Document:

Exhibit 4.3 

CO-LENDER AGREEMENT

Dated as of July 24, 2015

by and among

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

 (Initial Note 1 Holder)

and

GERMAN AMERICAN CAPITAL CORPORATION

 (Initial Note 2 Holder)

Scottsdale Quarter

TABLE OF CONTENTS

Page

	
Section 1

	
Definitions

	
1

	
Section 2

	
Servicing of the Mortgage Loan

	
15

	
Section 3

	
Priority of Payments

	
20

	
Section 4

	
Workout

	
21

	
Section 5

	
Administration of the Mortgage Loan

	
21

	
Section 6

	
Appointment of Controlling Note Holder Representative and Non-Controlling Note Holder Representative

	
24

	
Section 7

	
Appointment of Special Servicer

	
27

	
Section 8

	
Payment Procedure

	
28

	
Section 9

	
Limitation on Liability of the Note Holders

	
29

	
Section 10

	
Bankruptcy

	
29

	
Section 11

	
Representations of the Note Holders

	
30

	
Section 12

	
No Creation of a Partnership or Exclusive Purchase Right

	
31

	
Section 13

	
Other Business Activities of the Note Holders

	
31

	
Section 14

	
Sale of the Notes

	
31

	
Section 15

	
Registration of the Notes and Each Note Holder

	
34

	
Section 16

	
Governing Law; Waiver of Jury Trial

	
35

	
Section 17

	
Submission To Jurisdiction; Waivers

	
35

	
Section 18

	
Modifications

	
35

	
Section 19

	
Successors and Assigns; Third Party Beneficiaries

	
36

	
Section 20

	
Counterparts

	
36

	
Section 21

	
Captions

	
36

	
Section 22

	
Severability

	
36

	
Section 23

	
Entire Agreement

	
36

	
Section 24

	
Withholding Taxes

	
36

	
Section 25

	
Custody of Mortgage Loan Documents

	
38

	
Section 26

	
Cooperation in Securitization

	
38

	
Section 27

	
Notices

	
39

	
Section 28

	
Broker

	
39

	
Section 29

	
Certain Matters Affecting the Agent

	
39

	
Section 30

	
Termination and Resignation of Agent

	
40

	
Section 31

	
Resizing

	
40

 

 

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THIS CO-LENDER AGREEMENT (this "Agreement"), dated as of July 24, 2015 by and among JPMORGAN CHASE BANK, NATIONAL ASSOCIATION ("JPM" and together with its successors and assigns in interest, in its capacity as initial owner of Note A-1-S, Note A-1-C, Note B-1-S and Note C-1-S, the "Initial Note 1 Holder", and in its capacity as the initial agent, the "Initial Agent") and GERMAN AMERICAN CAPITAL CORPORATION ("GACC" and together with its successors and assigns in interest, in its capacity as initial owners of Note A-2-S, Note A-2-C, Note B-2-S and Note C-2-S, the "Initial Note 2 Holder" and, together with the Initial Note 1 Holder, the "Initial Note Holders").

W I T N E S S E T H:

WHEREAS, pursuant to the Mortgage Loan Agreement (as defined herein), JPM and GACC originated a loan (the "Mortgage Loan") described on the schedule attached hereto as Exhibit A (the "Mortgage Loan Schedule") to the mortgage loan borrower described on the Mortgage Loan Schedule (the "Mortgage Loan Borrower"), which was evidenced, inter alia, by 8 promissory notes (as amended, modified or supplemented, the "Notes") in the aggregate original principal amount of $165,000,000 made by the Mortgage Loan Borrower in favor of the Initial Note Holders; and secured by a first mortgage (as amended, modified or supplemented, the "Mortgage") on certain real property located as described in the Mortgage Loan Agreement (collectively, the "Mortgaged Property"); and

WHEREAS, each Initial Note Holder desires to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold the Notes;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto mutually agree as follows:

Section 1.                          Definitions.  References to a "Section" or the "recitals" are, unless otherwise specified, to a Section or the recitals of this Agreement.  Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Lead Securitization Servicing Agreement.  Whenever used in this Agreement, the following terms shall have the respective meanings set forth below unless the context clearly requires otherwise.

"A Notes" shall mean each of Note A-1-S, Note A-1-C, Note A-2-S and Note A-2-C.

"Affiliate" shall have the meaning set forth in the Lead Securitization Servicing Agreement.

"Agent" shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and after the Securitization Date shall mean the Master Servicer.

"Agent Office" shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is located at 383 Madison Avenue, New York,

New York 10179, Attention: Joseph E. Geoghan, and which is the address to which notices to and correspondence with the Agent should be directed.  The Agent may change the address of its designated office by notice to the Noteholders.

"Agreement" shall mean this Agreement between Note Holders, the exhibits and schedule hereto and all amendments hereof and supplements hereto.

"Approved Servicer" shall have the meaning assigned to such term in the definition of "Qualified Institutional Lender."

"B Notes" shall mean each of Note B-1-S and Note B-2-S.

"Bankruptcy Code" shall mean the United States Bankruptcy Code, as amended from time to time, any successor statute or rule promulgated thereto.

"C Notes" shall mean each of Note C-1-S and Note C-2-S.

"CDO" shall have the meaning assigned to such term in the definition of "Qualified Institutional Lender."

"CDO Asset Manager" with respect to any Securitization Vehicle which is a CDO, shall mean the entity which is responsible for managing or administering a Note as an underlying asset of such Securitization Vehicle or, if applicable, as an asset of any Intervening Trust Vehicle (including, without limitation, the right to exercise any consent and control rights available to the holder of such Note).

"Certificate Administrator" shall mean Wells Fargo Bank, National Association or its successor in interest, or any successor Certificate Administrator appointed as provided in the Lead Securitization Servicing Agreement.

"Code" shall mean the Internal Revenue Code of 1986, as amended.

"Collection Account" shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

"Conduit" shall have the meaning assigned to such term in Section 14(d).

"Conduit Credit Enhancer" shall have the meaning assigned to such term in Section 14(d).

"Conduit Inventory Loan" shall have the meaning assigned to such term in Section 14(d).

"Control" shall mean the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise  ("Controlled" and "Controls" have meanings correlative thereto.)

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"Controlling Class Representative" shall have the meaning assigned to the term "Directing Certificateholder" or any analogous term in the Lead Securitization Servicing Agreement.

"Controlling Note Holder" shall mean the Note A-1-S Holder; provided that at any time Note A-1-S is included in the Lead Securitization, references to the "Controlling Note Holder" herein shall mean the holders of the majority of the class of securities issued in the Lead Securitization designated as the "controlling class" or such other class(es) otherwise assigned the rights to exercise the rights of the "Controlling Note Holder" hereunder or under the Lead Securitization Servicing Agreement, as and to the extent provided in the Lead Securitization Servicing Agreement; provided that if at any time 50% or more of Note A-1-S (or class of securities issued in the Lead Securitization designated as the "controlling class" or such other class(es) otherwise assigned the rights to exercise the rights of the "Controlling Note Holder") is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, Note A-1-S (or the class of securities issued in the Lead Securitization designated as the "controlling class" or such other class(es) otherwise assigned the rights to exercise the rights of the "Controlling Note Holder") shall not be entitled to exercise any rights of the Controlling Note Holder, and no person shall be entitled to exercise the rights of the Controlling Note Holder.

"Controlling Note Holder Representative" shall have the meaning assigned to such term in Section 6(a).

"DBRS" shall mean DBRS, Inc., and its successors in interest.

"Depositor" shall mean J.P. Morgan Chase Commercial Mortgage Securities Corp.

"Event of Default" shall mean, with respect to the Mortgage Loan, an "Event of Default" as defined in the Mortgage Loan Agreement.

"Fitch" shall mean Fitch, Inc., and its successors in interest.

"GACC" shall have the meaning assigned to such term in the preamble to this Agreement.

"Initial Agent" shall have the meaning assigned to such term in the preamble to this Agreement.

"Initial Note A-1-S Holder" shall mean JPM, as the initial holder of Note A-1-S.

"Initial Note Holders" shall have the meaning assigned to such term in the preamble to this Agreement.

"Insolvency Proceeding" shall mean any proceeding under Title 11 of the United States Code (11 U.S.C. Sec. 101 et seq.) or any other insolvency, liquidation, reorganization or other similar proceeding concerning the Mortgage Loan Borrower, any action for the dissolution of the Mortgage Loan Borrower, any proceeding (judicial or otherwise) concerning the application of the assets of the Mortgage Loan Borrower for the benefit of its creditors, the

3

appointment of or any proceeding seeking the appointment of a trustee, receiver or other similar custodian for all or any substantial part of the assets of the Mortgage Loan Borrower or any other action concerning the adjustment of the debts of the Mortgage Loan Borrower, the cessation of business by the Mortgage Loan Borrower, except following a sale, transfer or other disposition of all or substantially all of the assets of the Mortgage Loan Borrower in a transaction permitted under the Mortgage Loan Documents; provided, however, that following any such permitted transaction affecting the title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement shall be defined to mean the successor owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage Loan Documents; provided, further, however, that for the purposes of this definition, in the event that more than one entity comprises the Mortgage Loan Borrower, the term "Mortgage Loan Borrower" shall refer to any such entity.

"Interest Rate" shall mean the Note Rate (as defined in the Mortgage Loan Documents).

"Intervening Trust Vehicle" with respect to any Securitization Vehicle that is a CDO, shall mean a trust vehicle or entity which holds any Note as collateral securing (in whole or in part) any obligation or security held by such Securitization Vehicle as collateral for the CDO.

"JPM" shall have the meaning assigned to such term in the preamble to this Agreement.

"KBRA" shall mean Kroll Bond Rating Agency, Inc. and its successors in interest.

"Lead Securitization" shall mean the Securitization of Note A-1-S in a Securitization Trust to be designated by the Initial Note A-1-S Holder.

"Lead Securitization Note" shall mean Note A-1-S.

"Lead Securitization Note Holder" shall mean the Note A-1-S Holder.

"Lead Securitization Servicing Agreement" shall mean the pooling and servicing agreement to be entered into in connection with the Securitization of Note A-1-S and issuance of the  Glimcher Mall Trust 2015-WPG, Commercial Mortgage Pass Through Certificates, Series 2015-WPG, by and among (a) the Trustee, (b) the Master Servicer, (c) the Special Servicer, (d) the Depositor and (e) the Certificate Administrator.  The Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Note Holder.

"Lead Securitization Subordinate Class Representative" shall mean the "Controlling Class Representative" or similar term as defined in the Lead Securitization Servicing Agreement or such other analogous term used in the Lead Securitization Servicing Agreement.

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"Lead Securitization Trust" shall mean the Securitization Trust created in connection with the Lead Securitization.

"Major Decisions" shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement; provided that at any time that Note A-1-S is not included in the Lead Securitization "Major Decision" shall mean:

(i)            any proposed or actual foreclosure upon or comparable conversion (which shall include acquisitions of any REO Property) of the ownership of the property or properties securing the Mortgage Loan if it comes into and continues in default;

(ii)            any modification, consent to a modification or waiver of any monetary term (other than late fees and default interest) or material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of the Mortgage Loan or any extension of the maturity date of the Mortgage Loan;

(iii)            following a default or an event of default with respect to the Mortgage Loan, any exercise of remedies, including the acceleration of the Mortgage Loan or initiation of any proceedings, judicial or otherwise, under the Mortgage Loan Documents;

(iv)            any sale of the Mortgage Loan (when it is a Defaulted Mortgage Loan) or REO Property for less than the applicable Repurchase Price (as defined in the Lead Securitization Servicing Agreement);

(v)            any determination to bring a Mortgaged Property or an REO Property into compliance with applicable environmental laws or to otherwise address any Hazardous Materials (as defined in the Lead Securitization Servicing Agreement) located at a Mortgaged Property or an REO Property;

(vi)            any release of material collateral or any acceptance of substitute or additional collateral for the Mortgage Loan or any consent to either of the foregoing, other than if required pursuant to the specific terms of the Mortgage Loan Documents and for which there is no lender discretion;

(vii)            any waiver of a "due-on-sale" or "due-on-encumbrance" clause with respect to the Mortgage Loan or any consent to such a waiver or consent to a transfer of a Mortgaged Property or interests in the borrower;

(viii)            any incurrence of additional debt by the Mortgage Loan Borrower or any mezzanine financing by any beneficial owner of the Mortgage Loan Borrower (to the extent that the lender has consent rights pursuant to the Mortgage Loan Documents);

(ix)            any material modification, waiver or amendment of an intercreditor agreement, co-lender agreement or similar agreement with any mezzanine lender

 

5

or subordinate debt holder related to the Mortgage Loan, or any action to enforce rights (or decision not to enforce rights) with respect thereto, or any material modification, waiver or amendment thereof;

(x)            any property management company changes, including, without limitation, approval of the termination of a manager and appointment of a new property manager (in each case, if the lender is required to consent or approve such changes under the Mortgage Loan Documents);

(xi)            releases of any material amounts from any escrow accounts, reserve funds or letters of credit, in each case, held as performance escrows or reserves, other than those required pursuant to the specific terms of the Mortgage Loan Documents and for which there is no lender discretion;

(xii)            any acceptance of an assumption agreement releasing a borrower, guarantor or other obligor from liability under the Mortgage Loan other than pursuant to the specific terms of the Mortgage Loan and for which there is no lender discretion;

(xiii)            any determination of an Acceptable Insurance Default (as defined in the Lead Securitization Servicing Agreement);

(xiv)            any determination by the Master Servicer to transfer the Mortgage Loan to the Special Servicer under the circumstances described in paragraph (c) of the definition of "Specially Serviced Mortgage Loan" (as defined in the Lead Securitization Servicing Agreement); or

(xv)            any approval of a Major Lease (as defined in the Mortgage Loan Documents) to the extent lender's approval is required by the Mortgage Loan Documents;.

"Master Servicer" shall mean KeyBank National Association or its successor in interest, or any successor Master Servicer appointed as provided in the Lead Securitization Servicing Agreement.

"Monthly Payment Date" shall mean the Scheduled Payment Date (as defined in the Mortgage Loan Documents).

"Moody's" shall mean Moody's Investors Service, Inc., and its successors in interest.

"Morningstar" shall mean Morningstar Credit Ratings, LLC, and its successors in interest.

"Mortgage" shall have the meaning assigned to such term in the recitals.

"Mortgage Loan" shall have the meaning assigned to such term in the recitals.

6

"Mortgage Loan Agreement" shall mean the Loan Agreement, dated as of May 20, 2015, between SDQ Fee, LLC, as Borrower, and JPM and GACC, collectively, as Lender.

"Mortgage Loan Borrower" shall have the meaning assigned to such term in the recitals.

"Mortgage Loan Borrower Related Party" shall have the meaning assigned to such term in Section 13.

"Mortgage Loan Documents" shall mean, with respect to the Mortgage Loan, the Mortgage Loan Agreement, Mortgage, Notes and all other documents now or hereafter evidencing and securing the Mortgage Loan.

"Mortgage Loan Schedule" shall have the meaning assigned to such term in the recitals.

"Mortgaged Property" shall have the meaning assigned to such term in the recitals.

"Nonrecoverable Servicing Advance" shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

"Non-Controlling Note" means each Note other than Note A-1-S.

"Non-Controlling Note Holder" means each Note Holder other than the Note A-1-S Holder; provided that with respect to each Non-Controlling Note, at any time such Non-Controlling Note is included in a Securitization other than the Lead Securitization, references to the "Non-Controlling Note Holder" herein shall mean the Non-Lead Securitization Subordinate Class Representative under the related Non-Lead Securitization Servicing Agreement, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) has been given written notice; provided that if at any time 50% or more of Note A-1-S is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, no Note Holder or other Person shall be entitled to exercise any rights of the Controlling Note Holder.  The Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall not be required at any time to deal with more than one party exercising the rights of a particular "Non-Controlling Note Holder" herein or under the Lead Securitization Servicing Agreement and, (x) to the extent that the related Non-Lead Securitization Servicing Agreement assigns such rights to more than one party or (y) to the extent a Non-Controlling Note is split into two or more New Notes pursuant to Section 31 or more than one Non-Controlling Note in such Securitization, for purposes of this Agreement, the Non-Lead Securitization Servicing Agreement or the holders of such New Notes shall designate one party to deal with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) and provide written notice of such designation to the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer acting on its behalf); provided that, in the absence of such designation and notice, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the last party as to which it has received written notice as having been designated as the Non-Controlling Note Holder with

7

respect to such Non-Controlling Note for all purposes of this Agreement.  As of the date hereof and until further notice from the Non-Lead Securitization Note Holder (or the Non-Lead Master Servicer or another party acting on its behalf), the Note Holder of each Note (other than Note A-1-S) is the Non-Controlling Note Holder with respect to such Note.

Prior to Securitization of any Non-Lead Securitization Note (including any New Notes), all notices, reports, information or other deliverables required to be delivered to each Non-Lead Securitization Note Holder or Non-Controlling Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) only need to be delivered to each Non-Controlling Note Holder Representative and, when so delivered to each Non-Controlling Note Holder Representative, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing Agreement.  Following Securitization of any Non-Lead Securitization Notes, all notices, reports, information or other deliverables required to be delivered to such Non-Lead Securitization Note Holder or Non-Controlling Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be delivered to the related Non-Lead Master Servicer and the related Non-Lead Special Servicer (who then may forward such items to the party entitled to receive such items as and to the extent provided in the related Non-Lead Securitization Servicing Agreement) and, when so delivered to the related Non-Lead Master Servicer and the related Non-Lead Special Servicer, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing Agreement.

"Non-Controlling Note Holder Representative" shall have the meaning assigned to such term in Section 6(c).

"Non-Exempt Person" shall mean any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with the Agent for the relevant year such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which, pursuant to applicable provisions of (A) any income tax treaty between the United States and the country of residence of such Person, (B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit the Servicer on behalf of the Note Holders to make such payments free of any obligation or liability for withholding.

"Non-Lead Depositor" shall mean the "depositor" under any Non-Lead Securitization Servicing Agreement.

"Non-Lead Master Servicer" shall have the meaning assigned to such term in Section 2(b).

"Non-Lead Senior Trust Advisor" shall mean the "trust advisor", "operating advisor" or other analogous term under any Non-Lead Securitization Servicing Agreement.

"Non-Lead Securitization" shall mean any Securitization of a Note in a Securitization Trust other than the Lead Securitization.

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"Non-Lead Securitization Date" shall mean the closing date of any Non-Lead Securitization.

"Non-Lead Securitization Note" shall mean any Note other than the Lead Securitization Note.

"Non-Lead Securitization Note Holder" shall mean any holder of a Non-Lead Securitization Note.

"Non-Lead Securitization Servicing Agreement" shall have the meaning assigned to such term in Section 2(b).

"Non-Lead Securitization Subordinate Class Representative" shall mean the holders of the majority of the class of securities issued in a Non-Lead Securitization designated as the "controlling class" pursuant to the related Non-Lead Securitization Servicing Agreement or their duly appointed representative; provided that if 50% or more of the class of securities issued in any Non-Lead Securitization designated as the "controlling class" or such other class(es) otherwise assigned the rights to exercise the rights of the "Controlling Note Holder") is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, no person shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate Class Representative.

"Non-Lead Securitization Trust" shall mean the Securitization Trust into which any Non-Lead Securitization Note is deposited.

"Non-Lead Special Servicer" shall have the meaning assigned to such term in Section 2(b).

"Non-Lead Trustee" shall have the meaning assigned to such term in Section 2(b).

"Note" shall mean each Note with the designation and original principal amount set forth below, each dated as of May 20, 2015, made by the Mortgage Loan Borrower in favor of the Initial Note Holder set forth in the chart below.

	
Note

	
Initial Note Holder

	
Original Principal Balance

	
Note A-1-S

	
JPM

	
$15,000,000

	
Note A-1-C

	
JPM

	
$42,000,000

	
Note A-2-S

	
GACC

	
$10,000,000

	
Note A-2-C

	
GACC

	
$28,000,000

	
Note B-1-S

	
JPM

	
$7,800,000

	
Note B-2-S

	
GACC

	
$5,200,000

	
Note C-1-S

	
JPM

	
$34,200,000

	
Note C-2-S

	
GACC

	
$22,800,000

 

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"Note Holder" shall mean with regards to any Note, the Initial Note Holder or any subsequent holder of such Note, as applicable.

"Note Holders" shall mean collectively, the Initial Note Holders or any subsequent holder of the Notes.

"Note Pledgee" shall have the meaning assigned to such term in Section 14(c).

"Note Principal Balance" shall mean, with respect to the Mortgage Loan, at any time of determination, the Principal Balance for the related Note, as set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued in substitution thereof) received by the related Note Holder (or any holders of New Notes in substitution thereof) or reductions in such amount pursuant to Section 3 or 4, as applicable.

"Note Register" shall have the meaning assigned to such term in Section 15.

"P&I Advance" shall mean an advance made by (a) a party to the Lead Securitization Servicing Agreement in respect of a delinquent monthly debt service payment on the Lead Securitization Note and/or any other Note included in the Lead Securitization or (b) a party to a Non-Lead Securitization Servicing Agreement in respect of a delinquent monthly debt service payment on the related Non-Lead Securitization Note.

"Percentage Interest" shall mean, with respect to each Note Holder, a fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of the Note held by such Note Holder and the denominator of which is the sum of the Note Principal Balance of all the Notes.

"Permitted Fund Manager" shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached hereto and made a part hereof or any other nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real estate, (ii) investing through a fund with total assets of at least $3,000,000,000 and committed capital of at least $1,500,000,000 and (iii) not subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

"Pledge" shall have the meaning assigned to such term in Section 14(c).

"Pro Rata and Pari Passu Basis" shall mean (i) with respect to the A Notes and such Note Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount among such Notes or such Note Holders, as the case may be, without any priority of any such A Note or any such Note Holder over another such A Note or Note Holder, as the case may be, and in any event such that each A Note or Note Holder, as the case may be, is allocated its respective pro rata of such particular payment, collection, cost, expense, liability or other amount and (ii) with respect to the B Notes and such Note Holders, the allocation of any particular payment, collection, cost, expense, liability or other amount among such Notes or such Note Holders, as the case may be, without any priority of any such B Note or any such Note Holder over another such B Note or Note Holder, as the case may be, and in any event such that each B Note or Note Holder, as the case may be, is allocated its respective pro rata of such particular payment, collection, cost, expense, liability or other amount.

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            "Qualified Institutional Lender" shall mean each of the Initial Note Holders and any other U.S. Person that is:

(a)            an entity Controlled (as defined herein) by, under common Control with or that Controls any of the Initial Note Holders, or

(b)            the trustee on behalf of the trust certificates issued pursuant to a master trust agreement involving a CDO comprised of, or other securitization vehicle involving, assets deposited or transferred by a Note Holder and/or one or more Affiliates (whether with assets from others or not), provided that the securities issued in connection with such CDO or other securitization vehicle are rated initially at least investment grade by each of the Rating Agencies that assigned a rating to one or more classes of securities issued in connection with the Lead Securitization, or

(c)            one or more of the following:

(i)            an insurance company, bank, savings and loan association, investment bank, trust company, commercial credit corporation, pension plan, pension fund, pension fund advisory firm, mutual fund, real estate investment trust, governmental entity or plan, or

(ii)            an investment company, money management firm or a "qualified institutional buyer" within the meaning of Rule 144A under the Securities Act of 1933, as amended, or an "accredited investor" within the meaning of Rule 501(a) (1), (2), (3) or (7) of Regulation D under the Securities Act of 1933, as amended, or

(iii)            a Qualified Trustee in connection with (a) a securitization of, (b) the creation of collateralized debt obligations ("CDO") secured by, or (c) a financing through an "owner trust" of, a Note or any interest therein (any of the foregoing, a "Securitization Vehicle"), provided that (1) one or more classes of securities issued by such Securitization Vehicle is initially rated at least investment grade by each of the Rating Agencies that assigned a rating to one or more classes of securities issued in connection with a Securitization (it being understood that with respect to any Rating Agency that assigned such a rating to the securities issued by such Securitization Vehicle, a Rating Agency Confirmation will not be required in connection with a transfer of such Note or any interest therein to such Securitization Vehicle); (2) in the case of a Securitization Vehicle that is not a CDO, the special servicer of such Securitization Vehicle has a Required Special Servicer Rating or is otherwise acceptable to the Rating Agencies rating each Securitization (such entity, an "Approved Servicer") and such Approved Servicer is required to service and administer such Note or any interest therein in accordance with servicing arrangements for the assets held by the Securitization Vehicle which require that such Approved Servicer act in accordance with a servicing standard notwithstanding any contrary direction or instruction from any other Person; or (3) in the case of a Securitization Vehicle that is a CDO, the CDO Asset Manager and, if applicable, each Intervening Trust Vehicle that is not

 

 

 

11

 

administered and managed by a CDO Asset Manager which is a Qualified Institutional Lender, are each a Qualified Institutional Lender under clauses (i), (ii), (iv) or (v) of this definition, or

(iv)            an investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments of at least $1,500,000,000, in which (A) any Initial Note Holder, (B) a person that is otherwise a Qualified Institutional Lender under clause (i), (ii) or (v) (with respect to an institution substantially similar to the entities referred to in clause (i) or (ii) above), or (C) a Permitted Fund Manager, acts as a general partner, managing member, or the fund manager responsible for the day-to-day management and operation of such investment vehicle and provided that at least 50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified Institutional Lenders, or

(v)            an institution substantially similar to any of the foregoing, and

in the case of any entity referred to in clause (c)(i), (ii), (iv)(B) or (v) of this definition, (x) such entity has at least $250,000,000 in capital/statutory surplus or shareholders' equity (except with respect to a pension advisory firm, asset manager or similar fiduciary) and at least $600,000,000 in total assets (in name or under management), and (y) is regularly engaged in the business of making or owning commercial real estate loans (or interests therein) similar to the Mortgage Loan (or mezzanine loans with respect thereto) or owning or operating commercial real estate properties; provided that, in the case of the entity described in clause (iv)(B) above, the requirements of this clause (y) may be satisfied by a general partner, managing member, or the fund manager responsible for the day-to-day management and operation of such entity; or

(d)            any entity Controlled by any of the entities described in clause (c) above or approved by the Rating Agencies hereunder as a Qualified Institutional Lender for purposes of this Agreement, or as to which the Rating Agencies have stated they would not review such entity in connection with the subject transfer.

"Qualified Trustee" means (i) a corporation, national bank, national banking association or a trust company, organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the applicable Rating Agencies.

"Rating Agencies" shall mean DBRS, Fitch, KBRA, Moody's, Morningstar and S&P and their respective successors in interest or, if any of such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized statistical rating agency reasonably designated by any Note Holder to rate the securities issued in connection with the Securitization of the related Note; provided, however, that, at any time during which the Mortgage Loan is an asset of one or more Securitizations, "Rating Agencies" or

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"Rating Agency" shall mean only those rating agencies that are engaged from time to time to rate the securities issued in connection with the Securitizations of the Notes.

"Rating Agency Confirmation" shall mean prior to a Securitization with respect to any matter, confirmation in writing (which may be in electronic form) by each applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class of certificates (if then rated by the Rating Agency); provided that a written waiver or other acknowledgment from the Rating Agency indicating its decision not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the Rating Agency Confirmation from each Rating Agency with respect to such matter and after a Securitization, the meaning given thereto or any analogous term in the Lead Securitization Servicing Agreement or Non-Lead Securitization Servicing Agreement, as applicable, including any deemed Rating Agency Confirmation.

"Redirection Notice" shall have the meaning assigned to such term in Section 14(c).

"Regulation AB" shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100‐229.1125, as such rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective from time to time as of the compliance dates specified therein.

"REMIC" shall have the meaning assigned to such term in Section 5(d).

"Required Special Servicer Rating" shall mean with respect to a special servicer (i) in the case of Fitch, a rating of "CSS3", (ii) in the case of S&P, such special servicer is on S&P's Select Servicer List as a U.S. Commercial Mortgage Special Servicer, (iii) in the case of Moody's, such special servicer is acting as special servicer for one or more loans included in a commercial mortgage loan securitization that was rated by Moody's within the twelve (12) month period prior to the date of determination, and Moody's has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage loans, (iv) in the case of Morningstar, either (a) the applicable replacement has a special servicer ranking of at least "MOR CS3" by Morningstar (if ranked by Morningstar) or (b) if not ranked by Morningstar, is currently acting as a special servicer on a deal or transaction-level basis for all or a significant portion of the Mortgage Loan in other CMBS transactions rated by any of S&P, Moody's, Morningstar, Fitch, DBRS or KBRA and the trustee does not have actual knowledge that Morningstar has, and the replacement special servicer certifies that Morningstar has not, with respect to any such other CMBS transaction, qualified, downgraded or withdrawn its rating or ratings on one or more classes of such CMBS transaction citing servicing concerns of the applicable replacement as the sole or material factor in such rating action, (v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on "watch status" in contemplation of a ratings downgrade or

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withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination, and (vi) in the case of DBRS, such special servicer is currently acting as special servicer for one or more loans included in a commercial mortgage loan securitization that is rated by DBRS, and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on "watch status" in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination.

"Reverse Sequential Order" shall mean (a) first, to the reduction of the Note Principal Balance of each of the C Notes, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero; (b) second, to the reduction of the Note Principal Balance of each of the B Notes, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero; and (c) third, to the reduction of the Note Principal Balance of each of the A Notes, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero.

"S&P" shall mean Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business, and its successors in interest.

"Scheduled Interest Payment" shall mean the scheduled payment of interest due on the Mortgage Loan on a Monthly Payment Date.

"Scheduled Principal Payment" shall mean the scheduled payment of principal due on the Mortgage Loan on a Monthly Payment Date.

"Securitization" shall mean one or more sales by a Note Holder of all or a portion of such Note to a depositor, who will in turn include such portion of such Note as part of a securitization of one or more mortgage loans.

"Securitization Date" shall mean the effective date on which the Securitization of the first Note or portion thereof is consummated.

"Securitization Trust" shall mean a trust formed pursuant to a Securitization pursuant to which the Notes are held.

"Securitization Vehicle" shall have the meaning assigned to such term in the definition of "Qualified Institutional Lender."

"Sequential Order" shall mean (a) first, to the reduction of the Note Principal Balance of each of the A Notes, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero; (b) second, to the reduction of the Note Principal Balance of each of the B Notes, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero; (c) third, to the reduction of the Note Principal Balance of each of the C Notes, on a Pro Rata and Pari Passu Basis, until the Note Principal Balance of each such Note is reduced to zero.

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"Servicer" shall mean the Master Servicer or the Special Servicer, as the context may require.

"Servicer Termination Event" shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

"Servicing Advance" shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

"Servicing Fee Rate" shall have the meaning given thereto in the Lead Securitization Servicing Agreement (or other analogous term under the Lead Securitization Servicing Agreement).

"Special Servicer" shall mean KeyBank National Association, or its successor in interest, or any successor Special Servicer appointed as provided in the Lead Securitization Servicing Agreement and this Agreement.

"Taxes" shall mean any income or other taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature, now or hereafter imposed by any jurisdiction or by any department, agency, state or other political subdivision thereof or therein.

"Transfer" shall have the meaning assigned to such term in Section 14.

"Trustee" shall mean Wells Fargo Bank, National Association or its successor in interest, or any successor Trustee appointed as provided in the Lead Securitization Servicing Agreement.

"U.S. Person"  shall mean a citizen or resident of the United States, a corporation or partnership (except to the extent provided in applicable Treasury Regulations) created or organized in or under the laws of the United States, any State thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, or an estate whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, a trust in existence on August 20, 1996 which is eligible to elect to be treated as a U.S. Person).

Section 2.                          Servicing of the Mortgage Loan.

(a)              Each Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced from and after the Securitization Date pursuant to the Lead Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments of principal or interest in respect of any Note other than the Notes held by the Lead Securitization Trust, to the extent provided in the Lead Securitization Servicing Agreement if such principal or interest is not paid by the Mortgage Loan

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Borrower but shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to the maintenance of the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms of the Lead Securitization Servicing Agreement including any provisions governing the determination of non-recoverability.  Each Note Holder acknowledges that any other Note Holder may elect, in its sole discretion, to include its Note in a Securitization and agrees that it will, subject to Section 26, reasonably cooperate with such other Note Holder, at such other Note Holder's expense, to effect such Securitization.  Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer, Certificate Administrator and the Trustee under the Lead Securitization Servicing Agreement by the Depositor and the appointment of the initial Special Servicer by the Controlling Note Holder as may be replaced pursuant to the terms of the Lead Securitization Servicing Agreement and agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization Servicing Agreement.  Each Note Holder hereby irrevocably appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note Holder's attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of the Note Holder set forth herein and in the Lead Securitization Servicing Agreement).  In no event shall the Lead Securitization Servicing Agreement require the Servicer to enforce the rights of any Note Holder against any other Note Holder or limit the Servicer in enforcing the rights of one Note Holder against any other Note Holder; however, this statement shall not be construed to otherwise limit the rights of one Note Holder with respect to any other Note Holder.  Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement to service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement and applicable law, shall provide information to each Non-Lead Servicer under each Non-Lead Securitization Servicing Agreement to enable each such Non-Lead Servicer to perform its servicing duties under the related Non-Lead Securitization Servicing Agreement and shall not take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

At any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note Holders agree to cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note Holders, pursuant to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing Agreement (including, without limitation, all applicable provisions relating to delivery of information and reports necessary for any Non-Lead Securitization to comply with any applicable reporting requirements under the Securities Exchange Act of 1934, as amended) and all references herein to the "Lead Securitization Servicing Agreement" shall mean such subsequent servicing agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each Rating Agency; provided, further, however, that until a replacement servicing agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Lead Securitization Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan, by the Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder that is a qualified servicer meeting the requirements of the Lead Securitization Servicing Agreement.

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(b)              The Master Servicer shall be the master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to the extent provided in the Lead Securitization Servicing Agreement) (i) shall be required to make Servicing Advances with respect to the Mortgage Loan, subject to the terms of the Lead Securitization Servicing Agreement and this Agreement, and (ii) may be required to make P&I Advances on the Lead Securitization Note and/or any other Notes included in the Lead Securitization, if and to the extent provided in the Lead Securitization Servicing Agreement and this Agreement.  The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement for a Servicing Advance, first from funds on deposit in the Collection Account for the Mortgage Loan that (in any case) represent amounts received on or in respect of the Mortgage Loan, and then, in the case of Nonrecoverable Servicing Advances, if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization as provided in the Lead Securitization Servicing Agreement and from general collections of each Non-Lead Securitization as provided below.  The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement for Advance Interest Amounts on a Servicing Advance or a Nonrecoverable Servicing Advance, in the manner and from the sources provided in the Lead Securitization Servicing Agreement, including from general collections of the Lead Securitization and, in the case of Servicing Advances, from general collections of each Non-Lead Securitization as provided below.  To the extent the Master Servicer, the Special Servicer or the Trustee, as applicable, obtains funds from general collections of the Lead Securitization as a reimbursement for a Nonrecoverable Servicing Advance or any Advance Interest Amounts on a Servicing Advance or a Nonrecoverable Servicing Advance, each Non-Lead Securitization Note Holder (including from general collections or any other amounts from any Non-Lead Securitization Trust) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization's allocable share, to be determined in Reverse Sequential Order, of such Nonrecoverable Servicing Advance or Advance Interest Amounts.

In addition, each Non-Lead Securitization Note Holder (including, but not limited to, any Non-Lead Securitization Trust) shall be required to, promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse the Lead Securitization for such Non‐Lead Securitization Note Holder's allocable share, to be determined in Reverse Sequential Order, of any fees, costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan as to which the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Depositor, as applicable, is entitled to be reimbursed pursuant to the Lead Securitization Servicing Agreement and any costs, fees and expenses related to obtaining any Rating Agency Confirmation, to the extent amounts on deposit in the Collection Account that are allocated to such Non-Lead Securitization Note are insufficient for reimbursement of such amounts and to the extent that funds from general collections in the Lead Securitization are applied towards the Lead Securitization Note Holder's allocable share, to be determined in Reverse Sequential Order, of the insufficiency.  Each Non-Lead Securitization Holder agrees to indemnify (i) (as and to the same extent the Lead Securitization Trust is required to indemnify each of the following parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the Lead Securitization Servicing Agreement) each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Depositor (and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified as indemnified parties in the Lead Securitization Servicing Agreement in respect of other mortgage loans) and (ii) the Lead Securitization Trust (such parties in clause

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(i) and the Lead Securitization Trust, collectively, the "Indemnified Parties") against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration of the Mortgage Loan and the Mortgaged Property under the Lead Securitization Servicing Agreement (collectively, the "Indemnified Items") to the extent of its allocable share, to be determined in Reverse Sequential Order, of such Indemnified Items, and to the extent amounts on deposit in the Collection Account that are allocated to a Non-Lead Securitization Note are insufficient for reimbursement of such amounts, the related Non-Lead Securitization Note Holder shall be required to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee, reimburse each of the applicable Indemnified Parties for its allocable share, to be determined in Reverse Sequential Order, of the insufficiency, (including, if a Non-Lead Securitization Note has been included in a Non-Lead Securitization, from general collections or any other amounts from such Non-Lead Securitization Trust).

The master servicer under a non-lead Securitization (a "Non-Lead Master Servicer") may be required to make P&I Advances on the related Non-Lead Securitization Note, from time to time, subject to the terms of the related servicing agreement for the related Securitization (each such agreement, a "Non-Lead Securitization Servicing Agreement") and this Agreement.  The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to make their own recoverability determination with respect to a P&I Advance to be made on the Lead Securitization Note based on the information that they have on hand and in accordance with the Lead Securitization Servicing Agreement.  Each Non-Lead Master Servicer and the special servicer and the trustee under each Non-Lead Securitization Servicing Agreement (respectively, a "Non-Lead Special Servicer" and a "Non-Lead Trustee"), as applicable, shall be entitled to make their own recoverability determination with respect to a P&I Advance to be made on the related Non-Lead Securitization Note based on the information that they have on hand and in accordance with the related Non-Lead Securitization Servicing Agreement.  The Master Servicer and the Trustee, as applicable, and the related Non-Lead Master Servicer or the related Non-Lead Trustee shall be required to notify the other of the amount of its P&I Advance within two business days of making such advance.  If the Master Servicer, the Special Servicer or the Trustee, as applicable (with respect to the Lead Securitization Note) or a Non-Lead Master Servicer, a Non-Lead Special Servicer or a Non-Lead Trustee, as applicable (with respect to a Non-Lead Securitization Note), determines that a proposed P&I Advance, if made, would be non-recoverable or an outstanding P&I Advance is or would be non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee, as applicable, subsequently determines that a proposed Servicing Advance would be non-recoverable or an outstanding Servicing Advance is or would be non-recoverable, then the Master Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the Master Servicer, the Special Servicer or the Trustee) or the related Non-Lead Master Servicer or the related Non-Lead Trustee (as provided in the related Non-Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the related Non-Lead Master Servicer, the related Non-Lead Special Servicer or the related Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or the related Non-Lead Master Servicer and the related  Non-Lead Trustee, as the case may be, of the other Securitization within two business days of making such determination.  Each of the Master Servicer, the Trustee, the related Non-Lead Master Servicer and the related Non-Lead Trustee, as applicable, will only be entitled to reimbursement for a P&I Advance and advance interest thereon that becomes non-recoverable first from the

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Collection Account from amounts allocable to the Note for which such P&I Advance was made, and then, if funds are insufficient, in the case of a Non-Lead Securitization Note, from general collections of the related Securitization Trust, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.

(c)              Each Non-Lead Securitization Note Holder agrees that, if the related Non-Lead Securitization Note is included in a Securitization, it shall cause the applicable Non-Lead Securitization Servicing Agreement to contain provisions to the effect that:

(i)            such Non-Lead Securitization Note Holder shall be responsible for its allocable share, to be determined in Reverse Sequential Order, of any Servicing Advances (and advance interest thereon) and any additional trust fund expenses, but only to the extent that they relate to servicing and administration of the Notes and the Mortgaged Property, including without limitation, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees relating to the Notes, and that in the event that the funds received with respect to each respective Note are insufficient to cover such Servicing Advances or additional trust fund expenses, (A) the related Non-Lead Master Servicer will be required to, promptly following notice from the Master Servicer or the Special Servicer, pay or reimburse the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, or the Lead Securitization Trust, as applicable, out of general funds in the collection account (or equivalent account) established under the related Non-Lead Securitization Servicing Agreement for such Non-Lead Securitization Note Holder's allocable share, to be determined in Reverse Sequential Order, of any such Nonrecoverable Servicing Advances (together with advance interest thereon) and/or additional trust fund expenses (including compensation due to the Master Servicer and the Special Servicer to the extent related to the servicing and administration of the Mortgage Loan and the Mortgaged Property), and (B) if the Lead Securitization Servicing Agreement permits the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee to reimburse itself from the Lead Securitization Trust's general account, then the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, may do so, and the related Non-Lead Master Servicer will be required to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee, reimburse the Lead Securitization Trust out of general funds in the collection account (or equivalent account) established under the related Non-Lead Securitization Servicing Agreement for the related Non-Lead Securitization Note Holder's allocable share, to be determined in Reverse Sequential Order, of any such Nonrecoverable Servicing Advances (together with advance interest thereon) and/or additional trust fund expenses (including compensation due to the Master Servicer and the Special Servicer to the extent related to the servicing and administration of the Mortgage Loan and the Mortgaged Property);

(ii)            each of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the Lead Securitization Servicing Agreement and, in the case of the Lead Securitization Trust, to the extent of any additional trust fund expenses with respect to the Mortgage Loan) by each Non-Lead Securitization Trust, against any of the Indemnified

 

 

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Items to the extent of its allocable share, to be determined in Reverse Sequential Order, of such Indemnified Items, and to the extent amounts on deposit in the Collection Account that are allocated to such Non-Lead Securitization Note are insufficient for reimbursement of such amounts, the related Non-Lead Master Servicer will be required to reimburse each of the applicable Indemnified Parties for the related Non-Lead Securitization Note's allocable share, to be determined in Reverse Sequential Order, of the insufficiency out of general funds in the collection account (or equivalent account) established under the related Non-Lead Securitization Servicing Agreement;

(iii)            the related Non-Lead Master Servicer will be required to deliver to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer (i) promptly following Securitization of the related Non-Lead Securitization Note, notice of the deposit of such Non-Lead Securitization Note into a Securitization Trust (which notice shall also provide contact information for the related trustee, the related certificate administrator, the related Non-Lead Master Servicer, the related special servicer and the party designated to exercise the rights of the related "Non-Controlling Note Holder" under this Agreement), accompanied by a copy of the related executed Non-Lead Securitization Servicing Agreement and (ii) notice of any subsequent change in the identity of such Non-Lead Master Servicer or the party designated to exercise the rights of the related "Non-Controlling Note Holder" under this Agreement (together with the relevant contact information);

(iv)            any matter affecting the servicing and administration of the Mortgage Loan that requires delivery of a Rating Agency Confirmation pursuant to the Lead Securitization Servicing Agreement shall also require delivery of a Rating Agency Confirmation under each Non-Lead Securitization Servicing Agreement; and

(v)            the Master Servicer, the Special Servicer, the Trustee and the Lead Securitization Trust shall be third party beneficiaries of the foregoing provisions.

(d)              [Reserved].

(e)              Each Non-Lead Securitization Note Holder shall give each of the parties to the Lead Securitization Servicing Agreement (that will not also be a party to the related Non-Lead Securitization Servicing Agreement) notice of the Non-Lead Securitization in writing (which may be by e-mail) not less than five (5) Business Days' prior to the related Non-Lead Securitization Date.  Such notice shall contain contact information for each of the parties to the related Non-Lead Securitization Servicing Agreement.  In addition, after the related Non-Lead Securitization Date, the related Non-Lead Securitization Note Holder shall send a copy of the related Non-Lead Securitization Servicing Agreement to each of the parties to the Lead Securitization Servicing Agreement.

Section 3.                          Priority of Payments.  Each Note shall be allocated payments as set forth in the Mortgage Loan Agreement.

All expenses and losses relating to the Mortgage Loan and the Mortgaged Property, including without limitation losses of principal or interest, Property Protection

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Advances, advance interest, Special Servicing Fees, Liquidation Fees and Workout Fees, Appraisal Reduction Amounts and certain other trust expenses, shall be allocated in Reverse Sequential Order.  All payments, proceeds and other recoveries on or in respect of a Mortgage Loan or the related Mortgaged Property will be applied to the Notes in Sequential Order and any realized losses (including reductions by a bankruptcy court) applied to reduce the principal balance of the Mortgage Loan shall be reimbursed in Sequential Order after all amounts of interest and principal have otherwise been paid in full on all the Notes.

Each A Note shall be of equal priority, and no portion of any A Note shall have priority or preference over any portion of any other A Note or security therefor.  Each B Note shall be of equal priority, and no portion of any B Note shall have priority or preference over any portion of any other B Note or security therefor.  Each C Note shall be of equal priority, and no portion of any C Note shall have priority or preference over any portion of any other C Note or security therefor.

Section 4.                          Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Lead Securitization Servicing Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Securitization Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the principal balance of the Mortgage Loan is decreased, (ii) the Interest Rate is reduced, (iii) payments of interest or principal on any Note are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve, the Sequential Order of payment of the Notes as set forth in the Mortgage Loan Agreement.

Section 5.                          Administration of the Mortgage Loan.

(a)            Subject to this Agreement (including but not limited to Section 5(c)) and the Lead Securitization Servicing Agreement and subject to the rights and consents, where required, of the Controlling Note Holder Representative, the Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall have the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy, and no Non-Lead Securitization Note Holder shall have any voting, consent or other rights whatsoever except as explicitly set forth herein with respect to the Lead Securitization Note Holder's administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan.  Subject to this Agreement and the Lead Securitization Servicing Agreement, each Non-Lead Securitization Note Holder agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) the rights, if any, that such Note Holder has to, (i) call or cause the Lead Securitization Note Holder to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect

 

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to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the Lead Securitization Note Holder to file any bankruptcy petition against the Mortgage Loan Borrower.  The Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall not have any fiduciary duty to any Non-Lead Securitization Note Holder in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Securitization Note Holder from the obligation to make any disbursement of funds as set forth herein or its obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special Servicer) or any liability for failure to do so).

Upon the Mortgage Loan becoming a Defaulted Mortgage Loan, each Non-Lead Securitization Note Holder hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) to sell the Non-Lead Securitization Notes together with the Lead Securitization Note as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement.  In connection with any such sale, the Special Servicer shall be required to sell each Non-Lead Securitization Note together with the Lead Securitization Note in the manner set forth in the Lead Securitization Servicing Agreement and shall be required to require that all offers be submitted to the Certificate Administrator or Special Servicer, as applicable, in accordance with the terms of the Lead Securitization Servicing Agreement in writing and be accompanied by a refundable deposit of cash in an amount equal to 5% of the offer amount (subject to a cap of $2,500,000).  Whether any cash offer constitutes a fair price for the Mortgage Loan shall be determined by the Trustee or Special Servicer, as applicable, in accordance with the terms of the Lead Securitization Servicing Agreement; provided, that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least two bona fide other offers are received from independent third parties.  In determining whether any offer received from an Interested Person represents a fair price for the Mortgage Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with the Lead Securitization Servicing Agreement within the preceding nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal.  The Trustee shall select the Appraiser conducting any such new Appraisal.  In determining whether any such offer constitutes a fair price for the Mortgage Loan, the Trustee shall instruct the Appraiser to take into account (in addition to the results of any Appraisal or updated Appraisal that it may have obtained pursuant to the Lead Securitization Servicing Agreement), as applicable, among other factors, the period and amount of any delinquency on the affected Mortgage Loan, the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy.  The Trustee may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters retained by the Trustee at the expense of the Holders in connection with making such determination.

Each Non-Lead Securitization Note Holder hereby appoints the Lead Securitization Note Holder as its agent, and grants to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of the Non-Lead Securitization Notes.  Each Non-Lead Securitization Note Holder further agrees that, upon the request of the Lead Securitization Note Holder, each Non-Lead Securitization Note Holder shall execute and deliver to or at the direction of Lead Securitization Note Holder such powers of attorney or other

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instruments as the Lead Securitization Note Holder may reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following request, and shall deliver the related original Non-Lead Securitization Note, endorsed in blank, to or at the direction of the Lead Securitization Note Holder in connection with the consummation of any such sale.

The authority of the Lead Securitization Note Holder to sell the Non-Lead Securitization Notes, and the obligations of the Non-Lead Securitization Note Holders to execute and deliver instruments or deliver the Non-Lead Securitization Note upon request of the Lead Securitization Note Holder, shall terminate and cease to be of any further force or effect upon the date, if any, upon which the Lead Securitization is terminated in accordance with its terms.

(b)            The administration of the Mortgage Loan shall be governed by this Agreement and the Lead Securitization Servicing Agreement.  The servicing of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Mortgage Loan (or to the extent otherwise provided in the Lead Securitization Servicing Agreement), by the Special Servicer, in each case pursuant to the Lead Securitization Servicing Agreement.  Notwithstanding anything to the contrary contained herein, in accordance with the Lead Securitization Servicing Agreement, the Lead Securitization Note Holder shall cause the Master Servicer and the Special Servicer to service and administer the Mortgage Loan in accordance with the Servicing Standard, taking into account the interests of each of the Note Holders as a collective whole (and taking into account the subordinate nature of the subordinate Notes).  The Note Holders agree to be bound by the terms of the Lead Securitization Servicing Agreement.  All rights and obligations of the Lead Securitization Note Holder described hereunder may be exercised by the Master Servicer, the Special Servicer, the Certificate Administrator and/or the Trustee on behalf of the Lead Securitization Note Holder.  The Lead Securitization Servicing Agreement shall not be amended in any manner that may adversely affect any Non-Lead Securitization Note Holder in its capacity as Non-Lead Securitization Note Holder without such Non-Lead Securitization Note Holder's prior written consent.  Each Non-Lead Securitization Note Holder (unless it is the same Person as or an Affiliate of the Mortgage Loan Borrower) shall be a third-party beneficiary to the Lead Securitization Servicing Agreement with respect to its rights as specifically provided for therein.

(c)            The Controlling Note Holder (or its Controlling Note Holder Representative) shall have, with respect to the Mortgage Loan, all of the same rights and powers of the Controlling Class Representative under the Lead Securitization Servicing Agreement with respect to the other mortgage loans included in the Lead Securitization, including without limitation, the right to consent and/or consult regarding Major Decisions and other servicing matters, the right to advise (1) the Special Servicer with respect to all Specially Serviced Loans and (2) the Special Servicer with respect to non-Specially Serviced Loans as to all matters for which the Master Servicer must obtain the consent or deemed consent of the Special Servicer, and the right to direct the Special Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Controlling Class Representative may deem advisable or as to which provision is otherwise made therein, in each case subject to the terms and conditions of the Lead Securitization Servicing Agreement.

 

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(d)            Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be required to provide copies of any notice, information and report that it is required to provide to the Lead Securitization Subordinate Class Representative pursuant to the Lead Securitization Servicing Agreement with respect to any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to each Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative), within the same time frame it is required to provide to the Lead Securitization Subordinate Class Representative (for this purpose, without regard to whether such items are actually required to be provided to the Lead Securitization Subordinate Class Representative under the Lead Securitization Servicing Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event).

(e)            If any Note is included as an asset of a real estate mortgage investment conduit (a "REMIC"), within the meaning of Section 860D(a) of the Code, then, any provision of this Agreement to the contrary notwithstanding:  (i) the Mortgage Loan shall be administered such that the Notes shall qualify at all times as (or as interests in) a "qualified mortgage" within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired by or on behalf of the Note Holders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interest of each Note Holder therein shall at all times qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan, consent to or withhold consent from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising any powers or rights which the Note Holders may have under the Mortgage Loan Documents, if any such action would constitute a "significant modification" of the Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department of the Treasury, more than three (3) months after the startup day of the REMIC which includes the Notes (or any portion thereof).  Each Note Holder agrees that the provisions of this paragraph shall be effected by compliance with any REMIC provisions in the Lead Securitization Servicing Agreement relating to the administration of the Mortgage Loan.

Anything herein or in the Lead Securitization Servicing Agreement to the contrary notwithstanding, in the event that one of the Notes is included in a REMIC and the other is not, such other Note Holder shall not be required to reimburse such Note Holder or any other Person for payment of (i) any taxes imposed on such REMIC, (ii) any costs or expenses relating to the administration of such REMIC or to any determination respecting the amount, payment or avoidance of any tax under such REMIC or (iii) any advances for any of the foregoing or any interest thereon or for deficits in other items of disbursement or income resulting from the use of funds for payment of any such taxes, costs or expenses or advances, nor shall any disbursement or payment otherwise distributable to the other Note Holders be reduced to offset or make-up any such payment or deficit.

Section 6.                          Appointment of Controlling Note Holder Representative and Non-Controlling Note Holder Representative.

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(a)            The Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights and obligations with respect to the Mortgage Loan (the "Controlling Note Holder Representative").  The Controlling Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling Note Holder Representative in accordance with the terms of the Lead Securitization Servicing Agreement.  When exercising its various rights under Section 5 and elsewhere in this Agreement, the Controlling Note Holder may, at its option, in each case, act through the Controlling Note Holder Representative.  The Controlling Note Holder Representative may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage Loan Borrower), including, without limitation, the Controlling Note Holder, any officer or employee of the Controlling Note Holder, any affiliate of the Controlling Note Holder or any other unrelated third party.  No such Controlling Note Holder Representative shall owe any fiduciary duty or other duty to any other Person (other than the Controlling Note Holder).  All actions that are permitted to be taken by the Controlling Note Holder under this Agreement may be taken by the Controlling Note Holder Representative acting on behalf of the Controlling Note Holder.  No Servicer, Trustee or Certificate Administrator acting on behalf of the Lead Securitization Note Holder shall be required to recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified each Servicer, Trustee and Certificate Administrator of such appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling Note Holder, the Controlling Note Holder Representative provides each Servicer, Trustee and Certificate Administrator with written confirmation of its acceptance of such appointment, an address and facsimile number for the delivery of notices and other correspondence and a list of officers or employees of such Person with whom the parties to this Agreement may deal (including their names, titles, work addresses and facsimile numbers).  The Controlling Note Holder shall promptly deliver such information to each Servicer, Trustee and Certificate Administrator.  So long as no Consultation Termination Event (including any such deemed event) is in effect pursuant to the terms of the Lead Securitization Servicing Agreement, the Controlling Note Holder Representative shall be the Lead Securitization Subordinate Class Representative.

(b)            Neither the Controlling Note Holder Representative nor the Controlling Note Holder will have any liability to the other Note Holders or any other Person for any action taken, or for refraining from the taking of any action or the giving of any consent or the failure to give any consent pursuant to this Agreement or the Lead Securitization Servicing Agreement, or errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or negligence.  The Note Holders agree that the Controlling Note Holder Representative and the Controlling Note Holder (whether acting in place of the Controlling Note Holder Representative when no Controlling Note Holder Representative shall have been appointed hereunder or otherwise exercising any right, power or privilege granted to the Controlling Note Holder hereunder) may take or refrain from taking actions, or give or refrain from giving consents, that favor the interests of one Note Holder over the other Note Holder, and that the Controlling Note Holder Representative may have special relationships and interests that conflict with the interests of a Note Holder and, absent willful misfeasance, bad faith or negligence on the part of the Controlling Note Holder Representative or the Controlling Note Holder, as the case may be, agree to take no action against the Controlling Note Holder Representative, the Controlling Note Holder or any of their respective officers, directors,

 

 

 

 

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employees, principals or agents as a result of such special relationships or interests, and that neither the Controlling Note Holder Representative nor the Controlling Note Holder will be deemed to have been negligent, or to have acted in bad faith or engaged in willful misfeasance or to have disregarded any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed to give any consent, solely in the interests of any Note Holder.

(c)            Each Non-Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights and obligations with respect to the Mortgage Loan (each, a "Non-Controlling Note Holder Representative").  All of the provisions relating to Controlling Note Holder and the Controlling Note Holder Representative set forth in Section 6(a) (except those contained in the last sentence thereof) and Section 6(b) shall apply to each Non-Controlling Note Holder and its Non-Controlling Note Holder Representative mutatis mutandis.

(d)            The Controlling Note Holder shall be entitled to exercise the rights and powers granted to the Lead Securitization Note Holder hereunder and the rights and powers granted to the "Controlling Class Representative" or similar party under, and as defined in, the Lead Securitization Servicing Agreement with respect to the Mortgage Loan.  In addition, the Controlling Note Holder shall be entitled to advise (1) the Special Servicer with respect to all matters related to a "Specially Serviced Mortgage Loan" (as defined in the Lead Securitization Servicing Agreement) and (2) the Special Servicer with respect to all matters for which the Master Servicer must obtain the consent or deemed consent of the Special Servicer, and, except as set forth below (i) the Master Servicer shall not be permitted to implement any Major Decision unless it has obtained the prior written consent of the Special Servicer and (ii) the Special Servicer shall not be permitted to consent to the Master Servicer's implementing any Major Decision nor will the Special Servicer itself be permitted to implement any Major Decision as to which the Controlling Note Holder has objected in writing within ten (10) Business Days (or 30 days with respect to an Acceptable Insurance Default if so provided for in the Lead Securitization Servicing Agreement) after receipt of the written recommendation and analysis and such additional information requested by the Controlling Note Holder as may be necessary in the reasonable judgment of the Controlling Note Holder in order to make a judgment with respect to such Major Decision.  The Controlling Note Holder may also direct the Special Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Controlling Note Holder may deem advisable.

If the Controlling Note Holder fails to notify the Special Servicer of its approval or disapproval of any proposed Major Decision within ten (10) Business Days (or 30 days with respect to an Acceptable Insurance Default if so provided in the Lead Securitization Servicing Agreement) after delivery to the Controlling Note Holder by the applicable Servicer of written notice of a proposed Major Decision (which notice shall contain a legend, in conspicuous boldface type, substantially similar to the following: "THIS IS A REQUEST FOR ACTION APPROVAL. IF THE CONTROLLING NOTE HOLDER FAILS TO APPROVE OR DISAPPROVE THE ENCLOSED ACTION WITHIN TEN (10) BUSINESS DAYS, SUCH ACTION MAY BE DEEMED APPROVED") together with any information requested by the Controlling Note Holder as may be necessary in the reasonable judgment of the Controlling Note Holder in order to make a judgment, then upon the expiration of such ten (10) Business Day (or

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30 days with respect to an Acceptable Insurance Default if so provided in the Lead Securitization Servicing Agreement) period, such Major Decision shall be deemed to have been approved by the Controlling Note Holder.

In the event that the Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the Lead Securitization Servicing Agreement to take such action), as applicable, determines that immediate action, with respect to the foregoing matters, or any other matter requiring consent of the Controlling Note Holder is necessary to protect the interests of the Note Holders (as a collective whole) and the Special Servicer has made a reasonable effort to contact the Controlling Note Holder, the Master Servicer or the Special Servicer, as the case may be, may take any such action without waiting for the Controlling Note Holder's response.

No objection contemplated by the preceding paragraphs may require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of the Mortgage Loan Documents, applicable law, the Lead Securitization Servicing Agreement, this Agreement, the REMIC provisions of the Code or the Master Servicer or Special Servicer's obligation to act in accordance with the Servicing Standard or materially expand the scope of responsibilities of any of the Master Servicer or Special Servicer, as applicable.

The Controlling Note Holder shall have no liability to the other Note Holders or any other party for any action taken, or for refraining from the taking of any action or the giving of any consent or the failure to give any consent pursuant to this Agreement or the Lead Securitization Servicing Agreement, or errors in judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or negligence. The Note Holders agree that the Controlling Note Holder may take or refrain from taking actions, or give or refrain from giving consents, that favor the interests of one Note Holder over the other Note Holders, and that the Controlling Note Holder may have special relationships and interests that conflict with the interests of another Note Holder and, absent willful misconduct, bad faith or negligence on the part of the Controlling Note Holder agree to take no action against the Controlling Note Holder or any of its officers, directors, employees, principals or agents as a result of such special relationships or interests, and that the Controlling Note Holder shall not be deemed to have been negligent, or to have acted in bad faith or engaged in willful misconduct or to have disregarded any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed to give any consent, solely in the interests of any Note Holder.

Section 7.                          Appointment of Special Servicer.  Subject to the terms of the Lead Securitization Servicing Agreement, the Controlling Note Holder (or its Controlling Note Holder Representative) shall have the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint a replacement Special Servicer in lieu thereof.  Any designation by the Controlling Note Holder (or its Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be made by delivering to the other Note Holder, the Master Servicer, the then existing Special Servicer and other parties to the Lead Securitization Servicing Agreement a written notice stating such designation and satisfying the other conditions to such replacement as set forth in the Lead Securitization Servicing Agreement (including, without limitation, a Rating Agency Confirmation, if required by the terms of the Lead Securitization Servicing Agreement), if any.

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The Controlling Note Holder shall be solely responsible for any expenses incurred in connection with any such replacement without cause.  The Controlling Note Holder shall notify the other parties hereto of its termination of the then currently serving Special Servicer and its appointment of a replacement Special Servicer in accordance with this Section 7.  If the Controlling Note Holder has not appointed a Special Servicer with respect to the Mortgage Loan as of the consummation of the securitization under the Lead Securitization Servicing Agreement, then the initial Special Servicer designated in the Lead Securitization Servicing Agreement shall serve as the initial Special Servicer but this shall not limit the right of the Controlling Note Holder (or its Controlling Note Holder Representative) to designate a replacement Special Servicer for the Mortgage Loan as aforesaid.  If a Servicer Termination Event on the part of the Special Servicer has occurred that affects any Non-Controlling Note Holder, such Non-Controlling Note Holder shall have the right to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust, the Controlling Note Holder) to terminate the Special Servicer under the Lead Securitization Servicing Agreement (or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the successor servicing agreement pursuant to which the Mortgage Loan is being serviced) solely with respect to the Mortgage Loan pursuant to and in accordance with the terms of the Lead Securitization Servicing Agreement (or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the successor servicing agreement pursuant to which the Mortgage Loan is being serviced). The Controlling Note Holder and each Non-Controlling Note Holder acknowledge and agree that any successor special servicer appointed to replace the Special Servicer with respect to the Mortgage Loan that was terminated for cause at any Non-Controlling Note Holder's direction cannot at any time be the person (or an Affiliate thereof) that was so terminated without the prior written consent of such Non-Controlling Note Holder.  Each Non-Controlling Note Holder shall be solely responsible for reimbursing the Trustee's or the Controlling Note Holder's, as applicable, costs and expenses, if not paid within a reasonable time by the terminated special servicer and, in the case of the Trustee, that would otherwise be reimbursed to the Trustee from amounts on deposit in the Collection Account.

Section 8.                          Payment Procedure.

(a)            The Lead Securitization Note Holder, in accordance with the priorities set forth in Section 3 and subject to the terms of the Lead Securitization Servicing Agreement, will deposit or cause to be deposited all payments allocable to the Notes to the Collection Account pursuant to and in accordance with the Lead Securitization Servicing Agreement.  The Lead Securitization Note Holder (or the Master Servicer acting on its behalf) shall deposit such amounts to the applicable account within two (2) Business Days after receipt of properly identified funds by the Lead Securitization Note Holder (or the Master Servicer acting on its behalf) from or on behalf of the Mortgage Loan Borrower.

(b)            If the Lead Securitization Note Holder determines, or a court of competent jurisdiction orders, at any time that any amount received or collected in respect of any Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Mortgage Loan Borrower or paid to the Lead Securitization Note Holder, a Non-Lead Securitization Note Holder or any Servicer or paid to any other Person, then, notwithstanding any other provision of this Agreement, a Lead Securitization Note Holder

 

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shall not be required to distribute any portion thereof to the Non-Lead Securitization Note Holders and each Non-Lead Securitization Note Holder will promptly on demand by the Lead Securitization Note Holder repay to the Lead Securitization Note Holder any portion thereof that the Lead Securitization Note Holder shall have theretofore distributed to such Non-Lead Securitization Note Holder, together with interest thereon at such rate, if any, as the Lead Securitization Note Holder shall have been required to pay to the Mortgage Loan Borrower, Master Servicer, Special Servicer or such other Person with respect thereto.

(c)            If, for any reason, the Lead Securitization Note Holder makes any payment to a Non-Lead Securitization Note Holder before the Lead Securitization Note Holder has received the corresponding payment (it being understood that the Lead Securitization Note Holder is under no obligation to do so), and the Lead Securitization Note Holder does not receive the corresponding payment within five (5) Business Days of its payment to the related Non-Lead Securitization Note Holder, the related Non-Lead Securitization Note Holder shall, at the Lead Securitization Note Holder's request, promptly return that payment to the Lead Securitization Note Holder.

(d)            Each Note Holder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess of its distributable share thereof, it shall promptly remit such excess to the applicable Note Holder, subject to this Agreement and the Lead Securitization Servicing Agreement.  The Lead Securitization Note Holder shall have the right to offset any amounts due hereunder from a Non-Lead Securitization Note Holder with respect to the Mortgage Loan against any future payments due to such Non-Lead Securitization Note Holder under the Mortgage Loan.  Such Non-Lead Securitization Note Holder's obligations under this Section 8 constitute absolute, unconditional and continuing obligations.

Section 9.                          Limitation on Liability of the Note Holders.  Each Note Holder shall have no liability to any other Note Holder with respect to its Note except with respect to losses actually suffered due to the negligence, willful misconduct or breach of this Agreement on the part of such Note Holder.

The Note Holders acknowledge that, subject to the obligation of the Lead Securitization Note Holder (including any Servicer and the Trustee) to comply with, and except as otherwise required by, the Servicing Standard, the Lead Securitization Note Holder (including any Servicer and the Trustee) may exercise, or omit to exercise, any rights that the Lead Securitization Note Holder may have under the Lead Securitization Servicing Agreement in a manner that may be adverse to the interests of any Non-Lead Securitization Note Holder and that the Lead Securitization Note Holder (including any Servicer and the Trustee) shall have no liability whatsoever to any Non-Lead Securitization Note Holder in connection with the Lead Securitization Note Holder's exercise of rights or any omission by the Lead Securitization Note Holder to exercise such rights other than as described above; provided, however, that the Servicer must act in accordance with the Servicing Standard.

Section 10.                                        Bankruptcy.  Subject to Section 5(c), each Note Holder hereby covenants and agrees that only the Lead Securitization Note Holder has the right to institute, file, commence, acquiesce, petition under Bankruptcy Code Section 303 or otherwise or join any

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Person in any such petition or otherwise invoke or cause any other Person to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any part of its property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower.  Each Note Holder further agrees that only the Lead Securitization Note Holder, and not the Non-Lead Securitization Note Holders, can make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action in any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding.  The Note Holders hereby appoint the Lead Securitization Note Holder as their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and their proxy, for the purpose of exercising any and all rights and taking any and all actions available to the Non-Lead Securitization Note Holders in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify, lift or terminate the automatic stay with respect to the Mortgage Loan.  The Note Holders hereby agree that, upon the request of the Lead Securitization Note Holder, each Non-Lead Securitization Note Holder shall execute, acknowledge and deliver to the Lead Securitization Note Holder all and every such further deeds, conveyances and instruments as the Lead Securitization Note Holder may reasonably request for the better assuring and evidencing of the foregoing appointment and grant.  All actions taken by the Servicer in connection with any Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard.

Section 11.                                        Representations of the Note Holders.  Each Note Holder represents and warrants that the execution, delivery and performance of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action, and does not contravene such Note Holder's charter or any law or contractual restriction binding upon such Note Holder, and that this Agreement is the legal, valid and binding obligation of such Note Holder enforceable against such Note Holder in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and except that the enforcement of rights with respect to indemnification and contribution obligations may be limited by applicable law.  Each Note Holder represents and warrants that it is duly organized, validly existing, in good standing and in possession of all licenses and authorizations necessary to carry on its business.  Each Note Holder represents and warrants that (a) this Agreement has been duly executed and delivered by such Note Holder, (b) to such Note Holder's actual knowledge, all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required for the execution, delivery and performance of this Agreement by such Note Holder have been obtained or made and (c) to such Note Holder's actual knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation against such Note Holder, an adverse outcome of which would materially and adversely affect its performance under this Agreement.

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Section 12.                                        No Creation of a Partnership or Exclusive Purchase Right.  Nothing contained in this Agreement, and no action taken pursuant hereto shall be deemed to constitute the relationship created hereby between the Note Holders as a partnership, association, joint venture or other entity.  No Note Holder shall have any obligation whatsoever to offer to any other Note Holder the opportunity to purchase a participation interest in any future loans originated by such Note Holder or its Affiliates and if any Note Holder chooses to offer to any other Note Holder the opportunity to purchase a participation interest in any future mortgage loans originated by such Note Holder or its Affiliates, such offer shall be at such purchase price and interest rate as such Note Holder chooses, in its sole and absolute discretion.  No Note Holder shall have any obligation whatsoever to purchase from any other Note Holder a participation interest in any future loans originated by such Note Holder or its Affiliates.

Section 13.                                        Other Business Activities of the Note Holders.  Each Note Holder acknowledges that the other Note Holders or their Affiliates may make loans or otherwise extend credit to, and generally engage in any kind of business with, the Mortgage Loan Borrower or any Affiliate thereof, any entity that is a holder of debt secured by direct or indirect ownership interests in the Mortgage Loan Borrower or any entity that is a holder of a preferred equity interest in the Mortgage Loan Borrower (each, a "Mortgage Loan Borrower Related Party"), and receive payments on such other loans or extensions of credit to Mortgage Loan Borrower Related Parties and otherwise act with respect thereto freely and without accountability in the same manner as if this Agreement and the transactions contemplated hereby were not in effect.

Section 14.                                        Sale of the Notes.

(a)            Each Note Holder agrees that it will not sell, assign, transfer, pledge, syndicate, participate, hypothecate, contribute, encumber or otherwise dispose (either (i) directly or (ii) indirectly through entering into a derivatives contract or any other similar agreement, excluding a repo financing or a Pledge in accordance with Section 14(d)) of a Note (a "Transfer") except to a Qualified Institutional Lender.  Promptly after the Transfer, the non-transferring Note Holders shall be provided with (x) a representation from a transferee or the applicable Note Holder certifying that such transferee is a Qualified Institutional Lender (except in the case of a Transfer to a Securitization (and the related pooling and servicing or similar agreement requires the parties thereto to comply with this Agreement) or in accordance with the immediately following sentence) and (y) a copy of the assignment and assumption agreement referred to in Section 15.  If a Note Holder intends to Transfer its respective Note, or any portion thereof, to an entity that is not a Qualified Institutional Lender, it must first obtain (x) prior to a Securitization, the consent of each non-transferring Note Holder or (2) after a Securitization of such non-transferring Note Holder's Note, Rating Agency Confirmation.  Notwithstanding the foregoing, without the non-transferring Note Holder's prior consent (which will not be unreasonably withheld), and, if such non-transferring Note Holder's Note is held in a Securitization Trust, without Rating Agency Confirmation, no Note Holder shall Transfer all or any portion of its Note (or a participation interest in such Note) to the Mortgage Loan Borrower or the Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee.  The transferring Note Holder agrees that it will pay the expenses of the non-transferring Note Holder (including all expenses of the Master Servicer, the Special Servicer and the Trustee) and all expenses relating to the confirmation from the Rating Agencies in connection with any such Transfer.

 

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Notwithstanding the foregoing, each Note Holder shall have the right, without the need to obtain the consent of any other Note Holder, the Rating Agencies or any other Person, to Transfer 49% or less (in the aggregate) of its Note or any beneficial interest in its Note.  None of the provisions of this Section 14(a) shall apply in the case of (1) a sale of all of the Notes in accordance with the terms and conditions of the Lead Securitization Servicing Agreement or (2) a transfer by the Special Servicer, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement, of the Mortgage Loan or the Mortgaged Property, upon the Mortgage Loan becoming a Defaulted Loan, to a single member limited liability or limited partnership, 100% of the equity interest in which is owned directly or indirectly, through one or more single member limited liability companies or limited partnerships, by the Lead Securitization Trust.

For the purposes of this Agreement, if any Rating Agency shall, in writing, waive, decline or refuse to review or otherwise engage any request for a Rating Agency Confirmation hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade or withdrawal of its then current rating of the securities issued pursuant to the related Securitization, such waiver, declination, or refusal shall be deemed to eliminate, for such request only, the condition that such confirmation by such Rating Agency (only) be obtained for purposes of this Agreement. For purposes of clarity, any such waiver, declination or refusal to review or otherwise engage in any request for such confirmation hereunder shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent request for such Rating Agency Confirmation hereunder and the condition for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

(b)            In the case of any Transfer of a participation interest in any of the Notes, (i) the respective Note Holders' obligations under this Agreement shall remain unchanged, (ii) such Note Holders shall remain solely responsible for the performance of such obligations, and (iii) the Lead Securitization Note Holder and any Persons acting on its behalf shall continue to deal solely and directly with such Note Holder in connection with such Note Holder's rights and obligations under this Agreement and the Lead Securitization Servicing Agreement, and all amounts payable hereunder shall be determined as if such Note Holder had not sold such participation interest.

(c)            Notwithstanding any other provision hereof, any Note Holder may pledge (a "Pledge") its Note to any entity (other than the Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit facility to such Note Holder and that is either a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least "A" (or the equivalent) or better by each Rating Agency (a "Note Pledgee"), on terms and conditions set forth in this Section 14(c), it being further agreed that a financing provided by a Note Pledgee to a Note Holder or any Person which Controls such Note that is secured by its Note and is structured as a repurchase arrangement, shall qualify as a "Pledge" hereunder, provided that a Note Pledgee which is not a Qualified Institutional Lender may not take title to the pledged Note without a Rating Agency Confirmation.  Upon written notice by the applicable Note Holder to any other Note Holder and any Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee), such other Note Holder agrees to acknowledge receipt of such notice and thereafter agrees:  (i) to give Note

 

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Pledgee written notice of any default by the pledging Note Holder in respect of its obligations under this Agreement of which default such Note Holder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Note Holder in respect of its obligations to any other Note Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other Note Holder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving of same to the pledging Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to such other Note Holder; and (vi) that, upon written notice (a "Redirection Notice") to the other Note Holders and any Servicer by such Note Pledgee that the pledging Note Holder is in default, beyond any applicable cure periods, under the pledging Note Holder's obligations to such Note Pledgee pursuant to the applicable credit agreement between the pledging Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Note Holder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder from time to time pursuant to this Agreement or the Lead Securitization Servicing Agreement.  Any pledging Note Holder hereby unconditionally and absolutely releases the other Note Holders and any Servicer from any liability to the pledging Note Holder on account of such other Note Holder's or Servicer's compliance with any Redirection Notice believed by any Servicer or such other Note Holder to have been delivered by a Note Pledgee.  A Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Note Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and this Agreement.  In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee other than the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the pledging Note Holder's rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the pledging Note Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement.  The rights of a Note Pledgee under this Section 14(c) shall remain effective as to any Note Holder (and any Servicer) unless and until such Note Pledgee shall have notified any such Note Holder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

(d)            Notwithstanding any provisions herein to the contrary, if a conduit ("Conduit") which is not a Qualified Institutional Lender provides financing to a Note Holder then such Note Holder shall have the right to grant a security interest in its Note to such Conduit notwithstanding that such Conduit is not a Qualified Institutional Lender, if the following conditions are satisfied:

 

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(i)            The loan (the "Conduit Inventory Loan") made by the Conduit to such Note Holder to finance the acquisition and holding of its Note requires a third party (the "Conduit Credit Enhancer") to provide credit enhancement;

(ii)            The Conduit Credit Enhancer is a Qualified Institutional Lender;

(iii)            Such Note Holder pledges its interest in its Note to the Conduit as collateral for the Conduit Inventory Loan;

(iv)            The Conduit Credit Enhancer and the Conduit agree that, if such Note Holder defaults under the Conduit Inventory Loan, or if the Conduit is unable to refinance its outstanding commercial paper even if there is no default by such Note Holder, the Conduit Credit Enhancer will purchase the Conduit Inventory Loan from the Conduit, and the Conduit will assign the pledge of such Note Holder's Note to the Conduit Credit Enhancer; and

(v)            Unless the Conduit is in fact then a Qualified Institutional Lender, the Conduit will not without obtaining a Rating Agency Confirmation from each Rating Agency have any greater right to acquire the interests in the Note pledged by such Note Holder, by foreclosure or otherwise, than would any other purchaser that is not a Qualified Institutional Lender at a foreclosure sale conducted by a Note Pledgee.

Section 15.                                        Registration of the Notes and Each Note Holder.  The Agent shall keep or cause to be kept at the Agent Office books (the "Note Register") for the registration and transfer of the Notes.  The Agent shall serve as the initial note registrar and the Agent hereby accepts such appointment.  The names and addresses of the holders of the Notes and the names and addresses of any transferee of any Note of which the Agent has received notice, in the form of a copy of the assignment and assumption agreement referred to in this Section 15, shall be registered in the Note Register.  The Person in whose name a Note Holder is so registered shall be deemed and treated as the sole owner and holder thereof for all purposes of this Agreement.  Upon request of a Note Holder, the Agent shall provide such party with the names and addresses of the other Note Holders.  To the extent the Trustee or another party is appointed as Agent hereunder, each Note Holder hereby designates such Person as its agent under this Section 15 solely for purposes of maintaining the Note Register.

In connection with any Transfer of a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall execute an assignment and assumption agreement (unless the transferee is a Securitization Trust and the related pooling and servicing agreement requires the parties thereto to comply with this Agreement), whereby such transferee assumes all of the obligations of the applicable Note Holder hereunder with respect to such Note thereafter accruing and agrees to be bound by the terms of this Agreement, including the applicable restriction on Transfers set forth in Section 14, from and after the date of such assignment.  No transfer of a Note may be made unless it is registered on the Note Register, and the Agent shall not recognize any attempted or purported transfer of any Note in violation of the provisions of Section 14 and this Section 15.  Any such purported transfer shall be absolutely null and void and shall vest no rights in the purported transferee.  Each Note Holder desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and the other Note

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Holders against any liability that may result if the transfer is not made in accordance with the provisions of this Agreement.

Section 16.                                        Governing Law; Waiver of Jury Trial.  THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND OBLIGATIONS OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

Section 17.                                        Submission To Jurisdiction; Waivers.  Each party hereto hereby irrevocably and unconditionally:

(a)            SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

(b)            CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

(c)            AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER ADDRESS OF WHICH A PARTY HEREIN SHALL HAVE BEEN NOTIFIED; AND

(d)            AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION.

Section 18.                                        Modifications.  This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by each Note Holder.  Additionally, for as long as any Note is contained in a Securitization Trust, the Note Holders shall not amend or

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modify this Agreement without first receiving a Rating Agency Confirmation; provided that no such confirmation from the Rating Agencies shall be required in connection with a modification (i) to cure any ambiguity, to correct or supplement any provisions herein that may be defective or inconsistent with any other provisions herein or with the Lead Securitization Servicing Agreement, (ii) to make other provisions with respect to matters or questions arising under this Agreement, which shall not be inconsistent with the provisions of this Agreement or (iii) if and to the extent the it would be deemed given or not required pursuant to the definition of Rating Agency Confirmation in the Lead Securitization Servicing Agreement and/or any Non-Lead Securitization Servicing Agreement, as applicable.

Section 19.                                        Successors and Assigns; Third Party Beneficiaries.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.  Except as provided herein, including without limitation, with respect to the Trustee, Certificate Administrator, Master Servicer, Special Servicer, Non-Lead Master Servicer, Non-Lead Special Servicer, Non-Lead Trustee, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party hereto.  Subject to Section 14 and Section 15, each Note Holder may assign or delegate its rights or obligations under this Agreement.  Upon any such assignment, the assignee shall be entitled to all rights and benefits of the applicable Note Holder hereunder.

Section 20.                                        Counterparts.  This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart of this Agreement.

Section 21.                                        Captions.  The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration in the construction of this Agreement.

Section 22.                                        Severability.  Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

Section 23.                                        Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

Section 24.                                        Withholding Taxes.  (a) If the Lead Securitization Note Holder or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other amounts payable to a Non-Lead Securitization Note Holder with respect to the Mortgage Loan as a result of such Non-Lead Securitization Note Holder constituting a Non-Exempt Person, the Lead Securitization Note Holder, in its capacity as servicer, shall be

 

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entitled to do so with respect to such Non-Lead Securitization Note Holder's interest in such payment (all withheld amounts being deemed paid to such Note Holder), provided that the Lead Securitization Note Holder shall furnish such Non-Lead Securitization Note Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information which may reasonably be requested for purposes of assisting such Note Holder to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which such Note Holder is subject to tax.

(b)            Each Non-Lead Securitization Note Holder shall and hereby agrees to indemnify the Lead Securitization Note Holder against and hold the Lead Securitization Note Holder harmless from and against any Taxes, interest, penalties and attorneys' fees and disbursements arising or resulting from any failure of the Lead Securitization Note Holder to withhold Taxes from payment made to such Non-Lead Securitization Note Holder in reliance upon any representation, certificate, statement, document or instrument made or provided by such Non-Lead Securitization Note Holder to the Lead Securitization Note Holder in connection with the obligation of the Lead Securitization Note Holder to withhold Taxes from payments made to Non-Lead Securitization Note Holder, it being expressly understood and agreed that (i) the Lead Securitization Note Holder shall be absolutely and unconditionally entitled to accept any such representation, certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness or validity of the same and (ii) such Non-Lead Securitization Note Holder, upon request of the Lead Securitization Note Holder and at its sole cost and expense, shall defend any claim or action relating to the foregoing indemnification using counsel selected by the Lead Securitization Note Holder.

(c)            Each Non-Lead Securitization Note Holder represents to the Lead Securitization Note Holder (for the benefit of the Mortgage Loan Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the Mortgage Loan Borrower is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise pursuant to this Agreement.  Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of this Agreement, each Non-Lead Securitization Note Holder shall deliver to the Lead Securitization Note Holder or Servicer, as applicable, evidence satisfactory to the Lead Securitization Note Holder substantiating that such Note Holder is not a Non-Exempt Person and that the Lead Securitization Note Holder is not obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise under this Agreement.  Without limiting the effect of the foregoing, (i) if a Non-Lead Securitization Note Holder is created or organized under the laws of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization Note Holder an Internal Revenue Service Form W-9 and (ii) if a Non-Lead Securitization Note Holder is not created or organized under the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest or other amounts by the Mortgage Loan Borrower is treated for United States income tax purposes as derived in whole or part from sources within the United States, such Note Holder shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization Note Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or

 

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successor forms, as may be required from time to time, duly executed by such Note Holder, as evidence of such Note Holder's exemption from the withholding of United States tax with respect thereto.  The Lead Securitization Note Holder shall not be obligated to make any payment hereunder with respect to a Non-Lead Securitization Note or otherwise until the related Non-Lead Securitization Note Holder shall have furnished to the Lead Securitization Note Holder requested forms, certificates, statements or documents.

Section 25.                                        Custody of Mortgage Loan Documents.  The originals of all of the Mortgage Loan Documents (other than each Non-Lead Securitization Note) (a) prior to the Lead Securitization will be held by the Initial Agent and (b) after the Lead Securitization, will be held by the Lead Securitization Note Holder (in the name of the Trustee and held by a duly appointed custodian therefor in accordance with the Lead Securitization Servicing Agreement), in each case, on behalf of the registered holders of the Notes.

Section 26.                                        Cooperation in Securitization.

(a)            Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization.  In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the Lead Securitization Note Holder, each Non-Lead Securitization Note Holder shall use reasonable efforts, at the Lead Securitization Note Holder's expense, to satisfy, and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market standards to which the Lead Securitization Note Holder customarily adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to, as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably requested by the Rating Agencies to effect the Securitization; provided, however, that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, none of the Non-Lead Securitization Note Holders shall be required to modify or amend this Agreement or the Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments to, a Non-Lead Securitization Note Holder or (ii) materially increase a Non-Lead Securitization Note Holders' obligations or materially decrease any Non-Lead Securitization Note Holders' rights, remedies or protections.  In connection with the Lead Securitization, each Non-Lead Securitization Note Holder agrees to provide for inclusion in any disclosure document relating to the Lead Securitization such information concerning such Non-Lead Securitization Note Holder and the related Non-Lead Securitization Note as the Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and each Non-Lead Securitization Note Holder covenants and agrees that it shall, at the Lead Securitization Note Holder's expense, cooperate with the reasonable requests of each Rating Agency and Lead Securitization Note Holder in connection with the Lead Securitization (including, without limitation, reasonably cooperating with the Lead Securitization Noteholder (without any obligation to make additional representations and warranties) to enable the Lead Securitization Noteholder to make all necessary certifications and deliver all necessary opinions (including customary securities law opinions) in connection

 

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with the Mortgage Loan and the Lead Securitization), as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with respect to any information relating to a Non-Lead Securitization Note Holder and the related Non-Lead Securitization Note in any Securitization document.  Each Non-Lead Securitization Note Holder acknowledges that the information provided by it to the Lead Securitization Note Holder may be incorporated into the offering documents for the Lead Securitization.  The Lead Securitization Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, each Non-Lead Securitization Note Holder.  The Lead Securitization Note Holder will reasonably cooperate with each Non-Lead Securitization Note Holder by providing all information reasonably requested that is in the Lead Securitization Note Holder's possession in connection with each Non-Lead Securitization Note Holders' preparation of disclosure materials in connection with a Securitization.

Upon request, the Lead Securitization Note Holder shall deliver to a Non-Lead Securitization Note Holder drafts of the preliminary and final Lead Securitization offering memoranda, prospectus supplement, free writing prospectus and any other disclosure documents and the Lead Securitization Servicing Agreement and provide reasonable opportunity to review and comment on such documents.

Section 27.                                         Notices.  All notices required hereunder shall be given by (i) telephone (confirmed promptly in writing) or shall be in writing and personally delivered, (ii) sent by facsimile transmission (during business hours) if the sender on the same day sends a confirming copy of such notice by reputable overnight delivery service (charges prepaid), (iii) reputable overnight delivery service (charges prepaid) or (iv) certified United States mail, postage prepaid return receipt requested, and addressed to the respective parties at their addresses set forth on Exhibit B hereto, or at such other address as any party shall hereafter inform the other party by written notice given as aforesaid.  All written notices so given shall be deemed effective upon receipt.

Section 28.                                        Broker.  Each Note Holder represents to each other that no broker was responsible for bringing about this transaction.

Section 29.                                        Certain Matters Affecting the Agent.

(a)            The Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer's certificate or assignment and assumption agreement delivered to the Agent pursuant to Section 14 and Section 15;

(b)            The Agent may consult with counsel and any opinion of counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such opinion of counsel;

(c)            The Agent shall be under no obligation to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any Note Holder pursuant to the provisions of this Agreement, unless it has received indemnity reasonably satisfactory to it;

 

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(d)            The Agent or any of its directors, officers, employees, Affiliates, agents or "control" persons within the meaning of the Act, shall not be personally liable for any action taken, suffered or omitted by it in good faith and reasonably believed by the Agent to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

(e)            The Agent shall not be bound to make any investigation into the facts or matters stated in any officer's certificate or assignment and assumption agreement delivered to the Agent pursuant to Section 15;

(f)            The Agent may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys but shall not be relieved of its obligations hereunder; and

(g)            The Agent represents and warrants that it is a Qualified Institutional Lender.

Section 30.                                        Termination and Resignation of Agent.

(a)            The Agent may be terminated at any time upon ten (10) days prior written notice from the Senior Noteholder.  In the event that the Agent is terminated pursuant to this Section 30, all of its rights and obligations under this Agreement shall be terminated, other than any rights or obligations that accrued prior to the date of such termination.

(b)            The Agent may resign at any time on ten (10) days' prior notice, so long as a successor Agent, reasonably satisfactory to the Note Holders (it being agreed that a Servicer, the Trustee or a Certificate Administrator in a Securitization is satisfactory to the Note Holders), has agreed to be bound by this Agreement and perform the duties of the Agent hereunder. JPM, as Initial Agent, may transfer its rights and obligations to a Servicer, the Trustee or the Certificate Administrator, as successor Agent, at any time without the consent of any Note Holder.  Notwithstanding the foregoing, Note Holders hereby agree that, simultaneously with the closing of the Lead Securitization, the Master Servicer shall be deemed to have been automatically appointed as the successor Agent under this Agreement in place of JPM without any further notice or other action. The termination or resignation of such Master Servicer, as Master Servicer under the Lead Securitization Servicing Agreement, shall be deemed a termination or resignation of such Master Servicer as Agent under this Agreement.

Section 31.                                        Resizing.  Notwithstanding any other provision of this Agreement, for so long as JPM, GACC or an affiliate of either of them (an "Original Entity") is the owner of a Non-Lead Securitization Note (the "Owned  Note"), such Original Entity shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Mortgage Loan Borrower to execute amended and restated notes or additional notes (in either case, "New Notes") reallocating the principal of the Owned Note to such New Notes; or severing the Owned Note into one or more further "component" notes in the aggregate principal amount equal to the then outstanding principal balance of the Owned Note provided that (i) the aggregate principal balance of all outstanding New Notes following such amendments is no greater than the aggregate principal of the Owned  Note prior to such amendments, (ii) all Notes continue to have the same weighted average interest rate as the Notes prior to such amendments, (iii) all Notes

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pay pro rata and on a pari passu basis (to the extent described in the Mortgage Loan Agreement) and such reallocated or component notes shall be automatically subject to the terms of this Agreement, (iv) the Original Entity holding the New Notes shall notify the Lead Securitization Note Holder, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in writing of such modified allocations and principal amounts, and (v) the execution of such amendments and New Notes does not violate the Servicing Standard.  If the Lead Securitization Note Holder so requests, the Original Entity holding the New Notes (and any subsequent holder of such Notes) shall execute a confirmation of the continuing applicability of this Agreement to the New Notes, as so modified.  Except for the foregoing reallocation and for modifications pursuant to the Lead Securitization Servicing Agreement (as discussed in Section 5), no Note may be modified or amended without the consent of its holder and the consent of the holders of the other Notes.  In connection with the foregoing (provided the conditions set forth in (i) through (v) above are satisfied, with respect to (i) through (iv), as certified by the Original Entity, on which certification the Master Servicer can rely), the Master Servicer is hereby authorized and directed to execute amendments to the Mortgage Loan Documents and this Agreement on behalf of any or all of the Note Holders, as applicable, solely for the purpose of reflecting such reallocation of principal.  If more than one New Note is created hereunder, for purposes of exercising the rights of a Non-Controlling Note Holder hereunder, the "Non-Controlling Note Holder" of such New Notes shall be as provided in the definition of such term in this Agreement.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Initial Note Holders have caused this Agreement to be duly executed as of the day and year first above written.

	 	
JPMORGAN CHASE BANK, NATIONAL 

 ASSOCIATION, a national banking 

association, as Initial Note 1 Holder

	 
	 	 	 	 
		
By: 

	/s/ Dwayne McNicholas	 
	 	 	Name: Dwayne McNicholas	 
	 	 	Title:   Vice President	 
	 	 	 	 
	 	
GERMAN AMERICAN CAPITAL 

CORPORATION, a public limited 

 company, as Initial Note 2 Holder

	 
	 	 	 	 
	 	By: 	/s/ Matt Smith	 
	 	 	Name: Matt Smith	 
	 	 	Title:   Director	 
	 	 	 	 
	 	By: 	/s/ Natalie Grainger	 
	 	 	Name: Natalie D. Grainger	 
	 	 	Title:   Director	 

  

EXHIBIT A

 MORTGAGE LOAN SCHEDULE

Description of Mortgage Loan

	
Mortgage Loan Borrower:

	
SDQ Fee, LLC

	
Date of Mortgage Loan:

	
May 20, 2015

	
Date of Notes:

	
May 20, 2015

	
Original Principal Amount of Mortgage Loan:

	
$165,000,000

	
Principal Amount of Mortgage Loan as of the date hereof:

	
$165,000,000

	
Initial A-1-S Note Principal Balance:

	
$15,000,000

	
Initial A-1-C Note Principal Balance:

	
$42,000,000

	
Initial A-2-S Note Principal Balance:

	
$10,000,000

	
Initial A-2-C Note Principal Balance:

	
$28,000,000

	
Initial B-1-S Note Principal Balance:

	
$7,800,000

	
Initial B-2-S Note Principal Balance:

	
$5,200,000

	
Initial C-1-S Note Principal Balance:

	
$34,200,000

	
Initial C-2-S Note Principal Balance:

	
$22,800,000

	
Location of Mortgaged Property:

	
15037 N. Scottsdale Road, Scottsdale, AZ  85254

	
Initial Maturity Date:

	
June 1, 2025

 

A-1

EXHIBIT B

1.    Initial Note 1 Holder:

(Prior to Securitization of Note 1):

JPMorgan Chase Bank, National Association

Notice Address:

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention:  Joseph E. Geoghan

 Facsimile No.: (212) 272-7047

and

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention:  Nancy S. Alto

 Facsimile No.:  (212) 623-4779

2.    Initial Note 2 Holder:

(Prior to Securitization of Note 2):

German American Capital Corporation

Notice Address:

German American Capital Corporation

60 Wall Street

New York, New York  10005

Attention:  Robert W. Pettinato

 Facsimile No.:  (212) 669-0021

B-1

(Following Securitization of Note A-1-S):

(i)     Depositor:

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

31st Floor

New York, New York  10179

Attention:  Kunal K. Singh

 E-mail:  kunal.k.singh@jpmorgan.com

with a copy to:

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

32nd Floor

New York, New York  10179

Attention:  Bianca A. Russo

Managing Director and Associate General Counsel

Telecopy number:  (917) 464‐6116

 E-mail:  russo_bianca@jpmorgan.com

(ii)             Master Servicer:

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Diane Haislip

Facsimile: (877) 379-1625

E-mail: diane_c_haislip@keybank.com

With a copy to:

 Polsinelli PC

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile: (816) 753-1536

E-mail: kkohring@polsinelli.com

(iii) Special Servicer:

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Diane Haislip

Facsimile: (877) 379-1625

E-mail: diane_c_haislip@keybank.com

B-2

With a copy to:

 Polsinelli PC

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile: (816) 753-1536

E-mail: kkohring@polsinelli.com

(iv)  Trustee:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045 1951

Attention:  Corporate Trust (CMBS)

WP Glimcher Mall Trust 2015-WPG

Telecopy Number:  (410) 715 2380

 E-Mail:  cts.cmbs.bond.admin@wellsfargo.com

(v)            Certificate Administrator:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045 1951

Attention:  Corporate Trust (CMBS)

WP Glimcher Mall Trust 2015-WPG

Telecopy Number:  (410) 715 2380

 E-Mail:  cts.cmbs.bond.admin@wellsfargo.com 

B-3

EXHIBIT C

PERMITTED FUND MANAGERS

1. Apollo Global Real Estate

2. Archon Capital, L.P.

3. AREA Property Partners

4. BlackRock, Inc.

5. The Blackstone Group International Ltd.

6. Capital Trust, Inc.

7. Clarion Partners

8. Colony Capital, Inc.

9. DLJ Real Estate Capital Partners

10. Eightfold Real Estate Capital, L.P.

11. Fortress Investment Group LLC

12. Garrison Investment Group

13. Goldman, Sachs & Co.

14. iStar Financial Inc.

15. J.E. Roberts Companies

16. Lend-Lease Real Estate Investments

17. LoanCore Capital

18. Lonestar Funds

19. Praedium Group

20. Raith Capital Partners, LLC

21. Rialto Capital Management, LLC

22. Rockpoint Group

23. Starwood Capital/Starwood Financial Trust

24. Torchlight Investors

25. Walton Street Capital, LLC

26. Westbrook Partners

27. WestRiver Capital

28. Whitehall Street Real Estate Fund, L.P.

C-1Exhibit 4.1

 

HONDA AUTO RECEIVABLES 2015-4 OWNER TRUST,

as Issuer,

and

The Bank of New York Mellon,

as Indenture Trustee

____________________

INDENTURE

Dated October 22, 2015

____________________

 

     

     

    

 

CROSS REFERENCE TABLE*

  

	TIA Section	 	Indenture Section
	 	 	 	 
	310	(a)(1)	 	6.11
	 	(a)(2)	 	6.11
	 	(a)(3)	 	6.10; 6.11
	 	(a)(4)	 	N.A.**
	 	(a)(5)	 	6.11
	 	(b)	 	6.08; 6.11
	 	(c)	 	N.A.
	311	(a)	 	6.12
	 	(b)	 	6.12
	 	(c)	 	N.A.
	312	(a)	 	7.01
	 	(b)	 	7.02
	 	(c)	 	7.02
	313	(a)	 	7.04
	 	(b)(1)	 	7.04
	 	(b)(2)	 	7.04
	 	(c)	 	7.04; 11.05
	 	(d)	 	7.04
	314	(a)	 	7.03
	 	(b)	 	11.15
	 	(c)(1)	 	11.01
	 	(c)(2)	 	11.01
	 	(c)(3)	 	11.01
	 	(d)	 	11.01
	 	(e)	 	11.01
	 	(f)	 	11.01
	315	(a)	 	6.01
	 	(b)	 	6.05; 11.01
	 	(c)	 	6.01
	 	(d)	 	6.01
	 	(e)	 	5.13
	316	(a)	 	1.01
	 	(a)(1)(A)	 	5.11
	 	(a)(1)(B)	 	5.12
	 	(a)(2)	 	N.A.
	 	(b)	 	5.07
	 	(c)	 	N.A.
	317	(a)(1)	 	5.03
	 	(a)(2)	 	5.03
	 	(b)	 	3.03
	318	(a)	 	11.07

 

 

*        This Cross Reference Table shall not, for any
purpose, be deemed to be part of this Indenture.

**         N.A. means Not Applicable.

 

    	 	i	 

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE I       DEFINITIONS AND INCORPORATION BY REFERENCE	2
	Section 1.01.	Definitions	2
	Section 1.02.	Incorporation by Reference of Trust Indenture Act	9
	Section 1.03.	Rules of Construction	9
	ARTICLE II        THE NOTES	10
	Section 2.01.	Form	10
	Section 2.02.	Execution, Authentication and Delivery	11
	Section 2.03.	Temporary Notes	11
	Section 2.04.	Note Register, Registration of Transfer and Exchange	11
	Section 2.04A.	Transfer Restrictions on the Class A-1 Notes	13
	Section 2.05.	Mutilated, Destroyed, Lost or Stolen Notes	15
	Section 2.06.	Persons Deemed Owner	15
	Section 2.07.	Payment of Principal and Interest, Defaulted Interest	16
	Section 2.08.	Cancellation	16
	Section 2.09.	Book-Entry Notes	17
	Section 2.10.	Notices to Clearing Agency	18
	Section 2.11.	Definitive Notes.	18
	Section 2.12.	Release of Collateral	18
	Section 2.13.	Tax Treatment	18
	Section 2.14.	Employee Benefit Plans	19
	ARTICLE III       COVENANTS	19
	Section 3.01.	Payment of Principal and Interest	19
	Section 3.02.	Maintenance of Office or Agency	20
	Section 3.03.	Money for Payments to be Held in Trust	20
	Section 3.04.	Existence	21
	Section 3.05.	Protection of Owner Trust Estate	21
	Section 3.06.	Opinions as to Owner Trust Estate	22
	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.	Issuer May Consolidate, etc., Only on Certain Terms	25
	Section 3.11.	Successor or Transferee	26
	Section 3.12.	No Other Business	27

 

    	 	ii	 

     

    

 

	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	27
	Section 3.20.	Further Instruments and Acts	28
	Section 3.21.	Compliance with Laws	28
	Section 3.22.	Amendments of Sale and Servicing Agreement and Trust Agreement	28
	ARTICLE IV        SATISFACTION AND DISCHARGE	28
	Section 4.01.	Satisfaction and Discharge of Indenture	28
	Section 4.02.	Application of Trust Money	29
	Section 4.03.	Repayment of Monies Held by Paying Agent	29
	ARTICLE V       REMEDIES	30
	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	33
	Section 5.05.	Optional Preservation of the Receivables	35
	Section 5.06.	Limitation of Suits	36
	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	37
	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	39
	Section 6.01.	Duties of Indenture Trustee	39
	Section 6.02.	Rights of Indenture Trustee	40
	Section 6.03.	Individual Rights of Indenture Trustee	42
	Section 6.04.	Indenture Trustee’s Disclaimer	42
	Section 6.05.	Notice of Defaults	42
	Section 6.06.	Reports by Indenture Trustee to Holders	42
	Section 6.07.	Compensation and Indemnity	43

    	 	iii	 

     

    

 

	Section 6.08.	Replacement of Indenture Trustee	43
	Section 6.09.	Successor Indenture Trustee by Merger	45
	Section 6.10.	Appointment of Co-Trustee or Separate Trustee	45
	Section 6.11.	Eligibility, Disqualification	46
	Section 6.12.	Preferential Collection of Claims Against Issuer	46
	Section 6.13.	Representations and Warranties of Indenture Trustee	47
	ARTICLE VII        NOTEHOLDERS’ LISTS AND REPORTS	47
	Section 7.01.	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	47
	Section 7.02.	Preservation of Information; Communications, Reports and Certain Documents to Noteholders	48
	Section 7.03.	Reports by Issuer	49
	Section 7.04.	Reports by Indenture Trustee	49
	ARTICLE VIII        ACCOUNTS, DISBURSEMENTS AND RELEASES	49
	Section 8.01.	Collection of Money	49
	Section 8.02.	Accounts	50
	Section 8.03.	General Provisions Regarding Accounts	51
	Section 8.04.	Release of Owner Trust Estate	52
	Section 8.05.	Opinion of Counsel	52
	ARTICLE IX        SUPPLEMENTAL INDENTURES	53
	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	55
	Section 9.05.	Conformity with Trust Indenture Act	56
	Section 9.06.	Reference in Notes to Supplemental Indentures	56
	ARTICLE X        REDEMPTION OF NOTES	56
	Section 10.01.	Redemption	56
	Section 10.02.	Form of Redemption Notice	56
	Section 10.03.	Notes Payable on Redemption Date	57
	ARTICLE XI        MISCELLANEOUS	57
	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	59
	Section 11.04.	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	60
	Section 11.05.	Notices to Noteholders; Waiver	61
	Section 11.06.	Alternate Payment and Notice Provisions	61
	Section 11.07.	Conflict with Trust Indenture Act	62

    	 	iv	 

     

    

 

	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; Submission to Jurisdiction; Waiver of Jury Trial	62
	Section 11.14.	Counterparts	63
	Section 11.15.	Recording of Indenture	63
	Section 11.16.	Trust Obligation	63
	Section 11.17.	No Petition	63
	Section 11.18.	Inspection	64
	Section 11.19.	[Reserved]	64
	Section 11.20.	Disclosure of Tax Treatment	64
	Section 11.21.	Intent of the Parties; Reasonableness	64
	Section 11.22.	Owner Trustee	65
	Section 11.23.	U.S.A. Patriot Act	65
	Section 11.24.	Communications with Rating Agencies	65

    	 	v	 

     

    

 

	SCHEDULES	 
	 	 
	Schedule A – Schedule of Receivables	S-A-1
	 	 
	EXHIBITS	 

  

	Exhibit A- Form of Class A-1 Note	A-1
	
        Exhibit A- Form of Class
A-2, A-3 and A-4 Note
	A-2
	Exhibit B - Form of Note Depository Agreement	B-1
	Exhibit C - Form of Transferor Certificate	C-1
	Exhibit D - Form of Investment Letter	D-1
	Exhibit E - Servicing Criteria to be Addressed in Assessment of Compliance	E-1
	Exhibit F - Form of Monthly 15Ga-1 Report	F-1

 

    	 	vi	 

     

    

 

This Indenture, dated October 22, 2015,
is between Honda Auto Receivables 2015-4 Owner Trust, a Delaware statutory trust (the “Issuer”), and The Bank
of New York Mellon, as indenture trustee (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 Issuer’s Class A-1 0.40000% Asset Backed Notes
(the “Class A-1 Notes”), Class A-2 0.82% Asset Backed Notes (the “Class A-2 Notes”),
Class A-3 1.23% Asset Backed Notes (the “Class A-3 Notes”) and Class A-4 1.44% 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 Issuer hereby Grants to the Indenture
Trustee at the Closing Date, on behalf of and for the benefit of the Holders of the Notes, without recourse, all of the Issuer’s
right, title and interest in, to and under (i) the Receivables and all monies due thereon and received thereon on and after October
1, 2015; (ii) the security interests in the Financed Vehicles; (iii) any proceeds of any physical damage insurance policies covering
the Financed Vehicles and in any proceeds of any credit life or credit disability insurance policies relating to the Receivables
or the Obligors; (iv) any proceeds of Dealer Recourse; (v) the right to realize upon any property (including the right to receive
future Liquidation Proceeds) that shall have secured a Receivable and have been repossessed by or on behalf of the Issuer; (vi)
all funds, and all investment property, from time to time carried in or credited to the Accounts, including the Reserve Fund Initial
Deposit and the Yield Supplement Account Deposit and in all investment income and proceeds thereof; (vii) the rights of the Seller
under the Receivables Purchase Agreement including, but not limited to, the representations and warranties set forth in Sections
2.02 and 2.03 therein and the rights of the Issuer under the Sale and Servicing Agreement, including, but not limited to, the representations
and warranties set forth in Sections 2.03 and 5.01 therein; (viii) any Servicer Letter of Credit and (ix) 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
thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes,
drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, 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 as each such term is defined in Section 1.01 (collectively,
the “Collateral”).

 

The foregoing Grant is made in trust to
secure (i) 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, except as expressly provided in this Indenture and the Sale and Servicing Agreement
and (ii) 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, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and agrees to perform its duties as required in this Indenture to the end that the interests of the
Holders of the Notes may be adequately and effectively protected.

 

     

     

    

 

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” shall have the
meaning specified in Section 11.03(a).

 

“Administration Agreement”
means the Administration Agreement, dated October 22, 2015, among the Administrator, the Issuer, the Depositor and the Indenture
Trustee.

 

“Administrator” means
AHFC or any successor Administrator under the Administration Agreement.

 

“AHFC” means American
Honda Finance Corporation, and its successors.

 

“Authorized Officer”
means, with respect to the Issuer, any officer of the Owner Trustee or person appointed pursuant to a power of attorney who is
authorized to act for the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers
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 Vice President or more senior
officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer and to be acted upon
by the Administrator pursuant to the Administration Agreement and who is identified on the list of Authorized 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).

 

“Benefit Plan” means
(a) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a plan (as defined
in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, and (c) an entity whose underlying assets include
assets of a plan described in (a) or (b) by reason of such plan’s investment in the 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 2.09.

 

“Business Day” means
any day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in New York, New York, Los Angeles,
California, Chicago, Illinois, St. Paul, Minnesota or Wilmington, Delaware are authorized or obligated by law, executive order
or governmental decree to be closed.

 

“Class” means all Notes
whose form is identical except for variation in denomination, principal amount or owner.

 

    	 	2	 

     

    

 

“Class A-1 Interest Rate”
means 0.40000% per annum (computed on the basis of the actual number of days in the related Interest Accrual Period divided by
360).

 

“Class A-1 Notes” means
the Class A-1 0.40000% Asset Backed Notes, substantially in the form of Exhibit A.

 

“Class A-2 Interest Rate”
means 0.82% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

 

“Class A-2 Notes” means
the Class A-2 0.82% Asset Backed Notes, substantially in the form of Exhibit A.

 

“Class A-3 Interest Rate”
means 1.23% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

 

“Class A-3 Notes” means
the Class A-3 1.23% Asset Backed Notes, substantially in the form of Exhibit A.

 

“Class A-4 Interest Rate”
means 1.44% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

 

“Class A-4 Notes” means
the Class A-4 1.44% Asset Backed Notes, substantially in the form of Exhibit A.

 

“Clearing Agency” means
an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act, which initially shall
be The Depository Trust Company.

 

“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
October 22, 2015.

 

“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 an office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered, which
office at the date of execution of this Indenture is located at The Bank of New York Mellon, 101 Barclay Street, Floor 7 West,
New York, New York 10286, Attention: Corporate Trust Administration, Asset Backed Securities Unit – Honda Auto Receivables
2015-4, or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders and the
Issuer, or the principal corporate trust office of any successor Indenture Trustee at the address designated by such successor
Indenture Trustee by notice to the Noteholders and the Issuer.

 

    	 	3	 

     

    

 

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

 

“Definitive Notes” shall
have the meaning specified in Section 2.11.

 

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

 

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

 

“Executive Officer” means,
with respect to any corporation or depository institution, 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 or depository
institution; and with respect to any partnership, any general partner thereof.

 

“Final Payment Date”
has the meaning set forth in the Sale and Servicing Agreement.

 

“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 a 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 monies 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.

 

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

 

“Honda Parties” shall
have the meaning specified in Section 7.02(e).

 

“Honda Party” shall have
the meaning specified in Section 7.02(e).

 

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

 

“Indenture Trustee” means
The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York, 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 (i) is in fact independent of the Issuer, any other obligor on
the Notes, the Seller and any of their respective Affiliates, (ii) does not have any direct financial interest or any material
indirect financial interest in the Issuer, any such other obligor, the Seller or any of their respective Affiliates and (iii) is
not connected with the Issuer, any such other obligor, the Seller or any of their respective Affiliates as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar functions.

 

    	 	4	 

     

    

 

“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 or other expert appointed by an Issuer Order
and approved by 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.

 

“Interest Accrual Period”
means, subject to Section 11.12 hereof, with respect to any Payment Date and (i) the Class A-1 Notes, the period from and including
the immediately preceding Payment Date (or, in the case of the first Payment Date, the Closing Date) to but excluding such Payment
Date and (ii) the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the period from and including the 21st day of the
prior month (or, in the case of the first Payment Date, the Closing Date) to but excluding the 21st day of the month of such Payment
Date.

 

“Interest Rate” means
the Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest Rate or the Class A-4 Interest Rate, as applicable.

 

“Issuer” means Honda
Auto Receivables 2015-4 Owner Trust until a successor replaces it and, thereafter, means the successor and, for purposes of any
provision contained herein and required by the TIA, each other obligor on the Notes.

 

“Issuer Order” or “Issuer
Request” means a written order or request signed in the name of the Issuer by any Authorized Officer and delivered to
the Indenture Trustee.

 

“Moody’s” means
Moody’s Investor Services, a Moody’s Corporation business, and any successor or successors thereto.

 

“Note Depository Agreement”
means the agreement dated October 22, 2015, among the Issuer, the Indenture Trustee and The Depository Trust Company, as the initial
Clearing Agency, relating to the Notes, substantially in the form of Exhibit B hereto.

 

“Noteholder” or “Holder”
means the Person in whose name a Note is registered on the Note Register.

 

“Note Owner” means, with
respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of the
Clearing Agency or 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).

 

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

 

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

 

    	 	5	 

     

    

 

“Officer’s Certificate”
means a certificate signed by any Authorized Officer of the Issuer, 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 the Issuer.

 

“Opinion of Counsel”
means one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture, be an employee
of or counsel to the Issuer and who shall be satisfactory to the Indenture Trustee, and which opinion or opinions shall be addressed
to the Indenture Trustee as Indenture Trustee, shall comply with any applicable requirements of Section 11.01 and shall be in form
and substance satisfactory to the Indenture Trustee.

 

“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 for such notice has been made, satisfactory to the
Indenture Trustee); and

 

(iii)        Notes
cancelled or paid pursuant to Section 2.05 in exchange for or in lieu of which other Notes 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 Protected Purchaser;

 

provided, that in determining whether the Holders of the requisite
Outstanding Amount have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any other
Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Seller or any of their respective Affiliates 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 the Indenture Trustee
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 Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of their respective
Affiliates.

 

“Outstanding Amount”
means, except as otherwise indicated by the context, the aggregate principal amount of all Notes of all Classes Outstanding at
the date of determination.

 

“Owner Trust Estate”
means the Grant of the Collateral to the Indenture Trustee under this Indenture, including all proceeds thereof.

 

    	 	6	 

     

    

 

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

 

“Payment Date” means
the 21st calendar day of each month, or if such day is not a Business Day, then the next succeeding Business Day, commencing November
23, 2015.

 

“Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, 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.

 

“Protected Purchaser”
shall have the meaning set forth in Article 8 of the UCC.

 

“Rating Agency” means
each of Moody’s and S&P.

 

“Rating Agency Condition”
means, with respect to any action, that each Rating Agency shall have been given ten Business Days (or such shorter period as is
practicable or acceptable to each Rating Agency) prior notice thereof and within ten Business Days of each Rating Agency’s
receipt of such notice (or such shorter period as is practicable or acceptable to each Rating Agency) such Rating Agency shall
not have notified the Seller, the Servicer, the Indenture Trustee and the Owner Trustee in writing that such action will result
in a qualification, reduction or withdrawal of the then current rating of the Notes.

 

“Record Date” means,
with respect to a Payment Date or Redemption Date, the day immediately preceding such Payment Date or Redemption Date or, if Definitive
Notes have been issued, the close of business on the last day of the month immediately preceding the month in which such Payment
Date or Redemption Date occurs.

 

“Redemption Date” means,
in the case of a redemption of the Notes pursuant to Section 10.01, the Payment Date specified by the Servicer or the Issuer pursuant
to Section 10.01.

 

“Redemption Price” means,
in the case of a redemption of the Notes pursuant to Section 10.01, an amount equal to the unpaid principal amount of the Notes
redeemed plus accrued and unpaid interest thereon at the weighted average of the Interest Rates for each Class of Notes being so
redeemed to but excluding the Redemption Date.

 

    	 	7	 

     

    

 

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

 

“Regulation AB” means
Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100 229.1125, as such may be amended
from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting
releases (Asset Backed Securities, Securities Act Release No. 33 8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005) and the portions
of Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (Sept. 24, 2014))
that are in effect on any specific date or by the staff of the Commission, or as may be provided by the Commission or its staff
from time to time.

 

“Repurchase Rules and Regulations”
shall have the meaning specified in Section 7.02(e).

 

“S&P” means Standard
& Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and any successor or successors
thereto.

 

“Sale and Servicing Agreement”
means the Sale and Servicing Agreement, dated October 22, 2015, among the Issuer, the Seller and the Servicer.

 

“Schedule of Receivables”
means the list of the Receivables set forth in Schedule A hereto.

 

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

 

“Servicer” means American
Honda Finance Corporation, in its capacity as servicer under the Sale and Servicing Agreement, and any Successor Servicer thereunder.

 

“Servicing Criteria”
means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time.

 

“Sponsor” means American
Honda Finance Corporation, in its capacity as sponsor under the Sale and Servicing Agreement, and any Successor Sponsor thereunder.

 

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

 

“Seller” means American
Honda Receivables LLC, in its capacity as seller under the Sale and Servicing Agreement, and its successors.

 

“Subcontractor” means
any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly
understood by participants in the asset-backed securities market) of the Receivables but performs one or more material discrete
functions identified in Item 1122(d) of Regulation AB with respect to the Receivables under the direction or authority of the Servicer
or a Subservicer.

 

    	 	8	 

     

    

 

“Subservicer” means any
Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly
or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed
by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation AB.

 

“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.

 

“United States” means
the United States of America.

 

(b)          Except
as otherwise specified herein or as the context may otherwise require, capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Sale and Servicing Agreement.

 

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 Issuer and any other obligor on the indenture securities.

 

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

 

Section 1.03.         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 as in effect from
time to time; (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 permitted successors
and assigns; (viii) the words “hereof”, “herein” and “hereunder” and words of similar import
when used in this Indenture shall refer to this Indenture as a whole and not to any particular provision of this Indenture; (ix)
the term “proceeds” shall have the meaning set forth in the applicable UCC; and (x) Section, subsection and Schedule
references contained in this Indenture are references to Sections, subsections and Schedules in or to this Indenture unless otherwise
specified.

 

    	 	9	 

     

    

 

ARTICLE
II

THE NOTES

 

Section 2.01.         Form.
The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, in each case together with the Indenture
Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A, 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.

 

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 are the terms of this Indenture.

 

Section 2.02.         Execution,
Authentication and Delivery. The Notes shall be executed on behalf of the Issuer 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 Issuer shall bind the Issuer, 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 Issuer
Order, authenticate and deliver for original issue the following aggregate principal amount of Notes: (i) $292,000,000 of Class
A-1 Notes, (ii) $460,000,000 of Class A-2 Notes, (iii) $340,000,000 of Class A-3 Notes and (iv) $100,000,000 of Class A-4 Notes.
The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time
may not exceed such respective amounts 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 minimum denominations of $1,000 and in integral multiples of
$1,000 in excess thereof.

 

    	 	10	 

     

    

 

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 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.

 

Section 2.03.         Temporary
Notes. Pending the preparation of Definitive Notes pursuant to Section 2.11, the Issuer may execute, and upon receipt of an
Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes that 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 Issuer
shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary
Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to
be maintained as provided in Section 3.02, without charge to the related Holder. Upon surrender for cancellation of any one or
more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor,
a like tenor and 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.         Note
Register, Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the “Note Register”)
in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and
the registration of all transfers of Notes. The Indenture Trustee initially shall be the “Note Registrar” for the purpose
of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer 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 Issuer as Note Registrar, the Issuer 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 Issuer to be maintained as provided in Section 3.02, provided that the
requirements of Section 8-401 of the UCC are met, the Issuer 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.

 

    	 	11	 

     

    

 

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, provided that the requirements
of Section 8-401 of the UCC are met (as determined by the Issuer), the Issuer shall execute, and the Indenture Trustee shall authenticate
and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive.

 

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

 

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 form satisfactory
to the Indenture Trustee 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 Note Registrar, which
requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Exchange Act.

 

No service charge shall be made to a Holder
for any registration of transfer or exchange of Notes, but the Issuer or the Indenture Trustee 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.

 

The preceding provisions of this Section
notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of Notes
selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to the Note.

 

    	 	12	 

     

    

 

Section 2.04A.           Transfer
Restrictions on the Class A-1 Notes.

 

(a)          On
the Closing Date, 100% of the Class A-1 Notes will be registered in the name of the Depositor and issued in physical form as a
Definitive Note in the form of Exhibit A-1 hereto. No transfer of a Class A-1 Note, other than to an Affiliate of the Depositor,
shall be made unless such transfer is made pursuant to, (i) an effective registration statement under the Securities Act and any
applicable state securities laws or, (ii) is exempt from the registration requirements under the Securities Act and such state
securities laws. Except in the case of a transfer by the Depositor to an Affiliate, in the event that a transfer is to be made
in reliance upon an exemption from the Securities Act and state securities laws, in order to assure compliance with the Securities
Act and such laws, the Noteholder desiring to effect such transfer and such Noteholder’s prospective transferee shall each
certify to the Issuer, the Indenture Trustee and the Depositor in writing the facts surrounding the transfer in substantially the
forms set forth in Exhibit C (the “Transferor Certificate”) and Exhibit D (the “Investment Letter”). Except
in the case of a transfer by the Depositor to an Affiliate, there shall also be delivered to the Issuer and the Indenture Trustee
an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities Act and state securities laws,
which Opinion of Counsel shall not be an expense of the Issuer or the Indenture Trustee; provided that such Opinion of Counsel
in respect of the applicable state securities laws may be a memorandum of law rather than an opinion if such counsel is not licensed
in the applicable jurisdiction. If the Depositor subsequently transfers any of the Class A-1 Notes in a transaction exempt from
the registration requirements under the Securities Act pursuant to Section 4(2) thereof and any Noteholder intends to transfer
the Class A-1 Notes pursuant to Rule 144A, the Depositor shall provide to any Noteholder and any prospective transferee designated
by any such Noteholder information regarding the Class A-1 Notes and the Receivables and such other information as shall be necessary
to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Class A-1 Notes without registration
thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A, in each case with the cost of the
provision of such information to be borne by the requesting noteholder. Each Noteholder desiring to effect such a transfer shall,
and does hereby agree to, indemnify the Issuer, the Indenture Trustee, the Depositor and AHFC (in any capacity) against any liability
that may result if the transfer is not so exempt or is not made in accordance with federal and state securities laws.

 

(b)          The
Class A-1 Notes issued to and held by the Depositor or its Affiliates may not be sold, pledged, or other transferred unless counsel
satisfactory to the Indenture Trustee has rendered an Opinion of Counsel to the effect that such Class A-1 Notes to be sold, pledged,
or otherwise transferred by the Depositor or its Affiliates will be characterized as indebtedness for United States federal income
tax purposes after such sale, pledge, or other transfer. Any attempted sale, pledge, or other transfer in contravention of this
Section 2.04A will be void ab initio and the purported transferor will continue to be treated as the owner of the Class
A-1 Notes.

 

(c)          By
directly or indirectly acquiring a Class A-1 Note in a transaction pursuant to Rule 144A, each initial purchaser, transferee and
owner of an ownership or beneficial interest will be required to represent, warrant and agree (if in Definitive Note form) or will
be deemed to represent, warrant and agree (if in Book Entry Note form) as follows:

 

    	 	13	 

     

    

 

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

 

(ii)         if
eligible for resale pursuant to Rule 144A, it is a “qualified institutional buyer” as defined under Rule 144A under
the Securities Act and is acquiring the Class A-1 Notes for its own account (and not for the account of others) or as a fiduciary
or agent for others (which others also are “qualified institutional buyers”). It is familiar with Rule 144A under the
Securities Act and is aware that the seller of the Class A-1 Notes and other parties intend to rely on the foregoing representations,
warranties and acknowledgements and the exemption from the registration requirements of the Securities Act provided by Rule 144A;

 

(iii)        if
in Definitive Note form, it satisfies the requirements of Section 2.14 of this Indenture;

 

(iv)        it
understands that the Indenture Trustee, the Depositor and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements, and it agrees that if any of the acknowledgments, representations and warranties deemed to have
been made by it by its purchase of the Class A-1 Notes, for its own account or for one or more accounts as to each of which it
exercises sole investment discretion, are no longer accurate, it shall promptly notify the Depositor; and

 

(v)         the
Indenture Trustee and the Depositor are entitled to rely upon the foregoing representations, warranties and acknowledgements and
are irrevocably authorized to produce the foregoing representations, warranties and acknowledgments or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

    	 	14	 

     

    

 

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, (ii) there is delivered to the Indenture Trustee
such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless and (iii) the requirements
of Section 8-405 of the UCC are met, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee
that such Note has been acquired by a Protected Purchaser, the Issuer shall execute, and upon its written 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 Issuer 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 Issuer 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 Issuer or the Indenture Trustee
in connection therewith.

 

Upon the issuance of any replacement Note
under this Section, the Issuer or the Indenture Trustee may require the payment by the Holder of such Note of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including
the fees and expenses of the Indenture Trustee or the Note Registrar) 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 Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued
hereunder.

 

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 Issuer, the Indenture Trustee and any
of their respective agents may 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 none of the Issuer, the Indenture Trustee or any of their respective agents
shall be affected by notice to the contrary.

 

    	 	15	 

     

    

 

Section 2.07.         Payment
of Principal and Interest, Defaulted Interest.

 

(a)          Each
Class of Notes shall accrue interest at the related Interest Rate, and such interest shall be due and payable on each Payment Date
as specified therein, subject to Sections 3.01 and 11.12 hereof. Any installment of interest or principal, if any, payable on any
Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose
name such Note (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 2.11, 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, a Redemption Date or on the related Final Scheduled Payment Date, as the case may be (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.01), 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.

 

(b)          The
principal of each Note shall be payable as provided in Section 8.02(d) hereof. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable, if not previously paid, on the related Final Payment Date or the date on
which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or Holders of the Notes representing
not less than a majority of the Outstanding Amount 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. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business 5 Business Days
preceding the Payment Date on which the Issuer expects that the final installment of principal of and interest on such Note will
be paid. Such notice shall be mailed or transmitted by facsimile 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. In addition, the Administrator shall notify each Rating Agency upon the final payment of interest
and principal of each Class of Notes, and upon the termination of the Trust, in each case pursuant to Section 1.02(a)(iii) of the
Administration Agreement.

 

(c)          If
the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted
interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuer may pay such defaulted interest
to the Persons who are Noteholders on a subsequent special record date, which date shall be at least 5 Business Days prior to the
next payment date. The Issuer shall fix or cause to be fixed any such special record date and related payment date, and, at least
15 days before any such special record date, the Issuer shall mail to each Noteholder a notice that states the special record date,
the payment date and the amount of 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 Issuer
may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which
the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the 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 Issuer shall direct by an Issuer Order that
they be destroyed or returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed
of by the Indenture Trustee.

 

    	 	16	 

     

    

 

Section 2.09.         Book-Entry
Notes. Except as provided in Section 2.11, 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 Indenture Trustee, as agent for The Depository Trust Company,
the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes shall be registered initially 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 representing
such Note Owner’s interest in such Note, except as provided in Section 2.11. Unless and until definitive, fully registered
Notes (the “Definitive Notes”) have been issued to such Note Owners pursuant to Section 2.11:

 

(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 Note Depository
Agreement, unless and until Definitive Notes are issued pursuant to Section 2.11, the 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, 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 and has delivered such instructions to the Indenture Trustee.

 

    	 	17	 

     

    

 

Section 2.10.         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 such Note Owners pursuant to Section 2.11, 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 such Note Owners.

 

Section 2.11.         Definitive
Notes. On the Closing Date, all of the Class A-1 Notes will be issued in physical form as the form of Definitive Notes, in
the form of Exhibit A-1 hereto and registered in the name of the Depositor. The Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes will be issued on the Closing Date as Book-Entry Notes; however, if at anytime, (i)(A) 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 Book-Entry Notes and (B) neither the Indenture Trustee nor the Administrator is able 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, Owners of Book-Entry Notes
representing beneficial interests aggregating at least a majority of the Outstanding Amount of such Notes advise the Indenture
Trustee and the Clearing Agency Participants through 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 such Note Owners, then, in each case, the Indenture Trustee shall
notify all Note Owners of the related Class of Notes through the Clearing Agency of the occurrence of any such event and of the
availability of Definitive Notes of the related Class of Notes to Note Owners requesting the same. Upon surrender to the Indenture
Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions,
the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions
of the Clearing Agency. None of the Issuer, 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 of a Class, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders hereunder.
Subsequent Noteholders of the Class A-1 Notes that are unaffiliated with the Depositor shall have the right, but at such Noteholders
sole cost and expense, to request that the Class A-1 Notes be converted to Book Entry Notes and the Issuer, the Indenture Trustee,
the Administrative Agent and the Depositor agree to cooperate and use reasonable efforts to effect such conversion.

 

Section 2.12.         Release
of Collateral. Subject to Section 11.01 and the terms of the other Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion
of Counsel and (except in the case of a full redemption under Section 10.01) Independent Certificates in accordance with TIA §§
314(c) and 314(d)(1) 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 2.13.         Tax
Treatment. The Issuer has entered into this Indenture, and the Notes will be issued (other than the Class A-1 Notes unless
transferred in accordance with Section 2.04A), with the intention that, for all purposes including federal, state and local income,
single business and franchise tax purposes, the Notes will qualify as indebtedness secured by the Owner Trust Estate. The Issuer,
by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an
interest in the applicable Book-Entry Note), agree to treat the Notes (other than the Class A-1 Notes unless transferred in accordance
with Section 2.04A) for all purposes including federal, state and local income, single business and franchise tax purposes as indebtedness.

 

    	 	18	 

     

    

 

Section 2.14.         Employee
Benefit Plans. The transfer of a Definitive Note shall not be registered unless the prospective transferee has represented
in writing to the Indenture Trustee that either (i) it is not a Benefit Plan or any other plan subject to a law that is substantially
similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) and is not acting on behalf of or investing
the assets of a Benefit Plan or any other plan subject to Similar Law or (ii) its acquisition, holding and disposition of the Definitive
Note will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code because it
will be covered by a United States Department of Labor prohibited transaction class exemption or by some other applicable statutory
or administrative exemption and will not cause a nonexempt violation of any Similar Law. Any Person that acquires a beneficial
interest in a Book-Entry Note with the assets of a Benefit Plan or any other plan subject to Similar Law shall be deemed to make
the same representations as set forth above in this Section 2.14.

 

ARTICLE
III

COVENANTS

 

Section 3.01.         Payment
of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest, if any, on the Notes in accordance
with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to Section 8.02(c), the Issuer will cause
to be distributed all amounts on deposit in the Note Distribution Account on a Payment Date deposited therein in accordance with
Section 8.02(d). Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal
shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.

 

Section 3.02.         Maintenance
of Office or Agency. The Issuer 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 Issuer in respect
of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent
for the foregoing purposes. The Issuer 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 Issuer 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 Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices
and demands, provided that the Indenture Trustee shall not serve as an agent or office for the purpose of service of process on
behalf of the Issuer.

 

    	 	19	 

     

    

 

Section 3.03.         Money
for Payments to be Held in Trust. As provided in Sections 5.04 and 8.02, 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 Issuer 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 Issuer
except as provided in this Section.

 

On or before the Business Day immediately
preceding each Payment Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Collection Account (to
be transferred to the Note Distribution Account on the related Payment Date) 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 in writing of its action or failure so to act.

 

The Issuer 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;

 

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

 

(iii)        at
any time during the continuance of any such default, upon the written request of the 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 Issuer may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent
to pay to the 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.

 

    	 	20	 

     

    

 

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 be paid to the Issuer on Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor,
look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of
the 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, shall at the expense and written direction
of the Issuer 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 or for the account of the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and written
direction of the Issuer, 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 monies 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).

 

Section 3.04.         Existence.
The Issuer 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 Issuer hereunder is or becomes, organized under the laws of any other State or of the United
States, in which case the Issuer 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 Owner Trust Estate, including all licenses required under the Pennsylvania Consumer Credit Code related to Motor
Vehicle Sales Finance, 12 Pa. C.S. § 6101 et. seq., formerly the Motor Vehicle Sales Finance Act, and Maryland Code
Financial Institutions, Title 11, Subtitle 4, as applicable, in connection with this Agreement and the other Basic Documents and
the transactions contemplated hereby and thereby until such time as the Issuer shall terminate in accordance with the terms hereof.

 

Section 3.05.         Protection
of Owner Trust Estate. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture
Trustee on behalf of the Noteholders to be prior to all other liens in respect of the Owner Trust Estate, and the Issuer shall
take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders, a first
lien on and a first priority, perfected security interest in the Owner Trust Estate. The Issuer will from time to time execute
and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments
of further assurance and other instruments, all as prepared by the Administrator and delivered to the Issuer, and will take such
other action necessary or advisable to:

 

(i)          grant
more effectively any portion of the Owner Trust Estate;

 

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

 

    	 	21	 

     

    

 

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

 

(iv)        enforce
any of the Collateral;

 

(v)         preserve
and defend title to the Owner Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Owner Trust Estate
against the claims of all persons and parties; or

 

(vi)        pay
all taxes or assessments levied or assessed upon the Owner Trust Estate when due.

 

Section 3.06.         Opinions
as to Owner Trust Estate.

 

(a)          Promptly
after the execution and delivery of this Indenture, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to
the effect that, in the opinion of such counsel, either (i) all financing statements and continuation statements have been executed
and filed that are necessary to create and continue the Indenture Trustee’s first priority perfected security interest in
the collateral for the benefit of the Noteholders, and reciting the details of such filings or referring to prior Opinions of Counsel
in which such details are given, or (ii) no such action shall be necessary to perfect such security interest.

 

(b)          Within
90 days after the beginning of each fiscal year of the Issuer beginning with the first fiscal year beginning more than three months
after the Cutoff Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel, dated as of a date during such
90-day period, to the effect that, in the opinion of such counsel, either (i) all financing statements and continuation statements
have been executed and filed that are necessary to create and continue the Indenture Trustee’s first priority perfected security
interest in the collateral for the benefit of the Noteholders, and reciting the details of such filings or referring to prior Opinions
of Counsel in which such details are given, or (ii) no such action shall be necessary to perfect such security interest.

 

Section 3.07.         Performance
of Obligations; Servicing of Receivables.

 

(a)          The
Issuer 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
Owner 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 other Basic
Documents or such other instrument or agreement.

 

(b)          The
Issuer 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 Issuer shall be deemed to be action
taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing
its duties under this Indenture.

    	 	22	 

     

    

 

 

(c)          The
Issuer will and will cause the Administrator to, punctually perform and observe all of its obligations and agreements contained
in this Indenture, the other Basic Documents and in the instruments and agreements included in the Owner 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 other Basic Documents in accordance with and within the time periods provided for herein
and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate
any Basic Document or any provision thereof without the written consent of the Indenture Trustee or the Holders of at least a majority
of the Outstanding Amount or such greater percentage as may be specified in the particular provision.

 

(d)          If
the Issuer shall have knowledge of the occurrence of a Servicer Default, the Issuer shall promptly provide written notice to a
Responsible Officer of the Indenture Trustee and to the Administrator thereof, and shall specify in such notice the action, if
any, the Issuer is taking with respect of such default. If a Servicer Default shall arise from the failure of the Servicer to perform
any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take
all reasonable steps available to it to remedy such failure. The Administrator shall, in accordance with Section 1.02(c) of the
Administration Agreement, make such notice available to each Rating Agency.

 

(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 7.01 of the Sale and Servicing Agreement, the Indenture Trustee shall appoint a 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. The Indenture Trustee may
resign as the Servicer by giving written notice of such resignation to the Issuer 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 as provided
below. Upon delivery of any such notice to the Issuer, the Issuer 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 motor vehicle receivables
and (ii) enter into a servicing agreement with the Issuer and the Seller having substantially the same provisions as the provisions
of the Sale and Servicing Agreement applicable to the Servicer. If within 30 days after the delivery of the notice referred to
above, the Issuer 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 Issuer 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 7.02 of the Sale and Servicing Agreement, the Issuer and the Seller
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 individual capacity and not in its capacity as Indenture Trustee and, accordingly,
the provisions of Article Six shall be inapplicable (except as set forth in the proviso contained in Section 6.01(a)) 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 or agents, provided that it shall be fully liable for the actions and omissions of such Affiliate
or agent in such capacity as Successor Servicer.

 

    	 	23	 

     

    

 

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

 

Section 3.08.         Negative
Covenants. So long as any Notes are Outstanding, the Issuer shall not:

 

(i)          except
as expressly permitted by Section 3.10(b) and the Basic Documents, sell, transfer, exchange or otherwise dispose of any of the
properties or assets of the Issuer, including those included in the Owner 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 applicable state law) 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 Owner Trust Estate;

 

(iii)        (A)
permit the validity or effectiveness of this Indenture to be impaired, or permit the lien created by 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 Owner 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 any of the Financed Vehicles and
arising solely as a result of an action or omission of the related Obligor) or (C) permit the lien created by this Indenture not
to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest
in the Owner Trust Estate; or

 

(iv)        dissolve
or liquidate in whole or in part.

 

Section 3.09.         Annual
Statement as to Compliance.

 

(a)          The
Issuer will deliver to the Indenture Trustee, within 90 days after the end of each fiscal year of the Issuer (commencing with the
fiscal year ended March 31, 2016), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s
Certificate, that:

 

(i)          a
review of the activities of the Issuer during such year and of its performance under this Indenture has been made under such Authorized
Officer’s supervision; and

 

    	 	24	 

     

    

 

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

 

(b)          On
or before June 1st of each calendar year in which a Form 10-K is required to be filed on behalf of the Issuer, commencing
in 2016, the Indenture Trustee shall deliver to the Issuer and the Administrator a report regarding the Indenture Trustee’s
assessment of compliance with each of the Servicing Criteria specified on Exhibit C hereto during the immediately preceding reporting
year accompanied by an attestation report by a registered public accounting firm, in each case as required under Rules 13a-18
and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture
Trustee, and shall address each of the Servicing Criteria specified on Exhibit C hereto.

 

Section 3.10.         Issuer
May Consolidate, etc., Only on Certain Terms.

 

(a)          The
Issuer shall not consolidate or merge with or into any other Person, unless:

 

(i)          the
Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing
under the laws of the United States 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, and each other
Basic Document, on the part of the Issuer to be performed or observed;

 

(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
Issuer 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 Issuer, any Noteholder or any Certificateholder;

 

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

 

(vi)        the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel (which shall describe
the actions taken as required by clause (v) above or that no actions will be taken) each stating that such consolidation or merger
comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied
with (including any filing required by the Exchange Act).

 

(b)          The
Issuer shall not convey or transfer all or substantially all of its properties or assets, including those included in the Owner
Trust Estate, to any Person (except as expressly permitted by the Basic Documents), unless:

 

    	 	25	 

     

    

 

(i)          the
Person that acquires by conveyance or transfer the properties or assets of the Issuer shall (A) be a United States citizen or a
Person organized and existing under the laws of the United States or any State, (B) 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
and each other Basic Document on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree
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 agree to indemnify,
defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture
and the Notes and (E) expressly agree 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;

 

(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
Issuer 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 federal tax consequence to the Issuer, any Noteholder or any Certificateholder;

 

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

 

(vi)        the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel (which shall describe
the actions taken as required by clause (v) above or that no actions will be taken) each stating that such conveyance or transfer
and such supplemental indenture comply with this Article 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 Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation
or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer
under this Indenture with the same effect as if such Person had been named as the Issuer herein.

 

(b)          Upon
a conveyance or transfer of all of the properties or assets of the Issuer pursuant to Section 3.10(b), the Issuer will be released
from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Indenture Trustee stating that the Issuer is to be so released.

 

    	 	26	 

     

    

 

Section 3.12.         No
Other Business. The Issuer 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 other Basic Documents and activities incidental thereto.

 

Section 3.13.         No
Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for (i) the Notes and (ii) any other indebtedness permitted by or arising under the other Basic Documents.

 

Section 3.14.         Servicer’s
Obligations. The Issuer shall cause the Servicer to comply with Sections 3.10, 3.11, 3.12, 4.10 and Article Eight of the Sale
and Servicing Agreement.

 

Section 3.15.         Guarantees,
Loans, Advances and Other Liabilities. Except as contemplated by the Basic Documents, the Issuer 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 Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either
realty or personalty).

 

Section 3.17.         Removal
of Administrator. So long as any Notes are Outstanding, the Issuer 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. Except as expressly permitted by the Basic Documents, the Issuer 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 Issuer or otherwise with respect to any ownership or equity interest
or security in or of the Issuer 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 Issuer may make, or cause to be made, (a) distributions as contemplated by, and to the extent funds are available for such
purpose under, the Sale and Servicing Agreement or the Trust Agreement, (b) payments to the Indenture Trustee pursuant to Section
1.02(b)(ii) of the Administration Agreement and (c) payments pursuant to the Indenture or the Sale and Servicing Agreement. The
Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with
this Indenture and the Basic Documents.

 

Section 3.19.         Notice
of Events of Default. The Issuer shall give a Responsible Officer of the Indenture Trustee and each Rating Agency prompt written
notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the
Sale and Servicing Agreement.

 

    	 	27	 

     

    

 

Section 3.20.         Further
Instruments and Acts. Upon request of the Indenture Trustee, the Issuer 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.

 

Section 3.21.         Compliance
with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually
or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this
Indenture or any Basic Document.

 

Section 3.22.         Amendments
of Sale and Servicing Agreement and Trust Agreement. The Issuer shall not agree to any amendment to Section 9.01 of the Sale
and Servicing Agreement or Section 11.01 of the Trust Agreement to eliminate the requirements thereunder that the Indenture Trustee
or the Holders of the Notes consent to amendments thereto as provided therein.

 

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, 3.13, 3.20 and
3.22, (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 written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge
of this Indenture with respect to the Notes, when

 

(i)          either

 

(A)         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 Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section
3.03) have been delivered to the Indenture Trustee for cancellation or

 

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

 

(1)         have
become due and payable,

 

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

 

    	 	28	 

     

    

 

(3)         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 Issuer,

 

and the Issuer, in the case of clauses (1), (2) or (3)
above, 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 (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 when due to the related Final Payment Date or Redemption Date (if Notes shall have been called for redemption
pursuant to Section 10.01), as the case may be;

 

(ii)         the
Issuer has paid or performed or caused to be paid or performed all amounts and obligations which the Issuer may owe to or on behalf
of the Indenture Trustee for the benefit of the Noteholders, under this Indenture or the Notes; and

 

(iii)        the
Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA
or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements
of Section 11.01 (a) and, subject to Section 11.02, 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 monies deposited with the Indenture Trustee pursuant to Section 4.01 shall be held in trust in a segregated
non-interest bearing account and applied by it, (a) in accordance with the provisions of the Notes, the Sale and Servicing Agreement
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 monies have been deposited with the Indenture Trustee,
of all sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds of
the Issuer except to the extent required herein or in the Sale and Servicing Agreement or required by law and (b) in accordance
with instructions from the Administrator, on which instructions the Indenture Trustee may conclusively rely.

 

Section 4.03.         Repayment
of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes,
all monies 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 Issuer, 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 monies.

 

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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
by the Issuer 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;

 

(ii)         default
by the Issuer in the payment of the principal of or any installment of the principal of any Note at the Final Payment Date for
such Class of Notes;

 

(iii)        default
in the observance or performance of any covenant or agreement of the Issuer 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 Issuer 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 misrepresentation 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 Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25%
of the Outstanding Amount, 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;

 

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

 

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

 

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The Issuer 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)
above, its status and what action the Issuer is taking or proposes to take with respect thereto.

 

Section 5.02.         Acceleration
of Maturity, Rescission and Annulment.

 

(a)          If
an Event of Default should occur and be continuing, then and in every such case the Holders of Notes representing not less than
a majority of the Outstanding Amount or the Indenture Trustee, at the request or direction of the Holders of Notes representing
not less than a majority of the Outstanding Amount, may declare all the Notes to be immediately due and payable, by a notice in
writing to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal
amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately
due and payable.

 

(b)          At
any time after such 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 provided, the Holders of Notes representing a majority
of the Outstanding Amount, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and
its consequences if:

 

(i)          the
Issuer 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;

 

(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
Issuer covenants that if the Notes are accelerated following the occurrence of an Event of Default, the Issuer 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 on the overdue principal and, to the extent payment at such rate of interest shall
be legally enforceable, on overdue installments of interest at the related Interest Rate and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Indenture Trustee and its agents and counsel.

 

    	 	31	 

     

    

 

(b)          In
case the Issuer 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 Issuer or other obligor upon such Notes and collect in the manner
provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies 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 Issuer or any other obligor upon the Notes or any Person having or claiming an ownership
interest in the Owner Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state
bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, or liquidator,
sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes,
or to the creditors or property of the Issuer or such other obligor, the 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 entire 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;

 

    	 	32	 

     

    

 

(iii)        to
collect and receive any monies 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 Proceedings relative to the Issuer, its creditors and its property;

 

and any trustee, receiver, liquidator, custodian or other similar
official in any such Proceeding is hereby authorized by each of such 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 (including 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.

 

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
Sections 5.02 and 5.05):

 

(i)          institute
Proceedings in its own name and/or 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 Issuer and any other obligor upon such Notes monies adjudged due;

 

    	 	33	 

     

    

 

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

 

(iii)        exercise
any remedies of a secured party under the UCC and any other remedy available to the Indenture Trustee and take any other appropriate
action to protect and enforce the rights and remedies of the Indenture Trustee on behalf of the Noteholders under this Indenture;
and

 

(iv)        sell
the Owner 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 Owner Trust Estate following an Event of Default, unless (A) the Holders of 100% of the Outstanding Amount
consent thereto, (B) the proceeds of such sale or liquidation distributable to the Noteholders and Certificateholders are sufficient
to discharge in full all amounts then due and unpaid upon such Notes and Certificates for principal and interest or (C) the Indenture
Trustee determines that the Owner Trust Estate will not continue to provide sufficient funds for the payment of principal of and
interest on the Notes and Certificates as would have become due if the Notes and Certificates had not been declared due and payable,
and the Indenture Trustee obtains the consent of Holders of 100% of the Outstanding Amount. In determining such sufficiency or
insufficiency with respect to clause (B) and (C) above, the Indenture Trustee may, but need not, obtain, at the expense of the
Issuer, 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 Owner Trust Estate for such purpose.

 

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

 

(i)          on
a pro rata basis, to the Indenture Trustee and the Owner Trustee, any amounts due under the Trust Agreement or Section 6.07 hereof;

 

(ii)         to
the Servicer, for amounts due and unpaid in respect of Nonrecoverable Advances under the Sale and Servicing Agreement;

 

(iii)        to
the Servicer, for amounts due and unpaid in respect of the Total Servicing Fee under the Sale and Servicing Agreement;

 

(iv)        [Reserved]

 

(v)         to
the Holders of the Notes of each Class, the Note Interest Distributable Amount ratably in proportion to the Note Interest Distributable
Amount for each Class at their respective Interest Rates;

 

(vi)        to
the Holders of Class A-1 Notes, the outstanding principal amount of the Class A-1 Notes, until the Class A-1 Notes are paid in
full;

 

    	 	34	 

     

    

 

(vii)       to
the Holders of the Class A-2, Class A-3 and Class A-4 Notes, pro rata in proportion to the Outstanding principal amount of each
Class, until the Class A-2, Class A-3 and Class A-4 Notes are paid in full;

 

(viii)      to
the Certificate Distribution Account for distribution to the Holders of the Trust Certificates, the Certificate Interest Distributable
Amount;

 

(ix)         to
the Certificate Distribution Account for distribution to the Holders of the Trust Certificates, the outstanding principal amount
of the Trust Certificates; and

 

(x)          to
the Seller, any remaining amount.

 

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 Issuer 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 Owner Trust Estate. It is the desire of the parties hereto, the Noteholders that there
be at all times sufficient funds for the payment of any 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 Owner Trust Estate. In determining
whether to maintain possession of the Owner Trust Estate, the Indenture Trustee may, but need not, obtain, at the expense of the
Issuer, 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 Owner 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 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 reasonable indemnity 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

 

    	 	35	 

     

    

 

(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.

 

It is 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.

 

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, the Indenture Trustee in its sole discretion may determine what action, if any, shall
be taken, notwithstanding any other provisions of this Indenture. The Indenture Trustee shall not be liable for any such determination
made in good faith.

 

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 Issuer, 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 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.

 

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Section 5.11.         Control
by Noteholders. The Holders of Notes representing a majority of the Outstanding Amount 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:

 

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

 

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

 

(iii)        if
the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Owner Trust Estate
pursuant to such Section, then any direction to the Indenture Trustee by the Holders of Notes representing less than 100% of the
Outstanding Amount to sell or liquidate the Owner 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.

 

Notwithstanding the rights of Noteholders set forth in this
Section, subject to Section 6.01, the Indenture Trustee need not take any action for which it will not be adequately indemnified
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 may waive any past Default or Event of Default and its consequences
except a Default (i) in payment of principal of or interest on any of the Notes or (ii) 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 Issuer,
the Indenture Trustee and the Holders of the Notes shall respectively be restored to their former positions and rights hereunder;
but no such waiver shall extend to any subsequent or other Default or Event of 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.

 

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 reasonable 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 (i) any suit instituted by the Indenture Trustee, (ii) any suit instituted by
any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount or (iii)
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 Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the 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 Issuer or by the levy of any execution under such judgment upon any portion of the
Owner Trust Estate or upon any of the assets of the Issuer. 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 Issuer shall take all such
lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Seller or the Servicer,
as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement in accordance
with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under
or in connection with the 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 may, and at the direction (which direction shall be in
writing) of the Holders of 66 2/3% of the Outstanding Amount shall, exercise all rights, remedies, powers, privileges and claims
of the Issuer 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, as applicable, of each
of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver
under the Sale and Servicing Agreement, as applicable, and any right of the Issuer to take such action shall be suspended.

 

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ARTICLE
VI

THE INDENTURE TRUSTEE

 

Section 6.01.         Duties
of Indenture Trustee.

 

(a)          If
an Event of Default has occurred and is continuing of which a Responsible Officer of the Indenture Trustee has actual knowledge,
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;
provided, however, that if the Indenture Trustee shall assume the duties of the Servicer pursuant to Section 3.07(e), the Indenture
Trustee in performing such duties shall use the degree of care and skill customarily exercised by a prudent institutional servicer
with respect to installment sale contracts that it services for itself or others.

 

(b)          Except
during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge:

 

(i)          the
Indenture Trustee shall undertake 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 specifically required to be furnished
pursuant to any provision of this Agreement to determine whether or not they conform to the requirements of this Indenture.

 

(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 Section 6.01(b);

 

(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.

 

(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 Issuer.

 

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(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 repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

 

(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.

 

(i)          The
Indenture Trustee shall not be charged with knowledge of any Event of Default unless either (i) a Responsible Officer shall have
actual knowledge of such Event of Default or (ii) written notice of such Event of Default shall have been received by a Responsible
Officer of the Indenture Trustee in accordance with the provisions of this Indenture.

 

(j)          The
Indenture Trustee shall have no duty (A) to see to any recording, filing, or depositing of this Indenture or any agreement referred
to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of
any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (B) to see to any insurance,
(C) 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 Owner Trust Estate, or (D) to confirm or verify the contents
of any reports or certificates of the Servicer delivered to the Indenture Trustee pursuant to this Indenture believed by the Indenture
Trustee to be genuine and to have been signed or presented by the proper party or parties.

 

Section 6.02.         Rights
of Indenture Trustee.

 

(a)          Except
as otherwise provided in the second succeeding sentence, the Indenture Trustee may conclusively rely on, and shall be protected
in acting or refraining from acting upon, any resolution, Officer’s Certificate, Opinion of Counsel, certificate of auditors,
Independent Certificate or any other 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, calculation or matter stated in the document. Notwithstanding the foregoing,
the Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other
instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of
this Indenture, shall examine them to determine whether they comply as to form to the requirements of this Indenture.

 

(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 an Officer’s
Certificate or Opinion of Counsel.

 

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(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.

 

(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, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence
or bad faith.

 

(e)          The
Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(f)          The
Indenture Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders,
pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity
reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities which may be incurred therein or thereby;
provided, however, nothing contained herein shall, however, relieve the Indenture Trustee of the obligation, upon the occurrence
of an Event of Default of which a Responsible Officer of the Indenture Trustee shall have actual knowledge (which has not been
cured), to exercise such of the rights and powers vested in it by this Indenture, and to 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.

 

(g)          The
right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty,
and the Indenture Trustee shall not be answerable in the performance of such act for other than its negligence or willful misconduct.

 

(h)          The
Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the Owner Trust Estate created
hereby or the powers granted hereunder.

 

(i)          All
rights of action and claims under this Indenture or the Note may be prosecuted and enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any proceeding relating thereto, any such proceeding instituted by
the Indenture Trustee shall be brought in its own name or in its capacity as Indenture Trustee. Any recovery of judgment shall,
after provision for the payments to the Indenture Trustee provided for in Section 6.07, be for the ratable benefit of the Noteholders
in respect of which such judgment has been recovered.

 

(j)          In
no event shall the Indenture Trustee be responsible or 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,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performances as soon as practicable under the circumstances.

 

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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 Issuer 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 6.11 and 6.12.

 

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 this Indenture, the Owner Trust Estate or the Notes, it shall not be accountable for the Issuer’s use of the
proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this 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.
The Indenture Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any
time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to record this
Indenture.

 

Section 6.05.         Notice
of Defaults. If a Default occurs and is continuing and if it is 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 mandatory 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.

 

Section 6.06.         Reports
by Indenture Trustee to Holders. The Indenture Trustee shall make available to each Noteholder such information as may be required
to enable each Noteholder to prepare its respective federal and state income tax returns. The Indenture Trustee will make documents
or information which it is required to provide available to the Noteholders, including, without limitation, the Servicer’s
Certificate (as such term is defined in the Sale and Servicing Agreement), and the Indenture Trustee will post at https://gctinvestorreporting.bnymellon.com
information regarding principal and interest due and paid on the Notes. The Indenture Trustee shall have the right to change the
way such statements are distributed in order to make such distribution more convenient and/or more accessible to the above parties
and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes; provided,
however, that the Indenture Trustee will also mail copies of any such statements to any Noteholders who so request in writing.

 

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Section 6.07.         Compensation
and Indemnity. The Issuer shall, or shall cause the Administrator to, (i) pay to the Indenture Trustee from time to time reasonable
compensation for its services, which compensation shall not be limited by any law on compensation of a trustee of an express trust,
(ii) reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it, including without limitation,
costs of collection, in addition to the compensation for its services, which expenses shall include the reasonable compensation
and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts and (iii) indemnify
the Indenture Trustee and its officers, directors, employees and agents against any and all loss, liability or expense (including
reasonable attorneys’ fees and expenses) incurred by it in connection with the administration of this trust and the performance
of its duties hereunder not resulting from its own willful misconduct, negligence or bad faith. The Indenture Trustee shall notify
the Issuer and the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so
notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder. The indemnities
contained in this Section 6.07 shall survive the resignation or removal of the Indenture Trustee or the termination of this Indenture.
Absent an Event of Default, in the event of any claim, action or proceeding for which indemnity will be sought pursuant to this
Section 6.07, the Indenture Trustee’s choice of legal counsel shall be subject to the approval of the Depositor (or if the
Depositor is no longer an owner, the designee of the Depositor), which approval shall not be unreasonably withheld, conditioned,
delayed or denied. Neither the Issuer nor the Administrator need reimburse any expense or indemnify against any loss, liability
or expense incurred by the Indenture Trustee (1) through the Indenture Trustee’s own willful misconduct, negligence or bad
faith or (2) in the case of the inaccuracy of any representation or warranty contained in Section 6.13 expressly made by the Indenture
Trustee.

 

The Issuer’s payment obligations to
the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture and the resignation or discharge of
the Indenture Trustee and shall extend to any co-trustee or separate trustee appointed pursuant to Section 6.10 hereunder. When
the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01 (iv) or (v) with respect to the
Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other
applicable federal or state bankruptcy, insolvency or similar law.

 

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

 

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. The Indenture
Trustee may resign at any time by so notifying the Issuer. Noteholders representing a majority of the Outstanding Amount may remove
the Indenture Trustee at any time and appoint a successor Indenture Trustee by so notifying the Indenture Trustee in writing with
31 days prior notice. The Issuer shall remove the Indenture Trustee with 31 days prior notice if:

 

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

 

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(ii)         a
court having jurisdiction in the premises in respect of the Indenture Trustee in an involuntary case or proceeding under federal
or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency
or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian,
trustee, conservator, sequestrator (or similar official) for the Indenture Trustee or for any substantial part of the Indenture
Trustee’s property, or ordering the winding-up or liquidation of the Indenture Trustee’s affairs, provided any such
decree or order shall have continued unstayed and in effect for a period of 30 consecutive days;

 

(iii)        the
Indenture Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted,
or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator or other similar official for the
Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or makes any assignment for the benefit
of creditors or fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of
the foregoing; or

 

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

 

If the Indenture Trustee resigns or is removed
or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred
to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee.

 

A successor Indenture Trustee shall deliver
a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer. 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 the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the
successor Indenture Trustee.

 

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 Issuer
or the Holders of a majority in Outstanding Amount 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.

 

Any resignation or removal of the Indenture
Trustee and appointment of a successor Indenture Trustee pursuant to the provisions of this Section shall not become effective
until acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment of all fees and expenses
owed to the outgoing Indenture Trustee. Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the
Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit of the retiring Indenture
Trustee.

 

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Section 6.09.         Successor
Indenture Trustee by Merger. If the Indenture Trustee consolidates or merges with, converts or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation shall, without any further act, be the successor Indenture Trustee; provided, that such corporation or banking association
shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Administrator prior written
notice of any such transaction, and in accordance with Section 1.02(c) of the Administration Agreement, the Administrator will
make such notice available to each Rating Agency.

 

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 as is provided anywhere in the Notes or in this Indenture that the certificate of the Indenture Trustee shall have.

 

Section 6.10.         Appointment
of Co-Trustee or Separate Trustee.

 

(a)          Notwithstanding
any other provision of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Owner Trust Estate may at the time be located, the Indenture Trustee and the Administrator, acting jointly, shall
have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees,
or separate trustee or separate trustees, of all or any part of the Trust, and to vest in such Person or Persons, in such capacity
and for the benefit of the Noteholders, such title to the Owner Trust Estate or any part thereof, 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.
If the Administrator shall not have joined in such appointment within 15 days after its receipt of a request to do so, the Indenture
Trustee alone shall have the power to make such appointment. 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 Owner Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such
separate trustee or co-trustee, but solely at the direction of the Indenture Trustee;

 

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(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 and the Administrator 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. 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 and a copy thereof given to the Administrator.

 

(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 Indenture 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 the time deposits of the Indenture Trustee shall have a rating that is otherwise acceptable to the Rating Agencies, such that
the rating of the Indenture Trustee, the Owner Trustee or any other bank would not in and of itself result in a qualification,
downgrade or withdrawal of any of the then-current ratings assigned thereby to the Notes (as evidenced by written notice to the
Indenture Trustee, Owner Trustee or any other bank). The Indenture Trustee shall comply with TIA § 310(b); 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 Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

 

In the event that, (A) the Indenture Trustee
(i) or any of its directors or executive officers is an underwriter, or (ii) directly or indirectly, controls or is controlled
by, or is in common control with, an underwriter; and (B) an Event of Default occurs, the Indenture Trustee shall comply with TIA
§ 310(b). For this purpose only and pursuant to TIA § 310(b), an “underwriter” means any person who, within
one year prior to the occurrence of the Event of Default, was an underwriter of any of the notes outstanding at the time of such
Event of Default.

 

Section 6.12.         Preferential
Collection of Claims Against Issuer. 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 § 31l(a) to the
extent indicated.

 

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Section 6.13.         Representations
and Warranties of Indenture Trustee. The Indenture Trustee hereby makes the following representations and warranties on which
the Issuer and Noteholders shall rely:

 

(i)          it
is a banking corporation duly organized, validly existing and in good standing under the laws of the States of New York;

 

(ii)         it
has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action
to authorize the execution, delivery and performance by it of this Indenture;

 

(iii)        assuming
the necessary authorization, execution and delivery thereof by the other parties thereto, the duties and obligations of the Indenture
Trustee under the Indenture constitute the valid, legal and binding obligations of the Indenture Trustee enforceable in accordance
with its terms except as enforcement may be limited by bankruptcy, insolvency, reorganization or similar laws or equitable principles
limiting creditors’ rights generally, and provided that no representation is expressed as to the availability of equitable
remedies;

 

(iv)        that
to the best knowledge of the Indenture Trustee, the Indenture Trustee is not in breach of or default under any law or administrative
rule or regulation of the United States of America, or any department, division, agency or instrumentality thereof, or any applicable
court or administrative decree or order, and which would materially impair the ability of the Indenture Trustee to perform its
obligations under the Indenture; and

 

(v)         that
to the best knowledge of the Indenture Trustee, no authorization, consent or other order of any state or federal government authority
or agency having jurisdiction over the trust powers of the Indenture Trustee are required to be obtained by the Indenture Trustee
for the valid authorization, execution and delivery by the Indenture Trustee of the Indenture or the authentication of the Notes.

 

ARTICLE
VII

NOTEHOLDERS’ LISTS AND REPORTS

 

Section 7.01.         Issuer
to Furnish Indenture Trustee Names and Addresses of Noteholders. If Definitive Notes are issued, the Issuer will furnish or
cause to be furnished to the Indenture Trustee (i) not more than five days after the earlier of (a) each Record Date and (b) 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, and (ii) at such other times as the Indenture Trustee may request in writing, within
30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten 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.

 

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Section 7.02.         Preservation
of Information; Communications, Reports and Certain Documents 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.

 

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

 

(d)          The
Indenture Trustee will provide to Securityholders the reports, certificates, opinions and documents specified in Section 3.15 of
the Sale and Servicing Agreement, upon written request to the Indenture Trustee.

 

(e)          The
Indenture Trustee shall, no later than the third Business Day after the last day of each calendar month, provide notice to American
Honda Finance Corporation and American Honda Receivables LLC (each, a “Honda Party,” and together, the “Honda
Parties”) in the form set forth as Exhibit F hereto (or such other form or format as the Honda Parties may otherwise
specify) of the request or any requests of (i) all demands communicated to the Indenture Trustee for the repurchase or replacement
of any Receivable for breach of the representations and warranties concerning such Receivable relating to the Issuer and (ii) any
actions taken by the Indenture Trustee with respect to such demand communicated to the Indenture Trustee in respect of any Receivables.
In addition, the Indenture Trustee shall, upon written request of either Honda Party, at any time they reasonably feel necessary,
provide notification to the Honda Parties with respect to any actions taken by the Indenture Trustee as soon as practicable and
in any event within five Business Days of receipt of such request. Such notices shall be provided to the Honda Parties in accordance
with Section 11.04(iv) of this Indenture. The Indenture Trustee and the Issuer acknowledge and agree that the purpose of this Section
7.02(e) is to facilitate compliance by the Honda Parties with Rule 15Ga-1 under the Securities Exchange Act of 1934, as amended,
and Items 1104(e), 1121(c) and 1125 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 written requests (including email in PDF format)
made by the Honda Parties in good faith for delivery of information in its possession under these provisions on the basis of evolving
interpretations of the Repurchase Rules and Regulations. The Indenture Trustee shall cooperate fully with the Honda Parties to
deliver any and all records and any other information in its possession and necessary in the good faith determination of the Honda
Parties to permit them to comply with the provisions of Repurchase Rules and Regulations. In no event shall the Indenture Trustee
have any responsibility or liability in connection with any filing required to be made by a securitizer under the Repurchase Rules
and Regulations.

 

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Section 7.03.         Reports
by Issuer.

 

(a)          The
Issuer shall:

 

(i)          file
with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual
reports and 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) that the Issuer may be required to file with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act;

 

(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 Issuer 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 Issuer pursuant to clauses (i) and (ii) of this
Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission.

 

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

 

Section 7.04.         Reports
by Indenture Trustee. If required by TIA § 313(a), within 60 days after each August 19th beginning with August 19, 2016,
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 Issuer shall promptly notify the Indenture Trustee in writing if and when the Notes are listed on any stock
exchange and of any delisting thereof.

 

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 Owner 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 Five.

 

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Section 8.02.         Accounts.

 

(a)          Pursuant
to Section 4.01 of the Sale and Servicing Agreement, there has been established and there shall be maintained an Eligible Account
(initially at The Bank of New York Mellon) in the name, and under the sole dominion and control, of the Indenture Trustee until
the Outstanding Amount has been reduced to zero, and thereafter, in the name, and under the sole dominion and control, of the Owner
Trustee, which is designated as the Yield Supplement Account.

 

(b)          On
or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee,
Eligible Accounts (i) for the benefit of the Securityholders: the Collection Account, the Yield Supplement Account and the Reserve
Fund, and (ii) for the benefit of the Noteholders: the Note Distribution Account, as provided in Section 4.01 of the Sale and Servicing
Agreement.

 

(c)          On
or before each Payment Date, with respect to the preceding Collection Period, all amounts required to be deposited in the Collection
Account will be deposited as provided in Sections 4.02 and 4.05 of the Sale and Servicing Agreement. On or before each Payment
Date, all amounts required to be deposited in the Note Distribution Account with respect to the preceding Collection Period pursuant
to Sections 4.06 and 4.07 of the Sale and Servicing Agreement will be transferred from the Collection Account, the Reserve Fund
and/or the Yield Supplement Account to the Note Distribution Account.

 

(d)          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 (including
any premium), in the amounts and order as set forth in the Servicer’s Certificate which shall be in the following amounts
and in the following order of priority (except as otherwise provided in Section 5.04(b)):

 

(i)          the
Note Interest Distributable Amount; provided, that if there are not sufficient funds in the Note Distribution Account to pay the
allocable portion of the Note Interest Distribution Amount with respect to each Class of Notes, the amount in the Note Distribution
Account shall be applied to the payment of such amount pro rata on the basis of the total Note Interest Distributable Amount due
on the Notes;

 

(ii)         the
Note Principal Distributable Amount (first to the Class A-1 Notes until the Class A-1 Notes are paid in full, second to the Class
A-2 Notes until paid in full, third to the Class A-3 Notes until paid in full, and fourth to the Class A-4 Notes until paid in
full);

 

(iii)        notwithstanding
clause (ii) above, on each Payment Date after the Notes have been accelerated as provided in Section 5.02(a) following the occurrence
of an Event of Default, until such time as the Notes have been paid in full, the Note Principal Distributable Amount shall be paid
first to the Class A-1 Notes until the Class A-1 Notes are paid in full and then to the Class A-2, Class A-3 and Class A-4 Notes
on a pro rata basis based on the Outstanding Amount of each such Class of Notes; and

 

    	 	50	 

     

    

 

(iv)        in
the event that there are insufficient funds in the Note Distribution Account, an amount will be withdrawn from the Reserve Fund
pursuant to Section 4.07(b) of the Sale and Servicing Agreement.

 

The Indenture Trustee shall, subject to
Article VI, make the distributions on the Notes in a manner consistent with the Servicer’s Certificate and will, upon the
request of the Issuer, confirm to the Issuer that it has made such payments in accordance with the Servicer's Certificate.

 

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 Reserve Fund
and the Yield Supplement Account shall be invested in Eligible Investments and reinvested by the Indenture Trustee upon the written
direction of the Servicer, subject to the provisions of Section 4.01(b) of the Sale and Servicing Agreement. All income or other
gain from investments of monies deposited in the Reserve Fund and the Yield Supplement Account shall be credited to such Account,
and any loss resulting from such investments shall be charged to such Account.

 

(b)          To
the extent that the Servicer is required to remit all payments received from or on behalf of the Obligors on or in respect of the
Receivables and all Net Liquidation Proceeds daily to the Collection Account as provided in Section 4.02 of the Sale and Servicing
Agreement, all or a portion of the funds in the Collection Account may be invested in Eligible Investments and reinvested by the
Indenture Trustee upon the written direction of the Servicer, subject to the provisions of Section 4.01(b) of the Sale and Servicing
Agreement. All income or other gain from investments of monies deposited in the Collection Account, if any, shall be paid to the
Servicer as part of the Supplemental Servicing Fee, and any loss resulting from such investments shall be charged to the Collection
Account in accordance with Section 4.01(b) of the Sale and Servicing Agreement.

 

(c)          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 Reserve
Fund, the Yield Supplement Account or the Collection Account 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 trustee, in accordance with their terms.

 

(d)          If
(i) the Servicer shall have failed to give investment directions for any funds on deposit in the Reserve Fund, Yield Supplement
Account or Collection Account to the Indenture Trustee by 2:00 P.M., New York Time (or such other time as may be agreed by the
Issuer and the Indenture Trustee) on any Business Day or (ii) to the knowledge of a Responsible Officer of the Indenture Trustee
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 (iii) if such Notes shall have been declared due and payable following an
Event of Default but amounts collected or receivable from the Owner Trust Estate are being applied in accordance with Section 5.05
as if there had not been such a declaration, then the Indenture Trustee upon actual knowledge by a Responsible Officer of such
event shall, in the case of clause (i) above, maintain such funds in cash or, in the case of clauses (ii) or (iii) above, to the
fullest extent practicable, invest and reinvest funds in the Reserve Fund, Yield Supplement Account or Collection Account specified
in the most recent investment direction received by the Indenture Trustee from the Servicer.

 

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Section 8.04.         Release
of Owner 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 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, all sums due the Indenture Trustee pursuant to Section
6.07 have been paid, release any remaining portion of the Owner Trust Estate that secured the Notes from the lien of this Indenture
and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Accounts. The Indenture Trustee
shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt of an Issuer 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. Such release shall be deemed to
have been made upon completion of the requirements set forth in the foregoing sentence.

 

Section 8.05.         Opinion
of Counsel. The Indenture Trustee shall receive at least seven days written notice when requested by the Issuer 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, in form and substance satisfactory to the Indenture Trustee, 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 Owner 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 from the Administrator to each Rating Agency, the Issuer and the
Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures
supplemental hereto (which shall conform to the provisions of the TIA as in force at the date of the execution thereof), 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
additional property to the lien of this Indenture;

 

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

 

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

 

(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 that may be inconsistent with
any other provision herein or in any supplemental indenture or the other Basic Documents 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 adversely
affect 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 Six;

 

(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; or

 

(viii)       to
correct any manifest error in the terms of this Indenture as compared to the terms expressly set forth in the Prospectus.

 

    	 	53	 

     

    

  

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.

 

(b)          The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the
Notes but with prior notice from the Administrator to each Rating Agency, 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, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder.

 

Section 9.02.         Supplemental
Indentures With Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice from the Administrator to each Rating Agency and with the written consent of the Holders of not less than a majority
of the Outstanding Amount, by Act of such Holders delivered to the Issuer, the Indenture Trustee (which consent shall not be unreasonably
withheld), 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 written 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 provisions of this Indenture relating to the application
of collections on, or the proceeds of the sale of, the Owner 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 Five, 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, 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”;

 

(iv)        reduce
the percentage of the Outstanding Amount required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the
Owner Trust Estate pursuant to Section 5.04 or amend the provisions of this Article which specify the percentage of the Outstanding
Amount required to amend this Indenture or the other Basic Documents;

 

    	 	54	 

     

    

 

(v)         modify
any provision of this Section except to increase any percentage specified herein or 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 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 Owner
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 Administrator shall certify to the Indenture
Trustee whether or not any Notes would be affected by any supplemental indenture and any such certification shall be conclusive
upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder.

 

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 Issuer
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. 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 or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to
receive, 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. 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.

 

Section 9.04.         Effect
of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall 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 Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

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

 

Section 9.06.         Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant
to this Article 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 Issuer or the Indenture Trustee shall so determine, new Notes
so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared
and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

 

ARTICLE
X

REDEMPTION OF NOTES

 

Section 10.01.         Redemption.
The Outstanding Notes are subject to redemption in whole, but not in part, pursuant to Section 8.01 of the Sale and Servicing Agreement,
on any Payment Date on which the Servicer exercises its option to purchase the Owner Trust Estate pursuant to said Section, for
a purchase price equal to the Redemption Price; provided that the Issuer has available funds sufficient to pay the Redemption Price.
The Administrator shall make notice available to each Rating Agency of such redemption. If the outstanding Notes are to be redeemed
pursuant to this Section, the Servicer or the Issuer shall furnish written notice of such election to the Indenture Trustee not
later than 30 days prior to the Redemption Date and the Issuer shall deposit by 8:00 A.M., Los Angeles time, on the Redemption
Date 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.

 

Section 10.02.         Form
of Redemption Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, by electronic mail in accordance with Section 11.04, or by facsimile mailed or transmitted not later than ten
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 or facsimile number appearing in the Note Register.

 

All notices of redemption shall include
the following information:

 

(i)          the
Redemption Date;

 

(ii)         the
Redemption Price;

 

(iii)        the
CUSIP number;

 

    	 	56	 

     

    

 

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

 

(v)         that
on the Redemption Date, the Redemption Price will become due and payable upon each Note and that interest thereon shall cease to
accrue from and after the Redemption Date.

 

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

 

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, on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in
the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued
interest is calculated for purposes of calculating the Redemption Price.

 

ARTICLE
XI

MISCELLANEOUS

 

Section 11.01.         Compliance
Certificates and Opinions, etc.

 

(a)          Upon
any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the
Issuer 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
and except in the case of a full redemption under Section 10.01) 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.

 

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

 

    	 	57	 

     

    

 

(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 Issuer 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 Issuer
of the Collateral or other property or securities to be so deposited.

 

(ii)         Whenever
the Issuer 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 Issuer shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such
securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer,
as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding
Amount, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to
the Issuer 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.

 

(iii)        Other
than with respect to any release described in clause (A) or (B) of Section 11.01(b)(v), whenever any property or securities are
to be released from the lien of this Indenture, the Issuer 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 Issuer 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 Issuer 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 property described in clauses (A) or (B) of Section 11.01 (b)(v)) 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, 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.

 

(v)         Notwithstanding
Section 2.12 or any other provision of this Section, the Issuer may, without compliance with the requirements of the other provisions
of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted
or required by the Basic Documents and (B) make cash payments out of the Accounts as and to the extent permitted or required by
the Basic Documents, so long as the Issuer shall deliver to the Indenture Trustee every six months, commencing no later than December
15, 2015, an Officer’s Certificate of the Issuer stating that all the dispositions of Collateral described in clauses (A)
and (B) above that occurred during the preceding six calendar months or shorter period in the case of the first such Officer’s
Certificate were in the ordinary course of the Issuer’s business and that the proceeds thereof were applied in accordance
with the Basic Documents.

 

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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 Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which such officer’s 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 Issuer or the Administrator, stating that the
information with respect to such factual matters is in the possession of the Servicer, the Seller, the Issuer 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.

 

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 Issuer shall deliver any document
as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is
intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate
or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to
the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall
not, however, be construed to affect the 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 Six.

 

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 Issuer.
Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive
in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.

 

    	 	59	 

     

    

 

(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 Issuer in reliance thereon, whether or not notation of such action is made
upon such Note.

 

Section 11.04.        Notices,
etc., to Indenture Trustee, Issuer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to or filed with:

 

(i)           the
Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing and mailed first-class, postage prepaid, overnight delivery service or facsimile to or with the Indenture Trustee
at its Corporate Trust Office, with a copy to The Bank of New York Mellon, 101 Barclay Street, Floor 7 West, New York, NY 10286,
Attention: Asset Backed Securities Unit – Honda Auto Receivables 2015-4, or (as to notices sent by the Issuer to the Indenture
Trustee only) if sent by electronic mail, to an address provided by the Indenture Trustee in writing, or

 

(ii)         the
Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed first-class,
postage prepaid, overnight delivery service or facsimile to the Issuer addressed to: Honda Auto Receivables 2015-4 Owner Trust,
in care of U.S. Bank Trust National Association, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603 Attention: Corporate
Trust Services – Honda Auto Receivables 2015-4, or at any other address previously furnished in writing to the Indenture
Trustee by the Issuer or the Administrator. The Issuer shall promptly transmit any notice received by it from the Noteholders to
the Indenture Trustee.

 

(iii)        
(a)          Notices required to be given to each Rating Agency by the Issuer
or the Administrator shall be in writing, personally delivered, couriered or mailed by certified mail, return receipt requested,
electronic mail (if an address therefore has been provided by the respective party in writing) or overnight delivery service to
(i) in the case of Moody’s, at the following address: 7 World Trade Center, 250 Greenwich Street, 25th Floor, New York, New
York 10007, Attention: ABS/RMBS Monitoring Department, or via email to ServicerReports@moodys.com,
and (ii) in the case of S&P, at the following address: 55 Water Street, 41st Floor, New York, New York 10041-0003, or
via email at servicer_reports@sandp.com, or at such other address (including electronic mail addresses) as shall be designated
by written notice to the party or parties providing notice under this paragraph.

 

    	 	60	 

     

    

 

(b)          Notwithstanding
subsection (iii)(a) above, notices required to be given to each Rating Agency by the Issuer or the Administrator, as the case may
be, may be made available by the Administrator through a website post, provided that the Administrator shall inform or cause each
Rating Agency to be informed in writing (including by electronic mail) that a notice has been posted.

 

(iv)        Notices
required to be given to the Honda Parties pursuant to Section 7.02(e) shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, or overnight delivery service, by facsimile or by electronic mail (if an address therefore has
been provided by the Honda Parties in writing) to American Honda Finance Corporation and American Honda Receivables LLC, 20800
Madrona Avenue, Torrance, CA 90503, Attention: Treasury Manager.

 

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 such Holder’s 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 each Rating Agency, 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.

 

Section 11.06.         Alternate
Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer
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 Issuer 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.

 

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

 

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 Issuer 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.

 

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 of this Indenture and the Notes 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, the Noteholders, and any other party secured hereunder, and any other Person with an ownership
interest in any part of the Owner 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 Note’s 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, and no interest shall accrue for the
period from and after any such nominal date.

 

Section 11.13.       Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

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Each of the parties hereto hereby submits
to the exclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State
court sitting in New York City for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions
contemplated hereby. Each of the parties hereto hereby further irrevocably waives any claim that any such courts lack jurisdiction
over such party, and agrees not to plead or claim, in any legal action or proceeding with respect to this Agreement in any of the
aforesaid courts, that any such court lacks jurisdiction over such party. Each of the parties hereto irrevocably waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

 

Each party hereto hereby waives, to the
fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly or indirectly
arising out of, under or in connection with this agreement.

 

Section 11.14.       Counterparts.
This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

 

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 Issuer 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.

 

Section 11.16.       Trust
Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, 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 its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee
or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations
in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder,
the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Eight
of the Trust Agreement as if specifically set forth herein.

 

Section 11.17.       No
Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant
and agree that they will not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents.

 

    	 	63	 

     

    

 

Section 11.18.       Inspection.
The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s
normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s
affairs, finances and accounts with the Issuer’s officers, employees and Independent certified public accountants, all at
such reasonable times and as often as may be reasonably requested. Notwithstanding anything herein to the contrary, the foregoing
shall not be construed to prohibit (i) the disclosure of any and all information that is or becomes publicly known, or information
obtained by the Indenture Trustee from sources other than the Servicer or the Issuer, (ii) the disclosure of any and all information
(A) if required to do so by any applicable law, rule or regulation, (B) to any government agency or regulatory body having or claiming
authority to regulate or oversee any aspects of the Indenture Trustee’s business or that of its affiliates, (C) pursuant
to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration
to which the Indenture Trustee or any affiliate or an officer, director, employer or shareholder thereof is a party, (D) in any
preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated
by the Agreement approved in advance by the Servicer or the Issuer or (E) to any affiliate, independent or internal auditor, agent,
employee or attorney of the Indenture Trustee having a need to know the same for reasons directly related to the ability of the
Indenture Trustee to perform its duties hereunder, provided that the Indenture Trustee advises such recipient of the confidential
nature of the information being disclosed, or (iii) any other disclosure authorized by the Servicer or the Issuer.

 

Section 11.19.       [Reserved]

 

Section 11.20.       Disclosure
of Tax Treatment. Notwithstanding the foregoing or anything herein to the contrary, all persons (and their respective employees,
representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax
structure of the transaction described herein and all materials of any kind (including opinions or other tax analyses) that are
provided to the recipient relating to such tax treatment and tax structure. However, any such information relating to the tax treatment
or tax structure shall be required to be kept confidential to the extent necessary to comply with any applicable securities laws.

 

Section 11.21.       Intent
of the Parties; Reasonableness. The Indenture Trustee and Issuer acknowledge and agree that the purpose of Section 3.09 and
7.02(e) of this Agreement is to facilitate compliance by the Issuer and the Depositor with the provisions of Regulation AB and
related rules and regulations of the Commission.

 

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Neither the Issuer nor the Administrator
(acting on behalf of the Issuer) shall exercise its right to request delivery of information or other performance under these provisions
other than in good faith, or for purposes other than compliance with federal securities laws, including the Securities Act, the
Exchange Act and the rules and regulations of the Commission thereunder. Each of the parties hereto agrees that (a) the obligations
of the parties hereunder shall be interpreted in such a manner as to accomplish compliance with Regulation AB, (b) the parties’
obligations hereunder will be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice
or guidance from the Securities and Exchange Commission, convention or consensus among active participants in the asset-backed
securities markets, or otherwise in respect of the requirements of Regulation AB as they may be applied by the Securities and Exchange
Commission to the Issuer in connection with the Notes and (c) the parties shall comply with reasonable requests made by or on behalf
of the Issuer or the Indenture Trustee for delivery of additional or different information, to the extent such information is available,
as the person requesting such information may determine in good faith is necessary for it to comply with the provisions of Regulation
AB. Any and all expenses incurred by the Indenture Trustee in compliance with this Section shall be considered indemnities payable
in accordance with Section 6.07 hereof.

 

The Issuer (or the Administrator, acting
on behalf of the Issuer) shall cooperate with the Indenture Trustee by providing timely notice of requests for information under
these provisions and by reasonably limiting such requests to information required, in the reasonable judgment of the Issuer to
comply with Regulation AB.

 

Section 11.22.         Owner
Trustee. The parties hereto agree that this Agreement is executed and delivered by the Owner Trustee, not individually or personally
but solely as owner trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it under the Amended
and Restated Trust Agreement dated October 22, 2015 between the Depositor and the Owner Trustee; each of the representations, undertakings
and agreements herein made on the part of the Issuer are made and intended not as personal representations, undertakings and agreements
by U.S. Bank Trust National Association, but are made and intended for the purpose of binding only the Issuer; and under no circumstances
shall U.S. Bank Trust National Association be personally liable for the inaccuracy or breach of any statements made by the Issuer
in this Agreement.

 

Section 11.23.         U.S.A.
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Indenture Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Indenture Trustee. The parties to this Indenture agree that they will provide the Indenture Trustee with such information
about the Owner Trustee as it may request in order for the Indenture Trustee to satisfy the requirements of the U.S.A. Patriot
Act.

 

Section 11.24.         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 notify the Administrator of such communication. The Indenture Trustee agrees to coordinate with the Administrator with
respect to any communication received from a Rating Agency and further agrees that in no event shall the Indenture Trustee engage
in any oral communication with respect to the substance of 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.

 

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The Indenture Trustee will not be responsible
for delays attributable to the Administrator’s failure to deliver any information related to any communication with a Rating
Agency (with respect to this section, the “Information”), defects in the Information supplied to the Rating
Agency or Administrator or other circumstances beyond the control of the Indenture Trustee. The Indenture Trustee shall be under
no obligation to make any determination as to the veracity or applicability of any Information provided to it, or whether any such
Information is required to be maintained on a website or other public medium.

 

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

 

	 	HONDA AUTO RECEIVABLES 2015-4 
	 	OWNER TRUST
	 	 
	 	By:	U.S. Bank Trust National Association, 

not in its individual capacity but solely as Owner 

Trustee on behalf of the Trust
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	
        The Bank of New York
        Mellon, not in its

        individual capacity but solely as

        Indenture Trustee

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	STATE OF _________	)	 
	 	) ss	 
	COUNTY OF ________	)	 

 

On October __, 2015 before me, _______________,
Notary Public, personally appeared  ____________________, _______________________.

 

	 ̈	personally known to me, or
	 	 
	 ̈	proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument,

 

and acknowledged to me that he/she executed the same in his/her
authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which such person
acted, executed the instrument.

 

WITNESS my hand and official seal.

 

	Signature	 	[Seal]

 

 

     

     

    

  

	STATE OF _________	)	 
	 	) ss	 
	COUNTY OF ________	)	 

 

On October___, 2015 before me, _______________,
Notary Public, personally appeared ______________________, ________________________.

 

	 ̈	personally known to me, or
	 	 
	 ̈	proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument,

 

and acknowledged to me that he/she executed the same in his/her
authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which such person
acted, executed the instrument.

 

WITNESS my hand and official seal.

 

	Signature	 	[Seal]

 

     

     

    

 

SCHEDULE A

 

SCHEDULE OF RECEIVABLES

[Delivered to Alston & Bird LLP at Closing]

 

    	 	SA-1	 

     

    

 

[EXHIBIT A-1]

 

FORM OF CLASS A-1 NOTE

 

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

 

UNLESS COUNSEL SATISFACTORY TO THE INDENTURE TRUSTEE SHALL HAVE
RENDERED AN OPINION TO THE EFFECT THAT THE CLASS A-1 NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL BE CHARACTERIZED AS INDEBTEDNESS
FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, NO SALE, PLEDGE, OR TRANSFER OF THIS CLASS A-1 NOTE MAY BE MADE.

 

    	 	A-1	 

     

    

 

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.

 

	REGISTERED	Aggregate INITIAL OUTSTANDING AMOUNT OF ALL CLASS A-1 NOTES: $[___]
	 	 
	 	INITIAL OUTSTANDING AMOUNT OF THIS CLASS A-1 NOTE $__________
	 	 
	No. R-__	CUSIP NO. [___]
	 	 	 

 

HONDA AUTO RECEIVABLES 2015-4 OWNER TRUST

[__]% ASSET BACKED NOTES, CLASS A-1

 

Honda Auto Receivables 2015-4 Owner Trust,
a statutory trust organized and existing under the laws of the State of Delaware (the “Issuer”), for value received,
hereby promises to pay to American Honda Receivables LLC, or registered assigns, the principal sum of _____________________
Dollars ($__________), payable to the extent described in the Indenture referred to on the reverse hereof on each Payment Date;
provided, however, that the entire unpaid principal amount of this Note shall be payable on the earlier of [_____] (the “Class
A-1 Final Payment Date”) and the Redemption Date, if any, selected pursuant to the Indenture.

 

The Issuer will pay interest on this Note
at the rate per annum shown above 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 the preceding Payment Date), or on the Closing Date in the case of the first Payment Date or if no interest has yet been
paid, subject to certain limitations contained in the Indenture. Interest on this Class A-1 Note will accrue for each Payment Date
from and including the immediately preceding Payment Date (or, in the case of the first Payment Date, the Closing Date), to but
excluding such Payment Date and will be computed on the basis of the actual number of days in the Interest Accrual Period with
respect to the Class A-1 Notes divided by 360. 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 Issuer 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.

 

    	 	A-2	 

     

    

 

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

 

    	 	A-3	 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	
        HONDA AUTO RECEIVABLES 2015-4 OWNER

        TRUST,

	 	 	 
	 	By:	U.S. Bank Trust National

Association, not in its individual

capacity but solely as Owner Trustee on

behalf of the Trust,
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	A-4	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	Date:	The Bank of New York Mellon, not in its

individual capacity but solely as Indenture Trustee,
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	A-5	 

     

    

 

This Note is one of a duly authorized issue
of Notes of the Issuer, designated as its [__]% Asset Backed Notes, Class A- 1 (the “Class A-1 Notes”), all issued
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 Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject
to all terms of the Indenture. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto
in the Indenture.

 

The Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes and the Class A-4 Notes (collectively, the “Notes”) are and will be equally and ratably secured
by the collateral pledged as security therefore, except as provided in the Indenture or the Sale and Servicing Agreement.

 

Principal payable on the Notes will be paid
on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the
entire unpaid principal amount of this Note will be payable on the earlier of the Class A-1 Final Payment Date and the Redemption
Date, if any, selected pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid
principal amount of the Class A-1 Notes shall be due and payable following the occurrence and continuance of an Event of Default,
as described in the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders
entitled thereto.

 

Payments of principal and interest on this
Note due and payable on each Payment Date or Redemption Date 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 the related
Record Date. 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) affected by any payments made on any Payment Date or
Redemption 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 or the Sale and Servicing Agreement, for payment in full of the remaining unpaid principal amount of this Note
on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person
who was the registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

 

As provided in the Indenture and subject
to the limitations set forth therein and on the face hereof, 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 Issuer 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 such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation
in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended, 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.

 

    	 	A-6	 

     

    

 

Each Noteholder, by acceptance of a Class
A-1 Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
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 its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee
or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed 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, by acceptance of a Class
A-1 Note covenants and agrees by accepting the benefits of the Indenture that such Noteholder will not at any time institute against
the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the other Basic Documents.

 

Any Person that acquires a Class A-1 Note
with the assets of a Benefit Plan or any other plan subject to a law that is substantially similar to Title I of ERISA or Section
4975 of the Code ("Similar Law") shall be required to represent that its acquisition and holding of such beneficial interest
will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code because it is covered
by a United States Department of Labor prohibited transaction class exemption or by some other applicable statutory or administrative
exemption and will not cause a nonexempt violation of any Similar Law.

 

The Issuer has entered into the Indenture
and this Class A-1 Note is issued with the intention that, for federal, state and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness secured by the Owner Trust Estate. Each Noteholder, by acceptance of a Class A-1
Note, agrees to treat such Class A-1 Notes for federal, state and local income, single business and franchise tax purposes as indebtedness
of the Issuer.

 

Prior to the due presentment for registration
of transfer of this Class A-1 Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
treat the Person in whose name this Class A-1 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 Class A-1 Note be overdue, and none of
the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

 

    	 	A-7	 

     

    

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Holders of the Notes under the Indenture at any time by the Issuer 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 Issuer 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 Class A-1 Notes are issuable only in
fully registered physical form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

    	 	A-8	 

     

    

 

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:	 	 	 	*
	 	 	Signature Guaranteed:	*
	 	 	 	 
	 	 	 	 

 

 

 

*            NOTICE:
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 whatever. Such signature must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation
in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or
in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	A-9	 

     

    

 

EXHIBIT A-2

 

FORM OF CLASS [A-2] [A-3] [A-4] NOTE

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER 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.

 

	REGISTERED	$__________
	 	 
	No. R-__	CUSIP NO. _______

 

HONDA AUTO RECEIVABLES 2015-4 OWNER TRUST

 

____% ASSET BACKED NOTES, CLASS [A-2] [A-3]
[A-4]

 

Honda Auto Receivables 2015-4 Owner Trust,
a statutory trust organized and existing under the laws of the State of Delaware (the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of _____________________ Dollars ($__________),
payable to the extent described in the Indenture referred to on the reverse hereof on each Payment Date; provided, however, that
the entire unpaid principal amount of this Note shall be payable on the earlier of ________________ ___, 20__ (the “Class
[A-2] [A-3] [A-4] Final Payment Date”) and the Redemption Date, if any, selected pursuant to the Indenture.

 

The Issuer will pay interest on this Note
at the rate per annum shown above 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 the preceding Payment Date), or on the Closing Date in the case of the first Payment Date or if no interest has yet been
paid, subject to certain limitations contained in the Indenture. Interest on this [Class A-2,] [Class A-3,] [Class A-4] Note will
accrue for each Payment Date from and including the 21st day of the prior month (or, in the case of the first Payment Date, the
Closing Date) to but excluding the 21st day of the month of such Payment Date and will be computed on the basis of a 360-day year
consisting of twelve 30-day months in the case of the Class A-2, Class A-3 and Class A-4 Notes. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

    	 	A-10	 

     

    

 

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 Issuer 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 signature, this Note shall not be entitled
to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

    	 	A-11	 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	HONDA AUTO RECEIVABLES 2015-4 OWNER
	 	TRUST,
	 	 	 
	 	By:	U.S. Bank Trust National

Association, not in its individual capacity but

solely as Owner Trustee on behalf of the Trust,
	 	 	 
	 	By:	 
	 	Authorized Signatory

 

    	 	A-12	 

     

    

 

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	Date:	 	The Bank of New York Mellon, not in its individual capacity but solely as Indenture Trustee,
	 	 	 
	 	 	By:	                         
	 	 	Authorized Signatory

 

    	 	A-13	 

     

    

 

This Note is one of a duly authorized issue
of Notes of the Issuer, designated as its ___% Asset Backed Notes, Class [A-2] [A-3] [A-4] (the “Class [A-2] [A-3] [A-4]
Notes”), all issued 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 Issuer, the Indenture Trustee and the Holders of the
Notes. The Notes are subject to all terms of the Indenture. Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Indenture.

 

The Class A-2 Notes, the Class A-3 Notes
and the Class A-4 Notes (collectively, the “Notes”) are and will be equally and ratably secured by the collateral pledged
as security therefore, except as provided in the Indenture or the Sale and Servicing Agreement.

 

Principal payable on the Notes will be paid
on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the
entire unpaid principal amount of this Note will be payable on the earlier of the Class [A-2] [A-3] [A-4] Final Payment Date and
the Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class [A-2] [A-3] [A-4] Notes shall be due and payable following the occurrence and continuance
of an Event of Default, as described in the Indenture. All principal payments on the Class [A-2] [A-3] [A-4] Notes shall be made
pro rata to the Class [A-2] [A-3] [A-4] Noteholders entitled thereto.

 

Payments of principal and interest on this
Note due and payable on each Payment Date or Redemption Date 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 the related
Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Depository (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) affected by any payments made on any Payment Date or
Redemption 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 or the Sale and Servicing Agreement, for payment in full of the remaining unpaid principal amount of this Note
on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person
who was the registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

 

    	 	A-14	 

     

    

 

As provided in the Indenture and subject
to the limitations set forth therein and on the face hereof, 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 Issuer 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 such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation
in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended, 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 Issuer, 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 its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed 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 by accepting the benefits of the
Indenture that such Noteholder or Note Owner will not at any time institute against the Seller or the Issuer, or join in any institution
against the Seller or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture
or the other Basic Documents.

 

Any Person that acquires a beneficial interest
in this Note with the assets of a Benefit Plan or any other plan subject to a law that is substantially similar to Title I of ERISA
or Section 4975 of the Code (“Similar Law”) shall be deemed to represent that its acquisition and holding of such beneficial
interest will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code because
it is covered by a United States Department of Labor prohibited transaction class exemption or by some other applicable statutory
or administrative exemption and will not cause a nonexempt violation of any Similar Law.

 

The Issuer has entered into the Indenture
and this Note is issued with the intention that, for federal, state and local income, single business and franchise tax purposes,
the Notes will qualify as indebtedness secured by the Owner Trust Estate. Each Noteholder, by acceptance of a Note (and each Note
Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes for federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuer.

 

    	 	A-15	 

     

    

 

Prior to the due presentment for registration
of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may 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 none of the Issuer, the Indenture Trustee
or 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 Issuer and the rights of the
Holders of the Notes under the Indenture at any time by the Issuer 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 Issuer 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 Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

This Note shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

    	 	A-16	 

     

    

 

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:	               	 	 	*
	 	 	Signature Guaranteed:	*
	 	 	 	 

 

 

 

*           NOTICE:
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 whatever. Such signature must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation
in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or
in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	A-17	 

     

    

 

EXHIBIT B

 

FORM OF NOTE DEPOSITORY AGREEMENT

[See Tab 72]

 

    	 	B-1	 

     

    

 

[EXHIBIT C]

 

[FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

The Bank of New York Mellon

101 Barclay Street, 9 Floor West

Attention: Corporate Trust Administration, Asset Backed Securities
Unit – Honda Auto

Receivables 2015-4

New York, New York 10286

 

American Honda Receivables LLC

20800 Madrona Avenue,

Torrance, California 90503

 

	 	Re:	Honda Auto Receivables 2015-4 Owner Trust, Class A-1 Notes

 

Ladies and Gentlemen:

 

In connection with our disposition of the above-referenced Class
A-1 Notes (the “Class A-1 Notes”) we certify that (a) we understand that the Class A-1 Notes have not been
registered under the Securities Act of 1933, as amended (the “Act”), but were retained by the Depositor, and
are being transferred by us in a transaction that is exempt from the registration requirements of the Act and (b) we have
not offered or sold any Class A-1 Notes to, or solicited offers to buy any Class A-1 Notes from, any person, or otherwise approached
or negotiated with any person with respect thereto, in a manner that would be deemed, or taken any other action which would result
in, a violation of Section 5 of the Act.

 

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

 

    	 	C-1	 

     

    

 

[EXHIBIT D]

 

[FORM OF INVESTMENT LETTER]

 

The Bank of New York Mellon

101 Barclay Street, 9 Floor West

Attention: Corporate Trust Administration, Asset Backed Securities
Unit – Honda Auto

Receivables 2015-4

New York, New York 10286

 

American Honda Receivables LLC

20800 Madrona Avenue,

Torrance, California 90503

 

Ladies and Gentlemen:

 

In connection with our proposed purchase
of Class A-1 Notes (the “Class A-1 Notes”) of Honda Auto Receivables 2015-4 Owner Trust (the “Issuing
Entity”), we confirm that:

 

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

 

    	 	D-1	 

     

    

 

 

	 	2.	[CHECK ONE]

 

(a) We are an Accredited Investor acting for our
own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors
unless we are a bank acting in its fiduciary capacity). We have such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of our investment in the Class A-1 Notes, and we and any accounts for which
we are acting are each able to bear the economic risk of our or their investment for an indefinite period of time. We are acquiring
the Class A-1 Notes or investment and not with a view to, or for offer and sale in connection with, a public distribution.

 

(b) We are a “qualified institutional buyer”
as defined under Rule 144A under the 1933 Act and are acquiring the Class A-1 Notes for our own account (and not for the account
of others) or as a fiduciary or agent for others (which others also are “qualified institutional buyers”). We are familiar
with Rule 144A under the 1933 Act and are aware that the seller of the Class A-1 Notes and other parties intend to rely on the
statements made herein and the exemption from the registration requirements of the 1933 Act provided by Rule 144A.

 

3. If we are acquiring a beneficial
interest in this Note with the assets of (a) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”)) that is subject to Title I of ERISA, (b) a plan (as defined in Section
4975(e)(1) of the Code) that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
and (c) an entity whose underlying assets include assets of a plan described in (a) or (b) by reason of such plan’s investment
in the entity or any other plan subject to a law that is substantially similar to Title I of ERISA or Section 4975 of the Code
(“Similar Law”), its acquisition and holding of such beneficial interest will not give rise to a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code because it is covered by a United States Department of Labor
prohibited transaction class exemption or by some other applicable statutory or administrative exemption and will not cause a nonexempt
violation of any Similar Law.

 

4. We understand that the Indenture
Trustee, AHR and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements,
and we agree that if any of the acknowledgments, representations and warranties deemed to have been made by us by our purchase
of the Class A-1 Notes, for our own account or for one or more accounts as to each of which we exercise sole investment discretion,
are no longer accurate, we shall promptly notify AHR.

 

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

 

    	 	D-2	 

     

    

 

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

 

    	 	D-3	 

     

    

 

EXHIBIT E

 

Servicing Criteria To Be Addressed In Assessment
Of Compliance

 

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

 

	Reference	Criteria	
	 	 	 
	 	Cash Collection and Administration	 
	 	 	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	 
	 	 	 
	 	Investor Remittances and Reporting	 
	 	 	 
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.*	 
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements. 	 
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	 

 

* With respect to remittances.

 

    	 	E-1	 

     

    

 

EXHIBIT
F

Form
of Monthly Rule 15Ga-1 Asset Repurchase Activity Report

Reporting
Period: ____________

Name
of Issuing Entity: HAROT 2015-4

Trustee:
The Bank of New York Mellon

 ̈ Check here if the Trustee has no activity to report during Reporting
Period indicated above

 

	Name
    of

    Issuing

     Entity	 	Check
    if

     Registered	 	Name
    of

     Originator	 	Total
    Assets in 

    ABS by Originator	 	Assets
    That Were

     Subject of

    Demand	 	Assets
    That Were

    Repurchased or

     Replaced	 	Assets
    Pending

     Repurchase or

    Replacement 

    (within cure period)	 	Demand
    in Dispute	 	Demand
    Withdrawn	 	Demand
    Rejected	 
	

(a)	 	

(b)		

    

    

    

    (c)	 	(#)

    

    

    

    (d)	 	($)

    

    

    

    (e)	 	(% of

    principal

    balance)

    

    (f)	 	(#)

    

    

    

    (g)	 	($)

    

    

    

    (h)	 	(% of

    principal

    balance)

    

    (i)	 	(#)

    

    

    

    (j)	 	($)

    

    

    

    (k)	 	(% of 

    principal 

    balance)

    

    (l)	 	(#)

    

    

    

    (m)	 	($)

    

    

    

    (n)	 	(% of

    principal 

    balance)

    

    (o)	 	(#)

    

    

    

    (p)	 	($)

    

    

    

    (q)	 	(% of 

    principal 

    balance)

    

    (r)	 	(#)

    

    

    

    (s)	 	($)

    

    

    

    (t)	 	(% of 

    principal 

    balance)

    

    (u)	 	(#)

    

    

    

    (v)	 	($)

    

    

    

    (w)	 	(% of 

    principal 

    balance)

    

    (x)	 
	Asset Class X	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing Entity A CIK #	 	X	 	Originator 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Originator 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 
	Asset Class Y	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing Entity B	 	 	 	Originator 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 

 

    	 	F-1

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