Document:

Form of CARAT Indenture

 EXHIBIT 4.2 

CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN     

 
  

 

Class A-1         % Asset Backed Notes 

Class A-2[a]         % Asset Backed Notes 

[Class A-2b [Floating Rate] Asset Backed Notes] 

Class A-3[a]         % Asset Backed Notes 

[Class A-3b [Floating Rate] Asset Backed Notes] 

Class A-4[a]         % Asset Backed Notes 

[Class A-4b [Floating Rate] Asset Backed Notes] 

Class B         % Asset Backed Notes 

Class C         % Asset Backed Notes 

[Class D         % Asset Backed Notes 

 
  

 
 CARAT INDENTURE 

Dated as of             , 20     

 
  

[                    ] 

CARAT Indenture Trustee 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION
	  	 	7	  
	 Section 1.1
	 	Definitions	  	 	7	  
	 Section 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	 	7	  
		
	 ARTICLE II THE NOTES
	  	 	8	  
	 Section 2.1
	 	Form	  	 	8	  
	 Section 2.2
	 	Execution, Authentication and Delivery	  	 	8	  
	 Section 2.3
	 	Temporary Notes	  	 	9	  
	 Section 2.4
	 	Registration; Registration of Transfer and Exchange of Notes	  	 	10	  
	 Section 2.5
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	12	  
	 Section 2.6
	 	Persons Deemed Noteholders	  	 	13	  
	 Section 2.7
	 	Payment of Principal and Interest	  	 	13	  
	 Section 2.8
	 	Cancellation of Notes	  	 	15	  
	 Section 2.9
	 	Release of Collateral	  	 	16	  
	 Section 2.10
	 	Book-Entry Notes	  	 	16	  
	 Section 2.11
	 	Notices to Clearing Agency	  	 	16	  
	 Section 2.12
	 	Definitive Notes	  	 	17	  
	 Section 2.13
	 	Depositor as Noteholder	  	 	17	  
	 Section 2.14
	 	Tax Treatment	  	 	17	  
	 Section 2.15
	 	Special Terms Applicable to Private Notes; Transfer of Beneficial Interest in Private Notes	  	 	18	  
		
	 ARTICLE III COVENANTS
	  	 	21	  
	 Section 3.1
	 	Payment of Principal and Interest and Other Amounts	  	 	21	  
	 Section 3.2
	 	Maintenance of Agency Office	  	 	21	  
	 Section 3.3
	 	Money for Payments To Be Held in Trust	  	 	22	  
	 Section 3.4
	 	Existence	  	 	23	  
	 Section 3.5
	 	Protection of CARAT Trust Estate; Acknowledgment of Pledge	  	 	23	  
	 Section 3.6
	 	Opinions as to CARAT Trust Estate	  	 	24	  
	 Section 3.7
	 	Performance of Obligations; Administration of Secured Notes	  	 	25	  
	 Section 3.8
	 	Negative Covenants	  	 	26	  
	 Section 3.9
	 	Annual Statement as to Compliance	  	 	26	  
	 Section 3.10
	 	Consolidation, Merger, etc., of Issuing Entity; Disposition of Trust Assets	  	 	27	  
	 Section 3.11
	 	Successor or Transferee	  	 	29	  
	 Section 3.12
	 	No Other Business	  	 	29	  
	 Section 3.13
	 	No Borrowing	  	 	29	  
	 Section 3.14
	 	Guarantees, Loans, Advances and Other Liabilities	  	 	29	  
	 Section 3.15
	 	Administrator’s Obligations	  	 	30	  
	 Section 3.16
	 	Capital Expenditures	  	 	30	  
	 Section 3.17
	 	Removal of Administrator	  	 	30	  
	 Section 3.18
	 	Restricted Payments	  	 	30	  
	 Section 3.19
	 	Notice of CARAT Events of Default	  	 	30	  

							
	 Section 3.20
	 	Further Instruments and Acts	  	 	31	  
	 Section 3.21
	 	 CARAT Indenture Trustee’s Assignment of Administrative Secured Notes and Warranty Secured Notes; Enforcement of Secured
Notes
	  	 	31	  
	 Section 3.22
	 	Representations and Warranties by the Issuing Entity to the CARAT Indenture Trustee	  	 	31	  
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	32	  
	 Section 4.1
	 	Satisfaction and Discharge of CARAT Indenture	  	 	32	  
	 Section 4.2
	 	Application of Trust Money	  	 	33	  
	 Section 4.3
	 	Repayment of Monies Held by Paying Agent	  	 	33	  
	 Section 4.4
	 	Duration of Position of CARAT Indenture Trustee	  	 	33	  
		
	 ARTICLE V DEFAULT AND REMEDIES
	  	 	33	  
	 Section 5.1
	 	CARAT Events of Default	  	 	33	  
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	35	  
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by CARAT Indenture Trustee	  	 	35	  
	 Section 5.4
	 	Remedies; Priorities	  	 	38	  
	 Section 5.5
	 	Optional Preservation of the CARAT Trust Estate	  	 	39	  
	 Section 5.6
	 	Limitation of Suits	  	 	39	  
	 Section 5.7
	 	Unconditional Rights of Noteholders To Receive Principal and Interest	  	 	40	  
	 Section 5.8
	 	Restoration of Rights and Remedies	  	 	40	  
	 Section 5.9
	 	Rights and Remedies Cumulative	  	 	41	  
	 Section 5.10
	 	Delay or Omission Not a Waiver	  	 	41	  
	 Section 5.11
	 	Control by Noteholders	  	 	41	  
	 Section 5.12
	 	Waiver of Past Defaults	  	 	41	  
	 Section 5.13
	 	Undertaking for Costs	  	 	42	  
	 Section 5.14
	 	Waiver of Stay or Extension Laws	  	 	42	  
	 Section 5.15
	 	Action on Notes	  	 	42	  
	 Section 5.16
	 	Performance and Enforcement of Certain Obligations	  	 	43	  
		
	 ARTICLE VI THE CARAT INDENTURE TRUSTEE
	  	 	44	  
	 Section 6.1
	 	Duties of CARAT Indenture Trustee	  	 	44	  
	 Section 6.2
	 	Rights of CARAT Indenture Trustee	  	 	45	  
	 Section 6.3
	 	CARAT Indenture Trustee May Own Notes	  	 	46	  
	 Section 6.4
	 	CARAT Indenture Trustee’s Disclaimer	  	 	47	  
	 Section 6.5
	 	Notice of Default	  	 	47	  
	 Section 6.6
	 	Reports by CARAT Indenture Trustee	  	 	47	  
	 Section 6.7
	 	Compensation; Indemnity	  	 	48	  
	 Section 6.8
	 	Replacement of CARAT Indenture Trustee	  	 	48	  
	 Section 6.9
	 	Merger or Consolidation of CARAT Indenture Trustee	  	 	50	  
	 Section 6.10
	 	Appointment of Co-CARAT Indenture Trustee or Separate CARAT Indenture Trustee	  	 	50	  
	 Section 6.11
	 	Eligibility; Disqualification	  	 	51	  
	 Section 6.12
	 	Preferential Collection of Claims Against Issuing Entity	  	 	51	  

  
 3 

							
	 Section 6.13
	 	Representations and Warranties of CARAT Indenture Trustee	  	 	52	  
	 Section 6.14
	 	CARAT Indenture Trustee May Enforce Claims Without Possession of Notes	  	 	52	  
	 Section 6.15
	 	Suit for Enforcement	  	 	53	  
	 Section 6.16
	 	Rights of Noteholders to Direct CARAT Indenture Trustee	  	 	53	  
	 Section 6.17
	 	 Notification of Noteholders Regarding Certain AFLT Events; Waivers of Past Defaults; Amendments and Other Actions
	  	 	53	  
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	 	54	  
	 Section 7.1
	 	Issuing Entity To Furnish CARAT Indenture Trustee Names and Addresses of Noteholders	  	 	54	  
	 Section 7.2
	 	Preservation of Information, Communications to Noteholders	  	 	54	  
	 Section 7.3
	 	Reports by Issuing Entity	  	 	54	  
	 Section 7.4
	 	Reports by CARAT Indenture Trustee	  	 	55	  
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	55	  
	 Section 8.1
	 	Collection of Money	  	 	55	  
	 Section 8.2
	 	Designated Accounts; Payments	  	 	56	  
	 Section 8.3
	 	General Provisions Regarding Accounts	  	 	57	  
	 Section 8.4
	 	Release of CARAT Trust Estate	  	 	58	  
	 Section 8.5
	 	Opinion of Counsel	  	 	59	  
		
	 ARTICLE IX SUPPLEMENTAL CARAT INDENTURES
	  	 	59	  
	 Section 9.1
	 	Supplemental CARAT Indentures Without Consent of Noteholders	  	 	59	  
	 Section 9.2
	 	Supplemental CARAT Indentures With Consent of Noteholders	  	 	60	  
	 Section 9.3
	 	Execution of Supplemental CARAT Indentures	  	 	62	  
	 Section 9.4
	 	Effect of Supplemental CARAT Indenture	  	 	62	  
	 Section 9.5
	 	Conformity with the Trust Indenture Act	  	 	62	  
	 Section 9.6
	 	Reference in Notes to Supplemental Indentures	  	 	62	  
		
	 ARTICLE X REDEMPTION OF NOTES
	  	 	63	  
	 Section 10.1
	 	Redemption	  	 	63	  
	 Section 10.2
	 	Form of Redemption Notice	  	 	63	  
	 Section 10.3
	 	Notes Payable on Redemption Date	  	 	63	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	64	  
	 Section 11.1
	 	Compliance Certificates and Opinions, etc.	  	 	64	  
	 Section 11.2
	 	Form of Documents Delivered to CARAT Indenture Trustee	  	 	66	  
	 Section 11.3
	 	Acts of Noteholders	  	 	66	  
	 Section 11.4
	 	Notices, etc., to CARAT Indenture Trustee, Issuing Entity and Rating Agencies	  	 	67	  
	 Section 11.5
	 	Notices to Noteholders; Waiver	  	 	67	  
	 Section 11.6
	 	Alternate Payment and Notice Provisions	  	 	68	  
	 Section 11.7
	 	Conflict with Trust Indenture Act	  	 	68	  
	 Section 11.8
	 	Effect of Headings and Table of Contents	  	 	68	  
	 Section 11.9
	 	Successors and Assigns	  	 	69	  
	 Section 11.10
	 	Severability	  	 	69	  

  
 4 

							
	 Section 11.11
	 	Benefits of CARAT Indenture	  	 	69	  
	 Section 11.12
	 	Legal Holidays	  	 	69	  
	 Section 11.13
	 	GOVERNING LAW	  	 	69	  
	 Section 11.14
	 	Counterparts	  	 	69	  
	 Section 11.15
	 	Recording of CARAT Indenture	  	 	69	  
	 Section 11.16
	 	No Recourse	  	 	70	  
	 Section 11.17
	 	No Petition	  	 	70	  
	 Section 11.18
	 	Inspection	  	 	70	  
	 Section 11.19
	 	Indemnification by and Reimbursement of the Administrator	  	 	71	  
	 Section 11.20
	 	Subordination	  	 	71	  
	 Section 11.21
	 	Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	  	 	71	  
			
		 	Exhibits and Appendices	  			
			
	 Exhibit A-1
	 	Form of Class [A][B][C] Fixed Rate Asset Backed Note	  			
			
	 Exhibit A-2
	 	Form of Class [A] Floating Rate Asset Backed Note	  			
			
	 Exhibit A-3
	 	Form of [Rule 144A] Global Class [A-1] Note	  			
			
	 Exhibit A-4
	 	Form of [Temporary Regulation S Global Note and][Permanent] Regulation S Global Class [A-1] Note	  			
			
	 Exhibit A-5
	 	Form of Class [D] Note	  			
			
	 Exhibit B-1
	 	Form of Transferor Certificate for Transfers of the Rule 144A Global Class [A-  ] Notes	  			
			
	 Exhibit B-2
	 	Form of Transferee Certificate for Transfers of the Rule 144A Global Class [A-  ] Notes	  			
			
	 Exhibit B-3
	 	Form of Regulation S Transfer Certificate	  			
			
	 Exhibit B-4
	 	Form of Rule 144A Transfer Certificate	  			
			
	 Exhibit B-5
	 	Form of Clearing System Certificate	  			
			
	 Exhibit C
	 	Form of Note Depository Agreement for the Notes	  			
			
	 Exhibit D
	 	Servicing Criteria to be addressed in CARAT Indenture Trustee’s assessment of compliance	  			
			
	 Exhibit E
	 	Rule 144A Certificate	  			
			
	 Exhibit F
	 	Form of Certification	  			
			
	 Appendix A
	 	Perfection Representations	  			

  
 5 

 THIS CARAT INDENTURE, dated as of
[            ], 20[    ], is between CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN      , a Delaware statutory trust
(the “Issuing Entity”), and [                    ], a
[                    ], as indenture trustee and not in its individual capacity (the “CARAT Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Secured Parties and the Holders
of the Certificates (only to the extent expressly provided herein): 
 GRANTING CLAUSE 

The Issuing Entity hereby Grants to the CARAT Indenture Trustee at the Closing Date, as trustee for the ratable benefit of the Secured Parties
(only to the extent expressly provided herein), (a) all right, title and interest of the Issuing Entity in, to and under the Secured Notes (which Secured Notes have been issued pursuant to the AFLT Indenture and executed by AFLT and
authenticated by the AFLT Indenture Trustee pursuant to the AFLT Indenture) and all monies due thereunder on and after the Closing Date; (b) all right, title and interest of the Issuing Entity in, to and under the CARAT Transaction Documents
(including the right of the Issuing Entity to cause the Depositor to repurchase the Secured Notes under certain circumstances and the rights of the Issuing Entity under the VAULT Security Agreement) and in and to payment when due (whether at the
stated maturity, by acceleration or otherwise) of the CARAT Collection Account Shortfall Amounts and in and to the Junior Security Interest granted with respect thereto; and (c) all present and future claims, demands, causes and choses in
action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion of any or all of the foregoing,
voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles,
general intangibles, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of
the foregoing (collectively, the “Collateral”). 
 The foregoing Grant is made in trust to secure the Secured Obligations,
equally and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this CARAT Indenture, all as provided in this CARAT Indenture. This CARAT Indenture constitutes a security agreement under the UCC. 

The foregoing Grant includes all rights, powers and options (but none of the obligations, if any) of the Issuing Entity under any agreement or
instrument included in the Collateral, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Secured Notes included in the Collateral and all other monies
payable under the Collateral, 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 Issuing Entity or otherwise and generally to do and
receive anything that the Issuing Entity is or may be entitled to do or receive under or with respect to the Collateral. 

 The CARAT Indenture Trustee, as indenture trustee on behalf of the Secured Parties and (only to
the extent expressly provided herein) the Certificateholders, acknowledges such Grant and accepts the trusts under this CARAT Indenture in accordance with the provisions of this CARAT Indenture. 

ARTICLE I 
 DEFINITIONS
AND RULES OF CONSTRUCTION 
 Section 1.1 Definitions. 

Certain capitalized terms used in this CARAT Indenture shall have the respective meanings assigned them in Part I of Appendix A to the Trust
Sale and Administration Agreement, dated as of the date hereof (as amended from time to time, the “Trust Sale and Administration Agreement”), among the Issuing Entity, the Depositor and Ally Financial Inc. (“Ally
Financial”). All references in this CARAT Indenture to Articles, Sections, subsections, exhibits and appendices are to the same contained in or attached to this CARAT Indenture unless otherwise specified. All terms defined in this CARAT
Indenture shall have the defined meanings when used in any certificate, notice, Note or other document made or delivered pursuant hereto unless otherwise defined therein. The rules of construction set forth in Part II of Appendix A to the Trust Sale
and Administration Agreement shall be applicable to this CARAT Indenture. 
 Section 1.2 Incorporation by Reference of Trust
Indenture Act. 
 Whenever this CARAT Indenture refers to a provision of the TIA, such provision is incorporated by reference in and made
a part of this CARAT Indenture. The following TIA terms used in this CARAT 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 CARAT Indenture. 

“indenture trustee” means the CARAT Indenture Trustee. 

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

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

  
 7 

 ARTICLE II 

THE NOTES 

Section 2.1 Form. 

(a) Each of the [Class     [Fixed Rate] Notes], together, in each case, with the CARAT Indenture Trustee’s certificate
of authentication, shall be substantially in the form set forth in Exhibit A-[1], each of the [Class     [Floating Rate] Notes], together, in each case, with the CARAT Indenture Trustee’s certificate of authentication
shall be substantially in the form set forth in Exhibit A-[2], [the Rule 144A Global Class [A-1] Note, together with the CARAT Indenture Trustee’s certificate of authentication, shall be
substantially in the form set forth in Exhibit A-[3], [the [Temporary][Permanent] Regulation S Global [Class A-1 Note], together with the CARAT Indenture Trustee’s certificate of authentication, shall be substantially in the form set
forth in Exhibit A-[4], [and each of the [Class [D] Notes] together, in each case, with the CARAT Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit A-[5]], in each case with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this CARAT Indenture, and each such Note 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 Authorized 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. 
 (b) [The Class A-1 Notes shall be offered [(i)] to U.S. persons sold in
reliance on the exemption from registration under Rule 144A under the Securities Act (the “Rule 144A Global Class A-1 Note”) [and (ii) to non-U.S. persons in reliance on Regulation S under the Securities Act (initially,
the “Temporary Regulation S Global Class-Notes”).] [After the expiration of the 40-day restricted period specified in Regulation S (the “Exchange Date”), beneficial interests in the Temporary Regulation S Global
Class-Notes shall be exchangeable for interests in a corresponding permanent global certificate (the “Permanent Regulation S Global Class-Notes”) upon certification of non-U.S. ownership.] 

(c) The 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. 
 (d) The terms
of each class of Notes as provided for in Exhibits A-1 through A-[5] are part of the terms of this CARAT Indenture. 

Section 2.2 Execution, Authentication and Delivery. 

(a) Each Note shall be dated the date of its authentication and shall be issuable as a registered Note in the minimum denomination of $1,000
and in integral multiples of hereof (except, if applicable, for one Note representing a residual portion of the Notes which may be issued in a different denomination). 

  
 8 

 (b) The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized
Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 (c) Notes bearing the manual or facsimile
signature of individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals or any of them have ceased to hold such office prior to the authentication and delivery of
such Notes or did not hold such office at the date of such Notes. 
 (d) The CARAT Indenture Trustee, in exchange for the Grant of the
Secured Notes and the other Collateral, simultaneously with the Grant to the CARAT Indenture Trustee of the Secured Notes, and the constructive delivery to the CARAT Indenture Trustee of the Secured Notes and the other Collateral, shall cause to be
authenticated and delivered to or upon the order of the Issuing Entity, Notes for original issue in aggregate principal amount of $            in the following classes
(i) Class A-1 Notes in the aggregate principal amount of $            , (ii) Class A-2 Notes in the aggregate principal amount of
$            , (iii) Class A-3 Notes in the aggregate principal amount of $            , (iv) Class A-4 Notes
in the aggregate principal amount of $            , (v) Class B Notes in the aggregate principal amount of $            ,
(vi) Class C Notes in the aggregate principal amount of $            [and (vii) Class D Notes in the aggregate principal amount of
$            ]. 
 (e) No Note shall be entitled to any benefit under this CARAT
Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form set forth in Exhibit A-1, [Exhibit A-2,] [Exhibit A-3,] [Exhibit A-4,] or [Exhibit A-5,] as applicable,
executed by the CARAT Indenture Trustee by the manual signature of one of its Authorized Officers, 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 2.3 Temporary Notes. 

(a) Pending the preparation of Definitive Notes, if any, the Issuing Entity may execute, and upon receipt of an Issuing Entity Order the CARAT
Indenture Trustee shall authenticate and deliver, such Temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations
as are consistent with the terms of this CARAT Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

(b) If Temporary Notes are issued, the Issuing Entity 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 Agency Office of the Issuing Entity to be maintained as provided in Section 3.2 without charge
to the Noteholder. Upon surrender for cancellation of any one or more Temporary Notes, the Issuing Entity shall execute and the CARAT Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes
of authorized denominations. Until so delivered in exchange, the Temporary Notes shall in all respects be entitled to the same benefits under this CARAT Indenture as Definitive Notes. 

  
 9 

 Section 2.4 Registration; Registration of Transfer and Exchange of Notes. 

(a) The Issuing Entity shall cause to be kept the Note Register, comprising separate registers for each class of Notes, in which, subject to
such reasonable regulations as the Issuing Entity may prescribe, the Issuing Entity shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes. The CARAT Indenture Trustee shall initially be the Note
Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor Note Registrar or, if it elects not to make such an
appointment, assume the duties of the Note Registrar. 
 (b) If a Person other than the CARAT Indenture Trustee is appointed by the Issuing
Entity as Note Registrar, the Issuing Entity will give the CARAT 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. The CARAT Indenture Trustee
shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof. The CARAT 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 Noteholders and the principal amounts and number of such Notes. 
 (c) Upon surrender for
registration of transfer of any Note at the Corporate Trust Office of the CARAT Indenture Trustee or the Agency Office of the Issuing Entity (and following the delivery, in the former case, of such Notes to the Issuing Entity by the CARAT Indenture
Trustee), the Issuing Entity shall execute, the CARAT Indenture Trustee shall authenticate and the Noteholder shall obtain from the CARAT Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes in any
authorized denominations, of a like aggregate principal amount. 
 (d) At the option of a Noteholder, Notes may be exchanged for other Notes
of the same class in any authorized denominations, of a like aggregate principal amount, and upon surrender of such Notes to be exchanged at the Corporate Trust Office of the CARAT Indenture Trustee or the Agency Office of the Issuing Entity (and
following the delivery, in the former case, of such Notes to the Issuing Entity by the CARAT Indenture Trustee), the Issuing Entity shall execute, and the CARAT Indenture Trustee shall authenticate and the Noteholder shall obtain from the CARAT
Indenture Trustee, such Notes which the Noteholder making the exchange is entitled to receive. 
 (e) All Notes issued upon any registration
of transfer or exchange of other Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt, and entitled to the same benefits under this CARAT Indenture, as the Notes surrendered upon such registration of transfer or
exchange. 
 (f) 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 

  
 10 

 
form satisfactory to the CARAT Indenture Trustee and the Note Registrar, duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature
guaranteed by a commercial bank or trust company located, or having a correspondent located, in The City of New York or the city in which the Corporate Trust Office of the CARAT Indenture Trustee is located, or by a member firm of a national
securities exchange, and such other documents as the CARAT Indenture Trustee may require. 
 (g) No service charge shall be made to a Holder
for any registration of transfer or exchange of Notes, but the Issuing Entity or CARAT 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 Sections 2.3 or 9.6 not involving any transfer. 
 (h) By
acquiring a Class A Note, a Class B Note, Class C Note or any interest therein, each purchaser and transferee shall be deemed to represent and warrant that either (i) it is not acquiring the Note with the plan assets of a Benefit Plan or
other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 
 (i) The preceding
provisions of this Section 2.4 notwithstanding, the Issuing Entity shall not be required to transfer or make exchanges, and the Note Registrar need not register transfers or exchanges, of Notes: (i) that have been selected for
redemption pursuant to Article X, if applicable; (ii) that are due for repayment within fifteen (15) days of submission to the Corporate Trust Office or the Agency Office of the Issuing Entity; or (iii) with respect to any
Private Notes, if Section 2.12 has not been complied with in connection with such transfer. 
 (j) (i) Sale, pledge, or
transfer of a Retained Note may only be made to a Person who is a “United States Person” (within the meaning of Section 7701(a)(30) of the Internal Revenue Code). A Person other than the Depositor acquiring a Retained Note or an
interest therein shall be deemed to have made the representations set forth in Section 2.14; and (ii) no sale, pledge, or transfer of a Retained Note shall be made (x) to any one person in an amount less than 100% of the Note
Principal Balance of that class of Retained Note or (y) to a Special Pass-Through Entity, in each case, unless (A) an opinion of counsel satisfactory to the CARAT Indenture Trustee and the Depositor that such sale, pledge, or transfer
shall not cause the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes shall have been delivered to the CARAT Indenture Trustee and the Depositor and (B) the
Depositor shall have provided prior written approval; 
 provided, however, that the restrictions in this Section 2.4(j) shall not
continue to apply to such Notes (covered by the opinion described in this clause) in the event counsel satisfactory to the CARAT Indenture Trustee and the Depositor has rendered an opinion, with respect to the initial sale, pledge or transfer by the
Depositor, to the effect that the Retained Notes to be sold, pledged, or transferred will be characterized as indebtedness for federal income tax purposes. Any attempted transfer in contravention of this Section 2.4(j) will be void ab
initio and the purported transferor will continue to be treated as the owner of the Retained Note. 

  
 11 

 For the purposes of this Section 2.4(j) “Special Pass-Through Entity” means
a grantor trust, S corporation, or partnership where more than 50% of the value of a beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Retained Note. 

Section 2.5 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If (i) any mutilated Note is surrendered to the CARAT Indenture Trustee, or the CARAT Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the CARAT Indenture Trustee such security or indemnity as may be required by it to hold the Issuing Entity and the CARAT Indenture Trustee harmless,
then, in the absence of notice to the Issuing Entity, the Note Registrar or the CARAT Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuing Entity shall execute and upon the Issuing Entity’s request the CARAT
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 a like class and aggregate principal amount; provided, however, that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuing Entity may make payment
to the Holder of such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, if applicable, without surrender thereof. 

(b) If, after the delivery of a replacement Note or payment in respect of a destroyed, lost or stolen Note pursuant to
Section 2.5(a), a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the CARAT Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from (i) any Person to whom it was delivered, (ii) the Person taking such replacement Note from the Person to whom such replacement Note was delivered; or (iii) any assignee of such Person, except a
protected purchaser, and the Issuing Entity and the CARAT Indenture Trustee shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuing Entity or the CARAT
Indenture Trustee in connection therewith. 
 (c) In connection with the issuance of any replacement Note under this
Section 2.5, the Issuing Entity may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including all
fees and expenses of the CARAT Indenture Trustee) connected therewith. 
 (d) Any duplicate Note issued pursuant to this
Section 2.5 in replacement for any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be
found at any time or be enforced by any Person, and shall be entitled to all the benefits of this CARAT Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

  
 12 

 (e) The provisions of this Section 2.5 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 2.6 Persons Deemed Noteholders. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the
CARAT Indenture Trustee and any agent of the Issuing Entity or the CARAT Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the Noteholder for the purpose of receiving payments of
principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing Entity, the CARAT Indenture Trustee nor any agent of the Issuing Entity or the CARAT Indenture Trustee shall
be affected by notice to the contrary. 
 Section 2.7 Payment of Principal and Interest. 

(a) Interest on each class of Notes shall accrue in the manner set forth in Exhibit A-1 through Exhibit A-[5], as applicable for
such class, at the applicable Interest Rate for such class and will be due and payable on each Distribution Date in accordance with the priorities set forth in Section 8.2(c). Any installment of interest payable on any Note shall be
punctually paid or duly provided for by a deposit by or at the direction of the Issuing Entity into the Note Distribution Account on the applicable Distribution Date and shall be paid to the Person in whose name such Note (or one or more Predecessor
Notes) is registered on the applicable 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; provided, however, that, unless and until Definitive
Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the applicable Record Date in the name of a Note Depository, payment shall be made by wire transfer in immediately available funds to the account designated by
the Note Depository (initially, Cede & Co.); provided, further, that with respect to any Private Notes (other than Private Notes registered on the applicable Record Date in the name of the Note Depository) upon written request
of the Holder of any Note, payment shall be made by wire transfer of immediately available funds to the account designated by such Holder until further written notice from such Holder. 

(b) Prior to the occurrence of a CARAT Event of Default and a declaration in accordance with Section 5.2(a) that the Notes have
become immediately due and payable, the principal of each class of Notes shall be payable in full on the Final Scheduled Distribution Date for such class and, to the extent of funds available therefor, in installments on the Distribution Dates (if
any) preceding the Final Scheduled Distribution Date for such class, in the amounts and in accordance with the priorities set forth in Section 8.2(c)(ii) or Section 8.2(c)(iii), as applicable. All principal payments on each
class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto. Any installment of principal payable on any Note shall be punctually paid or duly provided for by a deposit by or at the direction of
the Issuing Entity into the Note Distribution Account on the applicable Distribution Date and shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the applicable 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; provided, however, that (A) unless and until Definitive Notes have been issued pursuant to

  
 13 

 
Section 2.12, with respect to the Notes registered on the Record Date in the name of the Note Depository, payment shall be made by wire transfer in immediately available funds to the
account designated by the Note Depository and (B) with respect to any Private Notes (other than those Private Notes registered on the applicable Record Date in the name of the Note Depository), upon written request of the Holder of any Note,
payment shall be made by wire transfer of immediately available funds to the account designated by such Holder until further written notice from such Holder or, if no prior written wire transfer instructions have been given to the CARAT Indenture
Trustee by such Person, by check mailed to such Person’s address as it appears on the Note Register, except for, in each case: (i) the final instalment of principal on any Note and (ii) the Redemption Price for the Notes redeemed
pursuant to Section 10.1, which, in each case, shall be payable as provided herein. The funds represented by any such checks in respect of interest or principal returned undelivered shall be held in accordance with
Section 3.3. 
 (c) From and after the occurrence of a CARAT Event of Default and a declaration in accordance with
Section 5.2(a) that the Notes have become immediately due and payable, until such time as all CARAT Events of Default have been cured or waived as provided in Section 5.2(b), on each Distribution Date all interest and
principal payments shall be allocated in the following order of priority: 
 (i) first, for payment of interest pro rata on
the Class A Notes, the Aggregate Class A Interest Distributable Amount; 
 (ii) second, an amount equal to the Note
Principal Balance of the Class A Notes (after giving effect to the reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date with
respect to the Class A Notes) for payment of principal sequentially by class, as follows: 
 (A) to the Class A-1
Notes until the Outstanding Amount of the Class A-1 Notes is reduced to zero; 
 (B) to the Class A-2 Notes until
the Outstanding Amount of the Class A-2 Notes is reduced to zero; 
 (C) to the Class A-3 Notes until the
Outstanding Amount of the Class A-3 Notes is reduced to zero; 
 (D) to the Class A-4 Notes until the Outstanding
Amount of the Class A-4 Notes is reduced to zero; 
 (iii) third, for payment of interest pro rata on the Class B Notes,
the Aggregate Class B Interest Distributable Amount; 
 (iv) fourth, an amount equal to the Note Principal Balance of the
Class B Notes (after giving effect to the reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date with respect to the Class B Notes) for
payment of principal pro rata on the Class B Notes; 

  
 14 

 (v) fifth, for payment of interest pro rata on the Class C Notes, the Aggregate
Class C Interest Distributable Amount; 
 (vi) sixth, an amount equal to the Note Principal Balance of the Class C Notes
(after giving effect to the reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date with respect to the Class C Notes) for payment of
principal pro rata on the Class C Notes; 
 (vii) seventh, for payment of interest pro rata on the Class D Notes, the
Aggregate Class D Interest Distributable Amount; and 
 (viii) [eighth, an amount equal to the Note Principal Balance of the
Class D Notes (after giving effect to the reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date with respect to the Class D Notes) for
payment of principal pro rata on the Class D Notes.] 
 (d) With respect to any Distribution Date on which the final installment of
principal and interest on a class of Notes is to be paid, the CARAT Indenture Trustee on behalf of the Issuing Entity shall notify each Noteholder of record of such class as of the Record Date for such Distribution Date of the fact that the final
installment of principal of and interest on such Note is to be paid on such Distribution Date. With respect to any such class of Notes (other than in the case of redemption pursuant to Section 10.2(a)), such notice shall be sent
(i) on such Record Date by facsimile, if Book-Entry Notes are outstanding; or (ii) not later than three (3) Business Days after such Record Date in accordance with Section 11.5(a) if Definitive Notes are outstanding, and
shall specify that such final installment shall 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 and the manner in which such
payment shall be made. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. Within sixty (60) days of the surrender pursuant to this Section 2.7(d) or cancellation
pursuant to Section 2.8 of all of the Notes of a particular class, the CARAT Indenture Trustee if requested shall provide to the Depositor, who shall promptly deliver to each of the Rating Agencies (if any Rated Notes are outstanding),
written notice stating that all Notes of such class have been surrendered or canceled. 
 Section 2.8 Cancellation of Notes. All
Notes surrendered for payment, redemption, exchange or registration of transfer shall, if surrendered to any Person other than the CARAT Indenture Trustee, be delivered to the CARAT Indenture Trustee and shall be promptly canceled by the CARAT
Indenture Trustee. The Issuing Entity may at any time deliver to the CARAT Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuing Entity may have acquired in any manner whatsoever, and all
Notes so delivered shall be promptly canceled by the CARAT Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.8, except as expressly permitted by this CARAT
Indenture. All canceled Notes may be held or disposed of by the CARAT Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity

  
 15 

 
Order that they be destroyed or returned to it; provided, however, that such Issuing Entity Order is timely and the Notes have not been previously disposed of by the CARAT Indenture
Trustee. The CARAT Indenture Trustee shall certify to the Issuing Entity upon request that surrendered Notes have been duly canceled and retained or destroyed, as the case may be. 

Section 2.9 Release of Collateral. The CARAT Indenture Trustee shall release property from the Lien of this CARAT Indenture other
than as permitted by Sections 3.21, 8.2, 8.4 and 11.1, only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel (to the extent required by the TIA) and Independent
Certificates in accordance with TIA §§314(c) and 314(d)(1). 
 Section 2.10 Book-Entry Notes. Except as set forth in
Section 2.15 with respect to the Private Notes, the Notes, upon original issuance, shall be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, as the initial
Clearing Agency, or its custodian, by or on behalf of the Issuing Entity. Such Note or Notes shall be registered on the Note Register in the name of the Note Depository, and no Note Owner shall receive a Definitive Note representing such Note
Owner’s interest in such Note, except as provided in Section 2.12. Unless and until the Definitive Notes have been issued to Note Owners pursuant to Section 2.12: 

(a) the provisions of this Section 2.10 shall be in full force and effect; 

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

(c) to the extent that the provisions of this Section 2.10 conflict with any other provisions of this CARAT Indenture, the
provisions of this Section 2.10 shall control; 
 (d) the rights of the 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 or the Clearing Agency Participants. Unless and until Definitive Notes are issued pursuant to Section 2.12, the
initial Clearing Agency shall make book-entry transfers between the Clearing Agency Participants and receive and transmit payments of principal of and interest on such Notes to such Clearing Agency Participants, pursuant to the Note Depository
Agreement; and 
 (e) whenever this CARAT Indenture requires or permits actions to be taken based upon instructions or directions of Holders
of Notes evidencing a specified percentage of the Outstanding Amount of the Controlling Class, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has (i) received instructions to such effect from Note
Owners or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes; and (ii) delivered such instructions to the CARAT Indenture Trustee. 

Section 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this CARAT
Indenture, unless and until Definitive Notes 

  
 16 

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

Section 2.13 Depositor as Noteholder. The Depositor in its individual or any other capacity may become the owner or pledgee of
Notes of any class and may otherwise deal with the Issuing Entity or its affiliates with the same rights it would have if it were not the Depositor. 

Section 2.14 Tax Treatment. 

(a) The Depositor and the CARAT Indenture Trustee, by entering into this CARAT Indenture, and the Noteholders, by acquiring any Note or
interest therein [(except a Note or interest therein acquired by the Depositor or other person considered for federal income tax purposes to be the issuer of such Note)], express their intention that the Notes qualify under applicable tax law as
indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agree to treat the Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, State and local income and franchise
taxes and any other taxes imposed upon, measured by or based upon gross or net income. 
 (b) Each Noteholder or Note Owner, by its
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the
extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. 
 (c) Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that the Indenture Trustee or any 

  
 17 

 
Paying Agent on behalf of the Issuing Entity has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or
holder of an interest in a Note that fails to comply with the requirements of Section 2.14(b). 
 Section 2.15 Special Terms
Applicable to Private Notes; Transfer of Beneficial Interest in Private Notes. 
 (a) None of the Private Notes or Class A-1 Notes
have been or will be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. Consequently, the Private Notes and Class A-1 Notes are not transferable
other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions specified herein. The Private Notes or Class A-1 Notes or any interest therein are being sold in a private
placement on the date hereof. 
 (b) Thereafter, no further sale, pledge or other transfer of 

(i) any Private Note (or interest therein) may be made by any person unless such sale, pledge or other transfer is made
(i) to a “qualified institutional buyer” that executes a certificate, in the form attached hereto as Exhibit E or otherwise in form and substance satisfactory to the CARAT Indenture Trustee and the Depositor, to the effect that
(A) it is a “qualified institutional buyer” as defined under Rule 144A under the Securities Act, acting for its own account or the accounts of other “qualified institutional buyers” as defined under Rule 144A under the
Securities Act, and (B) it is aware that the transferor of such Private Notes intends to rely on the exemption from the registration requirements of the Securities Act provided by Rule 144A under the Securities Act, (ii) to a non-U.S.
Person (as defined in Regulation S under the Securities Act) who acquired such Private Note (or interest therein) outside of the United States in accordance with Regulation S under the Securities Act or (iii) such sale, pledge or other transfer
is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in which case (A) the CARAT Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the
CARAT Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the CARAT Indenture Trustee and the Depositor, and (B) the CARAT Indenture Trustee
shall require a written opinion of counsel (which will not be at the expense of the Depositor, the Administrator or the CARAT Indenture Trustee) satisfactory to the Seller and the CARAT Indenture Trustee to the effect that such transfer will not
violate the Securities Act, or 
 (ii) any Class A-1 Note (or interest therein) may be made by any person unless either
(i) such sale, pledge or other transfer is made to a “qualified institutional buyer” that delivers any necessary certifications pursuant to Section 2.15(g) or (h) and that (A) is a “qualified
institutional buyer” as defined under Rule 144A under the Securities Act, acting for its own account or the accounts of other “qualified institutional buyers” as defined under Rule 144A

  
 18 

 
under the Securities Act, and (B) it is aware that the transferor of such Class A-1 Notes intends to rely on the exemption from the registration requirements of the Securities Act
provided by Rule 144A under the Securities Act, (ii) such sale, pledge or other transfer occurs outside of the United States to a non-U.S. Person in accordance with Rule 903 or Rule 904 of Regulation S of the Securities Act and that Person
delivers any necessary certifications pursuant to Section 2.15(g) or (h), or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in
which case (A) the CARAT Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the CARAT Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which
certification shall be in form and substance satisfactory to the CARAT Indenture Trustee and the Depositor, and (B) the CARAT Indenture Trustee shall require a written opinion of counsel (which will not be at the expense of the Depositor, the
Administrator or the CARAT Indenture Trustee) satisfactory to the Seller and the CARAT Indenture Trustee to the effect that such transfer will not violate the Securities Act. 

Neither the Seller nor the CARAT Indenture Trustee will register any of the Private Notes under the Securities Act, qualify any of the Private Notes or the
Class A-1 Notes under the securities laws of any State or provide registration rights to any purchaser or holder thereof. The Private Notes shall be issued in the form of Definitive Notes and shall be in fully registered form. Sections
2.10, 2.11 and 2.12 of this CARAT Indenture shall not apply to the Private Notes. 
 (c) [With respect to the Class D
Notes only, the Issuing Entity is authorized and directed to withhold tax at the highest United States federal income tax rate applicable to ordinary income from any payment of interest to a foreign Noteholder as if such interest allocable to the
foreign Noteholder were effectively connected with the conduct of a trade or business within the United States. In determining the non-foreign status of the Noteholder, the Issuing Entity shall be entitled to rely on the Noteholder’s
certification of non-foreign status signed under penalties of perjury. Each foreign Noteholder shall obtain a taxpayer identification number from the United States Internal Revenue Service and submit that number to the Issuing Entity on an
appropriate form in order to assure appropriate crediting of the taxes withheld. The amount of any tax so withheld shall be treated as interest paid in cash to such foreign Noteholder at the time it is withheld by the Issuing Entity and remitted to
the United States Internal Revenue Service. Any withholding of tax hereunder shall not prevent the Issuing Entity or the foreign Noteholder from contesting any such tax in appropriate proceedings. A foreign Noteholder who wishes to apply for a
refund of any such withholding tax shall file with the United States Internal Revenue Service a claim for refund. Such claim of the foreign Noteholder shall be made solely against the United States Internal Revenue Service or the United States.]

 (d) [No sale, pledge or other transfer of Class D Notes may be made to any one person for Class D Notes with an initial principal balance
of less than $[500,000], and, in the case of any person acting on behalf of one or more third parties (other than a “bank,” as defined in Section 3(a)(2) of the Securities Act, acting in its fiduciary capacity), for Class D Notes with
a face amount of less than such amount for each such third party. Any attempted 

  
 19 

 
transfer in contravention of the immediately preceding restriction will be void ab initio and the purported transferor will continue to be treated as the owner of the Class D Notes for all
purposes.] 
 (e) [The Class D Notes may not be acquired by or for the account of (i) an “employee benefit plan” (as defined
in Section 3(3) of ERISA), that is subject to the provisions of Title I of ERISA, (ii) a “plan” subject to Section 4975 of the Code, or (iii) any entity whose underlying assets include “plan assets” by reason
of an employee benefit plan’s or a plan’s investment in the entity, other than an “insurance company general account” (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose underlying assets
include less than 25% “plan assets” and for which the purchase and holding of Class D Notes is eligible for and satisfies all conditions for relief under PTCE 95-60. The Class D Notes also may not be acquired by or for the account of an
employee benefit plan or plan that is not subject to the provisions of Title I of ERISA (including, without limitation, foreign or governmental plans) if such acquisition would result in a non-exempt prohibited transaction under, or a violation of,
any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code.] 
 (f) Each Private Note shall bear
a legend to the effect set forth in clause (I) of Section 2.15(b) above, and each Class A-1 Note shall bear a legend to the effect set forth in clause (II) of Section 2.15(b) above. 

(g) If a transfer of a beneficial interest held by the related transferor in the form of a Rule 144A Global Class A-1 Note to be held by
the related transferee in the form of a Rule 144A Global Class A-1 Note is to be made without registration under the Securities Act (other than in connection with the initial issuance thereof or a transfer thereof by the Depositor or one of its
Affiliates), then the Note Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon) a certificate from the Noteholder desiring to effect such transfer substantially in the form attached as
Exhibit B-1 hereto and a certificate from such Noteholder’s prospective transferee substantially in the form attached as Exhibit B-2 hereto. If a transfer of a beneficial interest held by the related transferor in the form of a
Rule 144A Global Class-Note to be held by the related transferee in the form of a Temporary Regulation S Global Class-Note, on or prior to the Exchange Date, or a Permanent Regulation S Global Class-Note, after the Exchange Date, is to be made
without registration under the Securities Act, then the Note Registrar shall refuse to register such transfer unless it receives (and upon receipt may conclusively rely upon) a certificate substantially in the form of Exhibit B-3 hereto (a
“Regulation S Transfer Certificate”) from the Noteholder desiring to effect such transfer or such other certification reasonably acceptable to the Seller and the Note Registrar, in either case to the effect that such transfer is
being made in accordance with Rule 903 or Rule 904 of Regulation S and that, if such transfer occurs on or prior to the Exchange Date, the interest transferred will be held immediately thereafter through Euroclear or Clearstream. 

(h) If any transfer of a beneficial interest held by the related transferor in the form of a Temporary Regulation S Global Class-Note or a
Permanent Regulation S Global Class-Note is to be made without registration under the Securities Act, then the Note Registrar shall refuse to register such transfer unless it receives (and upon receipt may conclusively rely upon) (i) in the
case of a transfer to a transferee that takes delivery in the form of a beneficial 

  
 20 

 
interest in a Rule 144A Global Class-Note, a certificate from the Noteholder desiring to effect such transfer substantially in the form of Exhibit B-4 hereto (a “Rule 144A Transfer
Certificate”) or such other certification reasonably acceptable to the Seller and the Note Registrar; and (ii) in the case of a transferee that takes delivery, in the form of a beneficial interest in a Temporary Regulation S Global
Class-Note, on or prior to the Exchange Date, or a Permanent Regulation S Global Class-Note, after the Exchange Date, a Regulation S Transfer Certificate from the Noteholder desiring to effect such transfer or such other certification reasonably
acceptable to the Seller and the Note Registrar, in either case to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation S and that, if such transfer occurs on or prior to the Exchange Date, the interest
transferred will be held immediately thereafter through Euroclear or Clearstream. A beneficial interest in the Class-Notes held by the related transferor in the form of a Temporary Regulation S Global Class-Note may be exchanged, only on or after
the Exchange Date, for a beneficial interest held by the related transferor in the form of a Permanent Regulation S Global Class-Note, upon delivery to the Note Registrar of a certification substantially in the form of Exhibit B-5 hereto (a
“Clearing System Certificate”). 
 (i) [The Retained Notes shall initially be issued as Definitive Notes at the
Depositor’s option. Upon the subsequent request of the Depositor, the Retained Notes shall be issued as Book-Entry Notes, to be delivered to The Depository Trust Company.] 

ARTICLE III  
 COVENANTS

 Section 3.1 Payment of Principal and Interest and Other Amounts. The Issuing Entity shall duly and punctually pay the
principal of and interest on the Notes in accordance with the terms of the Notes and this CARAT Indenture. On each Distribution Date and on the Redemption Date (if applicable), the Issuing Entity shall cause amounts on deposit in the Note
Distribution Account to be distributed to the Noteholders in accordance with Sections 2.7 and 8.2, less amounts properly withheld under the Code (and applicable provisions of State, local or non-U.S. tax law) by any Person from a
payment to any Noteholder of interest or principal. Any amounts so withheld shall be considered as having been paid by the Issuing Entity to such Noteholder for all purposes of this CARAT Indenture. 

Section 3.2 Maintenance of Agency Office. As long as any of the Notes remains outstanding, the Issuing Entity shall maintain in
the Borough of Manhattan, The City of New York, an office (the “Agency Office”), being an office or agency where Notes may be surrendered to the Issuing Entity for registration of transfer or exchange, and where notices and demands
to or upon the Issuing Entity in respect of the Notes and this CARAT Indenture may be served. The Issuing Entity hereby initially appoints the CARAT Indenture Trustee to serve as its agent for the foregoing purposes. The Issuing Entity shall give
prompt written notice to the CARAT Indenture Trustee of the location, and of any change in the location, of the Agency Office. If at any time the Issuing Entity shall fail to maintain any such office or agency or shall fail to furnish the CARAT
Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the CARAT Indenture Trustee, and the Issuing Entity hereby appoints the CARAT Indenture Trustee as its agent to
receive all such surrenders, notices and demands. 

  
 21 

 Section 3.3 Money for Payments To Be Held in Trust. 

(a) As provided in Section 8.2(a) and Section 8.2(b), all payments of amounts due and payable with respect to any Notes
that are to be made from amounts withdrawn from the Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf of the Issuing Entity by the CARAT Indenture Trustee or by another Paying Agent, and no amounts so withdrawn
from the Note Distribution Account for payments of Notes shall be paid over to the Issuing Entity except as provided in this Section 3.3. 

(b) On or before each Distribution Date or the Redemption Date (if applicable), the Issuing Entity shall deposit or cause to be deposited in
the Note Distribution Account pursuant to Section 4.05 of the Trust Sale and Administration Agreement an aggregate sum sufficient to pay the amounts then becoming due with respect to the Notes, such sum to be held in trust for the benefit of
the Persons entitled thereto. 
 (c) The Issuing Entity shall cause each Paying Agent other than the CARAT Indenture Trustee to execute and
deliver to the CARAT Indenture Trustee an instrument in which such Paying Agent shall agree with the CARAT Indenture Trustee (and if the CARAT Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this
Section 3.3, that such Paying Agent shall: 
 (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 CARAT Indenture Trustee notice of any default by the Issuing Entity (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 CARAT Indenture Trustee, forthwith pay to the CARAT Indenture Trustee all sums so held in trust by such Paying Agent; 

(iv) immediately resign as a Paying Agent and forthwith pay to the CARAT 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 in effect at the time of determination; and 

(v) comply with all requirements of the Code (and any corresponding provision of State, local, and non U.S. law) 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. 

(d) The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and discharge of this CARAT Indenture or for any other
purpose, by Issuing 

  
 22 

 
Entity Order direct any Paying Agent to pay to the CARAT Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the CARAT 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 CARAT Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

(e) Subject to applicable laws with respect to escheat of funds, any money held by the CARAT Indenture Trustee or any Paying Agent in trust
for the payment of any amount due with respect to any Note and remaining unclaimed for one (1) year and one (1) day after such amount has become due and payable shall be discharged from such trust and be paid to the Issuing Entity on
Issuing Entity Request; and the Holder of such Note shall thereafter, as a general unsecured creditor, look only to the Issuing Entity for payment thereof (but only to the extent of the amounts so paid to the Issuing Entity), and all liability of
the CARAT Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the CARAT Indenture Trustee or such Paying Agent, before being required to make any such payment, may at
the expense of the Issuing Entity cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuing Entity. The CARAT Indenture Trustee may
also adopt and employ, at the expense of the Issuing Entity, any other reasonable means of notification of such payment (including mailing notice of such payment 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 CARAT Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 

Section 3.4 Existence. The Issuing Entity shall keep in full effect its existence, rights and franchises as a statutory trust
under the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuing Entity shall keep in full
effect its existence, rights and franchises under the laws of such other jurisdiction) and shall 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 CARAT Indenture, the Notes, the Collateral and each other instrument or agreement included in the CARAT Trust Estate. 

Section 3.5 Protection of CARAT Trust Estate; Acknowledgment of Pledge. 

(a) The Issuing Entity shall from time to time execute and deliver all such supplements and amendments hereto and authorize or execute, as
applicable, and prepare, deliver and file all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or advisable to: 

(i) maintain or preserve the Lien (and the priority thereof) of this CARAT Indenture or carry out more effectively the purposes
hereof, including by making the necessary filings of financing statements or amendments thereto within sixty (60) days after the occurrence of any of the following and by 

  
 23 

 
promptly notifying the CARAT Indenture Trustee of any such filings: (A) any change in the Issuing Entity’s true legal name or any of its trade names, (B) any change in the location
of the Issuing Entity’s principal place of business, (C) any merger or consolidation or other change in the Issuing Entity’s identity or organizational structure or jurisdiction of organization or jurisdiction in which the Issuing
Entity is located for purposes of the UCC and (D) any other change or occurrence that would make any financing statement or amendment thereto seriously misleading within the meaning of the UCC; 

(ii) perfect, publish notice of or protect the validity of any Grant made or to be made by this CARAT Indenture and the
priority thereof; 
 (iii) enforce the rights of the CARAT Indenture Trustee and the Noteholders in any of the Collateral; or

 (iv) preserve and defend title to the CARAT Trust Estate and the rights of the CARAT Indenture Trustee and the Secured
Parties in such CARAT Trust Estate against the claims of all persons and parties, 
 and the Issuing Entity hereby designates the CARAT Indenture Trustee
its agent and attorney-in-fact to authorize or execute any financing statement, continuation statement or other instrument required by the CARAT Indenture Trustee pursuant to this Section 3.5. 

(b) The Issuing Entity hereby authorizes the CARAT Indenture Trustee to file all financing statements, continuation statements or other
instruments naming the Issuing Entity as debtor that are necessary or advisable to perfect, make effective or continue the Lien of this CARAT Indenture, and authorizes the CARAT Indenture Trustee to take any such action without its signature. 

Section 3.6 Opinions as to CARAT Trust Estate. 

(a) On the Closing Date, the Issuing Entity shall furnish to the CARAT Indenture Trustee an Opinion of Counsel either stating that, in the
opinion of such counsel, such action has been taken with respect to the recording and filing of this CARAT Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the authorization, execution and filing
of any financing statements and continuation statements as are necessary to perfect and make effective the Lien of this CARAT Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is
necessary to make such Lien effective. 
 (b) On or before March 15 in each calendar year (and, if such date is not a Business Day, the
next succeeding Business Day), beginning March 15, 20    , the Issuing Entity shall furnish to the CARAT Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken
with respect to the recording, filing, re-recording and refiling of this CARAT Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization, execution and filing of any financing statements
and continuation statements as is necessary to maintain the Lien created by this CARAT Indenture and reciting the details of such action or stating that in the opinion of 

  
 24 

 
such counsel no such action is necessary to maintain the Lien created by this CARAT Indenture. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this
CARAT Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization, execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be
required to maintain the Lien of this CARAT Indenture until March 15 in the following calendar year. 
 Section 3.7 Performance
of Obligations; Administration of Secured Notes. 
 (a) The Issuing Entity shall not take any action and shall use all reasonable 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 CARAT 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 otherwise expressly provided in this CARAT Indenture, the Trust Sale and Administration Agreement, the
Pooling and Administration Agreement or such other instrument or agreement. 
 (b) The Issuing Entity may contract with other Persons to
assist it in performing its duties under this CARAT Indenture, and any performance of such duties by a Person identified to the CARAT Indenture Trustee in the CARAT Transaction Documents or an Officer’s Certificate of the Issuing Entity shall
be deemed to be action taken by the Issuing Entity. Initially, the Issuing Entity has contracted with the Administrator to assist the Issuing Entity in performing its duties under this CARAT Indenture 

(c) The Issuing Entity shall punctually perform and observe all of its obligations and agreements contained in this CARAT Indenture, in the
other CARAT Transaction Documents and in the instruments and agreements included in the CARAT Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this
CARAT Indenture, the Trust Sale and Administration Agreement and the Pooling and Administration Agreement in accordance with and within the time periods provided for herein and therein. 

(d) If the Issuing Entity shall have knowledge of the occurrence of an Administrator Default under the Trust Sale and Administration
Agreement, the Issuing Entity shall promptly notify the CARAT Indenture Trustee and the Rating Agencies thereof and shall specify in such notice the response or action, if any, the Issuing Entity has taken or is taking with respect to such default.
If an Administrator Default shall arise from the failure of the Administrator to perform any of its duties or obligations under this CARAT Indenture, the Trust Sale and Administration Agreement or the Pooling and Administration Agreement with
respect to the Secured Notes, the Issuing Entity and the CARAT Indenture Trustee shall take all reasonable steps available to them pursuant to this CARAT Indenture, the Trust Sale and Administration Agreement and the Pooling and Administration
Agreement to remedy such failure. 
 (e) Without derogating from the absolute nature of the assignment granted to the CARAT Indenture
Trustee under this CARAT Indenture or the rights of the 

  
 25 

 
CARAT Indenture Trustee hereunder, the Issuing Entity agrees, except as set forth in the Transaction Documents, that it shall not, without the prior written consent of the CARAT Indenture Trustee
or the Holders of at least a majority of the Outstanding Amount of the Controlling Class, as applicable in accordance with the terms of this CARAT Indenture, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment,
modification, supplement, termination, waiver or surrender of, the terms of any Collateral or waive timely performance or observance by the Depositor under the Trust Sale and Administration Agreement or the Pooling and Administration Agreement or
Ally Financial under the Pooling and Administration Agreement or the Trust Sale and Administration Agreement. 
 Section 3.8
Negative Covenants. So long as any Notes are Outstanding, the Issuing Entity shall not: 
 (a) sell, transfer, exchange or otherwise
dispose of any of the properties or assets of the Issuing Entity, except the Issuing Entity may cause the Administrator to (i) sell or otherwise dispose of a Warranty Secured Note or an Administrative Secured Note, (ii) make cash payments
out of the Designated Accounts and the Certificate Distribution Account and (iii) take other actions, in each case as permitted by the CARAT Transaction Documents; 

(b) 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 provision of State, local or non-U.S. tax law) or assert any claim against any present or former Noteholder by reason of the payment of any taxes levied or assessed upon any part of the CARAT
Trust Estate; 
 (c) voluntarily commence any insolvency, readjustment of debt, marshaling of assets and liabilities or other proceeding, or
apply for an order by a court or agency or supervisory authority for the winding-up or liquidation of its affairs or any other event specified in Section 5.1(f); or 

(d) either (i) permit the validity or effectiveness of this CARAT Indenture or any other CARAT Transaction Document to be impaired, or
permit the Lien of this CARAT 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 CARAT Indenture except as may be
expressly permitted hereby, (ii) permit any Lien (other than the Lien of this CARAT Indenture) to be created on or extend to or otherwise arise upon or burden the CARAT Trust Estate or any part thereof or any interest therein or the proceeds
thereof (other than tax liens and any other Liens that arise by operation of law, in each case on a Vehicle and arising solely as a result of an action or omission of the related Lessee), or (iii) permit the Lien of this CARAT Indenture not to
constitute a valid first priority perfected security interest in the CARAT Trust Estate (other than tax liens and any other Liens that arise by operation of law, in each case on a Vehicle and arising solely as a result of an action or omission of
the related Lessee). 
 Section 3.9 Annual Statement as to Compliance. The Issuing Entity shall deliver to the CARAT Indenture
Trustee on or before March 15 of each year (and, if such date is not a Business Day, the next succeeding Business Day), beginning March 15, 20    , an Officer’s 

  
 26 

 
Certificate signed by an Authorized Officer, dated as of December 31 of the immediately preceding year, in each case stating that: 

(a) a review of the activities of the Issuing Entity during the preceding 12-month period (or, with respect to the first such Officer’s
Certificate, such period as shall have elapsed since the Closing Date to the date of the Officer’s Certificate) and of performance under this CARAT Indenture has been made under such Authorized Officer’s supervision; and 

(b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuing Entity has fulfilled all of its obligations
under this CARAT Indenture throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such Authorized Officer and the nature and status thereof. A copy of such certificate
may be obtained by any Noteholder by a request in writing to the Issuing Entity addressed to the Corporate Trust Office of the CARAT Indenture Trustee. 

Section 3.10 Consolidation, Merger, etc., of Issuing Entity; Disposition of Trust Assets. 

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

(i) the Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person
organized and existing under the laws of the United States of America, or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the CARAT Indenture Trustee, in form satisfactory to the CARAT Indenture
Trustee, the due and timely payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this CARAT Indenture on the part of the Issuing Entity to be performed or observed, all as
provided herein; 
 (ii) immediately after giving effect to such merger or consolidation, no Default or CARAT Event of
Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to
such transaction and such Person; 
 (iv) any action as is necessary to maintain the Lien created by this CARAT Indenture
shall have been taken; and 
 (v) the Issuing Entity shall have delivered to the CARAT Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel addressed to the Issuing Entity each stating that: 
 (A) such consolidation or merger
and such supplemental indenture comply with this Section 3.10; 

  
 27 

 (B) such consolidation or merger and such supplemental indenture shall have no
material adverse tax consequence to the Issuing Entity or any Financial Party; and 
 (C) all conditions precedent herein
provided for in this Section 3.10 have been complied with, which shall include any filing required by the Exchange Act. 
 (b)
Except as otherwise expressly permitted by this CARAT Indenture or the other CARAT Transaction Documents, the Issuing Entity shall not sell, convey, exchange, transfer or otherwise dispose of any of its properties or assets, including those included
in the CARAT Trust Estate, to any Person, unless: 
 (i) the Person that acquires such properties or assets of the Issuing
Entity (1) shall be a United States citizen or a Person organized and existing under the laws of the United States of America or any State and (2) by an indenture supplemental hereto, executed and delivered to the CARAT Indenture Trustee,
in form satisfactory to the CARAT Indenture Trustee: 
 (A) expressly assumes 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 CARAT Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein or therein; 

(B) expressly agrees that all right, title and interest so sold, conveyed, exchanged, transferred or otherwise disposed of
shall be subject and subordinate to the rights of the Secured Parties; 
 (C) unless otherwise provided in such supplemental
indenture, expressly agrees to indemnify, defend and hold harmless the Issuing Entity against and from any loss, liability or expense arising under or related to this CARAT Indenture and the Notes; and 

(D) expressly agrees 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 CARAT Event of Default shall have occurred and be continuing; 
 (iii)
the Rating Agency Condition shall have been satisfied with respect to such transaction and such Person; 
 (iv) any action as
is necessary to maintain the Lien created by this CARAT Indenture shall have been taken; and 

  
 28 

 (v) the Issuing Entity shall have delivered to the CARAT Indenture Trustee an
Officer’s Certificate and an Opinion of Counsel addressed to the Issuing Entity, each stating that: 
 (A) such sale,
conveyance, exchange, transfer or disposition and such supplemental indenture comply with this Section 3.10; 

(B) such sale, conveyance, exchange, transfer or disposition and such supplemental indenture have no material adverse tax
consequence to the Issuing Entity or to any Financial Parties; and 
 (C) all conditions precedent herein provided for in
this Section 3.10 have been complied with, which shall include any filing required by the Exchange Act. 
 Section 3.11
Successor or Transferee. 
 (a) Upon any consolidation or merger of the Issuing Entity in accordance with
Section 3.10(a)., the Person formed by or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this
CARAT Indenture and the other Transaction Documents with the same effect as if such Person had been named as the Issuing Entity herein. 

(b) Upon a conveyance or transfer of substantially all the assets and properties of the Issuing Entity pursuant to
Section 3.10(b), the Issuing Entity shall be released from every covenant and agreement of this CARAT Indenture and the other CARAT Transaction Documents to be observed or performed on the part of the Issuing Entity with respect to the
Notes immediately upon the delivery of written notice to the CARAT Indenture Trustee from the Person acquiring such assets and properties stating that the Issuing Entity is to be so released. 

Section 3.12 No Other Business. The Issuing Entity shall not engage in any business or activity other than acquiring, holding,
pledging and managing the Collateral and the proceeds therefrom in the manner contemplated by the CARAT Transaction Documents, issuing the Notes and the Certificates, making payments on the Notes and the Certificates and such other activities that
are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto, as set forth in Section 2.3 of the Trust Agreement. 

Section 3.13 No Borrowing. The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become liable, directly or
indirectly, for any indebtedness for money borrowed other than indebtedness for money borrowed in respect of the Notes or otherwise in accordance with the CARAT Transaction Documents. 

Section 3.14 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this CARAT Indenture or the other CARAT
Transaction Documents, the Issuing Entity shall not make any loan or advance of credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any

  
 29 

 
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 3.15 Administrator’s Obligations. The Issuing Entity shall use its best efforts to cause the Administrator to comply
with its obligations under Sections 3.07 of the Pooling and Administration Agreement and Sections 4.01 and 4.02 of the Trust Sale and Administration Agreement. 

Section 3.16 Capital Expenditures. The Issuing Entity shall not make any expenditure (whether by long-term or operating lease or
otherwise) for capital assets (either real, personal or intangible property) other than the purchase of the Secured Notes and other property and rights from the Depositor pursuant to the Trust Sale and Administration Agreement. 

Section 3.17 Removal of Administrator. So long as any Notes are Outstanding, the Issuing Entity shall not remove the Administrator
without cause unless the Rating Agency Condition shall have been satisfied in connection with such removal. 
 Section 3.18
Restricted Payments. Except for payments of principal or interest on or redemption of the Notes, so long as any Notes are Outstanding, the Issuing Entity shall not, directly or indirectly: 

(a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination
thereof, to the CARAT Owner Trustee or any owner of a beneficial interest in the Issuing Entity or otherwise, in each case with respect to any ownership or equity interest or similar security in or of the Issuing Entity or to the Administrator; 

(b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or similar security; or 

(c) set aside or otherwise segregate any amounts for any such purpose; 

provided, however, that the Issuing Entity may make, or cause to be made, distributions to the Administrator, the Depositor, the CARAT Indenture
Trustee, the CARAT Owner Trustee and the Financial Parties as permitted by, and to the extent funds are available for such purpose under, the Trust Sale and Administration Agreement, the Trust Agreement or the other CARAT Transaction Documents. The
Issuing Entity shall not, directly or indirectly, make payments to or distributions from the CARAT Collection Account except in accordance with the CARAT Transaction Documents. 

Section 3.19 Notice of CARAT Events of Default. The Issuing Entity agrees to give the CARAT Indenture Trustee and the Rating
Agencies prompt written notice of each CARAT Event of Default, each AFLT Event of Default, each default on the part of the Depositor, the Seller or the Administrator of its respective obligations under the Trust Sale and Administration Agreement and
the Pooling and Administration Agreement, as applicable. 

  
 30 

 Section 3.20 Further Instruments and Acts. Upon request of the CARAT Indenture
Trustee, the Issuing Entity shall 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 CARAT Indenture. 

Section 3.21 CARAT Indenture Trustee’s Assignment of Administrative Secured Notes and Warranty Secured Notes; Enforcement of
Secured Notes. Upon receipt of the Administrative Purchase Payment or the Warranty Payment with respect to an Administrative Secured Note or a Warranty Secured Note, as the case may be, the CARAT Indenture Trustee shall assign without recourse,
representation or warranty, to the Administrator or the Warranty Purchaser, as the case may be, all the CARAT Indenture Trustee’s right, title and interest in and to such repurchased Secured Note; the collateral therefor and the related rights
assigned thereunder; such assignment being an assignment outright and not for security; and the Administrator or the Warranty Purchaser, as the case may be, shall thereupon own such Secured Note, and all such security and documents, free of any
further obligation to the CARAT Indenture Trustee, the Noteholders or the Certificateholders with respect thereto. If in any enforcement suit or legal proceeding it is held that the Administrator may not enforce a Secured Note on the ground that it
is not a real party in interest or a holder entitled to enforce the Secured Note, the CARAT Indenture Trustee shall, at the Administrator’s expense, take such steps as the Administrator requests in writing and deems necessary to enforce the
Secured Note, including bringing suit in the CARAT Indenture Trustee’s name or the names of the Noteholders or, pursuant to Section 4.4, the Certificateholders. 

Section 3.22 Representations and Warranties by the Issuing Entity to the CARAT Indenture Trustee. The Issuing Entity hereby
represents and warrants to the CARAT Indenture Trustee as follows as of the Closing Date: 
 (a) Good Title. No Secured Note has been
sold, transferred, assigned or pledged by the Issuing Entity to any Person other than the CARAT Indenture Trustee; immediately prior to the conveyance of the Secured Notes pursuant to this CARAT Indenture, the Issuing Entity had good and marketable
title thereto, free of any Lien; and, upon execution and delivery of this CARAT Indenture by the Issuing Entity, the CARAT Indenture Trustee shall have all of the right, title and interest of the Issuing Entity in, to and under the Secured Notes,
the unpaid indebtedness evidenced thereby and the collateral security therefor, free of any Lien other than the Lien of this CARAT Indenture. The Issuing Entity has caused AFLT to have the Secured Notes registered in the name of the CARAT Indenture
Trustee. 
 (b) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give the CARAT Indenture
Trustee a first priority perfected security interest in the Secured Notes shall have been made. 
 (c) Additional Representations and
Warranties. The additional representations and warranties regarding creation, perfection and priority of security interests in the Secured Notes, which are attached to this CARAT Indenture as Appendix A, are true and correct to the extent
they are applicable. 

  
 31 

 ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of CARAT Indenture. This CARAT 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 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.19, 3.21 and 11.16; (v) the rights, obligations and immunities of the CARAT Indenture Trustee
hereunder (including the rights of the CARAT Indenture Trustee under Section 6.7 and the obligations of the CARAT Indenture Trustee under Sections 4.2 and 4.4); and (vi) the rights of Noteholders as beneficiaries
hereof with respect to the property so deposited with the CARAT Indenture Trustee payable to all or any of them, and the CARAT Indenture Trustee, on demand of and at the expense of the Issuing Entity, shall execute proper instruments acknowledging
satisfaction and discharge of this CARAT Indenture with respect to the Notes, if: 
 (a) either: 

(i) all Notes theretofore authenticated and delivered (other than (A) Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.5 and (B) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity and thereafter repaid to the Issuing
Entity or discharged from such trust, as provided in Section 3.3) have been delivered to the CARAT Indenture Trustee for cancellation; or 

(ii) all Notes not theretofore delivered to the CARAT Indenture Trustee for cancellation: 

(A) have become due and payable, 

(B) will be due and payable on their respective Final Scheduled Distribution Dates within one year, or 

(C) are to be called for redemption within one year under arrangements satisfactory to the CARAT Indenture Trustee for the
giving of notice of redemption by the CARAT Indenture Trustee in the name, and at the expense, of the Issuing Entity or such Notes have been redeemed in accordance with Section 10.1, 

and the Issuing Entity, in the case of clause (A), (B) or (C) of subsection 4.1(a)(ii), has irrevocably deposited
or caused to be irrevocably deposited with the CARAT Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose,
in an amount sufficient to pay and discharge the entire unpaid principal and accrued interest on such Notes not theretofore delivered to the CARAT Indenture Trustee for cancellation when due on the Final Scheduled Distribution Date for such Notes or
the Redemption Date for such Notes (if such Notes have been called for redemption pursuant to Section 10.1), as the case may be; 

  
 32 

 (b) [the Issuing Entity has paid or caused to be paid all other sums payable hereunder or under
any Third Party Instrument by the Issuing Entity;] and 
 (c) the Issuing Entity has delivered to the CARAT Indenture Trustee an
Officer’s Certificate of the Issuing Entity, an Opinion of Counsel and (if required by the TIA or the CARAT Indenture Trustee to the extent the Notes are not paid in full) an Independent Certificate from a firm of certified public accountants,
each meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent set forth in this Section 4.1 relating to the satisfaction and discharge of this CARAT Indenture have been complied
with. The CARAT Indenture Trustee shall provide confirmation to the Issuing Entity that the Noteholders have been paid in full. 

Section 4.2 Application of Trust Money. All monies deposited with the CARAT Indenture Trustee pursuant to Section 4.1
shall be held in trust and applied by it, in accordance with the provisions of the Notes and this CARAT Indenture, to the payment, either directly or through any Paying Agent, as the CARAT 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 CARAT Indenture Trustee, of all sums due and to become due thereon for principal and interest and to payment to any other Secured Party [or any holder
of a Third Party Instrument] of all sums, if any, due or to become due to any other Secured Party [or any holder of a Third Party Instrument] under and in accordance with this CARAT Indenture; but such monies need not be segregated from other funds
except to the extent required herein or in the Trust Sale and Administration Agreement, or as required by law. 
 Section 4.3
Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this CARAT Indenture with respect to the Notes, all monies then held by any Paying Agent other than the CARAT Indenture Trustee under the
provisions of this CARAT Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the CARAT Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be
released from all further liability with respect to such monies. 
 Section 4.4 Duration of Position of CARAT Indenture Trustee.
Notwithstanding the payment in full of all principal and interest due to the Noteholders, under the terms of the Notes and the cancellation of the Notes, the CARAT Indenture Trustee shall continue to act in the capacity as CARAT Indenture Trustee
hereunder for the benefit of the Certificateholders, for purposes of compliance with, and the CARAT Indenture Trustee shall comply with its obligations under, Sections 5.01(a), 7.02 and 7.03 of the Trust Sale and Administration Agreement, as
appropriate, until such time as all distributions due to the Certificateholders have been paid in full; and in such capacity, the CARAT Indenture Trustee shall have the rights, benefits and immunities set forth in Article VI. 

ARTICLE V  

DEFAULT AND REMEDIES 

Section 5.1 CARAT Events of Default. For the purposes of this CARAT Indenture, “CARAT Event of Default” wherever used
herein, means any one of the following events: 
 (a) failure to pay the full Note Class Interest Distributable Amount to the Controlling
Class on any Distribution Date, and such default shall continue unremedied for a period of five (5) days; or 

  
 33 

 (b) except as set forth in Section 5.1(c), failure to pay any installment of the
principal of any Note as and when the same becomes due and payable pursuant to Section 4.05(b) of the Trust Sale and Administration Agreement, and such default continues unremedied for a period of thirty (30) days after there shall have
been given, by registered or certified mail, to the Administrator by the CARAT Indenture Trustee or to the Administrator and the CARAT Indenture Trustee by the Holders of not less than 25% of the Outstanding Amount of the Controlling Class, a
written notice specifying such default and demanding that it be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(c) failure to pay in full the outstanding principal balance of any class of Notes by the Final Scheduled Distribution Date for such class; or

 (d) default in the observance or performance in any material respect of any covenant or agreement of the Issuing Entity made in this
CARAT Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere specifically dealt with in this Section 5.1) which failure materially and adversely affects the rights of the
Noteholders, and such default shall continue or not be cured, for a period of thirty (30) days after there shall have been given, by registered or certified mail, to the Issuing Entity and the Depositor (or the Administrator, as applicable) by
the CARAT Indenture Trustee or to the Issuing Entity and the Depositor (or the Administrator, as applicable) and the CARAT Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Controlling Class, a written notice
specifying such default, demanding that it be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(e) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any
substantial part of the CARAT 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 Issuing Entity or for any substantial part of the CARAT Trust Estate, or ordering the winding-up or liquidation of the Issuing Entity’s affairs, and such decree or order shall remain unstayed and in
effect for a period of ninety (90) consecutive days; or 
 (f) the commencement by the Issuing Entity of a voluntary case under any
applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuing
Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the CARAT Trust Estate, or the making by the Issuing Entity
of any general assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its debts as such debts become due, or the taking of action by the Issuing Entity in furtherance of any of the foregoing. 

  
 34 

 The Issuing Entity shall deliver to the CARAT Indenture Trustee within five (5) Business
Days after learning of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become a CARAT Event of Default under Section 5.1(d), its
status and what action the Issuing Entity is taking or proposes to take with respect thereto. 
 Section 5.2 Acceleration of
Maturity; Rescission and Annulment. 
 (a) If a CARAT Event of Default should occur and be continuing, then and in every such case,
unless the principal amount of the Notes shall have already become due and payable, either the CARAT Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class may declare all
the Notes to be immediately due and payable, by a notice in writing to the Issuing Entity (and to the CARAT Indenture Trustee if given by the Noteholders) setting forth the CARAT Event or Events of Default, 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 of the Notes has been made and before a judgment or decree for payment of
the money due thereunder has been obtained by the CARAT Indenture Trustee as hereinafter provided in this Article V, the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class, by written notice to the
Issuing Entity and the CARAT Indenture Trustee, may waive all Defaults set forth in the notice delivered pursuant to Section 5.2(a), and rescind and annul such declaration and its consequences; provided, however, that no
such rescission and annulment shall extend to or affect any other Default or impair any right consequent thereto; and provided, further, that if the CARAT Indenture Trustee shall have proceeded to enforce any right under this CARAT
Indenture and such Proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason, or such Proceedings shall have been determined adversely to the CARAT Indenture Trustee, then and in every
such case, the CARAT Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the CARAT Indenture Trustee,
the Issuing Entity and the Noteholders, as the case may be, shall continue as though no such Proceedings had been commenced. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by CARAT Indenture Trustee. 

(a) The Issuing Entity covenants that if a CARAT Event of Default occurs and such CARAT Event of Default has not been waived pursuant to
Section 5.12 or rescinded pursuant to Section 5.2(b), the Issuing Entity shall, upon demand of the CARAT Indenture Trustee, pay to the CARAT Indenture Trustee, for the ratable benefit of the Noteholders in accordance with
their respective outstanding principal amounts, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, at the rate borne by the Notes 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 CARAT Indenture Trustee and its agents and counsel. 

  
 35 

 (b) If the Issuing Entity shall fail forthwith to pay such amounts upon such demand, the CARAT
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, may prosecute such Proceeding to judgment or final decree, may enforce the same against the Issuing
Entity or other obligor upon such Notes and may collect in the manner provided by law out of the property of the Issuing Entity or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable. 

(c) If a CARAT Event of Default occurs and is continuing, the CARAT Indenture Trustee may, as more particularly provided in
Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the CARAT 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 CARAT 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 CARAT Indenture Trustee
by this CARAT Indenture or by applicable law. 
 (d) If there shall be pending, relative to the Issuing Entity or any other obligor upon the
Notes or any Person having or claiming an ownership interest in the CARAT Trust Estate, Proceedings under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee
in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity or its property or such other obligor or Person, or in case of any other comparable judicial
Proceedings relative to the Issuing Entity or other obligor upon the Notes, or to the creditors or property of the Issuing Entity or such other obligor, the CARAT 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 CARAT Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by
intervention in such Proceedings or otherwise: 
 (i) to file and prove a claim or claims for the whole amount of principal
and interest and all other amounts 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 CARAT Indenture Trustee (including any claim for reasonable
compensation to the CARAT Indenture Trustee and each predecessor CARAT Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the CARAT
Indenture Trustee and each predecessor CARAT Indenture Trustee, except as a result of negligence, fraud 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; 

  
 36 

 (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 CARAT 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 CARAT Indenture Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property; 

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the CARAT Indenture Trustee for application in accordance with the priorities set forth in the CARAT Transaction Documents, and, if the CARAT Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay
to the CARAT Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the CARAT Indenture Trustee, each predecessor CARAT Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses
and liabilities incurred, and all advances made, by the CARAT Indenture Trustee and each predecessor CARAT Indenture Trustee except as a result of negligence, fraud or bad faith. 

(e) Nothing herein contained shall be deemed to authorize the CARAT 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 CARAT 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 CARAT Indenture, or under any of the Notes, may be enforced by the CARAT 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 Proceedings instituted by the CARAT 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 CARAT Indenture Trustee, each predecessor CARAT Indenture Trustee and their respective agents and attorneys, shall be for the benefit of the Secured Parties in accordance with the priorities set forth in the CARAT Transaction
Documents. 
 (g) In any Proceedings brought by the CARAT Indenture Trustee (and also any Proceedings involving the interpretation of any
provision of this CARAT Indenture to which the CARAT Indenture Trustee shall be a party), the CARAT Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such
Proceedings. 

  
 37 

 Section 5.4 Remedies; Priorities. 

(a) If a CARAT Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.2(a),
the CARAT Indenture Trustee may do one or more of the following (subject to Section 5.3 and Section 5.5): 

(i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then due and
payable on the Notes or under this CARAT Indenture with respect thereto, whether by declaration of acceleration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity and any other obligor upon such Notes monies adjudged
due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this CARAT Indenture with
respect to the CARAT Trust Estate; 
 (iii) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the CARAT Indenture Trustee and the Noteholders; and 

(iv) sell the CARAT 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 or elect to have the Issuing Entity maintain possession of the CARAT Trust Estate and continue to apply payments on the Secured Notes as if there had been no declaration of acceleration;
provided, however, that the CARAT Indenture Trustee may not sell or otherwise liquidate the CARAT Trust Estate following a CARAT Event of Default and acceleration of the Notes, unless (i) (A) the Holders of all of the
Outstanding Amount of the Notes consent thereto or (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to (x) discharge in full the principal of and the accrued interest on the Notes, each at the
date of such sale or liquidation and (y) make all distributions from the CARAT Collection Account described in Sections 8.01(b)(i) through (iii) of the Trust Sale and Administration Agreement or (C) (x) there has been a CARAT
Event of Default under Section 5.1(a), Section 5.1(b) or Section 5.1(c) or otherwise arising from a failure to make a required payment of principal on any Notes, (y) the CARAT Indenture Trustee determines
that the CARAT Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as and when they would have become due if the Notes had not been declared due and payable, and (z) the CARAT
Indenture Trustee obtains the consent of the Holders of 66-2/3% of the Outstanding Amount of the Controlling Class and (ii) ten (10) days’ prior written notice of sale or liquidation has been given to the Rating Agencies by the
Depositor, provided, however, that the Depositor shall have received such notice from the CARAT Indenture Trustee at least two (2) Business Days’ prior thereto. In determining such sufficiency or insufficiency with respect to
clauses (B) and (C), the CARAT Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and
as to the sufficiency of the CARAT Trust Estate for such purpose; 

  
 38 

 provided, however, that prior to the exercise of the right to sell all or any portion of the CARAT
Trust Estate as provided herein, the CARAT Indenture Trustee shall provide a notice in writing to the Issuing Entity (with a copy to the Depositor and the CARAT Owner Trustee) (the “CARAT Event of Default Sale Notice”) of its
intention to sell all or any portion of the CARAT Trust Estate (the part to be sold being the “Subject Estate”), and if the Subject Estate is less than all of the CARAT Trust Estate, the portion of the CARAT Trust Estate to be sold.
The CARAT Indenture Trustee shall not consummate any sale until at least seven (7) Business Days after the CARAT Event of Default Sale Notice has been given to the Issuing Entity (with a copy to the Depositor). 

(b) If the CARAT Indenture Trustee collects any money or property pursuant to this Article V, it shall pay out the money or property in
the following order: 
 FIRST: to the CARAT Indenture Trustee for amounts due under Section 6.7 and then to the CARAT Owner
Trustee for amounts due to the CARAT Owner Trustee (not including amounts due for payments to the Certificateholders) under the Trust Agreement or the Trust Sale and Administration Agreement; and 

SECOND: to the CARAT Collection Account, for distribution pursuant to Sections 8.01(b) and (d) of the Trust Sale and Administration
Agreement. 
 Section 5.5 Optional Preservation of the CARAT Trust Estate. If the Notes have been declared to be due and payable
under Section 5.2 following a CARAT Event of Default and such declaration and its consequences have not been rescinded and annulled in accordance with Section 5.2(b), the CARAT Indenture Trustee may, but need not elect to,
take and maintain possession of the CARAT Trust Estate. It is the desire of the parties hereto and the Secured Parties that there be at all times sufficient funds for the payment of the Secured Obligations to the Secured Parties and the CARAT
Indenture Trustee shall take such desire into account when determining whether or not to take and maintain possession of the CARAT Trust Estate. In determining whether to take and maintain possession of the CARAT Trust Estate, the CARAT Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the CARAT Trust Estate for such
purpose. 
 Section 5.6 Limitation of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or
otherwise, with respect to this CARAT Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

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

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

  
 39 

 (c) such Holder or Holders have offered to the CARAT Indenture Trustee reasonable indemnity
against the costs, expenses and liabilities to be incurred in complying with such request; 
 (d) the CARAT Indenture Trustee for sixty
(60) days after its receipt of such notice under Section 5.6(a) above, request under Section 5.6(b) above, and offer of indemnity under Section 5.6(c) above has failed to institute such Proceedings; and 

(e) no direction inconsistent with such written request has been given to the CARAT Indenture Trustee during such sixty (60)-day period by the
Holders of a majority of the Outstanding Amount of the Controlling Class; 
 it being understood and intended that no one or more Holders of Notes shall
have any right in any manner whatever by virtue of, or by availing of, any provision of this CARAT 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 of Notes or to enforce any right under this CARAT Indenture, except in the manner herein provided and for the equal, ratable (on the basis of the respective aggregate amount of principal and interest, respectively, due and unpaid on
the Notes held by each Noteholder) and common benefit of all holders of Notes. For the protection and enforcement of the provisions of this Section 5.6, each and every Noteholder shall be entitled to such relief as can be given either at
law or in equity. 
 If the CARAT Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups
of Holders of Notes, each representing less than a majority of the Outstanding Amount of the Controlling Class, the CARAT Indenture Trustee shall take the action requested by the group representing the higher percentage of the Outstanding Amount of
the Controlling Class, notwithstanding any other provisions of this CARAT Indenture. 
 Section 5.7 Unconditional Rights of
Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this CARAT Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest,
on such Note on or after the respective due dates thereof expressed in such Note or in this CARAT Indenture (or, in the case of redemption, if applicable, 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 5.8 Restoration of Rights and
Remedies. If the CARAT Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this CARAT Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined
adversely to the CARAT Indenture Trustee or to such Noteholder, then and in every such case the Issuing Entity, the CARAT Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally to their
respective former positions hereunder, and thereafter all rights and remedies of the CARAT Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

  
 40 

 Section 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon
or reserved to the CARAT 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 CARAT Indenture Trustee or any Holder of
any Note to exercise any right or remedy accruing upon any Default or CARAT Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or CARAT Event of Default or an acquiescence therein. Every right and
remedy given by this Article V or by law to the CARAT Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the CARAT Indenture Trustee or by the Noteholders, as the case may
be. 
 Section 5.11 Control by Noteholders. The Holders of a majority of the Outstanding Amount of the Controlling Class shall,
subject to provision being made for indemnification against costs, expenses and liabilities in a form satisfactory to the CARAT Indenture Trustee, have the right to direct in writing the time, method and place of conducting any Proceeding for any
remedy available to the CARAT Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the CARAT Indenture Trustee; provided, however, that: 

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

(b) subject to the express terms of Section 5.4 any direction to the CARAT Indenture Trustee to sell or liquidate the CARAT Trust
Estate shall be by the Holders of Notes representing not less than 100% of the Outstanding Amount of the Notes; 
 (c) if the conditions set
forth in Section 5.5 have been satisfied and the CARAT Indenture Trustee elects to retain the CARAT Trust Estate pursuant to Section 5.5, then any direction to the CARAT Indenture Trustee by Holders of Notes representing less
than 100% of the Outstanding Amount of the Notes to sell or liquidate the CARAT Trust Estate shall be of no force and effect; and 
 (d) the
CARAT Indenture Trustee may take any other action deemed proper by the CARAT Indenture Trustee that is not inconsistent with such direction. 

Section 5.12 Waiver of Past Defaults. 

(a) Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2, the Holders of not less
than a majority of the Outstanding Amount of the Controlling Class may waive any past Default or CARAT Event of Default and its consequences except a Default (i) in the payment of principal of or interest on any of the Notes or (ii) in
respect of a covenant or provision hereof that cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuing Entity, the CARAT Indenture Trustee and the Noteholders shall be restored to
their respective former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

  
 41 

 (b) Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and
not to have occurred, and any CARAT Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this CARAT Indenture; but no such waiver shall extend to any subsequent or other Default or
CARAT Event of Default or impair any right consequent thereto. 
 Section 5.13 Undertaking for Costs. All parties to this CARAT
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 Proceeding for the enforcement of any right or remedy under this CARAT
Indenture, or in any Proceeding against the CARAT Indenture Trustee for any action taken, suffered or omitted by it as CARAT Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such
Proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such Proceeding, 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 5.13 shall not apply to: 
 (a) any Proceeding instituted by the CARAT
Indenture Trustee; 
 (b) any Proceeding instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more
than 10% of the Outstanding Amount of the Controlling Class; or 
 (c) any Proceeding 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 CARAT Indenture (or, in the case of redemption, on or after the Redemption Date). 

Section 5.14 Waiver of Stay or Extension Laws. The Issuing Entity covenants (to the extent that it may lawfully do so) that it
shall 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 CARAT Indenture. The Issuing Entity (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein
granted to the CARAT Indenture Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.15 Action on Notes. The CARAT Indenture Trustee’s right to seek and recover judgment on the Notes or under this
CARAT Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this CARAT Indenture. Neither the Lien of this CARAT Indenture nor any rights or remedies of the CARAT Indenture Trustee or
the Noteholders shall be impaired by the recovery of any judgment by the CARAT Indenture Trustee against the Issuing Entity or by the levy of any execution under such 

  
 42 

 
judgment upon any portion of the CARAT Trust Estate or upon any of the assets of the Issuing Entity. Any money or property collected by the CARAT Indenture Trustee shall be applied in accordance
with Section 5.4(b). 
 Section 5.16 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the CARAT Indenture Trustee to do so and at the Administrator’s expense, the Issuing Entity agrees
to take all such lawful action as the CARAT Indenture Trustee may request to compel or secure the performance and observance by the Depositor and the Administrator of their respective obligations to the Issuing Entity under or in connection with the
Trust Sale and Administration Agreement, by the Seller of its obligations under or in connection with the Pooling and Administration Agreement in accordance with the terms thereof [or by any obligor under a Third Party Instrument of its obligations
under or in accordance with a Third Party Instrument in accordance with the terms thereof], and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with the Trust Sale and
Administration Agreement and the Pooling and Administration Agreement to the extent and in the manner directed by the CARAT Indenture Trustee, including the transmission of notices of default on the part of the Seller, the Depositor, the
Administrator, [or any obligor under a Third Party Instrument thereunder] and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller, the Depositor or the Administrator [or any obligor under a
Third Party Instrument] of their respective obligations under the Trust Sale and Administration Agreement and the Pooling and Administration Agreement, as applicable. 

(b) If a CARAT Event of Default has occurred and is continuing, the CARAT Indenture Trustee may, and, at the direction (which direction shall
be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuing Entity against
the Depositor, the Administrator [or any obligor under a Third Party Instrument] under or in connection with the Trust Sale and Administration Agreement, the Pooling and Administration Agreement [or a Third Party Instrument], including the right or
power to take any action to compel or secure performance or observance by the Depositor or the Administrator of each of their obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or
waiver under the Trust Sale and Administration Agreement, and any right of the Issuing Entity to take such action shall be suspended. 
 (c)
If a CARAT Event of Default has occurred and is continuing, the CARAT Indenture Trustee may, and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the
Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Depositor against each of the Seller and the Administrator under or in connection with the Pooling and Administration Agreement and the Trust
Sale and Administration Agreement, as applicable, including the right or power to take any action to compel or secure performance or observance by each of the Seller and the Administrator of its obligations to the Depositor thereunder and to give
any consent, request, notice, direction, approval, extension or waiver under the Pooling and Administration Agreement and the Trust Sale and Administration Agreement, as applicable, and any right of the Depositor to take such action shall be
suspended. 

  
 43 

 ARTICLE VI 

THE CARAT INDENTURE TRUSTEE 

Section 6.1 Duties of CARAT Indenture Trustee. 

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

(b) Except during the continuance of a CARAT Event of Default: 

(i) the CARAT Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
CARAT Indenture, the Trust Sale and Administration Agreement and the Pooling and Administration Agreement and no implied covenants or obligations shall be read into this CARAT Indenture, the Trust Sale and Administration Agreement, the Pooling and
Administration Agreement or any other CARAT Transaction Document against the CARAT Indenture Trustee; and 
 (ii) in the
absence of bad faith on its part, the CARAT 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 CARAT Indenture Trustee and
conforming to the requirements of this CARAT Indenture; provided, however, that the CARAT Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this CARAT
Indenture. 
 (c) The CARAT 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 Section 6.1(c) does not limit the effect of
Section 6.1(b); 
 (ii) the CARAT 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 CARAT Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the CARAT 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 any provision of this CARAT Indenture or any other CARAT Transaction Document. 

  
 44 

 (d) The CARAT Indenture Trustee shall not be liable for interest on any money received by it
except as the CARAT Indenture Trustee may agree in writing with the Issuing Entity. 
 (e) Money held in trust by the CARAT Indenture
Trustee need not be segregated from other funds except to the extent required by law or the terms of this CARAT Indenture, the Trust Sale and Administration Agreement, the Pooling and Administration Agreement or the Trust Agreement. 

(f) No provision of this CARAT Indenture or any other CARAT Transaction Document shall require the CARAT Indenture Trustee to expend or risk
its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. 
 (g) Every provision of this CARAT Indenture and each other
CARAT Transaction Document relating to the CARAT Indenture Trustee shall be subject to the provisions of this Section 6.1 and the provisions of the TIA. 

(h) The CARAT Indenture Trustee shall have no liability or responsibility for the acts or omissions of any other party to any of the CARAT
Transaction Documents. 
 (i) In no event shall the CARAT Indenture Trustee be liable for any damages in the nature of special, indirect or
consequential damages, however styled, including lost profits, even if the CARAT Indenture Trustee has been advised of the likelihood of such loss or damage. 

(j) If and for so long as Certificates representing in the aggregate a 100% beneficial interest in the Issuing Entity are held by the
Depositor, the CARAT Indenture Trustee shall make distributions to the Depositor, rather than the Certificate Distribution Account, under the circumstances described in Section 5.2 of the Trust Agreement. 

Section 6.2 Rights of CARAT Indenture Trustee. 

(a) The CARAT Indenture Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper
Person. The CARAT Indenture Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the CARAT Indenture
Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The CARAT Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s
Certificate or Opinion of Counsel. 
 (c) The CARAT 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 CARAT 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. 

  
 45 

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

(e) The CARAT Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this
CARAT 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 CARAT Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this CARAT Indenture at
the request or direction of any of the Holders pursuant to this CARAT Indenture, unless such Holders shall have offered to the CARAT Indenture Trustee security or indemnity satisfactory to the CARAT Indenture Trustee against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction. 
 (g) The CARAT Indenture Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper
or document, but the CARAT Indenture Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 

(h) The CARAT Indenture Trustee shall not be deemed to have notice of any Default, CARAT Event of Default or Administrator Default unless a
Responsible Officer of the CARAT Indenture Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the CARAT Indenture Trustee at the Corporate Trust Office of the CARAT Indenture
Trustee, and such notice references the Securities and this CARAT Indenture. 
 (i) The rights, privileges, protections, immunities and
benefits given to the CARAT Indenture Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the CARAT Indenture Trustee in each of its capacities hereunder, including its capacity under
Section 4.4, and in connection with the performance of any of its duties or obligations under any of the CARAT Transaction Documents. 

Section 6.3 CARAT Indenture Trustee May Own Notes. The CARAT Indenture Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Issuing Entity, the Administrator or any of their respective Affiliates with the same rights it would have if it were not CARAT Indenture Trustee; provided, however, that
the CARAT Indenture Trustee shall comply with Section 6.10 and Section 6.11. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. 

  
 46 

 Section 6.4 CARAT Indenture Trustee’s Disclaimer. The CARAT Indenture Trustee
shall not be responsible for and makes no representation as to the validity or adequacy of any CARAT Transaction Document, including this CARAT Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds
from the Notes, and it shall not be responsible for any statement of the Issuing Entity in the CARAT Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the CARAT Indenture Trustee’s
certificate of authentication. 
 Section 6.5 Notice of Default. If a Default occurs and is continuing and if it is known to a
Responsible Officer of the CARAT Indenture Trustee, the CARAT Indenture Trustee shall mail to each Noteholder notice of the Default within the later of (a) ninety (90) days after it occurs and (b) ten (10) Business Days after it
is known to a Responsible Officer of the CARAT Indenture Trustee. Except in the case of a Default in payment of principal of or interest on any Note, the CARAT Indenture Trustee may withhold the notice if and so long as it in good faith determines
that withholding the notice is in the interests of Noteholders. 
 Section 6.6 Reports by CARAT Indenture Trustee. 

(a) To the extent any Noteholder does not receive such information or documents directly, the CARAT Indenture Trustee shall deliver to each
Noteholder the information and documents set forth in Article VII and, in addition, all such information with respect to the Notes as may be required to enable such Holder to prepare its federal and State income tax returns. 

(b) The CARAT Indenture Trustee shall: 

(i) deliver to AFLT, the AFLT Owner Trustee, the Depositor, the Issuing Entity, the CARAT Owner Trustee and the Administrator a
report of its assessment of compliance with the Servicing Criteria set forth on Exhibit D during the immediately preceding calendar year, including disclosure of any material instance of non-compliance identified by the CARAT Indenture
Trustee, as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB under the Securities Act; and 

(ii) cause a firm of registered public accountants that is qualified and independent within the meaning of Rule 2-01 of
Regulation S-X under the Securities Act to deliver to AFLT, the AFLT Owner Trustee, the CARAT Owner Trustee, the Depositor and the Administrator, an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange
Act, as applicable, on the assessment of compliance with the Servicing Criteria set forth on Exhibit D with respect to the prior calendar year , on the assessment of compliance with Servicing Criteria with respect to the prior calendar year
for inclusion in AFLT’s or the Issuing Entity’s 10-K filing; such attestation report shall be in accordance with Rule 1-02(a)(3) and Rule 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and 

  
 47 

 (iii) deliver to AFLT, the Depositor and any other Person that will be
responsible for signing the certification (a “Sarbanes Certification”) required by Rule 13a-14(d) and Rule 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of AFLT, CARI or the
Issuing Entity with respect to the securitization transaction contemplated by this CARAT Indenture a certification substantially in the form attached hereto as Exhibit F or such form as mutually agreed upon by AFLT, the Depositor and the CARAT
Indenture Trustee; the CARAT Indenture Trustee acknowledges that the parties identified in this clause (iii) may rely on the certification provided by the CARAT Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and
filing such with the Commission. 
 (c) The reports referred to in Section 6.6(b) shall be delivered on or before March 15
of each year that a 10-K filing is required to be filed by AFLT or the Issuing Entity beginning March 15, 20     (and if such date is not a Business Day, the next succeeding Business Day), unless neither AFLT nor the Issuing
Entity is required to file periodic reports under the Exchange Act or any other law, in which case such reports may be delivered on or before April 30 of each calendar year, beginning April 30, 20    . 

Section 6.7 Compensation; Indemnity. 

(a) The Issuing Entity shall cause the Administrator pursuant to Section 3.05 of the Pooling and Administration Agreement to pay to the
CARAT Indenture Trustee from time to time reasonable compensation for its services. The CARAT Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall cause the
Administrator pursuant to Section 3.05 of the Pooling and Administration Agreement to reimburse the CARAT Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the
compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the CARAT Indenture Trustee’s agents, external counsel, accountants and experts. The Issuing Entity shall cause
the Administrator to indemnify the CARAT Indenture Trustee in accordance with Section 6.01 of the Trust Sale and Administration Agreement. 

(b) The Issuing Entity’s obligations to the CARAT Indenture Trustee pursuant to this Section 6.7 shall survive the discharge
of this CARAT Indenture. When the CARAT Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(e) or Section 5.1(f) with respect to the Issuing Entity, the expenses are intended to
constitute expenses of administration under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency or similar law. 

Section 6.8 Replacement of CARAT Indenture Trustee. 

(a) The CARAT Indenture Trustee may at any time give notice of its intent to resign by so notifying the Issuing Entity; provided,
however, that no such resignation shall become effective and the CARAT Indenture Trustee shall not resign prior to the time set forth in Section 6.8(c). The Holders of a majority in Outstanding Amount of the Controlling

  
 48 

 
Class may remove the CARAT Indenture Trustee by so notifying the CARAT Indenture Trustee and may appoint a successor CARAT Indenture Trustee. Such resignation or removal shall become effective in
accordance with Section 6.8(c). The Issuing Entity shall remove the CARAT Indenture Trustee if: 
 (i) the CARAT
Indenture Trustee fails to comply with Section 6.11; 
 (ii) the CARAT Indenture Trustee is adjudged bankrupt or
insolvent; 
 (iii) a receiver or other public officer takes charge of the CARAT Indenture Trustee or its property; or 

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

(b) If the CARAT Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of the CARAT
Indenture Trustee for any reason (the CARAT Indenture Trustee in such event being referred to herein as the retiring CARAT Indenture Trustee), the Issuing Entity shall promptly appoint and designate a successor CARAT Indenture Trustee. 

(c) A successor CARAT Indenture Trustee shall deliver a written acceptance of its appointment and designation to the retiring CARAT Indenture
Trustee and to the Issuing Entity. Thereupon the resignation or removal of the retiring CARAT Indenture Trustee shall become effective, and the successor CARAT Indenture Trustee shall have all the rights, powers and duties of the CARAT Indenture
Trustee under this CARAT Indenture. The successor CARAT Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring CARAT Indenture Trustee shall promptly transfer all property held by it as CARAT Indenture Trustee to the
successor CARAT Indenture Trustee. 
 (d) If a successor CARAT Indenture Trustee does not take office within sixty (60) days after the
CARAT Indenture Trustee gives notice of its intent to resign or is removed, the retiring CARAT Indenture Trustee, the Issuing Entity or the Holders of a majority of the Outstanding Amount of the Controlling Class may petition any court of competent
jurisdiction for the appointment and designation of a successor CARAT Indenture Trustee. 
 (e) If the CARAT Indenture Trustee fails to
comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the CARAT Indenture Trustee and the appointment of a successor CARAT Indenture Trustee. 

(f) Notwithstanding the replacement of the CARAT Indenture Trustee pursuant to this Section 6.8, the Issuing Entity’s
obligations under Section 6.7 and the Administrator’s corresponding obligations under the Pooling and Administration Agreement and the Trust Sale and Administration Agreement shall continue for the benefit of the retiring CARAT
Indenture Trustee. 

  
 49 

 Section 6.9 Merger or Consolidation of CARAT Indenture Trustee. 

(a) Any corporation into which the CARAT Indenture Trustee may be merged or with which it may be consolidated, or any corporation resulting
from any merger or consolidation to which the CARAT Indenture Trustee shall be a party, or any corporation succeeding to the corporate trust business of the CARAT Indenture Trustee, shall be the successor of the CARAT Indenture Trustee under this
CARAT Indenture; provided, however, that such corporation shall be eligible under the provisions of Section 6.11, without the execution or filing of any instrument or any further act on the part of any of the parties to
this CARAT Indenture, anything in this CARAT Indenture to the contrary notwithstanding. 
 (b) If at the time such successor or successors
by merger or consolidation to the CARAT Indenture Trustee shall succeed to the trusts created by this CARAT Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the CARAT 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 CARAT Indenture Trustee may authenticate such Notes
either in the name of any predecessor hereunder or in the name of the successor to the CARAT Indenture Trustee. In all such cases such certificate of authentication shall have the same full force as is provided anywhere in the Notes or herein with
respect to the certificate of authentication of the CARAT Indenture Trustee. 
 Section 6.10 Appointment of Co-CARAT Indenture
Trustee or Separate CARAT Indenture Trustee. 
 (a) Notwithstanding any other provisions of this CARAT Indenture, at any time, for the
purpose of meeting any legal requirement of any jurisdiction in which any part of the CARAT Trust Estate or any Leased Vehicle may at the time be located, the CARAT Indenture Trustee shall have the power and may execute and deliver all instruments
to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the CARAT Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Secured
Parties and (only to the extent expressly provided herein) the Certificateholders, such title to the CARAT Trust Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations,
rights and trusts as the CARAT Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice
to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8. 
 (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 CARAT Indenture Trustee shall be conferred or
imposed upon and exercised or performed by the CARAT 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 CARAT Indenture
Trustee 

  
 50 

 
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 CARAT 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 CARAT 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 CARAT Indenture Trustee; 
 (ii) no trustee hereunder
shall be personally liable by reason of any act or omission of any other trustee hereunder; and 
 (iii) the CARAT Indenture
Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing
given to the CARAT 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 CARAT Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either
jointly with the CARAT Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this CARAT Indenture, specifically including every provision of this CARAT Indenture relating to the conduct of, affecting the
liability of, or affording protection to, the CARAT Indenture Trustee. Every such instrument shall be filed with the CARAT Indenture Trustee. 

(d) Any separate trustee or co-trustee may at any time appoint the CARAT Indenture Trustee as 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 CARAT 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 CARAT Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 6.11 Eligibility; Disqualification. The CARAT Indenture Trustee shall at all times satisfy the requirements of TIA §
310(a).The CARAT 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 (unless waived by [Rating Agency]) it shall have a long-term unsecured debt
rating that falls within an investment grade category by [Rating Agency]. The CARAT 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 Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 

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

  
 51 

 Section 6.13 Representations and Warranties of CARAT Indenture Trustee. The CARAT
Indenture Trustee represents and warrants as of the Closing Date that: 
 (a) the CARAT Indenture Trustee (i) is a national banking
association duly organized, validly existing and in good standing under the laws of the United States of America and (ii) satisfies the eligibility criteria set forth in Section 6.11; 

(b) the CARAT Indenture Trustee has full power, authority and legal right to execute, deliver and perform this CARAT Indenture and any other
CARAT Transaction Document to which it is a party, and has taken all necessary action to authorize the execution, delivery and performance by it of this CARAT Indenture and any other CARAT Transaction Document to which it is a party; 

(c) the execution, delivery and performance by the CARAT Indenture Trustee of this CARAT Indenture and any other CARAT Transaction Document to
which it is a party (i) shall not violate any provision of any law or regulation governing the banking and trust powers of the CARAT Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator, or governmental authority
applicable to the CARAT Indenture Trustee or any of its assets, (ii) shall not violate any provision of the corporate charter or by-laws of the CARAT Indenture Trustee, or (iii) shall not violate any provision of, or constitute, with or
without notice or lapse of time, a default under, or result in the creation or imposition of any Lien on any properties included in the CARAT Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other
undertaking to which it is a party, which violation, default or Lien could reasonably be expected to have a materially adverse effect on the CARAT Indenture Trustee’s performance or ability to perform its duties under this CARAT Indenture and
any other CARAT Transaction Document to which it is a party or on the transactions contemplated hereunder and thereunder; 
 (d) the
execution, delivery and performance by the CARAT Indenture Trustee of this CARAT Indenture and any other CARAT Transaction Document to which it is a party shall not require the authorization, consent or approval of, the giving of notice to, the
filing or registration with, or the taking of any other action in respect of, any governmental authority or agency regulating the banking and corporate trust activities of the CARAT Indenture Trustee; and 

(e) this CARAT Indenture and any other CARAT Transaction Document to which it is a party has been duly executed and delivered by the CARAT
Indenture Trustee and constitutes the legal, valid and binding agreement of the CARAT Indenture Trustee, enforceable in accordance with its terms. 

Section 6.14 CARAT Indenture Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this
CARAT Indenture or the Notes may be prosecuted and enforced by the CARAT Indenture Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the CARAT
Indenture Trustee shall be brought in its own name as CARAT Indenture Trustee. Any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the CARAT Indenture 

  
 52 

 
Trustee, its agents and counsel, be for the ratable benefit of the Noteholders and (only to the extent expressly provided herein) the Certificateholders in respect of which such judgment has been
obtained. 
 Section 6.15 Suit for Enforcement. If a CARAT Event of Default shall occur and be continuing, the CARAT Indenture
Trustee, in its discretion may, subject to the provisions of Section 6.1, proceed to protect and enforce its rights and the rights of the Noteholders under this CARAT Indenture by Proceeding whether for the specific performance of any
covenant or agreement contained in this CARAT Indenture or in aid of the execution of any power granted in this CARAT Indenture or for the enforcement of any other legal, equitable or other remedy as the CARAT Indenture Trustee, being advised by
counsel, shall deem necessary to protect and enforce any of the rights of the CARAT Indenture Trustee or the Noteholders. 

Section 6.16 Rights of Noteholders to Direct CARAT Indenture Trustee. The Holders of Notes evidencing not less than a majority of
the Outstanding Amount of the Controlling Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the CARAT Indenture Trustee or exercising any trust or power conferred on the CARAT
Indenture Trustee, including any remedy, trust or power of the CARAT Indenture Trustee as the holder of the Secured Notes; provided, however, that subject to Section 6.1, the CARAT Indenture Trustee shall have the right to
decline to follow any such direction if the CARAT Indenture Trustee being advised by counsel determines that the action so directed may not lawfully be taken, or if the CARAT Indenture Trustee in good faith shall, by a Responsible Officer, determine
that the proceedings so directed would be illegal or subject it to personal liability; and provided, further, that nothing in this CARAT Indenture shall impair the right of the CARAT Indenture Trustee to take any action deemed proper by the CARAT
Indenture Trustee and which is not inconsistent with such direction by the Noteholders. 
 Section 6.17 Notification of Noteholders
Regarding Certain AFLT Events; Waivers of Past Defaults; Amendments and Other Actions. 
 (a) Upon any AFLT Event of Default under the
Secured Notes pursuant to the AFLT Indenture or any Servicer Default pursuant to the Servicing Agreement of which a Responsible Officer of the CARAT Indenture Trustee has actual knowledge, the CARAT Indenture Trustee shall give prompt written notice
thereof to the Noteholders. 
 (b) Noteholders whose Notes evidence a majority of the Outstanding Amount of the Controlling Class as of the
close of the preceding Distribution Date (or, if all of the Notes have been paid in full and the CARAT Indenture has been discharged in accordance with its terms), Certificateholders whose Certificates evidence not less than a majority of the Voting
Interests as of the close of the preceding Distribution Date) may, on behalf of all Noteholders and Certificateholders, instruct the CARAT Indenture Trustee as Holder of the Secured Notes (i) to waive any default by AFLT, the Servicer or any
other party to the AFLT Transaction Documents in the performance of its obligations under any applicable the AFLT Transaction Document and its consequences, except a default in making any required deposits to or payments from any of the accounts in
accordance with this CARAT Indenture, (ii) to enter into any amendment, supplement, waiver or other understanding with respect to the AFLT Transaction Documents or (iii) to take any other action so directed by such Noteholders or
Certificateholders, as applicable. 

  
 53 

 (c) Notwithstanding Section 6.17(b), in the event that a waiver, amendment,
supplement or action under any AFLT Transaction Document requires the consent or approval of a supermajority (such as 66-2/3 percent) or all of the Holders of the Secured Notes, then the consent of a like percentage of Noteholders shall be required
to take such action or execute such waiver, amendment or supplement. 
 ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

Section 7.1 Issuing Entity To Furnish CARAT Indenture Trustee Names and Addresses of Noteholders. The Issuing Entity shall furnish
or cause to be furnished by the Administrator to the CARAT Indenture Trustee (a) not more than five (5) days before each Distribution Date a list, in such form as the CARAT Indenture Trustee may reasonably require, of the names and
addresses of the Holders of Notes as of the close of business on the related Record Date, and (b) at such other times as the CARAT Indenture Trustee may request in writing, within fourteen (14) days after receipt by the Issuing Entity of
any such request, a list of similar form and content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that so long as the CARAT Indenture Trustee is the Note Registrar, no such
list shall be required to be furnished. 
 Section 7.2 Preservation of Information, Communications to Noteholders. 

(a) The CARAT 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 CARAT Indenture Trustee as provided in Section 7.1 and the names and addresses of Holders of Notes received by the CARAT Indenture Trustee in its capacity as Note Registrar. The
CARAT Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 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 CARAT Indenture or
under the Notes. 
 (c) The Issuing Entity, the CARAT Indenture Trustee and the Note Registrar shall have the protection of TIA
§312(c). 
 Section 7.3 Reports by Issuing Entity. 

(a) The Issuing Entity shall: 

(i) file with the CARAT Indenture Trustee within fifteen (15) days after the Issuing Entity is required to file the same
with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuing
Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or Item 1122 of Regulation AB; 

  
 54 

 (ii) file with the CARAT Indenture Trustee and the Commission in accordance with
rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants of this CARAT Indenture as may be required
from time to time by such rules and regulations; and 
 (iii) supply to the CARAT Indenture Trustee (and the CARAT Indenture
Trustee shall transmit by mail to all CARAT Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of this
Section 7.3(a) as may be required by rules and regulations prescribed from time to time by the Commission. 
 (b) Unless the
Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall end on December 31 of such year. 
 Section 7.4
Reports by CARAT Indenture Trustee. 
 (a) Solely to the extent required by TIA § 313(a), within sixty (60) days after each
[            15th,] beginning with [            15,] 20     , the CARAT 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 CARAT Indenture Trustee also shall comply with TIA § 313(b). A copy of any report delivered pursuant to this
Section 7.4(a) shall, at the time of its mailing to Noteholders, be filed by the CARAT Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing Entity shall notify the CARAT
Indenture Trustee if and when the Notes are listed on any stock exchange. 
 (b) On each Distribution Date the CARAT Indenture Trustee shall
include with each payment to each Noteholder a copy of the statement for the related Monthly Period or Periods applicable to such Distribution Date as required pursuant to Section 4.07 of the Trust Sale and Administration Agreement. 

ARTICLE VIII 
 ACCOUNTS,
DISBURSEMENTS AND RELEASES 
 Section 8.1 Collection of Money. Except as otherwise expressly provided herein, the CARAT
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 CARAT
Indenture Trustee pursuant to this CARAT Indenture or the Trust Sale and Administration Agreement. The CARAT Indenture Trustee shall apply all such money received by it as provided in this CARAT Indenture. Except as otherwise expressly provided in
this CARAT Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the CARAT Trust Estate, the CARAT Indenture Trustee may take such action as may be appropriate to enforce 

  
 55 

 
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 CARAT Event of
Default under this CARAT Indenture and any right to proceed thereafter as provided in Article V. 
 Section 8.2 Designated
Accounts; Payments. 
 (a) On or prior to the Closing Date, the Administrator shall establish and maintain, in the name of the CARAT
Indenture Trustee for the benefit of the Financial Parties, the Designated Accounts as provided in Articles IV and V of the Trust Sale and Administration Agreement. 

(b) On or before each Distribution Date, (i) amounts shall be deposited in the CARAT Collection Account as provided in Section 4.05
of the Trust Sale and Administration Agreement and (ii) the Aggregate Noteholders’ Interest Distributable Amount and the Aggregate Noteholders’ Principal Distributable Amount shall be transferred from the CARAT Collection Account to
the Note Distribution Account, in each case, as and to the extent provided in Section 4.05 of the Trust Sale and Administration Agreement. 

(c) On each Distribution Date, the CARAT Indenture Trustee shall notify the Account Holder to apply and, as required, distribute to the
Noteholders all amounts on deposit in the Note Distribution Account (subject to the Administrator’s rights under Section 5.02 of the Trust Sale and Administration Agreement to Investment Earnings and based on the Administrator’s
Accounting delivered on the related Determination Date pursuant to Section 3.06 of the Pooling and Administration Agreement) in the following order of priority and in the amounts determined as described below: 

(i) On each Distribution Date, except as otherwise provided in clause (iii) below, the amount deposited in the
Note Distribution Account in respect of interest on the Notes shall be applied in the following order of priority, to the extent of remaining funds after all earlier priorities have been satisfied, and any amount so applied shall be paid on such
Distribution Date to the holders of Notes of each applicable class: 
 (A) the Aggregate Class A Interest Distributable
Amount shall be paid to the holders of the Class A Notes; 
 (B) the Aggregate Class B Interest Distributable Amount
shall be paid to the holders of the Class B Notes; 
 (C) the Aggregate Class C Interest Distributable Amount shall be paid
to the holders of the Class C Notes; and 
 (D) [the Aggregate Class D Interest Distributable Amount shall be paid to the
holders of the Class D Notes;] 
 provided, however, that if there are not sufficient funds to so pay the entire amount
specified in any of the foregoing priorities for a particular class of Notes, then the amount available for such class of Notes shall be paid to the Holders thereof ratably on the basis of the total amount of accrued and unpaid interest owing to
each such Holder. 

  
 56 

 (ii) Unless otherwise provided in clause (iii) below, an amount equal
to the Aggregate Noteholders’ Principal Distributable Amount (or such lesser amount as has been deposited in the Note Distribution Account pursuant to Section 4.05(b) of the Trust Sale and Administration Agreement with respect to
payments of principal) shall be applied to each class of Notes in the following amounts and in the following order of priority and any amount so applied shall be paid on such Distribution Date to the Holders of such class of Notes: 

(A) to the Class A-1 Notes, until the Outstanding Amount of the Class A-1 Notes is reduced to zero; 

(B) to the Class A-2[a] Notes[and the Class A-2b Notes, ratably in accordance with the Note Principal Balance of the
Class A-2a Notes and the Class A-2b Notes,] until the Outstanding Amount[s] of the Class A-2[a] Notes[and the Class A-2b Notes] [is][are] reduced to zero; 

(C) to the Class A-3[a] Notes[and the Class A-3b Note, ratably in accordance with the Note Principal Balance of the
Class A-3a Notes and the Class A-3b Notes] until the Outstanding Amount[s] of the Class A-3[a] Notes[and the Class A-3b Notes] [is][are] reduced to zero; 

(D) to the Class A-4 Notes, until the Outstanding Amount of the Class A-4 Notes is reduced to zero; 

(E) to the Class B Notes, until the Outstanding Amount of the Class B Notes is reduced to zero; 

(F) to the Class C Notes, until the Outstanding Amount of the Class C Notes is reduced to zero; and 

(G) to the Class D Notes, until the Outstanding Amount of the Class D Notes is reduced to zero. 

(iii) If the Notes have been declared immediately due and payable following a CARAT Event of Default as provided in
Section 5.2, until such time as all CARAT Events of Default have been cured or waived as provided in Section 5.2(b), any amounts deposited in the Note Distribution Account shall be applied in accordance with
Section 2.7(c). 
 Section 8.3 General Provisions Regarding Accounts. 

(a) So long as no Default or CARAT Event of Default shall have occurred and be continuing, all or a portion of the funds in the Designated
Accounts shall be invested in Eligible Investments and reinvested by the CARAT Indenture Trustee upon Issuing Entity Order, subject to the provisions of Section 5.01(b) of the Trust Sale and Administration

  
 57 

 
Agreement. The Issuing Entity shall not direct the CARAT Indenture Trustee to make any investment of any funds or to sell any investment held in any of the Designated Accounts unless the security
interest granted and perfected in such account shall continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the CARAT Indenture
Trustee to make any such investment or sale, if requested by the CARAT Indenture Trustee, the Issuing Entity shall deliver to the CARAT Indenture Trustee an Opinion of Counsel acceptable to the CARAT Indenture Trustee, to such effect. 

(b) Subject to Section 6.1(c), the CARAT Indenture Trustee shall not in any way be held liable by reason of any insufficiency in
any of the Designated Accounts resulting from any loss on any Eligible Investment included therein except as an obligor for losses attributable to the CARAT Indenture Trustee’s failure to make payments on such Eligible Investments issued by the
CARAT Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(c) If 

(i) the Issuing Entity shall have failed to give written investment directions for any funds on deposit in the Designated
Accounts to the CARAT Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Issuing Entity and the CARAT Indenture Trustee) on any Business Day; or 

(ii) a Default or CARAT 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 5.2, or, if such Notes shall have been declared due and payable following a CARAT Event of Default, but amounts collected or receivable from the CARAT Trust Estate are being
applied in accordance with Section 5.5 as if there had not been such a declaration; 
 then the CARAT Indenture Trustee shall, to the fullest
extent practicable, invest and reinvest funds in the Designated Accounts in “[Insert Fund Name].” 
 Section 8.4 Release
of CARAT Trust Estate. 
 (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the CARAT Indenture
Trustee may, and when required by the provisions of this CARAT Indenture shall, execute instruments to release property from the Lien of this CARAT Indenture, or convey the CARAT Indenture Trustee’s interest in the same, in a manner and under
circumstances that are consistent with the provisions of this CARAT Indenture. No party relying upon an instrument executed by the CARAT Indenture Trustee as provided in this Article VIII shall be bound to ascertain the CARAT Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The
CARAT Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due to the CARAT Indenture Trustee pursuant to Section 6.7 have been paid [and all amounts owing under each Third Party Instrument have been
paid], 

  
 58 

 
release any remaining portion of the CARAT Trust Estate that secured the Notes and the other Secured Obligations from the Lien of this CARAT Indenture and, where any such portion of the CARAT
Trust Estate is registered in the name of the CARAT Indenture Trustee, re-convey such property, and release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Designated Accounts. The CARAT Indenture Trustee
shall release property from the Lien of this CARAT Indenture pursuant to this Section 8.4(b) only upon receipt by it of an Issuing Entity Request, 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 11.1. 

Section 8.5 Opinion of Counsel. The CARAT Indenture Trustee shall receive at least seven (7) days’ notice when requested
by the Issuing Entity to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the CARAT Indenture Trustee shall also require as a condition to such action, an Opinion of Counsel, in form and
substance satisfactory to the CARAT 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 shall not materially and adversely impair the security for the Secured Obligations or the rights of the Secured Parties in contravention of the provisions of this CARAT Indenture; provided, however, that such Opinion of
Counsel shall not be required to express an opinion as to the fair value of the CARAT 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 CARAT Indenture Trustee in connection with any such action. 
 ARTICLE IX 

SUPPLEMENTAL CARAT INDENTURES 

Section 9.1 Supplemental CARAT Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes but with prior notice by the Issuing Entity to the Rating Agencies, the Issuing Entity and
the CARAT Indenture Trustee, when authorized by an Issuing Entity Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at
the date of the execution thereof), in form satisfactory to the CARAT 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 CARAT Indenture, or better to
assure, convey and confirm unto the CARAT Indenture Trustee any property subject or required to be subjected to the Lien of this CARAT Indenture, or to subject additional property to the Lien of this CARAT Indenture; 

(ii) to evidence the succession, in compliance with Section 3.10 and the applicable provisions hereof, of another
Person to the Issuing Entity, and the assumption by any such successor of the covenants of the Issuing Entity contained herein and in the Notes contained; 

  
 59 

 (iii) to add to the covenants of the Issuing Entity, for the benefit of the
Securityholders or to surrender any right or power herein conferred upon the Issuing Entity; 
 (iv) to convey, transfer,
assign, mortgage or pledge any property to or with the CARAT Indenture Trustee; 
 (v) to cure any ambiguity, to correct or
supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or in any other CARAT Transaction Document; 

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

(vii) to modify, eliminate or add to the provisions of this CARAT Indenture to such extent as shall be necessary to effect the
qualification of this CARAT Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this CARAT Indenture such other provisions as may be expressly required by the TIA, and the CARAT 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 Issuing Entity and the CARAT Indenture Trustee, when authorized by an Issuing Entity Order, may, also without the consent of any of
the Noteholders but with prior notice by the Issuing Entity to the Rating Agencies, at any time and from time to time enter into one or more indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or
eliminating any of the provisions of, this CARAT Indenture or modifying in any manner the rights of the Noteholders under this CARAT 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 9.2 Supplemental CARAT Indentures With Consent
of Noteholders. 
 (a) The Issuing Entity and the CARAT Indenture Trustee, when authorized by an Issuing Entity Order, also may, with
prior notice by the Issuing Entity to each of the Rating Agencies, and with the consent of the Holders of not less than a majority of the Outstanding Amount of the Controlling Class, by Act of such Holders delivered to the Issuing Entity and the
CARAT Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this CARAT Indenture or of modifying in any manner the
rights of the Noteholders under this CARAT Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(i) change the due date of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the
interest rate 

  
 60 

 
applicable thereto, or the Redemption Price with respect thereto, change any place of payment where, or the coin or currency in which, any Note or any interest thereon is payable, or impair the
right to institute suit for the enforcement of the provisions of this CARAT Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the
respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 
 (ii) reduce the percentage
of the Outstanding Amount of the Controlling Class, 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
CARAT Indenture or certain defaults hereunder and their consequences as provided for in this CARAT 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 of the Notes required to direct the CARAT Indenture Trustee to sell or liquidate the CARAT Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the principal
amount of and accrued but unpaid interest on the Outstanding Notes; 
 (v) modify any provision of this
Section 9.2 to decrease the required minimum percentage necessary to approve any amendments to any provisions of this CARAT Indenture or any of the other CARAT Transaction Documents; 

(vi) modify any of the provisions of this CARAT 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 Distribution Date (including the calculation of any of the individual components of such calculation), or modify or alter the provisions of the CARAT Indenture regarding the voting of Notes
held by the Issuing Entity, the Depositor or any Affiliate of either of them; or 
 (vii) permit the creation of any Lien
ranking prior to or on a parity with the Lien of this CARAT Indenture with respect to any part of the CARAT Trust Estate or, except as otherwise permitted or contemplated herein, terminate the Lien of this CARAT Indenture on any property at any time
subject thereto or deprive the Holder of any Note of the security afforded by the Lien of this CARAT Indenture. 

  
 61 

 (b) The CARAT Indenture Trustee may in its discretion determine whether or not any Notes would be
affected (such that the consent of each Noteholder would be required) by any supplemental indenture proposed pursuant to this Section 9.2 and any such determination shall be binding upon the Holders of all Notes, whether authenticated
and delivered thereunder before or after the date upon which such supplemental indenture becomes effective. The CARAT Indenture Trustee shall not be liable for any such determination made in good faith. 

(c) It shall be sufficient if an Act of Noteholders approves the substance, but not the form, of any proposed supplemental indenture. 

(d) Promptly after the execution by the Issuing Entity and the CARAT Indenture Trustee of any supplemental indenture pursuant to this
Section 9.2, the CARAT Indenture Trustee shall mail to the Noteholders 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
CARAT 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 9.3 Execution of Supplemental CARAT Indentures. In executing, or permitting the additional trusts created by, any
supplemental indenture permitted by this Article Article IX or the modifications thereby of the trusts created by this CARAT Indenture, the CARAT Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and
6.2, 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 CARAT Indenture. The CARAT Indenture Trustee may, but shall not be obligated to,
enter into any such supplemental indenture that affects the CARAT Indenture Trustee’s own rights, duties, liabilities or immunities under this CARAT Indenture or otherwise. 

Section 9.4 Effect of Supplemental CARAT Indenture. Upon the execution of any supplemental indenture pursuant to the provisions
hereof, this CARAT Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities
under this CARAT Indenture of the CARAT Indenture Trustee, the Issuing Entity and the Noteholders 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 CARAT Indenture for any and all purposes. 

Section 9.5 Conformity with the Trust Indenture Act. Every amendment of this CARAT Indenture and every supplemental indenture
executed pursuant to this Article IX shall conform to the requirements of the TIA as then in effect so long as this CARAT Indenture shall then be qualified under the TIA. 

Section 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and if required by the CARAT Indenture Trustee shall, bear a notation in form approved by the CARAT Indenture Trustee as to any matter provided for in such supplemental indenture. If the
Issuing Entity or the CARAT Indenture Trustee shall so determine, new Notes so modified as to 

  
 62 

 
conform, in the opinion of the CARAT Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and executed by the Issuing Entity and authenticated and
delivered by the CARAT Indenture Trustee in exchange for Outstanding Notes of the same class. 
 ARTICLE X 

REDEMPTION OF NOTES 

Section 10.1 Redemption. The Notes are subject to redemption in whole, but not in part, upon the exercise by the Administrator (or
the Holder of all the Certificates that is not the Depositor or any Affiliate thereof) of its option to purchase the Secured Notes pursuant to Section 8.01 of the Trust Sale and Administration Agreement. The date on which such redemption shall
occur is the Distribution Date following the Optional Purchase Date identified by the Administrator in its notice of exercise of such purchase option (the “Redemption Date”). The purchase price for the Notes shall be equal to the
applicable Redemption Price. The Administrator or the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.1, the Administrator or the Issuing Entity
shall furnish notice thereof to the CARAT Indenture Trustee not later than twenty-five (25) days prior to the Redemption Date and the CARAT Indenture Trustee (based on such notice) shall withdraw from the CARAT Collection Account and deposit
into the Note Distribution Account, on the Redemption Date, the aggregate Redemption Price of the Notes, whereupon all such Notes shall be due and payable on the Redemption Date. 

Section 10.2 Form of Redemption Notice. Notice of redemption of the Notes under Section 10.1 shall be given by the
CARAT Indenture Trustee by first-class mail, postage prepaid, mailed not less than five (5) days prior to the applicable Redemption Date to each Noteholder of record at such Noteholder’s address appearing in the Note Register. 

(a) All notices of redemption shall state: 

(i) the Redemption Date; 

(ii) the applicable Redemption Price; and 

(iii) the place where Notes are to be surrendered for payment of the Redemption Price (which shall be the Agency Office of the
Issuing Entity to be maintained as provided in Section 3.2). 
 (b) Notice of redemption of the Notes shall be given by the
CARAT Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note. 

Section 10.3 Notes Payable on Redemption Date. The Notes shall, following notice of redemption as required by
Section 10.2, on the Redemption Date cease to be Outstanding for purposes of this CARAT Indenture and shall thereafter represent only the right to receive the applicable Redemption Price and (unless the Issuing Entity shall default in
the payment of such Redemption Price) no interest shall accrue on such Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating such Redemption Price. 

  
 63 

 ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Compliance Certificates and Opinions, etc. 

(a) Upon any application or request by the Issuing Entity to the CARAT Indenture Trustee to take any action under any provision of this CARAT
Indenture, the Issuing Entity shall furnish to the CARAT Indenture Trustee: (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this CARAT Indenture relating to the proposed action have been complied
with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public
accountants meeting the applicable requirements of this Section 11.1, 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 CARAT
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 CARAT 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 judgment of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with;
and 
 (iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied
with. 
 (b)(i) Prior to the deposit with the CARAT Indenture Trustee of any Collateral or other property (such as securities) that is to be
made the basis for the release of any property (such as securities) subject to the Lien of this CARAT Indenture, the Issuing Entity shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this CARAT Indenture,
furnish to the CARAT Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within ninety (90) days of such deposit) to the Issuing Entity of the
Collateral or other property (such as securities) to be so deposited. 

  
 64 

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

(iii) Other than with respect to the release of any Warranty Secured Notes or any Administrative Secured Notes, whenever any
property or securities are to be released from the Lien of this CARAT Indenture, the Issuing Entity shall also furnish to the CARAT Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such
certificate as to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not impair the security under this CARAT
Indenture in contravention of the provisions of this CARAT Indenture. 
 (iv) Whenever the Issuing Entity is required to
furnish to the CARAT Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in clause (b)(iii) above, the Issuing Entity shall also furnish to the CARAT 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 Warranty Secured Notes or Administrative Secured Notes, proposed to be released from the Lien of this
CARAT Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (b)(iii) above and this clause (b)(iv), equals 10% or more of the Outstanding Amount of the Notes, but such a
certificate need not be furnished with respect to any release of securities or other property proposed to be released if the fair value of the securities or other property proposed to be released as set forth in the related Officer’s
Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 
 (v) Notwithstanding
Section 2.9 or any other provision of this Section 11.1., the Issuing Entity may (A) collect, liquidate, sell or otherwise dispose of the Secured Notes as and to the extent permitted or required by the CARAT
Transaction Documents, (B) make cash payments out of the Designated Accounts and the Certificate Distribution Account as and to the extent permitted or required by the CARAT Transaction Documents and (C) take any other action not
inconsistent with the TIA. 

  
 65 

 Section 11.2 Form of Documents Delivered to CARAT Indenture Trustee. 

(a) 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. 

(b) Any certificate or opinion of an Authorized Officer of the Issuing Entity may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that any certificate, opinion or representation with respect to the matters upon which his certificate or
opinion is based is 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
Administrator, the Depositor or the Issuing Entity, stating that the information with respect to such factual matters is in the possession of the Administrator, the Depositor or the Issuing Entity, 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. 
 (c) Where any
Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this CARAT Indenture, they may, but need not, be consolidated and form one instrument. 

(d) Whenever in this CARAT Indenture, in connection with any application or certificate or report to the CARAT Indenture Trustee, it is
provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of
the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuing Entity to have
such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the CARAT Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained
in any such document as provided in Article VI. 
 Section 11.3 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this CARAT Indenture to be given or
taken by Noteholders or a class of 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 CARAT Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders, as applicable, 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 CARAT Indenture and (subject to Section 6.1) conclusive in favor of the CARAT Indenture Trustee and the Issuing Entity, if made in the manner provided in this
Section 11.3. 

  
 66 

 (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 CARAT 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 (or any one or more
Predecessor 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 CARAT Indenture Trustee or the Issuing Entity
in reliance thereon, whether or not notation of such action is made upon such Note. 
 Section 11.4 Notices, etc., to CARAT
Indenture Trustee, Issuing Entity and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this CARAT Indenture to be made upon, given or
furnished to or filed with: 
 (a) the CARAT Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with the CARAT Indenture Trustee at its Corporate Trust Office; or 

(b) the Issuing Entity by the CARAT Indenture Trustee or any Noteholder shall be sufficient for every purpose hereunder if in writing and
either sent by electronic facsimile transmission (with hard copy to follow via first-class mail) or mailed, by certified mail, return receipt requested to the Issuing Entity and the CARAT Owner Trustee at the address specified in Part III of
Appendix A to the Trust Sale and Administration Agreement. 
 The Issuing Entity shall promptly transmit any notice received by it from the
Noteholders to the CARAT Indenture Trustee. The CARAT Indenture Trustee or the CARAT Owner Trustee shall likewise promptly transmit any notice received by it from the Noteholders to the Issuing Entity. 

(c) Notices required to be given to the Rating Agencies by the Issuing Entity and the CARAT Indenture Trustee shall be delivered as specified
in Part III of Appendix A to the Trust Sale and Administration Agreement. 
 Section 11.5 Notices to Noteholders;
Waiver. 
 (a) Where this CARAT Indenture provides for notice to the Noteholders of any event, such notice shall be sufficiently given
(unless otherwise herein expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Person’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. If notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in 

  
 67 

 
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 regardless of whether such notice is in fact actually received. 
 (b) Where this CARAT
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 CARAT Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 

(c) 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 of Noteholders when such notice is required to be given pursuant to any provision of this CARAT Indenture, then any manner of giving such notice as shall be satisfactory to the CARAT Indenture Trustee shall be
deemed to be a sufficient giving of such notice. 
 (d) Where this CARAT Indenture provides for notice to the Rating Agencies, failure to
give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a CARAT Event of Default. 

Section 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this CARAT Indenture or any of the Notes to
the contrary, the Issuing Entity may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the CARAT Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for
in this CARAT Indenture for such payments or notices. The Issuing Entity shall furnish to the CARAT Indenture Trustee a copy of each such agreement and the CARAT Indenture Trustee shall cause payments to be made and notices to be given in accordance
with such agreements and at the expense of the Issuing Entity. 
 Section 11.7 Conflict with Trust Indenture Act. 

(a) If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this CARAT
Indenture by any of the provisions of the TIA, such required provision shall control. 
 (b) The provisions of TIA §§ 310 through
317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this CARAT Indenture) are a part of and govern this CARAT Indenture, whether or not physically contained herein. 

Section 11.8 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. 

  
 68 

 Section 11.9 Successors and Assigns. 

(a) All covenants and agreements in this CARAT Indenture and the Notes by the Issuing Entity shall bind its successors and assigns, whether so
expressed or not. 
 (b) All covenants and agreements of the CARAT Indenture Trustee in this CARAT Indenture shall bind its successors and
assigns, whether so expressed or not. 
 Section 11.10 Severability. In case any provision in this CARAT Indenture or in the
Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 11.11 Benefits of CARAT Indenture. Nothing in this CARAT Indenture or in the Notes, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, and to the extent expressly provided herein, the Noteholders, the Certificateholders, any other party secured hereunder, any other Person with an ownership interest in any part of
the CARAT Trust Estate [and any holder of a Third Party Instrument], any benefit or any legal or equitable right, remedy or claim under this CARAT Indenture. [The holder of a Third Party Instrument shall be a third-party beneficiary to this CARAT
Indenture only to the extent that it has any rights specified herein or rights with respect to this CARAT Indenture specified under the Swap Counterparty Rights Agreement.] 

Section 11.12 Legal Holidays. If the date on which any payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this CARAT 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. THIS CARAT INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS CARAT INDENTURE SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 11.14 Counterparts. This CARAT 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 CARAT Indenture. If this CARAT Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel (which
may be counsel to the CARAT Indenture Trustee or any other counsel reasonably acceptable to the CARAT 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 CARAT Indenture Trustee under this CARAT Indenture. 

  
 69 

 Section 11.16 No Recourse. No recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuing Entity, the CARAT Owner Trustee or the CARAT Indenture Trustee on the Notes or under this CARAT Indenture or any certificate or other writing delivered in connection herewith or therewith, against: 

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

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

(c) any partner, owner, beneficiary, agent, officer, director, employee or agent of the CARAT Indenture Trustee or the CARAT Owner Trustee in
its individual capacity, the Depositor or any other holder of a beneficial interest in the Issuing Entity, the CARAT Owner Trustee or the CARAT Indenture Trustee or of any successor or assign of the CARAT Indenture Trustee or the CARAT Owner Trustee
in its individual capacity (or any of their successors or assigns), except as any such Person may have expressly agreed (it being understood that the CARAT Indenture Trustee and the CARAT 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 CARAT Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the CARAT Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of
Articles VI, VII and VIII of the Trust Agreement. 
 Section 11.17 No Petition. The CARAT Indenture
Trustee, by entering into this CARAT Indenture, and each Noteholder or Note Owner, by its acceptance of a Note (or, in the case of a Note Owner, a beneficial interest in a Note) issued hereunder, hereby covenant and agree that they shall not, prior
to the date which is one year and one day after the termination of this CARAT Indenture, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose
of commencing or sustaining a case against the Depositor or the Issuing Entity under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Depositor or the Issuing Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy or insolvency proceeding.

 Section 11.18 Inspection. The Issuing Entity agrees that, on reasonable prior notice, it shall permit any representative of
the CARAT Indenture Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuing Entity, to make copies and extracts therefrom, to cause such books to be
audited by Independent certified public accountants, and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and Independent certified public accountants, all at such reasonable
times and as often as may be reasonably requested. The CARAT Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable
applications for confidential treatment are unavailing) and except to the extent that the CARAT Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

  
 70 

 Section 11.19 Indemnification by and Reimbursement of the Administrator. The CARAT
Indenture Trustee acknowledges and agrees to reimburse (i) the Administrator and its directors, officers, employees and agents in accordance with Section 6.03(b) of the Trust Sale and Administration Agreement and (ii) the Depositor
and its directors, officers, employees and agents in accordance with Section 3.04 of the Trust Sale and Administration Agreement. The CARAT Indenture Trustee further acknowledges and accepts the conditions and limitations with respect to the
Administrator’s obligation to indemnify, defend and hold the CARAT Indenture Trustee harmless as set forth in Section 6.01(a) of the Trust Sale and Administration Agreement. 

Section 11.20 Subordination. Each Note represents beneficial interests in the Issuing Entity only and does not represent interests
in or obligations of the Depositor, the Servicer, the Administrator, the CARAT Indenture Trustee, the AFLT Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets,
except as may be expressly set forth or contemplated in the CARAT Transaction Documents. Except as expressly provided in the CARAT Transaction Documents, in the event of nonpayment of any amounts with respect to the Notes, each Noteholder shall have
no claim against any of the Depositor, the Servicer, the Administrator, the CARAT Indenture Trustee, the AFLT Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the covenants above of each
Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in
any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights
of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a
“subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 Section 11.21
Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations. In order to comply with laws, rules and regulations applicable to banking institutions, including those relating to the funding of terrorist activities and money
laundering, the CARAT Indenture Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the CARAT Indenture Trustee. Accordingly, the Issuing Entity agrees
to provide, and agrees to cause the Administrator to provide, to the CARAT Indenture Trustee upon its request from time to time such identifying information and documentation as may be reasonably available to such party without undue expense in
order to enable the CARAT Indenture Trustee to comply with applicable law. 
 [Remainder of Page Intentionally Left Blank.] 

  
 71 

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

			
	 CAPITAL AUTO RECEIVABLES ASSET

TRUST 20    -SN  

		
	By:	 	
[                     
                                         
          ]

		 	not in its individual capacity but solely as
		 	CARAT Owner Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	[            ], not in its individual capacity but solely as CARAT Indenture Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT A-1 

FORM OF 
 CLASS
[A-    ][B][C] FIXED RATE NOTES 
  

			
	REGISTERED	 	$            
	No. R-	 	
	Interest Rate: [    ] % per annum	 	

 SEE REVERSE FOR CERTAIN DEFINITIONS AND OTHER INFORMATION 

CUSIP NO. [    ] 

EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE) WILL BE DEEMED TO
REPRESENT AND WARRANT THAT EITHER (1) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN 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 THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) ANY ENTITY WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR A PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE
CODE OR (2) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE), COVENANTS AND
AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE CARAT OWNER TRUSTEE OR THE CARAT INDENTURE TRUSTEE ON THE NOTES OR UNDER THE CARAT INDENTURE OR ANY CERTIFICATE OR OTHER WRITING
DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE CARAT INDENTURE TRUSTEE OR THE CARAT OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY
PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE ISSUING ENTITY, THE CARAT OWNER TRUSTEE OR CARAT INDENTURE TRUSTEE IN ITS INDIVIDUAL CAPACITY, ANY CERTIFICATEHOLDER or any HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING
ENTITY, THE CARAT OWNER TRUSTEE OR the CARAT INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE CARAT OWNER TRUSTEE OR THE CARAT INDENTURE TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT
THAT ANY 

  
 Ex. A-1-1 

 
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 ITS ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE OWNER, A
BENEFICIAL INTEREST IN A NOTE), COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE CARAT INDENTURE SUCH NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE CARAT INDENTURE WITH
RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR
OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY
OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 

EACH NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR INTEREST THEREIN) REPRESENTS
BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE AFLT OWNER TRUSTEE, THE AFLT INDENTURE TRUSTEE, THE CARAT INDENTURE TRUSTEE OR ANY AFFILIATE
THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE TRANSACTION DOCUMENTS. EACH NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR INTEREST
THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE AFLT OWNER
TRUSTEE, THE AFLT INDENTURE TRUSTEE, THE CARAT INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE
UNENFORCEABLE AGAINST ANY SUCH NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR
OTHER THAN THE ISSUING ENTITY, EACH NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER 

  
 Ex A-1-2 

 
PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE
PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 

EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE), EXPRESSES ITS
INTENTION THAT THE NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE NOTES AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE
PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME. 

The principal of this Class [A-    ][B][C] Note is payable as set forth herein. Accordingly, the outstanding principal
amount of this Class [A-    ][B][C] Note at any time may be less than the amount shown on the face hereof. 
 [Unless
this Class [A-    ][B][C] Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer,
exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is
requested by an authorized representative of DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 

  
 Ex A-1-3 

 CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN   

CLASS [A-    ][B][C] FIXED RATE NOTES 

[            ], 20[    ] 

CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN  , a statutory trust formed and existing under the laws of the
State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to [Cede & Co.], or registered assigns, the principal sum of
                DOLLARS ($            ) or such lesser outstanding amount as may be
payable in accordance with the CARAT Indenture (as defined on the reverse side of this Note), on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial principal
amount hereof and the denominator of which is the initial aggregate principal amount for the Class [A-    ][B][C] Note by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution
Account in respect of principal on the Class [A-    ][B][C] Note pursuant to Sections 2.7, 3.1 and 8.2(c) of the CARAT Indenture; provided, however, that the entire unpaid principal amount of this Class
[A-    ][B][C] Note shall be due and payable on [            ] (the “Final Scheduled Distribution Date”), unless this Class
[A-    ][B][C] Note is earlier redeemed, pursuant to Section 10.1 of the CARAT Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest on this Class
[A-    ][B][C] Note at the rate per annum shown above on each Distribution Date in accordance with the terms of the CARAT Indenture until the principal of this Class [A-    ][B][C] Note is paid or made
available for payment on the principal amount of this Class [A-    ][B][C] Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date (or, for the
initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the Class [A-    ][B][C] Note will accrue from and including the Closing Date at the rate per annum shown above, and will be payable
on each Distribution Date in an amount equal to the Aggregate Noteholders’ Interest Distributable Amount on such Distribution Date for the Class [A-    ][B][C] Notes. Interest will be computed on the basis of a 360-day year
of twelve 30-day months (or, in the case of the initial Distribution Date, a             day period). Such principal of and interest on this Rule Class
[A-    ][B][C] Note shall be paid in the manner specified in the CARAT Indenture. All interest payments on this Class [A-    ][B][C] Note on any Distribution Date shall be made pro rata to the Class
[A-    ][B][C] Noteholders entitled thereto. 
 The principal of and interest on this Class
[A-    ][B][C] Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect
to this Class [A-    ][B][C] Note shall be applied first to interest due and payable on this Class [A-    ][B][C] Note as provided above and then to the unpaid principal of this Class
[A-    ][B][C] Note as provided above. 

  
 Ex A-1-4 

 Reference is made to the further provisions of this Class [A-    ][B][C] Note
set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Class [A-    ][B][C] Note. 

Unless the certificate of authentication hereon has been executed by the CARAT Indenture Trustee whose name appears below by manual signature,
this Class [A-    ][B][C] Note shall not be entitled to any benefit under the CARAT Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the
day and year first above written. 
  

			
	CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN  
		
	By: 	 	
                     
                                         
                       

	Name:	 	
	Title:	 	

  
 Ex A-1-5 

 CARAT INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

					
		 	 [            ], not in its

individual capacity but solely as CARAT Indenture Trustee

			
		 	By:	  	 
		 	Name:	  	
		 	Title:	  	

  
 Ex A-1-6 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class [A-    ][B][C]Fixed
Rate Asset Backed Notes (herein called the “Class [A-    ][B][C] Notes”), all issued under a CARAT Indenture, dated as of [            ],
20[    ] (such CARAT Indenture, as supplemented or amended, is herein called the “CARAT Indenture”), between the Issuing Entity and [            ], as
trustee (the “CARAT Indenture Trustee”, which term includes any successor trustee under the CARAT Indenture), to which CARAT Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the CARAT Indenture Trustee and the Noteholders. The Class [A-    ][B][C] Notes are one of three duly authorized classes of Notes of the Issuing Entity issued
pursuant to the CARAT Indenture (collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the CARAT Indenture (which terms are incorporated herein and made a part
hereof), to which CARAT Indenture the Holder of this Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Note that are defined in the CARAT Indenture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the CARAT Indenture. 
 The Class
[A-    ][B][C] Notes and all other Notes issued pursuant to the CARAT Indenture are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the CARAT Indenture. 

Each Noteholder or Note Owner, by acceptance of a Note (or, in the case of a Note Owner, a beneficial interest in a Note) will be deemed to
represent and warrant that either (1) it is not acquiring the Note with the plan assets of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA,
(b) a “plan” subject to Section 4975 of the Code, (c) any entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or a plan in such entity or (d) any other plan that is
subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (2) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code or a violation of any substantially similar applicable law. 
 Each Noteholder or Note Owner, by acceptance of
a Note (or, in the case of a Note Owner, a beneficial interest in a Note), covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity or the CARAT Indenture Trustee on the Notes
or under the CARAT Indenture or any certificate or other writing delivered in connection therewith, against (I) the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, (II) the Depositor or any other owner of a
beneficial interest in the Issuing Entity or (III) any partner, owner, beneficiary, officer, director, employee or agent of the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, any Certificateholder or any holder of
a beneficial interest in the Issuing Entity, the CARAT Owner Trustee or CARAT Indenture Trustee or of any successor or assign of the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, 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. 

  
 Ex. A-1-7 

 Each Noteholder or Note Owner, by its acceptance of a Note (or, in the case of a Note Owner, a
beneficial interest in a Note), covenants and agrees that by accepting the benefits of the CARAT Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the CARAT Indenture with
respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor
or the Issuing Entity under any federal or State bankruptcy, insolvency, reorganization or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity
or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 

Each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture
Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an
interest in a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a
Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 
 Each Noteholder by
accepting a Note (or any interest therein) acknowledges that such Person’s Note (or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer,
the Administrator, the AFLT Owner Trustee, the AFLT Indenture Trustee, the CARAT Indenture Trustee, the CARAT Owner Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets,
except as may be expressly set forth or contemplated in the Transaction Documents. Each Noteholder by the acceptance of a Note (or interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of
any amounts with respect to the Notes, it shall have no claim against any of Depositor, the Servicer, the Administrator, the AFLT Owner Trustee, the AFLT Indenture Trustee, the CARAT Indenture Trustee, the CARAT Owner Trustee or any Affiliate for
any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other
authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against
any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such
entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

  
 Ex. A-1-8 

 Each Noteholder or Note Owner, by acceptance of a Note (or, in the case of a Note Owner, a
beneficial interest in a Note), expresses its intention that the Note qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat the Notes as
indebtedness secured by the Collateral for the purpose of federal income taxes, State and local income and franchise taxes and any other taxes imposed upon, measured by or based upon gross or net income. 

Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the CARAT Indenture Trustee and any agent of the
Issuing Entity or the CARAT 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 CARAT Indenture) is registered as the owner hereof for all purposes,
whether or not this Note shall be overdue, and neither the Issuing Entity, the CARAT Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The CARAT Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuing Entity and the rights of the Noteholders under the CARAT Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The
CARAT Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with
certain provisions of the CARAT Indenture and certain past defaults under the CARAT Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of 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 CARAT
Indenture also permits the CARAT Indenture Trustee to amend or waive certain terms and conditions set forth in the CARAT Indenture without the consent of the Noteholders. 

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

The Issuing Entity is permitted by the CARAT Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
CARAT Indenture Trustee and the Holders of Notes under the CARAT Indenture. 
 The Notes are issuable only in registered form in
denominations as provided in the CARAT Indenture, subject to certain limitations therein set forth. 
 THIS NOTE AND THE CARAT INDENTURE
SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Ex. A-1-9 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the CARAT Transaction Documents, neither the Depositor, the
Administrator, the CARAT Owner Trustee, nor the CARAT Indenture Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the CARAT Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the CARAT Owner Trustee, solely in its capacity as CARAT Owner Trustee, in respect
of the assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the CARAT Transaction Documents, in the case of a CARAT Event of Default, the Holder shall have no claim against any
of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the CARAT Indenture or in this Note. 

  
 Ex. A-1-10 

 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
                                         
                                         , as
attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated:                    	  		  	                                   
                                  1
		  		  	Signature Guaranteed:
	
	                                    
                                         
                                         
                      

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

  
 Ex. A-1-11 

 EXHIBIT A-2 

FORM OF 
 CLASS
[A-    ] FLOATING RATE NOTES 
  

					
	 REGISTERED

No. R-

Interest Rate: LIBOR + [    ] % per annum
	  	$	                	  

 SEE REVERSE FOR CERTAIN DEFINITIONS AND OTHER INFORMATION 

THE PRINCIPAL OF THIS NOTE IS PAYABLE 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. 
 [THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE (OR OF AN INTEREST THEREIN) THE HOLDER OF THIS NOTE
(OR SUCH INTEREST) IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE CARAT INDENTURE TRUSTEE EITHER (1) IT IS (A) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND (B) ACQUIRING THIS NOTE
(OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) OR (2) IT IS (A) AN INSTITUTIONAL “ACCREDITED INVESTOR”
(AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D OF THE SECURITIES ACT) (AN “INSTITUTIONAL ACCREDITED INVESTOR”) AND (B) ACQUIRING THIS NOTE PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER
THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.] 
 [NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE (OR
INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE EITHER (1) TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE CARAT INDENTURE, INCLUDING
CERTIFICATIONS THAT (A) IT IS ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE INSTITUTIONAL ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY
CAPACITY) THAT, IF SO REQUESTED BY THE DEPOSITOR OR THE CARAT INDENTURE TRUSTEE, ALSO DELIVERS SUCH CERTIFICATIONS AND (B) IT IS AWARE THAT THE TRANSFEROR OF THIS NOTE INTENDS TO RELY ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT PROVIDED BY RULE 501 UNDER THE SECURITIES ACT, (2) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE UNDER RULE 144A UNDER THE SECURITIES ACT, TO A 

  
 Ex. A-2-1 

 
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE CARAT INDENTURE, INCLUDING CERTIFICATIONS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF OTHER “QUALIFIED INSTITUTIONAL BUYERS” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT AND (B) IT IS AWARE THAT THE TRANSFEROR OF SUCH NOTE INTENDS TO RELY ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT OR (3) IF THIS NOTE IS NO LONGER
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT AND IS NOT BEING SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO AN INSTITUTIONAL ACCREDITED INVESTOR, IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN
WHICH CASE (A) THE CARAT INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE CARAT INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE CARAT INDENTURE TRUSTEE AND THE DEPOSITOR AND (B) THE CARAT INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE
ADMINISTRATOR, THE ISSUING ENTITY OR THE CARAT INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE CARAT INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT.] 

BY ACQUIRING A NOTE OR ANY INTEREST THEREIN, EACH PURCHASER AND TRANSFEREE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) IT IS
NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO
THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF
INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR A PLAN IN SUCH ENTITY OR (D) ANOTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (2) THE ACQUISITION AND HOLDING OF THE
NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH NOTEHOLDER, BY ACCEPTANCE OF A NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE
OBLIGATIONS OF THE ISSUING ENTITY, THE CARAT OWNER TRUSTEE OR THE CARAT INDENTURE TRUSTEE ON THE NOTES OR UNDER THE CARAT INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN 

  
 Ex. A-2-2 

 
CONNECTION THEREWITH, AGAINST (i) THE CARAT INDENTURE TRUSTEE OR THE CARAT OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST
IN THE ISSUING ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE CARAT INDENTURE TRUSTEE OR THE CARAT OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING
ENTITY, THE CARAT OWNER TRUSTEE OR THE CARAT INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE CARAT INDENTURE TRUSTEE OR THE CARAT OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, 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 ITS ACCEPTANCE OF A NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE CARAT INDENTURE SUCH NOTEHOLDER WILL
NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE CARAT INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY
COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR,
ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY
UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 
 EACH NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN)
ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE AFLT OWNER TRUSTEE,
THE AFLT INDENTURE TRUSTEE, THE CARAT INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE TRANSACTION
DOCUMENTS. EACH NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST
ANY OF DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE AFLT OWNER TRUSTEE, THE AFLT INDENTURE TRUSTEE, THE CARAT INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING

  
 Ex. A-2-3 

 
COVENANTS OF EACH NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT
JURISDICTION, AND, AS A RESULT, A NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING ENTITY, EACH NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS
SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II)
THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 

EACH NOTEHOLDER, BY ACCEPTANCE OF A NOTE, EXPRESSES ITS INTENTION THAT THE NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY
THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE NOTES AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER
TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME. 

  
 Ex. A-2-4 

 CAPITAL AUTO RECEIVABLES ASSET TRUST 20[    ]-SN[    ]

 NOTES 

[                ], 20[    ] 

CAPITAL AUTO RECEIVABLES ASSET TRUST 20[    ]-SN[    ], a statutory trust organized and existing under
the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to [                ], or
registered assigns, the principal sum of [            ] DOLLARS ($[            ]) or such lesser outstanding amount as may be
payable in accordance with the CARAT Indenture (as defined on the reverse side of this Note), on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial principal
amount hereof and the denominator of which is the initial aggregate principal amount for the Note by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of principal on the Note
pursuant to Sections 2.7, 3.1 and 8.2(c) of the CARAT Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
[            ] (the “Final Scheduled Distribution Date”), unless this Note is earlier redeemed, pursuant to Section 10.1 of the CARAT Indenture, in which case such
unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest on this Note at the rate per annum shown above on each Distribution Date in accordance with the terms of the CARAT Indenture until the principal of
this Note is paid or made available for payment on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date (or, for the initial
Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the Note will accrue from and including the Closing Date at the rate per annum shown above, and will be payable on each Distribution Date in an amount equal to
the Aggregate Noteholders’ Interest Distributable Amount on such Distribution Date. Interest will be computed on the basis of the actual number of days elapsed from and including the prior Distribution Date (or, in the case of the initial
Distribution Date, from and including the Closing Date) to but excluding the current Distribution Date and a 360-day year. Such principal of and interest on this Notes shall be paid in the manner specified in the CARAT Indenture. All interest
payments on this Note on any Distribution Date shall be made pro rata to the Noteholders entitled thereto. 
 The principal of and interest
on this Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be
applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note as provided above. 

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 CARAT Indenture Trustee whose
name appears below by manual signature, this Note shall not be entitled to any benefit under the CARAT Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  
 Ex. A-2-5 

 [Remainder of Page Intentionally Left Blank.] 

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the
day and year first above written. 
  

					
		  	 CAPITAL AUTO RECEIVABLES ASSET TRUST 20__-SN_

			
		  	By:	  	[                                     
                               ]
		  		  	 DELAWARE, not in its individual capacity
 but
solely as CARAT Owner Trustee

			
		  	By:	  	  

		  	Name:	  	
		  	Title:	  	

  
 Ex. A-2-6 

 CARAT INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

					
		 	 [            ], not in its

individual capacity but solely as CARAT Indenture Trustee

		 	 By:
	  	  

		 	Name:	  	
		 	Title:	  	

  
 Ex. A-2-7 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class [A-    ] Floating Rate
Asset Backed Notes (herein called the “Class [A-    ] Notes”), all issued under a CARAT Indenture, dated as of [            ],
20[    ] (such CARAT Indenture, as supplemented or amended, is herein called the “CARAT Indenture”), between the Issuing Entity and [            ], as
trustee (the “CARAT Indenture Trustee”, which term includes any successor trustee under the CARAT Indenture), to which CARAT Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the CARAT Indenture Trustee and the Noteholders. The Class [A-    ] Notes are one of three duly authorized classes of Notes of the Issuing Entity issued pursuant
to the CARAT Indenture (collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the CARAT Indenture (which terms are incorporated herein and made a part hereof), to
which CARAT Indenture the Holder of this Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Note that are defined in the CARAT Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the CARAT Indenture. 
 The Class [A-    ] Notes and
all other Notes issued pursuant to the CARAT Indenture are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the CARAT Indenture. 

Each Noteholder or Note Owner, by acceptance of a Note (or, in the case of a Note Owner, a beneficial interest in a Note) will be deemed to
represent and warrant that either (1) it is not acquiring the Note with the plan assets of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA,
(b) a “plan” subject to Section 4975 of the Code, (c) any entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or a plan in such entity or (d) any other plan that is
subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (2) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code or a violation of any substantially similar applicable law. 
 Each Noteholder or Note Owner, by acceptance of
a Note (or, in the case of a Note Owner, a beneficial interest in a Note), covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity or the CARAT Indenture Trustee on the Notes
or under the CARAT Indenture or any certificate or other writing delivered in connection therewith, against (I) the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, (II) the Depositor or any other owner of a
beneficial interest in the Issuing Entity or (III) any partner, owner, beneficiary, officer, director, employee or agent of the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, any Certificateholder or any holder of
a beneficial interest in the Issuing Entity, the CARAT Owner Trustee or CARAT Indenture Trustee or of any successor or assign of the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, 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. 

  
 Ex. A-2-8 

 Each Noteholder or Note Owner, by its acceptance of a Note (or, in the case of a Note Owner, a
beneficial interest in a Note), covenants and agrees that by accepting the benefits of the CARAT Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the CARAT Indenture with
respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor
or the Issuing Entity under any federal or State bankruptcy, insolvency, reorganization or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity
or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 

Each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture
Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an
interest in a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a
Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 
 Each Noteholder by
accepting a Note (or any interest therein) acknowledges that such Person’s Note (or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer,
the Administrator, the AFLT Owner Trustee, the AFLT Indenture Trustee, the CARAT Indenture Trustee, the CARAT Owner Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets,
except as may be expressly set forth or contemplated in the Transaction Documents. Each Noteholder by the acceptance of a Note (or interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of
any amounts with respect to the Notes, it shall have no claim against any of Depositor, the Servicer, the Administrator, the AFLT Owner Trustee, the AFLT Indenture Trustee, the CARAT Indenture Trustee, the CARAT Owner Trustee or any Affiliate for
any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other
authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against
any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such
entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

  
 Ex. A-2-9 

 Each Noteholder or Note Owner, by acceptance of a Note (or, in the case of a Note Owner, a
beneficial interest in a Note), expresses its intention that the Note qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat the Notes as
indebtedness secured by the Collateral for the purpose of federal income taxes, State and local income and franchise taxes and any other taxes imposed upon, measured by or based upon gross or net income. 

Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the CARAT Indenture Trustee and any agent of the
Issuing Entity or the CARAT 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 CARAT Indenture) is registered as the owner hereof for all purposes,
whether or not this Note shall be overdue, and neither the Issuing Entity, the CARAT Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The CARAT Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuing Entity and the rights of the Noteholders under the CARAT Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The
CARAT Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with
certain provisions of the CARAT Indenture and certain past defaults under the CARAT Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of 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 CARAT
Indenture also permits the CARAT Indenture Trustee to amend or waive certain terms and conditions set forth in the CARAT Indenture without the consent of the Noteholders. 

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

The Issuing Entity is permitted by the CARAT Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
CARAT Indenture Trustee and the Holders of Notes under the CARAT Indenture. 
 The Notes are issuable only in registered form in
denominations as provided in the CARAT Indenture, subject to certain limitations therein set forth. 
 THIS NOTE AND THE CARAT INDENTURE
SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Ex. A-2-10 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the CARAT Transaction Documents, neither the Depositor, the
Administrator, the CARAT Owner Trustee, nor the CARAT Indenture Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the CARAT Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the CARAT Owner Trustee, solely in its capacity as CARAT Owner Trustee, in respect
of the assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the CARAT Transaction Documents, in the case of a CARAT Event of Default, the Holder shall have no claim against any
of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the CARAT Indenture or in this Note. 

  
 Ex. A-2-11 

 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
                                         
                           , as attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 

									
	  

Dated:                  
  
	 		 	  
	  	1	  	
		 		 	Signature Guaranteed:	  		  	
					
	  
	 		 	  
	  		  	

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

  
 Ex. A-2-12 

 EXHIBIT A-3 

FORM OF [RULE 144A] GLOBAL 

CLASS [A-    ] NOTES 
  

					
	REGISTERED	  	 	  	                    $               
 
	 No. R-
 Interest Rate:
[    ] % per annum
	  		  	

 SEE REVERSE FOR CERTAIN DEFINITIONS AND OTHER INFORMATION 

CUSIP NO. [    ] 

[THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE (OR OF AN INTEREST THEREIN) THE HOLDER OF THIS NOTE (OR SUCH INTEREST) [IF OTHER THAN THE
DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR] IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE CARAT INDENTURE TRUSTEE EITHER (1) IT IS (A) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND
(B) ACQUIRING THIS NOTE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) OR (2) IT IS (A) AN INSTITUTIONAL
“ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D OF THE SECURITIES ACT) (AN “INSTITUTIONAL ACCREDITED INVESTOR”) AND (B) ACQUIRING THIS NOTE PURSUANT TO ANOTHER EXEMPTION
AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.] 
 [NO SALE, PLEDGE OR OTHER TRANSFER OF
THIS NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE EITHER [(1) TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR,] (2) TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT DELIVERS ANY
NECESSARY CERTIFICATIONS PURSUANT TO THE CARAT INDENTURE, INCLUDING CERTIFICATIONS THAT (A) IT IS ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE INSTITUTIONAL
ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) THAT, IF SO REQUESTED BY THE DEPOSITOR OR THE CARAT INDENTURE TRUSTEE, ALSO DELIVERS SUCH CERTIFICATIONS AND (B) IT IS AWARE THAT THE TRANSFEROR OF THIS NOTE
INTENDS TO RELY ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY RULE 501 UNDER THE SECURITIES ACT, (3) SO LONG AS THIS NOTE 

  
 Ex. A-3-1 

 
IS ELIGIBLE FOR RESALE UNDER RULE 144A UNDER THE SECURITIES ACT, TO A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT DELIVERS ANY NECESSARY
CERTIFICATIONS PURSUANT TO THE CARAT INDENTURE, INCLUDING CERTIFICATIONS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF OTHER
“QUALIFIED INSTITUTIONAL BUYERS” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND (B) IT IS AWARE THAT THE TRANSFEROR OF SUCH NOTE INTENDS TO RELY ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED
BY RULE 144A UNDER THE SECURITIES ACT OR (4) IF THIS NOTE IS NO LONGER ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT AND IS NOT BEING SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO AN INSTITUTIONAL ACCREDITED INVESTOR, IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE (A) THE CARAT INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE CARAT INDENTURE TRUSTEE
AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE CARAT INDENTURE TRUSTEE AND THE DEPOSITOR AND (B) THE CARAT INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN
OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE ADMINISTRATOR, THE ISSUING ENTITY OR THE CARAT INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE CARAT INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT
VIOLATE THE SECURITIES ACT.] 
 EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A NOTE) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN 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 THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR A PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY
SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (2) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A
VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 
 EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE
OWNER, A BENEFICIAL INTEREST IN A NOTE), COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE CARAT 

  
 Ex. A-3-2 

 
OWNER TRUSTEE OR THE CARAT INDENTURE TRUSTEE ON THE NOTES OR UNDER THE CARAT INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE CARAT INDENTURE
TRUSTEE OR THE CARAT OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE
ISSUING ENTITY, THE CARAT OWNER TRUSTEE OR CARAT INDENTURE TRUSTEE IN ITS INDIVIDUAL CAPACITY, ANY CERTIFICATEHOLDER OR ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE CARAT OWNER TRUSTEE OR THE CARAT INDENTURE TRUSTEE OR OF ANY
SUCCESSOR OR ASSIGN OF THE CARAT OWNER TRUSTEE OR THE CARAT INDENTURE TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, 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 EXCEPT A CLASS [A-    ][B][C] NOTEHOLDER WHICH IS CONSIDERED FOR FEDERAL INCOME TAX PURPOSES
TO BE THE ISSUER OF THE CLASS [A-    ] NOTE (OR IS DISREGARDED AS AN ENTITY SEPARATE FROM SUCH ISSUER, BY ITS ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE), COVENANTS AND AGREES THAT BY
ACCEPTING THE BENEFITS OF THE CARAT INDENTURE SUCH NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE CARAT INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE
INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY,
INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER OF THEM, OR
ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 

EACH NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR INTEREST THEREIN) REPRESENTS
BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE AFLT OWNER TRUSTEE, THE AFLT INDENTURE TRUSTEE, THE CARAT INDENTURE TRUSTEE OR ANY AFFILIATE
THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE TRANSACTION DOCUMENTS. EACH 

  
 Ex. A-3-3 

 
NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE
NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE AFLT OWNER TRUSTEE, THE AFLT INDENTURE TRUSTEE, THE CARAT INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT
ANY OF THE FOREGOING COVENANTS OF EACH NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A
NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING ENTITY, EACH NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT
AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE
PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 

EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE), EXPRESSES ITS
INTENTION THAT THE NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE NOTES AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE
PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME. 

The principal of this Class [A-    ] Note is payable as set forth herein. Accordingly, the outstanding principal amount of
this Class [A-    ] Note at any time may be less than the amount shown on the face hereof. 
 [Unless this Class
[A-    ] Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 

  
 Ex. A-3-4 

 CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN    

 CLASS [A-    ] NOTES 

[                ], 20[    ] 

CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN  , a statutory trust formed and existing under the laws of the
State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to             , or registered assigns, the principal sum of
                DOLLARS ($            ) or such lesser outstanding amount as may be payable in
accordance with the CARAT Indenture (as defined on the reverse side of this Note), on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial principal amount hereof
and the denominator of which is the initial aggregate principal amount for the Class [A-    ] Note by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of
principal on the Class [A-    ] Note pursuant to Sections 2.7, 3.1 and 8.2(c) of the CARAT Indenture; provided, however, that the entire unpaid principal amount of this Class [A-    ] Note shall
be due and payable on [            ] (the “Final Scheduled Distribution Date”), unless this Class [A-    ] Note is earlier redeemed, pursuant to
Section 10.1 of the CARAT Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest on this Class [A-    ] Note at the rate per annum shown above on each
Distribution Date in accordance with the terms of the CARAT Indenture until the principal of this Class [A-    ] Note is paid or made available for payment on the principal amount of this Class [A-    ] Note
outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the
Class [A-    ] Note will accrue from and including the Closing Date at the rate per annum shown above, and will be payable on each Distribution Date in an amount equal to the Aggregate Noteholders’ Interest Distributable
Amount on such Distribution Date for the Class [A-    ] Notes. Interest will be computed on the basis of actual number of days elapsed from and including the prior Distribution Date (or, in the case of the first Distribution
Date, from and including the Closing Date) to but excluding the current Distribution Date and a 360-day year. Such principal of and interest on this Rule 144A Class [A-    ] Note shall be paid in the manner specified in the CARAT
Indenture. All interest payments on this Class [A-    ] Note on any Distribution Date shall be made pro rata to the Class [A-    ] Noteholders entitled thereto. 

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

  
 Ex. A-3-5 

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

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

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the
day and year first above written. 
  

					
		 	CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN  
			
		 	By:	  	 
		 	Name:	  	
		 	Title:	  	

  
 Ex. A-3-6 

 CARAT INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

					
		 	 [            ], not in its

individual capacity but solely as CARAT Indenture Trustee

			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 Ex. A-3-7 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class [A-    ] Fixed Rate
Asset Backed Notes (herein called the “Class [A-    ] Notes”), all issued under a CARAT Indenture, dated as of [            ],
20[    ] (such CARAT Indenture, as supplemented or amended, is herein called the “CARAT Indenture”), between the Issuing Entity and
[            ], as trustee (the “CARAT Indenture Trustee”, which term includes any successor trustee under the CARAT Indenture), to which CARAT Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the CARAT Indenture Trustee and the Noteholders. The Class [A-    ] Notes are one
of three duly authorized classes of Notes of the Issuing Entity issued pursuant to the CARAT Indenture (collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the CARAT
Indenture (which terms are incorporated herein and made a part hereof), to which CARAT Indenture the Holder of this Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined
in this Note that are defined in the CARAT Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the CARAT Indenture. 

The Class [A-    ] Notes and all other Notes issued pursuant to the CARAT Indenture are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the CARAT Indenture. 
 Each Noteholder or Note Owner, by acceptance
of a Note (or, in the case of a Note Owner, a beneficial interest in a Note) will be deemed to represent and warrant that either (1) it is not acquiring the Note with the plan assets of (a) an “employee benefit plan” (as defined
in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code, (c) any entity whose underlying assets include plan assets by reason of investment by an
employee benefit plan or a plan in such entity or (d) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (2) the acquisition and holding of the Note will not give
rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

Each Noteholder or Note Owner, by acceptance of a Note (or, in the case of a Note Owner, a beneficial interest in a Note), covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity or the CARAT Indenture Trustee on the Notes or under the CARAT Indenture or any certificate or other writing delivered in connection
therewith, against (I) the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, (II) the Depositor or any other owner of a beneficial interest in the Issuing Entity or (III) any partner, owner, beneficiary,
officer, director, employee or agent of the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, any Certificateholder or any holder of a beneficial interest in the Issuing Entity, the CARAT Owner Trustee or CARAT
Indenture Trustee or of any successor or assign of the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, 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. 

  
 Ex. A-3-8 

 Each Noteholder or Note Owner, by its acceptance of a Note (or, in the case of a Note Owner, a
beneficial interest in a Note), covenants and agrees that by accepting the benefits of the CARAT Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the CARAT Indenture with
respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor
or the Issuing Entity under any federal or State bankruptcy, insolvency, reorganization or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity
or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 

Each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture
Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an
interest in a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a
Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 
 Each Noteholder by
accepting a Note (or any interest therein) acknowledges that such Person’s Note (or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer,
the Administrator, the AFLT Owner Trustee, the AFLT Indenture Trustee, the CARAT Indenture Trustee, the CARAT Owner Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets,
except as may be expressly set forth or contemplated in the Transaction Documents. Each Noteholder by the acceptance of a Note (or interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of
any amounts with respect to the Notes, it shall have no claim against any of Depositor, the Servicer, the Administrator, the AFLT Owner Trustee, the AFLT Indenture Trustee, the CARAT Indenture Trustee, the CARAT Owner Trustee or any Affiliate for
any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other
authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against
any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such
entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

  
 Ex. A-3-9 

 Except a Noteholder which is considered for federal income tax purposes the issuer of the Class
[A-    ] Note (or is disregarded as an entity separate from such issuer), each Noteholder or Note Owner, by acceptance of a Note (or, in the case of a Note Owner, a beneficial interest in a Note), expresses its intention that the
Note qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat the Notes as indebtedness secured by the Collateral for the purpose of federal income
taxes, State and local income and franchise taxes and any other taxes imposed upon, measured by or based upon gross or net income. 
 Prior
to the due presentment for registration of transfer of this Note, the Issuing Entity, the CARAT Indenture Trustee and any agent of the Issuing Entity or the CARAT 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 CARAT Indenture) is registered as the owner hereof for all purposes, whether or not this Note shall be overdue, and neither the Issuing Entity, the CARAT Indenture Trustee nor any
such agent shall be affected by notice to the contrary. 
 The CARAT Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the CARAT Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority
of the Outstanding Amount of the Controlling Class. The CARAT Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all
the Notes, to waive compliance by the Issuing Entity with certain provisions of the CARAT Indenture and certain past defaults under the CARAT Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of 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 CARAT Indenture also permits the CARAT Indenture Trustee to amend or waive certain terms and conditions set forth in the CARAT Indenture without the consent of the Noteholders. 

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

The Issuing Entity is permitted by the CARAT Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
CARAT Indenture Trustee and the Holders of Notes under the CARAT Indenture. 
 The Notes are issuable only in registered form in
denominations as provided in the CARAT Indenture, subject to certain limitations therein set forth. 
 THIS NOTE AND THE CARAT INDENTURE
SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Ex. A-3-10 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the CARAT Transaction Documents, neither the Depositor, the
Administrator nor the CARAT Indenture Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the CARAT Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the CARAT Owner Trustee, solely in its capacity as CARAT Owner Trustee, in respect of the assets of
the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the CARAT Transaction Documents, in the case of a CARAT Event of Default, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the CARAT Indenture or in this Note. 

  
 Ex. A-3-11 

 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
                                         
                           , as attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 

									
	  

Dated:                  
  
	 		 	  
	  	1	  	
		 		 	Signature Guaranteed:	  		  	
					
	  
	 		 	  
	  		  	

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

  
 Ex. A-3-12 

 EXHIBIT A-4 

FORM OF [TEMPORARY REGULATION S GLOBAL NOTE AND] [PERMANENT] 

REGULATION S GLOBAL NOTE 

CLASS [A-    ][B][C] NOTES 
  

					
	REGISTERED	 	 	  	                    $                

	 No. R-
 Interest Rate:
[    ] % per annum
	 		  	

 SEE REVERSE FOR CERTAIN DEFINITIONS AND OTHER INFORMATION 

CUSIP NO. [    ] 

[THIS NOTE IS A TEMPORARY REGULATION S GLOBAL CLASS [A-    ][B][C] NOTE FOR PURPOSES OF REGULATION S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CLASS [A-_][B][C] NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE CARAT
INDENTURE REFERRED TO HEREIN.] 
 [NO BENEFICIAL OWNER OF THIS TEMPORARY REGULATION S GLOBAL CLASS [A-    ][B][C] NOTE
SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREIN UNLESS SUCH BENEFICIAL OWNER SHALL HAVE DELIVERED A CERTIFICATION IN THE FORM ATTACHED AS ANNEX A TO EXHIBIT [    -    ] TO THE CARAT
INDENTURE TO CLEARSTREAM, LUXEMBOURG OR EUROCLEAR.] 
 [THE HOLDER OF THIS TEMPORARY REGULATION S CLASS [A-    ][B][C]
GLOBAL NOTE BY ITS ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE WITHIN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) PRIOR TO THE EXCHANGE DATE EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE (OR OF AN INTEREST THEREIN)
THE HOLDER OF THIS NOTE (OR SUCH INTEREST) [IF OTHER THAN THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR] IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE CARAT INDENTURE TRUSTEE THAT IT IS A NON-U.S. PERSON (AS DEFINED IN REGULATION S) WHO ACQUIRED
THE CLASS [A-    ][B][C] NOTE OUTSIDE OF THE UNITED STATES IN ACCORDANCE WITH REGULATION S. 

  
 Ex. A-4-1 

 [NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON
UNLESS SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE EITHER [(1) TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR,] (2) TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE CARAT INDENTURE,
INCLUDING CERTIFICATIONS THAT (A) IT IS ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE INSTITUTIONAL ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS
FIDUCIARY CAPACITY) THAT, IF SO REQUESTED BY THE DEPOSITOR OR THE CARAT INDENTURE TRUSTEE, ALSO DELIVERS SUCH CERTIFICATIONS AND (B) IT IS AWARE THAT THE TRANSFEROR OF THIS NOTE INTENDS TO RELY ON THE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY RULE 501 UNDER THE SECURITIES ACT, (3) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE
SECURITIES ACT AND THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT UNDER THE CARAT INDENTURE, (4) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE UNDER RULE 144A UNDER THE SECURITIES ACT, TO A “QUALIFIED INSTITUTIONAL BUYER” AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE CARAT INDENTURE, INCLUDING CERTIFICATIONS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF OTHER “QUALIFIED INSTITUTIONAL BUYERS” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND (B) IT IS AWARE THAT THE TRANSFEROR OF SUCH NOTE INTENDS TO RELY ON THE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT OR (5) IF THIS NOTE IS NO LONGER ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT AND IS NOT BEING SOLD, PLEDGED
OR OTHERWISE TRANSFERRED TO AN INSTITUTIONAL ACCREDITED INVESTOR, IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE (A) THE CARAT INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR
AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE CARAT INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE CARAT INDENTURE TRUSTEE AND THE DEPOSITOR
AND (B) THE CARAT INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE ADMINISTRATOR, THE ISSUING ENTITY OR THE CARAT INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE
CARAT INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT.] 

  
 Ex. A-4-2 

 EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE OWNER, A
BENEFICIAL INTEREST IN A NOTE) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN 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 THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR A PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY
SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (2) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A
VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 
 EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE
OWNER, A BENEFICIAL INTEREST IN A NOTE), COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE CARAT OWNER TRUSTEE OR THE CARAT INDENTURE TRUSTEE ON THE NOTES OR UNDER
THE CARAT INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE CARAT INDENTURE TRUSTEE OR THE CARAT OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A
BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE ISSUING ENTITY, THE CARAT OWNER TRUSTEE OR CARAT INDENTURE TRUSTEE IN ITS INDIVIDUAL CAPACITY, ANY CERTIFICATEHOLDER
OR ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE CARAT OWNER TRUSTEE OR THE CARAT INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE CARAT OWNER TRUSTEE OR THE CARAT INDENTURE TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, 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 EXCEPT A CLASS [A-    ][B][C] NOTEHOLDER
WHICH IS CONSIDERED FOR FEDERAL INCOME TAX PURPOSES TO BE THE ISSUER OF THE CLASS [A-    ][B][C] NOTE (OR IS DISREGARDED AS AN ENTITY SEPARATE FROM SUCH ISSUER, BY ITS ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE OWNER, A
BENEFICIAL INTEREST IN A NOTE), COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE CARAT INDENTURE SUCH NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE CARAT INDENTURE WITH
RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF 

  
 Ex. A-4-3 

 
COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR,
ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE
ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 
 EACH NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST
THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE AFLT OWNER
TRUSTEE, THE AFLT INDENTURE TRUSTEE, THE CARAT INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE
TRANSACTION DOCUMENTS. EACH NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO
CLAIM AGAINST ANY OF DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE AFLT OWNER TRUSTEE, THE AFLT INDENTURE TRUSTEE, THE CARAT INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING
COVENANTS OF EACH NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A NOTEHOLDER IS DEEMED TO
HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING ENTITY, EACH NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL
RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE
(I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 

EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE (OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE), EXPRESSES ITS
INTENTION THAT THE NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE NOTES AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE
PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME. 

  
 Ex. A-4-4 

 The principal of this Class [A-    ][B][C] Note is payable as set forth
herein. Accordingly, the outstanding principal amount of this Class [A-    ][B][C] Note at any time may be less than the amount shown on the face hereof. 

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

  
 Ex. A-4-5 

 CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN   

CLASS [A-    ][B][C] NOTES 

[            ], 20[    ] 

CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN  , a statutory trust formed and existing under the laws of the
State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to             , or registered assigns, the principal sum of
                DOLLARS ($            ) or such lesser outstanding amount as may be payable in
accordance with the CARAT Indenture (as defined on the reverse side of this Note), on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial principal amount hereof
and the denominator of which is the initial aggregate principal amount for the Class [A-    ][B][C] Note by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect
of principal on the Class [A-    ][B][C] Note pursuant to Sections 2.7, 3.1 and 8.2(c) of the CARAT Indenture; provided, however, that the entire unpaid principal amount of this Class
[A-    ][B][C] Note shall be due and payable on [            ] (the “Final Scheduled Distribution Date”), unless this Class
[A-    ][B][C] Note is earlier redeemed, pursuant to Section 10.1 of the CARAT Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest on this Class
[A-    ][B][C] Note at the rate per annum shown above on each Distribution Date in accordance with the terms of the CARAT Indenture until the principal of this Class [A-    ][B][C] Note is paid or made
available for payment on the principal amount of this Class [A-    ][B][C] Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date (or, for the
initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the Class [A-    ][B][C] Note will accrue from and including the Closing Date at the rate per annum shown above, and will be payable
on each Distribution Date in an amount equal to the Aggregate Noteholders’ Interest Distributable Amount on such Distribution Date for the Class [A-    ][B][C] Notes. Interest will be computed on the basis of a 360-day year
of twelve 30-day months (or, in the case of the initial Distribution Date, a      day period). Such principal of and interest on this Rule Class [A-    ][B][C] Note shall be paid in the manner specified in the
CARAT Indenture. All interest payments on this Class [A-    ][B][C] Note on any Distribution Date shall be made pro rata to the Class [A-    ][B][C] Noteholders entitled thereto. 

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

  
 Ex. A-4-6 

 Reference is made to the further provisions of this Class [A-    ][B][C] Note
set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Class [A-    ][B][C] Note. 

Unless the certificate of authentication hereon has been executed by the CARAT Indenture Trustee whose name appears below by manual signature,
this Class [A-    ][B][C] Note shall not be entitled to any benefit under the CARAT Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the
day and year first above written. 
  

					
		 	CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN  
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Ex. A-4-7 

 CARAT INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

					
		 	[            ], not in its
		 	individual capacity but solely as CARAT Indenture Trustee
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Ex. A-4-8 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class [A-    ][B][C]Fixed
Rate Asset Backed Notes (herein called the “Class [A-    ][B][C] Notes”), all issued under a CARAT Indenture, dated as of [            ],
20[    ] (such CARAT Indenture, as supplemented or amended, is herein called the “CARAT Indenture”), between the Issuing Entity and
[            ], as trustee (the “CARAT Indenture Trustee”, which term includes any successor trustee under the CARAT Indenture), to which CARAT Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the CARAT Indenture Trustee and the Noteholders. The Class [A-    ][B][C] Notes
are one of three duly authorized classes of Notes of the Issuing Entity issued pursuant to the CARAT Indenture (collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of
the CARAT Indenture (which terms are incorporated herein and made a part hereof), to which CARAT Indenture the Holder of this Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise
defined in this Note that are defined in the CARAT Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the CARAT Indenture. 

The Class [A-    ][B][C] Notes and all other Notes issued pursuant to the CARAT Indenture are and will be equally and
ratably secured by the Collateral pledged as security therefor as provided in the CARAT Indenture. 
 Each Noteholder or Note Owner, by
acceptance of a Note (or, in the case of a Note Owner, a beneficial interest in a Note) will be deemed to represent and warrant that either (1) it is not acquiring the Note with the plan assets of (a) an “employee benefit plan”
(as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code, (c) any entity whose underlying assets include plan assets by reason of
investment by an employee benefit plan or a plan in such entity or (d) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (2) the acquisition and holding of the
Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

Each Noteholder or Note Owner, by acceptance of a Note (or, in the case of a Note Owner, a beneficial interest in a Note), covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity or the CARAT Indenture Trustee on the Notes or under the CARAT Indenture or any certificate or other writing delivered in connection
therewith, against (I) the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, (II) the Depositor or any other owner of a beneficial interest in the Issuing Entity or (III) any partner, owner, beneficiary,
officer, director, employee or agent of the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, any Certificateholder or any holder of a beneficial interest in the Issuing Entity, the CARAT Owner Trustee or CARAT
Indenture Trustee or of any successor or assign of the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, 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. 

  
 Ex. A-4-9 

 Each Noteholder or Note Owner, by its acceptance of a Note (or, in the case of a Note Owner, a
beneficial interest in a Note), covenants and agrees that by accepting the benefits of the CARAT Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the CARAT Indenture with
respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor
or the Issuing Entity under any federal or State bankruptcy, insolvency, reorganization or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity
or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 

Each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture
Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an
interest in a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a
Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 
 Each Noteholder by
accepting a Note (or any interest therein) acknowledges that such Person’s Note (or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer,
the Administrator, the AFLT Owner Trustee, the AFLT Indenture Trustee, the CARAT Indenture Trustee, the CARAT Owner Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets,
except as may be expressly set forth or contemplated in the Transaction Documents. Each Noteholder by the acceptance of a Note (or interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of
any amounts with respect to the Notes, it shall have no claim against any of Depositor, the Servicer, the Administrator, the AFLT Owner Trustee, the AFLT Indenture Trustee, the CARAT Indenture Trustee, the CARAT Owner Trustee or any Affiliate for
any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other
authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against
any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such
entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

  
 Ex. A-4-10 

 Except a Noteholder which is considered for federal income tax purposes the issuer of the Class
[A-    ][B][C] Note (or is disregarded as an entity separate from such issuer), each Noteholder or Note Owner, by acceptance of a Note (or, in the case of a Note Owner, a beneficial interest in a Note), expresses its intention
that the Note qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat the Notes as indebtedness secured by the Collateral for the purpose of
federal income taxes, State and local income and franchise taxes and any other taxes imposed upon, measured by or based upon gross or net income. 

Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the CARAT Indenture Trustee and any agent of the
Issuing Entity or the CARAT 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 CARAT Indenture) is registered as the owner hereof for all purposes,
whether or not this Note shall be overdue, and neither the Issuing Entity, the CARAT Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The CARAT Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuing Entity and the rights of the Noteholders under the CARAT Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The
CARAT Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with
certain provisions of the CARAT Indenture and certain past defaults under the CARAT Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of 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 CARAT
Indenture also permits the CARAT Indenture Trustee to amend or waive certain terms and conditions set forth in the CARAT Indenture without the consent of the Noteholders. 

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

The Issuing Entity is permitted by the CARAT Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
CARAT Indenture Trustee and the Holders of Notes under the CARAT Indenture. 
 The Notes are issuable only in registered form in
denominations as provided in the CARAT Indenture, subject to certain limitations therein set forth. 
 THIS NOTE AND THE CARAT INDENTURE
SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Ex. A-4-11 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the CARAT Transaction Documents, neither the Depositor, the
Administrator nor the CARAT Indenture Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the CARAT Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the CARAT Owner Trustee, solely in its capacity as CARAT Owner Trustee, in respect of the assets of
the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the CARAT Transaction Documents, in the case of a CARAT Event of Default, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the CARAT Indenture or in this Note. 

  
 Ex. A-4-12 

 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
                                         
                           , as attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 

									
	  

Dated:                  
  
	 		 	  
	  	1	  	
		 		 	Signature Guaranteed:	  		  	
					
	  
	 		 	  
	  		  	

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

  
 Ex. A-4-13 

 EXHIBIT A-5 

FORM OF 
 CLASS [D] FIXED
RATE NOTES 
  

			
	REGISTERED	  	$                    
	No. R-	  	
	Interest Rate: [    ] % per annum	  	

 SEE REVERSE FOR CERTAIN DEFINITIONS AND OTHER INFORMATION 

CUSIP NO. [    ] 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE (OR OF AN INTEREST THEREIN) THE HOLDER OF THIS NOTE (OR SUCH INTEREST) [IF OTHER THAN THE
DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR] IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE CARAT INDENTURE TRUSTEE EITHER (1) IT IS (A) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND
(B) ACQUIRING THIS NOTE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) OR (2) IT IS (A) AN INSTITUTIONAL
“ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D OF THE SECURITIES ACT) (AN “INSTITUTIONAL ACCREDITED INVESTOR”) AND (B) ACQUIRING THIS NOTE PURSUANT TO ANOTHER EXEMPTION
AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. 
 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS
NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE EITHER [(1) TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR,] (2) TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT DELIVERS ANY NECESSARY
CERTIFICATIONS PURSUANT TO THE CARAT INDENTURE, INCLUDING CERTIFICATIONS THAT (A) IT IS ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE INSTITUTIONAL ACCREDITED
INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) THAT, IF SO REQUESTED BY THE DEPOSITOR OR THE CARAT INDENTURE TRUSTEE, ALSO DELIVERS SUCH CERTIFICATIONS AND (B) IT IS AWARE THAT THE TRANSFEROR OF THIS NOTE INTENDS TO
RELY ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY RULE 501 UNDER THE SECURITIES ACT, (3) SO LONG AS THIS NOTE 

  
 Ex. A-5-1 

 
IS ELIGIBLE FOR RESALE UNDER RULE 144A UNDER THE SECURITIES ACT, TO A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT DELIVERS ANY NECESSARY
CERTIFICATIONS PURSUANT TO THE CARAT INDENTURE, INCLUDING CERTIFICATIONS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT, ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF OTHER
“QUALIFIED INSTITUTIONAL BUYERS” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND (B) IT IS AWARE THAT THE TRANSFEROR OF SUCH NOTE INTENDS TO RELY ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED
BY RULE 144A UNDER THE SECURITIES ACT OR (4) IF THIS NOTE IS NO LONGER ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT AND IS NOT BEING SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO AN INSTITUTIONAL ACCREDITED INVESTOR, IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE (A) THE CARAT INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE CARAT INDENTURE TRUSTEE
AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE CARAT INDENTURE TRUSTEE AND THE DEPOSITOR AND (B) THE CARAT INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN
OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE ADMINISTRATOR, THE ISSUING ENTITY OR THE CARAT INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE CARAT INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT
VIOLATE THE SECURITIES ACT. 
 [NO SALE, PLEDGE OR OTHER TRANSFER MAY BE MADE TO ANY ONE PERSON FOR CLASS D NOTES WITH AN INITIAL FACE
AMOUNT OF LESS THAN $500,000 (OR SUCH OTHER AMOUNT AS THE DEPOSITOR MAY DETERMINE IN ORDER TO PREVENT THE ISSUING ENTITY FROM BEING TREATED AS A “PUBLICLY TRADED PARTNERSHIP” UNDER SECTION 7704 OF THE UNITED STATES INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “INTERNAL REVENUE CODE”), BUT IN NO EVENT LESS THAN $250,000) AND, IN THE CASE OF ANY PERSON ACTING ON BEHALF OF ONE OR MORE THIRD PARTIES (OTHER THAN A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE U.S.
SECURITIES ACT) ACTING IN ITS FIDUCIARY CAPACITY), FOR CLASS D NOTES WITH A FACE AMOUNT OF LESS THAN SUCH AMOUNT FOR EACH SUCH THIRD PARTY. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTION WILL BE VOID AB INITIO AND
THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CLASS D NOTES FOR ALL PURPOSES. THE ISSUING ENTITY WILL WITHHOLD U.S. INCOME TAX AT A RATE OF 35% (OR WHATEVER RATE IS OTHERWISE REQUIRED BY LAW) ON INTEREST INCOME ALLOCABLE
TO A NOTEHOLDER WHO IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE AS IF SUCH INTEREST INCOME IS INCOME EFFECTIVELY CONNECTED WITH A TRADE OR BUSINESS IN THE UNITED STATES.] 

  
 Ex. A-5-2 

 [THIS CLASS D NOTE (OR AN INTEREST THEREIN) MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF
(1) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, (“ERISA”)), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (2) A
“PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, OR (3) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY, OTHER THAN
AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60) WHOSE UNDERLYING ASSETS INCLUDE LESS THAN 25% “PLAN ASSETS” AND FOR WHICH THE PURCHASE AND HOLDING OF
THE CLASS D NOTES IS ELIGIBLE FOR AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60. THIS CLASS D NOTE (OR AN INTEREST THEREIN) ALSO MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF AN EMPLOYEE BENEFIT PLAN OR PLAN THAT IS NOT SUBJECT TO THE
PROVISIONS OF TITLE I OF ERISA (INCLUDING, WITHOUT LIMITATION, FOREIGN OR GOVERNMENTAL PLANS) IF SUCH ACQUISITION WOULD RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER, OR A VIOLATION OF, ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE
I OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE. EACH HOLDER OF A CLASS D NOTE, BY ACCEPTING THIS CLASS D NOTE, WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT SUBJECT TO THE FOREGOING LIMITATIONS.] 

EACH HOLDER OF A CLASS D CLASS D NOTE, BY ACCEPTING THIS CLASS D NOTE, AGREES TO TREAT THE CLASS D NOTES AS INDEBTEDNESS FOR FEDERAL, STATE
AND LOCAL INCOME AND FRANCHISE TAX PURPOSES. 
 EACH NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF THIS CLASS D NOTE (OR INTEREST HEREIN),
COVENANTS AND AGREES THAT SUCH CLASS D NOTEHOLDER OR NOTE OWNER, AS THE CASE MAY BE, SHALL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR
THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A
RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF
THE DEPOSITOR OR THE ISSUING ENTITY. 
 [EACH NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S
NOTE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE AFLT OWNER TRUSTEE, THE AFLT

  
 Ex. A-5-3 

 
INDENTURE TRUSTEE, THE CARAT INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY
SET FORTH OR CONTEMPLATED IN THE TRANSACTION DOCUMENTS. EACH NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT
TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE AFLT OWNER TRUSTEE, THE AFLT INDENTURE TRUSTEE, THE CARAT INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE
EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A
RESULT, A NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING ENTITY, EACH NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS,
SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN
THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE.] 

The principal of this Class [D] Note is payable as set forth herein. Accordingly, the outstanding principal amount of this Class [D] Note at
any time may be less than the amount shown on the face hereof. 
 [Unless this Class [D] Note is presented by an authorized representative
of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 

  
 Ex. A-5-4 

 CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN   

CLASS [D] FIXED RATE NOTES 

[            ], 20[    ] 

CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN  , a statutory trust formed and existing under the laws of the
State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to             , or registered assigns, the principal sum of
                     DOLLARS ($            ) or such lesser outstanding amount as
may be payable in accordance with the CARAT Indenture (as defined on the reverse side of this Note), on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial
principal amount hereof and the denominator of which is the initial aggregate principal amount for the Class [D] Note by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of
principal on the Class [D] Note pursuant to Sections 2.7, 3.1 and 8.2(c) of the CARAT Indenture; provided, however, that the entire unpaid principal amount of this Class [D] Note shall be due and payable on
[            ] (the “Final Scheduled Distribution Date”), unless this Class [D] Note is earlier redeemed, pursuant to Section 10.1 of the CARAT Indenture, in which
case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest on this Class [D] Note at the rate per annum shown above on each Distribution Date in accordance with the terms of the CARAT Indenture until
the principal of this Class [D] Note is paid or made available for payment on the principal amount of this Class [D] Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding
Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the Class [D] Note will accrue from and including the Closing Date at the rate per annum shown above, and will be payable
on each Distribution Date in an amount equal to the Aggregate Noteholders’ Interest Distributable Amount on such Distribution Date for the Class [D] Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in
the case of the initial Distribution Date, a      day period). Such principal of and interest on this Class [D] Note shall be paid in the manner specified in the CARAT Indenture. All interest payments on this Class [D] Note on
any Distribution Date shall be made pro rata to the Class [D] Noteholders entitled thereto. 
 The principal of and interest on this Class
[D] Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Class [D] Note shall
be applied first to interest due and payable on this Class [D] Note as provided above and then to the unpaid principal of this Class [D] Note as provided above. 

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

  
 Ex. A-5-5 

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

IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the
day and year first above written. 
  

			
	CAPITAL AUTO RECEIVABLES ASSET TRUST 20    -SN  
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. A-5-6 

 CARAT INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

					
		 	 [            ], not in its

individual capacity but solely as CARAT Indenture Trustee

			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Ex. A-5-7 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class [D] Fixed Rate Asset Backed Notes (herein
called the “Class [D] Notes”), all issued under a CARAT Indenture, dated as of [            ], 20[    ] (such CARAT Indenture, as supplemented or
amended, is herein called the “CARAT Indenture”), between the Issuing Entity and [            ], as trustee (the “CARAT Indenture Trustee”, which term
includes any successor trustee under the CARAT Indenture), to which CARAT Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the CARAT
Indenture Trustee and the Noteholders. The Class [D] Notes are one of three duly authorized classes of Notes of the Issuing Entity issued pursuant to the CARAT Indenture (collectively, as to all Notes of all such classes, the
“Notes”). The Notes are governed by and subject to all terms of the CARAT Indenture (which terms are incorporated herein and made a part hereof), to which CARAT Indenture the Holder of this Note by virtue of acceptance hereof
assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Note that are defined in the CARAT Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the CARAT
Indenture. 
 The Class [D] Notes and all other Notes issued pursuant to the CARAT Indenture are and will be equally and ratably secured by
the Collateral pledged as security therefor as provided in the CARAT Indenture. 
 [This Class [D] Note may not be acquired by or for the
account of (i) an “employee benefit plan” (as defined in Section 3(3) of ERISA), that is subject to the provisions of Title I of ERISA, (ii) a “plan” subject to Section 4975 of the Code, or (iii) any
entity whose underlying assets include “plan assets” by reason of an employee benefit plan’s or a plan’s investment in the entity, other than an “insurance company general account” (as defined in Prohibited Transaction
Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% “plan assets” and for which the purchase and holding of this Class [D] Note is eligible for and satisfies all conditions for relief under PTCE
95-60. This Class [D] Note also may not be acquired by or for the account of an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA (including, without limitation, foreign or governmental plans) if such
acquisition would result in a non-exempt prohibited transaction under, or a violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code. Each holder of a Class [D] Note, by accepting this Class
[D] Note, will be deemed to have represented and warranted that it is not subject to the foregoing limitations.] 
 Each Noteholder or Note
Owner, by acceptance of a Note (or, in the case of a Note Owner, a beneficial interest in a Note), covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity or the CARAT
Indenture Trustee on the Notes or under the CARAT Indenture or any certificate or other writing delivered in connection therewith, against (I) the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, (II) the
Depositor or any other owner of a beneficial interest in the Issuing Entity or (III) any partner, owner, beneficiary, officer, director, employee or agent of the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, any
Certificateholder or any holder of a beneficial interest in the Issuing Entity, the 

  
 Ex. A-5-8 

 
CARAT Owner Trustee or CARAT Indenture Trustee or of any successor or assign of the CARAT Indenture Trustee or the CARAT Owner Trustee in their individual capacities, 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 its acceptance of a Note (or, in the case of a Note Owner, a beneficial
interest in a Note), covenants and agrees that by accepting the benefits of the CARAT Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the CARAT Indenture with respect to the
Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor or the Issuing
Entity under any federal or State bankruptcy, insolvency, reorganization or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any
substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 

Each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the Indenture
Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an
interest in a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a
Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 
 Each Noteholder by
accepting a Note (or any interest therein) acknowledges that such Person’s Note (or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer,
the Administrator, the AFLT Owner Trustee, the AFLT Indenture Trustee, the CARAT Indenture Trustee, the CARAT Owner Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets,
except as may be expressly set forth or contemplated in the Transaction Documents. Each Noteholder by the acceptance of a Note (or interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of
any amounts with respect to the Notes, it shall have no claim against any of Depositor, the Servicer, the Administrator, the AFLT Owner Trustee, the AFLT Indenture Trustee, the CARAT Indenture Trustee, the CARAT Owner Trustee or any Affiliate for
any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other
authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against
any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including 

  
 Ex. A-5-9 

 
to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement”
within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 Except a Noteholder which is considered for federal
income tax purposes the issuer of the Class D Note (or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of a Class D Note or, in the case of a Note Owner, a beneficial interest in a Class D Note, expresses its
intention that the Note qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat the Notes as indebtedness secured by the Collateral for the
purpose of federal income taxes, State and local income and franchise taxes and any other taxes imposed upon, measured by or based upon gross or net income. 

Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the CARAT Indenture Trustee and any agent of the
Issuing Entity or the CARAT 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 CARAT Indenture) is registered as the owner hereof for all purposes,
whether or not this Note shall be overdue, and neither the Issuing Entity, the CARAT Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The CARAT Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuing Entity and the rights of the Noteholders under the CARAT Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The
CARAT Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with
certain provisions of the CARAT Indenture and certain past defaults under the CARAT Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of 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 CARAT
Indenture also permits the CARAT Indenture Trustee to amend or waive certain terms and conditions set forth in the CARAT Indenture without the consent of the Noteholders. 

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

The Issuing Entity is permitted by the CARAT Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
CARAT Indenture Trustee and the Holders of Notes under the CARAT Indenture. 
 The Notes are issuable only in registered form in
denominations as provided in the CARAT Indenture, subject to certain limitations therein set forth. 

  
 Ex. A-5-10 

 THIS NOTE AND THE CARAT INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 No reference herein to the CARAT Indenture and no
provision of this Note or of the CARAT Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the CARAT Transaction
Documents, neither the Depositor, the Administrator nor the CARAT Indenture Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the CARAT Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the CARAT Owner Trustee, solely in its capacity as CARAT Owner
Trustee, in respect of the assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the CARAT Transaction Documents, in the case of a CARAT Event of Default, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any
and all liabilities, obligations and undertakings contained in the CARAT Indenture or in this Note. 

  
 Ex. A-5-11 

 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
                                         
                           , as attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 

									
	  

Dated:                  
  
	 		 	  
	  	1	  	
		 		 	Signature Guaranteed:	  		  	
					
	  
	 		 	  
	  		  	

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

  
 Ex. A-5-12 

 EXHIBIT B-1 

FORM OF TRANSFEROR CERTIFICATE 

FOR TRANSFERS OF THE RULE 144A GLOBAL CLASS [A-    ] NOTES 

[Date] 

[            ], as Note Registrar 

[            ] 

[            ] 

	Re:	NOTES, CLASS      (the “Class [A-    ] Notes”) 

Ladies and Gentlemen: 
 This
letter relates to the sale by
                                         (the
“Transferor”) to
                                         (the
“Transferee”) of U.S. $[            ] aggregate principal balance of Class [A-    ] Notes (the “Transferred Notes”). The Class
[A-    ] Notes, including the Transferred Notes, were issued pursuant to the CARAT Indenture, dated as of             , 20     (the “CARAT
Indenture”), among Capital Auto Receivables Asset Trust 20    -SN  , as Issuing Entity (the “Issuing Entity”) and [            ], as
CARAT Indenture trustee (the “CARAT Indenture Trustee”). All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the CARAT Indenture. 

The Transferor hereby certifies, represents and warrants to you, as Note Registrar, and for the benefit of the Issuing Entity,
the CARAT Indenture Trustee and the Transferee, that the Transferred Notes are being transferred in accordance with (i) the transfer restrictions set forth in the CARAT Indenture and, taken as a whole, the private placement memorandum dated
            , 20      and the private placement memorandum supplement dated             ,
20     relating to the Notes and (ii) either (A) Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), to a Transferee that the Transferor reasonably believes is a
qualified institutional buyer within the meaning of Rule 144A purchasing the Notes for its own account or for the account of a qualified institutional buyer, in a transaction meeting the requirements of Rule 144A or (B) Regulation D of the
Securities Act to a Transferee that is an institutional “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D, and in each case in accordance with any applicable securities laws of any State of the
United States or any other jurisdiction. 
  

			
	[Name of Transferor]
		
	By:	 	  

	Name:	 	
	Title:	 	

 cc: [Depositor] 

  
 Ex. B-1-1 

 EXHIBIT B-2 

FORM OF TRANSFEREE CERTIFICATE 

FOR TRANSFERS OF THE RULE 144A GLOBAL CLASS [A-    ] NOTES 

[Date] 

[            ], as Note Registrar 

[            ] 

[            ] 
  

	Re:	NOTES, CLASS         (the “Class [A-    ] Notes”) 

Ladies and Gentlemen: 

                    (the
“Transferee”) intends to purchase from                     (the “Transferor”) U.S.
$[            ] aggregate principal balance of Class [A-    ] Notes (the “Transferred Notes”). The Class [A-    ] Notes, including
the Transferred Notes, were issued pursuant to the CARAT Indenture, dated as of [            ], 20[    ] (the “CARAT Indenture”), among Capital Auto
Receivables Asset Trust 20     SN-  , as Issuing Entity (the “Issuing Entity”) and [            ], as CARAT Indenture trustee (the
“CARAT Indenture Trustee”). All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the CARAT Indenture. The Transferee hereby certifies, represents and warrants to you, as Note Registrar,
and for the benefit of the Issuing Entity, the CARAT Indenture Trustee and the Transferor, that: 
 1. The Transferee is either (x) a
“qualified institutional buyer” (a “Qualified Institutional Buyer”) as that term is defined in Rule 144A (“Rule l44A”) under the Securities Act of 1933, as amended (the “Securities Act”)
that has completed one of the forms of certification to that effect attached hereto as Annex 1 and Annex 2 and that is aware that the sale to it of the Transferred Notes is being made in reliance on Rule 144A or (y) an institutional
“accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D of the Securities Act (an “Institutional Accredited Investor”) that (I) is acting for its own account (and not for
the account of others) or as a fiduciary or agent for others (which others also are Institutional Accredited Investors unless the holder is a bank acting in its fiduciary capacity) [[insert if requested by the Depositor (as defined in the CARAT
Indenture) or the CARAT Indenture Trustee] that are contemporaneously delivering certifications that they are Institutional Accredited Investors] and (II) is aware that the Transferor intends to rely on the exemption from the registration
requirements of the Securities Act provided by Rule 501 under the Securities Act. The Transferee is acquiring the Transferred Notes for its own account or for the account of a person who is either a Qualified Institutional Buyer or an Institutional
Accredited Investor, and understands that such Transferred Notes may be resold, pledged or transferred only (1) to an Institutional Accredited Investor that delivers any necessary certifications pursuant to the CARAT Indenture, including
certifications that (a) it is acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Institutional 

  
 Ex. B-2-1 

 
Accredited Investors unless the holder is a bank acting in its fiduciary capacity) that, if so requested by the Depositor (as defined in the CARAT Indenture) or the CARAT Indenture Trustee, also
deliver such certifications and (b) it is aware that the Transferor intends to rely on the exemption from the registration requirements of the Securities Act provided by Rule 501 under the Securities Act, or (2) so long as the Transferred
Notes are eligible for resale under Rule 144A, in accordance with the terms of the CARAT Indenture to a person reasonably believed to be a Qualified Institutional Buyer that purchases for its own account or for the account of a Qualified
Institutional Buyer to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or (3) if the Transferred Notes are no longer eligible for resale pursuant to Rule 144A of the Securities Act and such sale,
pledge or other transfer is not being made to an Institutional Accredited Investor under the circumstances described above, such sale, pledge or other transfer is made in a transaction otherwise exempt from the registration requirements of the
Securities Act in accordance with the terms of the CARAT Indenture, including that (i) the CARAT Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify in writing the facts surrounding such
transfer and (ii) the CARAT Indenture Trustee shall require a written opinion of counsel to the effect that such transfer will not violate the Securities Act. 

2. The Transferee has been furnished with (a) all information regarding the Transferred Notes and payments thereon, (b) all
information regarding the nature and performance of the Secured Notes and the Lease Assets, (c) all information regarding the CARAT Indenture, (d) all information regarding any credit enhancement mechanism associated with the Transferred
Notes, in each case, that it has requested and (e) a copy of the confidential private placement memorandum dated as of         , 20    and the confidential private placement memorandum
supplement dated as of             , 20    prepared in connection with the issuance of the Transferred Notes. 

 

			
	Very truly yours,
	
	  

	(Transferee)
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. B-2-2 

 ANNEX 1 TO EXHIBIT B-2 

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 

[for Transferees other than Registered Investment Companies] 

The undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and [name of Note Registrar], as Note Registrar, with
respect to the Class [A-    ] Notes being transferred (the “Transferred Notes”) as described in the certificate to which this certification relates and to which this certification is an Annex: 

1. As indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive officer of the entity
purchasing the Transferred Notes (the “Transferee”). 
 2. The Transferee is a “qualified institutional buyer” as that term is
defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), because (i) the Transferee owned and/or invested on a discretionary basis
$            in securities (other than the excluded securities referred to below) as of the end of the Transferee’s most recent fiscal year (such amount being calculated in accordance
with Rule 144A) and (ii) the Transferee satisfies the criteria in the category marked below. 
  

			
	         	  	Corporation, etc. The Transferee is a corporation (other than a bank, savings and loan association or similar institution), Massachusetts or similar business trust, partnership, or any organization described in
Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.
		
	         	  	Bank. The Transferee (a) is a national bank or a banking institution organized under the laws of any State, U.S. territory or the District of Columbia, the business of which is substantially confined to banking and is
supervised by the State or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial statements,
a copy of which is attached hereto, as of a date not more than 16 months preceding the date of sale of the Note in the case of a U.S. bank, and not more than 18 months preceding such date of sale for a foreign bank or equivalent
institution.
		
	         	  	Savings and Loan. The Transferee (a) is a savings and loan association, building and loan association, cooperative bank, homestead association or similar institution, which is supervised and examined by a State or
federal authority having supervision over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial
statements, a copy of which is attached hereto, as of a date not more than 16 months preceding the date of sale of the Note in the case of a U.S. savings and loan association, and not more than 18 months preceding such date of sale for a
foreign savings and loan association or equivalent institution.

  
 Ex. B-2-3 

			
		
	         	  	Broker-dealer. The Transferee is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended.
		
	         	  	Insurance Company. The Transferee is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to
supervision by the insurance commissioner or a similar official or agency of a State, U.S. territory or the District of Columbia.
		
	         	  	State or Local Plan. The Transferee is a plan established and maintained by a State, its political subdivisions, or any agency or instrumentality of the State or its political subdivisions, for the benefit of its
employees.
		
	         	  	ERISA Plan. The Transferee is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended.
		
	         	  	Investment Advisor. The Transferee is an investment advisor registered under the Investment Advisers Act of 1940, as amended.
		
	         	  	Other. (Please supply a brief description of the entity and a cross-reference to the paragraph and subparagraph under subsection (a)(1) of Rule l44A pursuant to which it qualifies. Note that registered investment companies
should complete Annex 2 rather than this Annex 1.)
		
		  	  

		
		  	  

 3. The term “securities” as used herein does not include (i) securities of issuers that are
affiliated with the Transferee, (ii) securities that are part of an unsold allotment to or subscription by the Transferee, if the Transferee is a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned and/or invested on a
discretionary basis by the Transferee, the Transferee did not include any of the securities referred to in this paragraph. 
 4. For purposes of determining
the aggregate amount of securities owned and/or invested on a discretionary basis by the Transferee, the Transferee used the cost of such securities to the Transferee, unless the Transferee reports its securities holdings in its financial statements
on the basis of their market value, and no current information with respect to the cost of those securities has been published, in which case the securities were valued at market. Further, in determining such aggregate amount, the Transferee may
have included securities owned by subsidiaries of the Transferee, but only if such subsidiaries are consolidated with the Transferee in its financial statements prepared in accordance with generally accepted accounting principles and if the
investments of such subsidiaries are managed under the Transferee’s direction. However, such securities were not included if the Transferee is a majority-owned, consolidated subsidiary of another enterprise and the Transferee is not itself a
reporting company under the Securities Exchange Act of 1934, as amended. 

  
 Ex. B-2-4 

 5. The Transferee acknowledges that it is familiar with Rule l44A and understands that the Transferor and other
parties related to the Transferred Notes are relying and will continue to rely on the statements made herein because one or more sales to the Transferee may be in reliance on Rule 144A. 

 

					
	       	  	       	  	
	Yes	  	No	  	Will the Transferee be purchasing the Transferred Notes only for the Transferee’s own account?

 6. If the answer to the foregoing question is “no”, then in each case where the Transferee is purchasing for an
account other than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning of Rule 144A, and the “qualified institutional buyer” status of such third party has been
established by the Transferee through one or more of the appropriate methods contemplated by Rule 144A. 
 7. The Transferee will notify each of the parties
to which this certification is made of any changes in the information and conclusions herein. Until such notice is given, the Transferee’s purchase of the Transferred Notes will constitute a reaffirmation of this certification as of the date of
such purchase. In addition, if the Transferee is a bank or savings and loan as provided above, the Transferee agrees that it will furnish to such parties any updated annual financial statements that become available on or before the date of such
purchase, promptly after they become available. 
  

			
	  

	 Print Name of Transferee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Date: 

  
 Ex. B-2-5 

 ANNEX 2 TO EXHIBIT B-2 

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A 

[for Transferees that are Registered Investment Companies] 

The undersigned hereby certifies as follows to [name of Transferor] (the “Transferor”) and [name of Note Registrar], as Note Registrar, with
respect to the Class [A-    ] Notes being transferred (the “Transferred Notes”) as described in the certificate to which this certification relates and to which this certification is an Annex: 

1. As indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive officer of the entity
purchasing the Transferred Notes (the “Transferee”) or, if the Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule
144A”), because the Transferee is part of a Family of Investment Companies (as defined below), is an executive officer of the investment adviser (the “Adviser”). 

2. The Transferee is a “qualified institutional buyer” as defined in Rule 144A because (i) the Transferee is an investment company registered
under the Investment Company Act of 1940, as amended, and (ii) as marked below, the Transferee alone owned and/or invested on a discretionary basis, or the Transferee’s Family of Investment Companies owned, at least $100,000,000 in
securities (other than the excluded securities referred to below) as of the end of the Transferee’s most recent fiscal year. For purposes of determining the amount of securities owned by the Transferee or the Transferee’s Family of
Investment Companies, the cost of such securities was used, unless the Transferee or any member of the Transferee’s Family of Investment Companies, as the case may be, reports its securities holdings in its financial statements on the basis of
their market value, and no current information with respect to the cost of those securities has been published, in which case the securities of such entity were valued at market. 

 

			
	          
	  	The Transferee owned and/or invested on a discretionary basis $            in securities (other than the excluded securities referred to below) as of the end of the
Transferee’s most recent fiscal year (such amount being calculated in accordance with Rule 144A).
		
	          
	  	The Transferee is part of a Family of Investment Companies which owned in the aggregate $            in securities (other than the excluded securities referred to below)
as of the end of the Transferee’s most recent fiscal year (such amount being calculated in accordance with Rule 144A).

 3. The term “Family of Investment Companies” as used herein means two or more registered investment companies
(or series thereof) that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority owned subsidiaries of the same parent or because one investment adviser is a majority owned subsidiary of the other).

  
 Ex. B-2-6 

 4. The term “securities” as used herein does not include (i) securities of issuers that are
affiliated with the Transferee or are part of the Transferee’s Family of Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan participations, (iv) repurchase agreements, (v) securities owned
but subject to a repurchase agreement and (vi) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Transferee, or owned by the
Transferee’s Family of Investment Companies, the securities referred to in this paragraph were excluded. 
 5. The Transferee is familiar with Rule
144A and understands that the parties to which this certification is being made are relying and will continue to rely on the statements made herein because one or more sales to the Transferee will be in reliance on Rule 144A. 

 

							
		 	      	 	      	  	
		 	Yes	 	No	  	Will the Transferee be purchasing the Transferred Notes only for the Transferee’s own account?

 6. If the answer to the foregoing question is “no”, then in each case where the Transferee is purchasing for an
account other than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning of Rule 144A, and the “qualified institutional buyer” status of such third party has been
established by the Transferee through one or more of the appropriate methods contemplated by Rule l44A. 
 7. The undersigned will notify the parties to
which this certification is made of any changes in the information and conclusions herein. Until such notice, the Transferee’s purchase of the Transferred Notes will constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase. 
  

			
	  

	Print Name of Transferee or Adviser
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	IF AN ADVISER:
	
	  

	Print Name of Transferee
	
	Date:

  
 Ex. B-2-7 

 EXHIBIT B-3 

FORM OF REGULATION S TRANSFER CERTIFICATE 

[Date] 

            , as Note Registrar 

 

                     

 

                     

 

	 	Re:	CARAT 20        -SN   NOTES, CLASS A-   (the “Class A-   Notes”) 

                    (the
“Transferee”) intends to purchase from                     (the “Transferor”) U.S.
$[            ] aggregate principal balance of Class A-   Notes (the “Transferred Notes”). The Class A-   Notes, including the Transferred
Notes, were issued pursuant to the CARAT Indenture, dated as of         , 20    (the “CARAT Indenture”), among Capital Auto Receivables Asset Trust 20    -SN  , as issuer (the “Issuer”) and             as indenture trustee (the “CARAT Indenture
Trustee”). All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the CARAT Indenture. The Transferee hereby certifies, represents and warrants to you, as Note Registrar, and for the benefit of the
Issuer, the CARAT Indenture Trustee and the Transferor, that: 
 1. The Transferee is not a U.S. person (as defined in Regulation S under
the Securities Act) and is acquiring the Transferred Notes outside of the United States. 
 2. No directed selling efforts were made in
contravention of the requirements of Rule 903(b) or 904(b) of Regulation S under the Securities Act, as applicable. 
 3. The transfer is
not part of a plan or scheme to evade the registration requirements of the Securities Act; 
 4. The transfer was made in accordance with
the applicable provisions of Rule 903 or Rule 904 of Regulation S under the Securities Act, as the case may be. 
 5. The Transferee has
been furnished with all information regarding (a) the Transferred Notes and payments thereon, (b) the nature and performance of the Secured Notes and the Lease Assets, (c) the CARAT Indenture, and (d) any credit enhancement
mechanism associated with the Transferred Notes, that it has requested. 
 6. The Transferee understands that the Transferred Notes have not
been and will not be registered under the Securities Act, that any offers, sales or deliveries of the Transferred Notes purchased by the Transferee in the United States or to U.S. persons prior to the date that is 40 days after the later of
(i) the commencement of the offering of the Private Class A-   Notes and (ii) the Closing Date, may constitute a violation of United States law, and that (x) distributions of principal and interest and (y) the
exchange of beneficial interests in a Temporary 

  
 Ex. B-3-1 

 
Regulation S Global Class A-   Note for beneficial interests in the related Permanent Regulation S Global Class A-   Note, in each case, will be made in respect of
such Transferred Notes only following the delivery by the holder of a certification of non-U.S. beneficial ownership, at the times and in the manner set forth in the CARAT Indenture. 

 

			
	Very truly yours,
	
	  

	(Transferee)
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. B-3-2 

 EXHIBIT B-4 

FORM OF RULE 144A TRANSFER CERTIFICATE 

[Date] 

            , as Note Registrar 

 

                     

 

                     

 

	 	Re:	CARAT 20    -SN   NOTES, CLASS A-   (the “Class A-   Notes”) 

Ladies and Gentlemen: 
 Reference is hereby made
to the CARAT Indenture, dated as of             , 20    (the “CARAT Indenture”) among Capital Auto Receivables Asset Trust
20    -SN  , as issuer (the “Issuer”) and             as indenture trustee (the “CARAT Indenture Trustee”). Capitalized terms
used herein but not defined herein shall have the meanings assigned thereto in the CARAT Indenture. 
 This letter relates to U.S.
$[            ] aggregate principal balance of Class A-   Notes which are held in the form of a Temporary Regulation S Global Class A-   Note with the
Depository [CUSIP/CINS No.                     ] in the name of [name of transferor] (the “Transferor”) to effect [the transfer of
the Class A-   Notes to a person who wishes to take delivery thereof in the form of an equivalent beneficial interest in a Rule 144A Global Note (the “Transferee”)] [the exchange of the Class A-   Notes
for an equivalent beneficial interest in a Rule 144A Global Class A-   Note]. 
 In connection with such request, and in
respect of such Notes, the Transferor does hereby certify that such Class A-   Notes are being transferred in accordance with (i) the transfer restrictions set forth in the CARAT Indenture and the private placement memorandum
dated             , 20    relating to the Notes and (ii) Rule 144A under the Securities Act, to a Transferee that the Transferor reasonably believes is a qualified
institutional buyer within the meaning of Rule 144A under the Securities Act purchasing the Class A-   Notes for its own account or for the account of a qualified institutional buyer, in a transaction meeting the requirements of Rule
144A under the Securities Act and in accordance with any applicable securities laws of any State of the United States or any other jurisdiction. 
  

			
	[Name of Transferor]
		
	By	 	 
	Name:	 	
	Title:	 	

 cc: [Seller] 

  
 Ex. B-4-1 

 EXHIBIT B-5 

FORM OF CLEARING SYSTEM CERTIFICATE 

[Date] 

            , as Note Registrar 

 

                     

 

                     

 

	 	Re:	CARAT 20        -SN   NOTES, CLASS A-   (the “Class A-   Notes”) 

Ladies and Gentlemen: 
 Reference is hereby made
to the CARAT Indenture, dated as of         , 20    (the “CARAT Indenture”), among Capital Auto Receivables Asset Trust 20    -SN  , as issuer
(the “Issuer”) and             as indenture trustee (the “CARAT Indenture Trustee”). Capitalized terms used herein but not defined herein shall have the
meanings assigned thereto in the CARAT Indenture. 
 This is to certify that, based solely on certificates we have received in writing, by
tested telex or by electronic transmissions from member organizations appearing in our records as persons being entitled to a portion of the Class A-   Notes equal to, as of the date hereof, U.S.
$            (our “Member Organizations”), certifies with respect to such portion, substantially to the effect set forth in Annex A hereto. 

We further certify (i) that we are not making available herewith for exchange any portion of the Temporary Regulation S Global
Class A-   Note excepted in such certificates and (ii) that as of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements made by such member organizations with
respect to any portion of the part submitted herewith for exchange are no longer true and cannot be relied upon as at the date hereof. We understand that this certification is required in connection with certain securities laws of the United States.
In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with this certificate is or would be relevant, we irrevocably authorized you to produce this certificate to any interested party in such
proceedings. 
  

			
	Yours faithfully,
	
	[CLEARSTREAM, LUXEMBOURG]
or
[EUROCLEAR BANK SA/NV,
Brussels office, as operator of the
Euroclear System]
		
	By:	 	  

  
 Ex. B-5-1 

 ANNEX A TO EXHIBIT B-5 

FORM OF MEMBER ORGANIZATION CERTIFICATE 

[Address to Euroclear or Clearstream, Luxembourg, as appropriate] 
  

	 	Re:	CARAT 20    -SN   NOTES, CLASS A-   (the “Class A-   Notes”) 

Ladies and Gentlemen: 
 Reference is hereby made
to the CARAT Indenture, dated as of         , 20     (the “CARAT Indenture”), among Capital Auto Receivables Asset Trust 20    -SN  , as
issuer (the “Issuer”) and             as indenture trustee (the “CARAT Indenture Trustee”). Capitalized terms used herein but not defined herein shall have
the meanings assigned thereto in the CARAT Indenture. 
 This is to certify that, as of the date hereof and except as set forth below, the
Class A-   Notes (the “Class A-   Notes”) held by you for our account are beneficially owned by non-U.S. persons who purchased the Class A-   Notes in transactions that did not require
registration under the United States Securities Act of 1933, as amended (the “Securities Act”). As used in this paragraph, the term “U.S. person” has the meaning given to it by Regulation S under the Securities Act. 

We undertake to advise you promptly by tested telex on or prior to the date on which you intend to submit your certification relating to the
Class A-   Notes held by you for our account in accordance with your documented procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this
certificate applies as of such date. 
 Dated:             , 20    1 
  

	
	Yours faithfully,
	
	[Name of Person giving the certificate]

  

	1 	To be dated no earlier than 15 days prior to the event to which the certification relates. 

  
 Ex. B-5-2 

 EXHIBIT C 

FORM OF NOTE DEPOSITORY AGREEMENT FOR THE NOTES 

[See attached] 

  
 Ex. C-1 

 EXHIBIT D 

SERVICING CRITERIA TO BE ADDRESSED IN 

CARAT INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE 

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

					
	 Servicing Criteria
	  	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.	  	X
	 1122(d)(2)(iv)
	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.(1)	  	X
	 1122(d)(2)(v)
	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act. (1)	  	X
			
		  	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.(2)	  	X
	 1122(d)(3)(iii)
	  	Disbursements made to an investor are posted within two business days to the Administrator’s investor records, or such other number of days specified in the transaction agreements.	  	X
	 1122(d)(3)(iv)
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	X

  

	(1) 	Solely to extent such accounts relate to accounts maintained at the CARAT Indenture Trustee. 

	(2) 	Solely with respect to remittances in accordance with the Administrator’s Accounting as set forth in the CARAT Transaction Documents. 

  
 Ex. D-1 

 EXHIBIT E 

RULE 144A CERTIFICATE 
 Capital
Auto Receivables LLC 
 Corporation Trust Center 
 1209 Orange
Street 
 Wilmington, DE 19801 

            , as CARAT Indenture Trustee 

Ladies and Gentlemen: 
 In connection with the
purchase of the [Class A-  ] [Floating Rate] Asset Backed Note, (the “[Class A-  ] Notes”) of the Capital Auto Receivables Asset Trust 20    -SN  , the undersigned buyer
(“Buyer”) hereby acknowledges, represents and agrees that: 
 (a) Buyer is a “qualified institutional buyer” as
defined under Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”), acting for its own account or for the accounts of other “qualified institutional buyers” as
defined under Rule 144A under the Securities Act. Buyer is familiar with Rule 144A under the Securities Act and Buyer is aware that the seller of the applicable [Class A-  ] Notes, as applicable, to the Buyer and other parties intend to
rely on the statements made herein and the exemption from the registration requirements of the Securities Act provided by Rule 144A. 
 (b)
Buyer is purchasing the applicable [Class A-  ] Notes for its own account (or the accounts of other “qualified institutional buyers”), not with a view to, or for offer or sale in connection with, any distribution thereof,
subject to the disposition of Buyer’s property (or property held in the accounts of other “qualified institutional buyers”) being at all times within Buyer’s control and subject to Buyer’s ability to resell such [Class
A-  ] Notes pursuant to Rule 144A under the Securities Act. Buyer agrees to offer, sell or otherwise transfer such [Class A-  ] Notes only in conformity with the restrictions on transfer set forth in the CARAT Indenture dated as
of             , 20    pursuant to which the [Class A-  ] Notes were issued and the legend set forth on the definitive physical certificate evidencing the
[Class A-  ] Notes. 
 Buyer acknowledges that you and others will rely upon its confirmations, acknowledgments and agreements set
forth herein, and Buyer agrees to notify you promptly in writing if any of the information herein ceases to be accurate and complete. 
  

	
	  

	Print Name of Buyer

  
 Ex. E-1 

 
			
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	 Date:
	 	  

  
 Ex. E-2 

 EXHIBIT F 

FORM OF CERTIFICATION 
  

	 	Re:	the
                                         
               dated as of
                                        
(the “Agreement”), among
                                         
                               . 

[                    ], not in its
individual capacity, but solely as CARAT Indenture Trustee (the “CARAT Indenture Trustee”), certificates to Ally Financial Lease Trust (“AFLT”) Capital Auto Receivables LLC (“CARI”), and its officers, with the
knowledge and intent that they will rely upon this certification, that: 
 (1) It has reviewed the report on assessment of the CARAT
Indenture Trustee compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Item 1122 of Regulation AB (the “Servicing Assessment”), and
the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”) that were delivered by the
CARAT Indenture Trustee to AFLT, CARI, the AFLT Owner Trustee, the CARAT Owner Trustee or the Administrator pursuant to the Agreement (collectively, the “CARAT Indenture Trustee Information”); 

(2) To the best of its knowledge, the CARAT Indenture Trustee Information, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the CARAT Indenture Trustee
Information; and 
 (3) To the best of it knowledge, all of the CARAT Indenture Trustee Information required to be provided by the CARAT
Indenture Trustee under the Agreement has been provided to AFLT, CARI, the AFLT Owner Trustee, the CARAT Owner Trustee or the Administrator. 
  

			
	 Dated:
	 	  

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	

  
 Ex F-1 

 APPENDIX A 

PERFECTION REPRESENTATIONS 
  

	 	1.	This CARAT Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Second Step Purchased Property in favor of the CARAT Indenture Trustee, which security interest is prior to
all other Liens, and is enforceable as such as against creditors of the Issuing Entity. 

  

	 	2.	All steps necessary to perfect the Issuing Entity’s security interest against the account debtors in the property securing the Secured Notes that constitute chattel paper will have been taken within ten
(10) days of the Closing Date. 

  

	 	3.	The Secured Notes constitute “chattel paper,” “payment intangibles,” “instruments,” “certificated securities” or “uncertificated securities” within the meaning of the
applicable UCC. 

  

	 	4.	The Issuing Entity owns and has good and marketable title to the Secured Notes free and clear of any Lien, claim or encumbrance of any Person. 

 

	 	5.	The Issuing Entity has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing offices in the appropriate jurisdictions under applicable law in
order to perfect the security interest in the Secured Notes granted to the CARAT Indenture Trustee under the CARAT Indenture. 

 6. Other than
the security interest granted to the CARAT Indenture Trustee under the CARAT Indenture, the Issuing Entity has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Secured Notes. The Issuing Entity has not
authorized the filing of, or is aware of, any financing statements against the Seller, the Depositor or the Issuing Entity that include a description of collateral covering the Secured Notes, other than the financing statements relating to the
security interests granted to the Depositor, the Issuing Entity and the CARAT Indenture Trustee under the CARAT Transaction Documents or any financing statement that has been terminated. The Issuing Entity is not aware of any judgment or tax lien
filings or lien filings by the Pension Benefit Guaranty Corporation against the Seller, the Depositor or the Issuing Entity. 

  
 App. AForm of AFLT 20 -SN Indenture

 EXHIBIT 4.3 
  

 
  

ALLY FINANCIAL LEASE TRUST 

SECURED NOTES 
 AFLT
20    -SN   INDENTURE 
 DATED AS OF
            , 20     
 ALLY FINANCIAL LEASE TRUST

 AND 

[                    ], 

AS AFLT INDENTURE TRUSTEE 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION
	  	 	3	  
			
	 SECTION 1.1
	  	 Definitions; Rules of Construction
	  	 	3	  
			
	 SECTION 1.2
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	4	  
		
	 ARTICLE II THE SECURED NOTES
	  	 	4	  
			
	 SECTION 2.1
	  	 Form
	  	 	4	  
			
	 SECTION 2.2
	  	 Execution, Authentication and Delivery
	  	 	5	  
			
	 SECTION 2.3
	  	 Registration; Registration of Transfer and Exchange of Secured Notes
	  	 	5	  
			
	 SECTION 2.4
	  	 Mutilated, Destroyed, Lost or Stolen Secured Notes
	  	 	7	  
			
	 SECTION 2.5
	  	 Payment of Principal and Interest
	  	 	8	  
			
	 SECTION 2.6
	  	 Persons Deemed Secured Noteholders
	  	 	9	  
			
	 SECTION 2.7
	  	 Cancellation of Secured Notes
	  	 	9	  
			
	 SECTION 2.8
	  	 Release of AFL Trust Estate
	  	 	10	  
			
	 SECTION 2.9
	  	 Seller, CARI, the Issuing Entity and the CARAT Indenture Trustee as Secured Noteholders
	  	 	10	  
			
	 SECTION 2.10
	  	 Tax Treatment
	  	 	10	  
			
	 SECTION 2.11
	  	 Private Placement of Secured Notes
	  	 	10	  
		
	 ARTICLE III COVENANTS
	  	 	11	  
			
	 SECTION 3.1
	  	 Payment of Principal and Interest and Other Amounts
	  	 	11	  
			
	 SECTION 3.2
	  	 Maintenance of Agency Office
	  	 	11	  
			
	 SECTION 3.3
	  	 Money for Payments to Be Held in Trust
	  	 	12	  
			
	 SECTION 3.4
	  	 Existence
	  	 	13	  
			
	 SECTION 3.5
	  	 Protection of AFL Trust Estate; Acknowledgment of Pledge
	  	 	13	  
			
	 SECTION 3.6
	  	 Opinions as to AFLT Collateral
	  	 	14	  
			
	 SECTION 3.7
	  	 Performance of Obligations; Servicing of Lease Assets
	  	 	15	  
			
	 SECTION 3.8
	  	 Negative Covenants
	  	 	16	  
			
	 SECTION 3.9
	  	 Annual Statement as to Compliance
	  	 	16	  
			
	 SECTION 3.10
	  	 Consolidation, Merger, Etc., of Trust; Disposition of Lease Assets
	  	 	17	  
			
	 SECTION 3.11
	  	 Successor or Transferee
	  	 	19	  
			
	 SECTION 3.12
	  	 No Other Business
	  	 	19	  
			
	 SECTION 3.13
	  	 No Borrowing
	  	 	19	  
			
	 SECTION 3.14
	  	 Guarantees, Loans, Advances and Other Liabilities
	  	 	19	  

  
 i 

 TABLE OF CONTENTS 

 (continued) 
  

							
	 	  	Page	 
			
	 SECTION 3.15
	  	 Servicer’s Obligations
	  	 	19	  
			
	 SECTION 3.16
	  	 Capital Expenditures
	  	 	19	  
			
	 SECTION 3.17
	  	 Restricted Payments
	  	 	20	  
			
	 SECTION 3.18
	  	 Notice of Events of Default
	  	 	20	  
			
	 SECTION 3.19
	  	 Further Instruments and Acts
	  	 	20	  
			
	 SECTION 3.20
	  	 AFLT Indenture Trustee’s Release of Lien on Administrative Lease Assets and Warranty Lease Assets and Sale or Other
Distribution of the Related Leased Vehicles
	  	 	20	  
			
	 SECTION 3.21
	  	 Representations and Warranties by AFLT to the AFLT Indenture Trustee
	  	 	21	  
			
	 SECTION 3.22
	  	 Maintenance of Separate Records for Each Series
	  	 	21	  
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	22	  
			
	 SECTION 4.1
	  	 Satisfaction and Discharge of AFLT Indenture
	  	 	22	  
			
	 SECTION 4.2
	  	 Application of Trust Money
	  	 	23	  
			
	 SECTION 4.3
	  	 Repayment of Monies Held by Paying Agent
	  	 	23	  
			
	 SECTION 4.4
	  	 Duration of Position of AFLT Indenture Trustee
	  	 	23	  
		
	 ARTICLE V DEFAULT AND REMEDIES
	  	 	24	  
			
	 SECTION 5.1
	  	 Events of Default
	  	 	24	  
			
	 SECTION 5.2
	  	 Acceleration of Maturity; Rescission and Annulment
	  	 	25	  
			
	 SECTION 5.3
	  	 Collection of Indebtedness and Suits for Enforcement by AFLT Indenture Trustee
	  	 	25	  
			
	 SECTION 5.4
	  	 Remedies; Priorities
	  	 	28	  
			
	 SECTION 5.5
	  	 Optional Preservation of the Lease Assets
	  	 	29	  
			
	 SECTION 5.6
	  	 Limitation of Suits
	  	 	30	  
			
	 SECTION 5.7
	  	 Unconditional Rights of the Secured Noteholders to Receive Principal and Interest
	  	 	30	  
			
	 SECTION 5.8
	  	 Restoration of Rights and Remedies
	  	 	31	  
			
	 SECTION 5.9
	  	 Rights and Remedies Cumulative
	  	 	31	  
			
	 SECTION 5.10
	  	 Delay or Omission, Not a Waiver
	  	 	31	  
			
	 SECTION 5.11
	  	 Control by the Secured Noteholders
	  	 	31	  
			
	 SECTION 5.12
	  	 Waiver of Past Defaults
	  	 	32	  
			
	 SECTION 5.13
	  	 Undertaking for Costs
	  	 	32	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 

							
	 	  	Page	 
			
	 SECTION 5.14
	  	 Waiver of Stay or Extension Laws
	  	 	33	  
			
	 SECTION 5.15
	  	 Action on Secured Notes
	  	 	33	  
			
	 SECTION 5.16
	  	 Performance and Enforcement of Certain Obligations
	  	 	33	  
		
	 ARTICLE VI THE AFLT INDENTURE TRUSTEE
	  	 	34	  
			
	 SECTION 6.1
	  	 Duties of AFLT Indenture Trustee
	  	 	34	  
			
	 SECTION 6.2
	  	 Rights of AFLT Indenture Trustee
	  	 	35	  
			
	 SECTION 6.3
	  	 AFLT Indenture Trustee May Own Secured Notes
	  	 	36	  
			
	 SECTION 6.4
	  	 AFLT Indenture Trustee’s Disclaimer
	  	 	36	  
			
	 SECTION 6.5
	  	 Notice of Default
	  	 	36	  
			
	 SECTION 6.6
	  	 Reports by AFLT Indenture Trustee
	  	 	37	  
			
	 SECTION 6.7
	  	 Compensation; Indemnity
	  	 	37	  
			
	 SECTION 6.8
	  	 Replacement of AFLT Indenture Trustee
	  	 	38	  
			
	 SECTION 6.9
	  	 Merger or Consolidation of AFLT Indenture Trustee
	  	 	39	  
			
	 SECTION 6.10
	  	 Appointment of Co-AFLT Indenture Trustee or Separate AFLT Indenture Trustee
	  	 	39	  
			
	 SECTION 6.11
	  	 Eligibility; Disqualification
	  	 	41	  
			
	 SECTION 6.12
	  	 Preferential Collection of Claims Against AFLT
	  	 	41	  
			
	 SECTION 6.13
	  	 Representations and Warranties of AFLT Indenture Trustee
	  	 	41	  
			
	 SECTION 6.14
	  	 AFLT Indenture Trustee May Enforce Claims Without Possession of Secured Notes
	  	 	42	  
			
	 SECTION 6.15
	  	 Suit for Enforcement
	  	 	42	  
			
	 SECTION 6.16
	  	 Rights of Secured Noteholders to Direct AFLT Indenture Trustee
	  	 	42	  
		
	 ARTICLE VII SECURED NOTEHOLDERS’ LISTS AND REPORTS
	  	 	42	  
			
	 SECTION 7.1
	  	 AFLT to Furnish AFLT Indenture Trustee Names and Addresses of Secured Noteholders
	  	 	42	  
			
	 SECTION 7.2
	  	 Preservation of Information, Communications to Secured Noteholders
	  	 	43	  
			
	 SECTION 7.3
	  	 Reports by AFLT
	  	 	43	  
			
	 SECTION 7.4
	  	 Reports by AFLT Indenture Trustee
	  	 	44	  
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	44	  
			
	 SECTION 8.1
	  	 Collection of Money
	  	 	44	  

  
 iii 

 TABLE OF CONTENTS 

(continued) 

							
	 	  	Page	 
			
	 SECTION 8.2
	  	 AFLT Designated Accounts; Allocations; Payments
	  	 	44	  
			
	 SECTION 8.3
	  	 General Provisions Regarding AFLT Designated Accounts
	  	 	45	  
			
	 SECTION 8.4
	  	 Release of the AFL Trust Estate
	  	 	45	  
			
	 SECTION 8.5
	  	 Opinion of Counsel
	  	 	46	  
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	46	  
			
	 SECTION 9.1
	  	 Supplemental Indentures Without Consent of Secured Noteholders
	  	 	46	  
			
	 SECTION 9.2
	  	 Supplemental Indentures with Consent of Secured Noteholders
	  	 	47	  
			
	 SECTION 9.3
	  	 Execution of Supplemental Indentures
	  	 	49	  
			
	 SECTION 9.4
	  	 Effect of Supplemental Indenture
	  	 	49	  
			
	 SECTION 9.5
	  	 Conformity with Trust Indenture Act
	  	 	49	  
			
	 SECTION 9.6
	  	 Reference in Secured Notes to Supplemental Indentures
	  	 	49	  
		
	 ARTICLE X REDEMPTION OF SECURED NOTES
	  	 	49	  
			
	 SECTION 10.1
	  	 Redemption
	  	 	49	  
			
	 SECTION 10.2
	  	 Secured Notes Payable on Redemption Date
	  	 	50	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	50	  
			
	 SECTION 11.1
	  	 Compliance Certificates and Opinions, Etc.
	  	 	50	  
			
	 SECTION 11.2
	  	 Form of Documents Delivered to AFLT Indenture Trustee
	  	 	52	  
			
	 SECTION 11.3
	  	 Acts of Secured Noteholders
	  	 	52	  
			
	 SECTION 11.4
	  	 Notices, Etc., to AFLT Indenture Trustee and AFLT Rating Agencies
	  	 	53	  
			
	 SECTION 11.5
	  	 Notices to Secured Noteholders; Waiver
	  	 	53	  
			
	 SECTION 11.6
	  	 Conflict with Trust Indenture Act
	  	 	54	  
			
	 SECTION 11.7
	  	 Alternate Payment and Notice Provisions
	  	 	54	  
			
	 SECTION 11.8
	  	 Effect of Headings and Table of Contents
	  	 	54	  
			
	 SECTION 11.9
	  	 Successors and Assigns
	  	 	54	  
			
	 SECTION 11.10
	  	 Severability
	  	 	55	  
			
	 SECTION 11.11
	  	 Benefits of AFLT Indenture
	  	 	55	  
			
	 SECTION 11.12
	  	 Legal Holidays
	  	 	55	  
			
	 SECTION 11.13
	  	 GOVERNING LAW
	  	 	55	  
			
	 SECTION 11.14
	  	 Counterparts
	  	 	55	  
			
	 SECTION 11.15
	  	 Recording of AFLT Indenture
	  	 	55	  

  
 iv 

 TABLE OF CONTENTS 

(continued) 

							
	 	  	Page	 
			
	 SECTION 11.16
	  	 No Recourse
	  	 	55	  
			
	 SECTION 11.17
	  	 No Petition
	  	 	56	  
			
	 SECTION 11.18
	  	 Inspection
	  	 	56	  
			
	 SECTION 11.19
	  	 Indemnification by and Reimbursement of the Servicer
	  	 	57	  
			
	 SECTION 11.20
	  	 Series Liabilities
	  	 	57	  
			
	 SECTION 11.21
	  	 Subordination
	  	 	57	  
			
	 SECTION 11.22
	  	 [Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations
	  	 	58	  

					
			
	 EXHIBIT A
	  	 FORM OF SECURED NOTE
	  	
	 EXHIBIT B
	  	 FORM OF TRANSFER CERTIFICATE
	  	
	 EXHIBIT C
	  	 FORM OF CERTIFICATION
	  	
	 EXHIBIT D
	  	 SECURED NOTE REGISTER FOR SECURED NOTES
	  	
	 EXHIBIT E
	  	 SERVICING CRITERIA TO BE ADDRESSED IN AFLT INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE
	  	

  
 v 

 THIS AFLT 20  -SN   INDENTURE, dated as of
            , 20     (this “AFLT Indenture”), is between ALLY FINANCIAL LEASE TRUST, a Delaware statutory trust, formerly known as Central Originating
Lease Trust II (“AFLT”), and [                    ], a national banking association, as indenture trustee (as AFLT Indenture Trustee
and not in its individual capacity, the “AFLT Indenture Trustee”). 
 Each party agrees as follows for the benefit of the
other parties and for the equal and ratable benefit of the Holders of the Secured Notes: 
 GRANTING CLAUSE 

AFLT hereby Grants to the AFLT Indenture Trustee, for the equal and ratable benefit of each Holder of a Secured Note, a security interest in,
and its transfer, assignment and conveyance of, without recourse, the following: 
 (a) all right, title and interest of AFLT in, to and
under the Lease Assets listed on the Lease Assets Schedule attached as Schedule A to the Sale and Contribution Agreement, all beneficial interest in the Leased Vehicles related to the Lease Assets under the VAULT Trust Agreement, and all monies due
thereunder on and after the Cutoff Date and with respect to the related Leased Vehicles, to the extent permitted by law, all accessions thereto; 

(b) the interest of AFLT in any proceeds from claims on any physical damage, credit life, credit disability or other insurance policies
covering the Leased Vehicles or Lessees related to the Lease Assets; 
 (c) the interest of AFLT in any proceeds from recourse against
Dealers on the Lease Assets; 
 (d) all right, title and interest of AFLT in, to and under the Lease Assets Assignment; 

(e) all right, title and interest of AFLT in, to and under the VAULT Trust Agreement (solely with respect to the Leased Vehicles related to
Lease Assets); 
 (f) all right, title and interest of AFLT in, to and under any AFLT Transaction Document; 

(g) all right, title and interest of AFLT in, to and under the funds on deposit from time to time in the AFLT Designated Accounts, including
all AFLT Designated Account Property; and 
 (h) the present and future claims, demands, causes and choses in action in respect of any or
all the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash
or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards,
rights to payment of any and every kind and other 

 
forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, and
together with the Direct AFLT Pledge, the “AFLT Collateral”). 
 In addition, to the extent that, notwithstanding the terms
of the VAULT Trust Agreement and the Statutory Trust Act, AFLT is deemed to hold a direct ownership interest in the legal title to any Leased Vehicle related to the Lease Assets (and not merely a beneficial interest in VAULT representing an interest
in the legal title to such Leased Vehicle), AFLT hereby grants, equally and ratably, to each Secured Noteholder a security interest in all of AFLT’s rights in such Leased Vehicle, to secure its obligations under the AFLT Indenture (the assets
pledged under such security interest, the “Direct AFLT Pledge”). The Direct AFLT Pledge shall constitute part of the AFLT Collateral for all purposes hereunder, and each Secured Noteholder, by its acceptance thereof, hereby appoints
the AFLT Indenture Trustee as its agent to act with respect to the Direct AFLT Pledge as it is required to act with respect to the remainder of the AFLT Collateral in accordance with this AFLT Indenture. 

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the
Secured Notes, equally and ratably without prejudice, priority or distinction among the Holders of the Secured Notes and to secure compliance with the provisions of this AFLT Indenture, all as provided in this AFLT Indenture. This AFLT Indenture
constitutes a security agreement under the UCC. 
 The foregoing Grant includes all rights, powers and options (but none of the obligations,
if any) of AFLT under any agreement or instrument included in the AFLT Collateral, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Lease Assets
included in the AFLT Collateral and all other monies payable under the AFLT Collateral, 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 AFLT or otherwise and generally to do and receive anything that AFLT is or may be entitled to do or receive under or with respect to the AFLT Collateral. 

AFLT hereby Grants to CARAT a security interest (the “Junior Security Interest”) in, without recourse, all AFLT Collateral
now owned or at any time hereafter acquired by AFLT or in which AFLT now has or at any time in the future may acquire any right, title or interest, as collateral security for the prompt and complete payment when due (whether at the stated maturity,
by acceleration or otherwise) of the CARAT Collection Account Shortfall Amounts. Notwithstanding the foregoing, CARAT agrees that, until such time (such time being the “Senior Repayment Time”) as all principal of and interest on the
Secured Notes (“Senior Secured Obligations”) shall have been paid in full, CARAT (1) shall have no right by reason of the Junior Security Interest to exercise any right, remedy or power with respect to any portion of the AFLT
Collateral, except that CARAT shall be entitled to take such actions as it may deem necessary or desirable to assert or defend the existence, validity, perfection and second priority of the Junior Security Interest and the right of CARAT to the AFLT
Collateral following the Senior Repayment Time, (2) shall be fully subordinate to the right, title and interest of the Secured Noteholders and the AFLT Indenture Trustee in and to the AFLT Collateral, notwithstanding the date, manner or order
of grant, attachment or perfection of any lien on the AFLT Collateral, and 

  
 2 

 
notwithstanding any provision of the UCC or any other applicable law or the provisions of any AFLT Transaction Document or any other circumstance whatsoever, (3) agrees not to accept any
direct payment or distribution of any kind (whether in cash or property) in respect of the AFLT Collateral so long as any Senior Secured Obligations remain outstanding or the Secured Noteholders or the AFLT Indenture Trustee has any right, title or
interest in the AFLT Collateral, (4) waives all notice of subordination and consents to reliance by the AFLT Indenture Trustee and the Secured Noteholders upon its agreements in this Section, (5) waives any right to require the AFLT
Indenture Trustee to marshal any property (including the AFLT Collateral) before enforcing its rights under the AFLT Indenture or under any portion of the AFLT Collateral and (6) shall not contest the validity, perfection, priority or
enforceability of the lien or security interest of the AFLT Indenture Trustee in the AFLT Collateral created under the AFLT Indenture (this paragraph, the “Junior Security Interest Paragraph”). 

Furthermore, on the Closing Date, VAULT shall grant a security interest in the VAULT Pledged Collateral to each Secured Noteholder, to the
extent set forth in the VAULT Security Agreement. The VAULT Pledged Collateral shall constitute part of the AFL Trust Estate for all purposes hereunder, and each Secured Noteholder, by its acceptance thereof, hereby appoints the AFLT Indenture
Trustee as its agent to act with respect to the VAULT Pledged Collateral as it is required to act with respect to the remainder of the AFL Trust Estate in accordance with this AFLT Indenture. 

The Holders of the Secured Notes shall enjoy solely the security of the AFL Trust Estate and shall have no recourse to the assets included in
the Series Portfolio securing any other Series of Secured Notes or any other assets of AFLT. 
 The AFLT Indenture Trustee, as indenture
trustee on behalf of each Holder of the Secured Notes, acknowledges such Grant and accepts the trusts under this AFLT Indenture in accordance with the provisions of this AFLT Indenture. 

ARTICLE I 
 DEFINITIONS
AND RULES OF CONSTRUCTION 
 SECTION 1.1 Definitions; Rules of Construction. Capitalized terms used in this AFLT Indenture but
not defined herein are defined in and shall have the meanings assigned to them in Part I of Appendix A to the Trust Sale and Administration Agreement, dated as of             ,
20     (as amended from time to time, the “Trust Sale and Administration Agreement”), by and among Capital Auto Receivables LLC (“CARI”), Ally Financial Inc. and Capital Auto Receivables Asset
Trust 20    -SN  , or, if not defined therein, shall have the meanings assigned to them in the AFLT Program Definitions set forth in Part I of Exhibit I to the Declaration of Trust, dated as of March 23, 2012,
as amended by Amendment No. 1 to Declaration of Trust, dated as of December 19, 2013 (as may be further amended, modified or supplemented from time to time, the “Declaration of Trust”), by Deutsche Bank Trust Company
Delaware, as AFLT Owner Trustee, and acknowledged, accepted and agreed by Central Originating Lease II LLC (“COL II LLC”), as Residual Certificateholder. All references herein to Articles, Sections, subsections and exhibits are to
Articles, Sections, subsections and exhibits of this AFLT Indenture unless otherwise specified. All terms defined in this AFLT Indenture shall have the defined meanings when used in any certificate, notice, Secured Note or other

  
 3 

 
document made or delivered pursuant hereto unless otherwise defined therein. The rules of construction set forth in Part II of Appendix A to the Trust Sale and Administration Agreement shall be
applicable to this AFLT Indenture. 
 SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this AFLT Indenture
refers to a provision of the TIA, such provision is incorporated by reference in and made a part of this AFLT Indenture. The following TIA terms used in this AFLT Indenture have the following meanings: 

“Commission” means the Securities and Exchange Commission; 

“indenture securities” means the Secured Notes; 

“indenture security holder” means a Secured Noteholder; 

“indenture to be qualified” means this AFLT Indenture; 

“indenture trustee” means the AFLT Indenture Trustee; 

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

All other TIA terms used in this AFLT Indenture that are defined by the TIA, defined by reference to another statute or defined by a
Commission rule have the respective meanings assigned to them by such definitions. 
 ARTICLE II 

THE SECURED NOTES 
 SECTION
2.1 Form. 
 (a) Each Secured Note, together, in each case, with the AFLT Indenture Trustee’s certificate of authentication,
shall be substantially in the form set forth in Exhibit A, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this AFLT Indenture, and such Secured Notes may have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined to be appropriate by the officers executing such Secured Notes, as evidenced by their execution of the
Secured Notes, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which such Secured Notes may be listed or to conform to usage. Any portion of
the text of any Secured Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Secured Note. The Secured Notes shall be secured by the AFL Trust Estate as set forth in this AFLT Indenture. 

(b) The Secured 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 Secured Notes, as evidenced by their execution of such Secured Notes. 

  
 4 

 (c) Each Secured Note shall be issued in the initial Secured Note Principal Balance set forth on
the face thereof, which shall each be equal to 50% of the product of (x) the Secured Note Percentage and (y) the sum of the Initial ABS Values of the Lease Assets (with respect to each Secured Note, the “Initial Secured Note
Principal Balance”). 
 (d) The terms of the Secured Notes as provided for in Exhibit A are part of the terms of this AFLT
Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. 

(a) Each Secured Note shall be dated the date of its authentication and shall be issuable as a registered Secured Note. 

(b) The Secured Notes shall be executed on behalf of AFLT by any of its Authorized Officers. The signature of any such Authorized Officer on
the Secured Notes may be manual or facsimile. 
 (c) Secured Notes bearing the manual or facsimile signature of individuals who were at any
time Authorized Officers of AFLT shall bind AFLT, notwithstanding that such individuals or any of them have ceased to hold such office prior to the authentication and delivery of such Secured Notes or did not hold such office at the date of such
Secured Notes. 
 (d) The AFLT Indenture Trustee, in exchange for the Grant of the AFLT Collateral, simultaneously with the Grant to the
AFLT Indenture Trustee of the AFLT Collateral, and the constructive delivery to the AFLT Indenture Trustee of the Lease Assets and the other components and assets of the AFLT Collateral, shall cause to be authenticated and delivered to or upon the
order of AFLT, the Secured Notes. 
 (e) No Secured Notes shall be entitled to any benefit under this AFLT Indenture or be valid or
obligatory for any purpose, unless there appears on such Secured Note a certificate of authentication substantially in the form set forth in Exhibit A executed by the AFLT Indenture Trustee by the manual signature of one of its Authorized
Officers, and such certificate upon any Secured Note shall be conclusive evidence, and the only evidence, that such Secured Note has been duly authenticated and delivered hereunder. 

SECTION 2.3 Registration; Registration of Transfer and Exchange of Secured Notes. 

(a) AFLT shall cause to be kept the Secured Note Register, in the form attached hereto as Exhibit D, comprising separate registers for
each of the Secured Notes, in which, subject to such reasonable regulations as AFLT may prescribe, AFLT shall provide for the registration of the Secured Notes and the registration of transfers and exchanges of the Secured Notes. The AFLT Indenture
Trustee shall initially be the Secured Note Registrar for the purpose of registering the Secured Notes and transfers or exchanges of the Secured Notes as herein provided. Upon any resignation of any Secured Note Registrar, AFLT shall promptly
appoint a successor Secured Note Registrar or, if it elects not to make such an appointment, assume the duties of the Secured Note Registrar. 

  
 5 

 (b) If a Person other than the AFLT Indenture Trustee is appointed by AFLT as Secured Note
Registrar, AFLT will give the AFLT Indenture Trustee prompt written notice of the appointment of such Secured Note Registrar and of the location, and any change in the location, of the Secured Note Register. The AFLT Indenture Trustee shall have the
right to inspect the Secured Note Register at all reasonable times and to obtain copies thereof. The AFLT Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Secured Note Registrar by a Responsible Officer
thereof as to the names and addresses of the Secured Noteholders and the Secured Note Principal Balances and number of such Secured Notes. 

(c) Upon surrender for registration of transfer of any Secured Note at the Corporate Trust Office of the AFLT Indenture Trustee or Agency
Office of AFLT (and following the delivery, in the former case, of such Secured Notes to AFLT by the AFLT Indenture Trustee), AFLT shall execute, the AFLT Indenture Trustee shall authenticate and the Secured Noteholder shall obtain from the AFLT
Indenture Trustee, in the name of the designated transferee or transferees, one or more new Secured Notes in any authorized denominations, of a like Secured Note Principal Balance. 

(d) At the option of the Secured Noteholder, Secured Notes may be exchanged for other Secured Notes in any authorized denominations, of a like
Secured Note Principal Balance, upon surrender of such Secured Notes to be exchanged at the Corporate Trust Office of the AFLT Indenture Trustee or the Agency Office of AFLT (and following the delivery of such Secured Notes to AFLT by the AFLT
Indenture Trustee), AFLT shall execute, and the AFLT Indenture Trustee shall authenticate and the Secured Noteholder shall obtain from the AFLT Indenture Trustee, such Secured Notes which the Secured Noteholder making the exchange is entitled to
receive. 
 (e) All Secured Notes issued upon any registration of transfer or exchange of other Secured Notes shall be the valid obligations
of AFLT, evidencing the same debt, and entitled to the same benefits under this AFLT Indenture, as the Secured Notes surrendered upon such registration of transfer or exchange. 

(f) Every Secured 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 AFLT Indenture Trustee and the Secured Note Registrar, duly executed by the Holder thereof or such Holder’s attorney in fact duly authorized in writing, with such signature guaranteed
by a commercial bank or trust company located, or having a correspondent located, in The City of New York or the city in which the Corporate Trust Office of the AFLT Indenture Trustee is located, or by a member firm of a national securities
exchange, and such other documents as the AFLT Indenture Trustee may require. 
 (g) No service charge shall be made to a Holder for any
registration of transfer or exchange of Secured Notes, but AFLT or the AFLT 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 Secured Notes, other than exchanges pursuant to Section 9.6 not involving any transfer. 

  
 6 

 (h) By acquiring a Secured Note or any interest therein, each purchaser and transferee shall be
deemed to represent and warrant that either (a) it is not acquiring the Secured Note with the plan assets of a Benefit Plan or other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the
Code or (b) the acquisition and holding of the Secured Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law.

 (i) The preceding provisions of this Section 2.3 notwithstanding, AFLT shall not be required to transfer or make exchanges,
and the Secured Note Registrar need not register transfers or exchanges, of (i) Secured Notes that have been selected for redemption pursuant to Article X, if applicable, (ii) Secured Notes that are due for final payment within
fifteen (15) days of submission to the Corporate Trust Office or the Agency Office, or (iii) Secured Notes if Section 2.11 shall not have been complied with in connection with any transfer or exchange thereof. 

SECTION 2.4 Mutilated, Destroyed, Lost or Stolen Secured Notes. 

(a) If (i) any mutilated Secured Note is surrendered to the AFLT Indenture Trustee, or the AFLT Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Secured Note, and (ii) there is delivered to AFLT and the AFLT Indenture Trustee such security or indemnity as may be required by each such Person to hold each such Person harmless, then, in
the absence of notice to AFLT, the Secured Note Registrar or the AFLT Indenture Trustee that such Secured Note has been acquired by a protected purchaser, AFLT shall execute and upon AFLT’s request the AFLT Indenture Trustee shall authenticate
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Secured Note, a replacement Secured Note of a like Secured Note Principal Balance; provided, however, that if any such destroyed, lost or stolen
Secured Note, but not a mutilated Secured Note, shall have become or within seven (7) days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Secured Note, AFLT may make payment to the Holder of
such destroyed, lost or stolen Secured Note when so due or payable or upon the Redemption Date, if applicable, without surrender thereof. 

(b) If, after the delivery of a replacement Secured Note or payment in respect of a destroyed, lost or stolen Secured Note pursuant to
Section 2.4(a), a protected purchaser of the original Secured Note in lieu of which such replacement Secured Note was issued presents for payment such original Secured Note, AFLT and the AFLT Indenture Trustee shall be entitled to
recover such replacement Secured Note (or such payment) from (i) any Person to whom it was delivered, (ii) the Person taking such replacement Secured Note from the Person to whom such replacement Secured Note was delivered; or
(iii) any assignee of such Person, except a protected purchaser, and AFLT and the AFLT Indenture Trustee shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred
by AFLT or the AFLT Indenture Trustee in connection therewith. 
 (c) In connection with the issuance of any replacement Secured Note under
this Section 2.4, AFLT may require the payment by the Holder of such Secured 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 all
fees and expenses of the AFLT Indenture Trustee) connected therewith. 

  
 7 

 (d) Any duplicate Secured Note issued pursuant to this Section 2.4 in replacement for
any mutilated, destroyed, lost or stolen Secured Note shall constitute an original additional contractual obligation of AFLT, whether or not the mutilated, destroyed, lost or stolen Secured Note shall be found at any time or be enforced by any
Person, and shall be entitled to all the benefits of this AFLT Indenture equally and proportionately with any and all other Secured Notes duly issued hereunder. 

(e) The provisions of this Section 2.4 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 Secured Notes. 
 SECTION 2.5 Payment of Principal and
Interest. 
 (a) Each Secured Note shall accrue interest from and including the Closing Date on the Secured Note Principal Balance of
such Secured Note, until but excluding the date on which the Secured Note Principal Balance of such Secured Note is reduced to zero. Interest shall accrue on each Secured Note at the Secured Note Rate. On each Distribution Date, each Secured Note
shall be paid interest in an amount equal to the Secured Note Interest Distributable Amount payable to such Secured Note in accordance with Section 3.03(c)(ii) of the Servicing Agreement on such Distribution Date. Any installment of
interest payable on the Secured Notes shall be punctually paid or duly provided for with funds set aside in the AFLT Collection Account on the applicable Distribution Date and shall be paid to the Person in whose name such Secured Note is registered
in the Secured Note Register on the applicable Record Date, by wire transfer in immediately available funds to the account or accounts designated in writing by such Holder to the AFLT Indenture Trustee on or prior to the related Record Date. [For so
long as the CARAT Indenture Trustee is the Person in whose name a Secured Note is registered, such account shall be the CARAT Collection Account.] 

(b) To the extent of funds available therefor, the outstanding principal amount of each Secured Note shall be paid in installments on each
Distribution Date, in the amounts and in accordance with the priorities set forth in Section 3.03(c)(iii) of the Servicing Agreement. The outstanding principal amount of the Secured Notes shall be due and payable in full on the Final
Maturity Date. All principal payments on the Secured Notes shall be made pro rata to the Secured Noteholders, as provided in Section 3.03(c)(iii) of the Servicing Agreement. Any installment of principal payable on any Secured Note shall
be punctually paid or duly provided for with funds set aside in the AFLT Collection Account established with respect to the Lease Assets on the applicable Distribution Date and shall be paid to the Person in whose name such Secured Note is
registered in the Secured Note Register on the applicable Record Date by wire transfer in immediately available funds to the account or accounts designated by such Holder on or prior to the related Record Date, except for the Redemption Price for
the Secured Notes redeemed pursuant to Section 10.1, which shall be payable as provided herein. [For so long as the CARAT Indenture Trustee is the Person in whose name a Secured Note is registered, such account shall be the CARAT
Collection Account.] The funds represented by any such wire transfers in respect of interest or principal returned undelivered shall be held in accordance with Section 3.3. 

  
 8 

 (c) From and after the occurrence of an Event of Default and a declaration in accordance with
Section 5.2(a) that the Secured Notes have become immediately due and payable, until such time as all Events of Default have been cured or waived as provided in Section 5.2(b), all interest and principal payments shall be
allocated pro rata among the Holders of all of the Secured Notes on the basis of the Secured Note Principal Balances of Secured Notes held by such Holders. 

(d) With respect to any Distribution Date on which the final installment of principal and interest on a Secured Note is to be paid, the AFLT
Indenture Trustee on behalf of AFLT shall notify each Secured Noteholders of record as of the Record Date for such Distribution Date of the fact that the final installment of principal and interest on such Secured Note is to be paid on such
Distribution Date. With respect to any Secured Notes, such notice shall be sent not later than three (3) Business Days after such Record Date in accordance with Section 11.5(a), and shall specify that such final installment shall be
payable only upon presentation and surrender of such Secured Note and shall specify the place where such Secured Note may be presented and surrendered for payment of such installment and the manner in which such payment shall be made. 

(e) All payments of principal and interest on the Secured Notes and the CARAT Collection Account Shortfall Amounts shall be made by the AFLT
Indenture Trustee from the AFLT Collection Account solely pursuant to the calculations and written direction of the Servicer in accordance with Section 3.03(a) of the Servicing Agreement. 

SECTION 2.6 Persons Deemed Secured Noteholders. Prior to due presentment for registration of transfer of any Secured Note, AFLT, the
AFLT Indenture Trustee and any agent of AFLT or the AFLT Indenture Trustee shall treat the Person in whose name any Secured Note is registered in the Secured Note Register (as of the day of determination) as the Secured Noteholder for the purpose of
receiving payments of principal of and interest on such Secured Note and for all other purposes whatsoever, whether or not such Secured Note be overdue, and neither AFLT, the AFLT Indenture Trustee nor any agent of AFLT or the AFLT Indenture Trustee
shall be affected by notice to the contrary. 
 SECTION 2.7 Cancellation of Secured Notes. All Secured Notes surrendered for payment,
redemption, exchange or registration of transfer shall, if surrendered to any Person other than the AFLT Indenture Trustee, be delivered to the AFLT Indenture Trustee and shall be promptly canceled by the AFLT Indenture Trustee. AFLT may at any time
deliver to the AFLT Indenture Trustee for cancellation any Secured Notes previously authenticated and delivered hereunder which the Issuing Entity may have acquired in any manner whatsoever, and all Secured Notes so delivered shall be promptly
canceled by the AFLT Indenture Trustee. No Secured Notes shall be authenticated in lieu of or in exchange for any Secured Notes canceled as provided in this Section 2.7, except as expressly permitted by this AFLT Indenture. All canceled
Secured Notes may be held or disposed of by the AFLT Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless AFLT shall direct by an AFLT Order that they be destroyed or returned to it;
provided, however, that such AFLT Order is 

  
 9 

 
timely and the Secured Notes have not been previously disposed of by the AFLT Indenture Trustee. The AFLT Indenture Trustee shall certify to AFLT upon request that surrendered Secured Notes have
been duly canceled and retained or destroyed, as the case may be. 
 SECTION 2.8 Release of AFL Trust Estate. The AFLT Indenture
Trustee shall not release property from the Lien of this AFLT Indenture and the VAULT Security Agreement, other than as permitted by Sections 3.20, 8.4 and 11.1, and then only upon receipt of an AFLT Request accompanied by an Officer’s
Certificate, an Opinion of Counsel (to the extent required by the TIA) and Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1). 

SECTION 2.9 Seller, CARI, the Issuing Entity and the CARAT Indenture Trustee as Secured Noteholders. Each of the Seller, CARI, the
Issuing Entity and the CARAT Indenture Trustee, in their individual or any other capacity, may become the owner or pledgee of Secured Notes and may otherwise deal with AFLT or its affiliates with the same rights it would have if it were not the
Seller or the CARAT Indenture Trustee, as applicable, or, with respect to CARI or the Issuing Entity, an Affiliate of the Seller. 
 SECTION
2.10 Tax Treatment. [AFLT and the AFLT Indenture Trustee, by entering into this AFLT Indenture, and the Secured Noteholders, by acquiring any Secured Note or interest therein, unless otherwise required by appropriate taxing authorities,
(i) express their intention that the Secured Notes qualify under applicable tax law as indebtedness secured by the AFL Trust Estate and (ii) agree to treat the Secured Notes as indebtedness secured by the AFL Trust Estate for the purpose
of federal income taxes, state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income.] 

SECTION 2.11 Private Placement of Secured Notes. 

(a) None of the Secured Notes has been or will be registered under the Securities Act, or the securities laws of any other jurisdiction.
Consequently, the Secured Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions specified herein. The Secured Notes or an interest in the
Secured Notes are being sold in a private placement pursuant to Section 4(2) of the Securities Act on the date hereof. Thereafter, no further sale, pledge or other transfer of any Secured Note (or interest therein) may be made by any Person
unless either (i) such sale, pledge or other transfer is made to an institutional investor that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act (an
“Institutional Accredited Investor”), that executes a certificate, in the form attached hereto as Exhibit B or otherwise in form and substance satisfactory to the AFLT Indenture Trustee and the Servicer, to the effect that
(A) it is an Institutional 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 Institutional Accredited Investors unless the holder is a bank acting in
its fiduciary capacity) that, if so requested by the Servicer or the AFLT Indenture Trustee, executes a certificate in the form of Exhibit B, and (B) it is aware that the transferor of such Secured Note intends to rely on the exemption
from the registration requirements of the Securities Act provided by Rule 501 under the Securities Act, (ii) so long as such Secured Note is eligible for resale pursuant to Rule 144A under the Securities Act (“Rule 144A”), such
sale, pledge or other transfer is made to a “qualified institutional buyer” as defined in Rule 144A (a “Qualified Institutional Buyer”), that 

  
 10 

 
executes a certificate, in the form attached hereto as Exhibit B or otherwise in form and substance satisfactory to the AFLT Indenture Trustee and the Servicer, to the effect that
(A) it is a Qualified Institutional Buyer acting for its own account or the accounts of other Qualified Institutional Buyers, and (B) it is aware that the transferor of such Secured Note intends to rely on the exemption from the
registration requirements of the Securities Act provided by Rule 144A, or (iii) such sale, pledge or other transfer is made in a transaction otherwise exempt from the registration requirements of the Securities Act, in which case (A) the
AFLT Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the AFLT Indenture Trustee and the Servicer in writing the facts surrounding such transfer, which certification shall be in form and
substance satisfactory to the AFLT Indenture Trustee and the Servicer, and (B) the AFLT Indenture Trustee shall require a written opinion of counsel (which shall not be at the expense of the AFLT Indenture Trustee) satisfactory to the Servicer
and the AFLT Indenture Trustee to the effect that such transfer will not violate the Securities Act. Neither the Servicer nor the AFLT Indenture Trustee shall register any of the Secured Notes under the Securities Act, qualify any of the Secured
Notes under the securities laws of any State or provide registration rights to any purchaser or holder thereof. 
 (b) Each Secured Note
shall bear a legend to the effect set forth in Section 2.11(a) above. 
 ARTICLE III 

COVENANTS 
 SECTION 3.1
Payment of Principal and Interest and Other Amounts. AFLT shall duly and punctually pay the principal of and interest on the Secured Notes and the CARAT Collection Account Shortfall Amount in accordance with the terms of the AFLT Transaction
Documents. On each Distribution Date and on the Redemption Date (if applicable), AFLT shall cause amounts on deposit in the AFLT Collection Account to be paid to the Secured Noteholders in accordance with Sections 2.5 and 8.2 and with
Section 3.03 of the Servicing Agreement, less amounts properly withheld under the Code by any Person from a payment to any Secured Noteholder of interest or principal. Any amounts so withheld shall be considered as having been paid by AFLT to
such Secured Noteholder for all purposes of this AFLT Indenture. 
 SECTION 3.2 Maintenance of Agency Office. As long as any of the
Secured Notes remains outstanding, AFLT shall maintain in the Borough of Manhattan, The City of New York, an office (the “Agency Office”), being an office or agency where Secured Notes may be surrendered to AFLT for registration of
transfer or exchange, and where notices and demands to or upon AFLT in respect of the Secured Notes and this AFLT Indenture may be served. AFLT hereby initially appoints the AFLT Indenture Trustee to serve as its agent for the foregoing purposes.
AFLT shall give prompt written notice to the AFLT Indenture Trustee of the location, and of any change in the location, of the Agency Office. If at any time AFLT shall fail to maintain any such office or agency or shall fail to furnish the AFLT
Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the AFLT Indenture Trustee, and AFLT hereby appoints the AFLT Indenture Trustee as its agent to receive all such
surrenders, notices and demands. 

  
 11 

 SECTION 3.3 Money for Payments to Be Held in Trust. 

(a) As provided in Section 8.2(a) and (b), all payments of amounts due and payable with respect to any Secured Notes that
are to be made from amounts withdrawn from the AFLT Collection Account pursuant to Section 3.03 of the Servicing Agreement shall be made on behalf of AFLT by the AFLT Indenture Trustee or by another Paying Agent, and no amounts so
withdrawn from the AFLT Collection Account for payments of such Secured Notes shall be paid over to AFLT except as provided in this Section 3.3. 

(b) On or before the Redemption Date, AFLT shall cause the Servicer to deposit into the AFLT Collection Account, pursuant to
Section 7.01 of the Servicing Agreement, the Optional Purchase Price. On or before each Distribution Date, AFLT shall deposit or cause to be deposited in the AFLT Collection Account, pursuant to Section 3.03(b) of the
Servicing Agreement, an aggregate sum sufficient to pay the amounts then becoming due with respect to the Secured Notes and the CARAT Collection Account Shortfall Amount, such sum to be held in trust for the benefit of the Persons entitled thereto.

 (c) AFLT shall cause each Paying Agent other than the AFLT Indenture Trustee to execute and deliver to the AFLT Indenture Trustee an
instrument in which such Paying Agent shall agree with the AFLT Indenture Trustee (and if the Servicer acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 3.3, that such Paying Agent shall: 

(i) hold all sums held by it for the payment of amounts due with respect to the Secured 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 AFLT Indenture Trustee notice of any default by AFLT (or any other obligor upon the Secured Notes) of which it has actual
knowledge in the making of any payment required to be made with respect to the Secured Notes; 
 (iii) at any time during the continuance
of any such default, upon the written request of the AFLT Indenture Trustee, forthwith pay to the AFLT Indenture Trustee all sums so held in trust by such Paying Agent; 

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

(v) comply with all requirements of the Code (and any corresponding provision of State, local, and non-U.S. tax law) with respect to the
withholding from any payments made by it on the Secured Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 

(d) AFLT may at any time, for the purpose of obtaining the satisfaction and discharge of this AFLT Indenture or for any other purpose, by an
AFLT Order direct any Paying Agent to pay to the AFLT Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the AFLT Indenture Trustee upon the same trusts as those upon which the

  
 12 

 
sums were held by such Paying Agent; and upon such payment by any Paying Agent to the AFLT Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such
money. 
 (e) Subject to applicable laws with respect to escheat of funds, any distribution to any Secured Noteholder returned to the AFLT
Indenture Trustee or any Paying Agent for any reason, held by the AFLT Indenture Trustee or such Paying Agent in trust for the payment of any amount due with respect to any Secured Note and remaining unclaimed for one year after such amount has
become due and payable shall be discharged from such trust and be paid to AFLT by the AFLT Indenture Trustee or such Paying Agent to AFLT upon receipt of an AFLT Request; and such Secured Noteholder shall thereafter, as an unsecured general
creditor, look only to AFLT for payment thereof (but only to the extent of the amounts so paid to AFLT), and all liability of the AFLT Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided,
however, that the AFLT Indenture Trustee or such Paying Agent, before being required to make any such payment, may at the expense of AFLT 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 thirty (30) days from the date of such publication, any
unclaimed balance of such money then remaining shall be paid to AFLT. The AFLT Indenture Trustee may also adopt and employ, at the expense of AFLT, any other reasonable means of notification of such payment (including mailing notice of such
repayment of any Secured Noteholder whose right to or interest in monies due and payable but not claimed is determinable from the records of the Secured Note Registrar, at the last address of record for each Secured Noteholder). 

SECTION 3.4 Existence. AFLT shall 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 trust hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case AFLT shall keep in full effect its existence, rights and franchises
under the laws of such other jurisdiction) and shall 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 AFLT Indenture,
the Secured Notes, the AFLT Collateral and each other instrument or agreement included in the AFL Trust Estate. 
 SECTION 3.5 Protection
of AFL Trust Estate; Acknowledgment of Pledge. 
 (a) AFLT shall from time to time execute and deliver all such supplements and
amendments hereto and authorize or execute, as applicable, and deliver all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or advisable to: 

(i) maintain or preserve the Lien (and the priority thereof) of this AFLT Indenture or carry out more effectively the purposes hereof,
including by making the necessary filings of financing statements or amendments thereto within sixty (60) days after the occurrence of any of the following and by promptly notifying the AFLT Indenture Trustee in writing of any such filings:
(A) any change in AFLT’s true legal name or any of its trade names, (B) any change in the location of AFLT’s jurisdiction of organization, (C) any merger or 

  
 13 

 
consolidation or other change in AFLT’s identity or organizational structure or jurisdiction of organization in which AFLT is located for purposes of the UCC and (D) any other change or
occurrence that would make any financing statement or amendment thereto seriously misleading within the meaning of Section 9-506 of the UCC; 

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

(iii) enforce the rights of the AFLT Indenture Trustee and the Secured Noteholders in the AFL Trust Estate; or 

(iv) preserve and defend title to the AFL Trust Estate and the rights of the AFLT Indenture Trustee and the Secured Noteholders in such AFL
Trust Estate against the claims of all Persons and parties; 
 and AFLT hereby designates the AFLT Indenture Trustee its agent and attorney-in-fact to
authorize and execute any financing statement, continuation statement or other instrument required pursuant to this Section 3.5. 

(b) AFLT hereby authorizes the AFLT Indenture Trustee to file all financing statements, continuation statements or other instruments naming
AFLT as debtor that are necessary or advisable to perfect, make effective or continue the lien and security interest of this AFLT Indenture and the VAULT Security Agreement with respect to the AFL Trust Estate, and authorizes the AFLT Indenture
Trustee to take any such action without its signature. 
 SECTION 3.6 Opinions as to AFLT Collateral. 

(a) On the Closing Date, AFLT shall furnish to the AFLT Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the authorization and filing of any financing statements and continuation statements as are necessary to perfect and make effective the Lien of this AFLT Indenture and reciting the details of such
action, or stating that, in the opinion of such counsel, no such action is necessary to make such Lien effective. 
 (b) On or before
March 15 in each calendar year, beginning March 15, 20     (or, if such date is not a Business Day, the next succeeding Business Day), AFLT shall furnish to the AFLT Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with respect to the authorization and filing of any financing statements and continuation statements as is necessary to maintain the Lien created by this AFLT Indenture and
reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the Lien created by this AFLT Indenture. Such Opinion of Counsel shall also describe the authorization and filing of any
financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the Lien of this AFLT Indenture until March 15 in the following calendar year. 

  
 14 

 SECTION 3.7 Performance of Obligations; Servicing of Lease Assets. 

(a) AFLT shall not take any action and shall use its reasonable 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 AFL 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 otherwise expressly provided in this AFLT Indenture, any other AFLT Transaction Document or such other instrument or agreement. 

(b) AFLT may contract with other Persons to assist it in performing its duties under this AFLT Indenture, and any performance of such duties
by a Person identified to the AFLT Indenture Trustee in the AFLT Transaction Documents or an Officer’s Certificate of AFLT shall be deemed to be action taken by AFLT. Initially, AFLT has contracted with the Servicer to assist AFLT in performing
its duties under this AFLT Indenture. No such delegation shall relieve AFLT of its responsibilities with respect to such duties. 
 (c) AFLT
shall punctually perform and observe all of its obligations and agreements contained in this AFLT Indenture, any other AFLT Transaction Documents and in the instruments and agreements included in the AFL Trust Estate, including filing or causing to
be filed all UCC financing statements and continuation statements required to be filed under the terms of this AFLT Indenture and any other AFLT Transaction Document in accordance with and within the time periods provided for herein or therein. 

(d) If AFLT shall have knowledge of the occurrence of a Servicer Default under the Servicing Agreement, AFLT shall promptly (and in any event
within five (5) Business Days) notify the AFLT Indenture Trustee and the Secured Noteholders and the Rating Agencies (if any Rated Notes are outstanding) in writing thereof, and shall specify in such notice the response or action, if any, AFLT
has taken or is taking with respect to such default. If any such Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Servicing Agreement with respect to the Lease Assets, AFLT and the
AFLT Indenture Trustee shall take all reasonable steps available to them pursuant to the Servicing Agreement (with respect to the AFLT Indenture Trustee, in accordance with Section 6.2(h) of this AFLT Indenture) to remedy such failure.

 (e) Without derogating from the absolute nature of the assignment granted under this AFLT Indenture with respect to the AFLT Collateral
and under the VAULT Security Agreement with respect to the VAULT Pledged Collateral or the rights of the AFLT Indenture Trustee and the Secured Noteholders hereunder or under the VAULT Security Agreement, AFLT agrees, except as set forth in the
Transaction Documents, that it shall not, without the prior written consent of the AFLT Indenture Trustee and the Secured Noteholders, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement,
termination, waiver or surrender of, the terms of any assets included in the AFL Trust Estate or waive timely performance or observance by any party under any of the AFLT Transaction Documents. 

  
 15 

 SECTION 3.8 Negative Covenants. 

So long as any Secured Notes are Outstanding, AFLT shall not: 

(a) sell, transfer, exchange or otherwise dispose of any of the properties or assets included in the AFL Trust Estate, except AFLT may cause
the Servicer to: (i) collect, liquidate, sell or otherwise dispose of AFLT’s interest in the Lease Assets (including any Warranty Lease Assets, Administrative Lease Assets, and Liquidating Lease Assets, and any related Leased Vehicles);
(ii) make cash payments out of the AFLT Designated Accounts and Payment Ahead Servicing Account; and (iii) take other actions, in each case as permitted by the AFLT Transaction Documents; 

(b) claim any credit on, or make any deduction from the principal and interest payable in respect of Secured Notes (other than amounts
withheld from such payments under the Code or applicable State, local or non-U.S. tax law) or assert any claim against any present or former Secured Noteholder by reason of the payment of the taxes levied or assessed upon any part of the AFL Trust
Estate; 
 (c) voluntarily commence any insolvency, readjustment of debt, marshaling of assets and liabilities or other proceeding, or apply
for an order by a court or agency or supervisory authority for the winding-up or liquidation of its affairs or any other event specified in Section 5.1(f); or 

(d) either (i) permit the validity or effectiveness of this AFLT Indenture or any other AFLT Transaction Documents to be impaired, or
permit the Lien of this AFLT Indenture in the related AFLT Collateral or the Lien of the VAULT Security Agreement in the VAULT Pledged Collateral to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be
released from any covenants or obligations with respect to the Secured Notes under this AFLT Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than the Lien of this AFLT Indenture in the AFLT Collateral and the
Lien of the VAULT Security Agreement in the VAULT Pledged Collateral) to be created on or extend to or otherwise arise upon or burden the AFL Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens,
mechanics’ liens and other liens that arise by operation of law, in each case on a Leased Vehicle and arising solely as a result of an action or omission of the related Obligor) or (iii) permit the Lien of this AFLT Indenture not to
constitute a valid first priority perfected security interest in the AFLT Collateral or the Lien of the VAULT Security Agreement not to constitute a valid first priority perfected security interest in the VAULT Pledged Collateral (in each case,
other than with respect to any such tax, mechanics’ or other lien that arises by operation of law). 
 SECTION 3.9 Annual Statement
as to Compliance. Until the Secured Notes have been paid in full, AFLT shall deliver to the AFLT Indenture Trustee and the Secured Noteholders, on or before March 15 of each year, beginning March 15, 20     (or, if
such date is not a Business Day, the next succeeding Business Day), an Officer’s Certificate signed by an Authorized Officer of AFLT, dated as of December 31 of the preceding year, stating that: 

(a) a review of the activities of AFLT during the preceding 12-month period (or, with respect to the first such Officer’s Certificate,
such period as shall have elapsed since the Closing Date) and of AFLT’s performance under this AFLT Indenture has been made under such Authorized Officer’s supervision; and 

  
 16 

 (b) to the best of such Authorized Officer’s knowledge, based on such review, AFLT has
fulfilled all of its obligations under this AFLT Indenture throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such Authorized Officer and the nature and status
thereof. 
 SECTION 3.10 Consolidation, Merger, Etc., of Trust; Disposition of Lease Assets. 

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

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

(ii) immediately after giving effect to such merger or consolidation, 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 and such Person; 

(iv) any action as is necessary to maintain the Lien created by this AFLT Indenture in the AFLT Collateral shall have been taken; and 

(v) AFLT shall have delivered to the AFLT Indenture Trustee an Officer’s Certificate and an Opinion of Counsel addressed to AFLT and the
AFLT Indenture Trustee, each stating: 
 (A) that such consolidation or merger and such supplemental indenture comply with
this Section 3.10; 
 (B) that such consolidation or merger and such supplemental indenture shall have no
material adverse tax consequences to AFLT or any Secured Noteholder; and 
 (C) that all conditions precedent herein
provided for in this Section 3.10 have been complied with, which shall include any filing required by the Exchange Act. 
 (b)
Except as otherwise expressly permitted by this AFLT Indenture or any other AFLT Transaction Documents, AFLT shall not sell, convey, exchange, transfer or otherwise dispose of any of the properties or assets included in the AFL Trust Estate to any
Person, unless: 
 (i) the Person that acquires such properties or assets of AFLT (A) shall be a United States citizen or a Person
organized and existing under the laws of the United 

  
 17 

 
States of America or any State and be a U.S. Person and (B) by an indenture supplemental hereto, executed and delivered to the AFLT Indenture Trustee, in form satisfactory to the AFLT
Indenture Trustee: 
 (A) expressly assumes the due and punctual payment of the principal of and interest on all Secured
Notes, any CARAT Collection Account Shortfall Amounts and the performance or observance of every agreement and covenant of this AFLT Indenture on the part of AFLT to be performed or observed, all as provided herein; 

(B) expressly agrees that all right, title and interest so sold, conveyed, exchanged, transferred or otherwise disposed of
shall be subject and subordinate to the rights of Secured Noteholders; 
 (C) unless otherwise provided in such supplemental
indenture, expressly agrees to indemnify, defend and hold harmless AFLT against and from any loss, liability or expense arising under or related to this AFLT Indenture and the Secured Notes; 

(D) expressly agrees 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 Secured 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 and such Person; 
 (iv) any action as is necessary to maintain the
Lien created by this AFLT Indenture in the AFLT Collateral shall have been taken; and 
 (v) AFLT shall have delivered to the AFLT
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel addressed to AFLT, each stating that: 
 (A) such
sale, conveyance, exchange, transfer or disposition and such supplemental indenture comply with this Section 3.10; 

(B) such sale, conveyance, exchange, transfer or disposition and such supplemental indenture have no material adverse tax
consequence to AFLT or to any Secured Noteholder; and 
 (C) all conditions precedent herein provided for in this
Section 3.10 have been complied with, which shall include any filing required by the Exchange Act. 

  
 18 

 SECTION 3.11 Successor or Transferee. 

(a) Upon any consolidation or merger of AFLT in accordance with Section 3.10(a), the Person formed by or surviving such
consolidation or merger (if other than AFLT) shall succeed to, and be substituted for, and may exercise every right and power of, AFLT under this AFLT Indenture and the other AFLT Transaction Documents with the same effect as if such Person had been
named as AFLT herein. 
 (b) Upon a conveyance or transfer of all or substantially all the assets and properties included in the AFLT
Collateral pursuant to Section 3.10(b), AFLT shall be released from every covenant and agreement of this AFLT Indenture and the other AFLT Transaction Documents to be observed or performed on the part of AFLT with respect to the Secured
Notes immediately upon the delivery of written notice to the AFLT Indenture Trustee from the Person acquiring such assets and properties stating that AFLT is to be so released. 

SECTION 3.12 No Other Business. AFLT shall not engage in any business or activity other than acquiring, holding, pledging and managing
the AFL Trust Estate and the proceeds therefrom in the manner contemplated by the AFLT Transaction Documents, issuing Secured Notes and the AFLT Certificate, making payments on Secured Notes and the AFLT Certificate and such other activities that
are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or are otherwise described or set forth in Section 2.3 of the Declaration of Trust. 

SECTION 3.13 No Borrowing. AFLT shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness for money borrowed other than indebtedness for money borrowed in respect of the Secured Notes, money borrowed in respect of any other Series of Secured Notes or otherwise in accordance with the AFLT Transaction Documents including
Section 2.3 of the Declaration of Trust. 
 SECTION 3.14 Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by this AFLT Indenture or the other AFLT Transaction Documents, AFLT shall not make any loan or advance of 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 3.15 Servicer’s Obligations. AFLT shall use its best efforts to cause the Servicer to comply with its obligations under
Sections 2.15, 2.16 and 2.17 of the Servicing Agreement. 
 SECTION 3.16 Capital Expenditures. AFLT shall not
make any expenditure (whether by long-term or operating lease or otherwise) for capital assets (either real, personal or intangible property) other than the purchase of the Lease Assets and other related property and rights from time to time
pursuant to the Sale and Contribution Agreement or, with respect to other Series, to the extent otherwise described or set forth in Section 2.3 of the Declaration of Trust. 

  
 19 

 SECTION 3.17 Restricted Payments. Except for payments of principal or interest on or
redemption of the Secured Notes or payment on the CARAT Collection Account Shortfall Amount, so long as any Secured Notes are Outstanding, AFLT shall not, directly or indirectly: 

(a) pay any dividend or make any distribution from collections received on the AFL Trust Estate (by reduction of capital or otherwise),
whether in cash, property, securities or a combination thereof, to the AFLT Owner Trustee or the AFLT Certificateholder or otherwise, in each case with respect to any ownership or equity interest or similar security in or of the Series 20 -SN
Portfolio or to the Servicer; 
 (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or
similar security of the Series 20    -SN     Portfolio; or 
 (c) set aside or otherwise segregate
any amounts for any such purpose; 
 provided, however, that AFLT may make, or cause to be made (x) distributions to the Servicer, the
AFLT Indenture Trustee, the AFLT Owner Trustee and the AFLT Certificateholder as permitted by, and to the extent funds are available for such purpose under, the AFLT Transaction Documents and (y) distributions from any other Series Portfolio in
accordance with the transaction documents related to such other Series Portfolio. AFLT shall not, directly or indirectly, make payments to or distributions from the AFLT Collection Account except in accordance with the AFLT Transaction Documents.

 SECTION 3.18 Notice of Events of Default. AFLT agrees to give the AFLT Indenture Trustee, each Secured Noteholder and, if any
Rated Notes are outstanding, the Rating Agencies prompt written notice of each Event of Default, each Servicer Default under the Servicing Agreement, each default on the part of the Servicer of its obligations under the AFLT Transaction Documents
and each default on the part of the Seller of its obligations under the Sale and Contribution Agreement. 
 SECTION 3.19 Further
Instruments and Acts. Upon request of the AFLT Indenture Trustee, AFLT shall 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 AFLT
Indenture. 
 SECTION 3.20 AFLT Indenture Trustee’s Release of Lien on Administrative Lease Assets and Warranty Lease Assets and
Sale or Other Distribution of the Related Leased Vehicles. Upon receipt of the Administrative Purchase Payment with respect to any Administrative Lease Asset or the Warranty Payment with respect to any Warranty Lease Asset, in each case into the
AFLT Collection Account on or prior to a Distribution Date, (x) the AFLT Indenture Trustee shall be deemed automatically and without any further action to have released its security interest and all of its other right title and interest in and
Lien under this AFLT Indenture on, such Warranty Lease Asset or such Administrative Lease Asset, as the case may be, all monies due thereon after the last day of the related Monthly Period, the security interest in the related Leased Vehicle and any
and all proceeds, rights and remedies relating thereto; and (y) AFLT shall simultaneously assign and be deemed automatically and without any further action to have assigned, without recourse, representation or warranty, such Warranty Lease
Asset to the 

  
 20 

 
Seller under the Sale and Contribution Agreement, or such Administrative Lease Asset to the Servicer under the Servicing Agreement, as the case may be, all of AFLT’s right, title and
interest in and to such purchased Lease Asset, all monies due thereon after the last day of the related Monthly Period, the security interest in the related Leased Vehicle and any and all proceeds, rights and remedies relating thereto, such
assignment being an assignment outright and not for security; and the Seller or the 
 Servicer, as applicable, shall thereupon own such Lease Asset, and all
such security and documents, free of any further obligation to the AFLT Indenture Trustee, the Secured Noteholders or the AFLT Certificateholder with respect thereto. In addition, the Servicer shall have the right to sell or otherwise dispose of the
Leased Vehicles related to the Lease Assets in accordance with the Servicing Agreement. Upon the sale or other disposition of any such Leased Vehicle by the Servicer, the Lien of the AFLT Indenture Trustee shall be automatically released upon the
Servicer’s receipt of the proceeds of any such sale or liquidation. 
 If in any enforcement suit or legal proceeding it is held that
the Servicer under the Servicing Agreement may not enforce a Lease Asset included in the AFLT Collateral on the ground that it is not a real party in interest or a holder entitled to enforce the Lease Asset, the AFLT Indenture Trustee shall, at the
Servicer’s expense and written direction (which may be by electronic mail or other electronic transmission), take such steps as the Servicer deems necessary to enforce such Lease Asset, including bringing suit in the AFLT Indenture
Trustee’s name or the names of the Secured Noteholders or the AFLT Certificateholder. 
 SECTION 3.21 Representations and Warranties
by AFLT to the AFLT Indenture Trustee. On the Closing Date, AFLT hereby represents and warrants to the AFLT Indenture Trustee as follows: 

(a) Good Title. No interest in any Lease Asset (other than any Administrative Lease Asset, Liquidating Lease Asset or Warranty Lease
Asset or otherwise pursuant to the AFLT Transaction Documents) has been sold, transferred, assigned or pledged by AFLT to any Person other than the AFLT Indenture Trustee as of such Closing Date (except that Ally Financial, as initial holder of the
Secured Notes, has been named as the lienholder and VAULT has been named the legal titleholder on the certificates of title of the related Leased Vehicles); immediately prior to the conveyance of such Lease Assets pursuant to this AFLT Indenture,
AFLT had good and marketable title thereto, free of any Lien; and, upon execution and delivery of this AFLT Indenture, the AFLT Indenture Trustee shall have a Lien on all of the right, title and interest of AFLT in, to and under such Lease Assets,
free of any Lien other than the Lien of this Indenture; and 
 (b) All Filings Made. All filings (including UCC filings) and
notations necessary in any jurisdiction to give the AFLT Indenture Trustee (or, with respect to the Direct AFLT Pledge, each Secured Noteholder) a first priority perfected security interest in the AFLT Collateral have been made. 

SECTION 3.22 Maintenance of Separate Records for Each Series. So long as any Secured Note remains Outstanding and pursuant to
Section 3.2(a) of the Declaration of Trust, AFLT shall maintain separate and distinct records with respect to the Lease Assets and the remainder of the Series 20 -SN Portfolio and the Lease Assets and the remainder of the Series
20    -SN     Portfolio shall be held and accounted for separately from any other Lease Assets allocated to any other Series Portfolio or the Residual Interest. 

  
 21 

 ARTICLE IV 

SATISFACTION AND DISCHARGE 

SECTION 4.1 Satisfaction and Discharge of AFLT Indenture. This AFLT Indenture shall cease to be of further effect except as to:
(i) rights of registration of transfer and exchange; (ii) substitution of mutilated, destroyed, lost or stolen Secured Notes; (iii) rights of Secured Noteholders to receive payments of principal thereof and interest thereon;
(iv) Sections 3.3, 3.4, 3.5, 3.6, 3.10, 3.12, 3.13, 3.18, 3.20 and 11.16; (v) the rights, obligations and immunities of the AFLT Indenture Trustee hereunder (including
the rights of the AFLT Indenture Trustee under Section 6.7 and the obligations of the AFLT Indenture Trustee under Sections 4.2 and 4.4); and (vi) the rights of Secured Noteholders as beneficiaries hereof with respect
to the property so deposited with the AFLT Indenture Trustee payable to all or any of them, and the AFLT Indenture Trustee, on demand of and at the expense of AFLT, shall execute proper instruments acknowledging satisfaction and discharge of this
AFLT Indenture with respect to the Secured Notes, if: 
 (a) either: 

(i) all Secured Notes theretofore authenticated and delivered (other than (A) Secured Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.4 and (B) Secured Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by AFLT and thereafter repaid to AFLT or discharged
from such trust, as provided in Section 3.3) have been delivered to the AFLT Indenture Trustee for cancellation; or 
 (ii) all
Secured Notes not theretofore delivered to the AFLT Indenture Trustee for cancellation: 
 (A) have become due and payable,

 (B) will be due and payable on their respective Final Maturity Dates within one year, or 

(C) are to be called for redemption within one year under arrangements satisfactory to the AFLT Indenture Trustee for the
giving of notice of redemption by the AFLT Indenture Trustee in the name, and at the expense, of AFLT or such Secured Notes have been redeemed in accordance with Section 10.1, 

and AFLT, in the case of clause (A), (B) or (C) of subsection 4.1(a)(ii) above, has irrevocably deposited
or caused to be irrevocably deposited with the AFLT Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose,
in an amount sufficient to pay and discharge the entire unpaid principal and accrued interest on such Secured Notes not 

  
 22 

 
theretofore delivered to the AFLT Indenture Trustee for cancellation when due on the Final Maturity Date for such Secured Notes or the Redemption Date for such Secured Notes (if such Secured
Notes have been called for redemption pursuant to Section 10.1), as the case may be; 
 (b) AFLT has paid or caused to be paid
all amounts and has performed all obligations which AFLT may owe to the AFLT Indenture Trustee personally or to the AFLT Indenture Trustee for the benefit of the Secured Noteholders under this AFLT Indenture and any other AFLT Transaction Documents;
and 
 (c) AFLT has delivered to the AFLT Indenture Trustee and to the Secured Noteholders an Officer’s Certificate of AFLT, an Opinion
of Counsel and (if required by the TIA) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this AFLT Indenture have been complied with. 
 SECTION 4.2 Application of Trust
Money. All monies deposited with the AFLT Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Secured Notes and this AFLT Indenture and the applicable
provisions of the Servicing Agreement, to the payment, either directly or through any Paying Agent, as the AFLT Indenture Trustee may determine, to the Holders of the particular Secured Notes for the payment or redemption of which such monies have
been deposited with the AFLT Indenture Trustee, of all sums due and to become due in accordance with this AFLT Indenture and any other AFLT Transaction Documents; but such monies need not be segregated from other funds except to the extent required
herein, in the Servicing Agreement or by applicable law. 
 SECTION 4.3 Repayment of Monies Held by Paying Agent. In connection with
the satisfaction and discharge of this AFLT Indenture with respect to the Secured Notes, all monies then held by any Paying Agent other than the AFLT Indenture Trustee under the provisions of this AFLT Indenture with respect to all such Secured
Notes shall, upon demand of AFLT, be paid to the AFLT Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

SECTION 4.4 Duration of Position of AFLT Indenture Trustee. Notwithstanding the payment in full of all principal and interest due to
all Secured Noteholders under the terms of the Secured Notes and the cancellation of such Secured Notes, the AFLT Indenture Trustee shall continue to act in the capacity as AFLT Indenture Trustee hereunder, for the benefit of the AFLT
Certificateholder, and the AFLT Indenture Trustee, for the benefit of such AFLT Certificateholder, shall comply with its obligations under the Servicing Agreement, as appropriate, until such time as all distributions due to the AFLT
Certificateholder have been paid in full. 

  
 23 

 ARTICLE V 

DEFAULT AND REMEDIES 

SECTION 5.1 Events of Default. For the purposes of this AFLT Indenture, “Event of Default” wherever used herein, means
any one of the following events: 
 (a) failure to pay the full Secured Note Interest Distributable Amount on any Secured Note on any
Distribution Date, and such default shall continue unremedied for a period of five (5) Business Days; or 
 (b) except as set forth in
Section 5.1(c), failure to pay any principal of any Secured Note as and when required in accordance with the AFLT Transaction Documents, and such default continues unremedied for a period of thirty (30) days after there shall have
been given, by registered or certified mail, to the Servicer by the AFLT Indenture Trustee or to the Servicer and the AFLT Indenture Trustee by the Holders of not less than 25% of the Outstanding Amount of the Secured Notes, a written notice
specifying such default and demanding that it be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(c) failure to pay in full the Secured Note Principal Balance of any Secured Notes by the Final Maturity Date; or 

(d) default in the observance or performance in any material respect of any covenant or agreement of AFLT made in this AFLT Indenture (other
than (i) a covenant or agreement a default in the observance or performance of which is specifically dealt with elsewhere in this Section 5.1) which failure materially and adversely affects the rights of the Secured Noteholders, and
such default shall continue or not be cured for a period of thirty (30) days after there shall have been given, by registered or certified mail, to AFLT and the Seller (or the Servicer, as applicable) by the AFLT Indenture Trustee or to AFLT,
the Seller (or the Servicer, as applicable) and the AFLT Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Secured Notes, a written notice specifying such default, demanding that it be remedied and stating that such
notice is a “Notice of Default” hereunder; or 
 (e) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of AFLT or any substantial part of the AFL 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 AFLT or for any substantial part of the AFL Trust Estate, or ordering the winding-up or liquidation of AFLT’s affairs, and such decree or order shall remain
unstayed and in effect for a period of ninety (90) consecutive days; or 
 (f) the commencement by AFLT of a voluntary case under any
applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent of AFLT to the entry of an order for relief in an involuntary case under any such law, or the consent by AFLT to the appointment or
taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of AFLT or for any substantial part of the AFL Trust Estate, or the making by AFLT of any general assignment for the benefit of creditors, or
the failure by AFLT generally to pay its debts as such debts become due, or the taking of action by AFLT in furtherance of any of the foregoing. 

  
 24 

 AFLT shall deliver to the AFLT Indenture Trustee and the Secured Noteholders promptly (and in any event within
five (5) Business Days) after learning of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under
Section 5.1(d), its status and what action AFLT is taking or proposes to take with respect thereto. 
 SECTION 5.2
Acceleration of Maturity; Rescission and Annulment. 
 (a) If an Event of Default should occur and be continuing, then and in every
such case, unless the principal amount of the Secured Notes shall have already become due and payable, either the AFLT Indenture Trustee or the Holders of Secured Notes representing not less than a majority of the Outstanding Amount of the Secured
Notes may declare all the Secured Notes to be immediately due and payable, by a notice in writing to AFLT and to the AFLT Indenture Trustee if given by the Secured Noteholders setting forth the Event of Default or Events of Default, and upon any
such declaration the unpaid principal amount of the Secured 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 of the Secured Notes has been made and before a judgment or decree for
payment of the money due thereunder has been obtained by the AFLT Indenture Trustee as hereinafter provided in this Article V, the Holders of Secured Notes representing not less than a majority of the Outstanding Amount of the Secured Notes,
by written notice to AFLT and the AFLT Indenture Trustee, may waive all Defaults set forth in the notice delivered pursuant to Section 5.2(a) and rescind and annul such declaration and its consequences; provided, however, that no such
rescission and annulment shall extend to or affect any subsequent Event of Default or impair any right consequent thereto; and provided, further, that if the AFLT Indenture Trustee or the Secured Noteholders shall have proceeded to enforce any right
under this AFLT Indenture and such Proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason, or such Proceedings shall have been determined adversely to the AFLT Indenture Trustee or the
Secured Noteholders, then and in every such case, the AFLT Indenture Trustee, AFLT and the Secured Noteholders, as the case may be, shall be restored to their respective former positions and rights hereunder, and all rights, remedies and powers of
the AFLT Indenture Trustee, AFLT and the Secured Noteholders, as the case may be, shall continue as though no such Proceedings had been commenced. 

SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by AFLT Indenture Trustee. 

(a) AFLT covenants that if an Event of Default occurs and such Event of Default has not been waived pursuant to Section 5.12 (or
rescinded pursuant to Section 5.2(b)), then AFLT shall, upon demand of the AFLT Indenture Trustee, pay to the AFLT Indenture Trustee, for the ratable benefit of the Secured Noteholders in accordance with their respective Secured Note
Principal Balances, the entire amount then due and payable on the Secured Notes 

  
 25 

 
for principal and interest, with interest upon the overdue principal and overdue interest at the Secured Note Rate and any CARAT Collection Account Shortfall Amount 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 AFLT Indenture Trustee and its agents and counsel. 

(b) If AFLT shall fail forthwith to pay such amounts upon such demand, the AFLT Indenture Trustee may, in its own name and as trustee of an
express trust, institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding to judgment or final decree, enforce the same against AFLT or other obligor upon the Secured Notes and collect in the manner
provided by law out of the property of the AFL Trust Estate, the monies adjudged or decreed to be payable. 
 (c) If an Event of Default
occurs and is continuing, the AFLT Indenture Trustee may, as more particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Secured Noteholders, by such appropriate
Proceedings as the AFLT 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 AFLT 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 AFLT Indenture Trustee by this AFLT Indenture or by applicable law. 

(d) If there shall be pending, relative to AFLT or any other obligor upon the Secured Notes or any Person having or claiming an ownership
interest in the AFL Trust Estate, Proceedings under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency or similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator
or similar official shall have been appointed for or taken possession of AFLT or its property or such obligor or Person, or in case of any other comparable judicial Proceedings relative to AFLT or other obligor upon the Secured Notes, or to the
creditors or property of AFLT or such other obligor, the AFLT Indenture Trustee, irrespective of whether the principal of any Secured Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the AFLT Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

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

  
 26 

 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of
the Secured Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 
 (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 Secured Noteholders and of the AFLT 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 AFLT
Indenture Trustee or the Secured Noteholders allowed in any judicial proceedings relative to AFLT, its creditors and its property; 
 (v)
and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Secured Noteholders to make payments to the AFLT Indenture Trustee for application in accordance with the
priorities set forth in the AFLT Transaction Documents, and, if the AFLT Indenture Trustee shall consent to the making of payments directly to such Secured Noteholders, to pay to the AFLT Indenture Trustee such amounts as shall be sufficient to
cover reasonable compensation to the AFLT Indenture Trustee, each predecessor AFLT Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the AFLT Indenture
Trustee and each predecessor AFLT Indenture Trustee except as a result of negligence, fraud or bad faith. 
 (e) Nothing herein contained
shall be deemed to authorize the AFLT Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Secured Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Secured Notes or
the rights of any Holder thereof or to authorize the AFLT Indenture Trustee to vote in respect of the claim of any Secured 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 AFLT Indenture, or under any of the Secured Notes may be enforced by AFLT
Indenture Trustee without the possession of any of the Secured Notes or the production thereof in any trial or other Proceedings relative thereto, and any such Proceedings instituted by the AFLT 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 AFLT Indenture Trustee, each predecessor AFLT Indenture Trustee and their respective agents and attorneys, shall
be for the benefit of the Secured Noteholders in accordance with the priorities set forth in the AFLT Transaction Documents. 
 (g) In any
Proceedings brought by the AFLT Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this AFLT Indenture to which the AFLT Indenture Trustee shall be a party), the AFLT Indenture Trustee shall be held to
represent all the Secured Noteholders, and it shall not be necessary to make any the Secured Noteholders a party to any such Proceedings. 

  
 27 

 (h) With respect to any claims for payments of reimbursement for expenses, disbursement or
compensation of any Person made of AFLT pursuant to this Section 5.3, where more than one Person has made such a claim, AFLT shall not reimburse any Person other than the AFLT Indenture Trustee for such amounts if, prior to incurring
such expenses, the affected parties reasonably could have avoided such expense by coordinating their claims under this AFLT Indenture with the AFLT Indenture Trustee. 

SECTION 5.4 Remedies; Priorities. 

(a) If an Event of Default shall have occurred and be continuing and the Secured Notes have been accelerated under Section 5.2(a),
the AFLT Indenture Trustee may do one or more of the following (subject to Sections 5.3 and 5.5): 
 (i) institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then due and payable on such Secured Notes, under this AFLT Indenture with respect thereto, whether by declaration of acceleration or otherwise, enforce
any judgment obtained, and collect from the AFL Trust Estate and any other obligor upon such Secured Notes monies adjudged due; 
 (ii)
institute Proceedings from time to time for the complete or partial foreclosure of this AFLT Indenture with respect to the AFLT Collateral and of the VAULT Security Agreement with respect to the VAULT Pledged Collateral; 

(iii) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and
remedies of the AFLT Indenture Trustee and the Secured Noteholders; and 
 (iv) sell the AFL 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 or elect to have AFLT maintain possession of the AFL Trust Estate, including the Lease Assets, and continue to apply collections on such
Lease Assets as if there had been no declaration of acceleration; provided, however, that the AFLT Indenture Trustee may not sell or otherwise liquidate the AFL Trust Estate following an Event of Default and acceleration of the Secured Notes, except
as is set forth in Section 3.20, unless (i)(A) the Holders of all of the aggregate Outstanding Amount of the Secured Notes consent thereto, (B) the proceeds of such sale or liquidation distributable to the Holders of the Secured
Notes are sufficient to discharge in full the principal of and the accrued interest on the Secured Notes as of the date of such sale or liquidation and to pay any CARAT Collection Account Shortfall Amount existing on such date (calculated as if such
date were a Distribution Date) or (C) (x) there has been an Event of Default under Section 5.1(a), Section 5.1(b) or Section 5.1(c) or otherwise arising from a failure to make a required payment of
principal on the Secured Notes, (y) the AFLT Indenture Trustee determines that the AFL Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Secured Notes as and when they would have
become due if the Secured Notes had not been declared due and payable and (z) the AFLT Indenture Trustee obtains the consent of the Holders of all of the aggregate Outstanding Amount of the Secured Notes, and (ii) ten (10) days’
prior written notice of sale or liquidation has been given to the Rating Agencies (if any Rated Notes are outstanding) by AFLT; provided, however, that 

  
 28 

 
AFLT shall have received such notice from the AFLT Indenture Trustee at least two (2) Business Days prior thereto. In determining such sufficiency or insufficiency with respect to clauses
(B) and (C), the AFLT Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of
the AFL Trust Estate for such purpose; 
 provided, however, prior to the exercise of the right to sell all or any portion of the AFL Trust
Estate as provided herein, the AFLT Indenture Trustee shall provide a notice in writing to AFLT (with a copy to the Seller) (the “Event of Default Sale Notice”) of its intention to sell all or any portion of the AFL Trust Estate
(the part to be sold being the “Subject Estate”), and if the Subject Estate is less than all of the AFL Trust Estate, the portion of the AFL Trust Estate to be sold. The AFLT Indenture Trustee shall not consummate any sale until at
least seven (7) Business Days after the Event of Default Sale Notice has been given to AFLT (with a copy to the Seller) (the “Authorization Date”) unless the Seller has elected to repurchase the AFL Trust Estate prior to the
Authorization Date. The AFLT Indenture Trustee shall have the right to utilize an agent for the purpose of soliciting such bids and conducting such sales, which agent shall be at the expense of the AFL Trust Estate, in accordance with
Section 6.7(a). 
 (b) If the AFLT Indenture Trustee collects any money or property pursuant to this Article V, it shall
pay out the money or property in the following order: 
 FIRST: to the AFLT Indenture Trustee for amounts due under Section 6.7
and then to the AFLT Owner Trustee for amounts due to the AFLT Owner Trustee (not including amounts due for payments to the AFLT Certificateholder) under Section 6.9 of the Declaration of Trust; and 

SECOND: to the AFLT Collection Account for distribution in the following priority: (i) payment in full of the accrued and unpaid interest
on the Secured Notes; (ii) payment in full of unpaid principal balance of the Secured Notes; (iii) to the CARAT Collection Account towards payment in full of any CARAT Collection Account Shortfall Amount and (iv) the remainder shall
be distributed in accordance with the instructions of the AFLT Certificateholder. 
 SECTION 5.5 Optional Preservation of the Lease
Assets. If the Secured Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled in accordance with
Section 5.2(b), the AFLT Indenture Trustee may, but need not, elect to take and maintain possession of the AFL Trust Estate. It is the desire of the parties hereto and the Secured Noteholders that there be at all times sufficient funds
for the payment of principal of and interest on the Secured Notes, and the AFLT Indenture Trustee shall take such desire into account when determining whether or not to take and maintain possession of the AFL Trust Estate. In determining whether to
take and maintain possession of the AFL Trust Estate, the AFLT Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the AFL Trust Estate for such purpose. 

  
 29 

 SECTION 5.6 Limitation of Suits. No Holder of any Secured Note shall have any right to
institute any Proceeding with respect to this AFLT Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

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

(b) the Holders of not less than 25% of the Outstanding Amount of the Secured Notes have made written request to the AFLT Indenture Trustee to
institute such Proceeding in respect of such Event of Default in its own name as AFLT Indenture Trustee hereunder; 
 (c) such Holder or
Holders have offered to the AFLT Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request; 

(d) the AFLT Indenture Trustee for sixty (60) days after the earlier of (x) its receipt of such notice under
Section 5.6(a) above, request under Section 5.6(b) above and offer of indemnity under Section 5.6(c) above and (y) any similar notice, request and offer of indemnity to the CARAT Indenture Trustee under
Section 5.6 of the CARAT Indenture, has failed to institute such Proceedings; and 
 (e) no direction inconsistent with such
written request has been given to the AFLT Indenture Trustee during such sixty (60) day period by the Holders of a majority of the Outstanding Amount of the Secured Notes; 

it being understood and intended that no one or more Holders of the Secured Notes shall have any right in any manner whatever by virtue of, or by availing of,
any provision of this AFLT Indenture to affect, disturb or prejudice the rights of any other Holders of the Secured Notes or to obtain or to seek to obtain priority or preference over any other Holders of the Secured Notes or to enforce any right
under this AFLT Indenture, except in the manner herein provided and for the equal, ratable (on the basis of the respective aggregate amount of principal and interest, respectively, due and unpaid on the Secured Note held by such Secured Noteholder)
and common benefit of all Holders of the Secured Notes. For the protection and enforcement of the provisions of this Section 5.6, each and every Secured Noteholder shall be entitled to such relief as can be given either at law or in
equity. 
 If the AFLT Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders
of the Secured Notes, each representing less than a majority of the Outstanding Amount of the Secured Notes, the AFLT Indenture Trustee shall take the action requested by the group representing the higher percentage of the Outstanding Amount of the
Secured Notes, notwithstanding any other provisions of this AFLT Indenture. 
 SECTION 5.7 Unconditional Rights of the Secured
Noteholders to Receive Principal and Interest. Notwithstanding any other provisions in this AFLT Indenture, the Holder of any Secured Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and
interest on such Secured Note on or after the respective due dates thereof expressed in such Secured Note or in this AFLT Indenture (or in the case of redemption, if applicable, 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. 

  
 30 

 SECTION 5.8 Restoration of Rights and Remedies. If the AFLT Indenture Trustee or any
Secured Noteholder has instituted any Proceeding to enforce any right or remedy under this AFLT Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the AFLT Indenture Trustee or to such
Secured Noteholder, then and in every such case AFLT, the AFLT Indenture Trustee and the Secured Noteholders shall, subject to any determination in such Proceeding, be restored severally to their respective former positions hereunder, and thereafter
all rights and remedies of the AFLT Indenture Trustee and the Secured Noteholders shall continue as though no such Proceeding had been instituted. 

SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the AFLT Indenture Trustee or to
the Secured 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 AFLT Indenture Trustee or any Holder of any Secured Note to
exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this
Article V or by law to the AFLT Indenture Trustee or to the Secured Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the AFLT Indenture Trustee or by the Secured Noteholders, as the case may be. 

SECTION 5.11 Control by the Secured Noteholders. The Holders of a majority of the Outstanding Amount of the Secured Notes shall,
subject to provision being made for indemnification against costs, expenses and liabilities in a form satisfactory to the AFLT Indenture Trustee, have the right to direct the time, method and place of conducting any Proceeding for any remedy
available to the AFLT Indenture Trustee with respect to the Secured Notes or exercising any trust or power conferred on the AFLT Indenture Trustee; provided, however, that: 

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

(b) subject to the express terms of Section 5.4, any direction to the AFLT Indenture Trustee to sell or liquidate the AFL Trust
Estate shall be by the Holders of Secured Notes representing not less than 100% of the Outstanding Amount of the Secured Notes; 
 (c) if
the conditions set forth in Section 5.5 have been satisfied and the AFLT Indenture Trustee elects to retain the AFL Trust Estate pursuant to Section 5.5, then any direction to the AFLT Indenture Trustee by Holders of Secured
Notes representing less than 100% of the Outstanding Amount of the Secured Notes to sell or liquidate the AFL Trust Estate shall be of no force and effect; and 

  
 31 

 (d) the AFLT Indenture Trustee may take any other action deemed proper by the AFLT Indenture
Trustee that is not inconsistent with such direction; 
 provided, however, that, subject to Section 6.1, the AFLT Indenture Trustee need not
take any action that it determines might cause it to incur any liability with respect to which the AFLT Indenture Trustee shall have reasonable grounds to believe that adequate indemnity against such liability is not assured to it or might
materially adversely affect the rights of the Secured Noteholders not consenting to such action. 
 SECTION 5.12 Waiver of Past
Defaults. 
 (a) Prior to the declaration of the acceleration of the maturity of the Secured Notes as provided in
Section 5.2, the Holders of not less than a majority of the Outstanding Amount of the Secured Notes may waive any past Default or Event of Default and its consequences except a Default or Event of Default (i) in the payment of
principal of or interest on any of the Secured Notes or (ii) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of the Holder of each such Secured Note. In the case of any such waiver, AFLT, the
AFLT Indenture Trustee and the Secured Noteholders shall be restored to their respective 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. 
 (b) Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have
occurred (and any Event of Default arising from any such Default shall be deemed to have been cured and not to have occurred) for every purpose of this AFLT Indenture; but no such waiver shall extend to any subsequent or other Default or Event of
Default or impair any right consequent thereto. 
 SECTION 5.13 Undertaking for Costs. All parties to this AFLT Indenture agree, and
each Holder of any Secured Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the enforcement of any right or remedy under this AFLT Indenture, or in any
Proceeding against the AFLT Indenture Trustee for any action taken, suffered or omitted by it as AFLT Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such Proceeding, 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 5.13, shall not apply to: 
 (a) any Proceeding instituted by the AFLT Indenture
Trustee; 
 (b) any Proceeding instituted by any Secured Noteholder or group of Secured Noteholders holding in the aggregate more than 10%
of the Outstanding Amount of the Secured Notes; or 

  
 32 

 (c) any Proceeding instituted by any Secured Noteholder for the enforcement of the payment of
principal of or interest on any Secured Note on or after the respective due dates expressed in such Secured Note and in this AFLT Indenture (or, in the case of redemption, on or after the Redemption Date). 

SECTION 5.14 Waiver of Stay or Extension Laws. AFLT covenants (to the extent that it may lawfully do so) that it shall 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 AFLT Indenture.
AFLT (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the AFLT Indenture Trustee, but
shall suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.15 Action on Secured
Notes. The AFLT Indenture Trustee’s right to seek and recover judgment on the Secured Notes or under this AFLT Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this AFLT
Indenture. Neither the Lien of this AFLT Indenture in the AFLT Collateral or the Lien of the VAULT Security Agreement in the VAULT Pledged Collateral nor any rights or remedies of the AFLT Indenture Trustee or the Secured Noteholders shall be
impaired by the recovery of any judgment by the AFLT Indenture Trustee against AFLT or by the levy of any execution under such judgment upon any portion of the AFL Trust Estate or upon any of the assets of AFLT. Any money or property collected by
the AFLT Indenture Trustee shall be applied in accordance with Section 5.4(b). 
 SECTION 5.16 Performance and Enforcement of
Certain Obligations. 
 (a) Promptly following a request from the AFLT Indenture Trustee to do so and at the Servicer’s expense,
AFLT agrees to take all such lawful action as the AFLT Indenture Trustee may request to compel or secure the performance and observance by the Seller and the Servicer of their respective obligations to AFLT under or in connection with the AFLT
Transaction Documents in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to AFLT under or in connection with the AFLT Transaction Documents to the extent and in the manner
directed by the AFLT 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 AFLT Transaction Documents. 
 (b) If an Event of Default has occurred and
is continuing, the AFLT Indenture Trustee may, and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Secured Notes shall,
exercise all rights, remedies, powers, privileges and claims of AFLT against the Seller or the Servicer under or in connection with the AFLT Transaction Documents, including the right or power to take any action to compel or secure performance or
observance by the Seller or the Servicer of each of their obligations to AFLT thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the AFLT Transaction Documents, and any right of AFLT to take such
action shall be suspended. 

  
 33 

 ARTICLE VI 

THE AFLT INDENTURE TRUSTEE 

SECTION 6.1 Duties of AFLT Indenture Trustee. 

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

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

(c) In the absence of bad faith on its part, the AFLT 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 AFLT Indenture Trustee and conforming to the requirements of this AFLT Indenture; provided, however, that the AFLT Indenture Trustee shall
examine the certificates and opinions to determine whether or not they conform to the requirements of this AFLT Indenture. 
 (d) The AFLT
Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct or bad faith, except that: 

(i) this Section 6.1(d) does not limit the effect of Section 6.1(b); 

(ii) the AFLT 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 AFLT Indenture Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the AFLT 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 any provision of this AFLT Indenture or any other AFLT Transaction Document. 

(e) The AFLT Indenture Trustee shall not be liable for interest on any money received by it except as the AFLT Indenture Trustee may agree in
writing with AFLT. 
 (f) Money held in trust by the AFLT Indenture Trustee need not be segregated from other funds except to the extent
required by law or the terms of this AFLT Indenture, the Servicing Agreement or the other AFLT Transaction Documents. 
 (g) No provision of
this AFLT Indenture or any other AFLT Transaction Document shall require the AFLT Indenture Trustee to expend or risk its own funds or otherwise 

  
 34 

 incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(h) Every provision of this AFLT Indenture and each other AFLT Transaction Document relating to the AFLT Indenture Trustee shall be subject to
the provisions of this Section 6.1 and to the provisions of the TIA. 
 (i) The AFLT Indenture Trustee shall have no liability
or responsibility for the acts or omissions of any other party to any of the AFLT Transaction Documents. 
 (j) In no event shall the AFLT
Indenture Trustee be liable for any damages in the nature of special, indirect or consequential damages, however styled, including lost profits, even if the AFLT Indenture Trustee has been advised of the likelihood of such loss or damage. 

SECTION 6.2 Rights of AFLT Indenture Trustee. 

(a) The AFLT Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the
proper Person. The AFLT Indenture Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the AFLT Indenture
Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The AFLT Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel. 
 (c) The AFLT 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 AFLT 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 AFLT Indenture Trustee shall not be liable for any action it takes
or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the AFLT Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e) The AFLT Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this
AFLT Indenture and the Secured 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 AFLT Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this AFLT
Indenture at the request or direction of any of the Holders pursuant to this AFLT Indenture, unless such Holders shall have offered to the AFLT Indenture Trustee security or indemnity satisfactory to the AFLT Indenture Trustee against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction. 

  
 35 

 (g) The AFLT Indenture Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the AFLT Indenture Trustee, in
its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
 (h) The AFLT Indenture
Trustee shall not be deemed to have notice of any Default, Event of Default or Servicer Default unless a Responsible Officer of the AFLT Indenture Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a
default is received by the AFLT Indenture Trustee at the Corporate Trust Office of the AFLT Indenture Trustee, and such notice references the Secured Notes and this AFLT Indenture. 

(i) The rights, privileges, protections, immunities and benefits given to the AFLT Indenture Trustee, including its right to be indemnified,
are extended to, and shall be enforceable by, the AFLT Indenture Trustee in each of its capacities hereunder. 
 SECTION 6.3 AFLT
Indenture Trustee May Own Secured Notes. The AFLT Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Secured Notes and the Secured Notes of any other Series and may otherwise deal with AFLT, the Servicer
or any of their respective Affiliates with the same rights it would have if it were not AFLT Indenture Trustee; provided, however, that the AFLT Indenture Trustee shall comply with Sections 6.10 and 6.11. Any Paying Agent, Secured Note
Registrar, co-registrar or co-paying agent may do the same with like rights. 
 SECTION 6.4 AFLT Indenture Trustee’s Disclaimer.
The AFLT Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of any AFLT Transaction Document, including this AFLT Indenture or the Secured Notes, it shall not be accountable for AFLT’s use
of the proceeds from the Secured Notes, and it shall not be responsible for any statement of AFLT in the AFLT Indenture or in any document issued in connection with the sale of any Secured Notes or in the Secured Notes other than the AFLT Indenture
Trustee’s certificate of authentication. 
 SECTION 6.5 Notice of Default. If a Default occurs and is continuing and if it is
known to a Responsible Officer of the AFLT Indenture Trustee, the AFLT Indenture Trustee shall mail to each Secured Noteholder notice of the Default within the later of (i) ninety (90) days after such Default occurs and (ii) ten
(10) Business Days after such Default becomes known to a Responsible Officer of the AFLT Indenture Trustee. Except in the case of a Default in payment of principal or of interest on any Secured Note, the AFLT 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 interest of the Secured Noteholders. 

  
 36 

 SECTION 6.6 Reports by AFLT Indenture Trustee. 

(a) To the extent any Secured Noteholder does not receive such information or documents directly, the AFLT Indenture Trustee shall deliver or
make available to each such Secured Noteholder, as applicable, the information and documents set forth in Article VII, and, in addition, all such information with respect to the Secured Notes as may be required to enable such Holder to
prepare its federal and State income tax returns. 
 (b) The AFLT Indenture Trustee shall: 

(i) deliver to AFLT, CARI, the AFLT Owner Trustee, the Issuing Entity, the CARAT Owner Trustee and the Servicer a report of its assessment of
compliance with the Servicing Criteria set forth on Exhibit E, including disclosure of any material instance of non-compliance identified by the AFLT Indenture Trustee, as required by Rule 13a-18 and Rule 15d-18 of the Exchange Act and
Item 1122 of Regulation AB under the Securities Act; and 
 (ii) cause a firm of registered public accountants that is qualified and
independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to AFLT, CARI, the AFLT Owner Trustee, the CARAT Owner Trustee and the Servicer, an attestation report that satisfies the requirements of Rule 13a-18
or Rule 15d-18 under the Exchange Act, as applicable, on the assessment of compliance with the Servicing Criteria set forth on Exhibit E with respect to the prior calendar year for inclusion in AFLT’s or the Issuing Entity’s 10-K
filing; such attestation report shall be in accordance with Rule 1-02(a)(3) and Rule 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and 

(iii) deliver to AFLT, CARI and any other Person that will be responsible for signing the certification (a “Sarbanes
Certification”) required by Rule 13a-14(d) and Rule 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of AFLT, CARI or the Issuing Entity with respect to the CARAT
20    -SN   securitization transaction a certification substantially in the form attached hereto as Exhibit C or such form as mutually agreed upon by AFLT, CARI and the AFLT Indenture Trustee; the AFLT Indenture
Trustee acknowledges that the parties identified in this clause (iii) may rely on the certification provided by the AFLT Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 

(c) The reports referred to in Section 6.6(b) shall be delivered on or before March 15 of each year that a 10-K filing is
required to be filed by AFLT or the Issuing Entity, beginning March 15, 20    (or, if such date is not a Business Day, the next succeeding Business Day), unless AFLT or the Issuing Entity, as applicable, is not required to
file periodic reports under the Exchange Act or any other law, in which case such reports may be delivered on or before April 30 of each calendar year, beginning April 30, 20    . 

SECTION 6.7 Compensation; Indemnity. 

(a) AFLT shall cause the Servicer to pay to the AFLT Indenture Trustee from time to time such compensation for its services as is set forth in
the Servicing Agreement. The AFLT Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. AFLT shall cause the Servicer pursuant to the Servicing Agreement to reimburse the AFLT
Indenture Trustee for all reasonable out-of-pocket expenses incurred or 

  
 37 

 made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall
include the reasonable compensation and expenses, disbursements and advances of the AFLT Indenture Trustee’s agents, external counsel, accountants and experts. AFLT shall cause the Servicer to indemnify the AFLT Indenture Trustee in accordance
with the Servicing Agreement. 
 (b) AFLT’s obligations to the AFLT Indenture Trustee pursuant to Section 6.7(a) shall
survive the discharge of this AFLT Indenture. When the AFLT Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(e) or Section 5.1(f), the expenses are intended to constitute expenses
of administration under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency or similar law. 
 SECTION 6.8
Replacement of AFLT Indenture Trustee. 
 (a) The AFLT Indenture Trustee may at any time give notice of its intent to resign by so
notifying AFLT and the Secured Noteholders; provided, however, that no such resignation shall become effective and the AFLT Indenture Trustee shall not resign prior to the time set forth in Section 6.8(c). The Holders of a
majority of the Outstanding Amount of the Secured Notes may remove the AFLT Indenture Trustee by so notifying the AFLT Indenture Trustee and may appoint a successor AFLT Indenture Trustee. Such resignation or removal shall become effective in
accordance with Section 6.8(c). AFLT shall remove the AFLT Indenture Trustee if: 
 (i) the AFLT Indenture Trustee fails to
comply with Section 6.11; 
 (ii) the AFLT Indenture Trustee is adjudged bankrupt or insolvent; 

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

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

(b) If the AFLT Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of AFLT Indenture
Trustee for any reason (the AFLT Indenture Trustee in such event being referred to herein as the retiring AFLT Indenture Trustee), AFLT shall promptly appoint and designate a successor AFLT Indenture Trustee. 

(c) A successor AFLT Indenture Trustee shall deliver a written acceptance of its appointment and designation to the retiring AFLT Indenture
Trustee and to AFLT. Thereupon the resignation or removal of the retiring AFLT Indenture Trustee shall become effective, and the successor AFLT Indenture Trustee shall have all the rights, powers and duties of the AFLT Indenture Trustee under this
AFLT Indenture. The successor AFLT Indenture Trustee shall mail a notice of its succession to the Secured Noteholders. The retiring AFLT Indenture Trustee shall promptly transfer all property held by it as AFLT Indenture Trustee to the successor
AFLT Indenture Trustee. 

  
 38 

 (d) If a successor AFLT Indenture Trustee does not take office within sixty (60) days after
the retiring AFLT Indenture Trustee gives notice of its intent to resign or is removed, the retiring AFLT Indenture Trustee, AFLT or the Holders of a majority of the Outstanding Amount of the Secured Notes may petition any court of competent
jurisdiction for the appointment and designation of a successor AFLT Indenture Trustee. 
 (e) If the AFLT Indenture Trustee fails to comply
with Section 6.11, any Secured Noteholder may petition any court of competent jurisdiction for the removal of the AFLT Indenture Trustee and the appointment of a successor AFLT Indenture Trustee. 

(f) Notwithstanding the replacement of the AFLT Indenture Trustee pursuant to this Section 6.8, AFLT’s obligations under
Section 6.7 and the Servicer’s corresponding obligations under the Servicing Agreement shall continue for the benefit of the retiring AFLT Indenture Trustee. 

SECTION 6.9 Merger or Consolidation of AFLT Indenture Trustee. 

(a) Any corporation into which the AFLT Indenture Trustee may be merged or with which it may be consolidated, or any corporation resulting from
any merger or consolidation to which the AFLT Indenture Trustee shall be a party, or any corporation succeeding to the corporate trust business of the AFLT Indenture Trustee, shall be the successor of the AFLT Indenture Trustee under this AFLT
Indenture; provided, however, that such corporation shall be eligible under the provisions of Section 6.11, without the execution or filing of any instrument or any further act on the part of any of the parties to this AFLT
Indenture, anything in this AFLT Indenture to the contrary notwithstanding. 
 (b) If at the time such successor or successors by merger or
consolidation to the AFLT Indenture Trustee shall succeed to the trusts created by this AFLT Indenture, any of the Secured Notes shall have been authenticated but not delivered, any such successor to the AFLT Indenture Trustee may adopt the
certificate of authentication of any predecessor trustee, and deliver such Secured Notes so authenticated; and in case at that time any of the Secured Notes shall not have been authenticated, any successor to the AFLT Indenture Trustee may
authenticate such Secured Notes either in the name of any predecessor hereunder or in the name of the successor to the AFLT Indenture Trustee. In all such cases such certificate of authentication shall have the same full force as is provided
anywhere in the Secured Notes or herein with respect to the certificate of authentication of the AFLT Indenture Trustee. 
 SECTION 6.10
Appointment of Co-AFLT Indenture Trustee or Separate AFLT Indenture Trustee. 
 (a) Notwithstanding any other provisions of this AFLT
Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the AFL Trust Estate may at the time be located, the AFLT Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or co-trustees, jointly with the AFLT Indenture Trustee, or separate indenture trustees, of all or any part of the AFL Trust Estate and to vest in such Person or Persons, in such
capacity and for the benefit of the Secured Noteholders, such title to the AFL Trust Estate, or any part hereof, 

  
 39 

 
and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the AFLT Indenture Trustee may consider necessary or desirable. No
co-indenture trustee or separate indenture trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Secured Noteholders of the appointment of any co-indenture trustee
or separate indenture trustee shall be required under Section 6.8. 
 (b) Every separate indenture trustee and co-indenture
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 AFLT Indenture Trustee shall be conferred or imposed upon and exercised or performed by the AFLT Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that
such separate indenture trustee or co-indenture trustee is not authorized to act separately without the AFLT 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 AFLT 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 AFL 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 AFLT Indenture Trustee; 

(ii) no co-indenture trustee or separate indenture trustee hereunder shall be personally liable by reason of any act or omission of any other
co-indenture trustee or separate indenture trustee hereunder; and 
 (iii) the AFLT Indenture Trustee may at any time accept the
resignation of or remove any separate indenture trustee or co-indenture trustee. 
 (c) Any notice, request or other writing given to the
AFLT Indenture Trustee shall be deemed to have been given to each of the then separate indenture trustees and co-indenture trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this AFLT Indenture and the conditions of this Article VI. Each separate indenture trustee and co-indenture 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 AFLT Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this AFLT Indenture, specifically including every provision of this AFLT Indenture relating to the
conduct of, affecting the liability of, or affording protection to, the AFLT Indenture Trustee. Every such instrument shall be filed with the AFLT Indenture Trustee. 

(d) Any separate indenture trustee or co-indenture trustee may at any time appoint the AFLT Indenture Trustee as 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 AFLT Indenture on its behalf and in its name. If any separate indenture trustee or co-indenture 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 AFLT Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor co-indenture
trustee or successor indenture trustee. 

  
 40 

 SECTION 6.11 Eligibility; Disqualification. The AFLT Indenture Trustee shall at all times
satisfy the requirements of TIA § 310(a). The AFLT 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 (unless waived by [RATING
AGENCY]), it shall have a long-term unsecured debt rating that falls within an investment grade category by [RATING AGENCY]. The AFLT 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 AFLT are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 

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

SECTION 6.13 Representations and Warranties of AFLT Indenture Trustee. The AFLT Indenture Trustee represents and warrants as of the
Closing Date that: 
 (a) the AFLT Indenture Trustee (i) is a national banking association duly organized, validly existing and in good
standing under the laws of the United States of America and (ii) satisfies the eligibility requirements set forth in Section 6.11; 

(b) the AFLT Indenture Trustee has full power, authority and legal right to execute, deliver and perform this AFLT Indenture and any other
AFLT Transaction Document to which it is a party, and has taken all necessary action to authorize the execution, delivery and performance by it of this AFLT Indenture and any other AFLT Transaction Document to which it is a party; 

(c) the execution, delivery and performance by the AFLT Indenture Trustee of this AFLT Indenture and any other AFLT Transaction Document to
which it is a party (i) shall not violate any provision of any law or regulation governing the banking and trust powers of the AFLT Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator, or governmental authority
applicable to the AFLT Indenture Trustee or any of its assets, (ii) shall not violate any provision of the corporate charter or by-laws of the AFLT Indenture Trustee and (iii) shall not violate any provision of, or constitute, with or
without notice or lapse of time, a default under, or result in the creation or imposition of any Lien on any properties included in the AFL Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking
to which it is a party, which violation, default or Lien could reasonably be expected to have a materially adverse effect on the AFLT Indenture Trustee’s performance or ability to perform its duties under this AFLT Indenture and any other AFLT
Transaction Document to which it is a party or on the transactions contemplated hereunder and thereunder; 
 (d) the execution, delivery and
performance by the AFLT Indenture Trustee of this AFLT Indenture and any other AFLT Transaction Document to which it is a party shall not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or
the taking of any other action in respect of, any governmental authority or agency regulating the banking and corporate trust activities of the AFLT Indenture Trustee; and 

  
 41 

 (e) this AFLT Indenture and any other AFLT Transaction Document to which it is a party have been
duly executed and delivered by the AFLT Indenture Trustee and constitutes the legal, valid and binding agreement of the AFLT Indenture Trustee, enforceable in accordance with their terms. 

SECTION 6.14 AFLT Indenture Trustee May Enforce Claims Without Possession of Secured Notes. All rights of action and claims under this
AFLT Indenture or the Secured Notes may be prosecuted and enforced by the AFLT Indenture Trustee without the possession of any of the Secured Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by
the AFLT Indenture Trustee shall be brought in its own name as AFLT Indenture Trustee. Any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the AFLT Indenture
Trustee, its agents and counsel, be for the ratable benefit of the Secured Noteholders in respect of which such judgment has been obtained. 

SECTION 6.15 Suit for Enforcement. If an Event of Default shall occur and be continuing, the AFLT Indenture Trustee, in its discretion
may, subject to the provisions of Section 6.1, proceed to protect and enforce its rights and the rights of the Secured Noteholders under this AFLT Indenture by a Proceeding whether for the specific performance of any covenant or
agreement contained in this AFLT Indenture or in aid of the execution of any power granted in this AFLT Indenture or for the enforcement of any other legal, equitable or other remedy as the AFLT Indenture Trustee, being advised by counsel, shall
deem necessary to protect and enforce any of the rights of the AFLT Indenture Trustee or the Secured Noteholders. 
 SECTION 6.16 Rights
of Secured Noteholders to Direct AFLT Indenture Trustee. The Holders of not less than a majority of the Outstanding Amount of the Secured Notes, shall have the right to direct the time, method and place of conducting any Proceeding for any
remedy available to the AFLT Indenture Trustee or exercising any trust or power conferred on the AFLT Indenture Trustee; provided, however, that subject to Section 6.1, the AFLT Indenture Trustee shall have the right to decline to follow
any such direction if the AFLT Indenture Trustee being advised by counsel determines that the action so directed may not lawfully be taken, or if the AFLT Indenture Trustee in good faith shall, by a Responsible Officer, determine that the
proceedings so directed would be illegal or subject it to personal liability; and provided, further, that nothing in this AFLT Indenture shall impair the right of the AFLT Indenture Trustee to take any action deemed proper by the AFLT Indenture
Trustee and which is not inconsistent with such direction by the Secured Noteholders. 
 ARTICLE VII 

SECURED NOTEHOLDERS’ LISTS AND REPORTS 

SECTION 7.1 AFLT to Furnish AFLT Indenture Trustee Names and Addresses of Secured Noteholders. AFLT shall furnish or cause to be
furnished by the Servicer to the AFLT Indenture Trustee (a) not more than five (5) days before each Distribution Date, a list, in such form as the AFLT Indenture Trustee may reasonably require, of the names and addresses of the Holders of
Secured Notes as of the close of business on the related Record Date, and (b) at such other times as the AFLT Indenture Trustee may request in writing, within fourteen (14) days after receipt by AFLT of any such request, a list of similar
form and content as of a date not 

  
 42 

 
more than ten (10) days prior to the time such list is furnished; provided, however, that so long as the AFLT Indenture Trustee is the Secured Note Registrar, no such list
shall be required to be furnished. 
 SECTION 7.2 Preservation of Information, Communications to Secured Noteholders. 

(a) The AFLT Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of
Secured Notes contained in the most recent list furnished to the AFLT Indenture Trustee as provided in Section 7.1 and the names and addresses of Holders of Secured Notes received by the AFLT Indenture Trustee in its capacity as Secured
Note Registrar. The AFLT Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 

(b) The Secured Noteholders may communicate pursuant to TIA § 312(b) with other Secured Noteholders with respect to their rights under
this AFLT Indenture or under the Secured Notes. 
 (c) AFLT, the AFLT Indenture Trustee and the Secured Note Registrar shall have the
protection of TIA § 312(c). 
 SECTION 7.3 Reports by AFLT. 

(a) AFLT shall: 
 (i) file with
the AFLT Indenture Trustee within fifteen (15) days after AFLT is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the
foregoing as the Commission may from time to time by rules and regulations prescribe) which AFLT may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or Item 1122 of Regulation AB; 

(ii) file with the AFLT 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 AFLT with the conditions and covenants of this AFLT Indenture as may be required from time to time by such rules and regulations; and 

(iii) supply to the AFLT Indenture Trustee (and the AFLT Indenture Trustee shall transmit by mail to all Secured Noteholders described in TIA
§ 313(c)) such summaries of any information, documents and reports required to be filed by AFLT pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations prescribed
from time to time by the Commission. 
 (b) Unless AFLT otherwise determines, the fiscal year of AFLT shall end on December 31 of such
year. 

  
 43 

 SECTION 7.4 Reports by AFLT Indenture Trustee. 

(a) If required by TIA § 313(a), within sixty (60) days after each
[                    ] 15, beginning with
[                    ] 15, 20    , the AFLT Indenture Trustee shall mail to each Secured Noteholder as required by TIA §
313(c) a brief report dated as of such date that complies with TIA § 313(a). The AFLT Indenture Trustee also shall comply with TIA § 313(b). A copy of any report delivered pursuant to this Section 7.4 shall, at the time of its mailing
to Secured Noteholders, be filed by the AFLT Indenture Trustee with the Commission and each stock exchange, if any, on which the Secured Notes are listed. AFLT shall notify the AFLT Indenture Trustee if and when the Secured Notes are listed on any
stock exchange. 
 (b) On each Distribution Date, the AFLT Indenture Trustee shall include with each payment to each Secured Noteholder a
copy of the statement for the related Monthly Period or Periods applicable to such Distribution Date as required pursuant to Section 2.15 of the Servicing Agreement. 

ARTICLE VIII 
 ACCOUNTS,
DISBURSEMENTS AND RELEASES 
 SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the AFLT 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 AFLT Indenture Trustee
pursuant to this AFLT Indenture and the Servicing Agreement. The AFLT Indenture Trustee shall apply all such money received by it with respect to the AFL Trust Estate as provided in this AFLT Indenture, the Servicing Agreement and any other AFLT
Transaction Document to which it is a party. Except as otherwise expressly provided in this AFLT Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the AFL Trust Estate, the
AFLT 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 an Event
of Default under this AFLT Indenture and any right to proceed thereafter as provided in Article V. 
 SECTION 8.2 AFLT
Designated Accounts; Allocations; Payments. 
 (a) On or prior to the Closing Date, AFLT shall cause the Servicer to establish and
maintain, in the name of the AFLT Indenture Trustee, for the benefit of the Secured Noteholders, the Designated Accounts in accordance with the Servicing Agreement. 

(b) On or before each Distribution Date, (i) amounts shall be deposited in the AFLT Collection Account as provided in
Section 3.03(a) and (b) of the Servicing Agreement and (ii) the Aggregate Secured Note Interest Distributable Amount for such Distribution Date, the Secured Note Principal Distributable Amount for such Distribution Date
and all other amounts payable on such Distribution Date pursuant to Section 3.03(c) of the Servicing Agreement, shall be transferred from the AFLT Collection Account to the Secured Noteholders and the CARAT Collection Account, as
applicable, as and to the extent provided in Section 3.03(c) of the Servicing Agreement. 

  
 44 

 SECTION 8.3 General Provisions Regarding AFLT Designated 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 AFLT Designated
Accounts shall be invested in Eligible Investments and reinvested by the AFLT Indenture Trustee upon an AFLT Order, subject to the provisions of the Servicing Agreement. AFLT shall not direct the AFLT Indenture Trustee to make any investment of any
funds or to sell any investment held in any of the AFLT Designated Accounts unless the security interest granted and perfected in such account shall continue to be perfected in such investment or the proceeds of such sale, in either case without any
further action by any Person, and, in connection with any direction to the AFLT Indenture Trustee to make any such investment or sale, if requested by the AFLT Indenture Trustee, AFLT shall deliver to the AFLT Indenture Trustee an Opinion of Counsel
acceptable to the AFLT Indenture Trustee, to such effect. 
 (b) Subject to Section 6.1(d), the AFLT Indenture Trustee shall not
in any way be held liable by reason of any insufficiency in any of the AFLT Designated Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the AFLT Indenture Trustee’s failure to make
payments on such Eligible Investments issued by the AFLT Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

If (i) AFLT shall have failed to give written investment directions for any funds on deposit in the AFLT Designated Accounts to the AFLT Indenture
Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by AFLT and the AFLT Indenture Trustee) on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Secured
Notes but the Secured Notes shall not have been declared due and payable pursuant to Section 5.2, or (iii) if the Secured Notes shall have been declared due and payable following an Event of Default, but amounts collected or
receivable from the AFL Trust Estate are being applied in accordance with Section 5.5 as if there had not been such a declaration, then the AFLT Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the
AFLT Designated Accounts in [                            ]. 

SECTION 8.4 Release of the AFL Trust Estate. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the AFLT Indenture Trustee may, and when required by
the provisions of this AFLT Indenture shall, execute instruments to release property from the Lien of this AFLT Indenture, or convey the AFLT Indenture Trustee’s interest in the same, in a manner and under circumstances that are consistent with
the provisions of this AFLT Indenture. No party relying upon an instrument executed by the AFLT Indenture Trustee as provided in this Article VIII, shall be bound to ascertain the AFLT Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The AFLT Indenture Trustee shall, at such time as
there are no Secured Notes Outstanding and all sums due to the AFLT Indenture Trustee pursuant to Section 6.7 and any CARAT Collection Account Shortfall Amounts pursuant to Section 3.03(c) of the Servicing Agreement have been
paid, notify AFLT thereof in writing and upon receipt of an AFLT Request, release any remaining portion of the AFL Trust Estate that secured the Secured Notes from the Lien of this AFLT Indenture and release to AFLT or any other Person entitled
thereto 

  
 45 

 
any funds then on deposit in the AFLT Designated Accounts. The AFLT Indenture Trustee shall release property from the Lien of this AFLT Indenture pursuant to this Section 8.4(b) only
upon receipt by it of an AFLT Request, an Officer’s Certificate and an Opinion of Counsel and (if required by the TIA) Independent Certificate in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of
Section 11.1. 
 SECTION 8.5 Opinion of Counsel. The AFLT Indenture Trustee shall receive at least seven
(7) days’ notice when requested by AFLT to take any action pursuant to Section 8.4, accompanied by copies of any instruments involved, and the AFLT Indenture Trustee shall also require as a condition to such action, an Opinion
of Counsel, in form and substance satisfactory to the AFLT 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 shall not materially and adversely impair the security for the Secured Notes or the rights of the Secured Noteholders in contravention of the provisions of this AFLT Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair value of the AFL 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 AFLT Indenture Trustee pursuant to the provisions of this AFLT Indenture in connection with any such action. 

ARTICLE IX 
 SUPPLEMENTAL
INDENTURES 
 SECTION 9.1 Supplemental Indentures Without Consent of Secured Noteholders. 

(a) Without the consent of the Holders of any Secured Notes but with prior notice to the Rating Agencies (if any Rated Notes are outstanding),
AFLT and the AFLT Indenture Trustee, when authorized by an AFLT 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 Trust Indenture Act as in force at the
date of the execution thereof), in form satisfactory to the AFLT 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 AFLT Indenture, or better to assure, convey and confirm unto the AFLT Indenture Trustee any property subject or required to be subjected to the Lien of this AFLT
Indenture, or to subject additional property to the Lien of this AFLT Indenture; 
 (ii) to evidence the succession, in compliance with
Section 3.11 and the applicable provisions hereof, of another Person to AFLT, and the assumption by any such successor of the covenants of AFLT contained herein and in the Secured Notes; 

(iii) to add to the covenants of AFLT for the benefit of the Secured Noteholders or to surrender any right or power herein conferred upon
AFLT; 
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the AFLT Indenture Trustee; 

  
 46 

 (v) to cure any ambiguity or to correct or supplement any provision herein or in any
supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or in any AFLT Transaction Document; 

(vi) to evidence and provide for the acceptance of the appointment hereunder by a successor or additional indenture trustee with respect to
the Secured Notes and the AFLT Indenture and to add to or change any of the provisions of this AFLT Indenture as shall be necessary to facilitate the administration of the trust hereunder by more than one indenture trustee, pursuant to the
requirements of Article VI; or 
 (vii) to modify, eliminate or add to the provisions of this AFLT Indenture to such extent as shall
be necessary to effect the qualification of this AFLT Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this AFLT Indenture such other provisions as may be expressly required by the TIA, and the AFLT
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) AFLT and the AFLT Indenture Trustee, when authorized by an AFLT Order, may, also without the consent of any of the Secured Noteholders but
with prior notice to the Rating Agencies (if any Rated Notes are outstanding), at any time and from time to time enter into one or more indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or
eliminating any of the provisions of, this AFLT Indenture or modifying in any manner the rights of the Secured Noteholders under this AFLT 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 Secured Noteholder unless such Secured Noteholders’ consent is obtained. 
 SECTION
9.2 Supplemental Indentures with Consent of Secured Noteholders. 
 (a) AFLT and the AFLT Indenture Trustee, when authorized by an
AFLT Order, also may, with prior notice to the Rating Agencies (if any Rated Notes are outstanding) and with the written consent of the Holders of not less than a majority of the Outstanding Amount of Secured Notes, by Act of such Holders delivered
to AFLT and the AFLT Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this AFLT Indenture or modifying in any
manner the rights of the Secured Noteholders under this AFLT Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Secured Note affected thereby: 

(i) change the due date of any instalment of principal of or interest on any Secured Note, or reduce the principal amount thereof, the
interest rate applicable thereto, change any place of payment where, or the coin or currency in which, any Secured Note or any interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this AFLT
Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Secured Notes on or after the respective due dates thereof; 

  
 47 

 (ii) reduce the percentage of the Outstanding Amount of the Secured Notes, the consent of the
Holders of which is required for any such supplemental indenture or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this AFLT Indenture or certain defaults hereunder and their consequences as
provided for in this AFLT 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 of the Secured Notes required to direct the AFLT Indenture
Trustee to sell or liquidate the AFL Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the principal amount of and accrued but unpaid interest on the Outstanding Secured Notes; 

(v) modify any provision of this Section 9.2 to decrease the required minimum percentage of the Outstanding Amount of the Secured
Notes necessary to approve any amendments to any provisions of this AFLT Indenture or any of the AFLT Transaction Documents; 
 (vi) modify
any of the provisions of this AFLT Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Secured Notes on any Distribution Date (including the calculation of any of the individual
components of such calculation), or modify or alter the provisions of this AFLT Indenture regarding the voting of Secured Notes held by AFLT, the Seller or any Affiliate of either of them; or 

(vii) permit the creation of any Lien ranking prior to or on a parity with the Lien of this AFLT Indenture with respect to any part of the
AFLT Collateral or of the VAULT Security Agreement with respect to any part of the VAULT Pledged Collateral or, except as otherwise permitted or contemplated herein, terminate the Lien of this AFLT Indenture on any property at any time subject
hereto or deprive the Holder of any Secured Note of the security afforded by the Lien of this AFLT Indenture. 
 (b) The AFLT Indenture
Trustee may in its discretion determine whether or not any Secured Notes would be affected (such that the consent of each Secured Noteholder would be required) by any supplemental indenture proposed pursuant to this Section 9.2 and any
such determination shall be conclusive and binding upon the Holders of all Secured Notes, whether authenticated and delivered thereunder before or after the date upon which such supplemental indenture becomes effective. The AFLT Indenture Trustee
shall not be liable for any such determination made in good faith. 
 (c) It shall be sufficient if an Act of Secured Noteholders approves
the substance, but not the form, of any proposed supplemental indenture. 
 (d) Promptly after the execution by AFLT and the AFLT Indenture
Trustee of any supplemental indenture pursuant to this Section 9.2, the AFLT Indenture Trustee shall mail to the Secured Noteholders 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 AFLT 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. 

  
 48 

 SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this AFLT Indenture, the AFLT Indenture Trustee shall be entitled to receive, and subject to
Sections 6.1 and 6.2, 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 Article IX. The AFLT Indenture Trustee may,
but shall not be obligated to, enter into any such supplemental indenture that affects the AFLT Indenture Trustee’s own rights, duties, liabilities or immunities under this AFLT Indenture or otherwise. 

SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
AFLT Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Secured Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this
AFLT Indenture of the AFLT Indenture Trustee, AFLT and the Secured Noteholders 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 AFLT Indenture for any and all purposes. 

SECTION 9.5 Conformity with Trust Indenture Act. Every amendment of this AFLT Indenture and every supplemental indenture executed
pursuant to this Article IX shall conform to the requirements of the TIA as then in effect so long as this AFLT Indenture shall be qualified under the TIA. 

SECTION 9.6 Reference in Secured Notes to Supplemental Indentures. Secured Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and if required by the AFLT Indenture Trustee shall, bear a notation in form approved by the AFLT Indenture Trustee as to any matter provided for in such supplemental indenture. If AFLT or the
AFLT Indenture Trustee shall so determine, new Secured Notes so modified as to conform, in the opinion of the AFLT Indenture Trustee and AFLT, to any such supplemental indenture may be prepared and executed by AFLT and authenticated and delivered by
the AFLT Indenture Trustee in exchange for Outstanding Secured Notes of a like Secured Note Principal Balance. 
 ARTICLE X 

REDEMPTION OF SECURED NOTES 

SECTION 10.1 Redemption. The Secured Notes are subject to redemption in whole, but not in part, upon the exercise by the Servicer of
its option to purchase the Lease Assets pursuant to Section 7.01 of the Servicing Agreement. The date on which such redemption shall occur is the Optional Purchase Date identified by the Servicer in its notice of exercise of such
purchase option (the “Redemption Date”). The purchase price for the Secured Notes shall be equal to the applicable Redemption Price. The Servicer shall furnish the AFLT Indenture Trustee and the Secured Noteholders notice of such
optional repurchase pursuant to Section 7.01 of the Servicing Agreement and of the redemption of the Secured Notes, which notice shall identify the place where the Secured Notes are to be surrendered for payment of the Redemption

  
 49 

 
Price. The AFLT Indenture Trustee (based on such notice) shall withdraw from the AFLT Collection Account and pay to the Secured Noteholders on the Redemption Date, the aggregate Redemption Price
of the Secured Notes. 
 SECTION 10.2 Secured Notes Payable on Redemption Date. The Secured Notes shall, following notice of
redemption as required by Section 7.01 of the Servicing Agreement, on the Redemption Date cease to be Outstanding for purposes of this AFLT Indenture and shall thereafter represent only the right to receive the applicable Redemption
Price and (unless AFLT shall default in the payment of such Redemption Price) no interest shall accrue on such Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating such Redemption Price.

 ARTICLE XI 

MISCELLANEOUS 
 SECTION
11.1 Compliance Certificates and Opinions, Etc. 
 (a) Upon any application or request by AFLT to the AFLT Indenture Trustee to take
any action under any provision of this AFLT Indenture, AFLT shall furnish to the AFLT Indenture Trustee: (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this AFLT Indenture relating to the
proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable requirements of this Section 11.1, 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 AFLT 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 AFLT 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 judgment of each such
signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

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

(b) (i) Prior to the deposit with the AFLT Indenture Trustee of any AFL Trust Estate or other property or securities that is to be made the
basis for the release of any property or securities subject to the Lien of this AFLT Indenture, AFLT shall, in addition to any 

  
 50 

 
obligation imposed in Section 11.1(a) or elsewhere in this AFLT Indenture, furnish to the AFLT Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
each Person signing such certificate as to the fair value (within ninety (90) days of such deposit) to AFLT of the AFL Trust Estate or other property or securities to be so deposited. 

(ii) Whenever AFLT is required to furnish to the AFLT Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (b)(i) above, AFLT shall also deliver to the AFLT Indenture Trustee an Independent Certificate as to the same matters, if the fair value to AFLT of the AFL Trust Estate and other
property or 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 AFLT, as set forth in the certificates delivered pursuant to
clause (b)(i) above and this clause (b)(ii), is 10% or more of the Outstanding Amount of the Secured Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to AFLT 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 Secured Notes. 

(iii) Other than with respect to the release of any Administrative Lease Assets, Warranty Lease Assets, Liquidating Lease Asset or the sale
or other disposition of any related Leased Vehicle in accordance with the Servicing Agreement, whenever any property or securities are to be released from the Lien of this AFLT Indenture, AFLT shall also furnish to the AFLT Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the
opinion of such Person the proposed release will not impair the security under this AFLT Indenture in contravention of the provisions hereof. 

(iv) Whenever AFLT is required to furnish to the AFLT Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signatory thereof as to the matters described in clause (b)(iii) above, AFLT shall also furnish to the AFLT 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 Administrative Lease Assets, Warranty Lease Assets, Liquidating Lease Asset or the sale of any other Leased Vehicle in accordance with the Servicing Agreement, or securities released from the Lien of this AFLT Indenture
since the commencement of the then current calendar year, as set forth in the certificates required by clause (b)(iii) above and this clause (b)(iv), equals 10% or more of the Outstanding Amount of the Secured Notes, but such
certificate need not be furnished with respect to any release of securities or other property proposed to be released 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 Outstanding Amount of the Secured Notes. 
 (v) Notwithstanding Section 2.10 or any other provision of this
Section 11.1, AFLT may (A) collect, liquidate, sell or otherwise dispose of Lease Assets proceeds of both as and to the extent permitted or required by the AFLT Transaction Documents, (B) make cash payments out of any AFLT
Designated Accounts as and to the extent permitted or required by the AFLT Transaction Documents and (C) take any other action not inconsistent with the TIA. 

  
 51 

 SECTION 11.2 Form of Documents Delivered to AFLT Indenture Trustee. 

(a) 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. 

(b) Any certificate or opinion of an Authorized Officer of AFLT may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based
are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Seller or
AFLT, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller or AFLT, 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. 
 (c) Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other instruments under this AFLT Indenture, they may, but need not, be consolidated and form one instrument. 

(d) Whenever in this AFLT Indenture, in connection with any application or certificate or report to the AFLT Indenture Trustee, it is provided
that AFLT shall deliver any document as a condition of the granting of such application, or as evidence of AFLT’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 AFLT to have such application granted or to the sufficiency of such
certificate or report. The foregoing shall not, however, be construed to affect the AFLT Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in
Article VI. 
 SECTION 11.3 Acts of Secured Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this AFLT Indenture to be given or taken
by Secured Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Secured Noteholders in person or by agents duly appointed in writing and shall be subject to Section 5.11;
and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the AFLT Indenture Trustee, and, where it is hereby expressly required, to AFLT. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Secured Noteholders, as applicable, 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 AFLT Indenture and (subject to Section 6.1) conclusive in favor of the AFLT Indenture Trustee and AFLT, if made in the manner provided in this
Section 11.3. 

  
 52 

 (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 AFLT Indenture Trustee deems sufficient. 
 (c) The ownership of Secured Notes shall be proved by the Secured
Note Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Secured
Notes shall bind the Holder of every Secured 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 AFLT Indenture Trustee or AFLT in reliance thereon,
whether or not notation of such action is made upon such Secured Note. 
 SECTION 11.4 Notices, Etc., to AFLT Indenture Trustee and AFLT
Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Secured Noteholders or other documents provided or permitted by this AFLT Indenture to be made upon, given or furnished to or filed with: 

(a) the AFLT Indenture Trustee by any Secured Noteholder or by AFLT shall be made, given, furnished or filed in writing to or with the AFLT
Indenture Trustee at its Corporate Trust Office, or 
 (b) AFLT by the AFLT Indenture Trustee or by any Secured Noteholder shall be
sufficient for every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested, or by overnight mail to AFLT and the
AFLT Owner Trustee each at the address specified in Part III of Appendix A to the Trust Sale and Administration Agreement. 
 AFLT shall
promptly transmit any notice received by it from the Secured Noteholders to the AFLT Indenture Trustee and the AFLT Indenture Trustee shall likewise promptly transmit any notice received by it from the Secured Noteholders to AFLT. 

(c) Notices required to be given to the Rating Agencies by AFLT, the AFLT Indenture Trustee or the AFLT Owner Trustee shall be delivered as
specified in Part III to Appendix A to the Trust Sale and Administration Agreement. 
 SECTION 11.5 Notices to Secured Noteholders;
Waiver. 
 (a) Where this AFLT Indenture provides for notice to the Secured Noteholders of any condition or event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Secured Noteholder affected by such event, at such Person’s address as it appears on the Secured Note Register,
not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. If notice to Secured Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to
any particular Secured Noteholder shall affect the sufficiency of such notice with respect to other Secured Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of
whether such notice is in fact actually received. 

  
 53 

 (b) Where this AFLT 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 Secured Noteholders shall be filed with the AFLT Indenture Trustee but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 
 (c) 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 of Secured Noteholders when such notice is required to be given pursuant to any provision of this AFLT
Indenture, then any manner of giving such notice as shall be satisfactory to the AFLT Indenture Trustee shall be deemed to be a sufficient giving of such notice. 

(d) Where this AFLT Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or
obligations created hereunder, and shall not under any circumstance constitute an Event of Default. 
 SECTION 11.6 Conflict with Trust
Indenture Act. 
 (a) If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be
included in this AFLT Indenture by any of the provisions of the TIA, such required provision shall control. 
 (b) The provisions of the TIA
§§ 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this AFLT Indenture) are a part of and govern this AFLT Indenture, whether or not physically
contained herein. 
 SECTION 11.7 Alternate Payment and Notice Provisions. Notwithstanding any provision of this AFLT Indenture or
any of the Secured Notes to the contrary, AFLT may enter into any agreement with any Holder of a Secured Note providing for a method of payment, or notice by the AFLT Indenture Trustee or any Paying Agent to such Holder, that is different from the
methods provided for in this AFLT Indenture for such payments or notices. AFLT shall furnish to the AFLT Indenture Trustee a copy of each such agreement and the AFLT Indenture Trustee shall cause payments to be made and notices to be given in
accordance with such agreements at the expense of AFLT. 
 SECTION 11.8 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 11.9
Successors and Assigns. 
 (a) All covenants and agreements in this AFLT Indenture and the Secured Notes by AFLT shall bind its
successors and assigns, whether so expressed or not. 

  
 54 

 (b) All covenants and agreements of the AFLT Indenture Trustee in this AFLT Indenture shall bind
its successors and assigns, whether so expressed or not. 
 SECTION 11.10 Severability. In case any provision in this AFLT Indenture
or in the Secured Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 11.11 Benefits of AFLT Indenture. Nothing in this AFLT Indenture or in the Secured Notes, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, and to the extent expressly provided herein, the Secured Noteholders and any other Person with an ownership interest in any part of the AFL Trust Estate, any benefit or any legal
or equitable right, remedy or claim under this AFLT Indenture. 
 SECTION 11.12 Legal Holidays. If the date on which any payment is
due shall not be a Business Day, then (notwithstanding any other provision of the Secured Notes or this AFLT 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. THIS AFLT INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (OTHER THAN
SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AFLT INDENTURE SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 11.14 Counterparts. This AFLT 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 AFLT Indenture. If this AFLT Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by AFLT and at its expense accompanied by an Opinion of Counsel (which may be counsel to the AFLT
Indenture Trustee or any other counsel reasonably acceptable to the AFLT Indenture Trustee) to the effect that such recording is necessary either for the protection of the Secured Noteholders or any other Person secured hereunder or for the
enforcement of any right or remedy granted to the AFLT Indenture Trustee under this AFLT Indenture. 
 SECTION 11.16 No Recourse.

 (a) Each Secured Noteholder agrees by acceptance of a Secured Note (or interest therein) that no recourse may be taken, directly or
indirectly, with respect to the obligations of AFLT, the AFLT Owner Trustee or the AFLT Indenture Trustee on the Secured Notes or under this AFLT Indenture or any certificate or other writing delivered in connection herewith or therewith, against:

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

  
 55 

 (ii) any owner of a beneficial interest in AFLT; 

(iii) any partner, owner, beneficiary, agent, officer, director or employee of the AFLT Indenture Trustee or the AFLT Owner Trustee in its
individual capacity, any holder of a beneficial interest in AFLT, the AFLT Owner Trustee or the AFLT Indenture Trustee or of any successor or assign of the AFLT Indenture Trustee or the AFLT Owner Trustee in its individual capacity (or any of their
successors or assigns), except as any such Person may have expressly agreed (it being understood that the AFLT Indenture Trustee and the AFLT Owner Trustee have no such obligation 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 AFLT
Indenture, in the performance of any duties or obligations of AFLT hereunder, the AFLT Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles IV, V and VI of the Declaration
of Trust; or 
 (iv) AFLT or any portion of the assets of AFLT other than with respect to the AFL Trust Estate. 

(b) Except as expressly provided in the AFLT Transaction Documents, neither the Seller, the Servicer, the AFLT Indenture Trustee nor the AFLT
Owner Trustee in their respective individual capacities, any owner of a beneficial interest in AFLT, nor any of their respective partners, owners, beneficiaries, agents, officers, directors, employees or successors or assigns, shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Secured Notes or this AFLT
Indenture. 
 SECTION 11.17 No Petition. Each of the AFLT Indenture Trustee by entering this AFLT Indenture and each Holder of a
Secured Note, by its acceptance thereof, hereby covenants and agrees that prior to the date which is one year and one day after the payment in full of all Secured Notes, it shall not institute against, or join any other Person in instituting
against, AFLT any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any State of the United States. This Section 11.17 shall survive the
termination of this AFLT Indenture. 
 SECTION 11.18 Inspection. AFLT agrees that, on reasonable prior notice, it shall permit any
representative of the AFLT Indenture Trustee, during AFLT’s normal business hours, to examine all the books of account, records, reports and other papers of AFLT, to make copies and extracts therefrom, to cause such books to be audited by
Independent certified public accountants, and to discuss AFLT’s affairs, finances and accounts with AFLT’s officers, employees and Independent certified public accountants, all at such reasonable times and as often as may be reasonably
requested. The AFLT Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the AFLT Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

  
 56 

 SECTION 11.19 Indemnification by and Reimbursement of the Servicer. The AFLT Indenture
Trustee acknowledges and agrees to reimburse (i) the Servicer and its directors, officers, employees and agents in accordance with the Servicing Agreement and (ii) the Seller and its directors, officers, employees and agents in accordance
with the Servicing Agreement. The AFLT Indenture Trustee further acknowledges and accepts the conditions and limitations with respect to the Servicer’s obligation to indemnify, defend and hold the AFLT Indenture Trustee harmless as set forth in
the Servicing Agreement for any Series. 
 SECTION 11.20 Series Liabilities. It is expressly understood and agreed by each Secured
Noteholder, by its acceptance of its Secured Note, that Series 20 -SN is a separate series of AFLT as provided in Section 3806(b)(2) of the Statutory Trust Act. As such, separate and distinct records shall be maintained for each Series
Portfolio and the Lease Assets associated with Series 20 -SN shall be held and accounted for separately from the other assets of AFLT or any other Series. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to each Series of Secured Notes, shall be enforceable against the related Series Portfolio of AFLT only, and not against the assets of AFLT generally or any other Series Portfolio. 

SECTION 11.21 Subordination. Each of AFLT, the Issuing Entity and each Holder of a Secured Note, by accepting its Secured Note,
acknowledges and agrees that such Secured Note represents indebtedness of AFLT and does not represent an interest in any other assets of AFLT allocated to any other Series Portfolio (including by virtue of any deficiency claim in respect of
obligations not paid or otherwise satisfied from the AFL Trust Estate and proceeds thereof). In furtherance of and not in derogation of the foregoing, to the extent AFLT enters into other securitization transactions, including in connection with the
issuance of other Series of Secured Notes, each of AFLT, the Issuing Entity and each Secured Noteholder, by accepting its Secured Note, acknowledges and agrees that it shall have no right, title or interest in or to any assets (or interests therein)
(other than the AFL Trust Estate) conveyed or purported to be conveyed or pledged by AFLT to another Person or Persons in connection therewith (whether by way of a sale, capital contribution or by virtue of the granting of a Lien) (“Other
Assets”). To the extent that, notwithstanding the agreements and provisions contained in the preceding sentences of this subsection, AFLT, the Issuing Entity or any Secured Noteholder either (a) asserts an interest or claim to, or
benefit from, Other Assets, whether asserted against or through the AFLT Indenture Trustee, the CARAT Indenture Trustee or any other Person, or (b) is deemed to have any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the federal Bankruptcy Code or any successor provision having similar effect under the Bankruptcy
Code), and whether deemed asserted against or through the AFLT Indenture Trustee, the CARAT Indenture Trustee or any other Person, then each of AFLT, the Issuing Entity and each Secured Noteholder, by accepting its Secured Note, further acknowledges
and agrees that any such interest, claim or benefit in or from Other Assets is and shall be expressly subordinated to the indefeasible payment in full of all obligations and liabilities of AFLT which, under the terms of the relevant documents
relating to the securitization of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets 

  
 57 

 
(whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distribution or application under applicable law, including insolvency laws,
and whether asserted against the Secured Noteholder), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement shall be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. Each of the Issuing Entity and each Secured Noteholder further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 11.21 and the terms of this
Section 11.21 may be enforced by an action for specific performance. The provisions of this Section 11.21 shall be for the third party benefit of those entitled to rely thereon and shall survive the termination of this
AFLT Indenture. 
 SECTION 11.22 [Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations. In order to
comply with laws, rules and regulations applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, the AFLT Indenture Trustee is required to obtain, verify and record certain information
relating to individuals and entities which maintain a business relationship with the AFLT Indenture Trustee. Accordingly, AFLT agrees to provide, and agrees to cause the Servicer to provide, to the AFLT Indenture Trustee upon its request from time
to time such identifying information and documentation as may be reasonably available to such party without undue expense in order to enable the AFLT Indenture Trustee to comply with applicable law.] 

  
 58 

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

			
	ALLY FINANCIAL LEASE TRUST
		
	By:	 	[                                     
                                         
                  ],
	not in its individual capacity but solely as AFLT Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[                                    
                                         
                   ],
	not in its individual capacity but solely as AFLT Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	[Acknowledged and agreed, solely for purposes of the Junior Security Interest Paragraph and Section 11.21:
	
	[CAPITAL AUTO RECEIVABLES ASSET TRUST 20    SN  ],
		
	By:	 	[                                     
                                         
                  ],
		 	not in its individual capacity but solely as CARAT Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 S-1 

 Exhibit A to the 

AFLT 20 -SN Indenture 

FORM OF AFLT 20 -SN SECURED NOTE 
  

					
		 	Date of Issuance:	 	  

		 	Initial Secured Note Principal Balance:	 	
$                  
                      

		 	Secured Note Rate:	 	
        % per annum       
     

		 	Aggregate Initial ABS Value of All Lease Assets:	 	  

 THIS SECURED NOTE NEITHER HAS BEEN NOR WILL BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION. CONSEQUENTLY, THIS SECURED NOTE IS NOT TRANSFERABLE OTHER THAN PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SATISFACTION
OF CERTAIN OTHER PROVISIONS SPECIFIED HEREIN. THIS SECURED NOTE OR AN INTEREST IN THIS SECURED NOTE IS BEING SOLD IN A PRIVATE PLACEMENT PURSUANT TO SECTION 4(2) OF THE SECURITIES ACT ON THE DATE OF HEREOF. THEREAFTER, NO FURTHER SALE, PLEDGE OR
OTHER TRANSFER OF THIS SECURED NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER SUCH SALE, PLEDGE OR OTHER TRANSFER IS (I) TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(A)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”), THAT DELIVERS TO THE SERVICER AND THE AFLT INDENTURE TRUSTEE A CERTIFICATION IN THE FORM SET FORTH IN EXHIBIT B TO
THE AFLT INDENTURE OR OTHERWISE IN FORM AND SUBSTANCE SATISFACTORY TO THE AFLT INDENTURE TRUSTEE AND THE SERVICER, TO THE EFFECT THAT (A) IT IS ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS
(WHICH OTHERS ALSO ARE INSTITUTIONAL ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) THAT, IF SO REQUESTED BY THE SERVICER OR THE AFLT INDENTURE TRUSTEE, EXECUTES A CERTIFICATE IN THE FORM OF EXHIBIT B TO
THE AFLT INDENTURE AND (B) IT IS AWARE THAT THE TRANSFEROR OF THIS SECURED NOTE INTENDS TO RELY ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY RULE 501 UNDER THE SECURITIES ACT, (II) SO LONG AS THIS
SECURED NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A (A “QUALIFIED INSTITUTIONAL BUYER”), THAT
DELIVERS TO THE SERVICER AND THE AFLT INDENTURE TRUSTEE A CERTIFICATION IN THE FORM SET FORTH IN EXHIBIT B TO THE AFLT INDENTURE OR OTHERWISE IN FORM AND SUBSTANCE SATISFACTORY TO THE AFLT INDENTURE TRUSTEE AND THE SERVICER, TO THE EFFECT
THAT (A) IT IS 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) THAT, 

  
 Ex. A-1 

 
IF SO REQUESTED BY THE SERVICER OR THE AFLT INDENTURE TRUSTEE, EXECUTES A CERTIFICATE IN THE FORM OF EXHIBIT B TO THE AFLT INDENTURE AND (B) IT IS AWARE THAT THE TRANSFEROR OF THIS
SECURED NOTE INTENDS TO RELY ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY RULE 144A, OR (III) IN A TRANSACTION OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE
(A) THE AFLT INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE AFLT INDENTURE TRUSTEE AND THE SERVICER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE
IN FORM AND SUBSTANCE SATISFACTORY TO THE AFLT INDENTURE TRUSTEE AND THE SERVICER, AND (B) THE AFLT INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE AFLT INDENTURE TRUSTEE) SATISFACTORY TO
THE SERVICER AND THE AFLT INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. NEITHER THE SERVICER NOR THE AFLT
INDENTURE TRUSTEE SHALL REGISTER THIS SECURED NOTE UNDER THE SECURITIES ACT, QUALIFY THIS SECURED NOTE UNDER THE SECURITIES LAWS OF ANY STATE OR PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER OR HOLDER HEREOF 

Ally Financial Lease Trust, a Delaware statutory trust (“AFLT”), for value received, hereby promises to pay on each Distribution
Date to [                    ], [not in its individual capacity but solely as CARAT Indenture Trustee], as pledgee of Capital Auto Receivables Asset
Trust 20[    ]-SN[    ], the sum of (x) the Secured Note Interest Distributable Amount due on such Secured Note on such Distribution Date, plus (y) the holder of this Secured Note’s
portion of the aggregate amount payable on such Distribution Date in respect of principal on the Secured Notes pursuant to Sections 2.5(b) and 3.1 of the AFLT Indenture (as defined below) pro rata based on the Secured Note Principal Balance of each
such Secured Note. The principal of this Secured Note shall be due and payable in full on the Final Maturity Date, unless an optional redemption of the Secured Notes has occurred pursuant to Section 10.1 of the AFLT Indenture in which case such
unpaid principal shall be due on the Redemption Date. 
 Pursuant to the AFLT 20 -SN Indenture, dated as of
                    , 20     (as amended, modified or otherwise supplemented from time to time, the “AFLT
Indenture”), between AFLT and [                    ], a national banking association, as AFLT indenture trustee (in its capacity as AFLT
indenture trustee and not its individual capacity, the “AFLT Indenture Trustee”), AFLT grants (x) to the AFLT Indenture Trustee on behalf of the Secured Noteholders a security interest in the AFLT Collateral (other than the
Direct AFLT Pledge) to the extent set forth therein, and (y) to each Secured Noteholder, to the extent that, notwithstanding the terms of the VAULT Trust Agreement and the Statutory Trust Act, AFLT is deemed to hold a direct ownership interest
in the legal title to any Leased Vehicle related to the Lease Assets (and not merely a beneficial interest in VAULT representing an interest in the legal title to such Leased Vehicle), a security interest in all of AFLT’s rights in such Leased
Vehicle. In addition, pursuant to the VAULT Pledge and Security Agreement, dated as of                     , 20    , by Vehicle
Asset Universal Leasing Trust (“VAULT”) and acknowledged and agreed by AFLT, Ally Financial 

  
 Ex. A-2 

 
Inc., Capital Auto Receivables LLC, and Capital Auto Receivables Asset Trust 20 -SN , VAULT pledges to each Secured Noteholder a security interest in all of VAULT’s legal title to the Leased
Vehicles related to the Lease Assets to the extent set forth therein. 
 The sole source for payment of this Secured Note and all other
Secured Notes is limited to the AFL Trust Estate and such other funds as AFLT may from time to time pledge to secure the payment of the Secured Notes; it being understood that any other assets of AFLT included in any other Series Portfolio or the
Residual Interest shall not be available to make payments on the Secured Notes. 
 Capitalized terms not otherwise defined herein shall have
the meanings set forth in the AFLT Indenture. 
 This Secured Note is a valid and binding obligation of AFLT. 

 

			
	CENTRAL ORIGINATING LEASE TRUST II
		
	By:	 	                                     
                                       ,
		 	not in its individual capacity, but solely as AFLT Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. A-3 

 AFLT INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	CITIBANK, N.A., not in its individual capacity but solely as AFLT Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. A-4 

 Payment hereunder shall be made to the Holder of this Secured Note in accordance with the AFLT
Indenture and the Servicing Agreement. 
 By acquiring a Secured Note or any interest therein, each purchaser and transferee will be deemed
to represent and warrant that either (A) it is not acquiring the Secured Note with the assets of (i) an “employee benefit plan” as defined in Section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as
amended (“ERISA”) that is subject to the provisions of Title I of ERISA, (ii) any “plan” subject to Section 4975 of the Code, (iii) any entity whose underlying assets include plan assets by reason of
investment by an employee benefit plan or plan in such entity or (iv) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (B) the acquisition and holding of the
Secured Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

Pursuant to Section 11.17 of the AFLT Indenture, the AFLT Indenture Trustee, by entering into the AFLT Indenture, each Secured
Noteholder, by accepting a Secured Note (or interest therein), covenant and agree that they shall not, prior to the date which is one year and one day after the payment in full of all Secured Notes issued by AFLT, acquiesce, petition or otherwise
invoke or cause AFLT to invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against AFLT under any federal or State bankruptcy, insolvency, reorganization or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of AFLT or any substantial part of its property, or ordering the winding up or liquidation of the affairs of AFLT, and that such obligations shall not
constitute a claim against AFLT in the event that AFLT’s assets are insufficient to pay in full such obligations, in each case for one year after all Secured Notes are paid in full. 

The obligations of AFLT under this Secured Note shall be non-recourse to AFLT and any other asset of AFLT or any AFLT Certificateholder except
to the extent described herein. 
 This Secured Note shall be effective when executed, authenticated and delivered in accordance with the
AFLT Indenture. 
 THIS SECURED NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION (EXCEPT SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREOF UNDER THIS
SECURED NOTE SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 [Unless otherwise required by appropriate taxing authorities, AFLT agrees,
and by acquiring this Secured Note or interest therein the Holder of this Secured Note or interest therein agrees, to treat this Secured Note as indebtedness for federal income tax, state and local income and franchise tax, and any other taxes
imposed upon, measured by or based upon gross or net income.] 

  
 Ex. A-5 

 It is expressly understood and agreed by the Holder of this Secured Note that (a) the AFLT Indenture and
this Secured Note are executed and delivered by Deutsche Bank Trust Company Delaware, not individually or personally but solely as AFLT Owner Trustee, (b) each of the representations, undertakings and agreements herein and therein made on the
part of AFLT is made and intended not as a personal representation, undertaking or agreement by Deutsche Bank Trust Company Delaware but is made and intended for the purpose of binding only AFLT, and (c) under no circumstances shall Deutsche
Bank Trust Company Delaware be personally liable for the payment of any indebtedness or expenses of AFLT or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by AFLT under the AFLT
Indenture and this Secured Note. 

  
 Ex. A-6 

 Exhibit B to the 

AFLT 20    -SN   Indenture 

FORM OF TRANSFER CERTIFICATE 
 Ally
Financial Inc., 
 as Servicer 
 200 Renaissance Center 

Detroit, Michigan 48265 
 Attn: Director - Securitization and Cash
Management 
 [                    ], 

as AFLT Indenture Trustee for 
 Central Originating Lease Trust II

 [                    ] 

Attn: [                    ]— AFLT
20    -SN   
 Ladies and Gentlemen: 

In connection with the purchase of a Secured Note issued pursuant to the AFLT Indenture, dated as of
            , 20     (the “Secured Note”) of the Central Originating Lease Trust II, the undersigned buyer (“Buyer”) hereby
acknowledges, represents and agrees that: 
 The Buyer understands that the Secured Note has not been registered under the Securities Act of
1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction, and may not be sold other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain
other provisions specified in the AFLT Indenture, as set forth in the following sentence. The Buyer agrees, on its own behalf and on behalf of any accounts for which it is acting as hereinafter stated, that such Secured Note may be resold, pledged
or transferred only (i) to an institutional investor that is an “Accredited Investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act (an “Institutional Accredited
Investor”) that delivers to the Servicer and the AFLT Indenture Trustee a certification in the form hereof and that is acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also
are Institutional Accredited Investors unless the holder is a bank acting in its fiduciary capacity) that, if so requested by the Servicer or the AFLT Indenture Trustee, executes a certificate in the form hereof, (ii) so long as such Secured
Note is eligible for resale pursuant to Rule 144A under the Securities Act (“Rule 144A”), to a “qualified institutional buyer” as defined in Rule 144A (a “Qualified Institutional Buyer”) that delivers to
the Servicer and the AFLT Indenture Trustee a certification in the form hereof and that is 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)
that, if so requested by the Servicer or the AFLT Indenture Trustee, executes a certificate in the form hereof or (iii) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the
Securities Act, in which case (A) the AFLT Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the AFLT Indenture Trustee and the Servicer in writing the facts surrounding such
transfer, which certification shall 

  
 Ex. B-1 

 
be in form and substance satisfactory to the AFLT Indenture Trustee and the Servicer, and (B) the AFLT Indenture Trustee shall require a written opinion of counsel (which shall not be at the
expense of the AFLT Indenture Trustee) satisfactory to the Servicer and the AFLT Indenture Trustee to the effect that such transfer will not violate the Securities Act, in each case in accordance with any applicable securities laws of any State of
the United States. The Buyer understands that neither the Servicer nor the AFLT Indenture Trustee shall register this Secured Note under the Securities Act, qualify this Secured Note under the securities laws of any state or provide registration
rights to any purchase or holder hereof. The Buyer will notify any purchaser of the Secured Note from it of the above resale restrictions, if then applicable. The Buyer further understands that in connection with any transfer of the Secured Note by
it that the Servicer and the AFLT Indenture Trustee may request, and if so requested the Buyer will furnish, such certificates and other information as they may reasonably require to confirm that any such transfer complies with the foregoing
restrictions. 
 CHECK ONE 
  

	 	(1)	The Buyer is an institutional investor and an “accredited investor” (as defined in Rule 501(a)(l), (2), (3) or (7) of Regulation D under the Securities Act) acting for its own account (and not for
the account of others) or as a fiduciary or agent for others (which others also are Institutional Accredited Investors unless the Buyer is a bank acting in its fiduciary capacity). The Buyer has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of its investment in the Secured Note, and the Buyer and any accounts for which it is acting are able to bear the economic risk of investment in the Secured Note for an indefinite
period of time. The Buyer is acquiring the Secured Note for investment and not with a view to, or for offer and sale in connection with, a public distribution. 

  

	 	(2)	The Buyer is a “qualified institutional buyer” as defined under Rule 144A and is acquiring the Secured Note 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”). The Buyer is are familiar with Rule 144A and is aware that the transferor of the Secured Note and other parties intend to rely on the statements made herein and the exemption from the
registration requirements of the Securities Act provided by Rule 144A. 

  
 Ex. B-2 

 (a) 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. 
  

			
	
	  
 Print Name of
Buyer

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Date:	 	  

  
 Ex. B-3 

 Exhibit C to the 

AFLT 20    -SN   Indenture 

1.    FORM OF CERTIFICATION             

Re: the
                                        dated as
of             , 20     (the “Agreement”), among
                                        . 

[                    ] not in its
individual capacity but solely as AFLT Indenture Trustee (the “AFLT Indenture Trustee”) certifies to Ally (the “Company”), certify to Central Originating Lease Trust II (“AFLT”) and Capital Auto
Receivables LLC (the “Depositor”), and its officers, with the knowledge and intent that they will rely upon this certification, that: 

(1) It has reviewed the report on assessment of the AFLT Indenture Trustee’s compliance provided in accordance with Rules 13a-18 and
15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), and the registered public accounting firm’s attestation report
provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”) that were delivered by the AFLT Indenture Trustee to the Depositor, the CARAT Owner
Trustee and the Servicer pursuant to the Agreement (collectively, the “AFLT Indenture Trustee Information”); 
 (2) To the
best of its knowledge, the AFLT Indenture Trustee Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under
which such statements were made, not misleading with respect to the period of time covered by the AFLT Indenture Trustee Information; and 

(3) To the best of its knowledge, all of the AFLT Indenture Trustee Information required to be provided by the AFLT Indenture Trustee under
the Agreement has been provided by AFLT Indenture Trustee to AFLT, the Depositor, the AFLT Owner Trustee, the CARAT Owner Trustee and the Servicer. 
  

			
	Dated:	 	  

	
	By: [                    ], not in its individual capacity but solely as Indenture Trustee
		
	Name:	 	  

	Title:	 	  

  
 Ex. C 

 Exhibit D to the 

AFLT 20    -SN   Indenture 

SECURED NOTE REGISTER 
 Issued pursuant to
the AFLT 20    -SN   Indenture, dated as of             , 20     (“AFLT Indenture”) between Ally Financial Lease Trust, a
Delaware statutory trust and [                    ], a national banking association, as AFLT Indenture Trustee. 

This is the Secured Notes Register referred to in Section 2.3(a) of the AFLT Indenture. 

 

					
	Holder of the Secured Notes	 		 	Date of Acquisition
			
	 [                    ]

not in its individual capacity but solely as CARAT Indenture Trustee
	 		 	[                    ]
			
	Initial holder of a security interest in the Secured Notes	 		 	Date of Attachment
			
	Ally Financial Inc.	 		 	[                    ]
			
	Transfer/Pledge of a security interest in the Secured Notes	 		 	
			
	Transferor/Pledgor	 	Transferee/Pledgee	 	Date of Transfer/ Pledge
			
	Ally Financial Inc. (Transferor)	 	Capital Auto Receivables LLC (Transferee)	 	[                    ]
			
	Capital Auto Receivables LLC (Transferor)	 	Capital Auto Receivables Asset Trust 20    -SN   (Transferee)	 	[                    ]
			
	Capital Auto Receivables Asset Trust 20    -SN   (Pledgor)	 	[                    ] (as Pledgee)	 	[                    ]

  
 Ex. D 

 EXHIBIT E 

SERVICING CRITERIA TO BE ADDRESSED IN 

AFLT INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE 

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

					
	 Servicing Criteria
	  	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.	  	X
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.(1)	  	X
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. (1)	  	X
			
		  	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. (2)	  	X
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Administrator’s investor records, or such other number of days specified in the transaction agreements.	  	X
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	X

  

	(1) 	Solely to extent such accounts relate to accounts maintained at the AFLT Indenture Trustee. 

	(2) 	Solely with respect to remittances in accordance with the Servicer’s Accounting as set forth in the Transaction Documents. 

  
 Ex. E

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}]]