and Monthly Loan Tapes.  Not later than each Reporting Date, a Monthly Report, a Monthly Loan Tape, an updated Schedule of Receivables and such other information as reasonably requested by the Collateral Agent, the Administrative Agent or a Lender.
(ii)    Income Tax Liability.  Within ten (10) Business Days after a request therefor by the Administrative Agent, revenue agent reports or other written proposals, determinations or assessments of the IRS or any other Governmental Authority which propose, determine or otherwise set forth positive adjustments to the Tax liability of (including any positive adjustments to amounts assessed under Section 6221(a) of the Code or any analogous provision of state or local tax law), or assess or propose the collection of Taxes required to have been withheld by, the Borrower which equal or exceed $1,000,000 in the aggregate, telephonic or facsimile notice (confirmed in writing within five (5) Business Days) specifying the nature of the items giving rise to such adjustments and the amounts thereof.
(iii)    Tax Returns.  Upon demand by the Collateral Agent, the Administrative Agent or a Lender, copies of all federal, State and local Tax returns and reports filed by the Borrower (excluding sales, use and like taxes).
(iv)    Auditors’ Management Letters.  Promptly following a request therefor by the Administrative Agent, any auditors’ management letters received by the Borrower or by its accountants, which refer in whole or in part to any inadequacy, defect, problem, qualification or other lack of fully satisfactory accounting controls utilized by the Borrower; provided, that, if required by such auditor, the Administrative Agent shall enter into a customary release or access letter with the auditor in connection therewith and Borrower shall have no liability for failure to deliver any such auditors' management letters until the Administrative Agent shall have provided such auditor such release or access letter.
(v)    Representations.  Promptly upon, and in any event within three (3) Business Days of, the Borrower having knowledge thereof, the  Borrower shall notify the Collateral Agent, the Administrative Agent and each Lender if any representation or warranty set forth in Section 5.01 or 5.03 was incorrect at the time it was given or deemed to have been given and at the same time deliver to 
Signature Page to Credit Agreement (Heights/SouthernCo)

the Collateral Agent, the Administrative Agent and each Lender a written notice setting forth in reasonable detail the nature of such facts and circumstances.  
(vi)    ERISA.  Promptly, and in any event within thirty (30) days, after receiving notice of any Reportable Event with respect to the Borrower (or any ERISA Affiliate thereof and for which the Borrower would have liability), a copy of such notice.
(vii)    Proceedings.  Promptly, and in any event within three (3) Business Days, after a Responsible Officer of the Borrower receives notice or obtains knowledge thereof, any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of material litigation, material action, material suit or material proceeding before any Governmental Authority, domestic or foreign, affecting the Heights/SouthernCo Entities or their Affiliates.
(viii)    Notice of Material Events.  Promptly upon, and in any event within three (3) Business Days of, the Borrower having knowledge thereof, notice of any other event or circumstance with respect to the Borrower that, in the reasonable judgment of the Borrower, is likely to have a Material Adverse Effect.
(ix)    Notice of ESG Issues.  Promptly upon, and in any event within three (3) Business Days of, the Borrower having knowledge thereof, notice of any ESG Issue that occurs with respect to the Parent, Servicer or Borrower.
(n)    Notices Regarding Collateral.  The Borrower will provide notice to the Collateral Agent, the Backup Servicer, the Image File Custodian, the Administrative Agent and each Lender in writing promptly, in reasonable detail, upon, and in any event within three (3) Business Days of, the Borrower having knowledge of any Lien (other than Permitted Liens) asserted or claim made against a material portion of the Collateral.  In addition, the Borrower will inform the Administrative Agent, the Collateral Agent, each Agent and each Lender promptly and in any event within three (3) Business Days, in writing, upon knowledge that any Receivable is not an Eligible Receivable and will cause the Servicer to disclose the identity of the affected Receivables on the next Monthly Report relating to the Collection Period in which such Receivable was determined not to be an Eligible Receivable.
(o)    Further Assurances.  Promptly upon request by the Collateral Agent, the Administrative Agent, any Lender, the Borrower or the Borrower Loan Trustee (at the written direction of the Borrower) will (i) correct any material defect or error that may be discovered in any Basic Document other than a Hedging Agreement or in the execution, acknowledgment, filing or recordation thereof, and with respect to a Hedging Agreement request the relevant Hedge Counterparty to amend the Hedging Agreement to correct any material defect or error that may be discovered therein or in the execution, acknowledgment, filing or recordation thereof, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and register any and all such further acts, deeds, certificates, assurances, financial statements, information and other instruments as the Collateral Agent, the Administrative Agent or any Lender may reasonably require from time to time in order to, in each case with respect to this clause (ii), (A) carry out more effectively the purposes of the Basic Documents, (B) to the fullest extent permitted by Applicable Law, subject the Borrower’s and the Borrower Loan Trustee for the benefit of the Borrower’s properties, assets, rights or interests to the Liens now or hereafter intended to be granted by any of the Basic Documents, (C) perfect and maintain the validity, effectiveness and priority of any of the Basic Documents and any of the Liens 
Signature Page to Credit Agreement (Heights/SouthernCo)

intended to be created hereunder and thereunder and (D) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Basic Document or under any other instrument executed in connection with any Borrower Basic Document.
(p)    Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.  
(i)    The proceeds of any Loan shall not be used, directly or indirectly, for any purpose which would breach any applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.
(ii)    The Borrower shall (i) conduct its business in compliance with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions; and (ii) maintain policies and procedures designed to promote and achieve compliance with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.
(iii)    The proceeds of any Loan hereunder will not, directly or indirectly, be used to lend, contribute, or otherwise made available to any Person (i) to fund any activities or business of or with a Sanctioned Target, in violation of applicable Sanctions, or (ii) be used in any manner that would be prohibited by Sanctions or would otherwise cause Lenders to be in breach of any Sanctions.  Borrower shall notify the Lenders in writing not more than three (3) Business Days after becoming aware of any breach of Section 5.01(y) and this Section 6.01(p).
(iv)    The Borrower shall, promptly upon a Lender’s request, deliver a compliance certificate in form and substance satisfactory to Lenders which Lenders deem necessary or desirable to evidence compliance with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.
(q)    Other.  The Borrower will furnish to the Collateral Agent, the Administrative Agent and each Lender promptly, from time to time, such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Borrower or the Heights/SouthernCo Entities as the Collateral Agent, the Administrative Agent or a Lender may from time to time reasonably request in order to protect the interests of the Secured Parties under or as contemplated by this Agreement. Upon written request of the Collateral Agent or the Administrative Agent, each of the Borrower and the Borrower Loan Trustee will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Agreement.
Section 6.02.    Negative Covenants of the Borrower and the Borrower Loan Trustee.  From the Closing Date until the Facility Termination Date:
(a)    [Reserved].
(b)    Other Business.  The Borrower will not (i) engage in any business other than the transactions contemplated by the Basic Documents, (ii) incur any Indebtedness, obligation, liability or contingent obligation of any kind other than pursuant to this Agreement or any other Basic Document (excluding any incidental expenses incurred by the Borrower in connection with the performance of its obligations under the Basic Documents) or (iii) form any Subsidiary or make any Investments in any other Person (other than Permitted Investments).
Signature Page to Credit Agreement (Heights/SouthernCo)

(c)    Security Interests.  Other than as contemplated by the Basic Documents, the Borrower and the Borrower Loan Trustee will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any portion of the Collateral (except for any Permitted Liens), whether now existing or hereafter transferred hereunder, or any interest therein, and the Borrower and the Borrower Loan Trustee will not sell, pledge, assign or suffer to exist any Lien on its interest, if any, hereunder.  The Borrower will promptly notify the Collateral Agent, the Administrative Agent and each Lender of the existence of any Lien on any portion of the Collateral and the Borrower for itself and on behalf of the Borrower Loan Trustee shall defend the right, title and interest of the Collateral Agent in, to and under such Collateral, against all claims of third parties; provided, however, that nothing in this subsection shall prevent or be deemed to prohibit (or require any notice with respect to) the Borrower and the Borrower Loan Trustee permitting Permitted Liens upon any portion of the Collateral.
(d)    The Accounts.  The Borrower shall not create or participate in the creation of, or permit to exist, any Liens (other than Permitted Liens) and will not enter into any “control agreement” (as defined in the relevant UCC) with respect to either Account other than as set forth in, or permitted pursuant to, this Agreement and the Account Control Agreement.
(e)    Mergers, Acquisitions, Sales, Etc.  The Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire all or substantially all of the assets or any stock or membership interests of any class of, or any partnership or joint venture interest in, any other Person, or, other than in compliance with the terms hereof, sell, transfer, convey or lease all or any substantial part of its assets, or sell or assign with or without recourse any portion of the Collateral or any interest therein (other than pursuant hereto).
(f)    Distributions.  The Borrower shall not declare or pay, directly or indirectly, any dividend or make any other distribution (whether in cash or other property) with respect to the profits, assets or capital of the Borrower or any Person’s interest therein, or purchase, redeem or otherwise acquire for value any of its capital stock now or hereafter outstanding, except that so long as no Event of Default, Unmatured Event of Default or Facility Amortization Event has occurred and is continuing or would result therefrom, the Borrower may declare and pay cash or limited liability company membership interest distributions with funds distributed to the Borrower pursuant to Section 2.08 or Section 2.11(c), subject to Applicable Law.
(g)    Change of Name or Location of Receivable Files.  The Borrower shall not change its name, form or State of organization or change the location of its principal place of business and chief executive office without the prior written consent of the Required Lenders, provided that such consent may not be unreasonably withheld, and further provided that, the Borrower shall take all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Collateral Agent in the Collateral, subject only to Permitted Liens. In addition, if the Borrower or the Servicer moves the Receivable Files other than from a branch of the Servicer to another branch or a centralized servicing location of the Servicer or a subservicer, subcontractor or other agent of the Servicer, the Borrower shall deliver written notice thereof to the Borrower Loan Trustee, the Collateral Agent, the Administrative Agent and the Lenders within ten (10) days following such move.
(h)    True Sale.  Other than for consolidated accounting purposes under GAAP, the Borrower will not account for or treat the transactions contemplated by the Purchase 
Signature Page to Credit Agreement (Heights/SouthernCo)

Agreement in any manner other than as the sale, or absolute assignment, of the Receivables and other Collateral by the Originators to the Borrower.
(i)    ERISA Matters.  Except as could not, in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Borrower will not (i) assuming that no portion of the Loans are funded or held with Plan Assets of any Benefit Plan, engage in any prohibited transaction within the meaning of Section 406 of ERISA with respect to any Benefit Plan established or maintained by the Borrower for which an exemption is not available, or has not previously been obtained from the United States Department of Labor, (ii) fail, or permit any ERISA Affiliate to fail, to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived, (iii) file, or permit any ERISA Affiliate to file, an application for a waiver of the minimum funding standard pursuant to Section 412(c) of the Code or Section 303(c) of ERISA with respect to any Pension Plan, (iv) incur, or permit any ERISA Affiliate to incur, any liability under Title IV of ERISA with respect to the termination of any Pension Plan, (v) fail, or permit any ERISA Affiliate to fail, to make any payments to a Multiemployer Plan that the Borrower or any ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (vi) terminate any Pension Plan so as to result in any liability to Borrower, or (vii) permit to exist any occurrence of any Reportable Event.
(j)    Formation Documents; Borrower Basic Documents.  Without the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders), the Borrower will not (i) amend, modify, waive or terminate any provision of its Formation Documents or any other Borrower Basic Document or (ii) permit the Members to amend, modify or terminate its Certificate of Formation or its limited liability company agreement. The Administrative Agent shall provide a copy of each such proposed amendment, waiver or other modification to each Loan Rating Agency, if any.
(k)    Changes in Payment Instructions.  The Borrower will not add or make any change, or permit the Servicer or any Subservicer to make any change, in its instructions (i) to Obligors regarding payments in respect of the Receivables to be made to the Borrower, the Servicer or any Subservicer (other than as permitted by Section 6.05(k)) and (ii) regarding payments to be made to the Administrative Agent or the Lenders with respect to the Collateral, each unless the Administrative Agent and the affected Lenders have consented to such change and has received duly executed copies of all documentation related thereto, which documentation shall be satisfactory in form and substance to the Administrative Agent and such Lenders.
(l)    Extension or Amendment.  The Borrower will not, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify, or permit the Servicer to extend, amend or otherwise modify, the terms of any Contract.
(m)    Collection Policy.  Subject to Sections 6.01(h) and 6.04(j), the Borrower will not materially amend, modify, restate or replace, in whole or in part, the Collection Policy, which change would impair the collectability of the Receivables or otherwise be material to the interests or remedies of a Secured Party under this Agreement or the Basic Documents, without the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders).
(n)    No Assignments.  The Borrower will not assign or delegate, grant any interest in or permit any Lien (other than Permitted Liens) to exist upon any of its rights, obligations or duties under this Agreement without the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders).
Signature Page to Credit Agreement (Heights/SouthernCo)

(o)    Special Purpose Entity.  The Borrower shall not, nor shall it permit any Affiliate or any other Person to, amend, modify or otherwise change its Formation Documents in a manner that would adversely affect the existence of the Borrower as a bankruptcy remote special-purpose entity and the Borrower shall not conduct its business so as to make the assumptions made with respect to the Borrower in the non-consolidation opinion of Mayer Brown LLP, dated the Closing Date, incorrect.
(p)    Residual Interest Conveyance.  The Borrower will not transfer any interest or residual interest in (i) its rights to receive amounts pursuant to Section 2.08(a)(xiii) or (ii) its membership or other equity interests.
(q)    Electronic Contracts.  None of the Borrower, the Borrower Loan Trustee nor any custodian or vaulting agent thereof, if any, has communicated, nor will they communicate, an Authoritative Copy of any Electronic Contract to any Person other than the Electronic Vault Provider, the Servicer, the Borrower, the Borrower Loan Trustee or the Collateral Agent.
(r)    Additional Collateral.  In no event shall Receivables be transferred to the Borrower except during the Revolving Period.
(s)    Credit Policy.  Subject to Section 6.01(h), the Borrower will not consent to any Originator’s amendment, modification, restatement or replacement, in whole or in part, of the Credit Policy, which change would impair the collectability of the Receivables or otherwise be material to the interests or remedies of a Secured Party under the Basic Documents, without the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders).
(t)    Renewals. The Borrower will not permit any Originator to effect a Renewal (other than a Renewal Receivable Replacement) with respect to any Receivable unless on or before the date the applicable Renewal Receivable is originated, such Originator shall have acquired the related Terminated Receivable from the Borrower and the Borrower Loan Trustee for the benefit of the Borrower pursuant to Section 2.05 of the Purchase Agreement. If in connection with any Renewal Receivable Replacement an Originator receives any payments from or on behalf of the applicable Obligor that are applied to reduce the Principal Balance of the related Terminated Receivable such that the Principal Balance of the Renewal Receivable is less than the Principal Balance of the Terminated Receivable, the full amount of such payments shall be remitted to the Servicer to be applied as Collections in respect of such Terminated Receivable.
Section 6.03.    Covenant of the Borrower Relating to Hedging. 
(a)    On any date on and after the occurrence of a Hedging Event on which the Eligible Receivables Principal Balance is greater than zero, the Borrower must satisfy the Hedge Condition. 
(b)    Within thirty (30) days after (i) the occurrence of any event defined as an “Event of Default” or “Termination Event” in a Hedging Agreement with respect to the Hedge Counterparty or (ii) a Hedge Counterparty ceasing to satisfy the requirements set forth in the definition of “Hedge Counterparty,” the Borrower shall cause such Hedge Counterparty to assign its obligations under the Hedging Agreement to a new Hedge Counterparty which satisfies the requirements set forth in the definition of “Hedge Counterparty.” 
Signature Page to Credit Agreement (Heights/SouthernCo)

(c)    All reasonably documented costs and expenses (including reasonable legal fees and disbursements) incurred by the Administrative Agent and the Agents in connection with each Hedge Transaction shall be paid by the Borrower. 
(d)    The Borrower shall deliver to the Collateral Agent, the Administrative Agent and each Lender a copy of all documents related to any Hedging Agreement, including confirmations, schedules and an aggregate notional amortization schedule.  The Administrative Agent shall provide each Loan Rating Agency, if any, with notice of any Hedging Agreement that may be entered into as provided in this Section.
(e)    As additional security hereunder, the Borrower will collaterally assign to the Collateral Agent for the benefit of the Secured Parties, at the time each Hedging Agreement is entered into, all right, title and interest of the Borrower in the Hedge Collateral.  The Borrower acknowledges that, as a result of that assignment, the Borrower may not, without the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders), exercise any rights under any Hedging Agreement or Hedge Transaction, except for the Borrower’s right under any Hedging Agreement to enter into Hedge Transactions in order to meet the Borrower’s obligations hereunder.  Nothing herein shall have the effect of releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring the consent of any Secured Party for the performance by the Borrower of any such obligations.
Section 6.04.    Affirmative Covenants of the Servicer and each Subservicer.  From the Closing Date until the Facility Termination Date:
(a)    Compliance with Laws.  The Servicer and each Subservicer will comply in all material respects with all Applicable Laws, including those with respect to the Contracts, the Receivables and the Receivable Files or any part thereof. The Servicer and each Subservicer will maintain, or cause to be maintained, an in-place compliance management system appropriate for its respective size and complexity.
(b)    Preservation of Corporate Existence.  The Servicer and each Subservicer will preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing as a foreign corporation in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect.
(c)    Obligations and Compliance with Receivables.  The Servicer and each Subservicer will fulfill and comply with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection with the Receivables in accordance with the Collection Policy.
(d)    Performance and Compliance with Servicer Basic Documents.  The Servicer and each Subservicer will timely and fully perform and comply with all provisions, covenants and other promises required to be observed by it under the Servicer Basic Documents.
(e)    Keeping of Records and Books of Account.  The Servicer and each Subservicer will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Receivables, including the Servicer Files, in the event of the destruction of the originals thereof), and keep and maintain all 
Signature Page to Credit Agreement (Heights/SouthernCo)

documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables, including the Servicer Files.
(f)    Taxes.  The Servicer and each Subservicer will file all material tax returns that are required to be filed by it and pay any and all Taxes shown on such tax returns and any other material Taxes, including those required to meet the obligations of the Basic Documents; provided, however, that neither the Servicer nor any Subservicer shall be required to pay any such Tax if and so long as the amount, applicability or validity thereof is being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Servicer or such Subservicer.
(g)    [Reserved].
(h)    Preservation of Security Interest.  The Servicer and each Subservicer will execute and file such financing and continuation statements and any other documents that may be required by any Applicable Law or regulation of any Governmental Authority to preserve and protect fully the security interest of the Collateral Agent in, to and under the Collateral.
(i)    Collateral.  The Servicer and each Subservicer shall (x) deliver or cause to be delivered to the Borrower no later than two Business Day preceding the related Funding Date, as the case may be, the current Schedule of Receivables, (y) with respect to any Receivable that does not relate to an Electronic Contract (excluding a Specified Electronic Contract), deliver or cause to be delivered to the Image File Custodian on the related Funding Date, the related Imaged File, as the case may, and (z) with respect to any Receivable, retain the original Receivable File (provided that, prior to the satisfaction of the Electronic Chattel Paper Condition, the Servicer and each Subservicer shall send a copy of the Electronic Contracts to the Image File Custodian and, after the satisfaction of the Electronic Chattel Paper Condition, the Electronic Contracts (excluding Specified Electronic Contracts) shall be maintained in the Electronic Vault).  Notwithstanding any other provision of this Agreement, the Servicer may release any underlying collateral from the security interest created by the related Receivable when the Servicer deposits into the Collection Account an amount equal to the related Release Price or the entire amount of Net Liquidation Proceeds and other Collections it has received or expects to receive with respect to such Receivable and such underlying collateral in accordance with the Collection Policy. 
(j)    Credit Policy and Collection Policy.  The Servicer and each Subservicer will comply in all material respects with the Credit Policy and the Collection Policy in regard to the Receivables.  The Servicer and each Subservicer shall furnish to the Collateral Agent, the Administrative Agent and each Lender, prior to its effective date, prompt notice of any change to the Credit Policy or the Collection Policy that would impair the collectability of the Receivables or otherwise be material to the interests or remedies of a Secured Party under this Agreement or any other Basic Document, and with respect to such change, the Servicer or Subservicer, as applicable will not allow any such change to be put into effect without the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders). At the Administrative Agent’s request, the initial Servicer will cause to be delivered to the Collateral Agent, the Administrative Agent, each Lender and the Backup Servicer a modified Credit Policy and Collection Policy including each change thereto.
(k)    Events of Default and Facility Amortization Event.  The Servicer will furnish to the Collateral Agent, the Administrative Agent, the Backup Servicer, each 
Signature Page to Credit Agreement (Heights/SouthernCo)

Loan Rating Agency, if any, and each Lender, as soon as possible and in any event within three (3) Business Days after the occurrence of each Event of Default, Unmatured Event of Default and Facility Amortization Event, a written statement of its chief financial officer or chief accounting officer setting forth the details of such event and the action that the Servicer proposes to take with respect thereto.
(l)    Other.  The Servicer will furnish or cause to be furnished to the Collateral Agent, the Administrative Agent and each Lender, promptly, from time to time, such other information, documents, records or reports respecting the Collateral or the condition or operations, financial or otherwise, of the Borrower, the Servicer or the Originators as the Collateral Agent, the Administrative Agent or a Lender may from time to time reasonably request in order to protect the interests of the Secured Parties under or as contemplated by this Agreement.
(m)    Losses, Etc.  In any suit, proceeding or action brought by the Backup Servicer, the Image File Custodian, the Paying Agent, the Administrative Agent or any Secured Party for any sum owing thereto, the Servicer shall save, indemnify and keep each such entity harmless from and against all fees, claims, costs, expense, loss or damage (including attorneys’ fees and expenses and court costs) suffered by reason of any defense, setoff, counterclaim, recoupment or reduction of liability whatsoever of the Obligor under the Receivables, arising out of a breach by the Servicer of any obligation under the related Receivable or arising out of any other agreement, Indebtedness or liability at any time owing to or in favor of such Obligor or its successor from the Servicer, and all such obligations of the Servicer shall be and remain enforceable against and only against the Servicer and shall not be enforceable against each such entity.  For the avoidance of doubt, such indemnified amounts shall include any expense and costs, including reasonable attorneys’ fees and expenses and court costs, incurred in connection with any enforcement (including any action, claim or suit) brought by an indemnified party of any indemnification or other obligation of the Servicer.  The provisions of this section shall survive the termination or assignment of this Agreement and the other Basic Documents and the resignation or removal of any party.
(n)    [Reserved].
(o)    [Reserved].
(p)    Accounting Policy.  The initial Servicer will promptly notify the Administrative Agent, each Agent and each Lender of any material change in the Servicer’s accounting policies to the extent not filed by the Parent with the Securities and Exchange Commission and otherwise publicly available.
(q)    Notices.  The Servicer shall inform the Administrative Agent, the Collateral Agent, each Agent and each Lender promptly and in any event within three (3) Business Days, in writing, upon knowledge that any Receivable is not an Eligible Receivable and disclose the identity of the affected Receivables on the next Monthly Report relating to the Collection Period in which such Receivable was determined not to be an Eligible Receivable.
(r)    Anti-Corruption Laws.  The Servicer will maintain in effect and enforce policies and procedures designed to promote and achieve compliance by the Servicer and each of its Subsidiaries and its or their respective directors, officers and employees with Anti-Corruption Laws.
Signature Page to Credit Agreement (Heights/SouthernCo)

(s)    Additional Covenants.  The Servicer will (i) transfer to the Paying Agent for deposit into the Collection Account, all payments received by the Servicer with respect to the Collateral in accordance with this Agreement, (ii) comply with the terms and conditions of this Agreement relating to the obligation of the Borrower and the Borrower Loan Trustee to remove Receivables from the Collateral pursuant to this Agreement and the obligations of the Originators to reacquire Receivables from the Borrower pursuant to the Purchase Agreement, (iii) promptly, but no later than three (3) Business Days after obtaining knowledge thereof, notify the Borrower, the Borrower Loan Trustee, the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Backup Servicer, the Paying Agent and the Image File Custodian of the occurrence of any Servicer Termination Event or any breach by the Servicer of any of its covenants or representations and warranties contained herein, (iv) promptly notify the Borrower, the Borrower Loan Trustee, the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Backup Servicer, the Paying Agent and the Image File Custodian of the occurrence of any event which, to the knowledge of the Servicer, would require that the Borrower make or cause to be made any filings, reports, notices or applications or seek any consents or authorizations from any and all Government Authorities in accordance with the relevant UCC as may be necessary or advisable to create, maintain and protect a first priority security interest of the Collateral Agent in, to and on the Collateral, and (v) promptly notify the Backup Servicer of any changes to the servicing platform occur reasonably necessary for the Backup Servicer to fulfill its obligations under this Agreement.
(t)    Delivery of Information.  The Servicer shall provide an updated Schedule G to the Administrative Agent and the Backup Servicer together with the quarterly financial statements delivered pursuant to Section 7.06(b) to the extent there is any change in the information described therein.
Section 6.05.    Negative Covenants of the Servicer and each Subservicer.  From the Closing Date until the Facility Termination Date:
(a)    Collection Account; Reserve Account.  Neither the Servicer nor any Subservicer shall create or participate in the creation of, or permit to exist, any Liens (other than Permitted Liens) with respect to the Collection Account or the Reserve Account.  Neither the Servicer nor any Subservicer shall grant the right to take dominion or “control” (as defined in the relevant UCC) at a future time or upon the occurrence of a future event to any Person with respect to such Collection Account or the Reserve Account.
(b)    Mergers, Acquisition, Sales, Etc.  The initial Servicer shall not (i) consolidate with or merge into any other Person or (ii) convey or transfer all or substantially all of its assets to any other Person unless the Servicer has complied with Section 7.14.
(c)    Change of Name or Location of Servicer Files or Receivable Files.  Neither the Servicer nor any Subservicer shall change its name or its State of organization or move the location of its principal place of business and chief executive office without the prior written consent of the Collateral Agent and the Required Lenders, provided that such consent may not be unreasonably withheld, and further provided that, the Servicer or Subservicer, as applicable, shall take all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Collateral Agent for the benefit of the Secured Parties, in the Collateral, subject only to Permitted Liens. In addition, if the Servicer or a Subservicer moves the Receivable (including the Receivable Files or the Servicer Files (other than the Authoritative Copy of 
Signature Page to Credit Agreement (Heights/SouthernCo)

any Electronic Contract following satisfaction of the Electronic Chattel Paper Condition) other than from a branch of SouthernCo or any Originator or such Subservicer to another branch or a centralized servicing location of the Servicer or such Originator or such Subservicer, subcontractor or other agent of SouthernCo, the Servicer shall deliver written notice thereof to the Collateral Agent, the Administrative Agent and the Lenders within ten (10) days following such move.
(d)    Change in Payment Instructions to Obligors.  Neither the Servicer nor any Subservicer will make any change in its instructions to the Obligors regarding payments to be made to the Borrower, the Servicer or a Subservicer, unless the Administrative Agent (acting at the direction of the Required Lenders) has consented to such change and has received duly executed documentation related thereto.
(e)    Extension or Amendment of Contracts.  Neither the Servicer nor any Subservicer will, except as otherwise permitted in Section 7.03(c)(i), extend, amend or otherwise modify the terms of any Contract.
(f)    Electronic Chattel Paper.  None of the Servicer, any Subservicer nor any custodian or vaulting agent thereof, if any has communicated, nor will they communicate, an Authoritative Copy of any Electronic Contract to any Person other than the Electronic Vault Provider, the Servicer, the Subservicers, the Borrower, the Borrower Loan Trustee or the Collateral Agent.
(g)    No Liens.  Except pursuant to Section 5.06(e), neither the Servicer nor any Subservicer shall sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than the Lien created by this Agreement) on the Collateral or any interest therein.  The Servicer will notify the Collateral Agent, the Administrative Agent and each Lender of the existence of any Lien on any portion of the Collateral promptly upon discovery thereof (but in no event later than three (3) Business Days after discovery thereof), and the Servicer shall defend the right, title and interest of the Collateral Agent on behalf of the Secured Parties in, to and under the Collateral against all claims of third parties claiming through or under the Servicer or any Subservicer.
(h)    Anti-Corruption Laws.  Neither the Servicer nor any Subservicer shall use, nor shall they cause their respective Subsidiaries or their respective directors, officers, employees and agents to use, the proceeds of the Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Target, in violation of applicable Sanctions, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.
(i)    Release; Additional Covenants.  Neither the Servicer nor any Subservicer shall (i) release any underlying collateral securing any Receivable from the security interest granted therein by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder (or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its Collection Policy) or upon transfer of such underlying collateral to a purchaser following repossession by the Servicer or any Subservicer in accordance with the Collection Policy, (ii) impair the rights of the Borrower, the Borrower Loan Trustee, the Collateral Agent, the Administrative Agent or the Secured Parties in the Collateral, or (iii) increase the number of Scheduled Payments due under a Receivable except as permitted herein.
Signature Page to Credit Agreement (Heights/SouthernCo)

(j)    Ownership Interest.  SouthernCo, as Servicer, shall cause each Originator to not sell, transfer, convey, assign or pledge any portion of its ownership interests in the Borrower, in each case, without the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders).  
(k)    Servicer Accounts. Neither SouthernCo, as Servicer, nor any Subservicer shall instruct any Obligor to remit payments to any account other than a Servicer Deposit Account listed on Schedule G-2 attached hereto, as such schedule may be updated by the Servicer pursuant to Section 6.04(t).  SouthernCo, as Servicer, shall not create or participate in the creation of, or permit to exist, any Liens and will not enter into any “control agreement” (as defined in the relevant UCC) with respect to any Servicer Account other than as set forth in, or permitted pursuant to the Intercreditor Agreement.
ARTICLE SEVEN

ADMINISTRATION AND SERVICING OF CONTRACTS
Section 7.01.    Designation of Servicing and Subservicing.  
(a)    The Administrative Agent, each Agent, each Lender, the Borrower and the Borrower Loan Trustee, hereby appoint SouthernCo, as Servicer, to service, manage, collect and administer the Receivables and the other Collateral and to enforce its respective rights and interests in and under the Collateral in accordance with and subject to the terms of this Agreement, and SouthernCo hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof.  The Servicer shall not be required to use separate servicing operations, offices, employees or accounts for servicing the Receivables from the operations, offices, employees and accounts used by the Servicer in connection with servicing other consumer receivables.
(b)    Each Subservicer shall be responsible for the servicing and administration of the Receivables for which such Subservicer is designated as the Subservicer on the Schedule of Receivables; provided, however, that the Servicer may redesignate the Subservicers for particular Receivables from time to time; provided, further, that any such redesignation will comply with licensing regulations applicable to such Subservicers.  Each Subservicer shall service and administer the related Receivables in accordance with the terms of this Agreement.  As part of its servicing activities hereunder, the Servicer shall enforce the obligations of each Subservicer under this Agreement.  For the avoidance of doubt, following the appointment of a Successor Servicer pursuant to Section 7.12, the related Successor Servicer shall not be required to enforce the obligations of any prior Subservicer that has been terminated pursuant to Section 7.01(c).  Such enforcement, including, without limitation, the legal prosecution of claims, termination of Subservicers, and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Servicer, in its good faith business judgment, would require were it the owner of the related Receivables.  The Servicer shall pay the costs of such enforcement at its own expense.
(c)    The Servicer shall be entitled to terminate the subservicing of the Receivables by any Subservicer under this Agreement at any time in its sole discretion.  In the event of termination of any Subservicer, the Servicer shall either (A) directly service the related Receivables, but only to the extent the Servicer has the regulatory authorizations to do so, or (B) appoint another duly licensed Subservicer to service and administer such Receivables and, in either case, such entity shall assume all such servicing obligations immediately upon such termination.  Notwithstanding anything else to the contrary contained herein, all rights and obligations of the Subservicers under this Agreement shall terminate upon the termination of the Servicer pursuant to Section 7.01(c); provided, however, that any Subservicer may be engaged 
Signature Page to Credit Agreement (Heights/SouthernCo)

by any Successor Servicer, including the Back-up Servicer, on terms reasonably satisfactory to such Subservicer, to provide servicing and administration of the Receivables subject to the direction of such Successor Servicer (including the Back-up Servicer), and each Subservicer agrees to cooperate with any Successor Servicer (including the Back-up Servicer) in efforts to arrange any such engagement.
(d)    Each Subservicer shall provide or make available to the Servicer sufficient information relating to the subservicing of Receivables under this Agreement so as to enable the Servicer to prepare and deliver the Monthly Report.
(e)    Notwithstanding the appointment of the Subservicers for any such servicing and administration of the related Receivables or any other purpose hereunder, the Servicer shall remain obligated and solely liable to the Borrower, the Borrower Loan Trustee for the benefit of the Borrower, the Administrative Agent, the Lenders and the Collateral Agent for the servicing and administering of the Receivables in accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue of such subservicing arrangement to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Receivables.
Section 7.02.    Servicing and Subservicing Compensation.  As compensation for its servicing activities hereunder and reimbursement for its expenses, the Servicer shall be entitled to receive the Servicing Fee to the extent of funds available therefor pursuant to Section 2.08. The Servicer shall be further entitled to retain or cause to be withdrawn from the Collection Account any Excluded Amounts up to the Excluded Amounts Cap in accordance with Section 7.05.  Each Subservicer shall be entitled to compensation for its services as a Subservicer under this Agreement by the Servicer as agreed to between the Servicer and such Subservicer, and no Subservicer will be entitled to any fee or other payment from, or claim on, any of the assets of the Collateral.
Section 7.03.    Duties of the Servicer.
(a)    Standard of Care.  The Servicer and each Subservicer shall manage, service, administer and make collections on the Receivables in accordance with the Collection Policy and Applicable Law, using the degree of skill and attention that the Servicer exercises with respect to all comparable personal loans that it services for itself or others and Applicable Law in all material respects.
(b)    Servicer Power of Attorney. The Borrower Loan Trustee hereby authorizes the Servicer acting alone or through an Affiliate or Subservicer, to execute, deliver and perform any and all agreements, documents or certificates as the Borrower Loan Trustee may be requested or required to undertake in connection with enforcing or exercising its rights as the legal title holder to the Receivables. In connection with the enforcement or exercise of any rights  of the Borrower Loan Trustee with respect to any Receivables, the Borrower Loan Trustee shall furnish the Servicer or such Affiliate or Subservicer, as applicable, with a power of attorney  (substantially in the form of Exhibit F-4 or Exhibit F-5 hereto, as applicable), and any other documents reasonably necessary or appropriate to enable the Servicer or such Affiliate or Subservicer, as applicable, to enforce or exercise such rights on behalf of the Borrower Loan Trustee; provided, however, that the Borrower Loan Trustee shall not be liable for any negligence with respect to, or misuse of, such power of attorney or any such documents by the Servicer, any Affiliate or any Subservicer or any of their agents and the Servicer shall indemnify and hold the Borrower Loan Trustee harmless against any costs, liabilities, expenses, losses, claims, damages, fines or penalties of any nature incurred in connection therewith.
Signature Page to Credit Agreement (Heights/SouthernCo)

(c)    Collection Practices.
(i)    Authority. Each of the Servicer and each Subservicer shall have full power and authority, acting alone or through any party properly designated by it hereunder, to do any and all things in connection with such servicing and administration which it may deem necessary or desirable. The Servicer and each Subservicer, in making collection of Receivable payments pursuant to this Agreement, shall be acting as agent for the Secured Parties, and shall be deemed to be holding such funds in trust on behalf of and as agent for Borrower, the Borrower Loan Trustee and the Secured Parties.  Without limiting the generality of the foregoing and subject to Section 7.11, each of the Servicer and each Subservicer or its designee is hereby authorized and empowered, unless such power is revoked by the Administrative Agent (acting at the direction of the Required Lenders) on account of the occurrence of a Servicer Termination Event pursuant to Section 7.11, (i) to effect, on behalf of the Borrower, the Borrower Loan Trustee for the benefit of the Borrower, the Administrative Agent, the Lenders and the Collateral Agent, Renewals with respect to Receivables in accordance with the requirements of this Agreement and the Purchase Agreement and (ii) to execute and deliver, on behalf of the Borrower, the Borrower Loan Trustee for the benefit of the Borrower, the Administrative Agent, the Lenders and the Collateral Agent, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, all other comparable instruments, with respect to the Receivables and, after the delinquency of any Receivable and to the extent permitted under and in compliance with Applicable Law, to commence collection proceedings with respect to such Receivables, in each case, subject to the terms of this Agreement.  The Servicer and each Subservicer may in its discretion in accordance with the Collection Policy (1) grant extensions, rebates or adjustments on a Contract and amend or modify any Contract or Receivable and (2) waive any late payment charge or any other fees (not including interest on the Principal Balance of a Receivable) that may be collected in the ordinary course of servicing any Receivable.  The Borrower, the Borrower Loan Trustee for the benefit of the Borrower, and the Collateral Agent, as applicable, shall furnish the Servicer with any documents reasonably requested by the Servicer or otherwise necessary to enable the Servicer to carry out its servicing and administrative duties hereunder; provided, however, that none of the Borrower Loan Trustee for the benefit of the Borrower, the Administrative Agent, the Lenders and the Collateral Agent shall be liable for any negligence with respect to, or misuse of, any such documents by the Servicer, the Subservicers or any of its agents and the Servicer shall indemnify and hold such Persons harmless against any costs, liabilities, expenses, losses, claims, damages, fines or penalties of any nature incurred in connection therewith.  
(ii)    Remittance of Collections. The Servicer shall deposit or cause to be deposited all Collections to the Collection Account no later than the second (2nd) Business Day following the date of receipt of such Collections, whether such Collections were received centrally, at a local branch or otherwise. 
(iii)    Adjustments. If (i) the Servicer or any Subservicer makes a deposit into the Collection Account in respect of a collection of a Receivable and such collection was received by the Servicer or Subservicer, as applicable, or in the form of a check or other payment which is not honored or is reversed for any reason or (ii) the Servicer or any Subservicer makes a mistake with respect to the amount of any collection and deposits an amount that is less than or more than the actual amount of such collection, the Servicer or such Subservicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored or reversed payment or mistake. Any such adjustment shall be reflected in the records of the Servicer or the applicable Subservicer with respect to such Receivable.  Any Scheduled Payment in respect of which a dishonored check or reversed payment is received shall be deemed not to have been paid.
Signature Page to Credit Agreement (Heights/SouthernCo)

(d)    Delegation of Duties. The Servicer may, at any time without notice or consent, delegate (a) any or all of its duties (including, without limitation, any duties as custodian) under the Basic Documents to any of its Affiliates or (b) specific duties (including, without limitation, any duties as custodian) to sub-contractors (including the Subservicers) who are in the business of performing such duties, it being understood that Computershare as successor Servicer may, at any time without notice or consent, delegate any or all of its duties under the Basic Documents to any such sub-contractors; provided, that no such delegation shall relieve the Servicer of its responsibility with respect to such duties and the Servicer shall remain obligated and liable to the Borrower, the Borrower Loan Trustee for the benefit of the Borrower, the Administrative Agent, the Lenders and the Collateral Agent for its duties hereunder as if the Servicer alone were performing such duties. For any servicing activities delegated to third parties in accordance with this Agreement, the Servicer shall follow such policies and procedures to monitor the performance of such third parties and compliance with such servicing activities as the Servicer follows with respect to comparable personal loans serviced by the Servicer for its own account.
(e)    Security Interests.  The Servicer and each Subservicer shall, at the direction of the Borrower, the Borrower Loan Trustee, the Collateral Agent, the Administrative Agent or a Lender, take any action reasonably necessary to preserve and protect the security interests of the Borrower, the Borrower Loan Trustee and the Secured Parties in the Receivables, including any action specified in any Opinion of Counsel delivered to the Servicer or such Subservicer.
(f)    Fidelity Bond/Insurance.  Each of the Servicer and each Subservicer each hereby represents, warrants and covenants that is has obtained and shall continue to maintain in full force and effect a fidelity bond or comparable insurance in such form and amount as is customary for prudent servicers acting as custodian of funds and documents in respect of consumer contracts similar to the Receivables on behalf of institutional investors.  All insurance required to be maintained pursuant to this section shall name the Borrower and the Borrower Loan Trustee as an additional insured. 
(g)    Recordkeeping.  The Servicer shall:
(i)    maintain legible copies (in electronic or hard-copy form, in the discretion of the Servicer) or originals of all documents in the Servicer File with respect to each Receivable and the underlying collateral related thereto; and
(ii)    keep books and records, in accordance with customary industry practices and consistent with its Securitizations, pertaining to the Receivables and make periodic reports in accordance with this Agreement; such records may not be destroyed or otherwise disposed of except as provided herein and as allowed by Applicable Law, all documents, whether developed or originated by the Servicer or not, reasonably required to document or to properly administer the Receivables shall remain at all times the property of the Borrower and the Borrower Loan Trustee for the benefit of the Borrower and shall be held in trust by the Servicer; the Servicer shall not acquire any property rights with respect to such records, and shall not have the right to possession of them except as subject to the conditions stated in this Agreement; and the Servicer shall bear the entire cost of restoration in the event any Servicer File shall become damaged, lost or destroyed while in the Servicer’s possession or control.
(h)    Inspections.  The Servicer and each Subservicer shall permit the Administrative Agent, the Backup Servicer, each Agent, the Lenders and their agents and representatives, upon thirty (30) days’ prior notice (provided that from and after the occurrence and during the continuance of any Event of Default or Facility Amortization Event, five (5) Business Days’ prior notice) and during regular business hours, to periodically, at the discretion of the Administrative Agent, the Backup Servicer and the Lenders, as applicable, review the collection 
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and administration of the Receivables by the Servicer and the Subservicers in order to assess compliance by the Servicer and the Subservicers with the Collection Policy and this Agreement and may conduct a review of the Receivables and Receivable Files in conjunction with such a review.  Such review may include tours of the facilities of the Servicer and the Subservicers and discussions with their respective managements.  Reasonable costs and expenses incurred in connection with any such visit, review and inspection conducted pursuant to this subsection and the reports described in Section 7.08 shall be at the Servicer’s expense not to exceed $150,000 in any one calendar year; provided, that if no Event of Default or Facility Amortization Event shall have occurred and be continuing, the Administrative Agent, the Backup Servicer, each Agent, the Lenders or their respective agents or representatives shall, during any 12-month period beginning on the Closing Date and on each anniversary thereof, only be entitled to conduct one such inspection and, at the discretion of the Administrative Agent, two additional inspections for the purpose of verifying the existence of Collateral, ensuring the eligibility of Collateral (including compliance with the Credit Policy) via loan-level testing (which sample size shall be determined by the Administrative Agent), and ensuring compliance with the Class A Borrowing Base and the Total Borrowing Base and provided, further, that if an Event of Default or Facility Amortization Event shall have occurred and be continuing, there shall be no limit on the number of such visits, reviews and inspections the Administrative Agent, the Backup Servicer, each Agent, the Lenders or their respective agents or representatives shall be entitled to conduct and there shall be no cap on the reimbursement by the Servicer of the reasonable costs and expenses incurred by the Administrative Agent, the Backup Servicer, each Agent, the Lenders or their respective agents or representatives in connection therewith.  It is anticipated that each inspection by the Administrative Agent (or its designee) of the Servicer or Subservicers will be a full operational, legal, compliance and collateral audit and will verify among other items, the existence of Collateral, cash application and aging and eligibility, will include a litigation and regulatory review, and will confirm that internal ratings actually applied conform to underwriting standards.  Each audit by the Administrative Agent (or its designee) will also include a sample review of no fewer than 200 Receivable Files and Servicer Files to check the accuracy of information provided by the Borrower, the Servicer or the Subservicers.  The Servicer shall reimburse the Administrative Agent, the Backup Servicer, the Lenders and the Agents for all reasonable fees, costs and expenses incurred by or on behalf of the Administrative Agent and the Secured Parties in connection with the foregoing actions promptly upon receipt of a written invoice therefor. Nothing in this Section shall derogate from the obligation of the Administrative Agent, the Backup Servicer, each Agent, the Lenders (and their agents and representatives), the Servicer and the Subservicers to observe any Applicable Law prohibiting disclosure of information regarding the Obligors and the failure of the Servicer or any Subservicer to provide access to information as provided in this Section, the disclosure of which is prohibited by Applicable Law, shall not constitute a breach of this Section.  Any audit, visit or inspection provided for herein shall be conducted in accordance with the rules of the Servicer respecting safety and security on its premises. Any access granted to Administrative Agent, the Backup Servicer, each Agent, the Lenders and their agents and representatives shall be coordinated and at the same time. Neither the foregoing nor any other provision of this Agreement shall be construed to give rise to a right, expectation or other entitlement on the part of any Person to inspect, examine, access or visit any Computershare data center, Computershare computer system or other secure Computershare facility, including at any such time that Computershare may be serving as Successor Servicer.  
(i)    Custody of Receivable Files.  
(i)    Custody. Each of the Borrower and the Borrower Loan Trustee for the benefit of the Borrower, upon the execution and delivery of this Agreement, hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act as the custodian (solely in its capacity as Servicer under the Basic Documents) of the Borrower and the Borrower Loan Trustee for the benefit of the Borrower, in each case, 
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for the benefit of the Secured Parties, solely in the Servicer’s capacity as custodian of the Receivable File.
(ii)    Safekeeping of Contracts.  The Servicer, in its capacity as custodian, or a Subservicer appointed by the Servicer as subcustodian pursuant to paragraph (i)(v) below, shall hold the Receivable Files (including any original physical Contract) for the benefit of the Borrower, the Borrower Loan Trustee and the Secured Parties, as pledgee of the Borrower and the Borrower Loan Trustee for the benefit of the Borrower; provided that, that the Servicer, in its capacity as custodian, or a Subservicer appointed by the Servicer as subcustodian pursuant to paragraph (i)(v) below, shall ensure that, following satisfaction of the Electronic Chattel Paper Condition, the Electronic Contracts (other than Specified Electronic Contracts) are maintained by the Electronic Vault Provider as a designated custodian of the Collateral Agent (for the benefit of the Secured Parties) in the Electronic Vault.  In performing its duties as custodian, the Servicer shall act in accordance with its customary servicing practices.  The Servicer will promptly report to the Borrower, the Borrower Loan Trustee for the benefit of the Borrower, the Collateral Agent, the Administrative Agent and the Lenders any failure on its part or on the part of a Subservicer acting as subcustodian to hold the Receivable Files and maintain its account, records, and computer systems as herein provided or promptly take appropriate action to remedy any such failure.  Nothing herein will be deemed to require an initial review or any periodic review by the Secured Parties of the Receivable Files.  The Servicer will make available to the Collateral Agent, the Administrative Agent and each Lender or their duly authorized representatives, attorneys or auditors a list of locations of the Receivable Files upon reasonable requests.  
(iii)    Effective Period and Termination.  The Servicer’s appointment as custodian with respect to any Receivable shall become effective as of the Cutoff Date for such Receivable and such appointment of the Servicer as custodian shall terminate concurrently with any termination of the Servicer in accordance with the terms this Agreement. Upon such termination, the Servicer shall transfer the Receivable Files in accordance with Section 7.12.
(iv)    Establishment of Imaging System; Delivery of Imaged Files.  Other than with respect to any Electronic Contract (excluding any Specified Electronic Contract) following the satisfaction of the Electronic Chattel Paper Condition, the Servicer shall maintain an imaging system through which the original physical loan agreement or promissory note with respect to a Receivable and, with respect to any Hard Secured Receivable, the original physical certificate of title, if any, with respect to the Titled Asset securing such Hard Secured Receivable may be imaged and captured through a standalone PDF, or another electronic medium, with images captured, stored at a central location and identifiable as a backup to physical documentation. For the avoidance of doubt, following the satisfaction of the Electronic Chattel Paper Condition, the Authoritative Copy with respect to which the related Contract is an Electronic Contract (other than a Specified Electronic Contract) will be stored in the Electronic Vault and will not be delivered to or reviewed or retained by the Image File Custodian.
(v)    Subcustodian.  The initial Servicer, in its capacity as custodian, may appoint a Subservicer as subcustodian with respect to any Receivable File pursuant to Section 7.03(d).  In the event that the initial Servicer, in its capacity as custodian, is terminated in such capacity hereunder, each subcustodian will be terminated as subcustodian for each Receivable with respect to which it is then acting in such capacity.
(j)    Renewals.  The Servicer may effect, on behalf of the Borrower and the Borrower Loan Trustee, Renewals with respect to Receivables in accordance with the Collection Policy 
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and the requirements of this Agreement and the Purchase Agreement. In connection with any Renewal (other than a Renewal Receivable Replacement), on the day on which an Originator pays the Terminated Receivable Price, the Servicer shall deposit such amounts in immediately available funds into the Collection Account on such date.
Section 7.04.    Collection of Payments; Establishment of Accounts.
(a)    Payment Instructions.  On or before the Closing Date with respect to the Initial Receivables and on or before the relevant Funding Date with respect to the Subsequent Receivables, the Servicer and each Subservicer shall have instructed each Obligor to make all payments in respect of the Receivables to a Servicer Deposit Account, in accordance with the Collection Policy. In addition, the Servicer shall cause all Collections on deposit in any Servicer Deposit Account to be swept daily into a Servicer Master Collection Account (or directly into the Collection Account).
(b)    Establishment of the Accounts.  The Paying Agent shall establish, on or before the Closing Date, and maintain in the name of the Collateral Agent, for the benefit of the Secured Parties, with a bank that is a Qualified Institution, (i) the Collection Account and (ii) the Reserve Account, in each case over which the Collateral Agent shall have sole dominion and control and from which neither the Servicer nor the Borrower shall have any right of withdrawal, except as otherwise set forth in the Account Control Agreement.  The Borrower will be required to pay all reasonable fees and expenses owing to the Paying Agent in connection with the maintenance of the Accounts for its own account and shall not be entitled to any payment therefor.
To the extent that the Reserve Account or Collection Account is a “securities account” within the meaning of Section 8-501 of the UCC:
(i)    the Paying Agent shall comply with any order or instructions (each, an “Order”) from the Administrative Agent directing transfer or redemption of any financial asset credited to such account without further consent by the Borrower, the Borrower Loan Trustee, the Heights/SouthernCo Entities, the Servicer or any other Person;
(ii)    the Paying Agent shall treat any investment property, financial assets, securities, instruments, general intangibles or other property credited to any such account as “financial assets” within the meaning of Section 8-102(a)(9) of the UCC; and
(iii)    securities or financial assets credited to the Reserve Account or the Collection Account, as applicable, shall be registered in the name of the Paying Agent, indorsed to the Paying Agent or in blank or credited to another securities account maintained in the name of the Paying Agent and in no case will any financial asset credited to the Reserve Account or the Collection Account, as applicable, be registered in the name of the Borrower or the Servicer, payable to the order of the Borrower or the Servicer, or specially indorsed to the Borrower or the Servicer, except to the extent the foregoing have been specially indorsed to the Paying Agent or in blank.
To the extent that the Reserve Account or the Collection Account is a “deposit account” within the meaning of Section 9-102(a)(29) of the UCC, the Paying Agent shall comply with any order or instructions (each also, an “Order”) from the Collateral Agent (at the direction of the Administrative Agent) directing disposition of funds in such accounts without further consent by the Borrower, the Borrower Loan Trustee, the Heights/SouthernCo Entities, the Servicer or any other Person.
Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the Depository Institution’s jurisdiction and the Reserve Account and the 
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Collection Account (as well as any securities entitlements related thereto) shall be governed by the laws of the State of New York.
Section 7.05.    Payment of Certain Expenses by the Initial Servicer.  Subject to Section 7.08, the initial Servicer will be required to pay all expenses incurred by it in connection with its activities under this Agreement, including the fees and disbursements of independent certified public accountants and third party due diligence providers, Taxes imposed on the Servicer, expenses incurred in connection with payments and reports pursuant to this Agreement, fees and expenses of Subservicers (including monthly compensation for acting as Subservicers) and agents of the Servicer and all other fees and expenses not expressly stated under this Agreement for the account of the Borrower.  The initial Servicer shall be required to pay such expenses for its own account and shall not be entitled to any payment therefor other than the Servicing Fee; provided, that the initial Servicer shall be able to retain from collections prior to the deposit thereof to the Collection Account or net from collections prior to their application pursuant to Section 2.08(a) any Excluded Amounts subject to the Excluded Amounts Cap.
Section 7.06.    Reports.
(a)    Monthly Reports; Monthly Loan Tapes.  On each Reporting Date, the Servicer will provide to the Borrower, the Administrative Agent, each Loan Rating Agency, if any, each Agent, each Lender, each Hedge Counterparty, the Backup Servicer and the Paying Agent (i) a Monthly Report, (ii) a Monthly Loan Tape, (iii) an updated Schedule of Receivables and (iv) an Officer’s Certificate, dated as of related Determination Date, stating that (A) a review of the activities of the Servicer and Subservicers during such Collection Period (or since the Closing Date in the case of the first such Officer’s Certificate) and of its performance under this Agreement has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, the Servicer and the Subservicers have fulfilled in all material respects all of their respective obligations under this Agreement throughout such Collection Period (or such longer period in the case of the first such Officer’s Certificate), or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof.
(b)    Financial Statements.  The initial Servicer shall furnish to the Administrative Agent (i) as soon as available and in any event within forty-five (45) calendar days after the end of each fiscal quarter, unaudited quarterly financial statements of Parent and its Subsidiaries on a consolidated and consolidating basis consisting of a balance sheet and statements of income and cash flows as of the end of the immediately preceding fiscal quarter, (ii) as soon as available and in any event within forty-five (45) calendar days after the end of each fiscal quarter, unaudited quarterly financial statements of the initial Servicer and its Subsidiaries on a consolidated and consolidating basis consisting of a balance sheet and statements of income and cash flows as of the end of the immediately preceding fiscal quarter, (iii) as soon as available and in any event within one-hundred twenty (120) calendar days after the end of each fiscal year of Parent and its Subsidiaries, audited annual financial statements of Parent and its Subsidiaries on a consolidated and consolidating basis, including the notes thereto, consisting of a balance sheet at the end of such completed fiscal year and the related statements of income, retained earnings, cash flows and owners’ equity for such completed fiscal year and (iv) as soon as available and in any event within one-hundred twenty (120) calendar days after the end of each fiscal year of the initial Servicer and its Subsidiaries, unaudited annual financial statements of the initial Servicer and its Subsidiaries on a consolidated and consolidating basis, including the notes thereto, consisting of a balance sheet at the end of such completed fiscal year and the related statements of income, retained earnings, cash flows and owners’ equity for such completed fiscal year.
(c)    Static Pool Information.  The initial Servicer will provide to the Administrative Agent, each Agent and each Lender in regard to vintage originations, upon request (i) static pool 
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gross and net loss history, (ii) static pool charged-off receivable recovery rates, (iii) static pool origination characteristics and (iv) any additional static pool information reasonably requested by the Administrative Agent, any Agent or any Lender.
Section 7.07.    Annual Statement as to Compliance.  The Servicer shall deliver to the Borrower, the Administrative Agent, each Loan Rating Agency, if any, each Agent, each Lender, on or before April 30th of each calendar year, beginning in 2023, an Officer’s Certificate, dated as of December 31st of the immediately preceding year, stating that (A) a review of the activities of the Servicer during the preceding calendar year (or since the Closing Date in the case of the first such Officer’s Certificate) and of its performance under this Agreement was conducted under such officer's supervision and (B) based on such review, each of the Servicer the Subservicers have, to the best of such officer’s knowledge, performed in all material respects all of its obligations under this Agreement throughout such year (or such longer period in the case of the first such Officer’s Certificate) and no Servicer Termination Event has occurred and is continuing, or, if a Servicer Termination Event has occurred, specifying each such default known to such officer and the nature and status thereof.
Section 7.08.    Annual Diligence Reports.  The initial Servicer will deliver to the Collateral Agent, the Administrative Agent, each Agent and each Lender, on or before April 30th of each year, beginning in 2023, a copy of a report prepared by a firm of independent certified public accountants or third party due diligence provider reasonably acceptable to the Required Lenders, who may also render other services to the Servicer or any of its Affiliates, addressed to the board of directors of the Servicer or any of its Affiliates, the Administrative Agent, the Collateral Agent and the Agents and dated during the current year, to the effect that such firm has examined the policies and procedures of the Servicer and the Subservicers and issued its report thereon and expressing a summary of findings (based on certain procedures performed on the documents, records and accounting records that such accountants considered appropriate under the circumstances, which are acceptable to the Required Lenders) relating to the servicing of the Receivables and the administration of the Receivables (including the preparation of the Monthly Reports, the Monthly Loan Tapes and such other information as may reasonably be requested by the Required Lenders) during the preceding calendar year (or such longer period in the case of the first report) and that such servicing and administration was conducted in compliance with the terms of this Agreement, except for (i) such exceptions as such firm shall believe to be immaterial and (ii) such other exceptions as shall be set forth in such report, and that such examination (a) was performed in accordance with standards established by the American Institute of Certified Public Accountants or another standard reasonably acceptable to the Required Lenders and (b) included tests relating to personal loans serviced for others in accordance with the requirements of any program under which the Servicer customarily provides such reporting to other warehouse lenders similarly situated, which may include Uniform Single Attestation Program for Mortgage Bankers, SSAE 16 reports or comparable reports to the extent the procedures in such program are applicable to the servicing obligations set forth in this Agreement; provided, that, if the Successor Servicer is then acting as Servicer, then such Successor Servicer shall only be required to deliver such report at the request, and at the expense, of the Administrative Agent, and, such request notwithstanding, shall be required to deliver such Successor Servicer’s standard SSAE 16 report or comparable reports to the Collateral Agent, the Administrative Agent, each Agent and each Lender, on or before April 30th of the year following such request, beginning in 2023.  Notwithstanding the foregoing, to the extent that in connection with public offerings, Regulation AB under the Securities Act requires the delivery of an annual attestation of a firm of independent public accountants with respect to the assessment of servicing compliance with specified servicing criteria of the Servicer stating, among other things, that the Servicer’s assertion of compliance with the specified servicing criteria is fairly stated in all material respects, or the reason why such an opinion cannot be expressed, the delivery of a copy of such an attestation to the Administrative Agent, the Collateral Agent and the Agents shall be deemed 
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to satisfy the provisions of this Section.  Such report shall also indicate that the firm is “Independent” of the Servicer and its Affiliates within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants.  
In the event such independent certified public accountant or third party due diligence provider, as applicable, requires the Collateral Agent, the Backup Servicer, or the Paying Agent to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this Section, the Servicer shall direct the related party in writing to so agree; it being understood and agreed that the Collateral Agent, the Backup Servicer and the Paying Agent will deliver any such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Collateral Agent, the Backup Servicer and the Paying Agent have not made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures.
The Servicer shall pay all costs and expenses associated with this Section 7.08 subject to the cap on expenses described in Section 7.03(h).
Section 7.09.    Limitation on Liability of the Servicer, the Subservicers and Others.  Except as otherwise provided herein, neither the Servicer, the Subservicers nor any of their respective directors, officers, partner, members, managers, employees or agents shall be under any liability to the Secured Parties, the Administrative Agent, the Backup Servicer, the Image File Custodian, the Borrower Loan Trustee or any other Person for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect the Servicer, the Subservicers or any such Person against any liability that would otherwise be imposed by reason of its willful misconduct or gross negligence in the performance of duties.  The Servicer, the Subservicers and any director, officer, employee, partner, member, manager, employee or agent may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than the Servicer, the Subservicers or any Affiliate thereof) respecting any matters arising hereunder.
Section 7.10.    The Servicer Not to Resign.  The Servicer shall resign only if the Servicer provides an Opinion of Counsel to the Administrative Agent, the Collateral Agent, the Agents and the Backup Servicer to the effect that it is no longer permitted by Applicable Law to act as Servicer hereunder.  No termination or resignation of the Servicer hereunder shall be effective until the Backup Servicer or a different entity, acceptable to the Administrative Agent (acting at the direction of the Required Lenders), has accepted its appointment as Successor Servicer hereunder and has agreed to be bound by the terms of this Agreement and the Collection Policy. 
Section 7.11.    Servicer Termination Events.  The occurrence and continuance of any one of the following events shall constitute a “Servicer Termination Event” hereunder:
(a)    The occurrence of a Level III Trigger Event; 
(b)    any failure by the Servicer or any Subservicer to (i) deliver any Collections or (ii) make any payment, transfer or deposit, in each case as required by this Agreement or any other Servicer Basic Document and, in each case, which failure shall continue unremedied for three (3) Business Days after (A) receipt of written notice of such failure by the Servicer from the Collateral Agent, the Administrative Agent, any Agent, any Lender or the Paying Agent or (ii) discovery of such failure by a Responsible Officer of the Servicer or such Subservicer;
(c)    any failure by the Servicer to deliver to the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Image File Custodian or the Backup Servicer a Monthly Report and a Monthly Loan Tape when required that shall continue 
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unremedied for three (3) Business Days after (i) receipt of written notice of such failure by the Servicer from the Borrower, the Borrower Loan Trustee, the Collateral Agent, the Administrative Agent, any Agent, any Lender, the Image File Custodian or the Backup Servicer or (ii) discovery of such failure by a Responsible Officer of the Servicer;
(d)    any merger or consolidation of the Servicer in breach of Section 7.14; 
(e)    any failure by the Servicer or any Subservicer duly to observe or perform in any material respect any other covenant or agreement of the Servicer or such Subservicer, as applicable, set forth in any Servicer Basic Document, which failure shall remain unremedied for thirty (30) days after the earlier of (i) receipt of written notice of such failure by the Servicer from the Collateral Agent, the Administrative Agent, any Agent, any Lender, the Image File Custodian or the Backup Servicer or (ii) discovery of such failure by a Responsible Officer of the Servicer or such Subservicer, as applicable; it being understood that any repurchase of a Receivable by the Servicer pursuant to Section 5.06 shall be deemed to remedy any breach of any covenant or agreement with respect to such Receivable;
(f)    any representation, warranty or certification made by the Servicer or any Subservicer in any Servicer Basic Document or in any other certificate, information or report delivered pursuant to any Servicer Basic Document shall prove to have been false or incorrect in any material respect when made or deemed made or delivered, which failure remains unremedied for thirty (30) days after the earlier of (i) receipt of written notice of such failure by the Servicer from the Borrower, the Borrower Loan Trustee, the Collateral Agent, Administrative Agent, any Agent, any Lender, the Image File Custodian or the Backup Servicer or (ii) discovery of such failure by a Responsible Officer of the Servicer or such Subservicer; it being understood that any repurchase of a Receivable by the Servicer pursuant to Section 5.06 shall be deemed to remedy any incorrect representation or warranty with respect to such Receivable; 
(g)    an Insolvency Event shall occur with respect to the Servicer or any Subservicer; or 
(h)    an Event of Default shall have occurred and shall not have been waived.
During the continuance of any of the foregoing, notwithstanding anything herein to the contrary, so long as any such Servicer Termination Event shall not have been remedied within any applicable cure period or waived in writing by the Administrative Agent and the Required Lenders, the Administrative Agent acting at the direction of the Required Lenders, by written notice to the Servicer (with a copy to each Agent, the Image File Custodian, the Collateral Agent, the Paying Agent and the Backup Servicer) (each, a “Servicer Termination Notice”), shall terminate all of the rights and obligations of the Servicer as Servicer under this Agreement and direct any applicable party to terminate any power of attorney granted to the Servicer or any Subservicer and direct such party to execute a new power of attorney to the Administrative Agent or its designee.  
Section 7.12.    Appointment of Successor Servicer.
(a)    On and after the receipt by the Servicer of a Servicer Termination Notice, the Servicer shall continue to perform all servicing functions under this Agreement until the date specified in the Servicer Termination Notice or otherwise specified by the Administrative Agent (acting at the direction of the Required Lenders) in writing or, if no such date is specified in such Servicer Termination Notice or otherwise specified by the Administrative Agent (acting at the direction of the Required Lenders), until a date mutually agreed upon by the Servicer, the 
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Backup Servicer (if the Backup Servicer becomes the Successor Servicer) and the Administrative Agent (acting at the direction of the Required Lenders); provided, however, that the Backup Servicer (if the Backup Servicer becomes the Successor Servicer) shall use its best efforts to effect the transition of the servicing and will assume the duties of the Servicer no more than sixty (60) days after receipt by the Servicer and the Backup Servicer of the Servicer Termination Notice; provided, that, if the Servicer at such time was servicing the Receivables using two separate servicing platforms, then the Backup Servicer will assume the duties of the Servicer no more than ninety (90) days after receipt by the Servicer and the Backup Servicer of the Servicer Termination Notice.  The Administrative Agent (acting at the direction of the Required Lenders) shall, at the time described in the immediately preceding sentence, appoint the Backup Servicer as the Successor Servicer hereunder, and the Backup Servicer shall, except to the extent otherwise set forth herein, on such date assume all duties, liabilities and obligations of the Servicer hereunder from and after such date, and all authority and power of the Servicer under this Agreement shall pass to and be vested in the Backup Servicer.
(b)    In the event that the Administrative Agent (acting at the direction of the Required Lenders) does not so appoint the Backup Servicer to succeed the Servicer as Servicer hereunder or the Backup Servicer is unable to assume such obligations on the date specified, the Administrative Agent (acting at the direction of the Required Lenders) shall as promptly as possible appoint a different entity to be the Successor Servicer, and such Successor Servicer shall accept its appointment by a written assumption agreement in a form acceptable to the Administrative Agent (acting at the direction of the Required Lenders) provided, however, that if the Administrative Agent (acting at the direction of the Required Lenders) designates as Successor Servicer any Person other than the Backup Servicer, the Administrative Agent shall provide ten (10) Business Days’ prior written notice to each Loan Rating Agency, if any.  In the event that a Successor Servicer has not accepted its appointment at the time when the Servicer ceases to act as Servicer, the Administrative Agent (acting at the direction of the Required Lenders) shall petition a court of competent jurisdiction to appoint any established financial institution having a net worth of not less than $50,000,000, that meets (or the parents of which meets) the Long-Term Ratings Requirement and whose regular business includes the servicing of personal loans as the Successor Servicer hereunder.
(c)    The Administrative Agent (acting at the direction of the Required Lenders) shall have the same rights of removal and termination for cause with respect to any Successor Servicer as with respect to SouthernCo as the Servicer.
(d)    All reasonable costs and expenses (including attorneys’ fees and disbursements) incurred by the Backup Servicer or other Successor Servicer in connection with the transfer and assumption of servicing obligations hereunder from the Servicer to the Backup Servicer or other Successor Servicer, converting the Servicer’s data to such Person’s computer system and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the predecessor Servicer upon presentation of a written invoice setting forth reasonable transition expenses not exceeding, if the Servicer is at such time utilizing one servicing system for the servicing of the Receivables, $250,000, and if the Servicer is at such time utilizing two servicing systems for the servicing of the Receivables, $500,000 (the “Transition Expenses”) in the aggregate as to the Backup Servicer or other Successor Servicer.  In no event shall the Successor Servicer be responsible for any Transition Expenses.  If the predecessor Servicer fails promptly to pay the Transition Expenses, the Transition Expenses shall be payable pursuant to Section 2.08.
(e)    Upon the termination and removal of the Servicer and the assumption by the Successor Servicer hereunder, the predecessor Servicer and each Subservicer shall cooperate with the Successor Servicer in effecting the termination of the rights and responsibilities of the predecessor Servicer under this Agreement, including the transfer to the Successor Servicer for 
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administration by it of all Collections that shall at the time be held by the predecessor Servicer for deposit, or shall thereafter be received, with respect to a Receivable, the Collection Account, the Reserve Account and Servicer Files and other records maintained by the Servicer.
(f)    Subject to Section 7.13 and Section 7.15(b), upon its appointment, the Successor Servicer shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, be entitled to the rights, protections, indemnities and immunities, of the Servicer hereunder and thereunder, and all references in this Agreement to the Servicer shall be deemed to refer to the Successor Servicer. Notwithstanding any provision of this Agreement or any other Basic Document to the contrary, any Successor Servicer shall have (i) no liability with respect to any obligation which was required to be performed by the predecessor Servicer prior to the date that the successor becomes the Successor Servicer or any claim of a third party based on any alleged action or inaction of the predecessor Servicer, (ii) no obligation to perform any repurchase, reacquiring, reimbursement or advancing obligations, if any, of the Servicer, (iii) no obligation to pay any taxes required to be paid by the Servicer, (iv) no obligation to pay any of the fees and expenses of any other party to this Agreement, (v) no liability or obligation with respect to any Servicer indemnification, defense or hold harmless obligations of any prior Servicer, (vi) no obligation to service the Receivables in accordance with the collection policies of SouthernCo, but shall use its customary collection policies for similar assets, and (vii) no obligation for any deficiency collections or enforcement of the Borrower’s or the Originators’ rights under any Purchase Agreement. Without limiting the generality of the foregoing, if the Backup Servicer becomes the Successor Servicer, (i) any provision hereof or any other Basic Document providing that the Servicer shall take or omit to take any action, or shall have any obligation to do or not do any other thing, upon its “knowledge” (or any derivation thereof), “discovery” (or any derivation thereof) or awareness (or any derivation thereof) shall be interpreted as the actual knowledge of a Responsible Officer of the Backup Servicer as Successor Servicer, (ii) the Backup Servicer as Successor Servicer shall not be liable for any claims, liabilities or expenses relating to the engagement or any report issued in connection with such engagement and dissemination of any such report of any accountants appointed by it, as Successor Servicer, pursuant to the provisions of this Agreement, and the dissemination of such report shall, if applicable, be subject to the consent of such accountants, (iii) the Backup Servicer as Successor Servicer shall have no obligation to provide investment direction with respect to any funds in the Accounts, which direction shall be given by the Borrower, (iv) such Successor Servicer shall in no event be obligated to assume, or be deemed to have assumed, the duties, obligations or liabilities of any Person other than the Servicer, solely in its capacity as Servicer under this Agreement. The indemnification obligations of the Backup Servicer, upon becoming Successor Servicer are expressly limited to liability caused by the gross negligence or willful misconduct of the Backup Servicer in its role as Successor Servicer, as determined by a final non-appealable order of a court of competent jurisdiction.
(g)    All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of the Servicer as servicer and shall pass to and be vested in the Administrative Agent and the Administrative Agent is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights.  The Servicer agrees to cooperate with the Borrower in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing of the Receivables. 
(h)    The Administrative Agent may, solely for purposes of establishing the fee to be paid to any Successor Servicer after a notice of removal of the Servicer pursuant to this Article, solicit written bids (such bids to include a proposed servicer fee and servicing transfer costs) 
Signature Page to Credit Agreement (Heights/SouthernCo)

from not less than three entities experienced in the servicing of consumer loan receivables similar to the Receivables and that are not Affiliates of the Servicer or the Borrower and are reasonably acceptable to the Administrative Agent (acting at the direction of the Required Lenders).  Any such written solicitation shall prominently indicate that bids should specify any applicable subservicing fees required to be paid from the Servicing Fee and that any fees and transfer costs in excess of the Servicing Fee shall be paid by the Borrower from amounts received pursuant to Section 2.08. The Borrower may also solicit additional bids from other such entities.  Such Successor Servicer (if a Person other than the Backup Servicer) shall act as Servicer hereunder and shall, subject to the availability of sufficient funds in the Collection Account pursuant to Section 2.08 (up to the Servicing Fee), receive as compensation therefor a fee equal to the fee proposed in the bid so solicited which provides for the lowest combinations of servicing fee and transition costs, as reasonably determined by the Administrative Agent (acting at the direction of the Required Lenders) and may revise the percentage used to calculate the Servicing Fee, which, if the Backup Servicer is not the Successor Servicer, may be adjusted in the sole discretion of the Administrative Agent (acting at the direction of the Required Lenders).
Section 7.13.    Rights After Assumption of Duties by Successor Servicer; Liability.  At any time following the assumption of the duties of the Servicer by the Backup Servicer or the designation of a Successor Servicer pursuant to Section 7.12 as a result of the occurrence of a Servicer Termination Event:
(a)    The Servicer, on behalf of the Borrower and the Borrower Loan Trustee for the benefit of the Borrower, shall, at the Collateral Agent’s, the Administrative Agent’s or the Required Lender’s request, (i) assemble all of the records relating to the Collateral, including all Receivable Files, and shall make the same available to the Collateral Agent, the Administrative Agent or the Successor Servicer at a place selected by the Collateral Agent or the Administrative Agent (acting at the direction of the Required Lenders), and (ii) segregate all cash, checks and other instruments received by it from time to time constituting collections of Collateral in a manner acceptable to the Administrative Agent and the Required Lenders and shall, promptly upon receipt but no later than two (2) Business Days after receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to, or at the direction of, the Administrative Agent (acting at the direction of the Required Lenders).
(b)    The Borrower hereby authorizes the Collateral Agent, to take or cause to be taken any and all steps in the Borrower’s name and on behalf of the Borrower necessary or desirable, in the determination of the Collateral Agent (acting at the direction of the Administrative Agent or the Required Lenders), to collect all amounts due under any and all of the Collateral with respect thereto, including endorsing the Borrower’s name on checks and other instruments representing Collections and enforcing the Receivables.
(c)    The Backup Servicer shall be liable in accordance herewith only to the extent of its obligations set forth in this Agreement or any obligations assumed by the Backup Servicer from the Servicer pursuant to Section 7.12. Such liability is limited to only those actions taken or omitted to be taken by the Backup Servicer and caused through its gross negligence, bad faith or willful misconduct.  No implied covenants or obligations shall be read into this Agreement against the Backup Servicer and, in the absence of bad faith on its part, the Backup Servicer may conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Backup Servicer and conforming to the requirements of this Agreement.
Signature Page to Credit Agreement (Heights/SouthernCo)

(d)    The Backup Servicer shall not be charged with knowledge of any event or information, including any Unmatured Event of Default, Event of Default or Facility Amortization Event, or be required to act (including the sending of any notice) upon any such event or information, including any Unmatured Event of Default, Event of Default or Facility Amortization Event, unless a Responsible Officer of the Backup Servicer has actual knowledge of such event or receives written notice of such event from the Borrower, the Borrower Loan Trustee, the Servicer, the Administrative Agent or any Secured Party, and shall have no duty to take action to determine whether any such event, default or Event of Default shall have occurred.
(e)    The Backup Servicer shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of its duties hereunder, or in the exercise of any of its rights or powers, if it reasonably determines that the repayment of such funds or adequate written indemnity against such risks or liability is not available prior to the expenditure of such funds or the incurrence of financial liability. Notwithstanding any provision to the contrary, the Backup Servicer shall not be liable for any obligation or the acts or omissions of the Borrower, the Borrower Loan Trustee, the Servicer (so long as it is not the Successor Servicer, in which case it shall be obligated to perform as Servicer hereunder) or any other Person, contained in this Agreement, and the parties shall look only to such parties to perform such obligations, and the Backup Servicer may assume performance of such parties absent written notice or actual knowledge of a Responsible Officer of the Backup Servicer to the contrary.
(f)    If requested by the Administrative Agent (acting at the direction of the Required Lenders), the Backup Servicer (in its capacity as the Successor Servicer) shall direct the Obligors then making payments directly to the Servicer to make all payments under the Receivables directly to the Backup Servicer (in its capacity as the Successor Servicer), in which event the Backup Servicer shall process all such payments, or to a lockbox or lockbox account established by the Backup Servicer (in its capacity as the Successor Servicer) at the direction of the Collateral Agent (acting at the direction of the Administrative Agent or the Required Lenders).
Section 7.14.    Merger or Consolidation, Assumption of Obligations or Resignation, of the Servicer.  Any Person (a) into which the initial Servicer may be merged or consolidated in accordance with Section 6.05(b), (b) which may result from any merger or consolidation to which the initial Servicer may be a party in accordance with Section 6.05(b), (c) which may succeed to the properties and assets of the initial Servicer substantially as a whole or (d) which may succeed to the duties and obligations of the initial Servicer under this Agreement following the resignation of the Servicer, which Person executes an agreement of assumption acceptable to the Administrative Agent (acting at the direction of the Required Lenders) to perform every obligation of the Servicer hereunder, shall, be the successor to the Servicer under this Agreement without further act on the part of any of the parties to this Agreement; provided, however, that:
(i)    prior written notice of such consolidation, merger, succession or resignation shall be delivered by the initial Servicer to the Administrative Agent, the Collateral Agent, each Lender, the Image File Custodian and the Paying Agent;
(ii)    immediately after giving effect to such consolidation, merger, succession or resignation, no Servicer Termination Event and no event which after notice or lapse of time, or both, would become a Servicer Termination Event shall have occurred and is continuing;
Signature Page to Credit Agreement (Heights/SouthernCo)

(iii)    no Event of Default, Unmatured Event of Default or Facility Amortization Event would occur as result of such consolidation, merger, succession or resignation;
(iv)    the initial Servicer shall have delivered to the Borrower, the Borrower Loan Trustee, the Administrative Agent, the Collateral Agent, each Lender and the Image File Custodian an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, succession or resignation and such agreement of assumption comply with this Section and that all conditions precedent provided for in this Agreement and the other Basic Documents to which it is a party relating to such transaction have been complied with; and
(v)    the initial Servicer shall have delivered to the Borrower, the Borrower Loan Trustee, the Administrative Agent, the Collateral Agent, each Lender and the Image File Custodian an Opinion of Counsel to the effect that either: (A) in the opinion of such counsel, all financing statements, continuation statements and amendments and notations on Certificates of Title thereto have been executed and filed that are necessary to preserve and protect the interest of the Borrower, the Borrower Loan Trustee, the Secured Parties, the Administrative Agent and the Image File Custodian in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest.
Section 7.15.    Computershare as Successor Servicer.  In the event that Computershare becomes the Successor Servicer hereunder following the termination of SouthernCo as Servicer, the following shall apply with respect to Computershare, as Successor Servicer:
(a)    Servicing Fee. At all times that Computershare or another Person is acting as Successor Servicer hereunder, “Servicing Fee Rate” shall mean the greater of (i) 4.75% per annum and (ii) the average of three bids obtained by the Administrative Agent pursuant to the first two sentences of Section 7.12(h).
(b)    Covenants; Representations and Warranties.  The covenants and representations and warranties of SouthernCo, as Servicer, shall apply to Computershare as Successor Servicer but shall be deemed modified to the extent necessary to apply to Computershare; provided, however, that prior to or promptly following the Assumption Date, applicable modifications and amendments shall be agreed upon by Computershare and the Administrative Agent, as contemplated by Section 7.15(f).
(c)    Delegation of Duties.  Computershare, as Successor Servicer, may, at any time without notice or consent, delegate (a) any or all of its duties under the Basic Documents to any of its Affiliates or (b) specific duties to sub-contractors (including the Subservicers) who are in the business of performing such duties; provided, that no such delegation shall relieve the Computershare, as Successor Servicer, of its responsibility with respect to such duties and Computershare, as Successor Servicer, shall remain obligated and liable to the Borrower, the Borrower Loan Trustee for the benefit of the Borrower, the Administrative Agent, the Lenders and the Collateral Agent for its duties hereunder as if Computershare, as Successor Servicer, alone were performing such duties. For any servicing activities delegated to third parties in accordance with this Section 7.15(c), Computershare, as Successor Servicer, shall follow such policies and procedures to monitor the performance of such third parties and compliance with such servicing activities as the Computershare, as Successor Servicer, follows with respect to comparable personal loans serviced by Computershare, as Successor Servicer, for its own account.
Signature Page to Credit Agreement (Heights/SouthernCo)

(d)    Servicer Obligations.
(i)    Computershare, in any of its capacities hereunder, shall have no obligation to provide investment directions pursuant to Section 2.11 or any other Section requiring investment directions from the Servicer.
(ii)    Computershare, in any of its capacities hereunder, shall not be responsible for any deficiency collections or enforcement of the Borrower’s rights under the Purchase Agreement, as set forth in Section 7.03(c)(i).  Without limiting any of the Collateral Agent’s rights, privileges, and immunities hereunder, the Collateral Agent hereby agrees to enforce the rights of the Borrower under the Purchase Agreement in accordance with the written direction of the Administrative Agent.
(e)    Termination.  Computershare, as Successor Servicer, shall only be terminated in accordance with this subsection and “Servicer Termination Event” shall mean and refer to the following on and after the Assumption Date:
(i)    Computershare, as Successor Servicer, shall fail to make any payment, transfer or deposit as required under this Agreement;
(ii)    Computershare, as Successor Servicer, shall fail to observe or perform in any material respect any other covenant or agreement of the Servicer as set forth in this Agreement;
(iii)    material breach of a representation, warranty or certification by Computershare made by it in its role as Successor Servicer under this Agreement; or
(iv)    an Insolvency Event shall occur with respect to Computershare.
Upon the occurrence and continuation of a Servicer Termination Event, the Administrative Agent shall notify Computershare of such Servicer Termination Event and Computershare shall have sixty (60) days thereafter to cure such breach.  Should Computershare fail to cure such breach, then upon the lapse of sixty (60) days thereafter or at such later time specified by the Administrative Agent (acting at the direction of the Required Lenders), Computershare shall be removed as Servicer and a new Successor Servicer shall be appointed in accordance with the terms hereof.
The Administrative Agent, with the consent of the Required Lenders, may terminate Computershare as Successor Servicer hereunder in its sole discretion, upon ninety (90) days’ prior written notice to Computershare.
(f)    Amendment.  Prior to or promptly following the Assumption Date, the parties to this Agreement will enter into one or more amendments or supplements acceptable in form and content to the Backup Servicer, the Collateral Agent and the Administrative Agent (acting at the direction of the Required Lenders), providing for such modifications of this Agreement as are necessary to permit the Backup Servicer to fulfill its responsibilities hereunder as Successor Servicer.
Section 7.16.    Responsibilities of the Borrower.  Anything herein to the contrary notwithstanding, the Borrower shall (i) perform or shall cause the Servicer to perform all of its obligations under the Receivables to the same extent as if a security interest in such Receivables had not been granted hereunder, and the exercise by the Collateral Agent of its rights hereunder 
Signature Page to Credit Agreement (Heights/SouthernCo)

shall not relieve the Borrower from such obligations and (ii) to the extent required pursuant to Section 6.01(j), pay, or cause to be paid, when due any Taxes of the Borrower or the Borrower Loan Trustee, including any sales taxes payable in connection with the Receivables and their creation and satisfaction.  No Secured Party shall have any obligation or liability with respect to any Receivable, nor shall any of them be obligated to perform any of the obligations of the Borrower or the Borrower Loan Trustee thereunder.
Section 7.17.    Servicing Centralization Event.  Upon the occurrence of a Servicing Centralization Event, the Servicer shall promptly send notice thereof to the parties hereto, and the Backup Servicer and the Servicer shall work with the Collateral Agent, the Administrative Agent and the Lenders to put into effect the items described on Schedule F, together with such other items as may reasonably be agreed upon between the Backup Servicer, the Collateral Agent, the Administrative Agent and the Lenders.
ARTICLE EIGHT

THE BACKUP SERVICER
Section 8.01.    Designation of the Backup Servicer.
(a)    The backup servicing role with respect to the Receivables shall be conducted by the Person appointed to act as Backup Servicer hereunder from time to time in accordance with this Section.
(b)    The Borrower (on behalf of itself and on behalf of the Borrower Loan Trustee) and the Administrative Agent on behalf of the Secured Parties, each hereby appoints and directs Computershare to act as Backup Servicer, for the benefit of the Secured Parties.  Computershare hereby accepts such appointment and agrees to perform the duties and obligations with respect thereto set forth herein.
(c)    Until the receipt by Computershare of a notice from the Administrative Agent of the designation of a new Backup Servicer pursuant to Section 8.04, Computershare agrees that it will not terminate its activities as Backup Servicer hereunder except in accordance with Section 8.05.
(d)    Upon the occurrence of a Servicer Termination Event, the Administrative Agent (acting at the direction of the Required Lenders) may designate the Backup Servicer to act as Successor Servicer for the benefit of the Secured Parties.  The Backup Servicer shall accept such appointment and agree to perform the duties and obligations with respect thereto set forth herein, subject to the terms hereof.
Section 8.02.    Duties of the Backup Servicer.  From the Closing Date until the earlier of (i) its removal pursuant to Section 8.04, (ii) its resignation in accordance with the provisions of Section 8.05, (iii) its appointment as Successor Servicer pursuant to Section 7.12(a) or (iv) the Facility Termination Date, the Backup Servicer shall perform, on behalf of the Secured Parties, the obligations of the Backup Servicer set forth in this Section 8.02:
(a)    At least one Business Day before each Reporting Date, the Servicer shall deliver to the Backup Servicer an electronic file containing all information necessary to allow the Backup Servicer to review the Monthly Report related thereto and determine that such electronic file is readable and contains all information necessary for the Backup Servicer to complete its duties herein. The Backup Servicer shall, within three (3) Business Days after receipt of the Monthly Loan Tape referred to in the preceding sentence, load such electronic file, confirm such computer tape or diskette is in readable form and (A) verify the following based solely on 
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information contained in the electronic file: the aggregate Principal Balance of all Receivables as of the most recent Determination Date, the Annualized Net Charge-off Ratio and the Delinquency Ratio (31+ Days) as of the related Determination Date, (B) based solely on a mathematical recalculation of information contained in the Monthly Report confirm the following: Servicing Fee, Backup Servicing Fee, Paying Agent/Collateral Agent Fee, Class A Monthly Principal Payment, Class B Monthly Principal Payment, the amount due to the Reserve Account pursuant to Section 2.08(a)(vii), the amount due to the Class A Lender pursuant to Section 2.08(a)(viii), the amount due to the Class B Lender pursuant to Section 2.08(a)(viii), the remaining amount due to the Borrower pursuant to Section 2.08(a)(xiii), the Class A Borrowing Base, the Total Borrowing Base as of the related Reporting Date (calculated as of the related Determination Date, or, with respect to Receivables added to the Collateral following such Determination Date, but prior to the date of such Monthly Report, the related Cutoff Date), (C) based solely on the records of the Paying Agent confirm the following: the Reserve Account Amount as of the related Determination Date, each as set forth in the Monthly Report. In the event of any discrepancy between the information set forth in the two foregoing sentences, as determined or calculated by the Servicer, from that determined or calculated by the Backup Servicer, the Backup Servicer shall notify the Servicer of such discrepancy at or before the close of business on the Business Day immediately preceding the related Payment Date and, if by the Business Day following receipt by the Servicer of such notice, the Backup Servicer and the Servicer are unable to resolve such discrepancy, the Backup Servicer shall promptly notify the Administrative Agent and the Agents of such discrepancy. The Backup Servicer shall provide a monthly report, in form and substance satisfactory to the Backup Servicer, the Administrative Agent, the Agents and the Servicer, to the Administrative Agent, the Agents and the Servicer, at or before the close of business on the Business Day immediately preceding the related Payment Date. The Backup Servicer, in its capacity as such, shall not be responsible for delays attributable to the Servicer’s failure to deliver information, defects in the information supplied by the Servicer or other circumstances beyond the control of the Backup Servicer. Notwithstanding the foregoing, if the Monthly Loan Tape or the Monthly Report does not contain sufficient information for the Backup Servicer to perform any action hereunder, the Backup Servicer shall promptly notify the Servicer of any additional information to be delivered by the Servicer to the Backup Servicer, and the Backup Servicer and the Servicer shall mutually agree upon the form thereof; provided, however, that the Backup Servicer shall not be liable for the performance of any action unable to be taken hereunder without such additional information until it is received from the Servicer.
(b)    On or prior to the 60th day after the Closing Date, the Servicer shall deliver the Test Data File to the Backup Servicer, in a format acceptable to the Backup Servicer.  The Backup Servicer and the Servicer will agree upon the file layout and electronic medium to transfer such data to the Backup Servicer.  Any reasonable cost associated with the obligations of the Backup Servicer described in this subsection shall be at the expense of the Servicer, and, to the extent that the Servicer does not pay such amounts, the Backup Servicer shall be entitled to recover such amounts pursuant to Section 2.08.  On an annual basis, on the anniversary date of the Closing Date, the Servicer shall provide to the Backup Servicer a description of any material changes which have been made to the Servicer’s system of record.
(c)    Other than as specifically set forth elsewhere in this Agreement, (i) the Backup Servicer shall have no obligation to supervise, verify, monitor or administer the performance of the Servicer and shall have no Liability for any action taken or omitted by the Servicer and (ii) shall have no obligation to confirm or verify the content, accuracy or completeness of any information delivered to the Backup Servicer.
(d)    The Backup Servicer shall consult with the Servicer as may be necessary from time to time to perform or carry out the Backup Servicer’s obligations hereunder, including the 
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obligation, if requested in writing by the Administrative Agent (acting at the direction of the Required Lenders), to succeed to the duties and obligations of the Servicer pursuant hereto.
(e)    Except as provided in this Agreement, the Backup Servicer may accept and rely on all accounting, records and work of the Servicer without audit, and the Backup Servicer shall have no Liability for the acts or omissions of the Servicer.  If any error, inaccuracy or omission (collectively, “Errors”) exists in any information received from the Servicer, and such Errors should cause or materially contribute to the Backup Servicer making or continuing any Errors (collectively, “Continued Errors”), the Backup Servicer shall have no Liability for such Continued Errors; provided, however, that the Successor Servicer agrees to use its best efforts to prevent further Continued Errors.  In the event the Backup Servicer has actual knowledge or receives written notice of Errors or Continued Errors, the Backup Servicer shall promptly notify the Servicer of such Errors or Continued Errors and, with the prior consent of the Administrative Agent (acting at the direction of the Required Lenders), shall use its best efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continued Errors and prevent future Continued Errors.  The Backup Servicer shall be entitled to recover its reasonable costs thereby expended from the Servicer (or, to the extent not paid by the Servicer, in accordance with Section 2.08).
(f)    The Backup Servicer shall be indemnified by the Servicer and the Borrower pursuant to Section 11.01 and Section 11.02.
(g)    The Backup Servicer shall be liable in accordance herewith only to the extent of its obligations set forth in this Agreement or any obligations assumed by the Backup Servicer from the Servicer pursuant to Section 7.12.  Such liability is limited to only those actions taken or omitted to be taken by the Backup Servicer and caused through its gross negligence, bad faith or willful misconduct.  No implied covenants or obligations shall be read into this Agreement against the Backup Servicer and, in the absence of bad faith on its part, the Backup Servicer may conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Backup Servicer and conforming to the requirements of this Agreement.
(h)    The Backup Servicer shall not be charged with knowledge of any event or information, including any Unmatured Event of Default, Event of Default or Facility Amortization Event, or be required to act (including the sending of any notice) upon any such event or information, including any Unmatured Event of Default, Event of Default or Facility Amortization Event, unless a Responsible Officer of the Backup Servicer has actual knowledge of such event or receives written notice of such event from the Borrower, the Borrower Loan Trustee, the Servicer, the Administrative Agent or any Secured Party, and shall have no duty to take action to determine whether any such event, default or Event of Default shall have occurred.
(i)    The Backup Servicer shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or indemnity satisfactory to it against such risk or liability shall not be reasonably assured to it.  Notwithstanding any provision to the contrary, the Backup Servicer shall not be liable for any obligation or the acts or omissions of the Borrower, the Borrower Loan Trustee, the Servicer (so long as it is not the Successor Servicer, in which case it shall be obligated to perform as Servicer hereunder) or any other Person, contained in this Agreement, and the parties shall look only to such parties to perform such obligations, and the Backup Servicer may assume performance of such parties absent written notice or actual knowledge of a Responsible Officer of the Backup Servicer to the contrary.
Signature Page to Credit Agreement (Heights/SouthernCo)

(j)    In no event shall the Backup Servicer be responsible or liable for punitive, special, indirect, or consequential loss or damage of any kind whatsoever (including, without limitation, loss of profit) irrespective of whether the Backup Servicer has been advised of the likelihood of such loss or damage and regardless of the form of action. 
(k)    The Backup Servicer may execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through Affiliates, agents or attorneys or a custodian.  The Backup Servicer shall not be responsible for any misconduct or negligence of any agent, attorney or custodian appointed with due care by it hereunder.
(l)    Notwithstanding anything stated herein to the contrary, nothing herein shall be construed to impose an obligation on the part of the Backup Servicer to investigate, evaluate, verify, independently determine or re-calculate any information, statement, representation or warranty or any fact or matter stated in, or the accuracy of, any such document and may conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein.
Section 8.03.    Backup Servicing Compensation.  As compensation for its backup servicing activities hereunder, the Backup Servicer shall be entitled to receive the Backup Servicing Fee from the Borrower.  The Backup Servicer shall be entitled to receive its Backup Servicing Fee to the extent of funds available therefor pursuant to Section 2.08. The Backup Servicer’s entitlement to receive the Backup Servicing Fee shall cease on the earliest to occur of (i) it becoming the Successor Servicer, (ii) its removal as Backup Servicer pursuant to Section 8.04, (iii) its resignation in accordance with the provisions of Section 8.05 and (iv) the termination of this Agreement.
Section 8.04.    Backup Servicer Removal.  The Backup Servicer may be removed in connection with a breach by the Backup Servicer in any material respect of any representation, warranty or covenant of the Backup Servicer under this Agreement, or otherwise in the discretion of the Administrative Agent (acting at the direction of the Required Lenders), by thirty (30) days’ prior notice given in writing and delivered to the Backup Servicer from the Administrative Agent (acting at the direction of the Required Lenders) (the “Backup Servicer Termination Notice”).  On and after the receipt by the Backup Servicer of the Backup Servicer Termination Notice, the Backup Servicer shall continue to perform all backup servicing functions under this Agreement, subject to Section 8.05, until the date specified in the Backup Servicer Termination Notice or otherwise specified by the Administrative Agent (acting at the direction of the Required Lenders) in writing or, if no such date is specified in the Backup Servicer Termination Notice or otherwise specified by the Administrative Agent (acting at the direction of the Required Lenders), until a date mutually agreed upon by the Backup Servicer and the Administrative Agent (acting at the direction of the Required Lenders).
Section 8.05.    The Backup Servicer Not to Resign.  The Backup Servicer shall resign only with the prior written consent of the Administrative Agent and the Required Lenders or if the Backup Servicer provides an Opinion of Counsel to the Administrative Agent to the effect that the Backup Servicer is no longer permitted by Applicable Law to act as Backup Servicer hereunder.  No termination or resignation of the Backup Servicer hereunder shall be effective until a successor Backup Servicer, acceptable to the Administrative Agent (acting at the direction of the Required Lenders) has accepted its appointment as successor Backup Servicer hereunder and has agreed to be bound by the terms of this Agreement. If, however, a successor Backup Servicer is not appointed by the Administrative Agent (acting at the direction of the Required Lenders) within thirty (30) days after the giving of notice of resignation or termination, the Backup Servicer may petition a court of competent jurisdiction for the appointment of a successor Backup Servicer, with the cost of such petition (including attorneys’ fees and expenses and court costs) to be borne by the Borrower.
Signature Page to Credit Agreement (Heights/SouthernCo)

Section 8.06.    Covenants of the Backup Servicer.
(a)    Affirmative Covenants.  Within sixty (60) days following the Closing Date, the Backup Servicer shall establish a servicing transition plan, and shall deliver a copy of such plan to the Agents.  In addition, from the date of its appointment until the Facility Termination Date:
(i)    Compliance with Law.  The Backup Servicer will comply in all material respects with all Applicable Laws and all of its obligations under this Agreement. 
(ii)    Preservation of Existence.  The Backup Servicer will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified and validly existing under federal law where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or would reasonably be expected to have, a Material Adverse Effect.
(b)    Negative Covenant.  From the date of its appointment until the Facility Termination Date, the Backup Servicer will not make any changes to the Backup Servicing Fee without the prior written approval of the Administrative Agent (acting at the direction of the Required Lenders) and, so long as no Event of Default or Servicer Termination Event has occurred, the Borrower.
Section 8.07.    Merger of the Backup Servicer.  Any Person into which the Backup Servicer (in such capacity or in its capacity as Successor Servicer) may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which to Backup Servicer shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Backup Servicer, shall be the successor of the Backup Servicer under this Agreement, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
Section 8.08.    Privilege.  The Backup Servicer shall be entitled to any protection, privilege or indemnity afforded to the Paying Agent under the terms of this Agreement.
ARTICLE NINE

THE IMAGE FILE CUSTODIAN
Section 9.01.    Appointment; Duties of the Image File Custodian.  The Administrative Agent, each Lender, the Borrower (on behalf of itself and on behalf of the Borrower Loan Trustee), at the direction of and on behalf of the Administrative Agent, hereby appoint Computershare, acting through its document custody division, to act solely on their behalf as Image File Custodian hereunder, and Computershare hereby accepts such appointment.  The Image File Custodian shall perform such duties and only such duties as are specifically set forth in this Agreement.
Section 9.02.    Compensation and Indemnification of Image File Custodian.
(a)    The Image File Custodian shall be compensated for its activities hereunder by receiving the Image File Custodian Fee.
(b)    The Borrower and the Servicer shall indemnify the Image File Custodian and its officers, directors, employees and agents pursuant to Section 11.01 and Section 11.02.
Signature Page to Credit Agreement (Heights/SouthernCo)

Section 9.03.    Covenants of the Image File Custodian.
(a)    Affirmative Covenants.  From the date hereof until the Facility Termination Date:
(i)    Compliance with Law.  The Image File Custodian will comply in all material respects with all Applicable Laws and will comply with all of its obligations hereunder.  The Image File Custodian will maintain, or cause to be maintained, an in-place compliance management system appropriate for its size and complexity.
(ii)    Preservation of Existence.  The Image File Custodian will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or would reasonably be expected to have, a Material Adverse Effect.
(b)    Negative Covenant.  From the date hereof until the Facility Termination Date the Image File Custodian will not assign, transfer, convey, deliver or dispose of any Imaged Files related to a Receivable or other document evidencing or relating to any of the Collateral or any of the Collateral except as contemplated by this Agreement.
(c)    Agreement to Provide.  The Image File Custodian agrees to promptly provide any and all information in its possession reasonably requested by the Servicer in writing to help facilitate the Servicer’s compliance with its obligations set forth under Section 7.08.
Section 9.04.    Liability of the Image File Custodian.
(a)    The Image File Custodian shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Image File Custodian in such capacity herein.  No implied covenants or obligations shall be read into this Agreement against the Image File Custodian and, in the absence of bad faith on the part of the Image File Custodian, the Image File Custodian may conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates, documents or opinions furnished to the Image File Custodian pursuant to and conforming to the requirements of this Agreement.
(b)    The Image File Custodian shall not be liable for:
(i)    an error of judgment made in good faith by one of its officers; or
(ii)    any action taken, suffered or omitted to be taken in good faith in accordance with or believed by it to be authorized or within the discretion or rights or powers conferred, by this Agreement or at the direction of a Secured Party relating to the exercise of any power conferred upon the Image File Custodian under this Agreement in each case unless it shall be proved that the Image File Custodian shall have been grossly negligent in ascertaining the pertinent facts.
(c)    The Image File Custodian shall not be charged with knowledge of any event or information, including any Unmatured Event of Default, Event of Default or Facility Amortization Event, or be required to act (including the sending of any notice) upon any such event or information, including any Unmatured Event of Default, Event of Default or Facility Amortization Event, unless a Responsible Officer of the Image File Custodian has actual knowledge of such event or receives written notice of such event from the Borrower, the Borrower Loan Trustee, the Servicer, the Administrative Agent or any Secured Party, and shall have no duty to take any action to determine whether any such event, default or Event of Default shall have occurred.
Signature Page to Credit Agreement (Heights/SouthernCo)

(d)    Without limiting the generality of this Section, the Image File Custodian shall have no duty (i) to see to any recording, filing or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Receivables or the related underlying collateral, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to the payment or discharge of any Tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Receivables, (iii) to confirm or verify the contents of any reports or certificates of the Servicer or the Borrower delivered to the Image File Custodian pursuant to this Agreement believed by the Image File Custodian to be genuine and to have been signed or presented by the proper party or parties or (iv) to inquire as to the performance or observance of any of the Borrower’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Receivables under this Agreement.
(e)    The Image File Custodian shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or indemnity satisfactory to it against such risk or liability shall not be reasonably assured to it.  None of the provisions contained in this Agreement shall in any event require the Image File Custodian to perform, or be responsible for or have any duty to supervise or monitor the manner of performance of, any of the obligations or acts or omissions of the Borrower, the Servicer or any other Person under this Agreement, and the Image File Custodian may assume performance of such parties absent written notice or actual knowledge of a Responsible Officer of the Image File Custodian to the contrary.
(f)    The Image File Custodian may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, any Monthly Report, any Monthly Loan Tape, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.
(g)    The Image File Custodian may consult with counsel of its choice with regard to legal questions arising out of or in connection with this Agreement and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Image File Custodian in good faith in accordance therewith.
(h)    The Image File Custodian shall be under no obligation to exercise any of the rights, powers or remedies vested in it by this Agreement or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of the Collateral Agent or the Administrative Agent pursuant to the provisions of this Agreement, unless the Collateral Agent or the Administrative Agent, on behalf of the Secured Parties, shall have offered to the Image File Custodian security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby.  The Image File Custodian shall have no liability for any action or inaction taken at the direction of the Borrower, the Borrower Loan Trustee, the Servicer, the Collateral Agent or the Administrative Agent in accordance with this Agreement.
(i)    The Image File Custodian shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by a Secured Party; provided, that if the payment within a reasonable time to the Image File Custodian of the costs, expenses or liabilities likely to be incurred by it in the making of 
Signature Page to Credit Agreement (Heights/SouthernCo)

such investigation shall be, in the opinion of the Image File Custodian, not reasonably assured by the Borrower, the Image File Custodian may require indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to so proceeding.  The reasonable expense of every such examination shall be paid by the Borrower or, if paid by the Image File Custodian, shall be reimbursed by the Borrower upon demand.
(j)    The Image File Custodian may execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through agents, Affiliates or attorneys or a custodian.  The Image File Custodian shall not be responsible for any misconduct or negligence of any such agent or custodian appointed with due care by it hereunder.
(k)    The Image File Custodian shall indemnify and hold harmless the Borrower, the Borrower Loan Trustee, the Servicer, the Secured Parties and each of their respective officers, directors, employees and agents from and against any and all loss, liability or expense that may be imposed on, incurred by or asserted against them as a result of the gross negligence, willful misconduct or bad faith relating to the maintenance and custody of the Imaged Files by the Image File Custodian; provided, however, that the Image File Custodian shall not be liable for any portion of any such loss, liability or expenses resulting from the willful misconduct, bad faith or gross negligence of the Borrower, the Borrower Loan Trustee, the Servicer, the Administrative Agent or any Secured Party.
(l)    In no event shall the Image File Custodian be responsible or liable for punitive, special, indirect, or consequential loss or damage of any kind whatsoever (including, without limitation, loss of profit) irrespective of whether the Image File Custodian has been advised of the likelihood of such loss or damage and regardless of the form of action.
Section 9.05.    Limitation on Liability of the Image File Custodian and Others.  The directors, officers, employees or agents of the Image File Custodian shall not be under any liability to any Secured Party, the Borrower or any other Person hereunder or pursuant to any document delivered hereunder, it being expressly understood that all such liability is expressly waived and released as a condition of, and as consideration for, the execution of this Agreement; provided, however, that this provision shall not protect the directors, officers, employees and agents of the Image File Custodian against any liability which would be imposed by reason of willful misconduct, bad faith or gross negligence in the performance of duties.  Except as provided in Section 9.04, the Image File Custodian shall not be under any liability to the Administrative Agent, any Secured Party, the Borrower or any other Person for any action taken or for refraining from the taking of any action in its capacity as Image File Custodian pursuant to this Agreement; provided, however, that this provision shall not protect the Image File Custodian against any liability which would be imposed by reason of willful misconduct, bad faith or gross negligence in the performance of duties.  The Image File Custodian may rely in good faith on any document of any kind, prima facie, properly executed and submitted by any Person respecting any matters arising hereunder.
Section 9.06.    Certain Matters Affecting the Image File Custodian.
(a)    The Image File Custodian shall have no duties or responsibilities except those that are specifically set forth herein, and no implied covenants or obligations shall be read into this Agreement against the Image File Custodian.  If the Image File Custodian shall request instructions from the Administrative Agent, the Collateral Agent or the Servicer with respect to any act, action or failure to act in connection with and as set forth in this Agreement, the Image File Custodian shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Image File Custodian shall have received written instructions from the Administrative Agent, the Collateral Agent or the Servicer, as applicable without incurring any 
Signature Page to Credit Agreement (Heights/SouthernCo)

liability therefor to the Administrative Agent, the Collateral Agent, the Borrower, the Borrower Loan Trustee, the Servicer or any other Person.
(b)    The Image File Custodian may act in reliance upon any written communication of the Administrative Agent or the Collateral Agent concerning the delivery of the Imaged Files for any of the Receivables and other items of Collateral pursuant to this Agreement.  The Image File Custodian shall not be liable for any action or omission to act hereunder, except for its own gross negligence, bad faith or willful misconduct.  In no event shall the Image File Custodian have any responsibility to ascertain or take action with respect to the Imaged Files relating to any of the Receivables or other Collateral, except as expressly provided herein.
THE FOREGOING PARAGRAPH SHALL APPLY WHETHER OR NOT SUCH LIABILITIES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY THE IMAGE FILE CUSTODIAN.
(c)    If the Image File Custodian shall at any time receive conflicting instructions from the Administrative Agent, the Collateral Agent and the Servicer or any other party to this Agreement and the conflict between such instructions cannot be resolved by reference to the terms of this Agreement, the Image File Custodian shall be entitled to rely on the instructions of the Collateral Agent.  In the absence of bad faith, gross negligence or willful misconduct on the part of the Image File Custodian, the Image File Custodian may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, any Monthly Report, any Monthly Loan Tape, certificate of auditors, or any other certificate, statement, instrument, opinion, report, notice request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties.  The Image File Custodian may conclusively rely upon the validity of documents delivered to it, without investigation as to their authenticity or legal effectiveness, and the Servicer and the other parties to this Agreement will hold the Image File Custodian harmless from any claims that may arise or be asserted against the Image File Custodian because of the invalidity of any such documents or their failure to fulfill their intended purpose.  The Image File Custodian shall not be bound to ascertain or inquire as to the performance or observance of any of the terms of this Agreement or any other agreement on the part of any party, except as may otherwise be specifically set forth herein.  The Image File Custodian may consult with counsel of its choice with regard to legal questions arising out of or in connection with this Agreement and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Image File Custodian in good faith in accordance therewith.
(d)    The Image File Custodian is authorized, in its sole discretion, to disregard any and all notices or instructions given by any other party hereto or by any other Person, except only such notices or instructions as are herein provided for and orders or process of any court entered or issued with or without jurisdiction.  If any property subject hereto is at any time attached, garnished or levied upon under any court order or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made or entered by any court affecting such property or any part hereof, then and in any of such events the Image File Custodian is authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree with which it is advised by legal counsel of its own choosing is binding upon it, and if it complies with any such order, writ, judgment or decree it shall not be liable to any other party hereto or to any other Person by reason of such compliance even though such order, writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Signature Page to Credit Agreement (Heights/SouthernCo)

(e)    The Image File Custodian may at any time resign and terminate its obligations under this Agreement; provided, however, that except as provided below, no such resignation or termination shall be effective until a successor Image File Custodian is appointed (and accepts such appointment) pursuant to the terms of this Section.  Promptly after receipt of notice of the Image File Custodian’s intended resignation, the Borrower shall appoint, by written instrument, a successor Image File Custodian who shall be acceptable to the Administrative Agent (acting at the direction of the Required Lenders).  If the Borrower fails to appoint a successor Image File Custodian pursuant to the terms hereof within thirty (30) days after receipt of the Image File Custodian’s notice of resignation, the Administrative Agent (acting at the direction of the Required Lenders) shall have the exclusive right to appoint by written instrument, a successor Image File Custodian.  If neither the Borrower nor the Administrative Agent (acting at the direction of the Required Lenders) has appointed a successor Image File Custodian within sixty (60) days after receipt of the Image File Custodian’s notice of resignation, the Image File Custodian may petition a court of competent jurisdiction to appoint a successor Image File Custodian, with the cost of such petition (including attorneys’ fees and expenses and court costs) to be borne by the Borrower.
(f)    Any corporation, banking association or trust company into which the Image File Custodian may be merged or converted or consolidated with, or any corporation, banking association or trust company resulting from any merger, conversion or consolidation to which the Image File Custodian shall be a party, or any corporation, banking association or trust company succeeding to all or substantially all the corporate trust business of the Image File Custodian, shall be the successor of the Image File Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
Section 9.07.    Custody of Imaged Files. 
(a)    The Servicer and each Subservicer shall be authorized to transmit, and the Image File Custodian shall be authorized to accept, standalone .PDF files or other similar electronic mediums of the Imaged Files.  The Image File Custodian shall retain such Imaged Files on its computer systems in accordance with Section 9.09.  Prior to or contemporaneously with the delivery of any Imaged Files to the Image File Custodian, the Servicer or the Subservicer, as applicable, shall deliver or cause to be delivered to the Image File Custodian an Excel spreadsheet (or other similar electronic document reasonably acceptable to the Image File Custodian) (each, an “Imaged File Loan Schedule”) identifying the Receivables to which such Imaged Files relate.  In connection with each Funding Date, the Servicer and each Subservicer, as applicable, shall deliver the Imaged Files and the Imaged File Loan Schedule at least five (5) Business Days prior to such Funding Date (the “Imaged File Delivery Date”); provided, that, in connection with the initial Funding Date, the Servicer and each Subservicer, as applicable, shall deliver the Imaged Files and the Imaged File Loan Schedule no later than twenty (20) days following the Closing Date (the “Initial Imaged File Delivery Date”).  If such Imaged Files and Imaged File Loan Schedule are received by the Image File Custodian prior to 12:00 p.m. New York City time, the Image File Custodian shall provide to the Administrative Agent, the Servicer and each Lender, on or before five (5) Business Days following such receipt, a certification (each, a “Certificate of Receipt”) confirming that the relevant account numbers for the Imaged Files received matches the relevant Obligor’s account numbers provided on the Imaged File Loan Schedule (and if such information is delivered to the Image File Custodian after 12:00 p.m. New York City time, on any Business Day, such information shall be deemed, for purposes of this sentence, to be received prior to 12:00 p.m. New York City time on the next succeeding Business Day); provided, that, in connection with the initial Funding Date, the Image File Custodian shall deliver the related Certificate of Receipt within five (5) Business Days of the Initial Imaged File Delivery Date. 
Signature Page to Credit Agreement (Heights/SouthernCo)

(b)    The Image File Custodian shall randomly select for review (x) in connection with the initial Funding Date, within three (3) Business Days following the Initial Imaged File Delivery Date, 250 Imaged Files delivered in connection with such Funding Date relating to Receivables originated by Heights Originators and 250 Imaged Files delivered in connection with such Funding Date relating to Receivables originated by SouthernCo Originators and (y) in connection with any Funding Date that occurs more than thirty (30) days following the Closing Date, 200 Imaged Files delivered in connection with such Funding Date, with such selection of 200 Imaged Files to be split pro rata, based on the number of related Receivables added to the Collateral in connection with such Funding Date originated by Heights Originators and by SouthernCo Originators.  In receiving and reviewing any such randomly selected Imaged File, the Image File Custodian shall be required only to review each document within any such Imaged File received to determine whether (1) each document in the Imaged File appears fully executed and (2) each Imaged File contains each of the following with respect to the applicable Receivable specified by the Servicer or the Subservicer, as applicable, in the applicable Imaged File Loan Schedule: (a) last name of Obligor, (b) Obligor’s account number, (c) the State in which the related Obligor has a mailing address, (d) the branch State, (e) whether such Receivable is a Hard Secured Receivable (with a certificate of title or not), (f) loan amount, (g) APR, (h) contract term (i.e., the number of payments) and (i) Originator.  In receiving and reviewing any Imaged File in connection with the Image File Custodian’s delivery of a Certificate of Receipt, the Image File Custodian shall be required only to conduct the review necessary to make the certifications contained in the Certificate of Receipt.  Notwithstanding the foregoing or any other provision of this Agreement to the contrary, the Image File Custodian shall not have any duty or obligation to review any Imaged File with respect to which the related Contract is an Electronic Contract (other than a Specified Electronic Contract).  For the avoidance of doubt, if a Contract contained within an Imaged File is not fully executed, the Image File Custodian will specify that such Contract is not fully executed in the exception report attached to the related Custodian Certification.
(c)    In connection with the Image File Custodian’s review of the Imaged Files relating to Receivables delivered to the Image File Custodian hereunder, the Image File Custodian shall execute and deliver to the Servicer, the Administrative Agent and each Lender a certificate substantially in the form attached hereto as Exhibit I (the “Custodian Certification”) no later than the fifth (5th) Business Day following the Initial Imaged File Delivery Date and no later than the third (3rd) Business Day following the Imaged File Delivery Date, as applicable.  For the avoidance of doubt, any single Custodian Certification may relate to one or more Imaged Files.
(d)    In the event that an Authorized Officer of the Servicer (on its own behalf or on behalf of a Subservicer) requests that any Imaged File relating to a Receivable be removed from the Image File Custodian’s custody (x) as a result of a repurchase pursuant to Section 5.06 hereof, (y) for the purpose of correcting errors therein or (z) in order to comply with, or give effect to, any other provisions of the Basic Documents, the Servicer shall send a written request to the Image File Custodian, substantially in the form of Exhibit J attached hereto (each, a “Removal Request”).  Within two (2) Business Days of receipt of such written request, the Image File Custodian shall delete the applicable Imaged File from the Image File Custodian’s system as directed by the Servicer in such Removal Request.
(e)    In the event that the Backup Servicer is removed or resigns as Backup Servicer hereunder, the successor Backup Servicer shall automatically (and without further action) become the successor Image File Custodian.  Any predecessor Image File Custodian shall take any actions reasonably requested by the Servicer in order to allow for a successor Image File Custodian to assume its duties and obligations hereunder.  Without limiting the foregoing, in the event that any Image File Custodian ceases to act in such capacity hereunder, (i) it shall promptly as practicable transfer any Imaged Files in its custody (or on its systems) to the successor Image File Custodian and (ii) upon completing such transfer, promptly (except as required by its 
Signature Page to Credit Agreement (Heights/SouthernCo)

internal document retention policies) delete any Imaged Files in its custody (or on its systems) unless otherwise directed by the Servicer.  The predecessor Image File Custodian shall be entitled to receive from the Servicer reimbursement of such predecessor Image File Custodian’s reasonable and documented out-of-pocket expenses in connection with the performance of its duties under this Section 9.07(e).
(f)    The parties hereto acknowledge and agree that, notwithstanding anything to the contrary set forth in this Agreement, the review contemplated by this Section 9.07 (the “Review”) is a review to be performed by the Image File Custodian solely for the purpose of acknowledging receipt of Imaged Files by the Image File Custodian.  Any Custodian Certification related to such Review prepared by the Image File Custodian and furnished to the Servicer, the Administrative Agent and each Lender is produced solely in connection with this purpose.  The Image File Custodian was not engaged to perform the Review, produce any Custodian Certification or perform any of the services in this Agreement for the purpose of making findings with respect to the accuracy of the information or data regarding the Receivables provided to the Image File Custodian hereunder for the Review as contemplated by Rule 17g-10 under the Exchange Act.  Given the purpose and scope of the Image File Custodian’s services (including the Review and any Custodian Certification) under this Agreement and given the treatment and use of the Review and Custodian Certification, the parties hereto agree that the Image File Custodian’s Review is not commonly understood in the market to be “due diligence services” for purposes of Rule 17g-10.  The parties hereto do not consider the Review and the delivery of any Custodian Certification to be “due diligence services” for purposes of Rule 17g-10, and shall not treat any Custodian Certification as a “third party due diligence report” for purposes of Rule 15Ga-2 under the Exchange Act.  The other parties hereto hereby acknowledge that the Image File Custodian is relying on this certification for purposes of determining that its Review does not constitute “due diligence services” under Rule 17g-10. The Image File Custodian shall have no liability for or obligation with respect to, and shall not be construed or obliged to make any representation or warranty as to: (i) the validity, sufficiency, marketability, genuineness, value, contents or enforceability of any Imaged File or any agreement, instrument or other document contained therein; (ii) the validity, adequacy or perfection of any lien upon or security interest purported to be evidenced or created thereby or by any agreement, instrument or other document; or (iii) a determination that the contents of any Imaged Files are appropriate for the represented purpose or that any agreement, instrument or other document contained in any Imaged File has actually been recorded or filed, as maybe applicable, or that any agreement, instrument or other document in any Imaged File is other than what it purports on its face to be. The Image File Custodian shall not be obligated to make any independent examination of any Imaged File or its contents beyond the review specifically required by this Agreement.
Section 9.08.    Further Agreements.  The parties hereto further agree that:
(a)    The Image File Custodian may conclusively rely on, and shall be fully protected in acting or refraining from acting upon, any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, approval, bond or any other paper or document (including any of the foregoing delivered in electronic format) believed by it to be genuine and to have been signed or presented by the proper Person or Persons.  Nothing herein shall be construed to impose an obligation on the part of the Image File Custodian to investigate, evaluate, verify, independently determine or re-calculate any information, statement, representation or warranty or any fact or matter stated in, or the accuracy of, any such document and may conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein; provided, however, for the avoidance of doubt, that nothing herein shall be construed so as to relieve the Image File Custodian of its express obligations hereunder.
Signature Page to Credit Agreement (Heights/SouthernCo)

(b)    Without limiting the generality of any other provision hereof, the Image File Custodian shall have no duty to conduct any investigation as to the occurrence of any condition requiring the repurchase of any Receivable by any Person pursuant to this Agreement, or the eligibility of any Receivable for purposes of this Agreement.
(c)    Before the Image File Custodian acts or refrains from taking any action under this Agreement, it may require an Officer’s Certificate and/or Opinion of Counsel from the party requesting that the Image File Custodian act or refrain from acting in form and substance acceptable to the Image File Custodian, the costs of which (including the Image File Custodian’s reasonable attorney’s fees and expenses) shall be paid by the party requesting that the Image File Custodian act or refrain from acting.  The Image File Custodian shall not be liable for any action it takes or omits to take in good faith in reliance on any such Officer’s Certificate and/or Opinion of Counsel.
(d)    Notwithstanding anything to the contrary in this Agreement, the Image File Custodian shall not be liable for any loss or damage, or any failure or delay in the performance of its obligations hereunder if it is prevented from so performing its obligations by any reason which is beyond the control of the Image File Custodian, including by any existing or future law or regulation, any existing or future act of governmental authority, act of God, flood, war whether declared or undeclared, terrorism, riot, rebellion, civil commotion, other industrial action, general failure of electricity or other supply, technical failure, accidental or mechanical or electrical breakdown, computer failure or any event where, in the reasonable opinion of the Image File Custodian, performance of any duty or obligation under or pursuant to this Agreement would or may be illegal or would result in the Image File Custodian being in breach of any Applicable Law or practice, request, direction, notice, announcement or similar action of any Governmental Authority to which the Image File Custodian is subject.
(e)    Notwithstanding anything to the contrary in this Agreement, the Image File Custodian shall not be required to take any action that is not in accordance with Applicable Law.
(f)    The right of the Image File Custodian to perform any permissive or discretionary act enumerated in this Agreement or any related document shall not be construed as a duty. In the event that any provision of this Agreement implies or requires that action or forbearance from action be taken by a party but is silent as to which party has the duty to act or refrain from acting, the parties hereto agree that the Image File Custodian shall not be the party required to take the action or refrain from acting.
(g)    Neither the Image File Custodian nor any of its officers, directors, employees, attorneys or agents will be responsible or liable for (i) the existence, genuineness, value or protection of any collateral securing the Receivables, for the legality, enforceability, effectiveness or sufficiency of the Basic Documents for the creation, perfection, continuation, priority, sufficiency or protection of any of the Liens, or for any defect or deficiency as to any such matters, or for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the liens or Basic Documents or any delay in doing so, or (ii) reviewing or determining the accuracy, completeness or sufficiency of any chain of ownership (including endorsements or assignments related thereto) with respect to any Receivable or Receivable File.
(h)    The Image File Custodian shall not be liable for any action or inaction of the Servicer, or any other party (or agent thereof) to this Agreement or any related document and may assume compliance by such parties with their obligations under this Agreement or any related agreements, unless a Responsible Officer of the Image File Custodian shall have obtained actual knowledge of such event or received written notice to the contrary at the address set forth below the name of the Image File Custodian on the signature pages hereof.
Signature Page to Credit Agreement (Heights/SouthernCo)

(i)    Neither the Image File Custodian nor any of its directors, officers, agents or employees shall be responsible in any manner to any of the Secured Parties for any recitals, statements, representations or warranties made by the Borrower, the Borrower Loan Trustee, the Servicer, the Originators, the Administrative Agent, the Collateral Agent, the Backup Servicer or the Paying Agent contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement or any other Basic Document to which it is a party for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article Four.
(j)    Without limiting the generality of any other provision hereof, neither the Image File Custodian’s preparation or receipt of any reports pursuant to this Agreement nor any other publicly available information available to the Image File Custodian shall constitute actual or constructive knowledge or written notice of any information contained therein.
(k)    The Image File Custodian shall be entitled to any protection, privilege or indemnity afforded to the Paying Agent under the terms of this Agreement, mutatis mutandis.
Section 9.09.    System Maintenance.  The Image File Custodian will maintain or cause to be maintained gateways, hardware, software, systems it deems necessary or appropriate in order to, and otherwise maintain or caused to be maintained a technology platform that will enable the Image File Custodian to fulfill its obligations hereunder at all times.
ARTICLE TEN

EVENTS OF DEFAULT
Section 10.01.     Events of Default.
(a)    Each of the following events shall constitute an “Event of Default”:
(i)    the Borrower shall fail to make any payment of Interest or any Unused Commitment Fees, in each case when due and without giving effect to the availability of funds and such failure continues unremedied for three (3) Business Days after the date such payment was due;
(ii)    failure to pay all Aggregate Unpaids by the Maturity Date;
(iii)    a failure on the part of the Borrower to make any payment, transfer or deposit required by the terms of any Basic Document (other than as set forth in clauses (i) and (ii) above) on the day such payment or deposit is required to be made, which default or failure continues unremedied for three (3) Business Days after the earlier of (A) receipt of written notice of such failure by the Borrower or the Borrower Loan Trustee from the Collateral Agent, the Administrative Agent or any Lender or (B) discovery of such failure by a Responsible Officer of the Borrower or the Borrower Loan Trustee;
(iv)    after giving effect to the allocation of funds pursuant to Section 2.08, the Loans Outstanding that are Class A Loans exceeds the Class A Borrowing Base or the Loans Outstanding exceeds the Total Borrowing Base (each calculated as of the related Determination Date, or, with respect to Receivables added to the Collateral following such Determination Date but prior to such Payment Date or Securitization Date, the related Cutoff Date), which condition continues unremedied for two (2) Business Days; provided, that if such event is due solely to a decrease in the Class A Advance Rate and 
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the Total Advance Rate due to the occurrence of a Level I Trigger Event, such event will not constitute an Event of Default if cured by the first Payment Date after the occurrence of such Level I Trigger Event; 
(v)    on any Payment Date, after giving effect to the allocation of funds pursuant to Section 2.08, the amount on deposit in the Reserve Account is less than the Reserve Account Required Amount, and such deficiency has not been cured prior to or on the next Payment Date;
(vi)    a failure by the Borrower, the Borrower Loan Trustee, the Servicer, any Subservicer, the Guarantor or any Originator to duly perform or observe any term, covenant or agreement of the Borrower, the Borrower Loan Trustee, the Servicer, such Subservicer, the Guarantor or any Originator contained in this Agreement or any other Basic Document (other than as otherwise described in this Section 10.01) and such failure remains unremedied for thirty (30) calendar days after the earliest to occur of (A) knowledge by a Responsible Officer of the Borrower, the Borrower Loan Trustee, the Servicer, such Subservicer, the Guarantor or such Originator, as applicable, and (B) receipt of a written notice of such failure from the Administrative Agent, the Collateral Agent, any Agent, any Lender, the Image File Custodian or the Backup Servicer; it being understood that any repurchase of a Receivable by the Borrower pursuant to Section 5.06 shall be deemed to remedy any failure to perform or observe any term, covenant or agreement with respect to such Receivable;
(vii)    any representation, warranty or certification made or deemed to be made by the Borrower, the Borrower Loan Trustee, the Servicer, any Subservicer, the Guarantor or any Originator under this Agreement or any other Basic Document, or any Monthly Report, any Monthly Loan Tape or other information required to be given by the Borrower, the Borrower Loan Trustee, any Originator, any Subservicer, the Guarantor or the Servicer to the Administrative Agent or any Lender, shall prove to have been false or incorrect in any material respect when made or deemed made or delivered, and which remains unremedied for thirty (30) calendar days after the earlier to occur of (A) knowledge by a Responsible Officer of the Borrower, the Borrower Loan Trustee, the Servicer, such Subservicer, the Guarantor or such Originator, as applicable, and (B) receipt of a written notice of such failure from the Administrative Agent, the Collateral Agent, any Agent or any Lender; it being understood that any repurchase of a Receivable by the Borrower pursuant to Section 5.06 shall be deemed to remedy any incorrect representation or warranty with respect to such Receivable;
(viii)    the occurrence of an Insolvency Event relating to any Heights/SouthernCo Entity or Parent;  
(ix)    a breach of the Financial Covenant shall have occurred;
(x)    the Borrower shall become (A) an “investment company” within the meaning of the Investment Company Act or (B) a “covered fund” as defined in the final regulations issued June 25, 2020 implementing the “Volcker Rule” (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act);
(xi)    the IRS shall file notice of a Lien pursuant to Section 430 or Section 6321 of the Code with regard to any assets of the Borrower, any Originator or SouthernCo and such lien shall not have been released within five (5) days (with respect to assets of the Borrower or any Originator) or thirty (30) days (with respect to assets of SouthernCo) after the earlier of the Borrower, the Borrower Loan Trustee, such Originator or SouthernCo having actual knowledge thereof or written notice thereof from the 
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Administrative Agent or any Lender, or the Pension Benefit Guaranty Corporation shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower, the Borrower Loan Trustee, any Originator or SouthernCo and such Lien shall not have been released or stayed within thirty (30) days after the earlier of the Borrower, the Borrower Loan Trustee, such Originator or SouthernCo having actual knowledge thereof or written notice thereof from the Administrative Agent, the Collateral Agent or any Lender;
(xii)    the Collateral Agent shall fail for any reason to have a first priority perfected security interest in any material portion of the Collateral (subject to Permitted Liens), which failure shall continue for five (5) Business Days after the earlier of the Borrower or the Servicer having actual knowledge thereof or the Borrower or the Servicer having received written notice thereof from the Collateral Agent, the Administrative Agent or any Lender;
(xiii)    a Change in Control shall occur;
(xiv)    except as permitted under this Agreement with respect to the Servicer, the Servicer, SouthernCo, Parent, any Originator, any Subservicer or the Borrower shall enter into any transaction or merger whereby it is not the surviving entity or the Borrower shall enter into any merger;
(xv)    Parent or any Heights/SouthernCo Entity shall have one or more final nonappealable judgments entered against it by a court of competent jurisdiction, enter into one or more settlements or have a penalty or fine assessed against it by any Governmental Authority, in excess of, in the aggregate, $[***] (or $[***] solely in the case of  settlements, penalties or fines resulting from any of the items or events described on Schedule I) and, in the case of the Borrower, $[***], which, in any of the foregoing cases, shall not have been bonded pending appeal, satisfied, stayed, vacated or discharged of record within thirty (60) days of being rendered; 
(xvi)    any Basic Document shall cease to be in full force and effect (other than in accordance with its terms) or Parent or any Heights/SouthernCo Entity shall so assert in writing or otherwise seek to terminate or disaffirm its obligations under any Basic Document; 
(xvii)    the Borrower shall become taxable as an association (or a publicly traded partnership) that is taxable as a corporation for U.S. federal income tax purposes; 
(xviii)    the occurrence of a Level III Trigger Event;
(xix)    the occurrence of a Servicer Termination Event;
(xx)    the occurrence of a Level Two Regulatory Event; 
(xxi)    the Parent shall default under any mortgage, indenture or instrument which evidences any indebtedness, obligations or liabilities for money borrowed by the Parent or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Parent or any of its Restricted Subsidiaries) whether such any indebtedness, obligations or liabilities or guarantee now exists, or is created after the date of this Agreement, which default (A) is caused by a failure to pay principal at final stated maturity (after giving effect to all applicable grace periods, if any) (a “Payment Default”) or (B) results in the acceleration of such indebtedness, obligations or liabilities prior to its final stated maturity and, in each case, the principal amount of any such indebtedness, obligations or 
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liabilities, together with the principal amount of any other such indebtedness, obligations or liabilities under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates in excess of Twenty Million United States Dollars ($20,000,000) (or its foreign currency equivalent); 
(xxii)    SouthernCo shall default under any mortgage, indenture or instrument which evidences any indebtedness, obligations or liabilities for money borrowed by SouthernCo or any of its Restricted Subsidiaries (or the payment of which is guaranteed by SouthernCo or any of its Restricted Subsidiaries) whether such any indebtedness, obligations or liabilities or guarantee now exists, or is created after the date of this Agreement, which default (A) is caused by a failure to pay principal at final stated maturity (after giving effect to all applicable grace periods, if any) (a “SouthernCo Payment Default”) or (B) results in the acceleration of such indebtedness, obligations or liabilities prior to its final stated maturity and, in each case, the principal amount of any such indebtedness, obligations or liabilities, together with the principal amount of any other such indebtedness, obligations or liabilities under which there has been a SouthernCo Payment Default or the maturity of which has been so accelerated, aggregates in excess of One Million United States Dollars ($1,000,000) (or its foreign currency equivalent); or
(xxiii)    the failure to satisfy the Electronic Chattel Paper Condition prior to the ninetieth (90th) day after the Closing Date.
(b)    Upon the occurrence of any Event of Default, the Administrative Agent shall, at the request of the Required Lenders, by notice to the Borrower (with a copy to the Collateral Agent, the Image File Custodian, the Borrower Loan Trustee and the Paying Agent), declare the Maturity Date to have occurred, without demand, protest or future notice of any kind, all of which are hereby expressly waived by the Borrower, and, upon such declaration, the Loans and all other amounts owing by the Borrower under this Agreement shall be accelerated and become immediately due and payable; provided, that in the event that an Event of Default described in Section 10.01(a)(ii) or Section 10.01(a)(viii) has occurred, the Maturity Date shall automatically occur, without demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower; provided, further, that in the case of any event described in Section10.01(a)(i) or (a)(ii) above that involves solely a failure to pay one or more amounts  owing to the Class B Lenders, the Administrative Agent shall not declare the Maturity Date to have occurred without the consent of the Class B Lenders.
(c)    Upon the occurrence of an Event of Default, the Revolving Period shall terminate and no further Loans will be made.
Section 10.02.    Actions Upon Declaration or the Automatic Occurrence of the Maturity Date.  Upon the declaration or the automatic occurrence of the Maturity Date, the Collateral Agent shall, at the direction of the Administrative Agent or the Required Lenders, exercise in respect of the Collateral, in addition to any and all other rights and remedies otherwise available to it, including rights available hereunder and the rights and remedies of a secured party upon default under the UCC (such rights and remedies to be cumulative and nonexclusive), and, in addition, the Collateral Agent may, and at the direction of the Administrative Agent or the Required Lenders, shall, take the following remedial actions:
(a)    The Collateral Agent may, without notice to the Borrower except as required by Applicable Law and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Loans Outstanding, any Interest accrued thereon and or any other amount due and owing to any Secured Party against amounts payable to 
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the Borrower from the Accounts or any part of such Accounts in accordance with and subject to the priorities required by Section 2.08.
(b)    The Collateral Agent may take any action permitted under the Basic Documents and may exercise at the Borrower’s sole expense any and all rights and remedies of the Borrower or the Borrower Loan Trustee under or in connection with the Collateral, including directing that Collections be deposited into an account specified by the Collateral Agent (acting at the direction of the Administrative Agent or the Required Lenders) (rather than to the Collection Account). 
(c)    Consistent with the rights and remedies of a secured party under the UCC (and except as otherwise required by the UCC), the Collateral Agent may, without notice except as specified below, foreclose on the Collateral or any part of the Collateral, solicit and accept bids for and sell the Collateral or any part of the Collateral in one or more parcels at public or private sale, at any exchange, broker’s board or at the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable and the Collateral Agent shall, at the direction of the Administrative Agent, deposit the proceeds from the sale of the Collateral into the Collection Account for application by the Administrative Agent or pursuant to such direction from the Administrative Agent to any amounts payable by the Borrower with respect to the Obligations in accordance with the priorities required by Section 2.08. Notwithstanding the foregoing, the Collateral Agent may not sell or otherwise liquidate the Collateral or any part of the Collateral, at the direction of the Administrative Agent or the Required Lenders following an Event of Default, other than an Event of Default described in Section 10.01(a)(i) or (a)(ii), unless the Administrative Agent confirms in writing that: (A) 100% of the Lenders consent thereto, (B) the proceeds of such sale or liquidation will be sufficient to pay in full the Loans Outstanding and all accrued but unpaid interest on such Loans Outstanding or (C) the Administrative Agent determines that the Collateral will not continue to provide sufficient funds for the payment of principal and interest on the Loans as they would have become due if the Loans had not been declared immediately due and payable, and the Administrative Agent obtains the consent of the Required Lenders.  In determining such sufficiency or insufficiency with respect to clauses (B) and (C) above, the Administrative Agent may, but need not, obtain and rely upon an opinion of an independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as of the sufficiency of the Collateral for such purpose (which opinion shall also be addressed to the Collateral Agent).  The Borrower agrees that, to the extent notice of sale shall be required by Applicable Law, at least seven (7) Business Days’ notice to the Borrower (with a copy to each Secured Party) of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification.  The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.  The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed for such sale, and such sale may, without further notice, be made at the time and place to which it was so adjourned.  Every such sale shall operate to divest all right, title, interest, claim and demand whatsoever of the Borrower and the Borrower Loan Trustee in and to the Collateral so sold, and shall be a perpetual bar, both at law and in equity, against the Borrower, the Borrower Loan Trustee or any Person claiming the Collateral sold through the Borrower, the Borrower Loan Trustee and their successors or assigns.
(d)    Upon the completion of any sale under Section 10.02(c), the Borrower shall, and shall cause the Borrower Loan Trustee at the Borrower’s direction for the benefit of the Borrower, to deliver or cause to be delivered all of the Collateral sold to the purchaser or purchasers at such sale on the date of sale, or within a reasonable time 
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thereafter if it shall be impractical to make immediate delivery, but in any event full title and right of possession to such property shall pass to such purchaser or purchasers forthwith upon the completion of such sale.  Nevertheless, if so requested by the Collateral Agent, the Administrative Agent or by any purchaser, the Borrower shall, and shall cause the Borrower Loan Trustee at the Borrower’s direction for the benefit of the Borrower, to confirm any such sale or transfer by executing and delivering to such purchaser all proper instruments of conveyance and transfer and release as may be designated in any such request.
(e)    At any sale under Section 10.02(c), the Servicer, the Originators or any Secured Party may bid for and purchase the property offered for sale and, upon compliance with the terms of sale, may hold, retain and dispose of such property without further accountability therefor.  Any Secured Party purchasing property at a sale under Section 10.02(c) may set off the purchase price of such property against amounts owing to such Secured Party in full payment of such purchase price up to the full amount owing to such Secured Party.
(f)    The Collateral Agent (acting at the direction of the Administrative Agent or the Required Lenders) may direct the Servicer to direct Collections to an account other than the Collection Account; provided, that such redirection of funds may not be undertaken unless the payment in full of the Aggregate Unpaids owed and payable to the Paying Agent, the Backup Servicer, the Collateral Agent and the Image File Custodian has been addressed to the satisfaction of such parties. The Collateral Agent and the Servicer agree to cooperate in good faith to provide the Servicer access to the information relating to the Collections deposited into such account in order for the Servicer to perform its related duties hereunder.
Section 10.03.    Exercise of Remedies.  No failure or delay on the part of the Collateral Agent to exercise any right, power or privilege under this Agreement and no course of dealing between the Borrower, the Borrower Loan Trustee or the Servicer, on the one hand, and the Collateral Agent, the Administrative Agent, any Agent or Secured Party, on the other hand, shall operate as a waiver of such right, power or privilege, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege.  The rights and remedies expressly provided in this Agreement are cumulative and not exclusive of any rights or remedies which the Secured Parties would otherwise have pursuant to Applicable Law or equity.  No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances, or constitute a waiver of the right of the other party to any other or further action in any circumstances without notice or demand.  It is understood and agreed that Collateral Agent and the other Secured Parties will have recourse against the Borrower Loan Trustee solely to the extent of the Borrower Loan Trustee’s interests in the Receivables.
Section 10.04.    Waiver of Certain Laws.  Each of the Borrower and the Borrower Loan Trustee agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisal, valuation, stay, extension or redemption law now or hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and each of the Borrower and the Borrower Loan Trustee, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such Applicable Laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled upon any such sale, and agrees that the Collateral Agent or 
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any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or such parcels as the Collateral Agent (acting at the direction of the Administrative Agent) or such court may determine.
Section 10.05.    Power of Attorney.  The Borrower hereby irrevocably appoints the Collateral Agent its true and lawful attorney (with full power of substitution) in its name, place and stead and at its expense, upon the occurrence and during the continuance of an Event of Default and deemed occurrence or declaration of the Maturity Date pursuant to Section 10.01(b), in connection with the enforcement of the rights and remedies provided for in this Article, including (i) to give any necessary receipts or acquittance for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection with any sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower thereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto and (iv) to sign any agreements, orders or other documents in connection with or pursuant to any Basic Document.  Nevertheless, if so requested by the Collateral Agent, directly or through a purchaser of any of the Collateral, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Collateral Agent or such purchaser all proper bills of sale, assignments, releases and other instruments as may be designated in any such request. On the Closing Date, the Borrower, SouthernCo and the Borrower Loan Trustee shall deliver to the Collateral Agent a power of attorney to be used solely upon the occurrence and during the continuance of an Event of Default or Servicer Termination Event, in the forms attached hereto as Exhibit F-1, Exhibit F-2 and Exhibit F-3, respectively.
Section 10.06.    Class B Lender Purchase Option
(a)    Upon (i) the declaration or automatic occurrence of the Maturity Date, (ii) the Administrative Agent or Collateral Agent commencing enforcement proceedings against the Borrower or any portion of the Collateral or (iii) an event described in clauses (i) through (iv), (viii), (ix), (xi) through (xiv), (xv), (xviii), (xix) (solely with respect to a Servicer Termination Event arising under clauses (1), (2), (4) or (7) of Section 7.11), or (xx) through (xxii) of Section 10.01(a) shall be continuing for forty-five (45) days and the Administrative Agent shall not have declared such event to be an Event of Default (each such event, a “Triggering Event”), the Class B Lenders shall have the option to purchase all (but not less than all) of the Class A Obligations from the Class A Lenders (the “Class B Purchase Right”).  Within ten (10) Business Days after the occurrence of a Triggering Event, the Administrative Agent shall deliver written notice to the Agents for the Class B Lenders of (i) the Class A Obligations, (ii) the Class A Obligations expected to accrue through the Class B Purchase Option Exercise Date and (iii) the amount of all liabilities (without duplication) that it has incurred in the nature of indemnification obligations of the Borrower hereunder which have resulted in any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) to the Class A Lenders (collectively, “Class A Indemnification Liabilities”). The Class B Purchase Right shall be exercisable by all or any of the Class B Lenders for a period of twenty (20) days, commencing on the date on which the Administrative Agent provides the notice described in the preceding sentence to the Agents for the Class B Lenders (the “Class B Purchase Right Termination Date”).  Prior to the Class B Purchase Right Termination Date, the Class B Lenders may exercise the Class B Purchase Right upon written notice to the Administrative Agent (the “Class B Purchase Option Notice”), which notice shall be irrevocable and shall specify the date on which such right is to be exercised by the Class B Lenders (such date, the “Class B Purchase Option Exercise Date”), which shall be a Business Day not more than twenty (20) days after receipt by the Administrative Agent of such notice.  On the Business Day prior to the Class B Purchase Option Exercise Date, the Administrative Agent shall deliver written notice to the Agents for the Class B Lenders specifying the Class A Obligations and the Class A Indemnification Liabilities of which it is then 
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aware (collectively, the “Class B Purchase Option Amount”).  Notwithstanding the foregoing, following the occurrence of a Triggering Event, but prior to the Agents’ and the Class B Lenders’ receipt of the notice required to be delivered by the Administrative Agent pursuant to this Section 10.06(a), the Collateral Agent may not sell or liquidate any of the Collateral. 
(b)    On the Class B Purchase Option Exercise Date, the Class A Lenders shall sell to the Class B Lenders, and the Class B Lenders shall purchase from the Class A Lenders, the Class A Obligations and the Class B Lenders shall (a) pay to the Class A Lenders as the purchase price therefor the Class B Purchase Option Amount and (b) agree to indemnify and hold harmless the Class A Lenders from and against any loss, liability, claim, damage or expense (including reasonable fees and expenses of legal counsel) arising out of any claim asserted by a third party against any Class A Lender or its related Agent as a direct result of any acts by the Class B Lenders occurring after the date of such purchase (but excluding, for the avoidance of doubt, any such loss, liability, claim, damage or expense resulting from the gross negligence, bad faith or willful misconduct of a Class A Lender or its related Funding Agent).  Such purchase price and other sums shall be remitted by wire transfer in federal funds to such bank account of the Class A Lenders as the Administrative Agent shall have designated in writing to the Class B Lenders and their Agents for such purpose.  In connection with the foregoing purchase, accrued and unpaid Interest shall be calculated through the Business Day on which such purchase and sale shall occur if the amounts so paid by the Class B Lenders to the bank account designated by the Class A Lenders are received in such bank account prior to 1:00 p.m., New York time and accrued and unpaid Interest shall be calculated to and include the next Business Day if the amounts so paid by the Class B Lenders to the bank account designated by the Class A Lenders are received in such bank account later than 1:00 p.m., New York time.
(c)    Any purchase pursuant to this Section 10.06 shall be expressly made without representation or warranty of any kind by the Class A Lenders as to the Class A Obligations or otherwise and without recourse to the Class A Lenders, except that the Class A Lenders shall represent and warrant: (i) the amount of the Class A Obligations being purchased and that the purchase price and other sums payable by the Class B Lenders are true, correct and accurate amounts, (ii) that the Class A Lenders shall convey the Class A Obligations free and clear of any Liens or encumbrances of the Class A Lenders or created or suffered by the Class A Lenders, including any participation interest in any of the Class A Obligations, (iii) as to the absence of all claims made or threatened in writing against the Class A Lenders related to the Class A Obligations, and (iv) that the Class A Lenders are duly authorized to assign the Class A Obligations. In addition, upon completion of the sale of the Class A Obligations and receipt by the Class A Lenders of the amounts specified in Section 10.06(b), Credit Suisse AG, New York Branch may resign as Administrative Agent and the Class B Lenders shall appoint a successor Administrative Agent to succeed Credit Suisse AG, New York Branch who shall accept such appointment, in each case, effective on the Class B Purchase Option Exercise Date.
ARTICLE ELEVEN

INDEMNIFICATION
Section 11.01.    Indemnities by the Borrower.  Without limiting any other rights which the Administrative Agent, the Collateral Agent, each Agent, each Lender or its assignee, the Image File Custodian, the Backup Servicer, the Paying Agent, the Borrower Loan Trustee or any of their respective Affiliates may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify, protect, defend and hold harmless each such entity (each in its capacity as such and in its individual capacity) and each of their respective Affiliates and officers, directors, employees and agents thereof (each, an “Indemnified Party” and collectively, the “Indemnified Parties”) from and against any and all damages, losses, claims, actions, suits, liabilities and related costs and expenses, including reasonable attorneys’ fees, expenses and 
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disbursements (collectively, the “Indemnified Amounts”) awarded against or incurred by, any such Indemnified Party in connection with, arising out of or as a result of this Agreement or the other Basic Documents, excluding, however, (i) Indemnified Amounts to the extent resulting from the gross negligence, bad faith or willful misconduct on the part of such Indemnified Party (as determined by a court of competent jurisdiction) and (ii) Indemnified Amounts to the extent the same include losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor.  Without limiting the foregoing, the Borrower shall indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting from:
(i)    any Receivable represented by the Borrower to be an Eligible Receivable which is not at the applicable time, an Eligible Receivable;
(ii)    reliance on any written representation or warranty made or deemed made by the Borrower, the Servicer, any of their respective Affiliates or any of their respective officers under or in connection with this Agreement, which shall have been false or incorrect in any material respect when made or deemed made or delivered;
(iii)    the failure by the Borrower or any other Heights/SouthernCo Entity to comply with any term, provision or covenant contained in this Agreement or any other Basic Document or a failure by the Borrower or any Heights/SouthernCo Entity to comply with any term, provision or covenant contained in any agreement executed in connection with this Agreement or any other Basic Document, or with any Applicable Law with respect to any Contract or Receivable, or the non-conformity of any Contract with any such Applicable Law and any failure by the Borrower or any other Heights/SouthernCo Entity to perform its respective duties under the Contracts and Receivables included as part of the Collateral;
(iv)    the failure to vest and maintain vested in the Collateral Agent a valid and enforceable first priority perfected security interest in any or all of the Collateral, except for Permitted Liens;
(v)    the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Law with respect to the Collateral, whether at the time of a Loan or at any subsequent time and as required by the Basic Documents;
(vi)    any dispute, claim, offset or defense (other than the discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Receivable comprising a portion of the Collateral which is, or is purported to be, an Eligible Receivable (including a defense based on the Receivable not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms);
(vii)    any failure by the Borrower or the Servicer to perform its duties or obligations in accordance with the provisions of this Agreement;
(viii)    any products liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with any Receivable;
(ix)    the failure by the Borrower to pay when due any Taxes for which the Borrower is liable, including sales, excise or personal property taxes payable in connection with the Collateral;
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(x)    any repayment by any Agent or a Secured Party of any amount previously distributed in reduction of the Loans Outstanding or payment of Interest, any obligation or any other amount due hereunder or under any Hedging Agreement, in each case which amount such entity believes in good faith is required to be repaid;
(xi)    any litigation, proceeding or investigation (a) before any Governmental Authority (1) in respect of any Contract or Receivable, (2) relating to the use of the proceeds of the Loan, (3) relating to any violation or alleged violation of the Consumer Financial Protection Act (including, for the avoidance of doubt, related to the events described on Schedule I) or (4) related to this Agreement (A) that is not commenced by the Indemnified Party or (B) if so commenced, in which such Indemnified Party is not the prevailing party; provided, that no Indemnified Party shall be entitled to any indemnification for any item described in this clause resulting from such Indemnified Party’s gross negligence or willful misconduct or (b) relating to or arising from the Basic Documents, the transactions contemplated hereby and thereby, the use of proceeds of the Loans by the Borrower or the Servicer or any other investigation, litigation or proceeding relating to the Borrower in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by the Basic Documents;
(xii)    the use of the proceeds of any Loan;
(xiii)    any failure by the Borrower and the Borrower Loan Trustee for the benefit of the Borrower to give reasonably equivalent value to the Originators in consideration for the transfer by the Originators to the Borrower and the Borrower Loan Trustee of any of the Receivables and the related Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including any provision of any Insolvency Law;
(xiv)    the failure of the Borrower to remit to the Servicer Collections remitted to the Borrower in accordance with the terms hereof or the commingling by the Borrower of any Collections with other funds;
(xv)    all reasonable and documented fees, costs and expense (including reasonable legal fees and expenses) incurred by any Lender, their respective Credit Providers, the Collateral Agent or the Administrative Agent in connection with entering into or giving or withholding any amendments or supplements or waivers or consents (including review and analysis thereof) with respect to the Basic Documents or any other document or instrument delivered pursuant hereto or thereto (whether or not the same is finally agreed to) if the same is requested by the Borrower or the Servicer, or is required or necessary under the Basic Documents; or
(xvi)    any and all civil penalties or fines assessed by OFAC against, and all reasonable costs and expenses (including attorneys’ fees and disbursements) incurred in connection with the defense thereof by any Indemnified Party as a result of funding all or any portion of the Loan or the acceptance of payments or of Collateral due under the Basic Documents.
Any amounts subject to the indemnification provisions of this Section 11.01 payable by the Borrower shall be paid solely pursuant to the provisions of Section 2.08 in the order and priority set forth therein.
Section 11.02.    Indemnities by the Servicer.  Without limiting any other rights which the Indemnified Parties may have hereunder or under Applicable Law, the Servicer hereby agrees to indemnify the Indemnified Parties from and against any and all Indemnified Amounts awarded 
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against or incurred by, any such Indemnified Party (as determined by a court of competent jurisdiction) relating to or arising from any of the following (excluding, however, (i) Indemnified Amounts to the extent resulting from the gross negligence, bad faith or willful misconduct on the part of any Indemnified Party and (ii) Indemnified Amounts to the extent the same include losses in respect of Loans that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor):
(i)    reliance on any written representation or warranty made or deemed made by the Servicer any Subservicer or any of each of their respective officers under or in connection with this Agreement, which shall have been false or incorrect in any material respect when made or deemed made or delivered;
(ii)    the failure by the Servicer or any Subservicer to comply with (a) any term, provision or covenant contained in this Agreement or any other Basic Document or (b) any term, provision or covenant contained in any agreement executed in connection with this Agreement or any other Basic Document, or with any Applicable Law with respect to any Receivable, the non-conformity of any Receivable with any such Applicable Law and any failure by an Originator to perform its respective duties under the Receivables or (c) any Applicable Law;
(iii)    any failure by the Servicer or any Subservicer to perform any of its other duties or obligations in accordance with the provisions of this Agreement or any other Basic Document;
(iv)    the failure to vest and maintain vested in the Collateral Agent a valid and enforceable first priority perfected security interest in the Collateral;
(v)    the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to the Collateral, whether at the time of a Loan or at any subsequent time and as required by the Basic Documents;
(vi)    any litigation, proceeding or investigation (a) before any Governmental Authority (1) in respect of any Receivable included as part of the Collateral, (2) relating to the use of the proceeds of the Loan, (3) relating to any violation or alleged violation of the Consumer Financial Protection Act (including, for the avoidance of doubt, related to the events described on Schedule I) or (4) related to this Agreement, in each case, (A) that is not commenced by such Indemnified Party or (B) if so commenced, in which such Indemnified Party is not the prevailing party; provided, that no Indemnified Party shall be entitled to any indemnification for any item described in this clause resulting from such Indemnified Party’s gross negligence or willful misconduct or (b) relating to or arising from the Basic Documents, the transactions contemplated hereby and thereby, the use of proceeds of the Loan by the Servicer or any Subservicer or any other investigation, litigation or proceeding relating to the Borrower, the Servicer or any Subservicer in which any Indemnified Party becomes involved as a result of any of the transactions contemplated by the Basic Documents;
(vii)    any and all civil penalties or fines assessed by OFAC against, and all reasonable costs and expenses (including attorneys’ fees and disbursements) incurred in connection with the defense thereof by any Indemnified Party as a result of funding all or any portion of the Loan or the acceptance of payments or of Collateral due under the Basic Documents; or
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(viii)    the commingling by the Servicer or any Subservicer of any Collections with other funds.
Any amounts subject to the indemnification provisions of Section 11.02 payable by the Servicer shall be remitted within thirty (30) days of demand therefor. 
Section 11.03.    General Indemnity Provisions.  Notwithstanding the foregoing, in no event shall any Indemnified Party be indemnified against Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim or, except as otherwise provided herein, nonpayment by an Obligor of an amount due and payable with respect to a Contract or any loss in value of any Permitted Investment due to changes in market conditions or for other reasons beyond the control of the Borrower or the Servicer.  
The indemnities expressly provided in this Article are cumulative and not exclusive of any rights or remedies which the Indemnified Parties would otherwise have pursuant to law or equity.
For the avoidance of doubt, Indemnified Amounts shall include any expense and costs, including reasonable attorneys’ fees and expenses and court costs, incurred in connection with any enforcement (including any dispute, action, claim or suit) brought by an Indemnified Party of any indemnification or other obligation of the indemnifying party or other Person.
Section 11.04.    Applicability and Survival.  The foregoing indemnities shall apply whether or not liabilities and costs set forth above are in any way or to any extent owed, in whole or in part, under any claim or theory of strict liability. The provisions of this Article shall survive the termination or assignment of this Agreement and the other Basic Documents and the resignation or removal of any party.
ARTICLE TWELVE

THE ADMINISTRATIVE AGENT AND THE AGENTS
Section 12.01.    Authorization and Action.
(a)    Each Lender and each Secured Party (other than the Collateral Agent) hereby designates and appoints Credit Suisse AG, New York Branch (and Credit Suisse AG, New York Branch accepts such designation and appointment) as Administrative Agent hereunder, and authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto.  In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Secured Parties and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower or the Collateral Agent or any of their successors or assigns.  The Administrative Agent shall not be required to take any action which exposes it to personal liability or which is contrary to this Agreement or Applicable Law.  The appointment and authority of the Administrative Agent hereunder shall terminate on the Facility Termination Date.
(b)    Each Lender hereby irrevocably designates and appoints the related Agent as the agent of such Lender under this Agreement, and each such Lender irrevocably authorizes such Agent, as the agent for such Lender, to take such action on its behalf under the provisions of the Basic Documents and to exercise such powers and perform such duties thereunder as are expressly delegated to such Agent by the terms of this Agreement, together with such other powers as are reasonably incidental thereto.
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(c)    Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Administrative Agent nor any Agent (the Administrative Agent and each Agent being referred to in this Article as an “Agent”) shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against the Administrative Agent or any Agent.
(d)    The Administrative Agent shall promptly distribute to each Agent (if such Agent or the Lender in its Lender Group are not otherwise required to receive such notice), who shall promptly distribute to each related Lender (if such Lender is not otherwise required to receive such notice) all notices, requests for consent and other information received by the Administrative Agent under this Agreement that are not also delivered to the Lenders.
Section 12.02.    Delegation of Duties.  Each Agent may execute any of its duties under any of the Basic Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.
Section 12.03.    Exculpatory Provisions.  Neither any Agent nor any of its directors, officers, agents or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person’s own gross negligence or willful misconduct or, in the case of any Agent, the breach of its obligations expressly set forth in this Agreement) or (ii) responsible in any manner to any of the Secured Parties for any recitals, statements, representations or warranties made by the Borrower, the Borrower Loan Trustee, the Servicer, any Heights/SouthernCo Entity, the Backup Servicer, the Collateral Agent or the Image File Custodian contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement or any other Basic Document to which it is a party for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article Four.  No Agent shall be under any obligation to any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties or the consolidated books and records of any Heights/SouthernCo Entity and the Borrower.  No Agent shall be deemed to have knowledge or notice of the occurrence of any breach of this Agreement or the occurrence of any Unmatured Event of Default, Event of Default, Facility Amortization Event or Servicer Termination Event unless it has received written notice thereof from the Borrower, the Borrower Loan Trustee, the Servicer, the Collateral Agent or a Secured Party.
Section 12.04.    Reliance.
(a)    Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, written statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Agent), independent accountants and other experts selected by such Agent.
(b)    Each Agent shall be fully justified in failing or refusing to take any action under any of the Basic Documents unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by, in the case of (i) the Administrative Agent, the Lenders or by the Committed Lenders or (ii) an 
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Agent, the Lenders or by the Committed Lenders in its Lender Group, against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.
(c)    The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under any of the Basic Documents in accordance with a request of the Required Lenders (or their Agents), and such request and any action taken or failure to act pursuant thereto shall be binding upon all present and future Lenders.
(d)    Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under any of the Basic Documents in accordance with a request of (i) Lenders in its Lender Group having Invested Percentages aggregating greater than 50% of the aggregate Invested Percentages of all Lenders in such Lender Group and (ii) Committed Lenders in its Lender Group having Commitments aggregating greater than 50% of the aggregate Commitments of all Committed Lenders in such Lender Group, and such request and any action taken or failure to act pursuant thereto shall be binding upon all present and future Lender in such Lender Group.
(e)    In the event the Administrative Agent receives notice of the occurrence of any breach of this Agreement or the occurrence of any Event of Default, Facility Amortization Event or Servicer Termination Event from the Borrower, the Borrower Loan Trustee, the Servicer, the Collateral Agent or any Lender, referring to this Agreement and describing such event, it shall promptly give notice thereof to each Agent, and in the event any Agent receives such a notice, it shall promptly give notice thereof to the Lenders in its Lender Group.  The Administrative Agent shall take such action with respect to such event as shall be reasonably directed by the Required Lenders, and each Agent shall take such action with respect to such event as shall be reasonably directed by (i) Lenders in its Lender Group having Invested Percentages aggregating greater than 50% of the aggregate Invested Percentages of all Lenders in such Lender Group and (ii) Committed Lenders in its Lender Group having Commitments aggregating greater than 50% of the aggregate Commitments of all Committed Lenders in such Lender Group; provided that unless and until such Agent shall have received such directions, such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such event as it shall deem advisable in the best interests of the Lenders or of the Lenders in its Lender Group, as applicable.
Section 12.05.    Non-Reliance on Administrative Agent and Other Lenders.  Each Lender expressly acknowledges that no Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of the Borrower, the Borrower Loan Trustee, SouthernCo, the Originators, the Servicer, the Subservicers, the Guarantor, the Backup Servicer, the Collateral Agent or the Image File Custodian shall be deemed to constitute any representation or warranty by any Agent to any Lender.  Each Lender represents to each Agent that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower, the Borrower Loan Trustee, the Servicer, the Subservicers, SouthernCo, the Originators, the Guarantor, the Backup Servicer, the Collateral Agent or the Image File Custodian and the Receivables and made its own decision to make any Loans hereunder and enter into this Agreement.  Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis, appraisals and decisions in taking or not taking action under any of the Basic Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the 
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Borrower, the Borrower Loan Trustee, the Servicer, the Subservicers, SouthernCo, the Originators, the Guarantor, the Backup Servicer, the Collateral Agent or the Image File Custodian and the Receivables.  Except for notices, reports and other documents received by an Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Borrower, the Borrower Loan Trustee, the Servicer, the Subservicers, SouthernCo, the Originators, the Guarantor, the Backup Servicer, the Collateral Agent or the Image File Custodian or the Receivables which may come into the possession of such Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates.
Section 12.06.    Indemnification.  The Committed Lenders (i) agree to indemnify the Collateral Agent and the Administrative Agent, in each case, in its capacity as such (without limiting the obligation (if any) of the Borrower or the Servicer to reimburse the Collateral Agent or the Administrative Agent for any such amounts), ratably according to their respective Commitments (or, if the Commitments have terminated, Invested Percentages of the Loans Outstanding that are Class A Loans or Class B Loans, as applicable) and (ii) in each Lender Group agree to indemnify the Collateral Agent and the Agent for such Lender Group, in each case, in its capacity as such (without limiting the obligation (if any) of the Borrower and the Servicer to reimburse such Collateral Agent or Agent for any such amounts), ratably according to their respective Commitments (or, if the Commitments have terminated, Invested Percentages of the Loans Outstanding that are Class A Loans or Class B Loans, as applicable), in each case from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including at any time following the payment of the obligations under this Agreement, including the Loans Outstanding) be imposed on, incurred by or asserted against such Collateral Agent or Agent in any way relating to or arising out of this Agreement, or any documents contemplated by or referred to herein (including but not limited to the Basic Documents) or the transactions contemplated hereby or any action taken or omitted by the Collateral Agent (including at the direction of the Administrative Agent or the Lenders) or an Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of the Collateral Agent or an Agent resulting from its respective gross negligence or willful misconduct.  The provisions of this Section shall survive the payment of the Obligations under this Agreement, including the Loans Outstanding, the termination of this Agreement, and any resignation or removal of the Collateral Agent or the applicable Agent, as the case may be.
Section 12.07.    Each Agent in its Individual Capacity.  Each Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower and any other party to a Basic Document as though it were not an Agent hereunder.  In addition, the Lenders acknowledge that one or more Persons which are Agents may act (i) as administrator, sponsor or agent for one or more Conduit Lenders and in such capacity act and may continue to act on behalf of each such Conduit Lender in connection with its business, and (ii) as the agent for certain financial institutions under the liquidity and credit enhancement agreements relating to this Agreement to which any one or more Conduit Lenders is party and in various other capacities relating to the business of any such Conduit Lender under various agreements.  Any such Person, in its capacity as Agent, shall not, by virtue of its acting in any such other capacities, be deemed to have duties or responsibilities hereunder or be held to a standard of care in connection with the performance of its duties as an Agent other than as expressly provided in this Agreement.  Any Person which is an Agent may act as an Agent without regard to and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity.  None of the provisions to this Agreement shall require the Administrative Agent to expend or risk its own 
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funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it.
Section 12.08.    Successor Agents.  The Administrative Agent may resign as Administrative Agent upon ten (10) days’ written notice to the Lenders, each Agent, the Borrower Loan Trustee and the Borrower with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Agent pursuant to this Section.  If the Administrative Agent shall resign as Administrative Agent under this Agreement, then the Required Lenders shall appoint a successor administrative agent, which may be a lender.  Any Agent may resign as Agent upon ten (10) days’ notice to the Lenders in its Lender Group, the Administrative Agent, the Collateral Agent, each other Agent, the Borrower Loan Trustee and the Borrower with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Agent pursuant to this Section.  If an Agent shall resign as Agent under this Agreement, then (i) Lenders in its Lender Group having Invested Percentages aggregating greater than 50% of the aggregate Invested Percentages of all Lenders in such Lender Group, and (ii) Committed Lenders in its Lender Group having Commitments aggregating greater than 50% of the aggregate Commitments of all Committed Lenders in such Lender Group shall appoint from among the Committed Lenders (other than the Conduit Lenders) in such Lender Group a successor agent for such Lender Group.  Any successor administrative agent or agent shall succeed to the rights, powers and duties of resigning Agent, and the term “Administrative Agent” or “Agent,” as applicable, shall mean such successor administrative agent or agent effective upon its appointment, and the former Agent’s rights, powers and duties as Agent shall be terminated, without any other or further act or deed on the part of such former Agent or any of the parties to this Agreement.  After the retiring Agent’s resignation as Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement.
Section 12.09.    Borrower, Borrower Loan Trustee, Servicer Reliance.  For all purposes under this Agreement, the Borrower, the Borrower Loan Trustee and the Servicer may conclusively rely on written consent, approval or waiver from the Administrative Agent as consent, approval or waiver, respectively, of the Required Lenders. 
ARTICLE THIRTEEN

THE COLLATERAL AGENT
Section 13.01.    Authorization and Actions.
(a)    Each of the Secured Parties (other than the Collateral Agent) hereby designates and appoints Computershare as the Collateral Agent hereunder and under the other Basic Documents to act exclusively as the agent of the Secured Parties for purposes of perfection of a security interest in the Collateral and to act as specified herein and pursuant to the written direction of the Administrative Agent or the Required Lenders in the other Basic Documents to which the Collateral Agent is a party.  The Collateral Agent hereby accepts such agency appointment to act as Collateral Agent pursuant to the terms of this Agreement, until its resignation or removal as Collateral Agent pursuant to the terms hereof.  Each of the Secured Parties (other than the Collateral Agent) hereby authorizes the Collateral Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Collateral Agent by the terms of this Agreement or any other Basic Document, together with such powers as are reasonably incidental thereto.  Each of the Secured Parties (other than the Collateral Agent) hereby authorizes and directs the Collateral Agent to execute and deliver each of the 
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Basic Documents to be entered into by the Collateral Agent as of the date hereof. In furtherance, and without limiting the generality, of the foregoing, each Secured Party (other than the Collateral Agent) hereby appoints the Collateral Agent (acting at the direction of the Administrative Agent) as its agent to execute and deliver all further instruments and documents, and take all further action (at the written direction of the Administrative Agent) that the Administrative Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security interests granted by the Borrower and the Borrower Loan Trustee hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including, without limitation, the execution or filing by the Collateral Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Collateral now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove.  Nothing in this Section 13.01(a) shall be deemed to relieve the Borrower or the Servicer of their respective obligations to protect the interest of the Collateral Agent (for the benefit of the Secured Parties) in the Collateral, including to file financing and continuation statements in respect of the Collateral in accordance with this Agreement.  It is understood and agreed that any and all actions performed by the Collateral Agent in connection with this Section 13.01(a) shall be at the written direction of the Administrative Agent, and the Collateral Agent shall have no responsibility or liability in connection with the validity, perfection or enforceability of such financing and continuation statements or with determining any actions necessary or desirable to perfect, protect or more fully secure the security interest granted by the Borrower and the Borrower Loan Trustee hereunder or to enable any Person to exercise or enforce any of their respective rights hereunder.
(b)    The Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein, and shall not be subject to any fiduciary or other implied duties, covenants, obligations or liabilities regardless of whether a Servicer Termination Event, an Facility Amortization Event or an Event of Default has occurred and is continuing, and no implied covenants, functions, responsibilities, duties (including fiduciary duties), obligations or liabilities on the part of the Collateral Agent shall be read into this Agreement or any other Basic Document or otherwise exist for the Collateral Agent.  Whether or not therein expressly so provided, every provision of this Agreement or any other Basic Document relating to the conduct or affecting the liability of the Collateral Agent shall be subject to the provisions of this Article Thirteen.  
(c)    In performing its functions and duties hereunder, the Collateral Agent shall act solely as agent for the Secured Parties and does not assume nor shall it be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower, the Servicer or the Administrative Agent or any of their respective successors or assigns.  
(d)    The Collateral Agent shall not be required to take any action if it shall have reasonably determined, or shall have been advised by its counsel, that such action is likely to expose the Collateral Agent to personal liability or that is contrary to this Agreement or any other Basic Document or Requirements of Law.
(e)    The appointment and authority of the Collateral Agent hereunder shall terminate upon the indefeasible payment in full of the Obligations.
Section 13.02.    [Reserved].
Section 13.03.    Compensation and Reimbursement. 
(a)    The Collateral Agent shall be entitled to recover as compensation on each Payment Date and, in accordance with the priority set forth in Section 2.08, the Paying Agent/
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Collateral Agent Fee (which compensation shall not be limited by any law on compensation of a trustee of an express trust).  In addition to compensation for its services, the Borrower shall reimburse, in accordance with the priority set forth in Section 2.08, (i) the Collateral Agent, for all reasonable out-of-pocket expenses (including reasonable fees and out-of-pocket expenses, disbursements and advances of any agents, any co-trustee, counsel, accountants and experts) incurred or made by it (including, without limitation, expenses incurred in connection with notices or other communications to the Lenders), disbursements and advances incurred or made by the Collateral Agent in accordance with any of the provisions of this Agreement (including, but in no way limited to, any expenses incurred pursuant to Section 2.14, Section 12.04, Section 12.05 and Section 12.07), or any of the other Basic Documents and (ii) the Paying Agent, for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by it in accordance with Section 7.04, if any.  Such expenses shall include the reasonable fees and out-of-pocket expenses, disbursements and advances of any agents, any co-trustee, counsel, accountants and experts, except any such expense, disbursement or advance as may arise from its willful misconduct or gross negligence.  In no event shall the Collateral Agent or any agent of the Collateral Agent advance any funds for the payment of principal, interest or premium on any Loans.
(b)    The provisions of this Section 13.03 shall survive the resignation and removal of the Collateral Agent and the termination or assignment of this Agreement.
Section 13.04.    Certain Matters Affecting the Collateral Agent. 
(a)    Neither the Collateral Agent nor any of its directors, officers, agents or employees shall be (i) liable for any error in judgment, or action taken or omitted to be taken, by it or them in good faith under or in connection with this Agreement or any other Basic Document (except for its, their or such Person’s own bad faith, gross negligence or willful misconduct), or (ii) responsible in any manner for any recitals, statements, representations or warranties made by any other Person contained in this Agreement or any other Basic Document or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement or any other Basic Document, for the due execution, legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement, any other Basic Document or any other document furnished in connection herewith or therewith, or for any failure of any transaction party to perform its obligations hereunder or thereunder or for the perfection, priority, condition, value or sufficiency of any collateral pledged in connection herewith, or for the satisfaction of any condition specified in Article Four.  The rights, privileges, protections, immunities and benefits given to the Collateral Agent, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, Computershare in each of its capacities hereunder and under the other Basic Documents to which it is a party, and each agent, custodian, and any other Person employed to act hereunder and under the other Basic Documents to which it is a party; and in actions under any other Basic Document, the Collateral Agent shall be entitled to all the rights, privileges, protections, immunities and benefits afforded it hereunder; provided, that the foregoing shall not apply to Computershare in its capacity as Backup Servicer. 
(b)    The Collateral Agent shall have no enforcement or notification obligations relating to breaches of representations or warranties of any other Person.
(c)    The Collateral Agent shall not be liable for, or have any duty to supervise or monitor, the default, misconduct or any other action or omission of the Borrower, the Servicer or any other party to the Basic Documents (other than Computershare in any of its capacities under the Basic Documents). 
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(d)    The Collateral Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement or any other Basic Document, or to inspect the properties, books or records of the transaction parties.  
(e)    The Collateral Agent shall not be deemed to have knowledge of, or be required to act, based on any event unless a Responsible Officer of the Collateral Agent receives written notice or has actual knowledge of such event.  Without limiting the generality of the foregoing, the Collateral Agent shall not be deemed to have knowledge of any Event of Default, Facility Amortization Event or Servicer Termination Event, or of any default that, with the giving of notice or passage of time, would become an Event of Default, a Facility Amortization Event or a Servicer Termination Event, unless a Responsible Officer of the Collateral Agent has received notice from the Borrower, the Servicer, the Administrative Agent, any Lender or any Agent.  The delivery or availability of reports or other documents (including, without limitation, news or other publicly available reports or documents, or any reports or documents delivered to the Collateral Agent pursuant to this Agreement or related agreements or documents) to the Collateral Agent shall not constitute actual or constructive knowledge or notice of information contained in or determinable from those reports or documents, except for such information that this Agreement specifically requires the Collateral Agent to examine in such report or document and to take an action with respect thereto.  Knowledge or information acquired by (i) Computershare in any of its respective capacities hereunder or under any other Basic Document or other document related to this transaction shall not be imputed to Computershare in any of its other capacities hereunder or under such other documents except to the extent their respective duties are performed by the same group or division within Computershare or otherwise share the same Responsible Officers of Computershare, and vice versa (it being understood that on the Closing Date, the Corporate Trust Services department of Computershare (including, as applicable, any agents or Affiliates utilized thereby) is performing its obligations under each of its capacities hereunder and under the other Basic Documents), and (ii) any Affiliate of Computershare shall not be imputed to Computershare in any of its respective capacities, provided that the foregoing shall not relieve the Person acting as Backup Servicer, Collateral Agent or Borrower Loan Trustee, as applicable, from its obligations to perform or responsibility for the manner of performance of its duties in a separate capacity under the Basic Documents.
(f)    None of the provisions to this Agreement or any other Basic Document or any direction or instruction shall require the Collateral Agent to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it. The Collateral Agent shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement or any other Basic Document, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Basic Document unless the Collateral Agent has been offered security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred by the Collateral Agent therein or thereby.
(g)    The right of the Collateral Agent to perform any permissive or discretionary act enumerated in this Agreement or any other Basic Document shall not be construed as a duty, and the Collateral Agent shall not be answerable for other than its gross negligence or willful misconduct in the performance of such act. In the event that any provision of this Agreement or any other Basic Document implies or requires that action or forbearance from action be taken by a party but is silent as to which party has the duty to act or refrain from acting, the parties hereto agree that the Collateral Agent shall not be the party required to take the action or refrain from acting. It is understood and agreed that any rights and powers granted 
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to the Collateral Agent under any power of attorney shall not impose any duty or obligation on the Collateral Agent.
(h)    The Collateral Agent shall not be liable or accountable to any Person with respect to any action taken or omitted to be taken by it in accordance with any instructions, directions or requests provided to it by any Person in accordance with or as contemplated by this Agreement. 
(i)    In no event shall the Collateral Agent be responsible or liable for punitive, special, indirect, or consequential loss or damage of any kind whatsoever (including, without limitation, loss of profit) irrespective of whether the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 
(j)    The Collateral Agent may perform any duties hereunder either directly or by or through Affiliates, agents, attorneys, custodians or nominees, and the Collateral Agent shall not be responsible or liable for, or have any duty to supervise or monitor, the actions, misconduct or negligence on the part of any Affiliates, agent, attorney, custodians or nominees appointed with due care by it hereunder or any other Affiliate, agent, custodian or nominee that the Collateral Agent is obligated to appoint hereunder (including the Electronic Vault Provider); provided, that the Collateral Agent shall remain obligated and liable for the performance of its duties hereunder without diminution of such duties and liability by virtue of the appointment of any such Affiliate, agent, attorney, custodian or nominee, and to the same extent and under the same terms and conditions as if the Collateral Agent alone were individually executing or performing such duties; provided, however, that the Collateral Agent shall not be liable for the execution or performance of any such duties of the Collateral Agent by any of the parties (including any successors or assigns) to the Basic Documents.
(k)    Before the Collateral Agent acts or refrains from acting, it may require and shall be entitled to receive, at the reasonable expense of the Borrower, payable in accordance with and subject to Section 2.08, an Officer’s Certificate of the Borrower and/or an Opinion of Counsel.  The Collateral Agent shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 
(l)    As a condition to the taking, suffering or omitting of any action by it hereunder, the Collateral Agent may consult with counsel and the written or oral advice or opinion of such counsel shall be full and complete authorization and protection from any liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.
(m)    Except as expressly required pursuant to the terms of this Agreement, the Collateral Agent shall not be required to make any initial or periodic examination of any documents or records or the purpose of establishing the presence or absence of defects, the compliance by the Borrower or any other Person (other than the Collateral Agent) with its representations and warranties or for any other purpose except as expressly required pursuant to the terms of this Agreement.
(n)    Any Person into which the Collateral Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Agent shall be a party, or any Person succeeding to the corporate trust business of the Collateral Agent shall be the successor of the Collateral Agent under this Agreement and the other Basic Documents, without the execution or filing of any paper or any further act on the part of any of the parties hereto or thereto, anything herein to the contrary notwithstanding.
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(o)    In the event that (i) the Collateral Agent is unsure as to the application or interpretation of any provision of this Agreement or any other Basic Document, (ii) this Agreement or any other Basic Document is silent or is incomplete as to the course of action that the Collateral Agent is required or permitted to take with respect to a particular set of facts, or (iii) more than one methodology can be used to make any determination to be performed by the Collateral Agent hereunder or thereunder, then the Collateral Agent may give written notice to the Administrative Agent requesting written instruction and, to the extent that the Collateral Agent acts or refrains from acting in good faith in accordance with any such written instruction, the Collateral Agent shall not be personally liable to any Person. If the Collateral Agent shall not have received such written instruction within ten (10) calendar days of delivery of notice to the Administrative Agent (or within such shorter period of time as may reasonably be specified in such notice or as may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking any action, and shall have no liability to any Person for such action or inaction.
(p)    The Collateral Agent shall not be responsible for preparing or filing any reports or returns relating to federal, state or local income taxes with respect to this Agreement or any other Basic Document other than for the Collateral Agent’s compensation.
(q)    Computershare (in each of its capacities hereunder or under any other Basic Document) will not have any liability for any determination made by or on behalf of any Person in connection with a Benchmark Transition Event or a Benchmark Replacement. For the avoidance of doubt, Computershare (in each of its capacities hereunder or under any other Basic Document) shall not be under any obligation to (i) monitor, determine or verify the unavailability or cessation of Term SOFR (or other applicable Benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of any Benchmark Transition Event or Benchmark Replacement Date, (ii) select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) select, determine or designate any Benchmark Adjustment, or other modifier to any replacement or successor index, or (iv) determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing. Computershare (in each of its capacities hereunder or under any other Basic Document) shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement or any other Basic Document as a result of the unavailability of Term SOFR (or other applicable Benchmark) and absence of a designated replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties. Computershare (in each of its capacities hereunder or under any other Basic Document) shall not have any liability for entering into, or the contents of, any Benchmark Replacement Conforming Changes.
(r)    Notwithstanding anything to the contrary in this Agreement, the Collateral Agent shall not be required to take any action that is not in accordance with Applicable Law.
Section 13.05.    Reliance.  The Collateral Agent shall in all cases be entitled to conclusively rely, and shall be fully protected in relying, upon any resolution, certificate, statement, instrument, Officer’s Certificate, opinion, report, notice, request, direction, consent, order (including any Borrower Order), bond, note, or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Borrower), independent accountants and other experts selected by the Collateral Agent, not only as to due execution, validity and effectiveness, but also as to the truth and accuracy of 
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any information contained therein. The Collateral Agent shall not be responsible for the content or accuracy of any such documents provided to the Collateral Agent, and shall not be required to recalculate, certify, or verify any information contained therein.  The Collateral Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of any Lender or any Agent as it deems appropriate or it shall first be indemnified to its satisfaction by any Lender or such Agent, provided that unless and until the Collateral Agent shall have received such advice or indemnification, the Collateral Agent may take or refrain from taking any action, as the Collateral Agent shall deem advisable and in the best interests of the Lenders and the Agents.  The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request, instruction or direction of the Borrower, the Required Lenders or the Administrative Agent and such request, instruction or direction and any action taken or failure to act pursuant thereto shall be binding upon the Lenders, the Administrative Agent, the Agents and each of the other parties hereto.
Section 13.06.    Non-Reliance.  Each of the Conduit Lenders, the Committed Lenders and the Agents expressly acknowledges that neither the Collateral Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Collateral Agent hereafter taken, including, without limitation, any review of the affairs of the transaction parties, shall be deemed to constitute any representation or warranty by the Collateral Agent.  Each of the Conduit Lenders, the Committed Lenders and the Agents represents and warrants to the Collateral Agent that it has made and will make, as applicable, independently and without reliance upon the Collateral Agent and based on such documents and information as it has deemed appropriate, (x) its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Borrower and the other transaction parties and (y) its own decision to enter into this Agreement.
Section 13.07.    Collateral Agent in its Individual Capacity.  The Collateral Agent and its respective Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower and any other party to a Basic Document as though it were not a party hereto.  
Section 13.08.    Resignation or Termination of Collateral Agent; Successor Collateral Agent.  
(a)    The Collateral Agent may resign as Collateral Agent upon sixty (60) days’ notice to the Lenders, the Administrative Agent and the Borrower with such resignation becoming effective upon a successor collateral agent succeeding to the rights, powers and duties of the Collateral Agent pursuant to this Section 13.08.  If the Collateral Agent resigns as Collateral Agent, is removed under this Agreement or if a vacancy exists in the office of the Collateral Agent for any reason, then the Required Lenders shall appoint a successor collateral agent, which may be a Lender.  Any successor collateral agent shall succeed to the rights, powers and duties of the resigning Collateral Agent, and the term “Collateral Agent” shall mean such successor collateral agent effective upon its appointment, and the former Collateral Agent’s rights, powers and duties as Collateral Agent shall be terminated, without any other or further act or deed on the part of the former Collateral Agent or any of the parties to this Agreement. After the retiring Collateral Agent’s resignation as Collateral Agent, the provisions of this Article Thirteen shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral Agent under this Agreement. If the Collateral Agent consolidates with, merges or converts into, or transfers or sells all or substantially all or substantially all of its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Collateral Agent.
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(b)    The Required Lenders may remove the Collateral Agent and any or all of its agents by so notifying the Collateral Agent if:
(i)    the Collateral Agent shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Collateral Agent or all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Collateral Agent; or the Collateral Agent shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or 
(ii)    the Collateral Agent otherwise becomes incapable of acting in such capacity under any of the Basic Documents.  
(c)    [Reserved].
(d)    Any resignation or removal of the Collateral Agent and appointment of a successor Collateral Agent pursuant to any of the provisions of this Section 13.08 shall not become effective until the successor Collateral Agent has accepted its appointment in accordance with the following:
(i)    any successor Collateral Agent appointed as provided herein shall execute, acknowledge and deliver to the Borrower, to the Borrower Loan Trustee, to the Servicer and to its predecessor Collateral Agent, as applicable, an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Collateral Agent shall become effective and such successor Collateral Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Collateral Agent herein.  The predecessor Collateral Agent shall deliver to the successor Collateral Agent all documents or copies thereof and statements and all money and other property held by it hereunder; and the Borrower and the predecessor Collateral Agent shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Collateral Agent all such rights, powers, duties and obligations; 
(ii)    upon acceptance of appointment by a successor Collateral Agent as provided in this Section, such successor Collateral Agent shall provide notice of such succession hereunder to all Lenders, and the Servicer shall provide such notice to each Loan Rating Agency; and 
(iii)    no Collateral Agent shall be liable hereunder for any action or omission of any successor Collateral Agent.
(e)    If a successor Collateral Agent does not take office within sixty (60) days after the retiring Collateral Agent resigns or is removed, the retiring Collateral Agent, the Borrower or the Required Lenders may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent, and all reasonable fees, costs and expenses (including, without limitation, reasonable attorneys’ fees, costs and expenses) incurred in 
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connection with such petition shall be paid by the Borrower in accordance with and subject to Section 2.08 hereof.
Section 13.09.    Appointment of Co-Collateral Agent or Separate Collateral Agent.  
(a)    Notwithstanding any other provisions of this Agreement or any other Basic Document, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Collateral may at the time be located, in connection with any Insolvency Proceeding or other enforcement action or to the extent of any conflict of interest, the Collateral Agent shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-collateral agent or co-collateral agents, or separate collateral agent or separate collateral agents, of all or any part of the Collateral, and to vest in such Person or Persons such title to the Collateral, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Collateral Agent may consider necessary or desirable.  
(b)    Every separate collateral agent and co-collateral agent shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:
(i)    all rights, powers, duties and obligations conferred or imposed upon the Collateral Agent shall be conferred or imposed upon and exercised or performed by the Collateral Agent and such separate collateral agent or co-collateral agent jointly (it being understood that such separate collateral agent or co-collateral agent is not authorized to act separately without the Collateral Agent joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Collateral Agent shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed singly by such separate collateral agent or co-collateral agent, but solely at the written direction of the Collateral Agent; 
(ii)    no separate collateral agent or co-collateral agent hereunder shall be personally liable by reason of any act or omission of any other separate collateral agent or co-collateral agent hereunder; and  
(iii)    the Collateral Agent may at any time accept the resignation of or remove any separate collateral agent or co-collateral agent.
(c)    Any notice, request or other writing given to the Collateral Agent shall be deemed to have been given to each of the then separate collateral agents and co-collateral agents, as effectively as if given to each of them.  Every instrument appointing any separate collateral agent or co-collateral agent shall refer to this Agreement.  Each separate collateral agent and co-collateral agent shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Collateral Agent or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Collateral Agent.  Every such instrument shall be filed with the Collateral Agent.
(d)    If necessary, any separate collateral agent or co-collateral agent may at any time constitute the Collateral Agent its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.  If any separate collateral agent or co-collateral agent shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and 
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trusts shall vest in and be exercised by the Collateral Agent, to the extent permitted by law, without the appointment of a new or successor collateral agent. 
Section 13.10.    Eligibility; Disqualification.  The Collateral Agent shall at all times have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and either (i) its long-term unsecured debt shall be rated at least “BBB-” (or the equivalent rating) by Fitch or DBRS, or (ii) the Administrative Agent and the Lenders approve the Collateral Agent’s eligibility in writing.  The Collateral Agent (a) shall meet the requirements of Section 26(a)(1) of the Investment Company Act, (b) shall not be an Affiliate of the Borrower or the initial Servicer and (c) shall not offer or provide credit or credit enhancement to the Borrower.  In case at any time the Collateral Agent shall cease to be eligible in accordance with the provisions of this Section, the Collateral Agent shall resign immediately in the manner and with the effect specified in Section 11.08.
Section 13.11.    Representations and Warranties of the Collateral Agent.  The Collateral Agent represents and warrants that:
(a)    the Collateral Agent is duly organized and validly existing under the laws of the jurisdiction of its organization;
(b)    the Collateral Agent has full power and authority to deliver and perform this Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement and each other Basic Document to which it is a party; 
(c)    each of this Agreement and each other Basic Document to which it is a party has been duly executed and delivered by the Collateral Agent and constitutes its legal, valid and binding obligation in accordance with its terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity); and 
(d)    the Collateral Agent meets the eligibility requirements set forth in Section 13.10. 
Section 13.12.    Force Majeure.  In no event shall Computershare (in any capacity) be personally liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, any provision of any present or future law or regulation or act of any governmental authority, disease, epidemic or pandemic, quarantine, national emergency, utility failure, malware or ransomware attack, communications system failure, unavailability of the Federal Reserve Bank wire or telex system or other applicable wire or funds transfer system, or unavailability of any securities clearing system, it being understood that Computershare, in any such capacity, shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.
Section 13.13.    Intercreditor Actions.  The Collateral Agent shall promptly notify all Lenders (as identified in writing to the Collateral Agent by the Administrative Agent) in writing of any proposed consent, waiver, approval, vote or other action taken or to be taken by the Collateral Agent in such capacity under the Intercreditor Agreement (an “Intercreditor Action”) promptly after a Responsible Officer of the Collateral Agent actually receives written notice thereof, which notice shall identify the proposed Intercreditor Action delivered to the Collateral Agent in such capacity under the Intercreditor Agreement and any other information reasonably requested by the Administrative Agent to the extent such information was delivered to the 
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Collateral Agent with respect to such proposed Intercreditor Action. Notwithstanding any provision to the contrary in this Agreement or in any other Basic Document, all Intercreditor Actions shall be exercised by the Collateral Agent in such capacity solely at the written direction of the Administrative Agent or the Required Lenders. For the avoidance of doubt, the terms set forth in this Section 13.13 shall not be applicable to any other capacity in which Computershare may serve under the Intercreditor Agreement (other than as Collateral Agent for the Secured Parties hereunder), including any action to be taken by Computershare in such other capacity under the Intercreditor Agreement. Any expenses incurred by the Collateral Agent in connection with the Intercreditor Agreement (including any amounts payable thereby to reimburse or advance expenses) shall be payable to the Collateral Agent in accordance with the priority of payments set forth in Section 2.08(a), provided that any such expenses shall be limited to any expenses relating to and allocable to the transactions contemplated by this Agreement.
ARTICLE FOURTEEN

ASSIGNMENTS; PARTICIPATIONS
Section 14.01.    Assignments and Participations.
(a)    [Reserved].
(b)    Each Lender may upon at least ten (10) days’ notice (or in the case of an assignment to an Eligible Assignee satisfying clause (a)(i) of the definition of the term “Eligible Assignee”, prompt notice following such assignment) to the Administrative Agent and the Agents, assign to one or more banks or other entities all or a portion of its rights and obligations under this Agreement; provided, however, that (i) each such assignment shall be of a constant, and not a varying percentage of all of the assigning Lender’s rights and obligations under this Agreement, (ii) the amount of the Commitment of the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than the lesser of (A) $5,000,000 or an integral multiple of $1,000,000 in excess of that amount (except in the case of an assignment to an Eligible Assignee satisfying clause (a)(i) of the definition of the term “Eligible Assignee”) and (B) the full amount of the assigning Lender’s Commitment, (iii) each such assignment shall be to an Eligible Assignee and in the case of an assignment by a Committed Lender at any time its Commitments remain outstanding, such Eligible Assignee shall agree to the Commitment of such Committed Lender hereunder, (iv) the parties to each such assignment shall execute and deliver to the Administrative Agent and the Agent for the related Lender Group an Assignment and Acceptance, together with a processing and recordation fee of $3,500 or such lesser amount as shall be approved by the Administrative Agent (provided that in the case of an assignment to an Eligible Assignee satisfying clause (a)(i) of the definition of the term “Eligible Assignee”, such recordation fee shall not apply), (v) the parties to each such assignment shall have agreed to reimburse the Administrative Agent for all reasonable fees, costs and expenses (including the reasonable fees and disbursements of counsel for the Administrative Agent) incurred by the Administrative Agent in connection with such assignment, provided that any such fees, costs and expenses of a Conduit Lender shall be borne by its Committed Lender, (vi) each Person that becomes a Lender under an Assignment and Acceptance shall agree to be bound by the confidentiality provisions of Article Fourteen and (vii) there shall be no increased costs, expenses or Taxes incurred by the Administrative Agent or the other Lenders upon assignment or participation. Upon such execution, delivery and acceptance and the recording by the Administrative Agent, from and after the effective date specified in each Assignment and Acceptance, which effective date shall be the date of acceptance thereof by the Administrative Agent, unless a later date is specified therein, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such 
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Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (ii) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto).
(c)    By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; (ii) such assignee confirms that it has received a copy of this Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iii) such assignee will, independently and without reliance upon the Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (iv) such assigning Lender and such assignee confirm that such assignee is an Eligible Assignee; (v) such assignee appoints and authorizes the Collateral Agent and the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such agents by the terms hereof, together with such powers as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender.
(d)    The Administrative Agent, for the benefit of the Borrower, shall maintain at its United States address referred to herein a copy of each Assignment and Acceptance delivered to and accepted by it pursuant to Section 14.01(b) and a register for the recordation of the names and addresses of each Lender, the Commitment of each Lender Group and the Principal Amount (and stated interest thereon) of each Loan made by each Lender Group from time to time (the “Lender Register”). The entries in the Lender Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Lenders and the Collateral Agent shall treat each Person whose name is recorded in the Lender Register as a Lender hereunder for all purposes of this Agreement. The Lender Register shall be promptly available for inspection by any Agent, the Collateral Agent, the Backup Servicer, the Image File Custodian, the Paying Agent or any Lender at any reasonable time and from time to time upon reasonable prior notice.  None of the Collateral Agent, the Backup Servicer, the Image File Custodian or the Paying Agent shall be responsible for independently determining whether any Person is a Lender or if the required percentage of Lenders constituting the Required Lenders has been met in connection with any action or omission by any of such Persons hereunder. For all purposes hereunder or under any other Basic Document, the Collateral Agent, the Backup Servicer, the Image File Custodian and the Paying Agent shall be entitled to rely conclusively, without investigation, on the Lender Register, or other written statements of the Administrative Agent, to determine whether (i) any Person is a Lender or (ii) the required percentage of Lenders constituting the Required Lenders has been met in connection with any such action or omission.
(e)    Subject to the provisions of Section 14.01(a), upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee, the Administrative Agent shall, if such Assignment and Acceptance has been completed, accept such Assignment and Acceptance, and the Administrative Agent shall then record the information contained therein in the Lender Register.
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(f)    Each Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and each Loan owned by it); provided, however, that (i) such Lender’s obligations under this Agreement (including its Commitment hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Administrative Agent, each Agent, the other Lenders, the Collateral Agent and the other parties hereto shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Notwithstanding anything herein to the contrary, each participant shall have the rights of a Lender (including any right to receive payment) under Sections 2.13 and 2.14 (subject to the requirements and limitations therein, including the requirements under Sections 2.14(d) through 2.14(g) (it being understood that the documentation required under Sections 2.14(d) through 2.14(g) shall be delivered to the participating Lender)); provided, however, that no participant shall be entitled to receive payment under either such Section in excess of the amount that would have been payable under such Section by the Borrower to the Lender granting its participation had such participation not been granted, except to the extent such entitlement to receive a greater payment results from a Regulatory Change that occurs after the participant acquires the applicable participation.
(g)    Each Lender that sells a participation shall maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant’s interest in any Commitment or Loan, letter of credit or its other obligations under this Agreement) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, none of the Administrative Agent (in its capacity as Administrative Agent), any Agent (in its capacity as Agent) or the Collateral Agent shall have any responsibility for maintaining a Participant Register.
(h)    Nothing herein shall prohibit any Lender from pledging or assigning as collateral any of its rights under this Agreement to (i) any Federal Reserve Bank or any other Governmental Authority in accordance with Applicable Law, (ii) any Lender, any Agent or the Administrative Agent or any Affiliate thereof in connection with any financing or repurchase agreement entered into by such Lender or (iii) a collateral trustee or security agent for holders of commercial paper and, in each case, any such pledge or Collateral assignment may be made without compliance with Section 14.01(a) or 14.01(b).  Furthermore, nothing herein shall prohibit or require consent or limit the ability of any Conduit Lender to sell or assign all or any portion of its Loans (or interests therein) to its Credit Providers (or to an agent on its or their behalf) pursuant to Liquidity Facilities with respect to such Conduit Lender.
(i)    Notwithstanding the foregoing, the Conduit Lenders in any Lender Group may assign their rights, obligations and interests related to any Loan to any other Conduit Lender in such Conduit Lender’s Lender Group without providing any notice to the Borrower, the Administrative Agent or the Collateral Agent and without providing any Assignment and Acceptance to the Administrative Agent or the Collateral Agent.  Each Agent shall maintain a register for the recordation of the Commitment of each Lender in its Lender Group and the Principal Amount (and stated interest thereon) of each Loan made by each Lender in its Lender Group from time to time (the “Group Register”) and shall update its Group Register to reflect 
Signature Page to Credit Agreement (Heights/SouthernCo)

any assignments described in the immediately preceding sentence.  Upon its receipt of an Assignment and Acceptance executed by an assigning Conduit Lender and an assignee Conduit Lender pursuant to Section 14.01(b), the Agent for such Conduit Lenders’ Lender Group shall accept such Assignment and Acceptance and such Agent shall then record the information contained therein in the Group Register.  The Agent of each Lender Group shall keep records of the Loans held by each member of its Lender Group and shall provide notice thereof to the Administrative Agent, the Collateral Agent or the Borrower upon request.
ARTICLE FIFTEEN

MUTUAL COVENANTS REGARDING CONFIDENTIALITY
Section 15.01.    Covenants of the Borrower, the Borrower Loan Trustee, the Servicer, the Subservicers, the Image File Custodian and the Backup Servicer.  Each of the Borrower, the Borrower Loan Trustee, the Servicer, each Subservicer, the Backup Servicer, the Image File Custodian and the Paying Agent, severally and with respect to itself only, covenants and agrees to hold in confidence, and not disclose to any Person, the terms of this Agreement (including any fees payable in connection with this Agreement or the identity of the Lenders under this Agreement), except as the Administrative Agent or any such Lender may have consented to in writing prior to any proposed disclosure and except that it may disclose such information (i) to its Affiliates and its and its Affiliates' Advisors, officers, directors, employees, lenders, investors, potential investors, agents, auditors, counsel, subservicers or representatives, (ii) to the extent such information has become available to the public other than as a result of a disclosure by or through the Borrower, the Borrower Loan Trustee, the Servicer, such Subservicer, the Backup Servicer, the Image File Custodian or the Paying Agent, (iii) to Credit Suisse, Computershare or the Hedge Counterparty or their respective Affiliates or (iv) to the extent it should be (a) required by Applicable Law (including filing a copy of this Agreement and the other Basic Documents (other than any fee related letters) as exhibits to filings required to be made with the SEC), or in connection with any legal or regulatory proceeding, (b) requested by any Governmental Authority to disclose such information or (c) requested by any nationally recognized statistical rating organization; provided, that, in the case of clause (iv)(a), the Borrower, the Borrower Loan Trustee, the Servicer, such Subservicer, the Backup Servicer and the Image File Custodian, as applicable, will (unless otherwise prohibited by Applicable Law) notify the Administrative Agent and the Lenders of its intention to make any such disclosure prior to making such disclosure. The provisions of this Section 15.01 shall survive for two years following the termination of this Agreement.
Section 15.02.    Covenants of the Administrative Agent, the Agents, the Lenders, the Backup Servicer and the Image File Custodian.
(a)    Each of the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Borrower Loan Trustee, the Backup Servicer, any Successor Servicer and the Image File Custodian covenants and agrees that it will not disclose any of the Confidential Information now or hereafter received or obtained by it without the Borrower’s prior written consent; provided, however, that it may disclose any such Confidential Information (i) in connection with participations and assignments pursuant to Section 14.01, including to potential third party participants and assignees, (ii) to those of its officers, directors, employees, lenders, potential lenders, investors, potential investors, dealers, hedge counterparties, potential counterparties, agents, counsel, accountants, auditors, subservicers, Advisors or representatives directly involved in the transactions contemplated by the Basic Documents who need to know such information for the purpose of assisting it in connection with the transactions contemplated by the Basic Documents or the financing thereof, (iii) to any nationally recognized statistical rating organization (within the meaning of the Exchange Act), including in compliance with Rule 17g-5 thereunder (or any similar rule or regulation in any relevant jurisdiction) or that is then rating the 
Signature Page to Credit Agreement (Heights/SouthernCo)

commercial paper notes issued by or on behalf of a Conduit Lender or other debt obligations of a Conduit Lender or its Affiliates, (iv) to any hedge counterparty and (v) to the extent it should be (a) required by Applicable Law (including filing a copy of this Agreement and the other Basic Documents (other than any fee related letters) as exhibits to filings required to be made with the SEC), or in connection with any legal or regulatory proceeding or (b) requested by any Governmental Authority to disclose such information; provided, that, in the case of clause (v)(a), the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Backup Servicer, any Successor Servicer and the Image File Custodian, as applicable, will use all reasonable efforts to request that confidentiality is maintained and to use reasonable efforts to, unless otherwise prohibited by Applicable Law, promptly notify the Borrower of its intention to make any such disclosure.  Confidential Information may not be provided to prospective participants or assignees before the execution of an Assignment and Acceptance, unless such Confidential Information is covered under a separate confidentiality agreement between the assigning Lender and such prospective participant or assignee.
(b)    Each of the Collateral Agent, the Borrower Loan Trustee, the Administrative Agent, each Agent, each Lender, the Backup Servicer, any Successor Servicer and the Image File Custodian acknowledges and understands that the Confidential Information may contain “nonpublic personal information” as that term is defined in Section 6809(4) of the Gramm-Leach-Bliley Act (the “Act”), and to the extent that nonpublic personal information (as defined below) is received, each of the Collateral Agent, Borrower Loan Trustee, the Administrative Agent, each Agent, each Lender, the Backup Servicer, any Successor Servicer and the Image File Custodian, and each of its employees, Affiliates, directly involved in the transaction contemplated by the Basic Documents, agrees that it (i) shall comply with applicable laws and regulations regarding the privacy or security of “nonpublic personal information” as that term is defined in Section 509(4) of the Act, (ii) shall implement such physical and other security measures as shall be necessary to (a) ensure the security and confidentiality of the “nonpublic personal information” of the “customers” and “consumers” (as those terms are defined in the Act) of the Heights/SouthernCo Entities which party may hold, (b) protect against any threats or hazards to the security and integrity of such nonpublic personal information, and (c) protect against any unauthorized access to or use of such nonpublic personal information, (iii) shall promptly notify the Heights/SouthernCo Entities in writing upon a Responsible Officer becoming aware of any actual breach of the security, confidentiality, or integrity of nonpublic personal information received hereunder, and (iv) shall maintain such nonpublic personal information received hereunder in accordance with the Act and other applicable federal and state privacy laws.
(c)    Each of the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Backup Servicer, any Successor Servicer, Borrower Loan Trustee, and the Image File Custodian agrees that it will advise its Affiliates to whom it provides Confidential Information of the confidential nature of such information and that it shall direct its Affiliates to comply with the terms of this Article Fifteen applicable to the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Backup Servicer, any Successor Servicer or the Image File Custodian, as applicable.
(d)    Each of the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Backup Servicer, the Borrower Loan Trustee, any Successor Servicer and the Image File Custodian acknowledges and agrees that any Confidential Information provided to it, in whatever form, is the sole property of the Borrower and SouthernCo.  Neither such Person nor its Affiliates or Advisors shall use any of the Confidential Information now or hereafter received or obtained from or through the Borrower, SouthernCo or any of their respective Affiliates for any purpose other than for purposes of engaging in, or as otherwise contemplated by, the transactions contemplated by the Basic Documents.  The Administrative Agent, the Collateral Agent, each Lender, the Backup Servicer, any Successor Servicer, the Borrower Loan Trustee and the Image 
Signature Page to Credit Agreement (Heights/SouthernCo)

File Custodian agree that if the Borrower and/or SouthernCo should request in writing that it destroy or return the Confidential Information, it shall, at its option, return or destroy such Confidential Information; provided that it shall be permitted to retain only that portion of the Confidential Information, in accordance with the confidentiality obligations specified in this Agreement, that is necessary (i) for purposes of documenting any due diligence review performed by it in connection with this Agreement and (ii) to comply with any Applicable Laws or the internal document retention policies of the Administrative Agent, any Agent, any Lender, the Backup Servicer, any Successor Servicer or the Image File Custodian.
(e)    Each of the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Backup Servicer, any Successor Servicer and the Image File Custodian acknowledges that all Confidential Information is considered to be proprietary and of competitive value, and in many instances trade secrets.  Each of the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Backup Servicer, any Successor Servicer and the Image File Custodian agrees that because of the unique nature of the Confidential Information any breach of this Agreement may cause the Borrower, SouthernCo and their respective Affiliates irreparable harm and money damages and other remedies available at law in the event of a breach may not be adequate to compensate the Borrower, SouthernCo and their Affiliates for any such breach.  Accordingly, each of the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Backup Servicer, any Successor Servicer, the Borrower Loan Trustee and the Image File Custodian acknowledges and agrees that the Borrower, SouthernCo and their respective Affiliates shall be entitled, without the requirement of posting a bond or other security, to seek equitable relief, including injunctive relief and specific performance, as a remedy for any such breach.  Such relief shall be in addition to, and not in lieu of, all other remedies available to the Borrower, SouthernCo and their respective Affiliates whether at law or in equity.
(f)    If the Administrative Agent, the Collateral Agent, any Lender, the Backup Servicer, any Successor Servicer, the Borrower Loan Trustee and the Image File Custodian, or any of their respective Affiliates or Advisors are legally compelled (whether by deposition, interrogatory, request for documents, subpoena, civil investigation, demand or similar process) to disclose any of the Confidential Information (including the fact that discussions or negotiations took place with respect to the transactions contemplated by the Basic Documents), the related entity shall promptly notify the Borrower and SouthernCo in writing (unless such notification is prohibited by Applicable Law) of such requirement so that the Borrower and/or SouthernCo, at their sole cost and expense, may seek a protective order or other appropriate remedy.  The Administrative Agent, the Collateral Agent, each Lender, the Backup Servicer, any Successor Servicer, the Borrower Loan Trustee and the Image File Custodian  may disclose, without liability hereunder, that portion (and only that portion) of the Confidential Information that it is legally compelled to disclose; provided that it agrees to use reasonable efforts, at the sole cost and expense of the Borrower and SouthernCo, to obtain assurance that confidential treatment will be accorded such Confidential Information by the person or persons to whom it was disclosed.
(g)    Notwithstanding the foregoing, it is understood that the Administrative Agent, the Collateral Agent, each Agent, each Lender, the Backup Servicer, any Successor Servicer and the Image File Custodian or their Affiliates may be required to disclose (and may so disclose) the Confidential Information or portions thereof at the request of a Governmental Authority or in connection with an examination of it or its Affiliates by a Governmental Authority, including in connection with the regulator compliance policy of Administrative Agent, the Collateral Agent, any Agent, any Lender, the Backup Servicer, any Successor Servicer and the Image File Custodian. No notice shall be required in connection with any disclosures made pursuant to any request or examination by any Governmental Authority.
Signature Page to Credit Agreement (Heights/SouthernCo)

(h)    It is understood and agreed that no failure or delay by the Servicer, the Borrower, the Borrower Loan Trustee, the Backup Servicer, the Successor Servicer, the Image File Custodian, the Administrative Agent, the Collateral Agent, any Agent or any Lender in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.
(i)    The provisions of this Section 15.02 shall survive for two years following the termination of this Agreement.
Section 15.03.    Non-Confidentiality of Tax Treatment and Tax Structure.  Notwithstanding anything to the contrary contained herein or in any document related to the transactions contemplated hereby, in connection with United States Treasury regulations Section 1.6011-4, Section 301.6111-1T and Section 301.6112-1, the parties hereby agree that, from the commencement of discussions with respect to the transactions described herein, each party hereto (and each of its employees, representatives, Advisors, Affiliates or agents) is permitted to disclose to any and all persons of any kind, the tax treatment, tax structure and other relevant tax aspects of the transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to each such party related to such treatment, structure and tax aspects.  In this regard, each party hereto acknowledges and agrees that this disclosure of the treatment, structure or tax aspects of the transactions is not limited in any way by an express or implied understanding or agreement, oral or written (whether or not such understanding or agreement is legally binding).  Furthermore, each party hereto acknowledges and agrees that it does not know or have reason to know that its use or disclosure of information relating to the tax treatment, tax structure or other relevant tax aspects of the transactions is limited in any manner (such as where the transactions are claimed to be proprietary or exclusive) for the benefit of any other Person.
ARTICLE SIXTEEN

MISCELLANEOUS
Section 16.01.    Amendments and Waivers.
(a)    No failure or delay by the Collateral Agent, Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Collateral Agent, the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Unmatured Event of Default, Event of Default or Facility Amortization Event, regardless of whether the Collateral Agent, the Administrative Agent, any Agent or any Lender may have had notice or knowledge of such Unmatured Event of Default, Event of Default or Facility Amortization Event at the time.
(b)    Neither this Agreement nor any provision hereof may be amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower, the Servicer, the Borrower Loan Trustee, the Collateral Agent, the Paying Agent, the Backup Servicer, the Image File Custodian and the Administrative Agent with the consent of the Required Lenders. The Servicer shall provide a copy of each such proposed amendment, waiver 
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or other modification to each Loan Rating Agency, if any. Notwithstanding the foregoing, no such agreement shall, without the written consent of each Lender:
(i)    waive or extend the date of any payment or deposit of Collections by the Borrower or modify any provisions of this Agreement relating to the application of collections on, or the proceeds of the sale of, all or any portion of the Collateral,
(ii)    (v) release the Administrative Agent’s Lien on, or transfer, all or any material portion of the Collateral, (w) release any obligated party from material obligations under any Basic Document, (x) impair the right to institute suit for enforcement of the provisions of this Agreement in accordance with the terms of this Agreement, (y) permit the creation of any Lien (other than a Permitted Lien) or (z) change the currency required for payments of the Obligations to any Class B Lender under this Agreement, in each case, other than as expressly permitted hereunder or in any other Basic Document,
(iii)    amend, modify or waive any provision of Schedule B,
(iv)    amend, modify or waive any provision of Sections 2.01(a) or 4.02,
(v)    amend, modify or waive any provision of this Section or the definition of “Agent”, “Required Lenders”, “Event of Default”, “Facility Amortization Event” or “Servicer Termination Event”, or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder,
(vi)    amend, modify or waive the definition of “Class A Advance Rate”, “Total Advance Rate”, “Class A Borrowing Base”, “Total Borrowing Base”, “Class A Borrowing Base Deficiency”, “Total Borrowing Base Deficiency”, “Annualized Net Charge-off Ratio”, “Concentration Limits”, “Level I Trigger Event”, “Level II Trigger Event”, “Level III Trigger Event”, “Class A Monthly Principal Payment Amount”, “Class B Monthly Principal Payment Amount”, “Monthly Loan Tape”, “Monthly Report”, “Regulatory Event”, “Revolving Period”, “Reserve Account Required Amount” or any defined term used in any of the foregoing definitions,
(vii)    consent to or permit the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement or of any of its right, title or interest in or to any Receivable pledged hereunder, except as contemplated by the Basic Documents,
(viii)    amend or modify any provision of Section 2.15, Section 6.02(s), Section 10.01, Section 10.06, Article Eleven, Section 12.06, or Section 14.01,
(ix)    reduce the principal or the rate of interest on the Loans or any fees or other amounts payable hereunder or under any other Basic Document or modify or alter any provision relating to timing or priority of any payment of principal, interest or fees in respect of, or the pro rata treatment of, the Class A Loans and the Class B Loans, 
(x)    waive the occurrence of any Event of Default, or
(xi)    amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (i) through (x) above in a manner which would circumvent the intention of the restrictions set forth in such clauses;
Signature Page to Credit Agreement (Heights/SouthernCo)

provided further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Borrower Loan Trustee, any Subservicer, the Paying Agent, the Backup Servicer or the Image File Custodian hereunder without the prior written consent of the Borrower Loan Trustee, such Subservicer, the Paying Agent, the Backup Servicer or the Image File Custodian, as the case may be (which consent shall not be unreasonably withheld or delayed); provided further, that the Fee Letter may only be amended, or rights or privileges thereunder waived, in writing executed by the parties thereto and with the written consent of the Required Lenders.  The Collateral Agent, the Paying Agent, the Backup Servicer and the Image File Custodian may, but shall not be obligated to, consent to any amendment that affects its own rights, duties, liabilities, benefits, protections, privileges or immunities under this Agreement or otherwise as Collateral Agent, the Paying Agent, the Backup Servicer and the Image File Custodian or in its individual capacities.
(c)    Neither this Agreement nor any provision hereof may be waived except pursuant to an agreement or agreements in writing entered into by the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall, without the written consent of each Lender waive any condition set forth in Section 4.01; provided further, that no such agreement shall waive the rights or duties of the Borrower Loan Trustee, any Subservicer, the Collateral Agent, the Paying Agent, the Backup Servicer or the Image File Custodian hereunder without the prior written consent of the Borrower Loan Trustee, such Subservicer the Collateral Agent, the Paying Agent, the Backup Servicer or the Image File Custodian, as the case may be. 
(d)    The Borrower shall promptly deliver to the Borrower Loan Trustee, the Collateral Agent, the Paying Agent, the Backup Servicer and the Image File Custodian an executed copy of any amendment, waiver or modification under this Section.  In executing any amendment to this Agreement, the Collateral Agent, the Borrower Loan Trustee, the Paying Agent, the Backup Servicer and the Image File Custodian shall be entitled to receive (i) an Officer’s Certificate of the Borrower stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent thereto have been satisfied, and (ii) written direction from the Borrower and the Administrative Agent (on behalf of the Secured Parties). 
Section 16.02.    Notices, Etc.  All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by facsimile copy) and e-mailed, mailed, transmitted or delivered, as to each party hereto, at its address set forth under its name on the signature pages hereof or specified in such party’s Assignment and Acceptance or at such other address as shall be designated by such party in a written notice to the other parties hereto, or in the case of DBRS, to DBRS, Inc., U.S. Structured Credit, Surveillance Department, 140 Broadway, 35th Floor, New York, New York 10005, provided that all notices to DBRS shall be provided to DBRS via e-mail at abs_surveillance@dbrs.com.  All such notices and communications shall be effective, upon receipt, or in the case of notice by (i) mail, five (5) days after being deposited in the United States mail, first class postage prepaid, (ii) e-mail and facsimile copy, when electronic communication of receipt is obtained or (iii) overnight courier, one Business Day after being deposited with such overnight courier service, except that notices and communications pursuant to Article Two shall not be effective until received with respect to any notice sent by mail, telecopier or e-mail.
Section 16.03.    No Waiver, Rights and Remedies.  No failure on the part of the Administrative Agent, any Agent or any Secured Party or any assignee of any Secured Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right.  The rights and remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law.
Signature Page to Credit Agreement (Heights/SouthernCo)

Section 16.04.    Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the Borrower, the Borrower Loan Trustee, the Servicer, the Backup Servicer, the Image File Custodian, the Administrative Agent, each Agent, the Secured Parties and their respective successors and permitted assigns.
Section 16.05.    Term of this Agreement.  This Agreement shall remain in full force and effect until the Facility Termination Date; provided, however, that the rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower pursuant to Article Five and the indemnification and payment provisions, including those of Article Eleven, the provisions of Section 16.10 and any other provision of this Agreement expressly stated to survive, shall be continuing and shall survive any termination of this Agreement or the assignment, resignation or removal by or of the applicable parties hereto.
Section 16.06.    GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICTS OF LAWS PROVISIONS (OTHER THAN §5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  EACH OF THE PARTIES HERETO HEREBY AGREES TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, LOCATED IN THE BOROUGH OF MANHATTAN AND THE FEDERAL COURTS LOCATED WITHIN THE STATE OF NEW YORK IN THE BOROUGH OF MANHATTAN.  EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.
Section 16.07.    WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.
Section 16.08.    Costs, Expenses and Taxes.
(a)    In addition to the rights of indemnification granted to the Indemnified Parties under Article Eleven, the Borrower agrees to pay within thirty (30) days of demand all reasonable costs and expenses of each Agent, the Secured Parties, the Backup Servicer, the Paying Agent, the Collateral Agent, the Borrower Loan Trustee and the Image File Custodian incurred in connection with the administration, amendment or modification of, or any waiver or consent issued in connection with, this Agreement, the other Basic Documents and the other documents to be delivered hereunder or in connection herewith, including the reasonable fees and disbursements of counsel (which shall be limited to one counsel and one counsel for regulatory matters for each of the Credit Suisse Lender Group and the Atalaya Lender Group) for each Agent, the Secured Parties, the Backup Servicer, the Paying Agent, the Collateral Agent, the Borrower Loan Trustee and the Image File Custodian with respect thereto and with respect to advising such entities as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and expenses, if any (including reasonable counsel fees and expenses), incurred by such entities in connection 
Signature Page to Credit Agreement (Heights/SouthernCo)

with the enforcement of this Agreement and the other documents to be delivered hereunder or in connection herewith.
(b)    The Borrower shall timely pay to the appropriate taxing authority in accordance with applicable law any Other Taxes.  
Section 16.09.    No Insolvency Proceedings.
(a)    Notwithstanding any prior termination of this Agreement, none of any Secured Party, the Administrative Agent, the Image File Custodian, the Paying Agent, the Borrower Loan Trustee, the Servicer, any Originator, any Subservicer or the Backup Servicer shall, prior to the date which is one (1) year and one (1) day after the final payment of the Aggregate Unpaids, petition, cooperate with or encourage any other Person in petitioning or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining an Insolvency Proceeding against the Borrower under any United States federal or Insolvency Laws of any State or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Borrower or any substantial part of its property or ordering the winding up or liquidation of the affairs of the Borrower; provided, that nothing contained herein shall prevent or prohibit the parties from filing a proof of claim in any such proceeding.
(b)    Notwithstanding any prior termination of this Agreement, each party to this Agreement hereby agrees that it shall not institute against, or join any other person in instituting against, any Conduit Lender any bankruptcy, reorganization, insolvency, receivership, arrangement, liquidation or similar proceeding in any jurisdiction, for one (1) year and one (1) day after the latest maturing Commercial Paper Note and other debt security issued by such Conduit Lender is paid. For the avoidance of doubt, as used in this paragraph, Conduit Lender shall be deemed to also refer to the Class A Conduit Lender and the Class B Conduit Lender.
(c)    The provisions of this Section shall survive the termination of this Agreement.
Section 16.10.    Recourse Against Certain Parties.
(a)    No recourse under or with respect to any obligation, covenant or agreement (including the payment of any fees or any other obligations) of each Agent, the Administrative Agent, any Secured Party, the Backup Servicer, the Paying Agent, the Image File Custodian, the Servicer, the Subservicers, any Heights/SouthernCo Entity, the Borrower Loan Trustee or the Borrower as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against manager or administrator of such Person or any incorporator, Affiliate, stockholder, officer, employee or director of such Person or of any such manager or administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the Agents, the Administrative Agent, any Secured Party, the Backup Servicer, the Paying Agent, the Servicer, the Subservicers, any Heights/SouthernCo Entity, the Borrower Loan Trustee, the Borrower and the Image File Custodian contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such Person, and that no personal liability whatsoever shall attach to or be incurred by any administrator of any such Person or any incorporator, stockholder, Affiliate, officer, employee or director of such Person or of any such administrator, as such, or any other of them, under or by reason of any of the obligations, covenants or agreements of such Person contained in this Agreement or in any other such instruments, documents or agreements, or that are implied therefrom, and that any and all personal liability of every such administrator of such Person and each incorporator, stockholder, Affiliate, officer, employee or director of such Person or of any such administrator, or any of them, for breaches by such Person of any 
Signature Page to Credit Agreement (Heights/SouthernCo)

such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement.
(b)    Each of the parties to this Agreement hereby (i) acknowledges and agrees that no Conduit Lender shall have any obligation to pay any amounts under this Agreement unless and until such Conduit Lender shall have received such amounts in respect of its Loans and (ii) agrees that no Conduit Lender shall have any obligation to pay any amounts constituting fees, a reimbursement for expenses, or indemnities (collectively, “Expense Claims”), and such Expense Claims shall not constitute a claim (as defined in Section 101 of Title 11 of the Bankruptcy Code or any similar law under another jurisdiction) against any Conduit Lender, unless or until such Conduit Lender has received amounts sufficient to pay such Expense Claims from amounts received by it in respect of its Loans and such amounts are not required to pay its indebtedness for borrowed money. For the avoidance of doubt, as used in this paragraph, Conduit Lender shall be deemed to also refer to the Class A Conduit Lender and the Class B Conduit Lender.
(c)    The provisions of this Section shall survive the termination of this Agreement.
(d)    No claim may be made by the Borrower, the Servicer or any of their Affiliates or any other Person against the Administrative Agent, the Collateral Agent, any Agent, any Lender, the Image File Custodian, the Backup Servicer, the Paying Agent, the Borrower Loan Trustee or any of their Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages (including lost profits) arising out of or related to the transactions contemplated by this Agreement, and each of the Borrower and the Servicer, to the extent permitted by Applicable Law, hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.
Section 16.11.    Patriot Act Compliance.  
(a)    Each of the Administrative Agent, the Collateral Agent, the Backup Servicer, the Paying Agent, the Borrower Loan Trustee and the Image File Custodian hereby notify the Borrower and the Servicer that pursuant to the requirements of the Patriot Act, it, and each other Lender, may be required to obtain, verify and record information that identifies the Borrower or the Servicer, which information includes the name and address of the such party, organizational documentation, director and shareholder information, and other information that will allow the Administrative Agent, the Collateral Agent, each Agent, the Backup Servicer, the Paying Agent, the Image File Custodian, the Borrower Loan Trustee and each Lender to identify such entity in accordance with the Patriot Act (and the Borrower and the Servicer  agree to provide any such necessary information).  This notice is given in accordance with the requirements of the Patriot Act and is effective for the Administrative Agent, the Collateral Agent, each Agent, the Backup Servicer, the Paying Agent, the Image File Custodian, the Borrower Loan Trustee and each Lender.  The parties hereto acknowledge that in accordance with laws, regulations and executive orders of the United States or any state or political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities and money laundering, including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Asset Control (collectively, “AML Law”), the Paying Agent is required to obtain, verify, and record information relating to individuals and entities that establish a business relationship or open an account with the Paying Agent. Each party hereby agrees that it shall provide the Paying Agent with such identifying information and documentation as the Paying Agent may request from time to time in order to enable the Paying Agent to comply with all applicable requirements of AML Law.  
Signature Page to Credit Agreement (Heights/SouthernCo)

(b)    Each of the Heights/SouthernCo Entities represents that it is in compliance, and will continue to be in compliance, with all applicable anti-money laundering laws and regulations, including the Bank Secrecy Act, as amended by the Patriot Act, and the regulations thereunder, and FINRA Conduct Rule 3011. 
(c)    Each of the Heights/SouthernCo Entities represents that it has established an Anti-Money Laundering program (an “AML Program”) that is designed to comply with applicable U.S. laws, regulations, and guidance, including rules of self-regulatory organizations, relating to the prevention of money laundering, terrorist financing, and related financial crimes.  Each of the Heights/SouthernCo Entities shall have in place written policies, procedures and controls designed to detect, prevent and report money laundering or other suspicious activity as well as a written customer identification program. The written customer identification program shall require the identification and verification of the identities any client of any Heights/SouthernCo Entity and, if required by applicable anti-money laundering laws and regulations, the underlying beneficial owner(s) thereof. In addition, each of the Heights/SouthernCo Entities shall have a designated anti-money laundering compliance officer, and provide anti-money laundering training to its staff. Finally, the AML Program shall provide for an independent audit of its anti-money laundering program. Each Heights/SouthernCo Entity will promptly inform the Administrative Agent in writing, to the extent not prohibited by Applicable Law, if it becomes aware of any violations of the Patriot Act, any regulation implementing the Patriot Act, or its Program.
Section 16.12.    Execution in Counterparts; Severability; Integration.  This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law including any relevant provisions of the UCC (collectively, “Signature Law”), in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof.  For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.  This Agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings other than any fee letter contemplated hereby.  
Section 16.13.    Intercreditor Agreement.  The parties hereto acknowledge the existence of the Intercreditor Agreement and that certain rights of the parties (other than the Paying 
Signature Page to Credit Agreement (Heights/SouthernCo)

Agent, the Backup Servicer (other than if it becomes the Successor Servicer) and the Image File Custodian) may be subject to the provisions thereof.
Section 16.14.    Additional Subservicers.   Subject to the satisfaction of the conditions set forth below, any Affiliate of SouthernCo may be added as a party to this Agreement (an “Accession”) as a “Subservicer,” upon the Administrative Agent’s receipt of a written notice from SouthernCo that such Affiliate be added to this Agreement as a Subservicer at least five (5) days prior to the first acquisition of Receivables to be serviced by such Affiliate and:
(a)    SouthernCo shall have delivered to the Collateral Agent and the Administrative Agent a fully executed copy of an Accession Agreement substantially in the form of Exhibit D hereto with respect to such additional Subservicer;
(b)    notice of any Accession and the related additional Subservicer shall have been provided to each Rating Agency (if any); and
(c)    as of the effective date of such Accession, the conditions precedent applicable to such additional Subservicer as set forth in Exhibit E shall have been fulfilled.
Upon the effectiveness of any Accession, this Agreement shall be deemed amended to include the proposed additional Subservicer as a “Subservicer” hereunder.  For the avoidance of doubt, any Person to which the Servicer (including any Successor Servicer) has delegated its duties hereunder shall not be subject to an Accession or be required to become a party to this Agreement.
Section 16.15.    Limitation of Liability of Collateral Agent and Borrower Loan Trustee.  
(a)    It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Collateral Agent in the exercise of the powers and authority conferred and vested in it hereunder and (ii) under no circumstances shall the Collateral Agent be personally liable for the payment of any indebtedness or expenses of the Borrower or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by it (other than a breach of its standard of care set forth in this Agreement) or the Borrower under this Agreement. 
(b)    It is expressly understood and agreed by the parties hereto that the Collateral Agent (i) has not provided nor will it provide in the future, any advice, counsel or opinion regarding the tax, financial, investment, securities law or insurance implications and consequences of the consummation, funding and ongoing administration of this Agreement and the matters contemplated herein, including but not limited to, income, gift and estate tax issues, and the initial and ongoing selection and monitoring of financing arrangements, (ii) has not made any investigations as to the accuracy of any representations, warranties or other obligations of any other party (other than Computershare in any of its capacities under the Basic Documents) to this Agreement or the other Basic Documents or any other document or instrument (other than the Collateral Agent representations and warranties expressly set forth herein) and shall not have any liability in connection therewith and (iii) has not prepared or verified, or shall be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document delivered in connection with this Agreement. 
(c)    It is acknowledged and agreed that, in connection with the Borrower Loan Trustee’s execution and delivery of this Agreement and the performance of its duties and exercise of its rights hereunder, it shall be entitled to all of its rights, benefits, protections, indemnities and immunities set forth in the Borrower Loan Trust Agreement. Notwithstanding anything to the contrary herein, the Borrower Loan Trustee shall exercise all rights and remedies 
Signature Page to Credit Agreement (Heights/SouthernCo)

hereunder and provide any consents, directions, approvals, acceptances, determinations, rejections or other actions pursuant to this Agreement solely in accordance with directions received from the Borrower (or the Borrower shall so exercise, provide or act on behalf of the Borrower Loan Trustee in accordance with the Borrower Loan Trust Agreement), and the Borrower Loan Trustee shall have no liability for taking any such actions in accordance with such directions and shall not be liable for any failure or delay in taking such actions resulting from any failure or delay by the Borrower (or other applicable Person as may be expressly provided) in providing such direction.
(d)    It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust, National Association, not individually or personally, but solely as Borrower Loan Trustee in the exercise of the powers and authority conferred and vested in it under the Borrower Loan Trust Agreement, (b) each of the representations, undertakings and agreements made in this Agreement on the part of the Borrower Loan Trustee is made and intended not as personal representations, undertakings and agreements by Wilmington Trust, National Association but is made and intended for the purpose of binding only the Borrower Loan Trustee, in its capacity as such, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied contained herein of the Borrower Loan Trustee, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, (d) Wilmington Trust, National Association has made no investigation as to the accuracy or completeness of any representations and warranties made herein and (e) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness or expenses of the Borrower Loan Trustee or the Borrower or be liable for the breach or failure of any obligation, duty (including fiduciary duty, if any), representation, warranty or covenant made or undertaken by the Borrower Loan Trustee or the Borrower under this Agreement or any other related documents. 
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.
HEIGHTS FINANCING I, LLC,
as Borrower
						
	By:	/s/ Stephen R. Foster

Name: Stephen R. Foster
Title: Treasurer
Address for Notices:
Heights Financing I, LLC
101 N. Main Street, Suite 600
Greenville, SC 29601
Attn : Dwane Bryant 
Email: [***]
SOUTHERNCO, INC.,
as Servicer 
						
	By:	/s/ Douglas D. Clark

Name: Douglas D. Clark
Signature Page to Credit Agreement (Heights/SouthernCo)

Title: President
Address for Notices:
101 N. Main Street, Suite 600
Greenville, SC 29601
Attn : Dwane Bryant 
Email: [***]
COVINGTON CREDIT, INC.,
    as Subservicer 
						
	By:	/s/ Gary Fulk

Name: Gary Fulk
Title: President

Address for Notices:
    101 N. Main Street, Suite 600
    Greenville, SC 29601
Attn : Dwane Bryant 
Email: [***]
COVINGTON CREDIT OF ALABAMA, INC.,
    as Subservicer 
						
	By:	/s/ Gary Fulk

Name: Gary Fulk
Title: President

Address for Notices:
    101 N. Main Street, Suite 600
    Greenville, SC 29601
Attn : Dwane Bryant 
Email: [***]
COVINGTON CREDIT OF GEORGIA, INC.,
    as Subservicer 
						
	By:	/s/ Gary Fulk

Name: Gary Fulk 
Title: President

Address for Notices:
    101 N. Main Street, Suite 600
    Greenville, SC 29601
Attn : Dwane Bryant 
Email: [***]
Signature Page to Credit Agreement (Heights/SouthernCo)

COVINGTON CREDIT OF TEXAS, INC.,
    as Subservicer 
						
	By:	/s/ Gary Fulk

Name: Gary Fulk
Title: President

Address for Notices:
    101 N. Main Street, Suite 600
    Greenville, SC 29601
Attn : Dwane Bryant 
Email: [***]

HEIGHTS FINANCE CORPORATION,
    as Subservicer 
						
	By:	/s/ Gary Fulk

Name: Gary Fulk
Title: President

Address for Notices:
    101 N. Main Street, Suite 600
    Greenville, SC 29601
Attn : Dwane Bryant 
Email: [***]
HEIGHTS FINANCE CORPORATION,
    as Subservicer 
						
	By:	/s/ Gary Fulk

Name: Gary Fulk
Title: President

Address for Notices:
    101 N. Main Street, Suite 600
    Greenville, SC 29601
Attn : Dwane Bryant 
Email: [***]
QUICK CREDIT CORPORATION,
    as Subservicer 
Signature Page to Credit Agreement (Heights/SouthernCo)

						
	By:	/s/ Gary Fulk

Name: Gary Fulk
Title: President

Address for Notices:
    101 N. Main Street, Suite 600
    Greenville, SC 29601
Attn : Dwane Bryant 
Email: [***]

SOUTHERN FINANCE OF SOUTH CAROLINA, INC.,
    as Subservicer 
						
	By:	/s/ Gary Fulk

Name: Gary Fulk
Title: President

Address for Notices:
    101 N. Main Street, Suite 600
    Greenville, SC 29601
Attn : Dwane Bryant 
Email: [***]
SOUTHERN FINANCE OF TENNESSEE, INC.,
    as Subservicer 
						
	By:	/s/ Gary Fulk

Name: Gary Fulk
Title: President

Address for Notices:
    101 N. Main Street, Suite 600
    Greenville, SC 29601
Attn : Dwane Bryant 
Email: [***]

Signature Page to Credit Agreement (Heights/SouthernCo)

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
not in its individual capacity, but solely as Paying Agent, Image File Custodian, Backup Servicer and Collateral Agent
						
	By:	/s/ Scott Olmsted

Name:    Scott Olmsted
Title:    Vice President
Address for Notices:
                        Computershare Trust Company, National
Association
MAC N9300-070
600 S. 4th Street
Minneapolis, MN 55415
Attention: Corporate Trust Services – Asset-Backed Administration

Signature Page to Credit Agreement (Heights/SouthernCo)

WILMINGTON TRUST, NATIONAL ASSOCIATION,
not in its individual capacity but solely as Borrower Loan Trustee
						
	By:	/s/ Drew Davis

Name:    Drew Davis
Title:    Vice President
Address for Notices:
Wilmington Trust, National Association 
Rodney Square North
1100 North Market Street
Wilmington Delaware 19890
Attention:  Corporate Trust Administration – Heights
Telephone: [***]
Facsimile: [***]
Email: [***]

Signature Page to Credit Agreement (Heights/SouthernCo)

CREDIT SUISSE AG, NEW YORK BRANCH,
as Administrative Agent  
						
	By:	/s/ Enrique Flores Ruiz

Name:    Enrique Flores Ruiz
Title:    Vice President
						
	By:	/s/ Marcus DiBrito

Name:    Marcus DiBrito
Title:    Vice President
Address for Notices:
Credit Suisse AG, New York Branch
Securitized Products Finance
Eleven Madison Avenue, 4th Floor
New York, New York 10010
Attention:  Conduit and Warehouse Financing
E-mail:  [***]
                                       [***]
                                      [***]
                             [***]
                                     [***]
Telephone:  [***]

Signature Page to Credit Agreement (Heights/SouthernCo)

						
	LENDER GROUP:
Class A Committed Lender
	CREDIT SUISSE LENDER GROUP
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
By:
/s/ Enrique Flores Ruiz

    Name: Enrique Flores Ruiz
    Title: Authorized Signatory
By:
/s/ Marcus DiBrito

    Name: Marcus DiBrito
    Title: Authorized Signatory
Address for Notices: 
Credit Suisse AG, New York Branch
Securitized Products Finance
Eleven Madison Avenue, 4th Floor
New York, New York 10010
Attention:  Conduit and Warehouse Financing
E-mail: [***]
             [***]
             [***]
             [***]
             [***]
Telephone: [***]
		

    

Signature Page to Credit Agreement (Heights/SouthernCo)

						
	

LENDER GROUP:
Class A Conduit Lender
	CREDIT SUISSE LENDER GROUP

GIFS CAPITAL COMPANY, LLC
By:
/s/ Carey D. Fear

    Name: Carey D. Fear
    Title: Manager
Address for Notices:

GIFS Capital Company, LLC
227 West Monroe St., Suite 4900
Chicago, IL 60606
(312) 827-0100
Attn:  Operations
Email:  [***]

with a copy to:
Credit Suisse AG, New York Branch
Securitized Products Finance
Eleven Madison Avenue, 4th Floor
New York, New York 10010
Attention: Conduit and Warehouse Financing
E-mail: [***]
[***]
[***]
[***]
[***]
Telephone: [***]
		

L-1

						
	LENDER GROUP:
Class A Lender Agent:
	CREDIT SUISSE LENDER GROUP

CREDIT SUISSE AG, NEW YORK BRANCH
By:
/s/ Enrique Flores Ruiz

    Name: Enrique Flores Ruiz
    Title: Vice President
By:
/s/ Marcus DiBrito

    Name: Marcus DiBrito
    Title: Vice President
Address for Notices: 
Credit Suisse AG, New York Branch
Securitized Products Finance
Eleven Madison Avenue, 4th Floor
New York, New York 10010
Attention:  Conduit and Warehouse Financing
E-mail: [***]
             [***]
             [***]             
[***]             
[***]
Telephone:  [***]

						
		

    

K-2

WEIL:\98606915\31\42160.0044

						
	LENDER GROUP:
Class B Committed Lender and Class B Lender Agent
	Atalaya Lender Group
ACM AIF Evergreen P2 DAC SubCo LP
By:
/s/ David Aidi

    Name: David Aidi
    Title: Authorized Signatory
Address for Notices:

c/o Midtown Madison Management LLC
One Rockefeller Plaza, 32nd Floor
New York, NY 10020
Attention: Curo Team
E-mail: [***]
Telephone: [***]

With a copy to:

c/o Midtown Madison Management LLC
One Rockefeller Plaza, 32nd Floor
New York, NY 10020
Attention: Steven Segaloff
E-mail: [***]
Telephone: [***]

K-3

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	LENDER GROUP:
Class B Committed Lender and Class B Lender Agent
	Atalaya Lender Group
Atalaya A4 Pool 1 LP
By:
/s/ David Aidi

    Name: David Aidi
    Title: Authorized Signatory
Address for Notices:

c/o Midtown Madison Management LLC
One Rockefeller Plaza, 32nd Floor
New York, NY 10020
Attention: Curo Team
E-mail: [***]
Telephone: [***]

With a copy to:

c/o Midtown Madison Management LLC
One Rockefeller Plaza, 32nd Floor
New York, NY 10020
Attention: Steven Segaloff
E-mail: [***]
Telephone: [***]

K-4

WEIL:\98606915\31\42160.0044

						
	LENDER GROUP:
Class B Committed Lender and Class B Lender Agent
	Atalaya Lender Group
Atalaya A4 Pool 1 (Cayman) LP
By:
/s/ David Aidi

    Name: David Aidi
    Title: Authorized Signatory
Address for Notices:

c/o Midtown Madison Management LLC
One Rockefeller Plaza, 32nd Floor
New York, NY 10020
Attention: Curo Team
E-mail: [***]
Telephone: [***]

With a copy to:

c/o Midtown Madison Management LLC
One Rockefeller Plaza, 32nd Floor
New York, NY 10020
Attention: Steven Segaloff
E-mail: [***]
Telephone: [***]

    

SCHEDULE A-1
K-5

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CREDIT SUISSE LENDER SUPPLEMENT
[***]
						
		

SCHEDULE A-2
ATALAYA LENDER SUPPLEMENT
[***]SCHEDULE B
ELIGIBLE RECEIVABLE CRITERIA
[***]

SCHEDULE C
SCHEDULE OF RECEIVABLES
[Original delivered to and on file with the Agents]

SCHEDULE D
 [Reserved]

SCHEDULE E
REPRESENTATIONS AND WARRANTIES REGARDING SECURITY INTERESTS
[***]

(a)    SCHEDULE F
SERVICING CENTRALIZATION EVENT
[***]

Article OneSCHEDULE G-1

SCHEDULE OF SERVICER MASTER COLLECTION ACCOUNTS
K-6

WEIL:\98606915\31\42160.0044

[***]

K-7

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SCHEDULE G-2

SCHEDULE OF SERVICER DEPOSIT ACCOUNTS

[***]

K-8

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SCHEDULE H

LIST OF SUBSERVICERS

[***]

SCHEDULE I

REGULATORY EVENTS

[***]

K-9

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EXHIBIT A
FORM OF FUNDING REQUEST
[***]
SCHEDULE A TO FUNDING REQUEST
[***]

EXHIBIT B-1
[RESERVED]
EXHIBIT B-2
[RESERVED]EXHIBIT C
FORM OF ASSIGNMENT AND ACCEPTANCE1
[***]

Schedule 1
to
Assignment and Acceptance
__________ __, 20__
[***]

EXHIBIT D
FORM OF ACCESSION AGREEMENT
[***]

1 [***]
K-10

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EXHIBIT E
CONDITIONS TO ACCESSION
[***]

EXHIBIT F-1
FORM OF POWER OF ATTORNEY
[***]

EXHIBIT F-2
FORM OF POWER OF ATTORNEY
[***]

K-11

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EXHIBIT F-3
FORM OF POWER OF ATTORNEY
[***]

EXHIBIT F-4

LIMITED POWER OF ATTORNEY
[***]

EXHIBIT F-5

LIMITED POWER OF ATTORNEY
[***]

EXHIBIT G
FORM OF SECURITIZATION RELEASE
[***]

K-12

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ANNEX I
[  ]
SECURITIZATION DATE CERTIFICATE
PURSUANT TO SECTION 2.15(a)
OF THE CREDIT AGREEMENT
[***]

K-13

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SCHEDULE A TO SECURITIZATION DATE CERTIFICATE
[FORM OF SECURITIZATION REPORT TO BE ATTACHED]

K-14

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ANNEX II
FORM OF NOTICE
Heights Financing I, LLC

[***]

Schedule I
to|
Securitization Release
SCHEDULE OF SECURITIZED RECEIVABLES
K-15

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[Receivables relating to a Securitization]

    
EXHIBIT H
FORM OF MONTHLY REPORT

[On file with Administrative Agent]

EXHIBIT I
FORM OF CUSTODIAN CERTIFICATION

[***]

K-16

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Schedule 1
to Custodian Certification

IMAGED FILE LOAN SCHEDULE

K-17

WEIL:\98606915\31\42160.0044

Schedule 2
to Custodian Certification

EXCEPTION REPORT

EXHIBIT J
FORM OF REMOVAL REQUEST

[***]

EXHIBIT K 
FORM OF PREPAYMENT NOTICE
[***]

K-18

WEIL:\98606915\31\42160.0044Exhibit 4.1

 

 

JOHN DEERE OWNER TRUST 2022-B

 

Class A-1 2.876% Asset Backed Notes

 

Class A-2 3.73% Asset Backed Notes

 

Class A-3 3.74% Asset Backed Notes

 

Class A-4 3.80% Asset Backed Notes

 

 

 

INDENTURE

 

Dated as of July 20, 2022

 

 

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

 

Indenture Trustee

 

 

     

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I
	 	 	 
	DEFINITIONS
    AND INCORPORATION BY REFERENCE
	 	 	 
	SECTION 1.01. Definitions	 	2
	SECTION 1.02. Incorporation by Reference of
    Trust Indenture Act	 	10
	SECTION 1.03. Rules of Construction	 	10
	SECTION 1.04. Calculations of Interest	 	10
	 	 	 
	ARTICLE II	 	 
	 	 	 
	THE NOTES	 	 
	 	 	 
	SECTION 2.01. Form	 	11
	SECTION 2.02. Execution, Authentication and
    Delivery	 	11
	SECTION 2.03. Temporary Notes	 	12
	SECTION 2.04. Registration; Registration of
    Transfer and Exchange	 	12
	SECTION 2.05. Mutilated, Destroyed, Lost or
    Stolen Notes	 	13
	SECTION 2.06. Persons Deemed Owner	 	14
	SECTION 2.07. Payment of Principal and Interest;
    Defaulted Interest	 	14
	SECTION 2.08. Cancellation	 	15
	SECTION 2.09. Release of Collateral	 	16
	SECTION 2.10. Book-Entry Notes	 	16
	SECTION 2.11. Notices to Clearing Agency	 	17
	SECTION 2.12. Definitive Notes	 	17
	SECTION 2.13. Notes as Indebtedness for Tax
    Purposes	 	17
	SECTION 2.14. Noteholder FATCA Information	 	17
	 	 	 
	ARTICLE III
	 	 	 
	COVENANTS
	 	 	 
	SECTION 3.01. Payment of Principal and Interest	 	18
	SECTION 3.02. Maintenance of Office or Agency	 	18
	SECTION 3.03. Money for Payments to be Held
    in Trust	 	18
	SECTION 3.04. Existence	 	20
	SECTION 3.05. Protection of Trust Estate	 	20
	SECTION 3.06. Opinions as to Trust Estate	 	21
	SECTION 3.07. Performance of Obligations; Servicing
    of Receivables	 	22
	SECTION 3.08. Negative Covenants	 	24
	SECTION 3.09. Annual Statement as to Compliance	 	24
	SECTION 3.10. Issuing Entity May Consolidate, etc.,
    Only on Certain Terms	 	25
	SECTION 3.11. Successor or Transferee	 	26
	SECTION 3.12. No Other Business	 	27

 

    i

     

    

 

	SECTION 3.13. No Borrowing	 	27
	SECTION 3.14. Servicer’s Obligations	 	27
	SECTION 3.15. Guarantees, Loans, Advances and
    Other Liabilities	 	27
	SECTION 3.16. Capital Expenditures	 	27
	SECTION 3.17. Removal of Administrator	 	27
	SECTION 3.18. Restricted Payments	 	27
	SECTION 3.19. Notice of Events of Default	 	28
	SECTION 3.20. Further Instruments and Acts	 	28
	 	 	 
	ARTICLE IV
	 	 	 
	SATISFACTION
    AND DISCHARGE
	 	 	 
	SECTION 4.01. Satisfaction and Discharge of
    Indenture	 	28
	SECTION 4.02. Application of Trust Money	 	29
	SECTION 4.03. Repayment of Moneys Held by Paying
    Agent	 	29
	 	 	 
	ARTICLE V
	 	 	 
	REMEDIES
	 	 	 
	SECTION 5.01. Events of Default	 	30
	SECTION 5.02. Acceleration of Maturity; Rescission
    and Annulment	 	31
	SECTION 5.03. Collection of Indebtedness and
    Suits for Enforcement by Indenture Trustee	 	31
	SECTION 5.04. Remedies; Priorities	 	34
	SECTION 5.05. Optional Preservation of the
    Receivables	 	35
	SECTION 5.06. Limitation of Suits	 	35
	SECTION 5.07. Unconditional Rights of Noteholders
    to Receive Principal and Interest	 	36
	SECTION 5.08. Restoration of Rights and Remedies	 	36
	SECTION 5.09. Rights and Remedies Cumulative	 	36
	SECTION 5.10. Delay or Omission Not a Waiver	 	36
	SECTION 5.11. Control by Noteholders	 	36
	SECTION 5.12. Waiver of Past Defaults	 	37
	SECTION 5.13. Undertaking for Costs	 	37
	SECTION 5.14. Waiver of Stay or Extension Laws	 	38
	SECTION 5.15. Action on Notes	 	38
	SECTION 5.16. Performance and Enforcement of
    Certain Obligations	 	38
	 	 	 
	ARTICLE VI
	 	 	 
	THE INDENTURE
    TRUSTEE
	 	 	 
	SECTION 6.01. Duties of Indenture Trustee	 	39
	SECTION 6.02. Rights of Indenture Trustee	 	41
	SECTION 6.03. Individual Rights of Indenture
    Trustee	 	43
	SECTION 6.04. Indenture Trustee’s Disclaimer	 	43
	SECTION 6.05. Notice of Defaults	 	43

 

    ii

     

    

 

	SECTION 6.06. Reports by
    Indenture Trustee to Holders	 	43
	SECTION 6.07. Compensation and Indemnity	 	43
	SECTION 6.08. Replacement of Indenture Trustee	 	44
	SECTION 6.09. Successor Indenture Trustee by
    Merger	 	45
	SECTION 6.10. Appointment of Co-Trustee or
    Separate Trustee	 	46
	SECTION 6.11. Eligibility; Disqualification	 	47
	SECTION 6.12. Preferential Collection of Claims
    Against Issuing Entity	 	47
	 	 	 
	ARTICLE VII
	 	 	 
	NOTEHOLDERS’
    LISTS AND REPORTS
	 	 	 
	SECTION 7.01. Issuing Entity to Furnish Indenture
    Trustee Names and Addresses of Noteholders	 	47
	SECTION 7.02. Preservation of Information;
    Communications to Noteholders	 	47
	SECTION 7.03. Reports by Issuing Entity	 	48
	SECTION 7.04. Reports by Indenture Trustee	 	49
	 	 	 
	ARTICLE VIII
	 	 	 
	ACCOUNTS, DISBURSEMENTS
    AND RELEASES
	 	 	 
	SECTION 8.01. Collection of Money	 	49
	SECTION 8.02. Trust Accounts	 	50
	SECTION 8.03. General Provisions Regarding
    Accounts	 	51
	SECTION 8.04. Release of Trust Estate	 	52
	SECTION 8.05. Opinion of Counsel	 	52
	 	 	 
	ARTICLE IX
	 	 	 
	SUPPLEMENTAL
    INDENTURES
	 	 	 
	SECTION 9.01. Supplemental Indentures Without
    Consent of Noteholders	 	53
	SECTION 9.02. Supplemental Indentures with
    Consent of Noteholders	 	54
	SECTION 9.03. Execution of Supplemental Indentures	 	55
	SECTION 9.04. Effect of Supplemental Indenture	 	56
	SECTION 9.05. Conformity with Trust Indenture
    Act	 	56
	SECTION 9.06. Reference in Notes to Supplemental
    Indentures	 	56
	 	 	 
	ARTICLE X
	 	 	 
	REDEMPTION OF
    NOTES
	 	 	 
	SECTION 10.01. Redemption	 	56
	SECTION 10.02. Form of Redemption Notice	 	57
	SECTION 10.03. Notes Payable on Redemption
    Date	 	57

 

    iii

     

    

 

	ARTICLE XI
	 	 	 
	MISCELLANEOUS
	 	 	 
	SECTION 11.01. Compliance Certificates and
    Opinions, etc.	 	57
	SECTION 11.02. Form of Documents Delivered
    to Indenture Trustee	 	59
	SECTION 11.03. Acts of Noteholders	 	60
	SECTION 11.04. Notices, etc., to Indenture
    Trustee, Issuing Entity and Rating Agencies	 	60
	SECTION 11.05. Notices to Noteholders; Waiver	 	61
	SECTION 11.06. Alternate Payment and Notice
    Provisions	 	62
	SECTION 11.07. Conflict with Trust Indenture
    Act	 	62
	SECTION 11.08. Effect of Headings and Table
    of Contents	 	62
	SECTION 11.09. Successors and Assigns	 	62
	SECTION 11.10. Separability	 	62
	SECTION 11.11. Benefits of Indenture	 	62
	SECTION 11.12. Legal Holidays	 	62
	SECTION 11.13. GOVERNING LAW; WAIVER OF TRIAL
    BY JURY	 	63
	SECTION 11.14. Counterparts	 	63
	SECTION 11.15. Recording of Indenture	 	63
	SECTION 11.16. Trust Obligation	 	64
	SECTION 11.17. No Petition	 	64
	SECTION 11.18. Subordination Agreement	 	64
	SECTION 11.19. No Recourse	 	64
	SECTION 11.20. Inspection	 	65
	SECTION 11.21. Limitation of Liability	 	65
	SECTION 11.22. Communications with Rating Agencies	 	65
	 	 	 
	ARTICLE XII
	 	 	 
	ASSET REPRESENTATIONS
    REVIEW
	 	 	 
	SECTION 12.01. Noteholder Requests for Vote
    on Asset Representations Review	 	66
	SECTION 12.02. Noteholder Vote on Asset Representations
    Review	 	66
	SECTION 12.03. Delivery of Repurchase Requests
    and Repurchase Response Notices	 	66
	SECTION 12.04. Noteholder Communications with
    Indenture Trustee	 	67
	SECTION 12.05. Resignation or Removal of Asset
    Representations Reviewer	 	67

 

	EXHIBITS
	Testimonium,
    Signatures and Seals Acknowledgments
	 
	Exhibit A	Schedule of Receivables
	Exhibit B	Form of Sale and Servicing Agreement
	Exhibit C	Form of Depository Agreement
	Exhibit D	Form of Class A-1 Note
	Exhibit E	Form of Class A-2 Note
	Exhibit F	Form of Class A-3 Note
	Exhibit G	Form of Class A-4 Note

 

    iv

     

    

 

INDENTURE dated as of July 20, 2022, between
JOHN DEERE OWNER TRUST 2022-B, a Delaware statutory trust (the “Issuing Entity”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
a national banking association, solely as trustee and not in its individual capacity (the “Indenture Trustee”).

 

Each party agrees as follows for the benefit of the
other party and for the equal and ratable benefit of the Holders of the Issuing Entity’s Class A-1 2.876% Asset Backed Notes (the
 “Class A-1 Notes”), Class A-2 3.73% Asset Backed Notes (the “Class A-2 Notes”), Class A-3 3.74% Asset Backed Notes
(the “Class A-3 Notes”) and Class A-4 3.80% Asset Backed Notes (the “Class A-4 Notes” and together with the Class
A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”):

 

GRANTING CLAUSE

 

The Issuing Entity hereby Grants to the Indenture
Trustee at the Closing Date, as trustee for the benefit of the Holders of the Notes, all of the Issuing Entity’s right, title and
interest, whether now owned or hereafter acquired, in and to (a) the Receivables and all moneys due thereon after the Cut-off Date;
(b) the security interests in the Financed Equipment granted by Obligors pursuant to the Receivables and any other interest of the
Issuing Entity in the Financed Equipment; (c) any proceeds with respect to the Receivables from claims on any physical damage, credit
life or disability insurance policies covering Financed Equipment or Obligors; (d) the Purchase Agreement, including the right assigned
to the Issuing Entity to cause JDCC (as defined below) to repurchase Receivables from the Seller under certain circumstances; (e) all
funds on deposit from time to time in the Trust Accounts, including the Reserve Account Initial Deposit, and in all investments and proceeds
thereof (including all income thereon); (f) the Sale and Servicing Agreement (including all rights of the Seller under the Purchase
Agreement assigned to the Issuing Entity pursuant to the Sale and Servicing Agreement); (g) proceeds from the Financed Equipment
related to a Repossessed Receivable; and (h) all present and future claims, demands, causes and choses in action in respect of any
or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of
the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds,
accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation
awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which
at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”).
This Indenture shall constitute a security agreement for purposes of the Uniform Commercial Code as in effect in the States of New York
and Delaware on the date hereof.

 

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

 

The Indenture Trustee, as Indenture Trustee on behalf
of the Holders of the Notes, acknowledges such Grant, and accepts the trusts under this Indenture in accordance with the provisions of
this Indenture for the use and benefit of such Holders.

 

    

     

    

 

ARTICLE I

 

DEFINITIONS AND INCORPORATION
BY REFERENCE

 

SECTION 1.01. Definitions. (a) Except
as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below
for all purposes of this Indenture.

 

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

 

“Administration Agreement” means
the Administration Agreement dated as of July 20, 2022, among the Administrator, the Issuing Entity and the Indenture Trustee as
amended or supplemented from time to time.

 

“Administrator” means the administrator
under the Administration Agreement.

 

“Advisers Act” has the meaning
specified in Section 2.04.

 

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

 

“Authorized Officer” means, with
respect to the Issuing Entity, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to
the Issuing Entity and who is identified on the list of Authorized Officers, containing the specimen signature of each such Person, delivered
by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter)
and, so long as the Administration Agreement is in effect, any Assistant Treasurer, any Vice President or more senior officer of the
Administrator who is authorized to act for the Administrator in matters relating to the Issuing Entity and to be acted upon by the Administrator
pursuant to the Administration Agreement and who is identified on the list of Authorized Officers (containing the specimen signatures
of such officers) delivered by the Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented
from time to time thereafter); provided, however, that for purposes of Section 3.09 and Section 1(a)(J) of the Administration
Agreement such officer of the Administrator must be any of the president, controller, chief executive officer, chief financial officer
or chief accounting officer.

 

“Bankruptcy Code” means the United
States Bankruptcy Code, Title 11 of the United States Code, as amended.

 

“Basic Documents” means this
Indenture, the Certificate of Trust, the Trust Agreement, the Purchase Agreement, the Sale and Servicing Agreement, the Administration
Agreement, the Depository Agreement, the Asset Representations Review Agreement and other documents and certificates delivered in connection
therewith.

 

    2

     

    

 

“Benefit Plan” means (i) any
 “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Part 4 of Title I of ERISA,
(ii) a “plan” described by Section 4975(e)(1) of the Code, which is subject to Section 4975 of the Code
or (iii) any entity deemed to hold the plan assets (within the meaning of Department of Labor Regulation 2510.3-101, as modified
by Section 3(42) of ERISA) of any of the foregoing by reason of an employee benefit plan’s or other plan’s investment
in such entity.

 

“Book Entry Notes” means a beneficial
interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10.

 

“Business Day” means any day
other than a Saturday, a Sunday or a day on which banking institutions or trust companies in The City of New York, Chicago, Illinois
or St. Paul, Minnesota are authorized or obligated by law, regulation or executive order to remain closed.

 

“Certificate” has the meaning
assigned to it in the Trust Agreement.

 

“Certificate of Trust” means
the certificate of trust of the Issuing Entity substantially in the form of Exhibit A to the Trust Agreement.

 

“Class A-1 Note” means a Class
A-1 2.876% Asset-Backed Note, substantially in the form of Exhibit D.

 

“Class A-1 Note Interest Rate”
means 2.876% per annum.

 

“Class A-2 Note” means a Class
A-2 3.73% Asset Backed Note, substantially in the form of Exhibit E.

 

“Class A-2 Note Interest Rate”
means 3.73% per annum.

 

“Class A-3 Note” means a Class
A-3 3.74% Asset Backed Note, substantially in the form of Exhibit F.

 

“Class A-3 Note Interest Rate”
means 3.74% per annum.

 

“Class A-4 Note” means a Class
A-4 3.80% Asset Backed Note, substantially in the form of Exhibit G.

 

“Class A-4 Note Interest Rate”
means 3.80% per annum.

 

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

 

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

 

“Closing Date” means July 20,
2022.

 

    3

     

    

 

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

 

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

 

“Corporate Trust Office” means
the office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered which office at
the date of the execution of this Indenture is located at 190 South LaSalle Street, 7th Floor, MK-IL-SL7R, Chicago, Illinois
60603, Attention: John Deere Owner Trust 2022-B, facsimile No.: 312-332-7996, or at such other address as the Indenture Trustee may designate
from time to time by notice to the Noteholders and the Issuing Entity, or the corporate trust office of any successor Indenture Trustee
(the address of which the successor Indenture Trustee will notify the Noteholders and the Issuing Entity).

 

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

 

“Definitive Notes” has the meaning
specified in Section 2.10.

 

“Depository Agreement” means
the agreement executed by the Issuing Entity and delivered to The Depository Trust Company, as the initial Clearing Agency, dated the
Closing Date, substantially in the form of Exhibit C, as amended or supplemented from time to time.

 

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

 

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

 

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

 

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

 

“FATCA” means Sections 1471 through
1474 of the Code (or any amended or successor version) and any current or future regulations or official interpretations thereof.

 

“FATCA Withholding Tax” means
any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant
to FATCA.

 

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

 

    4

     

    

 

“Holder” or “Noteholder”
means the Person in whose name a Class A-1 Note, a Class A-2 Note, a Class A-3 Note or a Class A-4 Note is registered
on the Note Register.

 

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

 

“Indenture Trustee” means U.S.
Bank Trust Company, National Association, a national banking association, as Indenture Trustee under this Indenture, or any successor
Indenture Trustee under this Indenture.

 

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

 

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

 

“Issuing Entity” means John Deere
Owner Trust 2022-B until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein
and required by the TIA (as defined below), each other obligor on the Notes.

 

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

 

“JDCC” means John Deere Capital
Corporation, a Delaware corporation, and its successors.

 

“John Deere Party” has the meaning
specified in Section 7.02(d).

 

“Note Interest Rate” means the
per annum interest rate borne by a Note.

 

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

 

    5

     

    

 

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

 

“Noteholder FATCA Information”
means, with respect to any Noteholder or holder of an interest in a Note, information in reasonable detail sufficient to eliminate the
imposition of, or determine the amount of, FATCA Withholding Tax.

 

“Noteholder Tax Identification Information”
means properly completed and signed tax certifications (generally, in the case of federal income tax, IRS Form W-9 (or applicable
successor form) in the case of a person that is a “United States Person” within the meaning of Section 7701(a)(30) of
the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States
Person” within the meaning of Section 7701(a)(30) of the Code).

 

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

 

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

 

“Opinion of Counsel” means one
or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture or the Basic Documents, be employees
of or counsel to the Issuing Entity and which opinion or opinions shall, for purposes of the Indenture, be addressed to the Indenture
Trustee as Indenture Trustee, and shall comply with any applicable requirements of Section 11.01.

 

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

 

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

 

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

 

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

 

    6

     

    

 

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

 

“Outstanding Amount” means the
aggregate principal amount of all Notes, or a Class of Notes, as applicable, Outstanding at the date of determination.

 

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

 

“Paying Agent” means the Indenture
Trustee, U.S. Bank Trust Company, National Association or any Person that meets the eligibility standards for the Indenture Trustee specified
in Section 6.11 and is authorized by the Issuing Entity to make the payments to and distributions from the Collection Account and
the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuing Entity.

 

“Payment Date” means the 15th
day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing September 15, 2022.

 

“Person” means any individual,
corporation, limited liability company, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization or government or any agency or political subdivision thereof.

 

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

 

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

 

“Prospectus” means the prospectus
dated July 12, 2022, relating to the Notes.

 

    7

     

    

 

“Protected Purchaser” has the
meaning specified in Article Eight of the UCC.

 

“Rating Agency” means Fitch and
Moody’s. If no such organization or successor is any longer in existence, “Rating Agency” shall be a nationally recognized
statistical rating organization or other comparable Person designated by the Issuing Entity, notice of which designation shall be given
to the Indenture Trustee, the Owner Trustee and the Servicer.

 

“Rating Agency Condition” means,
with respect to any action, (A) in the case of Moody’s, that such Rating Agency shall have been given 10 days’ (or such
shorter period that is acceptable to such Rating Agency) prior notice thereof and that such Rating Agency shall have notified the Seller,
the Servicer and the Issuing Entity in writing that such action will not result in a reduction or withdrawal of the then current ratings
of the Notes and (B) in the case of Fitch, that Fitch shall have been given 10 Business Days’ (or such shorter period that
is acceptable to Fitch) prior written notice thereof.

 

“Record Date” means, with respect
to a Payment Date or Redemption Date, the close of business on the day immediately preceding such Payment Date or Redemption Date, unless
Definitive Notes are issued, in which case the Record Date with respect to such Definitive Notes as to any Payment Date shall be the
last day of the immediately preceding calendar month.

 

“Redemption Date” means the Payment
Date specified by the Servicer or the Issuing Entity pursuant to Section 10.01(a) or (b), as applicable.

 

“Redemption Price” means in the
case of (a) a redemption of the Notes pursuant to Section 10.01(a), an amount equal to the Outstanding Amount of the Notes
redeemed plus accrued and unpaid interest on the Notes at the related Note Interest Rate to but excluding the Redemption Date, or (b) a
payment made to Noteholders pursuant to Section 10.01(b), the amount on deposit in the Note Distribution Account, but not in excess
of the amount specified in clause (a) above.

 

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

 

“Repurchase Rules and Regulations”
has the meaning specified in Section 7.02(d).

 

“Responsible Officer” means,
with respect to (a) the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture Trustee who shall have
direct responsibility for the administration of this Indenture, including any Vice President, Assistant Vice President, or any other
officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers
and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge
of and familiarity with the particular subject and (b) the Owner Trustee, any officer within the Corporate Trust Office of the Owner
Trustee who shall have direct responsibility for the administration of the Trust Agreement and the other Basic Documents on behalf of
the Owner Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer
of the Owner Trustee customarily performing functions similar to those performed by any of the above designated officers and also, with
respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity
with the particular subject.

 

    8

     

    

 

“Sale and Servicing Agreement”
means the Sale and Servicing Agreement dated as of July 20, 2022 among the Issuing Entity, the Seller and the Servicer, in the form
of Exhibit B, as amended or supplemented from time to time.

 

“Schedule of Receivables” means
the listing of the Receivables set forth in Exhibit A (which Exhibit may be in the form of microfiche).

 

“Securities Intermediary” means
U.S. Bank National Association, a national banking association and an Affiliate of the Indenture Trustee, or any successor Securities
Intermediary under this Indenture.

 

“Similar Law” means any federal,
state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code.

 

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

 

“Successor Servicer” has the
meaning specified in Section 3.07(e).

 

“Trust Accounts” mean the Collection
Account, the Note Distribution Account and the Reserve Account established pursuant to Section 5.01 of the Sale and Servicing Agreement.

 

“Trust Estate” means all money,
instruments, rights and other property that are subject or intended to be subject to the lien and security interest of this Indenture
for the benefit of the Noteholders (including, without limitation, all property and interests Granted to the Indenture Trustee), including
all proceeds thereof.

 

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

 

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

 

“Underwriter” means each of RBC
Capital Markets, LLC, Barclays Capital Inc., MUFG Securities Americas Inc., TD Securities (USA) LLC, Citigroup Global Markets Inc. and
Credit Agricole Securities (USA) Inc.

 

(b)            Except
as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein shall
have the respective meanings set forth in the Sale and Servicing Agreement.

 

    9

     

    

 

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

 

“Commission” means the Securities and
Exchange Commission.

 

“indenture securities” means the Notes.

 

“indenture security holder” means a
Noteholder.

 

“indenture to be qualified” means this
Indenture.

 

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

 

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

 

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

 

SECTION 1.03. Rules of Construction.
Unless the context otherwise requires:

 

(i)            a
term has the meaning assigned to it;

 

(ii)           an
accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles in the
United States as in effect from time to time;

 

(iii)          “or”
is not exclusive;

 

(iv)          “including”
means “including without limitation”; and

 

(v)            words
in the singular include the plural and words in the plural include the singular.

 

SECTION 1.04. Calculations of Interest.
All calculations of interest in respect of the Class A-1 Notes made hereunder shall be computed on the basis of the actual number
of days in the related period of accrual divided by 360. Interest in respect of the Class A-1 Notes shall accrue from and including
the Closing Date or from and including the most recent Payment Date to which interest has been paid to but excluding the current Payment
Date. All calculations of interest in respect of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes made
hereunder shall be made on the basis of a 360-day year consisting of twelve 30-day months. Interest on the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes in respect of a Payment Date will accrue from and including the 15th day of the month
preceding such Payment Date (or the Closing Date in the case of the first Payment Date) to and including the 14th day of the month of
such Payment Date.

 

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ARTICLE II

 

THE NOTES

 

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

 

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

 

Each Note shall be dated the date of its authentication.
The terms of the Notes set forth in Exhibits D, E, F and G are part of the terms of this Indenture.

 

SECTION 2.02. Execution, Authentication
and Delivery. The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized Officers. The signature of any
such Authorized Officer on the Notes may be manual or facsimile.

 

Notes bearing the manual or facsimile signature
of individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such
offices at the date of such Notes.

 

The Indenture Trustee shall upon Issuing Entity Order
authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $313,000,000, Class A-2 Notes for
original issue in an aggregate principal amount of $411,000,000, Class A-3 Notes for original issue in an aggregate principal amount of
$411,000,000 and Class A-4 Notes for original issue in an aggregate principal amount of $86,166,000. The aggregate principal amount of
Class A-1, Class A-2, Class A-3 and Class A-4 Notes outstanding at any time may not exceed such amounts, respectively, except as provided
in Section 2.05.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Each Noteholder, by its acceptance of a Note (and
each Note Owner, by its acceptance of a beneficial interest in a Note) will be deemed to have represented for so long as it holds such
Note that (x) it is not, and is not acquiring the Note (or an interest therein) on behalf of, or with the assets of a Benefit Plan
or any governmental, non-U.S. or church plan or any other employee benefit plan or arrangement that is subject to Similar Law or (y) its
acquisition and holding of the Note do not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code or a violation of any applicable Similar Law.

 

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

 

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

 

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

 

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

 

SECTION 2.06. Persons Deemed Owner.
Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing
Entity or the Indenture Trustee shall treat the Person in whose name any Note is registered (as of the day of determination) as the owner
of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever,
whether or not such Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any agent of the Issuing Entity or the
Indenture Trustee shall be affected by notice to the contrary.

 

SECTION 2.07. Payment of Principal and Interest;
Defaulted Interest. (a) The Notes shall accrue interest as provided in the forms of the Class A-1 Note, Class A-2
Note, Class A-3 Note and Class A-4 Note set forth in Exhibits D, E, F and G, respectively, and such interest shall be payable
on each Payment Date as specified therein. Any installment of interest or principal, if any, payable on any Note which is punctually
paid or duly provided for by the Issuing Entity on the applicable Payment Date shall be paid to the Person in whose name such Note (or
one or more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid to such Person’s
address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12,
with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee
and except for the final installment of principal payable with respect to such Note on a Payment Date (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.01(a)) which shall be payable as provided below. The funds represented
by any such checks returned undelivered shall be held in accordance with Section 3.03.

 

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(b)           The
principal of each Note shall be payable in installments on each Payment Date as provided in the forms of the Class A-1 Note, Class A-2
Note, Class A-3 Note and Class A-4 Note set forth in Exhibits D, E, F and G, respectively. For purposes of distributions from
the Reserve Account pursuant to Section 5.05(e) of the Sale and Servicing Agreement, any portion of the Note Monthly Principal
Distributable Amount shall be deemed to be due on any Payment Date on which funds sufficient to pay such portion would be available to
make such payment from funds withdrawn from the Reserve Account and distributed with the priorities set forth in accordance with Section 5.04(b) of
the Sale and Servicing Agreement. For the avoidance of doubt, the Note Monthly Principal Distributable Amount, or any portion thereof,
shall not be due (other than in accordance with the first sentence of this Section 2.07(b), the subsequent sentence of this Section 2.07(b),
Section 5.02 and Section 10.03 of this Indenture), unless amounts are actually available to make such payments in accordance
with Section 5.04(b) of the Sale and Servicing Agreement. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing,
if the Indenture Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have
declared the Notes to be immediately due and payable in the manner provided in Section 5.02. All principal payments on each Class of
Notes shall be made pro rata to the Noteholders of such Class entitled thereto. Upon notice to the Indenture Trustee by the Issuing
Entity, the Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date
preceding the Payment Date on which the Issuing Entity expects that the final installment of principal of and interest on such Note will
be paid. Such notice shall be mailed no later than five Business Days prior to such final Payment Date and shall specify that such final
installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented
and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided
in Section 10.02.

 

(c)           If
the Issuing Entity defaults in a payment of interest on the Notes, the Issuing Entity shall pay defaulted interest (plus interest on
such defaulted interest at a rate per annum equal to the sum of (i) the applicable Note Interest Rate and (ii) 1.0%, to the
extent lawful) in any lawful manner. The Issuing Entity may pay such defaulted interest and interest on such defaulted interest to the
persons who are Noteholders on a subsequent special record date, which date shall be at least five Business Days prior to the payment
date. The Issuing Entity shall fix or cause to be fixed any such special record date and payment date, and, at least 10 days before any
such special record date, the Issuing Entity shall mail to each Noteholder a notice that states the special record date, the payment
date and the amount of defaulted interest and interest on such defaulted interest to be paid.

 

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

 

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SECTION 2.09. Release of Collateral.
Subject to Section 11.01, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuing
Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA
 §§ 314(c) and 314(d)(l) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the
TIA does not require any such Independent Certificates.

 

SECTION 2.10. Book-Entry Notes. The
Notes, upon original issuance, will be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered
to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuing Entity. Such Note shall initially be registered
on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a
Definitive Note (as hereinafter defined) representing such Note Owner’s interest in such Note, except as provided in Section 2.12.
Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to
Section 2.12:

 

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

 

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

 

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

 

(iv)          the
rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements
between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants; pursuant to the Depository Agreement, unless
and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among
the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency
Participants; and

 

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

 

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SECTION 2.11. Notices to Clearing Agency.
Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall
have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified
herein to be given to Holders of the Notes to the Clearing Agency, and shall have no obligation to the Note Owners or other Holders of
the Notes.

 

SECTION 2.12. Definitive Notes. If (i) the
Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Notes, and the Administrator is unable to locate a qualified successor, (ii) the Administrator
at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency
or (iii) after the occurrence of an Event of Default or a Servicer Default, Note Owners representing beneficial interests aggregating
at least a majority of the Outstanding Amount of the Notes advise the Clearing Agency in writing that the continuation of a book-entry
system through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note
Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting
the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing
Agency, accompanied by registration instructions, the Issuing Entity shall execute and the Indenture Trustee shall authenticate the Definitive
Notes in accordance with the instructions of the Clearing Agency. None of the Issuing Entity, the Note Registrar or the Indenture Trustee
shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

 

SECTION 2.13. Notes as Indebtedness for
Tax Purposes. The Issuing Entity is entering into this Indenture with the intention that, for federal, State and local income and
franchise tax purposes, each Note will qualify as indebtedness (except to the extent such Notes are retained or treated as retained by
the Depositor or its affiliates for such purposes) secured by the Collateral.

 

SECTION 2.14. Noteholder FATCA Information.
Without limiting any other information or certification requirements under applicable tax law, each Noteholder or holder of an interest
in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuing
Entity, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder
FATCA Information. In addition, each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein,
agrees that the Indenture Trustee, any Paying Agent or the Issuing Entity has the right to withhold any amounts (properly withholdable
under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note, either because such withholding
is required under applicable tax law or as a result of the failure of the Noteholder or holder of an interest in the Note to comply with
the requirements of the preceding sentence or other provisions requiring withholding under applicable tax law.

 

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ARTICLE III

 

COVENANTS

 

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

 

SECTION 3.02. Maintenance of Office or Agency.
The Issuing Entity will maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered
for registration of transfer or exchange, and where notices and demands to or upon the Issuing Entity in respect of the Notes and this
Indenture may be served. The Issuing Entity hereby initially appoints U.S. Bank Trust Company, National Association to serve as its agent
for the foregoing purposes. The Issuing Entity will give prompt written notice to the Indenture Trustee of the location, and of any change
in the location, of any such office or agency. If at any time the Issuing Entity shall fail to maintain any such office or agency or
shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the
Corporate Trust Office, and the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices
and demands.

 

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

 

At or before noon (New York time) on each Payment
Date and Redemption Date, the Issuing Entity shall deposit or cause to be deposited in the Note Distribution Account an aggregate sum
sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled
thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so
to act.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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SECTION 3.04. Existence. The Issuing
Entity will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless
it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the laws of any other State or of the United States
of America, in which case the Issuing Entity will keep in full effect its existence, rights and franchises under the laws of such other
jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall
be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement
included in the Trust Estate.

 

SECTION 3.05. Protection of Trust Estate.
(a) The Issuing Entity will from time to time prepare, execute, deliver and file all such supplements and amendments hereto and
all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other
action necessary or advisable to:

 

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

 

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

 

(iii)          enforce
any of the Collateral; or

 

(iv)          preserve
and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims
of all persons and parties.

 

The Issuing Entity hereby designates the Indenture
Trustee, and hereby authorizes the Indenture Trustee as its agent and attorney-in-fact, to execute any financing statement, continuation
statement or other instrument delivered to the Indenture Trustee pursuant to this Section.

 

(b)           The
Issuing Entity hereby represents and warrants that, as to the Collateral pledged to the Indenture Trustee for the benefit of the Noteholders,
on the Closing Date:

 

(i)            the
Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral that is in existence
in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors
of and purchasers from the Issuing Entity;

 

(ii)           the
Receivables constitute “tangible chattel paper” or “electronic chattel paper” under the applicable UCC;

 

(iii)          the
Issuing Entity owns and has good and marketable title to such Collateral free and clear of any liens, claims or encumbrances of any Person,
other than the interest Granted under this Indenture;

 

(iv)          the
Issuing Entity has acquired its ownership in such Collateral in good faith without notice of any adverse claim;

 

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(v)           the
Trust Accounts are not in the name of any person other than the Indenture Trustee and the Issuing Entity has not consented to the bank
maintaining the Trust Accounts to comply with the instructions of any person other than the Indenture Trustee;

 

(vi)          the
Issuing Entity has not assigned, pledged, sold, granted a security interest in or otherwise conveyed any interest in such Collateral
(or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant
to this Indenture;

 

(vii)         the
Issuing Entity has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdiction under the applicable law in order to perfect the security interest Granted
hereunder in the Receivables;

 

(viii)        in
the case of each Receivable constituting “electronic chattel paper” as defined under the applicable UCC, the Servicer, as
custodian for the Issuing Entity, has “control” within the meaning of Section 9-105 of the applicable UCC of such Receivables;

 

(ix)           in
the case of the Receivables constituting “electronic chattel paper” as defined under the applicable UCC, the contracts that
constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned or otherwise
conveyed to any Person other than the Issuing Entity;

 

(x)           other
than its Granting hereunder, the Issuing Entity has not Granted such Collateral, the Issuing Entity has not authorized the filing of
and is not aware of any financing statements against the Issuing Entity that include a description of such Collateral other than the
financing statement in favor of the Indenture Trustee, and the Issuing Entity is not aware of any judgment or tax lien filing against
it; and

 

(xi)           the
information relating to such Collateral set forth in the Schedule of Receivables (attached hereto as Exhibit A) is correct.

 

SECTION 3.06. Opinions as to Trust Estate.
(a) On the Closing Date, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in
the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental
hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation
statements, as are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the details
of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest
effective.

 

(b)           On
or before February 28 in each calendar year, beginning in 2023, the Issuing Entity shall furnish to the Indenture Trustee an Opinion
of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording
and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution
and filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created
by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary
to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling
of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing
statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest
of this Indenture until February 28 in the following calendar year.

 

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SECTION 3.07. Performance of Obligations;
Servicing of Receivables. (a) The Issuing Entity will not take any action and will use its best efforts not to permit any action
to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument
or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the
Sale and Servicing Agreement or such other instrument or agreement.

 

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

 

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

 

(d)           If
the Issuing Entity shall have knowledge of the occurrence of a Servicer Default under the Sale and Servicing Agreement, the Issuing Entity
shall promptly notify a Responsible Officer of the Indenture Trustee and the Administrator thereof (and the Administrator shall make
such notice available to the Rating Agencies), and shall specify in such notice the action, if any, the Issuing Entity is taking with
respect to such default. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations
under the Sale and Servicing Agreement with respect to the Receivables, the Issuing Entity shall take all reasonable steps available
to it to remedy such failure.

 

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(e)            As
promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to
Section 8.01 of the Sale and Servicing Agreement, the Issuing Entity shall appoint a successor servicer (the “Successor Servicer”),
and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. In the
event that a Successor Servicer has not been appointed and accepted its appointment at the time when the Servicer ceases to act as Servicer,
the Indenture Trustee without further action shall automatically be appointed the Successor Servicer, subject to Section 8.02 of
the Sale and Servicing Agreement. The Indenture Trustee may resign as the Servicer by giving written notice of such resignation to the
Issuing Entity and in such event will be released from such duties and obligations, such release not to be effective until the date a
new servicer enters into a servicing agreement with the Issuing Entity as provided below. In each case of either the appointment of the
Indenture Trustee (or any Affiliate as provided below) as Successor Servicer, or resignation of the Indenture Trustee as Servicer, the
Indenture Trustee shall provide to the Depositor, in writing, such information as reasonably requested by the Depositor to comply with
its reporting obligation under the Exchange Act with respect to a successor Servicer or the resignation of the Servicer. Upon delivery
of any such notice to the Issuing Entity, the Issuing Entity shall obtain a new servicer as the Successor Servicer under the Sale and
Servicing Agreement. Any Successor Servicer other than the Indenture Trustee shall (i) be an established financial institution having
a net worth of not less than $50,000,000 and whose regular business includes the servicing of equipment receivables, (ii) enter
into a servicing agreement with the Issuing Entity having substantially the same provisions as the provisions of the Sale and Servicing
Agreement applicable to the Servicer and (iii) shall provide to the Depositor, in writing, such information as reasonably requested
by the Depositor to comply with its reporting obligation under the Exchange Act with respect to a successor Servicer. If within 30 days
after the delivery of the notice referred to above, the Issuing Entity shall not have obtained such a new servicer, the Indenture Trustee
may appoint, or may petition a court of competent jurisdiction to appoint, a Successor Servicer. In connection with any such appointment,
the Indenture Trustee may make such arrangements for the compensation of such successor as it and such successor shall agree, subject
to the limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section 8.02 of the Sale and
Servicing Agreement, the Issuing Entity shall enter into an agreement with such successor for the servicing of the Receivables (such
agreement to be in form and substance satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s
duties as servicer of the Receivables as provided herein, it shall do so in its capacity as servicer and not in its capacity as Indenture
Trustee and, accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in its duties as the
successor to the Servicer and the servicing of the Receivables. In case the Indenture Trustee shall become successor to the Servicer
under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as Servicer any one of its affiliates, provided
that it shall be fully liable for the actions and omissions of such affiliate in such capacity as Successor Servicer.

 

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

 

(g)           Without
derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture
Trustee hereunder, the Issuing Entity agrees that it will not, without the prior written consent of the Indenture Trustee or the Holders
of at least a majority in Outstanding Amount of the Notes, amend, modify, waive, supplement, terminate or surrender, or agree to any
amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral (except to the extent otherwise
provided in the Sale and Servicing Agreement) or the Basic Documents, or waive timely performance or observance by the Servicer or the
Seller under the Sale and Servicing Agreement or JDCC under the Purchase Agreement; provided, however, that no such amendment shall (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions
that are required to be made for the benefit of the Noteholders or (ii) reduce the aforesaid percentage of the Notes which are required
to consent to any such amendment, without the consent of the holders of all the outstanding Notes. If any such amendment, modification,
supplement or waiver shall be so consented to by the Indenture Trustee or such Holders, the Issuing Entity agrees, promptly following
a request by the Indenture Trustee to do so, to execute and deliver, in its own name and at its own expense, such agreements, instruments,
consents and other documents as the Indenture Trustee may reasonably deem necessary or appropriate in the circumstances.

 

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SECTION 3.08. Negative Covenants. So
long as any Notes are Outstanding, the Issuing Entity shall not:

 

(i)            except
as expressly permitted by this Indenture, the Purchase Agreement, the Trust Agreement or the Sale and Servicing Agreement, sell, transfer,
exchange or otherwise dispose of any of the properties or assets of the Issuing Entity, including those included in the Trust Estate,
unless directed to do so by the Indenture Trustee;

 

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

 

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

 

SECTION 3.09. Annual Statement as to Compliance.
The Issuing Entity will deliver to the Indenture Trustee, within 120 days after the end of each fiscal year of the Issuing Entity (commencing
with the fiscal year ending in 2022), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s
Certificate, that

 

(i)            a
review of the activities of the Issuing Entity during the 12-month period ending at the end of such fiscal year (or in the case of the
fiscal year ending October 2022, the period from the Closing Date to October 30, 2022) and of performance under this Indenture
has been made under such Authorized Officer’s supervision; and

 

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

 

SECTION 3.10. Issuing Entity May Consolidate, etc.,
Only on Certain Terms. (a)  The Issuing Entity shall not consolidate or merge with or into any other Person, unless

 

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

 

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

 

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

 

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

 

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

 

(vi)          the
Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).

 

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(b)           The
Issuing Entity shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any Person,
unless

 

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

 

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

 

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

 

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

 

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

 

(vi)          the
Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).

 

SECTION 3.11. Successor or Transferee.
(a) Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.10(a), the Person formed by or surviving
such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right
and power of, the Issuing Entity under this Indenture with the same effect as if such Person had been named as the Issuing Entity herein.

 

(b)           Upon
a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to Section 3.10(b), the Issuing Entity
will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuing Entity with
respect to the Notes immediately upon the delivery to and acceptance by the Indenture Trustee of the Officer’s Certificate and
Opinion of Counsel specified in Section 3.10(b)(vi) stating that the Issuing Entity is to be so released.

 

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

 

SECTION 3.13. No Borrowing. The Issuing
Entity shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for
the Notes.

 

SECTION 3.14. Servicer’s Obligations.
The Issuing Entity shall cause the Servicer to comply with Sections 4.09, 4.10, 4.11 and 5.06 of the Sale and Servicing Agreement.

 

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

 

SECTION 3.16. Capital Expenditures.
The Issuing Entity shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or
personality).

 

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

 

SECTION 3.18. Restricted Payments. The
Issuing Entity shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise),
whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuing
Entity or otherwise with respect to any ownership or equity interest or security in or of the Issuing Entity or to the Servicer, (ii) redeem,
purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise
segregate any amounts for any such purpose; provided, however, that the Issuing Entity may make, or cause to be made, (x) distributions
to the Servicer, the Owner Trustee and the Certificateholders as permitted by, and to the extent funds are available for such purpose
under, the Sale and Servicing Agreement and (y) payments to the Indenture Trustee pursuant to Section 1(a)(ii) of the
Administration Agreement. The Issuing Entity will not, directly or indirectly, make payments to or distributions from the Collection
Account except in accordance with this Indenture and the Basic Documents.

 

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SECTION 3.19. Notice of Events of Default.
The Issuing Entity agrees to give a Responsible Officer of the Indenture Trustee and the Administrator prompt written notice of each
Event of Default hereunder and, within five days after obtaining knowledge of any of the following occurrences, written notice of each
default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement and each default on the part
of JDCC of its obligations under the Purchase Agreement, and the Administrator shall make such notices available to the Rating Agencies.

  

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

 

ARTICLE IV

 

SATISFACTION AND DISCHARGE

 

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

 

(A)          either

 

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

 

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

 

(a)            have
become due and payable,

 

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

 

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(c)            are
to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption
by the Indenture Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing Entity, in the case of clause (a) or
(b) immediately above or this clause (c), has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee
cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts
are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore
delivered to the Indenture Trustee for cancellation as of such day of discharge or when due on the Class A-4 Final Scheduled Payment
Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01(a)), as the case may be;

 

(B)           the
Issuing Entity has paid or caused to be paid all other sums payable hereunder by the Issuing Entity; and

 

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

 

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

 

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

 

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ARTICLE V

 

REMEDIES

 

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

 

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

 

(ii)           default
in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable; or

 

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

 

(iv)          the
filing of a decree or 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 any applicable federal or State bankruptcy, insolvency or other similar law now
or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for 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 remain unstayed and in effect for a period of 90 consecutive days; or

 

(v)           the
commencement by the Issuing Entity of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar
law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under
any such law, 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 any general assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its debts
as such debts become due, or the taking of action by the Issuing Entity in furtherance of any of the foregoing.

 

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

 

SECTION 5.02. Acceleration of Maturity;
Rescission and Annulment. If an Event of Default should occur and be continuing, then and in every such case, the Indenture Trustee
or the Holders of Notes representing a majority of the Outstanding Amount of the Notes may declare all the Notes to be immediately due
and payable, by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given by Noteholders), and upon any such declaration
the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.03. Collection of Indebtedness
and Suits for Enforcement by Indenture Trustee. (a) The Issuing Entity covenants that if (i) default is made in the payment
of any interest on any Note when the same becomes due and payable, and such default continues for a period of five days, or (ii) default
is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the
Issuing Entity will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes, the whole amount then
due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such
rate of interest shall be legally enforceable, upon overdue installments of interest, at a rate per annum equal to the sum of (i) the
respective Note Interest Rate borne by such Notes and (ii) 1.0% and in addition thereto such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

 

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(b)            In
case the Issuing Entity shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee
of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to
judgment or final decree, and may enforce the same against the Issuing Entity or other obligor upon such Notes and collect in the manner
provided by law out of the property of the Issuing Entity or other obligor upon such Notes, wherever situated, the moneys adjudged or
decreed to be payable.

 

(c)            If
an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.04, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee
shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right
vested in the Indenture Trustee by this Indenture or by law.

 

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

 

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

 

(ii)            unless
prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee
or Person performing similar functions in any such Proceedings;

 

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

 

(iv)            to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property; and
any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders
to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly
to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture
Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities
incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or
bad faith.

 

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

 

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

 

(g)            In
any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture
to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of the Notes, and
it shall not be necessary to make any Noteholder a party to any such Proceedings.

 

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SECTION 5.04. Remedies; Priorities.
(a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject
to Section 5.05):

 

(i)              institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this
Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity
and any other obligor upon such Notes moneys adjudged due;

 

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

 

(iii)            exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of
the Indenture Trustee and the Holders of the Notes; and

 

(iv)            sell
the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in
any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust
Estate following an Event of Default, other than an Event of Default described in Section 5.01(i) or (ii), unless (A) the
Holders of 100% of the Outstanding Amount of the Notes consent thereto, (B) the proceeds of such sale or liquidation distributable
to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest or
(C) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal
of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee
obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the Notes. In determining such sufficiency or insufficiency with
respect to clause (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

 

(b)            If
the Indenture Trustee collects any money or property pursuant to this Article V, it shall pay out the money or property in the following
order:

 

FIRST: to the Indenture Trustee for
amounts due under Section 6.07, the Owner Trustee for amounts due under Sections 8.01 and 8.02 of the Trust Agreement, and the Asset
Representations Reviewer for amounts due under Article IV and Section 5.03 of the Asset Representations Review Agreement to
the extent due and payable by the Issuing Entity, pro rata on the basis of the amount due to each;

 

SECOND: to the Noteholders in the following
amounts and the following order of priority:

 

(i)            to
the Noteholders, accrued and unpaid interest on the Outstanding Amount of each class of Notes at the applicable Note Interest Rate (such
amount to be applied pro rata on the basis of the total interest due on the Notes);

 

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(ii)            to
the Noteholders on account of principal until the Outstanding Amount of the Notes is reduced to zero (such amount to be applied pro
rata on the basis of the Outstanding Amount of each class of Notes); and

 

THIRD: to the Certificate Distribution
Account for distribution to the Certificateholder.

 

The Indenture Trustee may fix a record date and
payment date for any payment to Noteholders pursuant to this Section. At least 15 days before such record date, the Issuing Entity shall
mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

 

SECTION 5.05. Optional Preservation of the
Receivables. If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such
declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession
of the Trust Estate. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment
of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or
not to maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee
may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as
to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

 

SECTION 5.06. Limitation of Suits. No
Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

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

 

(ii)             the
Holders of not less than 25% of the Outstanding Amount of the Notes have made written request to the Indenture Trustee to institute such
Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;

 

(iii)            such
Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities
to be incurred in complying with such request;

 

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

 

(v)             no
direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of
a majority of the Outstanding Amount of the Notes; it being understood and intended that no one or more Holders of Notes shall have any
right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights
of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right
under this Indenture, except in the manner herein provided.

 

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In the event the Indenture Trustee shall receive
conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority
of the Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture, and shall have no liability to any person for such action or inaction.

 

SECTION 5.07. Unconditional Rights of Noteholders
to Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the
right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date)
and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

 

SECTION 5.08. Restoration of Rights and
Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture
and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to
such Noteholder, then and in every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination
in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

 

SECTION 5.09. Rights and Remedies Cumulative.
No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION 5.10. Delay or Omission Not a Waiver.
No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or
Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence
therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised
from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

 

SECTION 5.11. Control by Noteholders.
The Holders of a majority of the Outstanding Amount of the Notes shall have the right to direct the time, method and place of conducting
any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred
on the Indenture Trustee; provided that

 

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

 

(ii)            subject
to the express terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the
Holders of Notes representing not less than 100% of the Outstanding Amount of the Notes;

 

(iii)            if
the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant
to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount
of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and

 

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

 

provided, however, that, subject to Section 6.01,
the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect
the rights of any Noteholders not consenting to such action.

 

SECTION 5.12. Waiver of Past Defaults.
Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the Holders of Notes of not
less than a majority of the Outstanding Amount of the Notes may waive any past Default or Event of Default and its consequences except
a Default (a) in payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuing Entity,
the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

 

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

 

SECTION 5.13. Undertaking for Costs.
All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith
of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted
by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate
more than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment
of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the
case of redemption, on or after the Redemption Date).

 

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SECTION 5.14. Waiver of Stay or Extension
Laws. The Issuing Entity covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead
or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuing Entity (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power
as though no such law had been enacted.

 

SECTION 5.15. Action on Notes. The Indenture
Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining
or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing
Entity or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuing
Entity. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b).

 

SECTION 5.16. Performance and Enforcement
of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s
expense, the Issuing Entity agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance
and observance by the Seller and the Servicer, as applicable, of each of their obligations to the Issuing Entity under or in connection
with the Sale and Servicing Agreement or to JDCC under or in connection with the Purchase Agreement in accordance with the terms thereof,
and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with
the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices
of default on the part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or proceedings
to compel or secure performance by the Seller or the Servicer of each of their obligations under the Sale and Servicing Agreement.

 

(b)            If
an Event of Default has occurred and is continuing, the Indenture Trustee at the direction (which direction shall be in writing or by
telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall exercise
all rights, remedies, powers, privileges and claims of the Issuing Entity against the Seller or the Servicer under or in connection with
the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the
Seller or the Servicer of each of their obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Issuing Entity to take such action shall be
suspended.

 

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(c)            Promptly
following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuing Entity agrees to take all
such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by JDCC of each of its obligations
to the Seller under or in connection with the Purchase Agreement in accordance with the terms thereof, and to exercise any and all rights,
remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with the Purchase Agreement to the extent
and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller thereunder
and the institution of legal or administrative actions or proceedings to compel or secure performance by JDCC of each of its obligations
under the Purchase Agreement.

 

(d)            If
an Event of Default has occurred and is continuing, the Indenture Trustee at the direction (which direction shall be in writing or by
telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall exercise
all rights, remedies, powers, privileges and claims of the Seller against JDCC under or in connection with the Purchase Agreement to
the extent granted as security for the Notes hereunder, including the right or power to take any action to compel or secure performance
or observance by JDCC of each of its obligations to the Seller thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Purchase Agreement, and any right of the Seller to take such action shall be suspended.

 

Notwithstanding the foregoing, the Indenture Trustee
(i) shall have no duty or obligation to monitor the Servicer’s, the Seller’s, the Custodian’s, JDCC’s or
the Asset Representations Reviewer’s performance of any of their obligations under or in connection with the Sale and Servicing
Agreement, the Purchase Agreement or the Asset Representations Review Agreement, and (ii) shall have no responsibility for the performance
or nonperformance of any such party’s obligations under such agreements.

 

ARTICLE VI

 

THE INDENTURE TRUSTEE

 

SECTION 6.01. Duties of Indenture Trustee.
(a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in
it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs.

 

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

 

(i)            the
Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the Indenture Trustee; and

 

(ii)            in
the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements
of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions which by any provision hereof are specifically
required to be furnished to the Indenture Trustee to determine whether or not they conform on their face to the requirements of this
Indenture, but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein.

 

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The Indenture Trustee shall not be required to determine,
confirm or recalculate the information contained in the Servicer’s Certificate delivered to it pursuant to the Sale and Servicing
Agreement.

 

(c)            The
Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that:

 

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

 

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

 

(iii)            the
Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 5.11 or otherwise from Holders under the Indenture.

 

(d)            Every
provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b) and (c) of this
Section.

 

(e)            The
Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with
the Issuing Entity.

 

(f)             Money
held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this
Indenture or the Sale and Servicing Agreement.

 

(g)            No
provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds
to believe that repayments of such funds or adequate indemnity satisfactory to it against such loss, liability or expense is not reasonably
assured to it and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or
be responsible for the performance of, any of the obligations of the Servicer under this Indenture except during such time, if any, as
the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer in accordance
with the terms of this Indenture.

 

(h)            Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall
be subject to the provisions of this Section and to the provisions of the TIA.

 

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SECTION 6.02. Rights of Indenture Trustee.
(a) The Indenture Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper
person. The Indenture Trustee need not investigate any fact or matter stated in the document.

 

(b)            Before
the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The Indenture
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or
Opinion of Counsel.

 

(c)            The
Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on
the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. In addition,
the Indenture Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them,
and the Indenture Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall
have been selected by the Indenture Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled
persons to be selected with reasonable care and employed by it. The Indenture Trustee shall not be liable for anything done, suffered
or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such persons
and not contrary to this Agreement or any Basic Document.

 

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

 

(e)            The
Indenture Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them,
and the Indenture Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall
have been selected by the Indenture Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled
persons to be selected with reasonable care and employed by it.  The Indenture Trustee shall not be liable for anything done, suffered
or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such persons
and not contrary to this Indenture or any Basic Document.

 

(f)             The
Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture other than requests, demands or directions relating to an asset representations
review request under Article XII or noteholder communications with regard to Repurchase Requests and Repurchase Response Notices
under Section 12.03, unless such Holders shall have offered to the Indenture Trustee security or indemnity satisfactory to the Indenture
Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

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(g)            The
Indenture Trustee shall not be deemed to have notice of or have discovered any default, breach of a representation or warranty made by
the Depositor or Sponsor made in the Transaction Documents or Event of Default unless a Responsible Officer of the Indenture Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a default or breach is received by the Indenture
Trustee at the Corporate Trust Office of the Indenture Trustee, and such notice references the Notes and this Indenture. For the avoidance
of doubt, the receipt by the Indenture Trustee of a Review Report or a Repurchase Request shall not constitute actual knowledge of any
breach of a representation or warranty made by the Seller or JDCC.

 

(h)            The
rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right to
be indemnified are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and to each agent,
custodian and other Person employed to act hereunder.

 

(i)             In
no event shall the Indenture Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.

 

(j)             The
Indenture Trustee will not be responsible or liable for a failure or delay in the performance of its obligations under this Indenture
from or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, pandemics,
epidemics, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes
and interruptions, loss or failures of mechanical, electronic or communication systems.  The Indenture Trustee will use reasonable
efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

(k)            In
no event shall the Indenture Trustee have any responsibility to monitor compliance with or enforce compliance with Regulation RR or other
rules or regulations relating to risk retention. The Indenture Trustee shall not be charged with knowledge of such rules, nor shall
it be liable to any Noteholder or other party for violation of such rules now or hereafter in effect.

 

(l)             The
Indenture Trustee shall not be required to take any action it is directed to take under this Indenture if the Indenture Trustee determines
in good faith that the action so directed would involve the Indenture Trustee in personal liability, be unjustly prejudicial to the non-directing
Holders, or is inconsistent with the Indenture.

 

(m)            In
no event shall the Indenture Trustee be liable for failure to perform its duties hereunder if such failure is a direct or proximate result
of another party’s failure to perform its obligations hereunder.

 

(n)            Any
discretion, permissive right, or privilege of the Indenture Trustee hereunder shall not be deemed to be or otherwise construed as a duty
or obligation.

 

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(o)            The
Securities Intermediary shall be afforded the same rights, privileges, protections and indemnities that the Indenture Trustee is given
under this Article Six.

 

SECTION 6.03. Individual Rights of Indenture
Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise
deal with the Issuing Entity or its affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent,
Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Sections
6.10 and 6.11.

 

SECTION 6.04. Indenture Trustee’s
Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of the
Trust Estate, this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from the Notes,
and it shall not be responsible for any statement of the Issuing Entity in the Indenture or in any document issued in connection with
the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

 

SECTION 6.05. Notice of Defaults. If
a Default occurs and is continuing and if it is actually known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee
shall mail to each Noteholder notice of the Default within 90 days after it occurs. Except in the case of a Default in payment of principal
of or interest on any Note (including payments pursuant to the redemption provisions of such Note), the Indenture Trustee may withhold
the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests
of Noteholders; and provided that in the case of any default of the character specified in Section 5.01(iii), no such notice to
Holders shall be given until at least 30 days after the occurrence thereof.

 

SECTION 6.06. Reports by Indenture Trustee
to Holders. The Indenture Trustee shall deliver to each Noteholder such information as may be required to enable such holder to prepare
its federal and State income tax returns. The Indenture Trustee shall only be required to provide to the Noteholders the information
given to it by the Servicer. The Indenture Trustee shall not be required to determine, confirm or recompute any such information.

 

SECTION 6.07. Compensation and Indemnity.
The Issuing Entity shall or shall cause the Servicer (pursuant to the Sale and Servicing Agreement) to pay to the Indenture Trustee from
time to time reasonable compensation for its services. The Indenture Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Issuing Entity shall or shall cause the Servicer (pursuant to the Sale and Servicing
Agreement) to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it, including pursuant to
Section 6.08 and costs of collection and enforcement of this Section 6.07, in addition to the compensation for its services.
Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents,
counsel, accountants and experts. The Issuing Entity shall or shall cause the Servicer (pursuant to the Sale and Servicing Agreement)
to indemnify the Indenture Trustee against any and all loss, liability, claim, damage or expense (including the fees of either in-house
counsel or outside counsel, but not both) incurred by it in connection with the administration of this trust and the performance of its
duties hereunder. The Indenture Trustee shall notify the Issuing Entity and the Servicer promptly of any claim for which it may seek
indemnity. Failure by the Indenture Trustee to so notify the Issuing Entity and the Servicer shall not relieve the Issuing Entity or
the Servicer of its obligations hereunder. The Issuing Entity shall or shall cause the Servicer to defend the claim and the Indenture
Trustee may have separate counsel and the Issuing Entity shall or shall cause the Servicer to pay the fees and expenses of such counsel.
Neither the Issuing Entity nor the Servicer need reimburse any expense or indemnify against any loss, liability or expense incurred by
the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith.

 

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The Issuing Entity’s payment obligations to
the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs
expenses after the occurrence of a Default specified in Section 5.01(iv) or (v) with respect to the Issuing Entity, the
expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or State bankruptcy,
insolvency or similar law.

 

SECTION 6.08. Replacement of Indenture Trustee.
No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the
acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. Upon thirty (30) days’ prior written
notice to the Issuing Entity and the Depositor, the Indenture Trustee may resign at any time, and the Indenture Trustee shall provide
all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K
with respect to the resignation of the Indenture Trustee. The Holders of a majority in Outstanding Amount of the Notes may remove the
Indenture Trustee by providing thirty (30) days’ prior written notice thereof to the Indenture Trustee and the Depositor, and such
Holders may appoint a successor Indenture Trustee. The Issuing Entity shall remove the Indenture Trustee if:

 

(i)             the
Indenture Trustee fails to comply with Section 6.11;

 

(ii)            the
Indenture Trustee is adjudged a bankrupt or insolvent;

 

(iii)           a
receiver or other public officer takes charge of the Indenture Trustee or its property; or

 

(iv)           the
Indenture Trustee otherwise becomes incapable of acting.

 

The Depositor may remove the Indenture Trustee if
the Indenture Trustee fails to comply with Section 3.07(e), Section 6.08 or Section 6.09 of the Indenture with respect
to notice to or providing information to the Depositor, or with Section 4.16 of the Sale and Servicing Agreement, in each case if
such failure continues for the lesser of 10 days or such period in which the applicable report required to be filed under the Exchange
Act can be filed timely (without taking into account any extensions).

 

If the Indenture Trustee resigns or is removed or
if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as
the retiring Indenture Trustee), the Issuing Entity shall promptly appoint a successor Indenture Trustee, which successor shall be, if
JDCC is the Servicer, reasonably acceptable to the Seller.

 

A successor Indenture Trustee shall deliver a written
acceptance of its appointment to the retiring Indenture Trustee and to the Issuing Entity and shall also provide all information reasonably
requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the replacement Indenture
Trustee. Thereupon, the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture
Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall
mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee.

 

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If a successor Indenture Trustee does not take office
within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuing Entity or the
Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee.

 

If the Indenture Trustee fails to comply with Section 6.11,
any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor
Indenture Trustee.

 

Expenses associated with replacing the Indenture
Trustee with a successor indenture trustee shall be paid by the Servicer, unless the removal of the Indenture Trustee is a result of
the willful misconduct, negligence or bad faith of the Indenture Trustee as determined by a final non-appealable order by a court of
competent jurisdiction, in which case the removed Indenture Trustee will be responsible for such expenses.

 

Notwithstanding the replacement of the Indenture
Trustee pursuant to this Section, the Issuing Entity’s and the Administrator’s obligations under Section 6.07 shall
continue for the benefit of the retiring Indenture Trustee.

 

SECTION 6.09. Successor Indenture Trustee
by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking
association without any further act shall be the successor Indenture Trustee. The Indenture Trustee shall provide prior written notice
of any such transaction to the Depositor and the Administrator (and the Administrator shall make such notice available to the Rating
Agencies), provided that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The
Indenture Trustee shall provide the Depositor with written notice of such event no later than one (1) Business Day after the effective
date of such merger, together with the information reasonably requested by the Depositor in order to comply with its reporting obligation
under the Exchange Act with respect to a successor Indenture Trustee.

 

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

 

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SECTION 6.10. Appointment of Co-Trustee
or Separate Trustee. (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any
legal requirement of any jurisdiction in which any part of the Trust may at the time be located, the Indenture Trustee shall have the
power and may execute and deliver all instruments to appoint one or more Persons reasonably acceptable to the Issuing Entity to act as
a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust, or any part hereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable.
No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11
and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08.

 

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

 

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

 

(ii)            no
trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 

(iii)           the
Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

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

 

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

 

SECTION 6.11. Eligibility; Disqualification.
The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital
and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and its long-term unsecured
debt shall be rated at least “Baa3” by Moody’s and “F1” or “A” by Fitch. The Indenture Trustee
shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided,
however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities
of the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

 

SECTION 6.12. Preferential Collection of
Claims Against Issuing Entity. The Indenture Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed
in TIA § 311(b). An indenture trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated.

 

ARTICLE VII

 

NOTEHOLDERS’ LISTS AND REPORTS

 

SECTION 7.01. Issuing Entity to Furnish
Indenture Trustee Names and Addresses of Noteholders. The Issuing Entity will furnish or cause to be furnished to the Indenture Trustee
(a) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date,
a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Notes as of such Record
Date, (b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuing Entity
of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished;
provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished.

 

SECTION 7.02. Preservation of Information;
Communications to Noteholders. (a)  The Indenture Trustee shall preserve, in as current a form as is reasonably practicable,
the names and addresses of the Holders of Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01
and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee
may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished.

 

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(b)            Noteholders
may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under
the Notes.

  

(c)            The
Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c).

 

(d)            The
Indenture Trustee shall provide prompt notice to John Deere Capital
Corporation and John Deere Receivables LLC (each, a “John Deere Party,” and together, the “John Deere Parties”)
of all demands communicated (by any entity other than a John Deere Party) to the Indenture Trustee for the repurchase or replacement of
any Receivable for breach of the representations and warranties concerning such Receivable. The Indenture Trustee shall, upon written
request of either John Deere Party, provide notification to the John Deere Parties with respect to any actions taken by the Indenture
Trustee with respect to any such demand communicated to the Indenture Trustee in respect of any Receivables, such notifications to be
provided by the Indenture Trustee as soon as practicable and in any event within five Business Days of such request or such other time
frame as may be mutually agreed to by the Indenture Trustee and the applicable John Deere Party. Such notices shall be provided to the
John Deere Parties at (i) John Deere Capital Corporation at P.O. Box 5328, Madison, WI 53705, Attention: Manager, (800) 438-7394, with
a copy to Deere & Company, One John Deere Place, Moline, Illinois 61265-8098, Attention: Treasury Department, Assistant Treasurer,
(309) 748-5252, or at such other address or by such other means of communication as may be specified by John Deere Capital Corporation
to the Indenture Trustee from time to time, and (ii) John Deere Receivables LLC, P.O. Box 5328, Madison, WI 53705, Attention: Manager,
(800) 438-7394, with a copy to Deere & Company, One John Deere Place, Moline, Illinois 61265-8098, Attention: Treasury Department,
Assistant Treasurer, (309) 748-5252, or at such other address or by such other means of communication as may be specified by John Deere
Receivables LLC to the Indenture Trustee from time to time.

 

The Indenture Trustee and the Issuing Entity acknowledge
and agree that the purpose of this Section 7.02(d) is to facilitate compliance by the John Deere Parties with Rule 15Ga-1
under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”).
The Indenture Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations may change over
time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed
securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by the John Deere Parties in
good faith for delivery of information under these provisions on the basis of evolving interpretations of the Repurchase Rules and
Regulations. The Indenture Trustee shall cooperate fully with the John Deere Parties to deliver any and all records and any other information
necessary in the good faith determination of the John Deere Parties to permit them to comply with the provisions of Repurchase Rules and
Regulations.

 

SECTION 7.03. Reports by Issuing Entity.
(a) The Issuing Entity shall:

 

(i)              file
with the Indenture Trustee, within 15 days after the Issuing Entity is required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may
from time to time by rules and regulations prescribe) which the Issuing Entity may be required to file with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act;

 

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

 

(iii)            supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA § 313(c)) such summaries
of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of this
Section 7.03(a) as may be required by rules and regulations prescribed from time to time by the Commission.

 

The Indenture Trustee shall have no obligation to confirm
or investigate the accuracy of any mathematical calculations or other facts stated in the reports provided pursuant to this Section.

 

(b)            Each
fiscal year of the Issuing Entity will consist of 52 or 53 weeks and will end on the fiscal month cutoff date specified for the calendar
month of October as set forth in Schedule C to the Sale and Servicing Agreement (or as otherwise determined by the Issuing Entity
and notified to the Indenture Trustee in writing).

 

SECTION 7.04. Reports by Indenture Trustee.
If required by TIA § 313(a), within 60 days after each February 1 beginning with February 1, 2023, the Indenture Trustee
shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA §
313(a). The Indenture Trustee also shall comply with TIA § 313(b).

 

A copy of each report at the time of its mailing
to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed.
The Issuing Entity shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

 

ARTICLE VIII

 

ACCOUNTS, DISBURSEMENTS AND RELEASES

 

SECTION 8.01. Collection of Money. Except
as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly
and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable
by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this
Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate
to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be
without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided
in Article V.

 

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SECTION 8.02. Trust Accounts. (a) On
or prior to the Closing Date, the Issuing Entity shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee,
for the benefit of the Noteholders and the Certificateholders, the Collection Account and the Note Distribution Account as provided in
Section 5.01 of the Sale and Servicing Agreement. On or prior to the Closing Date, the Issuing Entity shall cause the Servicer to
establish and maintain, in the name of the Indenture Trustee, for the benefit of the Trust, the Reserve Account as provided in Section 5.01
of the Sale and Servicing Agreement.

 

(b)            Not
less than one Business Day prior to each Payment Date, the Total Distribution Amount with respect to the preceding Collection Period
will be deposited in the Collection Account as provided in Section 5.02 of the Sale and Servicing Agreement. On or before each Payment
Date, the Noteholders’ Distributable Amount with respect to the preceding Collection Period will be transferred from the Collection
Account and/or the Reserve Account to the Note Distribution Account as provided in Sections 5.04 and 5.05 of the Sale and Servicing Agreement.

 

(c)            Except
as otherwise provided in Section 5.04(b), on each Payment Date and Redemption Date, the Indenture Trustee shall distribute all amounts
on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes
for principal and interest in the following amounts and in the following order of priority:

 

(i)             accrued
and unpaid interest on the Outstanding Amount of each class of Notes at the applicable Note Interest Rate (such amount to be applied
pro rata on the basis of the total interest due on the Notes);

 

(ii)            the
Note Monthly Principal Distributable Amount in the following order of priority:

 

(a)            to
the Class A-1 Noteholders on account of principal until the Outstanding Amount of the Class A-1 Notes is reduced to zero; and

 

(b)            to
the Class A-2 Noteholders on account of principal until the Outstanding Amount of the Class A-2 Notes is reduced to zero; and

 

(c)            to
the Class A-3 Noteholders on account of principal until the Outstanding Amount of the Class A-3 Notes is reduced to zero; and

 

(d)            to
the Class A-4 Noteholders on account of principal until the Outstanding Amount of the Class A-4 Notes is reduced to zero.

 

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SECTION 8.03. General Provisions Regarding
Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds
in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee upon Issuing Entity Order, subject
to the provisions of Section 5.01(b) of the Sale and Servicing Agreement; provided that funds on deposit in the Reserve Account
shall be invested only in Eligible Investments meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely
by the Servicer. All income or other gain from investments of monies deposited in the Trust Accounts net of any investment expenses and
any losses resulting from such investments shall be deposited by the Indenture Trustee in the Collection Account. The Issuing Entity
will not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts
unless the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of
such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to
make any such investment or sale, if requested by the Indenture Trustee, the Issuing Entity shall deliver to the Indenture Trustee an
Opinion of Counsel, acceptable to the Indenture Trustee, to such effect.

 

(b)            Subject
to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust
Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s
failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor
and not as Indenture Trustee, in accordance with their terms.

 

(c)            If
(i) the Issuing Entity shall have failed to give investment directions for any funds on deposit in the Trust Accounts to the Indenture
Trustee by 12:00 noon New York Time (or such other time as may be agreed by the Issuing Entity and Indenture Trustee) on any Business
Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not
have been declared due and payable pursuant to Section 5.02, or, if such Notes shall have been declared due and payable following
an Event of Default, amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.05 as
if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds
in the Trust Accounts in the Eligible Investments described in the most recent Issuing Entity Order received.

 

Except as otherwise provided hereunder or agreed
in writing among the parties hereto, the Issuing Entity shall retain the authority to institute, participate and join in any plan of
reorganization, readjustment, merger or consolidation with respect to the issuer of any securities held hereunder, and, in general, to
exercise each and every other power or right with respect to each such asset or investment as individuals generally have and enjoy with
respect to their own assets and investment, including power to vote upon any securities.

 

With respect to any Eligible Investments, the Indenture
Trustee is permitted to purchase and sell Eligible Investments through or from affiliated banks and broker-dealers, invest funds in registered
investment companies that receive investment management and custodial services from the trustee or its affiliates subject to limitations
set forth herein with respect to Eligible Investments.

 

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(d)            U.S.
Bank National Association in its capacity as Securities Intermediary with respect to a Trust Account established pursuant to the Transaction
Documents agrees that (x) if it has or subsequently obtains by agreement, by operation of law or otherwise, a security interest
in a Trust Account or any financial asset credited thereto, such security interest shall be subordinate to the security interest of the
Indenture Trustee in such Trust Account and any financial asset credited thereto and (y) the financial assets and other items deposited
to such an Eligible Deposit Account will not be subject to deduction, set-off, banker’s lien, or any other right in favor of any
person other than the Indenture Trustee.

 

SECTION 8.04. Release of Trust Estate.
(a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required
by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture
Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture.
No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain
the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

 

(b)            The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07
have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release
to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Trust Accounts; provided, that, any
amounts on deposit in the Reserve Account shall be distributable only to the Depositor following the final distribution to the Certificateholders.
The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt
of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent
Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01.

 

SECTION 8.05. Opinion of Counsel. The
Indenture Trustee shall receive at least seven days’ notice when requested by the Issuing Entity to take any action pursuant to
Section 8.04(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require as a condition
to such action, an Opinion of Counsel stating the legal effect of any such action, outlining the steps required to complete the same,
and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially
and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture;
provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate.
Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Indenture Trustee in connection with any such action.

 

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ARTICLE IX

 

SUPPLEMENTAL INDENTURES

 

SECTION 9.01. Supplemental Indentures Without
Consent of Noteholders. (a) Without the consent of the Holders of any Notes but with prior notice made available by the Administrator
to the Rating Agencies, the Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, at any time and from
time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the
following purposes:

 

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

 

(ii)             to
evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuing Entity, and the assumption
by any such successor of the covenants of the Issuing Entity herein and in the Notes contained;

 

(iii)            to
add to the covenants of the Issuing Entity, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred
upon the Issuing Entity;

 

(iv)            to
convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

 

(v)             to
cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with any
other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising
under this Indenture or in any supplemental indenture; provided that such action shall not, as evidenced by an Opinion of Counsel, adversely
affect in any material respect the interests of the Holders of the Notes;

 

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

 

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

 

The Indenture Trustee is hereby authorized to join
in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein
contained.

 

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(b)            The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, may, also without the consent of any of the Holders
of the Notes but with prior notice made available by the Administrator to the Rating Agencies, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this
Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that such action
shall not adversely affect in any material respect the interests of any Noteholder; provided that 10 days’ (or, in the case of
Fitch, 10 Business Days’) prior written notice of any such indenture or supplement indenture hereto be made available by the Administrator
to each Rating Agency and, if Moody’s notifies the Indenture Trustee before the expiration of such 10-day period that such indenture
or supplement indenture hereto will result in a downgrading or withdrawal of the then current rating of any Class of the Notes or
the Certificate, such amendment shall become effective with the consent of the Holders of Notes evidencing not less than a majority of
the Outstanding Amount of the Notes and the consent of the Certificateholder; provided that any solicitation of such consent shall disclose
the resulting downgrading or withdrawal as a result of such amendment.

 

SECTION 9.02. Supplemental Indentures with
Consent of Noteholders. The Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, also may, with
prior written notice made available by the Administrator to the Rating Agencies and with the consent of the Holders of not less than
a majority of the Outstanding Amount of the Notes, by Act of such Holders delivered to the Issuing Entity and the Indenture Trustee,
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating
any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

 

(i)              change
the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest
rate thereon or the Redemption Price with respect thereto, change the provision of this Indenture relating to the application of collections
on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment
where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement
of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment
of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption
Date);

 

(ii)             reduce
the percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required for any such supplemental indenture,
or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences provided for in this Indenture;

 

(iii)            modify
or alter the provisions of the proviso to the definition of the term “Outstanding”;

 

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(iv)            reduce
the percentage of the Outstanding Amount of the Notes required to direct the Indenture Trustee to direct the Issuing Entity to sell or
liquidate the Trust Estate pursuant to Section 5.04;

 

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

 

(vi)            modify
any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal
due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect
the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or

 

(vii)           permit
the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate
or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto
or deprive the Holder of any Note of the security provided by the lien of this Indenture.

 

The Indenture Trustee may in its discretion determine
whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders
of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for
any such determination made in good faith.

 

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

 

Promptly after the execution by the Issuing Entity
and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders of
the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental
indenture or a copy of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

SECTION 9.03. Execution of Supplemental
Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX
or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be provided with, and subject to Sections
6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture and all conditions precedent have been satisfied. The Indenture Trustee may, but shall not
be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities
or immunities under this Indenture or otherwise.

 

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SECTION 9.04. Effect of Supplemental Indenture.
Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified
and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations,
duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity and the Holders of the Notes shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the
terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture
for any and all purposes.

 

SECTION 9.05. Conformity with Trust Indenture
Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to
the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture
Act.

 

SECTION 9.06. Reference in Notes to Supplemental
Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX
may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided
for in such supplemental indenture. If the Issuing Entity or the Indenture Trustee shall so determine, new Notes so modified as to conform,
in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and executed by the
Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

 

ARTICLE X

 

REDEMPTION OF NOTES

 

SECTION 10.01. Redemption. (a) The
Notes are subject to redemption in whole, but not in part, at the written direction of the Servicer pursuant to Section 9.01(a) of
the Sale and Servicing Agreement, on any Payment Date, following the last day of a Collection Period as of which the Note Value is 10%
or less of the initial Note Value as of the Cut-off Date, for a purchase price equal to the Redemption Price; provided, however, that
the Issuing Entity has available funds sufficient to pay the Redemption Price. The Servicer or the Issuing Entity shall furnish to the
Administrator notice of such redemption, and the Administrator shall make such notice available to the Rating Agencies. If the Notes
are to be redeemed pursuant to this Section 10.01(a), the Servicer or the Issuing Entity shall furnish notice of such election to
the Indenture Trustee not later than 30 days prior to the Redemption Date and the Issuing Entity shall deposit with the Indenture Trustee
in the Note Distribution Account the Redemption Price of the Notes to be redeemed whereupon all such Notes shall be due and payable on
the Redemption Date upon the furnishing of a notice complying with Section 10.02 to each Holder of the Notes.

 

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(b)            In
the event that the assets of the Trust are sold pursuant to Section 9.02 of the Trust Agreement, all amounts on deposit in the Note
Distribution Account shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon.
If amounts are to be paid to Noteholders pursuant to this Section 10.01(b), the Servicer or the Issuing Entity shall, to the extent
practicable, furnish notice of such event to the Indenture Trustee not later than 30 days prior to the Redemption Date whereupon all
such amounts shall be payable on the Redemption Date.

 

SECTION 10.02. Form of Redemption Notice.
(a) Notice of redemption under Section 10.01(a) shall be given by the Indenture Trustee by first-class mail, postage prepaid,
mailed not less than five days prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record
Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register.

 

All notices of redemption shall state:

 

(i)              the
Redemption Date;

 

(ii)             the
Redemption Price;

 

(iii)            the
place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuing
Entity to be maintained as provided in Section 3.02); and

 

(iv)            the
CUSIP number.

 

Notice of redemption of the Notes shall be given
by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption, or any defect therein,
to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

 

(b)            Prior
notice of redemption under Section 10.01(b) is not required to be given to Noteholders.

 

SECTION 10.03. Notes Payable on Redemption
Date. The Notes or portions thereof to be redeemed shall, following notice of redemption as required by Section 10.02 (in the
case of redemption pursuant to Section 10.01(a)), on the Redemption Date become due and payable at the Redemption Price and (unless
the Issuing Entity shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period
after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

 

ARTICLE XI

 

MISCELLANEOUS

 

SECTION 11.01. Compliance Certificates and
Opinions, etc. (a) Upon any application or request by the Issuing Entity to the Indenture Trustee to take any action under
any provision of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating
that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if
required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this
Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required
by any provision of this Indenture, no additional certificate or opinion need be furnished.

 

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

 

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

 

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

 

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

 

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

 

(b)            (i) Prior
to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release
of any property or securities subject to the lien of this Indenture, the Issuing Entity shall, in addition to any obligation imposed
in Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying
or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuing Entity
of the Collateral or other property or securities to be so deposited.

 

(ii)             Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above, the Issuing Entity shall also deliver to the Indenture Trustee
an Independent Certificate as to the same matters, if the fair value to the Issuing Entity of the securities to be so deposited and of
all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of
the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more
of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if
the fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than
one percent of the Outstanding Amount of the Notes.

 

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(iii)            Other
than with respect to the release of any Purchased Receivables or Liquidated Receivables, whenever any property or securities are to be
released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the
property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the
security under this Indenture in contravention of the provisions hereof.

 

(iv)            Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (iii) above, the Issuing Entity shall also furnish to the Indenture Trustee
an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than
Purchased Receivables and Liquidated Receivables, or securities released from the lien of this Indenture since the commencement of the
then current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or
more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities
if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the
then Outstanding Amount of the Notes.

 

(v)             Notwithstanding
Section 2.09, Section 3.10(b) or any other provision of this Section, the Issuing Entity may (A) collect, liquidate,
sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments
out of the Trust Accounts as and to the extent permitted or required by the Basic Documents.

 

SECTION 11.02. Form of Documents Delivered
to Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified
Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be
so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents.

 

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

 

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Where any Person is required to make, give or execute
two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

 

Whenever in this Indenture, in connection with any
application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a
condition of the granting of such application, or as evidence of the Issuing Entity’s compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as
the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuing
Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed
to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document
as provided in Article VI.

 

SECTION 11.03. Acts of Noteholders.
(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given
or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders
in person or by agents duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing
Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
 “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor
of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section.

 

(b)            The
fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

 

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

 

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

 

SECTION 11.04. Notices, etc., to Indenture
Trustee, Issuing Entity and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of
Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with:

 

(a)            the
Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing, or sent by facsimile, to or with the Indenture Trustee and received at its Corporate Trust Office, or

 

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(b)            the
Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed,
first-class, postage prepaid, or sent by facsimile, to the Issuing Entity addressed to: John Deere Owner Trust 2022-B, in care of Computershare
Delaware Trust Company, 919 North Market Street, Suite 1600, Wilmington, Delaware 19801, Attention: Corporate Trust Services, facsimile
No.: (302) 575-2006, or at any other address previously furnished in writing to the Indenture Trustee by the Issuing Entity. The Issuing
Entity shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. The Indenture Trustee shall likewise
promptly transmit any notice received by it from the Noteholders to the Issuing Entity and the Administrator and, if such notice is a
Repurchase Request, to the Seller and the Sponsor in addition to any other parties entitled to receive such notice pursuant to the terms
hereof.

 

Notices required to be given to the Rating Agencies
shall be in writing, personally delivered or mailed by certified mail, return receipt requested to (i) in the case of Moody’s,
at the following address: Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich
Street, New York, New York 10007; and (ii) in the case of Fitch, at the following address: Fitch Ratings, Inc., 33 Whitehall
Street, New York, New York 10004, Attention: ABS Surveillance or as to each of the foregoing, at such other address as shall be designated
by written notice to the other parties.

 

SECTION 11.05. Notices to Noteholders; Waiver.
Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address
as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any
notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any
notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given.

 

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

 

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

 

Where this Indenture provides for notice to the
Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under
any circumstance constitute a Default or Event of Default.

 

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SECTION 11.06. Alternate Payment and Notice
Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, to the extent satisfactory to the
Indenture Trustee, the Issuing Entity may enter into any agreement with any Holder of a Note providing for a method of payment, or notice
by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such
payments or notices. The Issuing Entity will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee
will cause payments to be made and notices to be given in accordance with such agreements.

 

SECTION 11.07. Conflict with Trust Indenture
Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this
indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

 

The provisions of TIA §§ 310 through 317
that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture)
are a part of and govern this Indenture, whether or not physically contained herein.

 

SECTION 11.08. Effect of Headings and Table
of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect
the construction hereof.

 

SECTION 11.09. Successors and Assigns.
All covenants and agreements in this Indenture and the Notes by the Issuing Entity shall bind its successors and assigns, whether so
expressed or not.

 

All agreements of the Indenture Trustee in this
Indenture shall bind its successors, co-trustees and agents of the Indenture Trustee.

 

SECTION 11.10. Separability. In case
any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 11.11. Benefits of Indenture.
Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors
hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of
the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

SECTION 11.12. Legal Holidays. In any
case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or
this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect
as if made on the date on which nominally due.

 

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SECTION 11.13. GOVERNING LAW; WAIVER OF
TRIAL BY JURY.

 

(a)            THIS
INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(b)            EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

SECTION 11.14. Counterparts. The words
 “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating
to any document to be signed in connection with this Indenture and the transactions contemplated hereby shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to
the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act
or any other similar state laws based on the Uniform Electronic Transactions Act, and this Indenture shall be valid, binding, and enforceable
against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual
signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) any other electronic signature permitted by the
federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or
any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code, in each case to the extent
applicable (collectively, “Signature Law”). Each faxed, scanned, or photocopied manual signature, or other electronic signature,
shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party
hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual
signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity
or authenticity thereof. This Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original,
but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual signatures shall
be used for execution or indorsement of writings and authentication of securities when required under the Uniform Commercial Code or
other Signature Law due to the character or intended character of the writings.

 

SECTION 11.15. Recording of Indenture.
If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuing
Entity and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably
acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any
other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

 

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SECTION 11.16. Trust Obligation. 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 this Indenture or any certificate or other writing delivered in connection herewith or therewith, against
(i) the Indenture Trustee or the Owner Trustee in their individual capacity, (ii) any owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or
the Owner Trustee in their 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 their 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 any failure to pay any installment or call owing to such
entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner
Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.

 

SECTION 11.17. No Petition. The Indenture
Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenant and agree that, prior to the end of the period that is one year and one day after there has been
paid in full all debt issued by any securitization vehicle in respect of which the Seller holds any interest, they will not institute
against the Seller or the Trust, or join in, or assist or encourage others to institute, any institution against the Seller or the Trust
of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States
federal or State bankruptcy or similar law.

 

SECTION 11.18. Subordination Agreement.
Each Noteholder, by accepting a Note, hereby covenants and agrees that, to the extent it is deemed to have any interest in any assets
of the Seller, or a securitization vehicle related to the Seller, dedicated to other debt obligations of the Seller or debt obligations
of any other securitization vehicle related to the Seller, its interest in those assets is subordinate to claims or rights of such other
debtholders to those other assets. Furthermore, each Noteholder, by accepting a Note, hereby covenants and agrees that such agreement
constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

 

SECTION 11.19. No Recourse. Notwithstanding
any provisions herein to the contrary, all of the obligations of the Issuing Entity under or in connection with the Notes and this Indenture
are nonrecourse obligations of the Issuing Entity payable solely from the Collateral and following realization of the Collateral and
its reduction to zero, any claims of the Noteholders and the Indenture Trustee against the Issuing Entity shall be extinguished and shall
not thereafter revive. It is understood that the foregoing provisions of this Section 11.19 shall not (i) prevent recourse
to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute
a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture (to the extent it
relates to the obligation to make payments on the Notes) until such Collateral has been realized and reduced to zero, whereupon any outstanding
indebtedness or obligation in respect of the Notes shall be extinguished and shall not thereafter revive. It is further understood that
the foregoing provisions of this Section 11.19 shall not limit the right of any Person to name the Issuing Entity as a party defendant
in any Proceeding or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a
deficiency judgment shall be asked for or (if obtained) enforced against any such Person or entity.

 

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SECTION 11.20. Inspection. The Issuing
Entity agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuing Entity’s
normal business hours, to examine all the books of account, records, reports, and other papers of the Issuing Entity, to make copies
and extracts therefrom, to cause such books to be audited by independent certified public accountants, and to discuss the Issuing Entity’s
affairs, finances and accounts with the Issuing Entity’s officers, employees, and independent certified public accountants, all
at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives
to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for
confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure
is consistent with its obligations hereunder.

 

SECTION 11.21. Limitation of Liability.
It is expressly understood that (a) this Indenture is executed and delivered by Computershare Delaware Trust Company, not individually
or personally but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement,
dated as of July 19, 2022 (the “Trust Agreement”), between John Deere Receivables LLC and Computershare Delaware Trust
Company, (b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity is made and
intended not as personal representations, undertakings and agreements by Computershare Delaware Trust Company, but is made and intended
for the purpose for binding only the Issuing Entity and (c) under no circumstances shall Computershare Delaware Trust Company be
personally liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing
Entity under this Indenture or the other related documents.

 

SECTION 11.22. Communications with Rating
Agencies. If the Indenture Trustee shall receive any written or oral communication from any Rating Agency (or any of their respective
officers, directors or employees) with respect to the transactions contemplated hereby or under the Basic Documents or in any way relating
to the Notes, the Indenture Trustee agrees to refrain from communicating with such Rating Agency and to promptly (and, in any event,
within one Business Day) notify the Administrator of such communication.  The Indenture Trustee agrees to act at the direction
of the Administrator with respect to any communication to a Rating Agency and further agrees that in no event shall the Indenture Trustee
engage in any oral communication with respect to the transactions contemplated hereby or under the Basic Documents or in any way relating
to the Notes with any Rating Agency (or any of their respective officers, directors or employees) without the participation of the Administrator.
For the avoidance of doubt, the Indenture Trustee may make statements to Noteholders available on its website (as contemplated by Section 5.06(a) of
the Sale and Servicing Agreement), and such action is not prohibited by this Section 11.22.

 

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ARTICLE XII

 

ASSET REPRESENTATIONS REVIEW

 

SECTION 12.01. Noteholder Requests for Vote
on Asset Representations Review. Upon the occurrence of a Delinquency Trigger as reported on Form 10-D, Noteholders and Note
Owners may, in writing, request a vote on whether to cause all ARR Receivables to be reviewed by the Asset Representations Reviewer pursuant
to the Asset Representations Review Agreement; provided that (i) if the requesting party is a Note Owner and not a Noteholder, the
Note Owner must include with its request a written certification that the requesting party is a Note Owner of a specified principal balance
of the Notes, together with one of the following additional forms of documentation of the requesting party’s status as a Note Owner:
(A) a trade confirmation, (B) an account statement; (C) a letter from a broker-dealer; or (D) other similar document;
and (ii) all such requests must be received by the Indenture Trustee within 90 days after the date on which the Form 10-D disclosing
the occurrence of a Delinquency Trigger was filed. If Noteholders and Note Owners representing at least 5% of the aggregate Outstanding
Amount of all Notes Outstanding as of the date of the filing of such Form 10-D properly and timely request a vote (such requesting
Noteholders and Note Owners, collectively, the “Requesting Noteholders”), then the Indenture Trustee will promptly notify
the Servicer thereof; provided that for the purpose of determining whether the requisite amount of Noteholders and Note Owners have so
voted, any Notes held by the Sponsor or Servicer or any of their Affiliates shall not be included in such calculation.

 

SECTION 12.02. Noteholder Vote on Asset
Representations Review. Promptly after receipt of a notice from the Servicer pursuant to Section 11.01(b)(iii) of the Sale
and Servicing Agreement, the Indenture Trustee shall distribute such notice to each Noteholder (and to each applicable Clearing Agency
for distribution to Note Owners in accordance with the rules of such Clearing Agency). If, by no later than the deadline specified
by the Servicer pursuant to Section 11.01(b)(i) of the Sale and Servicing Agreement, a majority of the Noteholders casting
a vote to initiate a review of the ARR Receivables, the Indenture Trustee will promptly notify the Servicer and Depositor of such vote
and the Servicer will direct the Asset Representations Reviewer to initiate an Asset Representations Review; provided that for the purpose
of determining whether the requisite amount of Noteholders have so voted, any Notes held by the Sponsor or Servicer or any of their Affiliates
shall not be included in such calculation. In any event, the Indenture Trustee will provide a notice of the result of the vote to all
Noteholders (including via the applicable Clearing Agency for further distribution to each Note Owner).

 

SECTION 12.03. Delivery of Repurchase Requests
and Repurchase Response Notices. If the Indenture Trustee receives a Repurchase Request from a Noteholder or Note Owner it shall
promptly forward such Repurchase Request to the Seller and the Sponsor. If the Indenture Trustee receives a Repurchase Response Notice
from the Sponsor or the Seller, it shall promptly deliver such Repurchase Response Notice to the related Noteholder or Note Owner. If
the Indenture Trustee receives a notice from a Noteholder or Note Owner indicating that it wishes to pursue an ADR Proceeding with respect
to an unfulfilled Repurchase Request, the Indenture Trustee shall promptly forward such notice to the Seller and the Sponsor. The Indenture
Trustee shall have no obligation to pursue or otherwise be involved in resolving any Repurchase Request, including any such request that
is the subject of an ADR Proceeding, unless it is directed to do so by Noteholders representing not less than a majority of the Outstanding
Amount and such Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the reasonable
costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with
such direction. For the avoidance of doubt, if the Indenture Trustee does not agree to pursue or otherwise be involved in resolving any
Repurchase Request, the related Noteholders may independently pursue an ADR Proceeding in respect of such Repurchase Request in accordance
with Section 11.02 of the Sale and Servicing Agreement.

 

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SECTION 12.04. Noteholder Communications
with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented
by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to
the Indenture Trustee through the procedures of the Clearing Agency and by written notice to the Indenture Trustee. Any Note Owner must
provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such
as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing
ownership of a Note. The Indenture Trustee will not be required to take action in response to requests, demands or directions of a Noteholder
or a Note Owner, other than requests, demands or directions relating to an asset representations review request, a Repurchase Request
or a Repurchase Response Notice under this Article XII, unless the Noteholder or Note Owner has offered reasonable security or indemnity
reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in complying with the
request, demand or direction. Noteholders may request a copy of any Review Report issued by the Asset Representations Reviewer, as redacted
pursuant to Section 11.01(d) of the Sale and Servicing Agreement, and the Indenture Trustee shall provide such report to such
requesting Noteholder; for the avoidance of doubt, the Indenture Trustee shall not have any liability with respect to the disclosure
of any personally identifiable information in connection with its delivery of a Review Report in accordance with this Section 12.04.

 

SECTION 12.05. Resignation or Removal of
Asset Representations Reviewer. If the Asset Representations Reviewer gives notice of its intent to resign or the Administrator terminates
the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review Agreement or if a vacancy exists in the
office of the Asset Representations Reviewer for any reason (the Asset Representations Reviewer in such event being referred to herein
as the retiring Asset Representations Reviewer), the Administrator shall promptly appoint and designate a successor Asset Representations
Reviewer. In the event that an Asset Representations Review has commenced at the time the retiring Asset Representations Reviewer resigns
or a vacancy exists, the Administrator shall cause the retiring Asset Representations Reviewer to provide the successor Asset Representations
Reviewer with any information relating to the Asset Representations Review. The Administrator shall deliver a written notice to the Depositor,
the Servicer, the Seller and the Indenture Trustee of the appointment and acceptance of a successor Asset Representations Reviewer. Upon
the resignation or removal of, or appointment of a successor to, the Asset Representations Reviewer, the Indenture Trustee shall deliver
a written notice to Noteholders and the Administrator shall notify the Rating Agencies then rating the Notes (which, in the case of any
such appointment of a successor, shall consist of prior written notice thereof to the Rating Agencies then rating the Notes) of such
appointment.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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

 

	 	JOHN DEERE OWNER TRUST 2022-B
	 	 	 
		By:	Computershare
                                            Delaware Trust Company, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	/s/ Tracy M. McLamb
	 	 	Name: Tracy M. McLamb
	 	 	Title: Vice President

 

		U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	By:	/s/ Jose A. Galarza
	 	 	Name: Jose A. Galarza
	 	 	Title: Vice President

 

Acknowledged and agreed:

 

	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Securities Intermediary with respect to
Sections 6.02(o) and 8.03(d)	 
	 	 	 
	By:	/s/ Jose A. Galarza        	 
	 	Name: Jose A. Galarza	 
	 	Title: Vice President	 

 

JDOT 2022-B - Indenture

 

     

     

    

 

EXHIBIT A

 

Schedule of Receivables

 

[To be delivered to the Trust at Closing]

 

     

     

    

 

 

EXHIBIT B

 

[Form of Sale and Servicing Agreement]

 

    

     

    

 

EXHIBIT C

 

[Form of Depository Agreement]

 

    

     

    

 

EXHIBIT D

 

REGISTERED 

$313,000,000

No. R – [●]

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP NO. 47800A AA8

 

Unless this 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.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

 

JOHN DEERE OWNER TRUST 2022-B

 

2.876% ASSET BACKED NOTES,

CLASS A-1

John Deere Owner Trust 2022-B, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of THREE HUNDRED THIRTEEN MILLION DOLLARS payable
on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $313,000,000 and
the denominator of which is $313,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect
of principal of the Class A-1 Notes pursuant to Section 8.02(c) of the Indenture; provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the earlier of July 17, 2023 and the Redemption Date, if any, pursuant to Section
10.01(a) of the Indenture. The Issuing Entity will pay interest on this Note at the Class A-1 Note Interest Rate on each Payment Date
until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding
Payment Date after giving effect to all payments of principal made on such preceding Payment Date (or on the initial principal amount
of this Note from and including July 20, 2022 in the case of the first Payment Date). Interest on this Note will accrue for each Payment
Date from and including the most recent Payment Date (or, if no interest has yet been paid on this Note, from and including July 20,
2022) to but excluding such Payment Date. Interest will be computed on the basis of the actual number of days in the period for which
such interest is payable divided by 360. Such principal of and interest on this Note shall be paid in the manner specified on the reverse
hereof.

 

    	 	D-1	 

     

    

 

The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note
as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of authentication hereon
has been executed by the Indenture Trustee whose name appears below by manual, facsimile or electronic signature, this Note shall not
be entitled to any benefit under the indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

    	 	D-2	 

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

 

	Date: July ___, 2022	JOHN DEERE OWNER TRUST 2022-B
	 	 	 
		By:	Computershare
                                            Delaware Trust Company, not in its individual capacity but solely as Owner Trustee
                                            under the Trust Agreement
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

TRUSTEE’S CERTIFICATE
OF AUTHENTICATION

 

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

		U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
		By:	
	 	 	Authorized Signatory

 

    	 	D-3	 

     

    

 

[REVERSE OF NOTE]

 

This Note is one of the Class A-1 Notes of
a duly authorized issue of Notes of the Issuing Entity, designated as its Asset Backed Notes, all issued under an Indenture dated as
of July 20, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuing
Entity and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture Trustee”, which term includes
any successor indenture trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 

The Notes are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture.

 

Principal of the Notes will be payable on each Payment
Date in an amount described on the face hereof.

 

As described above, the entire unpaid principal
amount of, together with accrued and unpaid interest on, this Note shall be due and payable on the earlier of July 17, 2023 and the Redemption
Date, if any, pursuant to Section 10.01(a) of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Notes of a Class shall
be made pro rata to the Noteholders of such Class entitled thereto.

 

Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee,
in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office
of the Indenture Trustee’s agent appointed for such purposes located in The City of New York.

 

    	 	D-4	 

     

    

 

The Issuing Entity shall pay interest on overdue
installments of interest at a rate per annum equal to the sum of (i) the Class A-1 Note Interest Rate and (ii) 1.0%, to
the extent lawful.

 

As provided in the Indenture, the Notes may be redeemed
in whole, but not in part, at the option of the Servicer, on any Payment Date, following the last day of a Collection Period as of which
the Note Value is 10% or less of the initial Note Value as of the Cut-off Date.

 

As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration
of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents as the Indenture Trustee may require, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the 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 therewith, against (i) the Indenture Trustee or the Owner
Trustee in their individual capacity, (ii) any 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 their 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 their individual capacity, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to such entity.

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that prior to the end of the period that
is one year and one day after there has been paid in full all debt issued by any securitization vehicle in respect of which the Seller
holds any interest, they will not institute against the Seller or the Trust, or join in, or assist or encourage others to institute,
any institution against the Seller or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or State bankruptcy or similar law.

 

    	 	D-5	 

     

    

 

Prior to the due presentment for registration of
transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee shall treat
the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee
nor any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the
Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority
of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued
thereunder.

 

The Issuing Entity has entered into the Indenture
and this Note is issued with the intention that, for federal, State and local income and franchise tax purposes, the Notes will qualify
as indebtedness secured by the Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial
interest in a Note), will be deemed to agree to treat the Notes for federal, State and local income and franchise tax purposes as indebtedness
(except to the extent such Notes are retained or treated as retained by the Depositor or its affiliates for such purposes).

 

Without limiting any other information or certification
requirements under applicable tax law, each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest
therein, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, upon its request, the Noteholder Tax Identification
Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or
holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee, any Paying
Agent or the Issuing Entity has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up)
payable to a Noteholder or holder of an interest in this Note, either because such withholding is required under applicable tax law or
as a result of the failure of the Noteholder or holder of an interest in this Note to comply with the requirements of the preceding sentence
or other provisions requiring withholding under applicable tax law.

 

The term “Issuing Entity” as used in
this Note includes any successor to the Issuing Entity under the Indenture.

 

    	 	D-6	 

     

    

 

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 Holders of Notes under the
Indenture.

 

The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to
pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, neither Computershare Delaware Trust Company, in its individual capacity, U.S. Bank
Trust Company, National Association, in its individual capacity, any owner of a beneficial interest in the Issuing Entity, nor any of
their respective partners, 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 by the Owner Trustee for the sole purposes of binding the interests of the
Owner Trustee in the assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that except as expressly provided
in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
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 Note.

 

    	 	D-7	 

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee

 

______________________________

 

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

 

	 	 
	 	 
	 	 
	 	(name and address of assignee)

 

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

 

	Dated:	__________________________________________________	 	_______________________________________________________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.

                                                                       

                                                                       

                                                                       

	 	 	Signature Guaranteed:

     

     

     

    

	 	 	 
	 	 	 
	 	 	Signatures must
                                            be guaranteed by an “eligible guarantor institution” meeting the requirements
                                            of the Indenture Trustee which requirements will include membership or participation in STAMP
                                            or such other “signature guarantee program” as may be determined by the Indenture
                                            Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities
                                            Exchange Act of 1934, as amended.

                                                                                 

 

    	 	D-8	 

     

    

 

EXHIBIT E

 

REGISTERED 

$411,000,000 

No. R – [●]

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP NO. 47800A AB6

 

Unless this 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.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

 

JOHN DEERE OWNER TRUST 2022-B

 

3.73% ASSET BACKED NOTES,

CLASS A-2

 

John Deere Owner Trust 2022-B, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises
to pay to Cede & Co., or registered assigns, the principal sum of FOUR HUNDRED ELEVEN MILLION DOLLARS payable on each Payment Date
in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $411,000,000 and the denominator of
which is $411,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal of the
Class A-2 Notes pursuant to Section 8.02(c) of the Indenture; provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of June 16, 2025 and the Redemption Date, if any, pursuant to Section 10.01(a) of
the Indenture. Except as provided in the Indenture, no payments of principal of the Class A-2 Notes shall be made until the principal
of the Class A-1 Notes has been paid in its entirety. The Issuing Entity will pay interest on this Note at the Class A-2 Note Interest
Rate on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Payment Date after giving effect to all payments of principal made on such preceding Payment Date (or on
the initial principal amount of this Note from and including July 20, 2022 in the case of the first Payment Date). Interest on this Note
will accrue for each Payment Date from and including the 15th day of the month preceding such Payment Date (or, from and including, July
20, 2022 in the case of the first Payment Date) to and including the 14th day of the month of such Payment Date.

 

    E-1

     

    

 

Interest will be computed on the basis of a 360-day year consisting
of twelve 30-day months. Such principal of and interest on 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. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note
as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of authentication hereon
has been executed by the Indenture Trustee whose name appears below by manual, facsimile or electronic signature, this Note shall not
be entitled to any benefit under the indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

    E-2

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

 

	Date: July ___, 2022	JOHN DEERE OWNER TRUST 2022-B
	 	 	 
		By:	COMPUTERSHARE DELAWARE TRUST COMPANY, not in its individual
                                            capacity but solely as Owner Trustee under the Trust Agreement
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred
to in the within-mentioned Indenture.

 

		U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
		By:	
	 	 	Authorized Signatory

 

    E-3

     

    

 

[REVERSE OF NOTE]

 

This Note is one of the Class A-2 Notes of
a duly authorized issue of Notes of the Issuing Entity, designated as its Asset Backed Notes, all issued under an Indenture dated as
of July 20, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuing
Entity and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture Trustee”, which term includes
any successor indenture trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 

The Notes are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture.

 

Principal of the Notes will be payable on each Payment
Date in an amount described on the face hereof.

 

As described above, the entire unpaid principal
amount of, together with accrued and unpaid interest on, this Note shall be due and payable on the earlier of June 16, 2025 and the Redemption
Date, if any, pursuant to Section 10.01(a) of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Notes of a Class shall
be made pro rata to the Noteholders of such Class entitled thereto.

 

Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee,
in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office
of the Indenture Trustee’s agent appointed for such purposes located in The City of New York.

 

    E-4

     

    

 

The Issuing Entity shall pay interest on overdue
installments of interest at a rate per annum equal to the sum of (i) the Class A-2 Note Interest Rate and (ii) 1.0%, to
the extent lawful.

 

As provided in the Indenture, the Notes may be redeemed
in whole, but not in part, at the option of the Servicer, on any Payment Date, following the last day of a Collection Period as of which
the Note Value is 10% or less of the initial Note Value as of the Cut-off Date.

 

As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration
of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents as the Indenture Trustee may require, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the 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 therewith, against (i) the Indenture Trustee or the Owner
Trustee in their individual capacity, (ii) any 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 their 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 their individual capacity, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to such entity.

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that prior to the end of the period that
is one year and one day after there has been paid in full all debt issued by any securitization vehicle in respect of which the Seller
holds any interest, they will not institute against the Seller or the Trust, or join in, or assist or encourage others to institute,
any institution against the Seller or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or State bankruptcy or similar law.

 

    E-5

     

    

 

 

Prior to the due presentment for registration of
transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee shall treat
the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee
nor any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the
Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority
of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued
thereunder.

 

The Issuing Entity has entered into the Indenture
and this Note is issued with the intention that, for federal, State and local income and franchise tax purposes, the Notes will qualify
as indebtedness secured by the Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial
interest in a Note), will be deemed to agree to treat the Notes for federal, State and local income and franchise tax purposes as indebtedness
(except to the extent such Notes are retained or treated as retained by the Depositor or its affiliates for such purposes).

 

Without limiting any other information or certification
requirements under applicable tax law, each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest
therein, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, upon its request, the Noteholder Tax Identification
Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or
holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee, any Paying
Agent or the Issuing Entity has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up)
payable to a Noteholder or holder of an interest in this Note, either because such withholding is required under applicable tax law or
as a result of the failure of the Noteholder or holder of an interest in this Note to comply with the requirements of the preceding sentence
or other provisions requiring withholding under applicable tax law.

 

The term “Issuing Entity” as used in
this Note includes any successor to the Issuing Entity under the Indenture.

 

    	 	E-6	 

     

    

 

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 Holders of Notes under the
Indenture.

 

The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to
pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, neither Computershare Delaware Trust Company, in its individual capacity, U.S. Bank
Trust Company, National Association, in its individual capacity, any owner of a beneficial interest in the Issuing Entity, nor any of
their respective partners, 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 by the Owner Trustee for the sole purposes of binding the interests of the
Owner Trustee in the assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that except as expressly provided
in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
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 Note.

 

    	 	E-7	 

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee

 

_____________________________

 

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

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(name and address of assignee)	 

 

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

 

	Dated:  _____________________________	 	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.
	 	 
	 	 
	 	Signature
    Guaranteed:
	 	 
	 	 
	 	 
	 	 
	 	Signatures
    must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Indenture Trustee which requirements
    will include membership or participation in STAMP or such other “signature guarantee program” as may be determined by
    the Indenture Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934,
    as amended.
	 	 

 

    	 	E-8	 

     

    

 

EXHIBIT F

 

REGISTERED

$411,000,000

No. R – [•]

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP NO. 47800A AC4

 

Unless this 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.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

 

JOHN DEERE OWNER TRUST 2022-B

 

3.74% ASSET BACKED NOTES,

CLASS A-3

 

John Deere Owner Trust 2022-B, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of FOUR HUNDRED ELEVEN MILLION DOLLARS payable on
each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $411,000,000 and
the denominator of which is $411,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect
of principal of the Class A-3 Notes pursuant to Section 8.02(c) of the Indenture; provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the earlier of February 16, 2027 and the Redemption Date, if any, pursuant
to Section 10.01(a) of the Indenture. Except as provided in the Indenture, no payments of principal of the Class A-3 Notes shall be made
until the principal of each of the Class A-1 Notes and the Class A-2 Notes has been paid in its entirety. The Issuing Entity will pay
interest on this Note at the Class A-3 Note Interest Rate on each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the preceding Payment Date after giving effect to all payments of principal
made on such preceding Payment Date (or on the initial principal amount of this Note from and including July 20, 2022 in the case of
the first Payment Date). Interest on this Note will accrue for each Payment Date from and including the 15th day of the month preceding
such Payment Date (or from and including July 20, 2022 in the case of the first Payment Date) to and including the 14th day of the month
of such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of
and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

    	 	F-1	 

     

    

 

The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note
as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of authentication hereon
has been executed by the Indenture Trustee whose name appears below by manual, facsimile or electronic signature, this Note shall not
be entitled to any benefit under the indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

    	 	F-2	 

     

    

 

IN WITNESS WHEREOF, the Issuing Entity has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer.

 

	Date: July ___, 2022	JOHN DEERE OWNER TRUST 2022-B
	 	 
		By:	COMPUTERSHARE DELAWARE TRUST COMPANY, not in its individual
                                            capacity but solely as Owner Trustee under the Trust Agreement
	 	 	 
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred
to in the within-mentioned Indenture.

 

	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	F-3	 

     

    

 

[REVERSE OF NOTE]

 

This Note is one of the Class A-3 Notes of
a duly authorized issue of Notes of the Issuing Entity, designated as its Asset Backed Notes, all issued under an Indenture dated as
of July 20, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuing
Entity and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture Trustee”, which term includes
any successor indenture trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 

The Notes are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture.

 

Principal of the Notes will be payable on each Payment
Date in an amount described on the face hereof.

 

As described above, the entire unpaid principal
amount of, together with accrued and unpaid interest on, this Note shall be due and payable on the earlier of February 16, 2027 and the
Redemption Date, if any, pursuant to Section 10.01(a) of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture
Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes
to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Notes of a Class
shall be made pro rata to the Noteholders of such Class entitled thereto.

 

Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee,
in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office
of the Indenture Trustee’s agent appointed for such purposes located in The City of New York.

 

    	 	F-4	 

     

    

 

The Issuing Entity shall pay interest on overdue
installments of interest at a rate per annum equal to the sum of (i) the Class A-3 Note Interest Rate and (ii) 1.0%, to
the extent lawful.

 

As provided in the Indenture, the Notes may be redeemed
in whole, but not in part, at the option of the Servicer, on any Payment Date, following the last day of a Collection Period as of which
the Note Value is 10% or less of the initial Note Value as of the Cut-off Date.

 

As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration
of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents as the Indenture Trustee may require, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the 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 therewith, against (i) the Indenture Trustee or the Owner
Trustee in their individual capacity, (ii) any 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 their 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 their individual capacity, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to such entity.

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that prior to the end of the period that
is one year and one day after there has been paid in full all debt issued by any securitization vehicle in respect of which the Seller
holds any interest, they will not institute against the Seller or the Trust, or join in, or assist or encourage others to institute,
any institution against the Seller or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or State bankruptcy or similar law.

 

    	 	F-5	 

     

    

 

Prior to the due presentment for registration of
transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee shall treat
the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee
nor any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the
Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority
of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued
thereunder.

 

The Issuing Entity has entered into the Indenture
and this Note is issued with the intention that, for federal, State and local income and franchise tax purposes, the Notes will qualify
as indebtedness secured by the Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial
interest in a Note), will be deemed to agree to treat the Notes for federal, State and local income and franchise tax purposes as indebtedness
(except to the extent such Notes are retained or treated as retained by the Depositor or its affiliates for such purposes).

 

Without limiting any other information or certification
requirements under applicable tax law, each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest
therein, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, upon its request, the Noteholder Tax Identification
Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or
holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee, any Paying
Agent or the Issuing Entity has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up)
payable to a Noteholder or holder of an interest in this Note, either because such withholding is required under applicable tax law or
as a result of the failure of the Noteholder or holder of an interest in this Note to comply with the requirements of the preceding sentence
or other provisions requiring withholding under applicable tax law.

 

The term “Issuing Entity” as used in
this Note includes any successor to the Issuing Entity under the Indenture.

 

    	 	F-6	 

     

    

 

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 Holders of Notes under the
Indenture.

 

The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to
pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, neither Computershare Delaware Trust Company, in its individual capacity, U.S. Bank
Trust Company, National Association, in its individual capacity, any owner of a beneficial interest in the Issuing Entity, nor any of
their respective partners, 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 by the Owner Trustee for the sole purposes of binding the interests of the
Owner Trustee in the assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that except as expressly provided
in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
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 Note.

 

    	 	F-7	 

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee

 

_____________________________

 

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

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(name and address of assignee)	 

 

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

 

	Dated:  _____________________________	 	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.
	 	 
	 	 
	 	Signature
    Guaranteed:
	 	 
	 	 
	 	 
	 	 
	 	Signatures
    must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Indenture Trustee which requirements
    will include membership or participation in STAMP or such other “signature guarantee program” as may be determined by
    the Indenture Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934,
    as amended.
	 	 

 

    	 	F-8	 

     

    

 

EXHIBIT G

 

REGISTERED

$86,166,000

No. R – [•]

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP NO. 47800A AD2

 

Unless this 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.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

 

JOHN DEERE OWNER TRUST 2022-B

 

3.80% ASSET BACKED NOTES,

CLASS A-4

 

John Deere Owner Trust 2022-B, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of EIGHTY SIX MILLION ONE HUNDRED SIXTY SIX THOUSAND
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is
$86,166,000 and the denominator of which is $86,166,000 by (ii) the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal of the Class A-4 Notes pursuant to Section 8.02(c) of the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on the earlier of May 15, 2029 and the Redemption Date,
if any, pursuant to Section 10.01(a) of the Indenture. Except as provided in the Indenture, no payments of principal of the Class A-4
Notes shall be made until the principal of each of the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes has been paid in
its entirety. The Issuing Entity will pay interest on this Note at the Class A-4 Note Interest Rate on each Payment Date until the principal
of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date after
giving effect to all payments of principal made on such preceding Payment Date (or on the initial principal amount of this Note from
and including July 20, 2022 in the case of the first Payment Date). Interest on this Note will accrue for each Payment Date from and
including the 15th day of the month preceding such Payment Date (or from and including July 20, 2022 in the case of the first Payment
Date) to and including the 14th day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year consisting
of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

    	 	G-1	 

     

    

 

The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note
as provided above and then to the unpaid principal of this Note.

 

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

 

Unless the certificate of authentication hereon
has been executed by the Indenture Trustee whose name appears below by manual, facsimile or electronic signature, this Note shall not
be entitled to any benefit under the indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

    	 	G-2	 

     

    

 

IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

 

	Date: July ___, 2022	JOHN DEERE OWNER TRUST 2022-B
	 	 
		By:	COMPUTERSHARE DELAWARE TRUST COMPANY, not in its individual
                                            capacity but solely as Owner Trustee under the Trust Agreement
	 	 	 
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred
to in the within-mentioned Indenture.

 

	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	G-3	 

     

    

 

[REVERSE OF NOTE]

 

This Note is one of the Class A-4 Notes of
a duly authorized issue of Notes of the Issuing Entity, designated as its Asset Backed Notes, all issued under an Indenture dated as
of July 20, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuing
Entity and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture Trustee”, which term includes
any successor indenture trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 

The Notes are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture.

 

Principal of the Notes will be payable on each Payment
Date in an amount described on the face hereof.

 

As described above, the entire unpaid principal
amount of, together with accrued and unpaid interest on, this Note shall be due and payable on the earlier of May 15, 2029 and the Redemption
Date, if any, pursuant to Section 10.01(a) of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Notes of a Class shall
be made pro rata to the Noteholders of such Class entitled thereto.

 

Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee,
in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office
of the Indenture Trustee’s agent appointed for such purposes located in The City of New York.

 

    	 	G-4	 

     

    

 

The Issuing Entity shall pay interest on overdue
installments of interest at a rate per annum equal to the sum of (i) the Class A-4 Note Interest Rate and (ii) 1.0%, to
the extent lawful.

 

As provided in the Indenture, the Notes may be redeemed
in whole, but not in part, at the option of the Servicer, on any Payment Date, following the last day of a Collection Period as of which
the Note Value is 10% or less of the initial Note Value as of the Cut-off Date.

 

As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration
of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents as the Indenture Trustee may require, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly
or indirectly, with respect to the obligations of the 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 therewith, against (i) the Indenture Trustee or the Owner
Trustee in their individual capacity, (ii) any 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 their 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 their individual capacity, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to such entity.

 

Each Noteholder or Note Owner, by acceptance of
a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that prior to the end of the period that
is one year and one day after there has been paid in full all debt issued by any securitization vehicle in respect of which the Seller
holds any interest, they will not institute against the Seller or the Trust, or join in, or assist or encourage others to institute,
any institution against the Seller or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or State bankruptcy or similar law.

 

    	 	G-5	 

     

    

 

Prior to the due presentment for registration of
transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee shall treat
the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee
nor any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the
Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority
of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued
thereunder.

 

The Issuing Entity has entered into the Indenture
and this Note is issued with the intention that, for federal, State and local income and franchise tax purposes, the Notes will qualify
as indebtedness secured by the Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial
interest in a Note), will be deemed to agree to treat the Notes for federal, State and local income and franchise tax purposes as indebtedness
(except to the extent such Notes are retained or treated as retained by the Depositor or its affiliates for such purposes).

 

Without limiting any other information or certification
requirements under applicable tax law, each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest
therein, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, upon its request, the Noteholder Tax Identification
Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or
holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee, any Paying
Agent or the Issuing Entity has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up)
payable to a Noteholder or holder of an interest in this Note, either because such withholding is required under applicable tax law or
as a result of the failure of the Noteholder or holder of an interest in this Note to comply with the requirements of the preceding sentence
or other provisions requiring withholding under applicable tax law.

 

The term “Issuing Entity” as used in
this Note includes any successor to the Issuing Entity under the Indenture.

 

    	 	G-6	 

     

    

 

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 Holders of Notes under the
Indenture.

 

The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note and the Indenture shall be construed in
accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to
pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

 

Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, neither Computershare Delaware Trust Company, in its individual capacity, U.S. Bank
Trust Company, National Association, in its individual capacity, any owner of a beneficial interest in the Issuing Entity, nor any of
their respective partners, 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 by the Owner Trustee for the sole purposes of binding the interests of the
Owner Trustee in the assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that except as expressly provided
in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing
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 Note.

 

    	 	G-7	 

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee

 

_____________________________

 

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

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(name and address of assignee)	 

 

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

 

	Dated:  _____________________________		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.
	 	 
	 	 
	 	Signature
    Guaranteed:
	 	 
	 	 
	 	 
	 	 
	 	Signatures
    must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Indenture Trustee which requirements
    will include membership or participation in STAMP or such other “signature guarantee program” as may be determined by
    the Indenture Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934,
    as amended.
	 	 

 

    	 	G-8

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