Document:

Exhibit

Exhibit 10.37

__________
AGREEMENT OF PURCHASE AND SALE
between
CIM GROUP ACQUISITIONS, LLC
Purchaser
and
IL-TRIBUNE TOWER, LLC,
Seller
___________________________________________
Dated: August 26, 2016
Property: 435 North Michigan Avenue,
Chicago, Illinois

TABLE OF CONTENTS
     	
			
	Section
	Page

	1.
	Agreement to Sell and Purchase
	1

	2.
	Purchase Price
	2

	3.
	Separate Escrow Agreement
	2

	4.
	Closing
	3

	5.
	Condition of Title
	3

	6.
	Due Diligence Period
	5

	7.
	Representations and Warranties
	7

	8.
	Conditions to Purchaser’s Obligation
	11

	9.
	Period Prior to Closing
	12

	10.
	Provisions with Respect to Closing
	14

	11.
	Credits and Prorations
	16

	12.
	Transfer Taxes and Closing Costs
	21

	13.
	Casualty; Condemnation
	21

	14.
	Brokers
	23

	15.
	Default
	23

	16.
	Personal Property
	24

	17.
	Section 1031 Exchange
	24

	18.
	Disclaimers, Disclosures and Waivers
	25

	19.
	Miscellaneous
	30

	20.
	Attorneys’ Fees and Costs
	34

	
			
	SCHEDULE OF EXHIBITS
	 

	 
	Exhibit A
	Legal Description

	 
	Exhibit B
	Lease Schedule

	 
	Exhibit B-1
	Rent Matters

	 
	Exhibit B-2
	Rent Roll

	 
	Exhibit C
	Escrow Agreement

	 
	Exhibit D
	Deed

	 
	Exhibit E
	Service Contracts

	 
	Exhibit E-1
	License Agreements

	 
	Exhibit F
	Equipment Leases

	 
	Exhibit G
	Bill of Sale

	 
	Exhibit H
	Assignment of Intangibles

	 
	Exhibit I
	Assignment and Assumption of Contracts and 
Lease

	 
	Exhibit J
	FIRPTA Certificate

	 
	Exhibit K
	Tenant Estoppel Certificate

	 
	Exhibit K-1
	Tribune Publishing Company Estoppel Certificate

	 
	Exhibit L
	Unpermitted Exceptions

	 
	Exhibit M
	Litigation

	 
	Exhibit N
	Seller Leasing Costs

	 
	Exhibit O-1
	Indemnity (IDOR)

	 
	Exhibit O-2
	Indemnity (CDOR)

	 
	Exhibit O-3
	Indemnity (CCDOR)

	 
	Exhibit P
	Tribune Media Lease Amendment

	 
	Exhibit Q
	Violations

	 
	Exhibit R
	Alterations and Repairs Schedule

	 
	Exhibit S
	Tower License Agreement

	 
	Exhibit T
	Form of Contingent Obligations Agreement

AGREEMENT OF PURCHASE AND SALE
THIS AGREEMENT OF PURCHASE AND SALE (this “Agreement”) is dated as of the 26th day of August, 2016, by and between CIM Group Acquisitions, LLC, a California limited liability company (“Purchaser”), and IL-Tribune Tower, LLC, a Delaware limited liability company (“Seller”).
BACKGROUND
Seller is the owner of certain Premises (as hereinafter defined) located at 435 North Michigan Avenue, Chicago, Illinois.  Seller now desires to sell and Purchaser desires to purchase the Premises and certain tangible and intangible personal property related to the ownership and operation of the Premises, upon the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the covenants and agreements contained in this Agreement and other good and valuable consideration, and intending to be legally bound, Seller and Purchaser agree as follows:
1.Agreement to Sell and Purchase.  Subject to the terms and conditions of this Agreement, Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, the following:

(a)Land.  All of Seller’s right, title and interest in and to, all that certain tract or parcel of land legally described on Exhibit A (the “Land”).

(b)Improvements.  All of Seller’s right, title and interest in and to, all buildings and other improvements located on the Land, including all fixtures, electrical, heating, ventilating, air conditioning, plumbing, security, fire suppression and other mechanical systems (the “Improvements”).

(c)Appurtenances.  All of Seller’s right, title and interest in and to, easements, rights of way, licenses, privileges, condemnation awards (if any) and appurtenances, if any, belonging to or inuring to the benefit of the Land, and all right, title and interest of Seller in and to any land lying in the bed of any highway, street, road or avenue, opened or proposed, in front of or abutting or adjoining the Land (collectively, the “Appurtenances”).  The Land, Improvements and Appurtenances are referred to collectively as (the “Premises”).

(d)Leases.  All of Seller’s right, title and interest in and to all agreements listed and described on Exhibit B (the “Lease Schedule”) attached hereto and made a part hereof, which Lease Schedule shall include a list of any existing rental delinquencies (the “Delinquency Report”), and pursuant to which any portion of the Land or Improvements is used or occupied by anyone other than Seller (collectively, the “Leases”). 

(e)Personal Property.  Any tangible personal property owned by Seller and used solely in connection with the ownership, operation, maintenance, use or occupancy of the Premises, including but not limited to those items listed on Schedule 1, attached hereto but specifically excluding any personal property of any tenant under the Leases (the “Personal Property”).

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(f)Intangibles.  To the extent assignable, all of Seller’s right, title and interest in and to the following intangible personal property (collectively, the “Intangibles”): (i) all licenses, authorizations, approvals, permits and certificates of occupancy issued by any Governmental Authority (as hereinafter defined) and relating to the ownership, use, operation or occupancy of the Premises (the “Permits”); (ii) all surveys, plans, floor plans, specifications, and operating manuals with respect to the Premises or any portion thereof in Seller’s possession or reasonably obtainable by Seller from its affiliates; and (iii) all currently effective warranties and guaranties given by any contractor, supplier or manufacturer of any Personal Property or Improvements, or of any work performed on any Personal Property or Improvements (the “Warranties”); The Premises, Personal Property, Leases and Intangibles are referred to collectively as (the “Assets”).  

2.Purchase Price.  The purchase price for the Assets (the “Purchase Price”) is Two Hundred Five Million Dollars ($205,000,000.00) which, subject to the terms and conditions of this Agreement, shall be paid as follows:

(a)Deposit.  A deposit of Ten Million Dollars ($10,000,000.00) (the “Deposit”) shall be paid by Purchaser by wire transfer of immediately available funds in escrow to Chicago Title Insurance Company (the “Escrow Agent”) not less than three (3) business days after the Effective Date (the “Deposit Deadline”).  The term “Effective Date” means the last date on which both parties have executed and received a fully executed duplicate original of this Agreement, or, if this Agreement is executed in counterparts, the last date on which each party has received a duplicate original counterpart of this Agreement executed by the other party.  If Purchaser fails to deliver the Deposit to the Escrow Agent on or before the Deposit Deadline, then upon two (2) business days written notice, provided Purchaser has not during such period delivered the Deposit, Seller shall have the right to terminate this Agreement by delivering written notice to Purchaser, at which time this Agreement shall be null and void and neither party shall have any rights or obligations under this Agreement except as otherwise expressly provided herein.  The Deposit is non-refundable (except as expressly provided in this Agreement) and shall thereafter be disbursed upon the earlier to occur of termination of this Agreement, or the Closing Date, as expressly provided in this Agreement.  

(b)Balance of Purchase Price.  The Purchase Price, less the Deposit, subject to the adjustments and credits provided in Sections 10 and 11, shall be paid by Purchaser at Closing by wire transfer of immediately available funds.

(c)Independent Consideration.  Notwithstanding anything in this Agreement to the contrary, One Hundred Dollars ($100.00) of the Deposit (the “Independent Consideration”) shall be paid to Seller, shall not be considered part of the “Escrow Fund” (as such term is defined below) and shall be completely nonrefundable to Purchaser in all events, it being the intent of the parties to recognize that such amount has been bargained for and agreed to as independent consideration for Seller’s execution and delivery of this Agreement.

3.Separate Escrow Agreement.  The Deposit shall be held in escrow pursuant to the terms of a separate escrow agreement among Purchaser, Seller and Escrow Agent.  The form of escrow agreement is attached to this Agreement as Exhibit C.  Any interest accrued on the Deposit shall accrue to Purchaser at Closing, or if the Deposit is forfeited to Seller, any interest accrued shall

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be forfeited to Seller as well.  The Deposit and all interest accrued thereon is referred to as the “Escrow Fund.”

4.Closing.  Closing under this Agreement (the “Closing”) shall take place on or before September 26, 2016 (the “Closing Date”), or such earlier date, if any, as may be mutually agreed by Purchaser and Seller, at a downtown Chicago office of the Title Company.

		
	5.
	Condition of Title. 

(a)Delivery of Title and Surveys.

(i)Prior to the Effective Date, Seller has delivered to Purchaser (or made available to Purchaser electronically), (A) a title commitment with respect to the Premises (the “Title Commitment”), issued by Chicago Title Insurance Company (the “Title Company”) including legible copies of any documents listed as exceptions, and (B) Seller’s most recent survey of the Premises (the “Existing Survey”).

(ii)Except as expressly provided for herein (i.e. breach of a representation), from and after the Closing Date, Purchaser shall look solely to the title company issuing such title insurance policy for any loss, damage or claim attributable to any matter pertaining to the status of title to the Premises.  The provisions of this Section 5(a)(ii) shall survive the Closing and the recording of the Deed.  Purchaser may also order an update to the Existing Survey (the Existing Survey, as so updated, being referred to herein as the “Survey”).  Costs of the Title Commitment and Survey shall be paid as provided in Section 12 below.

(iii)Purchaser has approved the title as shown in the Title Commitment, the title exceptions listed therein, and all matters shown on the Survey and any such exceptions or matters are hereby deemed to be “Permitted Exceptions”, other than those matters set forth on Exhibit L (the “Unpermitted Exceptions”). Notwithstanding anything to the contrary contained herein, all mortgages, other monetary liens, real estate taxes due and payable prior to Closing and any liens for services and/or materials, other than TI Liens addressed as provided in the definition of Permitted Exceptions (collectively, “Monetary Exceptions”), shall automatically be deemed to be Unpermitted Exceptions, and Seller shall have an affirmative obligation to cure all such Monetary Exceptions at or prior to Closing. 

(b)Notice of Objection.

(i)All title exceptions or other matters identified in the Title Commitment or Survey which are not set forth on Exhibit L (other than Monetary Exceptions) shall be considered Permitted Exceptions.
 
(ii)Purchaser shall be deemed to have waived its right to object to any title exceptions, other than Monetary Exceptions, Unpermitted Exceptions and any matters (other than Permitted Exceptions) adversely affecting the ownership, operation or development of the Premises and first appearing in a continuation search received by Purchaser from the Title Company after the date hereof and of which Purchaser did not otherwise have actual knowledge prior to the date of this Agreement (“Post-Deadline Unpermitted Exceptions”), and such

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exceptions other than Post-Deadline Unpermitted Exceptions shall thereafter be deemed Permitted Exceptions.

(iii)In the event Purchaser shall send a Notice of Objection relating to a Post-Deadline Unpermitted Exceptions, Seller shall have the right, but not the obligation, to cure such objections.  Notwithstanding the foregoing, Seller shall have the obligation to cure any Monetary Exceptions or Post-Deadline Unpermitted Exceptions caused by Seller’s actions or omissions.  Within ten (10) days following the date of receipt of a Notice of Objection from Purchaser, with the Closing Date to be extended as necessary to afford Seller the full 10-day period (the “Seller Notice Period”), and subject to the preceding sentence, Seller shall give notice (a “Response Notice”) advising Purchaser with respect to each Unpermitted Exception whether or not Seller will cause such Unpermitted Exception to be cured at or prior to Closing.  Seller’s failure to give the Response Notice during the Seller Notice Period shall be deemed to be Seller’s election not to cure any such objections (subject to the second sentence of this Section 5(b)(iii)).  If Seller elects to attempt to cure, and provided that Purchaser shall not have terminated this Agreement in accordance with Section 5(c) hereof, Seller shall have until the Closing Date to attempt to cure the same to Purchaser’s reasonable satisfaction and for this purpose, Seller shall be entitled to a reasonable adjournment of the Closing if additional time is required, but in no event shall the adjournment exceed thirty (30) days after the Closing Date specified herein.

(iv)For the purposes of this Agreement, the removal or satisfaction of any Unpermitted Exception or the procurement by Seller of a commitment for the issuance of the Title Policy (as defined in Section 8(a)(iii) hereof) or an endorsement thereto insuring Purchaser against any such Unpermitted Exception, reasonably acceptable to Purchaser, shall be deemed a “cure” by Seller of such Unpermitted Exception.

(c)Title Termination Notice.

(i)If Seller does not deliver a Response Notice prior to the expiration of the Seller Notice Period, or if Seller’s Response Notice states that Seller will not cure a matter set forth in Purchaser’s Notice of Objection, Purchaser may, as its sole and exclusive remedy at law or in equity, terminate this Agreement by sending notice in writing to Seller (the “Title Termination Notice”) within ten (10) days after Purchaser’s receipt of the Response Notice (or, in the event that a Response Notice is not timely delivered, within ten (10) days after the expiration of the Seller Notice Period).  If Seller agrees to cure a matter set forth in Purchaser’s Notice of Objection but fails to cure such matter prior to Closing, or if Seller does not cure at or prior to Closing any matters covered by the second sentence of Section 5(b)(iii), Purchaser may, as it sole and exclusive remedies at law or in equity (but subject to the next sentence): terminate this Agreement; or enforce its rights under this Agreement via a suit for specific performance (or sue for damages if and to the extent allowed pursuant to Section 15(b) hereof).  In the event that this Agreement is terminated by Purchaser pursuant to this Section 5(c)(i): (A) the Escrow Fund shall be paid to Purchaser; (B) this Agreement shall become null and void and of no further force or effect, except for the obligation to pay the Escrow Fund to Purchaser and except for those obligations expressly stated to survive the termination of this Agreement; and (C) neither Seller nor Purchaser shall have any further liability or obligation to the other under this Agreement, except for the obligation to pay the Escrow Fund to Purchaser and except for those obligations expressly stated to survive the termination of this Agreement.  Notwithstanding anything to the

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contrary, nothing contained in this Section 5(c) shall impair any right to specific performance or other remedies that Purchaser shall otherwise have pursuant to this Agreement.

(ii)Notwithstanding anything to the contrary, all conditions and contingencies in this Agreement are for the benefit of Purchaser.  Accordingly, Purchaser may waive any conditions or contingencies set forth herein and accept such title as Seller may be able to convey.

(iii)If Purchaser does not (A) send a Title Termination Notice within the time period set forth in Section 5(c)(i), or (B) otherwise terminate this Agreement pursuant to such section, the Unpermitted Exceptions (other than those covered by the second sentence of Section 5(b)(iii)) which Seller has not agreed (or is deemed not to have agreed) to cure will thereafter be deemed Permitted Exceptions, and this Agreement shall remain in full force and effect.

(d)Conveyance of Title.  At Closing, Seller shall convey and transfer to Purchaser fee simple title to the Premises by special warranty deed in the form attached hereto as Exhibit D.  Notwithstanding anything contained herein to the contrary, the Premises shall be conveyed subject to the following matters (the “Permitted Exceptions”):

(i)the lien of all ad valorem real estate and similar taxes and assessments not yet due, subject to apportionment as hereinafter set forth;

(ii)local, state and federal laws, ordinances or governmental regulations, including but not limited to, building and zoning laws, ordinances and regulations, now or hereafter in effect relating to the Premises;

(iii)the rights of tenants, as tenants only, under the Leases in effect as of the date hereof (the “Existing Leases”) and any new Leases entered into prior to Closing and, if required, approved by Purchaser in accordance with the terms of this Agreement;

(iv)items appearing of record or shown on the Title Commitment or the Survey and, in either case, not objected to by Purchaser or waived or deemed waived by Purchaser in accordance with Section 5(b) hereof; 

(v)inchoate mechanic’s lien rights (“TI Liens”) arising out of tenant improvement work (x) performed by or on behalf of tenants of the Premises, or (y) performed by Seller as the landlord under the Leases and for the cost of which Purchaser (A) is responsible pursuant to the terms of this Agreement or (B) or shall receive a credit against the Purchase Price pursuant to Section 11(i); and

(vi)any matter created by, through, under or with the consent of Purchaser.

6.Due Diligence Period.

(a)Due Diligence Completed.  Purchaser acknowledges Seller has, pursuant to a separate agreement, previously provided Purchaser with the opportunity to evaluate the physical condition of the Premises, and that Purchaser has satisfactorily completed its due diligence with respect to the physical condition of the Premises.

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(b)Review of Books and Records.  Purchaser acknowledges Seller has, pursuant to a separate agreement, previously delivered (or made available to Purchaser electronically) copies of certain books, records, papers and agreements relating to the operation of the Assets, including, among other things:  (i) Service Contracts (as hereinafter defined); (ii) plans and specifications for the Improvements, if any; (iii) architectural and engineering reports, if any; (iv) any environmental report prepared for Seller (the “Environmental Reports”); (v) copies of all Leases, Equipment Leases, Permits and Warranties; and (vi) real estate tax bills and assessments (collectively, the “Premises Materials”).  Purchaser acknowledges and agrees that, in accordance with Section 18(a) herein below, but subject to Section 7 below, (1) any of the Premises Materials delivered by Seller to Purchaser shall be for general informational purposes only, (2) Purchaser shall not have any right to rely on any such Premises Materials, but rather will rely on its own inspections and investigations of the Premises and any reports commissioned by Purchaser with respect thereto, and (3) neither Seller, any affiliate of Seller nor the person or entity which prepared any such report delivered by Seller to Purchaser shall have any liability to Purchaser for any inaccuracy in or omission from any such Premises Materials or in verbal communication.

(c)Confidentiality.

(i)Except as required by law, unless otherwise agreed to in writing by Seller, Purchaser agrees (A) to keep all Premises Materials confidential and not to disclose or reveal any Premises Materials to any person other than (1) a permitted assignee of Purchaser or (2) Purchaser’s Representatives (as hereinafter defined) who are actively and directly participating in Purchaser’s evaluation of the Assets or who otherwise need access to the Premises Materials for the purpose of evaluating the Assets and to cause those persons to observe the terms of this Section 6(c), and (B) not to use Premises Materials for any purpose other than in connection with Purchaser’s evaluation of the Assets or the consummation of the purchase of the Assets.  The term “Representative” means either party’s affiliates and its directors, officers, employees, agents, advisors (including, without limitation, financial advisors, prospective lenders, counsel and accountants) and controlling persons.  Purchaser also agrees not to disclose to any person (other than (1) to a permitted assignee of Purchaser who has agreed in writing to be bound by the terms of this Section 6(c), or (2) to Purchaser’s Representatives who are actively and directly participating in Purchaser’s evaluation of the Assets or who otherwise need to know for the purpose of evaluating the Assets and whom Purchaser will cause to observe the terms of this Section 6(c), or (3) as permitted under Section 6(c)(ii) hereof) any information about the Assets, or the terms or conditions or any other facts relating thereto, including, without limitation, the fact that discussions are taking place with respect thereto or the status thereof, or the fact that the Premises Materials have been made available to Purchaser or its Representatives.

(ii)In the event that Purchaser is requested pursuant to, or required by, applicable law or regulation or by legal process to disclose any Premises Materials or any other information concerning Seller or the Assets, Purchaser agrees that it will provide Seller with prompt written notice of such request or requirement, to the greatest extent permitted by law, in order to enable Seller to take whatever steps it deems appropriate concerning disclosure of the Premises Materials, including seeking an appropriate protective order or other remedy, to consult with Purchaser with respect to Seller’s taking steps to resist or narrow the scope of such request or legal process, or to waive compliance, in whole or in part, with this Section 6(c).  In the event 

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that (A) no such protective order or other remedy is obtained or (B) Seller waives compliance with this Section 6(c), then, in each case, Purchaser and its Representatives will furnish only that portion of the information which, upon advice of counsel, is required to be provided.  
In any such event, Purchaser will use its reasonable best efforts to ensure that all Premises Materials and other information that is so disclosed will be accorded confidential treatment.

(iii)In no event will the provisions of Sections 6(c)(i) and 6(c)(ii) above apply to any information contained in the Premises Materials that is generally available to the public.

(iv)The provisions of Section 6(c) will terminate upon the Closing, but shall survive any earlier termination of this Agreement.

7.Representations and Warranties.

(a)Representations and Warranties of Seller.  Seller hereby makes the following representations and warranties to Purchaser as of the Effective Date:

(i)Organization and Authority.  Seller is a limited liability company, duly organized, validly existing, and in good standing under the laws of the State of Delaware and qualified to do business in the State of Illinois.  Seller has full power, authority and legal right to (A) execute and deliver this Agreement and all documents and instruments relating to this Agreement (“Related Agreements”), (B) comply with the terms of this Agreement and all Related Agreements, and (C) complete the transactions contemplated by this Agreement and all Related Agreements.  Seller is not a “foreign person” as defined in Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended.
(ii)Pending Actions.  Except as set forth on Exhibit M attached hereto, no litigation is pending or, to Seller’s knowledge, threatened against Seller that arises out of the ownership or operation of the Property or the Assets, and would affect the ownership and operation of the Property or the Assets after Closing. 

(iii)Condemnation.  Seller has not received any written notice of any condemnation proceeding or other proceeding in the nature of eminent domain with respect to the Premises, and to Seller’s knowledge, no such proceedings are threatened.  Seller has received no written notice of, nor does it have any knowledge of, any pending or threatened action or governmental proceeding relating to zoning or other land-use regulatory changes.

(iv)Service Contracts.  Seller has not entered into any management, leasing, service, equipment, supply, maintenance, concession or other agreements that are presently in effect with respect to or affecting the Assets, except those listed in Exhibit E (the “Service Contracts”).  Seller has provided, or made available to, Purchaser true, correct and complete copies of the Service Contracts.  No written notice of default or breach by Seller in the terms of any of such Service Contracts has been received by Seller, nor has Seller delivered written notice to any counterparty of any default by such counterparty under the Service Contracts which has not been cured and Seller has no knowledge of any such defaults or the occurrence of any event which with the giving of notice or the passage of time would become a default.  Seller has performed, or at Closing shall have performed, all material obligations required to be performed prior to Closing which it has under said Service Contracts.

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(v)Leases.  Seller is the lessor or landlord under the Leases.  Except as set forth in the Lease Schedule, there are no other leases or occupancy agreements affecting the Premises (other than subleases of which Seller has no knowledge).  The Lease Schedule contains, among other things, a true and complete list of all Leases, including all amendments, escrow agreements and guarantees related thereto, and all security deposits held by Seller, and Seller has made available to Purchaser for Purchaser’s review in the online data room maintained by Seller or delivered to Purchaser, true and complete and accurate copies of all Leases set forth on the Lease Schedule.  Except as set forth on Exhibit B-1 hereto, (a) Seller has not received any written notices from any of the tenants under the Leases asserting that Seller is in default in any material respects under any of the respective Leases (other than defaults which have been cured) and (b) there are no such outstanding defaults by Seller of a material nature as of the Effective Date.  Except as set forth on Exhibit B-1 hereto and on the Delinquency Report, Seller has not delivered any written notices to any of the tenants under the Leases asserting that any default has occurred under any of the respective Leases (other than defaults which have been cured), and Seller has no knowledge of any such defaults of a material nature or the occurrence of any event which with the giving of notice or the passage of time would become a material default.  Except as set forth in the rent roll attached hereto as Exhibit B-2 (the "Rent Roll”) or Exhibit B-1 hereto, (i) the Leases are in full force and effect, (ii) no base rent has been prepaid under any of the Leases more than thirty (30) days in advance and (iii) all security deposits that are required to be delivered under the Leases to Seller have been so delivered.  Except as may be set forth on Exhibit B-1 hereto, no tenant is entitled to any agreed rent credit, free rent or has asserted any claim or offset against the rent payable by it under its Lease from and after the date hereof.  As of the Effective Date, there are no Tenant Inducement Costs (as hereinafter defined) or leasing commissions now due or which could become due under Existing Leases (as hereinafter defined) except as set forth on Exhibit N hereto.  Notwithstanding anything to the contrary contained in this Agreement, Seller does not represent or warrant that any particular Lease will be in force or effect at Closing or that the tenants under the Leases will have performed their obligations thereunder.  The termination of any Lease prior to Closing by reason of the tenant’s default shall not affect the obligations of Purchaser under this Agreement in any manner or entitle Purchaser to an abatement of or credit against the Purchase Price or give rise to any other claim on the part of Purchaser.  Except as set forth on Exhibit B-1 hereto, no brokerage or leasing commission or other compensation is now, or will at Closing be, due or payable to any person, firm, corporation, or other entity with respect to or on account of any of the Leases, or any extensions or renewals thereof.

(vi)Equipment Leases.  Seller has not entered into any lease agreement that is presently in effect for the rental of furniture, fixtures or equipment in connection with the use or operation of the Assets, except those leases identified in Exhibit F (the “Equipment Leases”).  

(vii)Contractual Obligations.  Except for the Leases, Service Contracts and Equipment Leases, the Assets are not subject to any lease, other contractual agreements or unrecorded instruments which will be binding upon Purchaser on or after the Closing Date. 

(viii)Environmental Matters.  Except as may be set forth in the Environmental Reports, (i) Seller has not received any written notice, report or information regarding any violations of, or any corrective, investigatory or remedial obligations, arising under Environmental Laws (as hereinafter defined) with respect to the current condition of the 

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Premises, that have not been cured and (ii) the Environmental Reports are the latest reports relating to the environmental condition of the Premises that were prepared for Seller or at Seller’s request, that are in Seller’s possession.

(ix)Violations.  Other than as set forth on Exhibit Q, Seller has not received any written notice of any uncured violations of laws, regulations, ordinances, codes or other legal requirements applicable to the Premises from any Governmental Authority (as hereinafter defined) (“Violations”).

(x)ERISA.  Seller is not (i) an “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title 1 of ERISA, (ii) a “plan” that is subject to the prohibited transaction provisions of Section 4975 of the Internal Revenue Code of 1986 (the “Code”) or (iii) an entity whose assets are treated as “plan assets” under ERISA by reason of an employee benefit plan’s or plan’s investment in such entity.

(xi)OFAC.  Seller and each person or entity owning an interest in Seller (excluding, for these purposes, the holders of publicly traded securities in Seller’s ultimate corporate parent entity) is (A) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control (“OFAC”) and/or on any other similar list, (B) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, and (C) not an “Embargoed Person” identified in OFAC.  To Seller’s knowledge, none of the funds or other assets of Seller constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person, and to Seller’s knowledge, no Embargoed Person has any interest of any nature whatsoever in Seller (whether directly or indirectly).

(xii)Alterations and Repairs.  Exhibit R attached hereto is a list of all existing alterations and repairs being performed by Seller as of the Effective Date to the buildings constructed on the Land that are outside the normal course maintenance and repair obligations of Seller as landlord under the Leases (the “Alterations and Repairs”).  Exhibit R attached hereto is a list of all existing construction contracts, architect’s, engineer’s, consulting and other agreements with respect to or affecting the Alterations and Repairs (the “Alteration Contracts”).  Seller has provided, or made available to, Purchaser true, correct and complete copies of the Alteration Contracts.  No written notice of default or breach by Seller or any other party in the terms of any of the Alteration Contracts has been given or received by Seller.  Seller has performed, and at Closing shall have performed, all material obligations which it has under the Alterations Contracts.

(xiii)No Rights of First Refusal or Rights to Purchase.  Other than Purchaser pursuant to this Agreement, Seller has not entered into any written agreement, which agreement remains in effect on the date hereof, providing for a sale of the Premises, or the grant of any right of first refusal, option or other right to purchase the Premises, to any person or entity.

(xiv)Intellectual Property.  Seller owns and possesses, or has a valid right to use, all right, title and interest in and to the common law trademark “Tribune Tower” as currently 

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used in connection with the Assets (collectively, the “Trademark”). The past and current use of the Trademark by Seller in connection with operation of the Assets does not infringe or otherwise violate any intellectual property or other proprietary rights of any third party and no actions or claims are pending or, to Seller’s knowledge, threatened in writing against Seller alleging that the Trademark or any other aspect of the operation of the Assets infringes or misappropriates any intellectual property right of any third party, and to the Seller’s knowledge, no person is infringing or otherwise violating the Trademark. The Trademark constitutes all of the material intellectual property owned or licensed by Seller in connection with Seller’s operation of the Assets.

(xv)Definition of Seller’s Knowledge.  The term “Seller’s knowledge” and the term “knowledge” in relation to Seller, means the actual knowledge of Laura Stangle, Asset Manager, Tribune Real Estate Holdings, LLC, an affiliate of Seller, without any duty of independent investigation or inquiry.

(xvi)Purchaser’s Knowledge.  To the extent that Purchaser has actual knowledge prior to the Closing Date that any of Seller’s representations and warranties set forth herein are inaccurate, untrue or incorrect in any way, then if the Closing occurs, such representations and warranties shall be deemed modified to reflect Purchaser’s knowledge.  For purposes of this Agreement, Purchaser shall be deemed to have knowledge that a representation or warranty was untrue, inaccurate or incorrect to the extent that any estoppel certificate executed by a tenant of the Premises and delivered to Purchaser or any other document or instrument made available to Purchaser by Seller or Seller’s Broker contains information which is inconsistent with such representation or warranty.  If the Closing occurs, Purchaser hereby expressly waives, relinquishes and releases any right or remedy available to it at law, in equity or under this Agreement to make a claim against Seller for damages that Purchaser may incur, or to rescind this Agreement and the transaction contemplated hereby, as the result of any of Seller’s representations or warranties being untrue, inaccurate or incorrect if Purchaser had actual knowledge that such representation or warranty was untrue, inaccurate or incorrect at the time of the Closing.

(b)Post-Effective Date Changes.

(i)Update Notice.  If, as a result of events or changes in circumstances occurring after the Effective Date and before Closing (“Post-Effective Date Changes”), any representation or warranty made by Seller in this Agreement will not be true and correct in any material respect as of the Closing Date, as if made on, and as of, the Closing Date, Seller shall give prompt written notice thereof to Purchaser upon obtaining actual knowledge thereof (an “Update Notice”).  Seller’s Update Notice shall include all material information Seller has relating to such Post-Effective Date Changes.

(ii)Effect of Update Notice.  If Seller gives an Update Notice pursuant to Section 7(b)(i), Purchaser shall either (A) proceed with Closing, in which case the non-compliance which is described in the Update Notice shall be deemed waived by Purchaser, or (B) terminate this Agreement, in which case (1) the Escrow Fund shall be paid to Purchaser, (2) Purchaser shall promptly deliver to Seller all Premises Materials received by Purchaser and copies of any Third Party Reports requested by Seller, provided that Purchaser’s obligation to 

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deliver any or all of the aforesaid documents shall not be a condition of Purchaser’s right to terminate this Agreement, (3) this Agreement shall become null and void and of no force or effect, except for the obligation to pay the Escrow Fund to Purchaser and except for those obligations expressly stated to survive the termination of this Agreement, (4) if said Effective Date Changes were caused by Seller’s breach of this Agreement, Seller shall reimburse Purchaser for its actual, documented out-of-pocket expenses incurred related to this Agreement (“Transaction Costs”) up to $500,000, and (5) neither Seller nor Purchaser shall have any further liability or obligation to the other under this Agreement, except for the obligation to pay the Escrow Fund to Purchaser and except for those obligations expressly stated to survive the termination of this Agreement.

(iii)No Right to Modify Representations.  Nothing in this Agreement shall be construed to give Seller the right to modify its representations or warranties, except in the case of Post-Effective Date Changes.

(c)Survival of Seller’s Representations and Warranties; Limit on Liability.  The representations and warranties of Seller set forth in Section 7(a) hereof as updated by any Post-Effective Date Changes and the certificate of Seller to be delivered to Purchaser at Closing, shall survive Closing for a period of nine (9) months (the “Survival Period”); provided, that, the representations and warranties of Seller set forth in Sections 7(a)(i) and (xi) hereof shall survive Closing and shall be continuing representations and warranties without limitation.  No claim for a breach of any representation or warranty of Seller shall be actionable or payable (i) if the breach in question results from or is based on a condition, state of facts or other matter of which Purchaser had actual knowledge prior to Closing, (ii) unless the valid claims for all such breaches (including, without limitation, all attorneys’ fees and court costs) collectively aggregate more than One Hundred Fifty Thousand and No/100 Dollars ($150,000.00), in which event the full amount of such claims shall be actionable, and (iii) unless an action shall have been commenced by Purchaser against Seller prior to the expiration of said nine (9) month period.  Notwithstanding anything herein to the contrary, in no event shall Seller’s aggregate liability to Purchaser under this Agreement, including, without limitation, liability for breach of any representation or warranty of Seller in this Agreement, exceed the sum of two percent (2%) of the Purchase Price. 

(d)Representations and Warranties of Purchaser.  Purchaser hereby represents and warrants to Seller:

(i)ERISA.  Purchaser is not acquiring the Assets with the assets of an employee benefit plan as defined in Section 3(3) of ERISA.

(ii)Organization and Authority.  Purchaser is a limited liability company, duly organized, validly existing, and in good standing under the laws of the State of California.  Purchaser has full power, authority and legal right to (A) execute and deliver this Agreement and all Related Agreements, (B) comply with the terms of this Agreement and all Related Agreements, and (C) complete the transactions contemplated by this Agreement and all Related Agreements.

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(iii)Pending Actions.  There is no action, suit, arbitration, unsatisfied order or judgment, government investigation or proceeding pending against Purchaser which, if adversely determined, could individually or in the aggregate materially interfere with the consummation of the transaction contemplated by this Agreement.

(iv)OFAC.  Purchaser and, to Purchaser’s actual knowledge, each person or entity owning an interest in Purchaser is (A) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by OFAC and/or on any other similar list, (B) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, and (C) not an “Embargoed Person” identified in OFAC, to Purchaser’s actual knowledge, none of the funds or other assets of Purchaser constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person, and to Purchaser’s actual knowledge, no Embargoed Person has any interest of any nature whatsoever in Purchaser (whether directly or indirectly).

(v)Sophisticated Party.  Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Premises.

(e)Survival of Purchaser’s Representations and Warranties.  The representation and warranties of Purchaser set forth in Section 7(d)(iv) hereof shall survive Closing and shall be a continuing representation and warranty without limitation.  All other representations and warranties of Purchaser shall survive Closing for a period of six (6) months.

8.Conditions to Purchaser’s Obligation.

(a)The obligation of Purchaser under this Agreement to purchase the Assets from Seller is subject to the satisfaction of all of the following conditions (any or all of which may be waived in whole or in part by Purchaser in writing at any time):

(i)All representations and warranties by Seller set forth in this Agreement shall be true and correct in all material respects at and as of the Closing Date as if such representations and warranties were made at and as of the Closing Date; provided, however that in no event shall any of the following be deemed “material” hereunder:  (i) information which was disclosed to purchaser or otherwise actually known to Purchaser prior to the Effective Date, (ii) changes permitted pursuant to the terms of this Agreement (e.g. pursuant to Section 9), or (iii) information which discloses loss or damage to the Premises as a result of fire or other casualty or condemnation (which shall be governed by the terms of Section 13 below).

(ii)Seller shall have, in all material respects, performed, observed and complied with all covenants, agreements and conditions required by this Agreement to be performed, observed and complied with prior to or as of the Closing.

(iii)The Title Company shall be prepared (upon consummation of the Closing and payment of the title insurance premium), to issue its Owner’s Policy of Title Insurance 

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covering the Premises, in the aggregate amount of the Purchase Price, subject only to the Permitted Exceptions (the “Title Policy”).

(iv)Seller shall use commercially reasonable efforts to obtain a tenant estoppel certificate in the form of Exhibit K (or such other form as is provided in the applicable tenant’s lease, it being agreed moreover that the form of estoppel from Tribune Publishing Company and/or its affiliates may be in the form attached hereto as Exhibit K-1) from each of the tenants in the Premises.  It shall be a condition precedent to Purchaser’s obligation to close hereunder that Seller deliver executed tenant estoppel certificates from (i) each Major Tenant (as hereinafter defined), including Tribune Media Company and Tribune Publishing and/or their respective affiliates, (ii) Howells & Hood, and (iii) from other tenants under Existing Leases so that Purchaser shall receive executed estoppel certificates from tenants (including the Major Tenants and Howells & Hood) under Existing Leases covering at least seventy percent (70%) of the leased square footage in the Improvements as of the Effective Date (the “Required Threshold”).  “Major Tenant” shall mean each tenant of the Improvements as of the Effective Date whose lease demises more than 50,000 square feet in the Improvements.  Purchaser agrees that the Required Threshold shall be met even though executed tenant estoppel certificates may not be in the form sent to the tenant pursuant to this Section 8(a) if the modifications to such estoppel certificates, in the aggregate, are not material and do not disclose any defaults, the exercise of any rights of set off or any other exceptions inconsistent in any material respect with the representations and warranties made by Seller hereunder. Without limitation of the foregoing, Purchaser and Seller agree that the following types of modifications to a tenant estoppel certificate shall not be deemed material: the omission of any information that the tenant is not required to furnish pursuant to the terms of its Lease.  Purchaser shall have the right to object to any estoppel certificate which discloses any fact which contradicts representations and warranties made by Seller herein, and any such fact shall be deemed a material modification for purposes of this Section 8(a)(iv).

(b)In the event all of the foregoing conditions precedent to Purchaser’s obligations set forth in Section 8(a) are not satisfied by the Closing Date, then Purchaser, shall be deemed to have waived any unsatisfied condition precedent, with no deduction from or adjustment of the Purchase Price unless Purchaser delivers written notice to Seller on or before the Closing Date that Purchaser elects to not proceed to Closing, in which event, the Termination Consequences shall apply.

9.Period Prior to Closing.

(a)Affirmative Covenants.  Between the date of this Agreement and the Closing Date, Seller shall: (i) operate and maintain the Premises and Personal Property in a manner generally consistent with the manner in which Seller has operated and maintained the Premises and Personal Property prior to the date hereof, including the payment when due of insurance premiums, taxes, levies and other assessments and costs relating to the use of the Premises; (ii) provide prompt written notice to Purchaser of any casualty or condemnation affecting any portion of the Premises or Personal Property after the date of this Agreement, or any other matter of the nature described in Section 7(a)(viii); (iii) deliver to Purchaser, promptly after receipt by Seller, copies of all notices of violation issued by any Governmental Authority with respect to the Assets received by Seller after the date of this Agreement; (iv) advise Purchaser promptly of

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the commencement of any litigation, arbitration or other judicial or administrative proceeding which concerns or affects the Assets; (v) provide copies to Purchaser of any Premises Materials found or identified after the period set forth in Section 6(b); (vi) provide Update Notices promptly upon learning of any basis therefor; (vii) provide copies to Purchaser of any notices of default from or to any tenant under a Lease; and (viii) comply, in all material respects, with the requirements of all Leases, Service Contracts, Equipment Leases, Permits and Warranties.

(b)Negative Covenants.  Between the date of this Agreement and the Closing Date, Seller agrees that, without Purchaser’s prior written consent, Seller will not: (i) voluntarily grant or create any mortgage, lien, encumbrance, easement, covenant, condition, right-of-way or restriction upon the Assets or take or permit any action adversely affecting the title to the Assets as it exists on the date of this Agreement; (ii) cancel, modify, extend or amend any Service Contract, Permit or Equipment Lease, (iii) enter into any new service contract (including, without limitation, any management, service, leasing, equipment, supply, maintenance or concession agreement), license or equipment lease which is not terminable upon 30 days’ notice without penalty; (iv) remove any Personal Property from the Premises except in the ordinary course of business and provided such Personal Property is replaced with items of the same or better quality, which replacement items shall then constitute and be included as part of the Personal Property; (v) make any alterations to the Premises without Purchaser’s consent, unless such alterations are required by law or Governmental Authority or by a Lease, in which event Seller shall deliver prior written notice to Purchaser.

(c)Leases.  Except as provided in this Section 9(c), a copy of any amendment, renewal, termination or expansion of an Existing Lease or any new Lease that Seller desires to execute during the period commencing upon the date of this Agreement (the “Lease Approval Period”) shall be submitted to Purchaser prior to execution by Seller (each, a “Submitted Lease”).  Seller shall not enter into any Submitted Lease without the approval of Purchaser, such approval not to be unreasonably withheld, delayed or conditioned.  It shall be deemed reasonable if Purchaser denies consent to any Submitted Lease if it will in Purchaser’s opinion interfere with any development plans for the Premises.  Purchaser agrees to notify Seller in writing within four (4) business days after its receipt thereof of either its approval or disapproval thereof.  In the event Purchaser fails to notify Seller in writing of its approval or disapproval within the four (4) business day period set forth above, Purchaser shall be deemed to have approved such Submitted Lease.  Notwithstanding the foregoing, a “Submitted Lease” shall not include any amendment to an Existing Lease entered into by Seller solely to evidence the exercise by a tenant of a right or option granted to such tenant in its Lease.  Seller shall also provide Purchaser with a copy of any amendment, renewal, termination or expansion of an Existing Lease or any new Lease entered into after the Effective Date, and agrees no such Lease shall contain any option to purchase all or a portion of the Premises. Notwithstanding anything to the contrary herein contained, on or before Closing, the Existing Leases with Tribune Media Company and/or its affiliates shall be amended and/or restated to reflect the terms set forth on Exhibit P attached hereto in a form reasonably satisfactory to Purchaser (the “Tribune Media Lease Amendments”).

(d)Service Contracts.  Purchaser has designated by a written notice given to Seller prior to the date hereof a list of those Service Contracts for which Seller shall give an appropriate notice of termination (but only to the extent said Service Contract permits termination contingent

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upon the occurrence of Closing and without penalty);  provided, however, that the following shall be Assumed Service Contracts:  (i) those Service Contracts designated with an “asterisk” on Exhibit E (i.e., those Service Contracts that are not terminable contingent upon the occurrence of Closing, without penalty), (ii) those certain license agreements set forth on Exhibit E-1 attached hereto; and (iii) those agreements, including but not limited to license agreements, that have been entered into by Seller following the Effective Date in accordance with the provisions hereof which are terminable on not more than thirty (30) days prior written notice without the payment of any fee or penalty.  The Service Contracts which Purchaser has not required be terminated or which otherwise are deemed Assumed Service Contracts as aforesaid, are herein collectively called “Assumed Service Contracts.”

(e)Exclusivity.  Prior to the Closing Date, neither Seller nor any of its affiliates shall enter into any agreement with a third party for or  directly (or indirectly through intermediaries)  negotiate, entertain, otherwise pursue or enter into any agreement accepting offers or proposals for, the direct or indirect purchase, sale, transfer or assignment of all or any part of the Premises or any portion thereof or interest therein.

10.Provisions with Respect to Closing.  At Closing:

(a)Seller’s Deliveries.  Seller shall deliver or cause to be delivered to Purchaser (or the title company conducting the Closing) the following:

(i)a duly executed and acknowledged special warranty deed in the form attached hereto as Exhibit D (the “Deed”), together with a water certification from the City of Chicago (subject to the terms of Section 19(c) hereof) subject only to the Permitted Exceptions (the “Deed”);

(ii)duly completed and signed real estate transfer tax declarations and other state law disclosures;

(iii)A bill of sale conveying the Personal Property, free and clear of all liens, security interests and encumbrances, and in the form attached to this Agreement as Exhibit G (the “Bill of Sale”);

(iv)An assignment conveying the Intangibles in the form attached to this Agreement as Exhibit H (the “Assignment of Intangibles”);

(v)An executed counterpart of an Assignment and Assumption of Contracts and Leases in the form attached to this Agreement as Exhibit I (the “Assignment of Contracts and Leases”), with respect to the Leases and the Assumed Service Contracts;

(vi)An executed counterpart of a License Agreement to use the name “Tribune Tower” in connection with the Premises, in the form attached to this Agreement as Exhibit S (the “Tower License Agreement”)

(vii)An executed counterpart of a Contingent Obligations Agreement with respect to the entitlement and development of a retail commercial structure on a portion of the Property in the form attached hereto as Exhibit T (the “COA”);

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(viii)An executed counterpart of a Memorandum of Contingent Obligations in recordable form, evidencing the COA (the “COA Memorandum”);

(ix)a certificate in the form attached hereto as Exhibit J duly executed by Seller stating that Seller is not a “foreign person” as defined in the Federal Foreign Investment in Real Property Tax Act of 1980;

(x)A certification to Purchaser’s title insurance company of the type customarily provided by sellers of real property to induce title companies to remove or insure over the “standard” or “preprinted” exceptions to title and to insure over any “gaps” in timing;

(xi)Any executed tenant estoppel certificates received by Seller, to the extent not previously delivered to Purchaser pursuant to Section 8(a)(iv);

(xii)To the extent in Seller’s possession, executed originals of all (a) Leases, (b) Service Contracts and Equipment Leases, (c) Permits, and (d) Warranties;

(xiii)A re-certification of Seller’s representations and warranties set forth in Section7(a), noting any changes thereto;

(xiv)A duly executed counterpart of the settlement statement prepared by the Title Company and in form and substance acceptable to Seller and Purchaser (the “Settlement Statement”);

(xv)Seller shall join with Purchaser to execute a notice in form and content reasonably satisfactory to Purchaser and Seller which Purchaser shall send to each tenant under each of the Leases informing such tenant of the sale of the Premises and of the assignment to Purchaser of Seller’s interest in, and obligations under, the Leases (including, if applicable any security deposits) and directing that all rent and other sums payable after the Closing under each such Lease shall be paid as set forth in the notice; 

(xvi)The original letters of credit (the “Letters of Credit”) delivered to Seller by tenants as Security Deposits (to the extent such Letters of Credit have not been applied against delinquent rents as provided in the Leases or have not been returned to tenants or expired in accordance with the Leases) and any applicable transfer forms required by the financing institution issuing the Letters of Credit to recognize Purchaser as the beneficiary of such Letters of Credit (the “LOC Transfer Documents”);

(xvii)Either (a) a release letter or certificate from the Illinois Department of Revenue stating that no assessed but unpaid tax penalties or interest are due under Section 9-902(d) of the Illinois Income Tax Act, as amended, or 35 ILCS 120/5j of the Illinois Compiled Statutes, as amended, or (b) an Indemnity (IDOR) in the form attached hereto as Exhibit O-1;

(xviii)Either (a) a release letter or certificate from the Chicago Department of Revenue stating that no assessed but unpaid tax penalties or interest are due under Section 3-4-140 of the Chicago Uniform Revenue Procedures Ordinance, as amended, or (b) an Indemnity (CDOR) in the form attached hereto as Exhibit O-2;

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(xix)Either (a) a release letter or certificate from the Cook County Department of Revenue stating that no assessed but unpaid tax penalties or interest are due under Article 11 of the Cook County, Illinois Revenue Ordinance, as amended, or (b) an Indemnity (CCDOR) in the form attached hereto as Exhibit O-3; 

(xx)Duly executed originals of the Tribune Media Lease Amendments; and

(xxi)Such other documents as may be reasonably required to consummate the transactions contemplated by this Agreement, including any documents required to comply with Illinois law.

(b)Possession.  Possession of the Premises and Personal Property shall be delivered by Seller to Purchaser at Closing, in “as is, where is” condition except as otherwise expressly provided in this Agreement.

(c)Escrow Fund.  Escrow Agent shall deliver the Escrow Fund to Seller, and the amount thereof shall be credited against the Purchase Price.

(d)Purchaser’s Deliveries.  Purchaser shall deliver or cause to be delivered to Seller (or to the title company conducting the Closing) the following:

(i)the balance of the Purchase Price;

(ii)a duly executed counterpart of the Assignment of Contracts and Leases;

(iii)a duly executed counterpart of the Bill of Sale;

(iv)a duly executed counterpart of the Tower License Agreement;

(v)a duly executed counterpart of the COA;

(vi)a duly executed counterpart of the COA Memorandum;

(vii)A duly executed Guaranty of Contingent Obligations executed by CIM Fund VIII, L.P., a Delaware limited partnership, with respect to Purchaser’s obligations under the COA;

(viii)such proof of Purchaser’s authority and authorization to enter into this Agreement and the transactions contemplated hereby, and proof of the power and authority of the individual(s) executing and/or delivering any instruments, documents or certificates on behalf of Purchaser to act for and bind Purchaser, as may be reasonably required by the title insurance company;

(ix)duly executed original counterparts of the Tribune Media Lease Amendments; 

(x)a duly executed counterpart of the Settlement Statement; and

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(xi)such other documents as may be reasonably required to consummate the transactions contemplated by this Agreement.

11.Credits and Prorations.

(a)Sums Prorated.  The following items shall be prorated as of 12:01 a.m. Central Time on the Closing Date, on the basis of a 366-day year, with Purchaser deemed the owner of the Assets on the entire Closing Date: (i) rents, revenues and profits, including rents under Leases; (ii) real estate taxes, with any net refunds applicable to the period prior to Closing belonging to Seller; (iii) water, sewer and utility charges; (iv) charges under any Service Contracts assumed by Purchaser; and (v) any other revenues or expenses relating to the Assets which are customarily adjusted at settlement.  Seller shall prepare a Closing Statement of the prorations and adjustments required by this Agreement and submit it to Purchaser at least three (3) business days prior to the Closing Date. 
 
(b)Property Taxes.  Purchaser and Seller agree that Seller shall be solely responsible for all real estate taxes assessed with respect to calendar year 2015, which are payable in calendar year 2016, without receiving a credit from Purchaser therefor.  Seller shall provide Purchaser with a credit for real estate taxes assessed with respect to the calendar year 2016, which are payable in calendar year 2017 based on Seller’s ratable share of such real estate taxes which shall be determined by multiplying the amount of such real estate taxes by a fraction, the numerator of which is the number of days in the calendar year for the period commencing on January 1, 2016 and ending on the Closing Date, and the denominator of which is 366.  Purchaser shall be responsible for the remainder of the 2016 real estate taxes and real estate taxes for all subsequent years.  The proration of such taxes shall be based upon the most recently ascertainable full year tax bill, and such proration shall be adjusted between Seller and Purchaser after Closing upon issuance of the final tax bill for calendar year 2016.  Seller shall be entitled to all Tenant reimbursement amounts pertaining to real estate taxes with respect to calendar year 2015, and Seller’s ratable share of Tenant reimbursement amounts pertaining to real estate taxes with respect to calendar year 2016, as provided in Section 11(j) hereof. Seller shall pay the portion of any special assessments due and payable prior to the Closing Date, and Purchaser shall pay the portion of any special assessments due and payable on and after the Closing Date.

(c)Utilities.  Prior to the Closing Date, to the extent that any utility accounts are in Seller’s name, Seller and Purchaser shall cooperate to enable Purchaser to open new accounts or otherwise notify the utility companies furnishing water, telephone, steam, electricity, gas and other utility service to the Premises (collectively, the “Utilities”) of the scheduled transfer of the title to the Premises so that such utility companies may bill Seller directly for the charges for such utilities accrued prior to the Closing Date and Purchaser for such charges accrued from and after the Closing Date.  Arrangements shall be made for the reading of meters for all Utilities on or about the Closing Date.  If such meter readings take place on a date other than the Closing Date, a pro rata adjustment will be made when the bills are received, such adjustment to be made on a day-to-day basis, with Seller being responsible for any time periods prior to the Closing Date and with Purchaser being responsible for any time periods on and after the Closing Date.

(d)Discounts.  Seller shall receive the entire advantage of any discounts for the prepayment by it of any taxes, water rates or sewer rents.

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(e)Assessments for Public Improvements.  In the event work for any public improvements with respect to the Premises is begun before the Closing, Seller shall be responsible for the assessments and charges that are payable before Closing.  If at the time of Closing, the Premises is affected by an assessment or assessments which are or may become payable in installments, then Seller shall be responsible for any installments due and payable prior to Closing and Purchaser shall be responsible for any installments due and payable thereafter.

(f)Rent.  All rents and other sums due under the Leases (collectively, the “Rents”), if any, shall be prorated as and when collected.  Unpaid and delinquent Rent shall not be prorated at Closing.  Unpaid and delinquent Rent collected by Seller and Purchaser after the Closing Date shall be delivered as follows:  (a) if Seller collects any unpaid or delinquent Rent for the Property, Seller shall, within fifteen (15) days after Seller’s receipt thereof, deliver to Purchaser any such Rent which Purchaser is entitled to pursuant to the terms of this Section 11(f) relating to the period from and after Closing Date, and (b) if Purchaser collects any unpaid or delinquent Rent from the Property, Purchaser shall, within fifteen (15) days after the receipt thereof, deliver to Seller any such Rent which Seller is entitled to pursuant to the terms of this Section 11(f) relating to the period prior to the Closing Date.  Seller and Purchaser agree that all Rent received after the Closing Date shall be applied first to costs of collection, next to rent payable during the month in which the Closing occurs, then current Rent and finally to delinquent Rent, if any, in the inverse order of maturity.  Purchaser will make a good faith commercially reasonable effort after Closing to collect all Rents in the usual course of the operation of the Property, but Purchaser will not be obligated to institute any lawsuit or other collection procedures to collect delinquent Rents.  Seller shall have no right to enforce Leases or collect delinquent Rents on or after the Closing Date without the prior written consent of Purchaser, which may be withheld in Purchaser’s sole discretion, and any such permitted enforcement or collection effort shall be at Seller’s sole expense.  In no event shall Seller’s enforcement include any termination, forcible detainer, eviction or other possessory action.

(g)Other Operating Expenses.  All charges and expenses under the Assumed Service Contracts, the Title Documents and any other operating expenses or other items pertaining to the Property which are customarily prorated between a purchaser and a seller in the county in which the Property is located shall be prorated in accordance with Section 11(a).

(h)Security Deposits.  At Closing, (i) Seller shall, at Seller’s option, either deliver to Purchaser any refundable security deposits (collectively, the “Security Deposits”) actually held by Seller pursuant to the Leases or credit to the account of Purchaser the amount of such Security Deposits (to the extent such Security Deposits have not been applied against delinquent Rents as provided in the Leases, and further provided Seller shall not apply any Security Deposits for the month of Closing), and (ii) Purchaser shall credit to the account of Seller all refundable cash or other deposits posted with utility companies serving the Property, or, at Seller’s option, Seller shall be entitled to receive and retain such refundable cash and deposits.  At Closing, Seller shall assign to Purchaser any outstanding Letters of Credit or other non-cash Security Deposits and will sign the LOC Transfer Documents, if applicable.  Following the Closing, Purchaser shall submit the LOC Transfer Documents to the applicable financial institutions.  Seller shall cooperate reasonably with Purchaser’s efforts to accomplish the transfer or reissuance of the Letters of Credit in Purchaser’s name.  In addition and upon five (5) business days after Seller’s 

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receipt of written request from Purchaser, Seller shall (i) present any applicable Letters of Credit for payment prior to the date on which the transfer of such Letter of Credit has been completed in connection with a default by the applicable tenant under its Lease and (ii) deliver such drawn amounts received by Seller, in full, to Purchaser; provided that Purchaser indemnifies Seller, in a form reasonably satisfactory to Purchaser and Seller, with respect to any liability Seller may incur in connection with such draw down.

(i)Tenant Inducement Costs. Purchaser shall be responsible for the payment of (A) all Tenant Inducement Costs and leasing commissions which become due and payable (whether before or after the Closing) as a result of, and any legal fees or other out-of-pocket third-party costs (e.g., space planning costs, construction oversight fees, etc.) incurred by Seller in connection with, (1) any new Leases executed during the Applicable Period (as hereinafter defined) that have been approved or deemed approved by Purchaser pursuant to Section 9(c) hereof, (2) any renewals, extensions, amendments or expansions of Existing Leases executed during the Applicable Period that have been approved or deemed approved by Purchaser pursuant to Section 9(c) hereof, or (3) any options exercised by tenants (or the failure of a tenant to exercise an option) during the Applicable Period that have been approved or deemed approved by Purchaser pursuant to Section 9(c) hereof (to the extent the landlord under any such Existing Lease has approval rights relating to any such option), (B) all Tenant Inducement Costs and leasing commissions as a result of new Leases, or renewals, extensions, amendments or expansions of Existing Leases, executed from and after the Closing Date or as a result of any options exercised by tenants (or the failure of a tenant to exercise an option) after the Closing Date and (C) the loss of income resulting from any free rent period (x) under new Leases executed during the Applicable Period that have been approved or deemed approved by Purchaser pursuant to Section 9(c) hereof or after Closing, (y) under any renewals, extensions, amendments or expansions of Existing Leases executed during the Applicable Period that have been approved or deemed approved by Purchaser pursuant to Section 9(c) hereof and (z) as a result of any options exercised by tenants (or the failure of a tenant to exercise an option) during the Applicable Period that have been approved or deemed approved by Purchaser pursuant to Section 9(c) hereof (to the extent the landlord under any such Existing Lease has approval rights relating to any such option) (the costs in (A), (B) and (C) are collectively are referred to as the “Purchaser Leasing Costs”).  If, as of the Closing Date, Seller shall have paid or incurred any Purchaser Leasing Costs for which Purchaser is responsible pursuant to the foregoing provisions, Purchaser shall reimburse Seller therefor at the Closing.  For purposes hereof, the term “Tenant Inducement Costs” shall mean any out-of-pocket payments required under a Lease to be paid by the landlord thereunder to or for the benefit of the tenant thereunder which is in the nature of a tenant inducement, including specifically, without limitation, tenant improvement costs and allowances, legal fees, lease buyout costs, and moving, design, refurbishment and club membership allowances.  For purposes hereof, the term “Applicable Period” shall mean the period from the Effective Date through the Closing Date. 

At Closing, Purchaser shall receive a credit for (a) rents which are not payable from and after Closing under the Leases identified on Exhibit N attached hereto as a result of unexpired free rent periods under such Leases and (b) all Tenant Inducement Costs and leasing commissions in connection with Leases in effect as of the Effective Date or the Closing Date that are not Purchaser’s responsibility pursuant to the preceding paragraph.  Furthermore, if by Closing, Seller has not completed and paid in full any Tenant Inducement Costs or leasing 

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commissions identified on Exhibit N attached hereto, then, then such costs (collectively, the “Seller Leasing Costs”) shall be credited to Purchaser at Closing, subject to the final proration of such amounts as described in Section 11(o) below.  Notwithstanding the foregoing, Seller shall not be liable for any increases in Seller Leasing Costs which result from any change order, or additions to tenant improvements or changes in the scope of work or specifications with respect to Tenant Inducement Costs or leasing commissions which are agreed to by Purchaser after Closing.
(j)Reimbursable Tenant Expenses.  Seller, as landlord under the Leases, is currently collecting from tenants under the Leases additional rent to cover ad valorem taxes, insurance, utilities, maintenance and other operating costs and expenses (collectively, “Reimbursable Tenant Expenses”) incurred by Seller in connection with the ownership, operation, maintenance and management of the Property.  If, prior to the Closing Date, tenant reconciliation statements for Reimbursable Tenant Expenses for calendar year 2015 have not been sent to tenants, then Seller agrees to prepare tenant reconciliation statements for Reimbursable Tenant Expenses for calendar year 2015 and transmit such reconciliation statements to Purchaser on or prior to December 31, 2016.  If applicable, Purchaser agrees to promptly transmit to tenants and bill the tenants for any amounts due under such 2015 reconciliation statements.  In addition, Purchaser agrees to prepare tenant reconciliation statements for Reimbursable Tenant Expenses for calendar year 2016 and transmit to tenants and bill the tenants for any amounts due under such reconciliation statements (with copies delivered to Seller) on or prior to December 31, 2017; provided, however that reconciliation for real estate taxes that are paid on a “accrual basis” by Tenants under Leases shall occur upon the issuance of the final tax bill attributable to 2016, in 2017.  Seller shall be entitled to all of the Reimbursable Tenant Expenses payable on account of calendar year 2015.  The Reimbursable Tenant Expenses for calendar year 2016 shall be apportioned between Seller and Purchaser based on the amounts so collected by them and the amounts so paid or incurred by them during their respective periods of ownership (including amounts prorated hereunder).  If any such reconciliation statements show that the amounts collected by Seller prior to the Closing Date exceed Seller’s allocable share of such Reimbursable Tenant Expenses, then Seller shall promptly pay such amounts to Purchaser for prompt payment to the Tenants.  If such reconciliation statements show that Seller is owed any such Reimbursable Tenant Expenses from a tenant under a Lease, then Purchaser shall promptly pay such amounts to Seller promptly after receipt thereof by Purchaser from the applicable tenant, provided that all Reimbursable Tenant Expenses received after the Closing Date shall be applied first to costs of collection, next to those payable during the month in which the Closing occurs, then current charges and finally to delinquent charges, if any, in the inverse order of maturity.

(k)Seller shall have the right to file and prosecute an appeal of the real property tax assessment for calendar year 2015 (payable in 2016) and for the tax years prior to Closing using counsel reasonably satisfactory to Purchaser, and may take reasonable related actions which Seller deems appropriate in connection therewith.  Purchaser shall cooperate with Seller in connection with such appeal and collection of a refund of real property taxes paid.  Seller owns and holds all right, title and interest in and to such appeal and refund, and all amounts payable in connection therewith shall be paid directly to Seller by the applicable authorities.  If such refund or any part thereof is received by Purchaser, Purchaser shall promptly pay such amount to Seller.  Any refund received by Seller shall be distributed as follows:  first, to reimburse Seller for all 

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costs incurred in connection with the appeal; second, with respect to refunds payable to tenants of the Real Property pursuant to the Leases, to such tenants in accordance with the terms of such Leases; and third, to Seller to the extent such appeal covers the period prior to the Closing, and to Purchaser to the extent such appeal covers the period as of the Closing and thereafter.  If and to the extent any such appeal covers (or is reasonably expected to have an effect on the level of taxes with respect to) the period after the Closing, Purchaser shall have the right to participate in such appeal and to approve any settlement in Purchaser’s reasonable discretion.

(l)For a period of three (3) years after the Closing, Purchaser shall allow Seller and its agents and representatives access without charge to all files, records and documents delivered to Purchaser at the Closing, upon reasonable advance notice and at all reasonable times, to examine and make copies of any and all such files, records and documents, which right shall survive the Closing. 

(m)Except as otherwise provided herein, any revenue or expense amount which cannot be ascertained with certainty as of Closing shall be prorated on the basis of the parties’ reasonable estimates of such amount, and shall be the subject of a final proration thirty (30) days after Closing, or as soon thereafter as the precise amounts can be ascertained; but in no event shall (i) any reproration under this Agreement, other than with respect to real estate taxes and assessments pursuant to Section 11(b) or Section 11(k) above and Reimbursable Tenant Expenses pursuant to Section 11(j) above, occur more than one hundred eighty (180) days after the Closing; (ii) any reproration of real estate taxes and assessments pursuant to Section 11(b) occur later than forty-five (45) days after the issuance of the final real estate tax bill for calendar year 2016 (payable in 2017); and (iii) any reproration of Reimbursable Tenant Expenses occur later than December 31, 2017 (or thirty (30) days after receipt of the applicable tax bills for “accrual basis” tenants).  Purchaser shall promptly notify Seller when it becomes aware that any such estimated amount has been ascertained.  Once all revenue and expense amounts have been ascertained, Purchaser shall prepare, and certify as correct, a final proration statement which shall be subject to Seller’s approval.  Upon Seller’s acceptance and approval of any final proration statement submitted by Purchaser, such statement shall be conclusively deemed to be accurate and final.

(n)Any amounts due Seller or Purchaser under this Section 11 from the other party, which are not paid within fifteen (15) days following written demand, shall bear interest from and after the date of demand at the annual rate of interest equal to the Prime Rate (as hereinafter defined) plus 5%.  “Prime Rate” shall mean annual rate of interest the highest prime rate (or base rate) reported, from time to time, in the Money Rates column or section of The Wall Street Journal as having been the rate in effect for corporate loans at large U.S. money center commercial banks (whether or not such rate has actually been charged by any such bank).

(o)Other Post-Closing Adjustments.  If any of the items described in this Section 11 cannot be apportioned at the Closing because of the unavailability of the amounts which are to be apportioned or otherwise, or are incorrectly apportioned at Closing or subsequent thereto, such items shall be apportioned or reapportioned, as the case may be, as soon as practicable after the Closing Date or the date such error is discovered, as applicable.

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(p)Survival.  Subject to the provisions of Section 11(o) above, the provisions of this Section 11 shall survive Closing.

12.Transfer Taxes and Closing Costs.

(i)Seller and Purchaser shall execute such returns, questionnaires and other documents as shall be required with regard to all applicable real property transaction taxes imposed by applicable federal, state or local law or ordinance;

(ii)Seller shall pay the fees of any counsel representing Seller in connection with this transaction.  Seller shall also pay the following costs and expenses:  (i) one‐half (1/2) of the escrow fee, if any, which may be charged by the Escrow Agent or Title Company; (ii) State and County transfer taxes and the so-called “CTA portion” of the City of Chicago transfer tax; and (iii) the premium charged by the Title Company for the Title Policy, including the costs of any extended coverage endorsement and those endorsements required to Cure title exceptions that Seller has elected to remove pursuant to Section 5, but excluding the costs of any other endorsement to the Title Policy and (iv) the fees and expenses of the Broker (as hereinafter defined); 

(iii)Purchaser shall pay the fees of any counsel representing Purchaser in connection with this transaction.  Purchaser shall also pay the following costs and expenses:  (i) one‐half (1/2) of the escrow fee, if any, which may be charged by the Escrow Agent or Title Company; (ii) the City of Chicago transfer tax (excluding the “CTA portion” of such transfer tax); (iii) the cost of the Survey; (iv) the premium for all endorsements to the Title Policy (other than an extended coverage endorsement and those endorsements required to Cure Title Matters that Seller has elected to cure pursuant to Section 5) and (v) all costs and expenses incurred in connection with the transfer or reissuance of the Letters of Credit to Purchaser, and the transfer of any transferable warranties, permits or licenses in connection with the ownership or operation of the Property;

(iv)All costs and expenses incident to this transaction and the closing thereof, and not specifically described above, shall be paid by the party incurring same; and

(v)The provisions of this Section 12 shall survive the Closing.

13.Casualty; Condemnation.

(a)Minor Loss or Damage or Condemnation.  In the event of casualty loss or damage prior to Closing to the Premises or any portion thereof which is not “major” (as hereinafter defined), this Agreement shall remain in full force and effect, Seller shall promptly give Purchaser written notice thereof, together with an estimate of the cost to repair and restore the damage, as determined by a duly licensed and qualified architect selected by Seller and reasonably approved by Purchaser (the “Damage Estimate”) and Seller shall diligently pursue Seller’s rights under any insurance policy covering the casualty loss or damage and direct Seller’s insurance carrier to pay any insurance proceeds relating thereto directly to Purchaser following Closing (including, without limitation, all casualty insurance proceeds, all rent loss and business interruption insurance proceeds applicable to the period on or after the Closing), less any sums expended by Seller in repairs or restoration (which repairs or restoration shall be 

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done in a manner reasonably satisfactory to Purchaser). If the insurance proceeds referenced in this Section 13(a) are subject to a deductible, Seller shall provide to Purchaser a credit against the Purchase Price at Closing equal to the lesser of the Damage Estimate and the amount of deductible applicable to the damage at issue, less any sums expended by Seller in repairs or restoration.  Seller shall keep Purchaser reasonably informed throughout any insurance claims process and, following Closing, Purchaser shall have the right to participate in any such process at Purchaser’s sole cost and expense, subject to rules and procedures established by the applicable insurance carriers. In the event of a condemnation prior to Closing of any portion of the Premises which is not “major,” Seller shall assign to Purchaser at Closing Seller’s right, title and interest in and to any claims and proceeds Seller may have with respect to condemnation awards relating to the premises in question.  Except as expressly set forth above, in no event shall the Purchase Price be reduced as a result of any loss or damage to the Premises or as a result of any condemnation of any portion of the Premises.

(b)Major Loss or Damage or Condemnation.  In the event of a “major” casualty loss or damage or condemnation prior to Closing to the Premises or any portion thereof, Seller shall give Purchaser written notice thereof together with a Damage Estimate and Purchaser may elect to terminate this Agreement by written notice to Seller, in which event the Escrow Fund shall be returned to Purchaser and neither party shall have any further obligations or liabilities hereunder (except any obligations or liabilities that are expressly intended to survive any such termination).  If Seller does not receive written notice from Purchaser of Purchaser’s election to terminate this Agreement within thirty (30) days after Seller sends Purchaser written notice of the occurrence of major casualty loss or damage or condemnation (with the Closing adjourned, as required to accommodate such response period), then Purchaser shall be deemed to have elected to proceed with Closing.  In the event of a casualty loss or damage or condemnation prior to Closing of any portion of the Premises which is “major,” and provided Purchaser has not terminated this Agreement as provided above in this Section 13(b), Seller shall diligently pursue Seller’s rights under any insurance policy covering the casualty loss or damage and direct Seller’s insurance carrier to pay any insurance proceeds relating thereto directly to Purchaser following Closing (including, without limitation, all casualty insurance proceeds, all rent loss and business interruption insurance proceeds applicable to the period on or after the Closing), less any sums expended by Seller in repairs or restoration. If the insurance proceeds referenced in this Section 13(b) are subject to a deductible, Seller shall provide to Purchaser a credit against the Purchase Price at Closing equal to the lesser of the Damage Estimate and the amount of deductible applicable to the damage at issue, less any sums expended by Seller in repairs or restoration (which repairs or restoration shall be done in a manner reasonably satisfactory to Purchaser).  Seller shall keep Purchaser reasonably informed throughout any insurance claims process and, following Closing, Purchaser shall have the right to participate in any such process at Purchaser’s sole cost and expense, subject to rules and procedures established by the applicable insurance carriers. Upon Closing, full risk of loss with respect to the Premises shall pass to Purchaser.  Except as expressly set forth above, in no event shall the Purchase Price be reduced as a result of any loss or damage to the Premises or as a result of any condemnation of any portion of the Premises.

(c)Definition of “Major” Loss or Damage or Condemnation.  For purposes of Sections 13(a) and 13(b) hereof, “major” loss or damage refers to the following, as applicable: (i) loss or damage to the Premises or any portion thereof prior to Closing such that the cost of 

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repairing or restoring the premises in question to a condition substantially identical to that of the premises in question prior to the event of loss damage would be, in the opinion of an architect selected by Seller and reasonably approved by Purchaser, equal to or greater than Ten Million and No/100 Dollars ($10,000,000.00), 
(ii) any loss due to a condemnation prior to Closing which permanently and materially impairs the current use of the Premises, involves the loss of a material portion of the Premises, or materially impairs access to the Premises, or (iii) any loss or damage which would allow any Major Tenant, or tenants whose Leases cover in the aggregate more than 50,000 square feet, to terminate their Leases (unless the applicable Major Tenant or tenants waive said right).  If Purchaser does not give notice to Seller of Purchaser’s reasons for disapproving an architect within ten (10) business days after receipt of notice of the proposed architect, Purchaser shall be deemed to have approved the architect selected by Seller.

14.Brokers.  Seller and Purchaser represent and warrant to each other that no broker or finder other than Eastdil Secured Broker Services, Inc. (the “Seller’s Broker”), was instrumental in arranging or bringing about this transaction and that there are no claims or rights for commissions, finders’ fees or other compensation (collectively, “Compensation”) by any person or entity other than the Seller’s Broker.  Seller shall be solely responsible for all Compensation payable to the Seller’s Broker pursuant to separate written agreement.  If any broker or finder asserts a claim for compensation based upon any actual or alleged contact, dealings or communication with Purchaser or Seller, then the party through whom such broker or finder makes its claim shall indemnify and hold the other party (the “Indemnified Party”) harmless from and against any and all claims, damages, judgments, suits, liabilities, losses, costs and expenses (including without limitation, reasonable attorneys’ fees and court costs) suffered or incurred by or brought against the Indemnified Party in connection with such claim for compensation.  The provisions of this Section 14 shall survive the Closing or, if the Closing does not occur, any termination of this Agreement.

		
	15.
	Default.

(a)Default by Purchaser.  IF THE CLOSING IS NOT CONSUMMATED PURSUANT TO THIS AGREEMENT DUE TO ANY DEFAULT BY PURCHASER HEREUNDER THAT IS NOT CURED WITHIN TEN (10) DAYS AFTER PURCHASER’S RECEIPT OF NOTICE OF SUCH DEFAULT, THEN SELLER SHALL RETAIN THE ESCROW FUND AS LIQUIDATED DAMAGES AS ITS SOLE AND EXCLUSIVE REMEDY HEREUNDER IN LIEU OF ALL OTHER REMEDIES, INCLUDING, WITHOUT LIMITATION, THE RIGHT TO SEEK MONETARY DAMAGES.  THE PARTIES HAVE AGREED THAT SELLER’S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE TO PURCHASER’S DEFAULT HEREUNDER, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE.  AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE ESCROW FUND IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN SUCH EVENT.  BY PLACING THEIR INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION.  

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(b)Default by Seller.  If the Closing is not consummated pursuant to this Agreement for any reason other than Purchaser’s default hereunder or the permitted termination of this Agreement by Seller or Purchaser as herein expressly provided, Purchaser shall be entitled, as its sole and exclusive remedy at law or in equity, (i) to receive the return of the Escrow Fund which return shall operate to terminate this Agreement and release Seller from any and all liability hereunder, except that Purchaser shall be entitled to reimbursement by Seller of Purchaser’s Transaction Costs up to $500,000 or (ii) to enforce specific performance of Seller’s obligations under this Agreement; provided, however, that Purchaser shall only be entitled to such remedy if (1) any such suit for specific performance is filed no later than sixty (60) days after the scheduled Closing Date, (2) Purchaser is not in material default of any terms under this Agreement beyond any applicable grace, notice or cure period, and (3) Purchaser has furnished ten (10) days’ prior written notice to Seller of its intent and election to seek specific performance of this Agreement.  Purchaser hereby agrees that prior to its exercise of any rights or remedies as a result of any defaults by Seller, Purchaser will first deliver written notice of said default to Seller, and if Seller so elects, Seller shall have the opportunity, but not the obligation, to cure such default within ten (10) days after Seller’s receipt of such notice, PROVIDED THAT NO SUCH NOTICE SHALL BE REQUIRED FOR SELLER’S FAILURE TO CLOSE ON THE PROPERTY IN ACCORDANCE WITH THIS AGREEMENT.  Purchaser expressly waives its rights to seek money damages in the event of Seller’s default hereunder including, without limitation, punitive, consequential or speculative damages. Notwithstanding the foregoing provisions of this Section 15(b), if Purchaser has the right to seek specific performance of this Agreement pursuant to such foregoing provisions, but such specific performance is not available as a remedy due to Seller’s sale of the Assets to a third party while this Agreement remained in full force and effect or due to Seller’s intentional breach of this Agreement, and provided that Purchaser is not in material default hereunder, Purchaser shall have the right to sue Seller for monetary damages, excluding punitive, consequential or speculative damages.

16.Personal Property.  Seller and Purchaser acknowledge that no portion of the Purchase Price is allocated to the Personal Property and Intangibles transferred pursuant to this Agreement.

		
	17.
	Section 1031 Exchange.

(a)Exchange Right.  Either party (the “Exchanging Party”) may elect to consummate the sale and purchase of the Premises as part of a so-called like kind exchange (the “Exchange”) pursuant to §1031 of the Internal Revenue Code of 1986, as amended (the “Code”), subject to the terms and conditions of Section 17(b).

(b)Terms and Conditions.  The right of the Exchanging Party to consummate the sale and purchase of the Premises as part of an Exchange shall be subject to the following terms and conditions:

(i)the Closing shall not be delayed or affected by reason of the Exchange nor shall the consummation or accomplishment of the Exchange be a condition precedent or condition subsequent to the Exchanging Party’s obligations under this Agreement;

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(ii)the Exchanging Party shall effect the Exchange through an assignment of this Agreement, or its rights under this Agreement, to a qualified intermediary;

(iii)the other party (the “Non-Exchanging Party”) shall not be required to take an assignment of the purchase agreement for the relinquished property or be required to acquire or hold title to any real property for purposes of consummating the Exchange;

(iv)the Exchanging Party shall pay any additional costs that would not otherwise have been incurred by the parties had the Exchanging Party not consummated its purchase through the Exchange;

(v)the Non-Exchanging Party shall not incur any expense, loss, liability or obligation as a result of or in connection with the Exchange; and

(vi)the Exchanging Party shall indemnify, defend and hold the Non-Exchanging Party harmless from and against any and all liabilities, losses, claims, demands, costs, expenses (including reasonable attorneys’ fees and litigation costs) and judgments which the Non-Exchanging Party may suffer or incur which would not otherwise have been suffered or incurred if the purchase had not been consummated through the Exchange.

(c)No Effect on Rights of Non-Exchanging Party.  The Non-Exchanging Party shall not by this agreement or acquiescence to the Exchange have its rights under this Agreement affected or diminished in any manner or be responsible for compliance with or be deemed to have warranted to the Exchanging Party that the Exchange in fact complies with §1031 of the Code.

18.Disclaimers, Disclosures and Waivers.

(a)No Reliance on Documents.  Except as expressly stated herein, Seller makes no representation or warranty as to the truth, accuracy or completeness of any materials, data or information delivered by Seller to Purchaser in connection with the transaction contemplated hereby.  Purchaser acknowledges and agrees that all materials, data and information delivered by Seller to Purchaser in connection with the transaction contemplated hereby are provided to Purchaser as a convenience only and that any reliance on or use of such materials, data or information by Purchaser shall be at the sole risk of Purchaser, except as otherwise expressly stated herein.  Without limiting the generality of the foregoing provisions, Purchaser acknowledges and agrees that except as otherwise expressly stated herein, (a) any environmental or other report with respect to the Premises which is delivered by Seller to Purchaser, including, without limitation, the Environmental Reports, shall be for general informational purposes only, (b) Purchaser shall not have any right to rely on any such report delivered by Seller to Purchaser, but rather will rely on its own inspections and investigations of the Premises and any reports commissioned by Purchaser with respect thereto, and (c) neither Seller, any affiliate of Seller nor the person or entity which prepared any such report delivered by Seller to Purchaser shall have any liability to Purchaser for any inaccuracy in or omission from any such report or in verbal communication.

(b)As-Is; Acceptance of Assets.  PURCHASER AND SELLER UNDERSTAND, ACKNOWLEDGE AND AGREE THAT EXCEPT AS EXPRESSLY STATED IN THIS 

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AGREEMENT, PURCHASER’S PURCHASE OF THE ASSETS AND ANY OTHER RIGHTS AND INTERESTS TO BE CONVEYED, SOLD, TRANSFERRED AND/OR ASSIGNED PURSUANT TO THIS AGREEMENT SHALL BE ON AN “AS IS,” “WHERE IS” BASIS AND CONDITION WITH ALL FAULTS, AND PURCHASER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE ASSETS, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, OR AS TO THE PHYSICAL MEASUREMENTS OR USABLE SPACE OF THE PREMISES, (B) THE INCOME TO BE DERIVED FROM THE ASSETS OR THE EXPENSES OR OPERATIONS OF THE ASSETS, (C) THE SUITABILITY OF THE PREMISES FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE PREMISES OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE ASSETS, INCLUDING THE POTENTIAL OF THE PREMISES FOR EXPANSION, DEVELOPMENT OR REDEVELOPMENT (F) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS INCORPORATED INTO THE ASSETS, (G) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE ASSETS, (H) THE EXISTENCE OR NONEXISTENCE OF ANY LATENT OR PATENT DEFECTS WITH RESPECT TO THE ASSETS, (I) THE GENUINENESS AND/OR PROVENANCE OF OR TITLE TO ANY HISTORIC OR ARCHITECTURAL ARTIFACTS OR PURPORTED HISTORIC OR ARCHITECTURAL ARTIFACTS INCORPORATED INTO OR STORED IN THE PREMISES (J) THE EXISTENCE OR NONEXISTENCE OR DISPOSAL OF HAZARDOUS SUBSTANCES (AS HEREINAFTER DEFINED) OR POLLUTANTS AT, IN, ON, UNDER OR IN THE VICINITY OF THE PREMISES, INCLUDING, WITHOUT LIMITATION, ANY “SOLID WASTE” AS DEFINED BY THE U.S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 C.F.R., PART 261, (K) COMPLIANCE WITH ANY LOCAL, STATE OR FEDERAL ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS, INCLUDING WITHOUT LIMITATION ALL APPLICABLE “ENVIRONMENTAL LAWS” (AS HEREINAFTER DEFINED), (K) TITLE TO THE PREMISES (EXCEPT FOR THE COVENANTS OF SELLER SET FORTH IN THE DEED) OR THE ASSIGNABILITY, ASSUMABILITY, TRANSFERABILITY OR VALIDITY OF ANY CONTRACTS, AGREEMENTS, FRANCHISES, LICENSES, PERMITS, GOVERNMENT APPROVALS, WARRANTIES OR GUARANTIES RELATING TO THE PREMISES OR THE USE AND OPERATION THEREOF; (L) COMPLIANCE OR NONCOMPLIANCE WITH LOCAL, STATE OR FEDERAL STATUTES, ORDINANCES, ORDERS, OR REGULATIONS CONCERNING THE PREMISES OR THE USE THEREOF; (M) PRIOR OR CURRENT OPERATIONS CONDUCTED ON THE PREMISES, OR (N) ANY OTHER MATTER OR THING WITH RESPECT TO, AFFECTING OR RELATING TO THE ASSETS.  PURCHASER FURTHER ACKNOWLEDGES THAT SELLER MAKES NO 

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REPRESENTATIONS OR WARRANTIES REGARDING THE POSSIBLE HISTORICAL SIGNIFICANCE OF THE PROPERTY, AND PURCHASER ACKNOWLEDGES AND AGREES THAT IT IS RESPONSIBLE TO MAKE ITS OWN EXAMINATIONS AND DETERMINATIONS REGARDING THE HISTORICAL SIGNIFICANCE OF THE PROPERTY AND ITS EFFECT ON ANY FUTURE DEVELOPMENT OF THE PROPERTY.  PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT HAVING BEEN GIVEN THE OPPORTUNITY TO INSPECT THE ASSETS, PURCHASER IS, EXCEPT AS EXPRESSLY PROVIDED HEREIN, RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER OR ANY AFFILIATE OF SELLER OR ANY AGENT, EMPLOYEE, SERVANT OR REPRESENTATIVE OF SELLER OR ANY AFFILIATE OF SELLER OR ANY BROKER OR ANY OTHER PERSON.  EXCEPT AS EXPRESSLY SET FORTH HEREIN, SELLER IS NOT AND SHALL NOT BE LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS, OR THE OPERATIONS THEREOF, FURNISHED BY SELLER OR ANY AFFILIATE OF SELLER OR ANY AGENT, EMPLOYEE, SERVANT OR REPRESENTATIVE OF SELLER OR ANY AFFILIATE OF SELLER OR ANY BROKER OR ANY OTHER PERSON.  IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE HAS BEEN ADJUSTED BY PRIOR NEGOTIATION TO REFLECT THAT ALL OF THE ASSETS SOLD BY SELLER AND PURCHASED BY PURCHASER ARE AND SHALL BE SUBJECT TO THE FOREGOING.  As employed in this Agreement, “Hazardous Materials” or “Hazardous Substances” shall mean (i) hazardous wastes, hazardous materials, hazardous substances, hazardous constituents, toxic substances or related materials, whether solids, liquids or gases, including, but not limited to, substances defined as “hazardous wastes,” “hazardous materials,” “hazardous substances,” “toxic substances,” “pollutants,” “contaminants,” “radioactive materials”, “toxic pollutants”, or other similar designations in, or otherwise subject to regulation under, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”), 42 U.S.C. § 9601 et seq.; the Toxic Substance Control Act (“TSCA”), 15 U.S.C. § 2601 et seq.; the Hazardous Materials Transportation Act, 49 U.S.C. §5101 et seq.; the Resource Conservation and Recovery Act (“RCRA” ), 42 U.S.C. §6901, et seq.; the Clean Water Act (“CWA”), 33 U.S.C. § 1251 et seq.; the Safe Drinking Water Act, 42 U.S.C. § 300f et seq.; the Clean Air Act (“CAA”), 42 U.S.C. § 7401 et seq.; and in any permits, licenses, approvals, plans, rules, regulations or ordinances adopted, or other criteria and guidelines promulgated pursuant to the preceding laws or other similar federal, state or local laws, regulations, rules or ordinance now or hereafter in effect relating to environmental matters (collectively, “Environmental Laws”); and (ii) any other substances, constituents or wastes subject to any applicable federal, state or local law, regulation or ordinance, including any Environmental Law, now or hereafter in effect, including but not limited to (A) petroleum, (B) refined petroleum products, (C) waste oil, (D) waste aviation or motor vehicle fuel and their byproducts, (E) asbestos, (F) lead in water, paint or elsewhere, (G) radon, (H) Polychlorinated Biphenyls (PCB’s), (I) ureaformaldehyde, (J) volatile organic compounds (VOC), (K) total petroleum hydrocarbons (TPH), (L) benzine derivative (BTEX), and (M) petroleum byproducts.

(c)Release.

(i)EXCEPT FOR THOSE OBLIGATIONS AND REPRESENTATIONS WHICH EXPRESSLY SURVIVE CLOSING PER THIS AGREEMENT, AND EXCEPT AS

29

SET FORTH IN THE DOCUMENTS EXECUTED AND DELIVERED BY SELLER AT CLOSING PURSUANT TO ARTICLE 10, PURCHASER HEREBY AGREES THAT, TO THE FULLEST EXTENT PERMITTED BY LAW, AS OF THE COMPLETION OF CLOSING SELLER AND EACH OF ITS PARTNERS, MEMBERS, TRUSTEES, DIRECTORS, SHAREHOLDERS, OFFICERS, EMPLOYEES, ASSET MANAGERS, ATTORNEYS, AFFILIATES AND RELATED ENTITIES, HEIRS, SUCCESSORS, AND ASSIGNS (COLLECTIVELY, THE “RELEASEES”) SHALL BE, AND ARE HEREBY, FULLY AND FOREVER RELEASED AND DISCHARGED FROM ANY AND ALL LIABILITIES, INCLUDING, WITHOUT LIMITATION, STRICT LIABILITIES, LOSSES, CLAIMS (INCLUDING THIRD PARTY CLAIMS), DEMANDS, DAMAGES (OF ANY NATURE WHATSOEVER), CAUSES OF ACTION, COSTS, PENALTIES, FINES, JUDGMENTS, REASONABLE ATTORNEYS’ FEES, CONSULTANTS’ FEES AND COSTS AND EXPERTS’ FEES (COLLECTIVELY, THE “CLAIMS”) WITH RESPECT TO ANY AND ALL CLAIMS, WHETHER DIRECT OR INDIRECT, KNOWN OR UNKNOWN, FORESEEN OR UNFORESEEN, THAT MAY ARISE ON ACCOUNT OF OR IN ANY WAY BE CONNECTED WITH THE ASSETS OR THE PHYSICAL, ENVIRONMENTAL AND STRUCTURAL CONDITION OF THE PREMISES OR ANY LAW OR REGULATION APPLICABLE THERETO, INCLUDING, WITHOUT LIMITATION, ANY CLAIMS FOR COST RECOVERY UNDER CERCLA OR ANY OTHER CLAIMS UNDER ANY ENVIRONMENTAL LAWS, AND ANY CLAIM OR MATTER (REGARDLESS OF WHEN IT FIRST APPEARED) RELATING TO OR ARISING FROM (I) ANY VIOLATION, NONCOMPLIANCE OR OBLIGATION TO COMPLY WITH ENVIRONMENTAL LAWS, THE PRESENCE OF ANY ENVIRONMENTAL PROBLEMS, OR THE USE, PRESENCE, STORAGE, RELEASE, DISCHARGE, OR MIGRATION OF HAZARDOUS SUBSTANCES ON, IN, UNDER OR AROUND THE PREMISES REGARDLESS OF WHEN SUCH HAZARDOUS SUBSTANCES WERE FIRST INTRODUCED IN, ON OR ABOUT THE PREMISES, (II) ANY PATENT OR LATENT DEFECTS OR DEFICIENCIES WITH RESPECT TO THE ASSETS, (III) ANY AND ALL MATTERS RELATED TO THE ASSETS OR ANY PORTION THEREOF, INCLUDING WITHOUT LIMITATION, THE CONDITION AND/OR OPERATION OF THE ASSETS AND EACH PART THEREOF, AND (IV) THE PRESENCE, RELEASE AND/OR REMEDIATION OF ASBESTOS AND ASBESTOS CONTAINING MATERIALS IN, ON OR ABOUT THE PREMISES REGARDLESS OF WHEN SUCH ASBESTOS AND ASBESTOS CONTAINING MATERIALS WERE FIRST INTRODUCED IN, ON OR ABOUT THE PREMISES.  EXCEPT AS EXPRESSLY PROVIDED FOR IN THIS AGREEMENT, PURCHASER HEREBY WAIVES AND AGREES NOT TO COMMENCE ANY ACTION, LEGAL PROCEEDING, CAUSE OF ACTION OR SUITS IN LAW OR EQUITY, OF WHATEVER KIND OR NATURE, DIRECTLY OR INDIRECTLY, AGAINST THE RELEASEES OR THEIR AGENTS IN CONNECTION WITH CLAIMS DESCRIBED ABOVE.  THE RELEASE PROVIDED IN THIS SECTION 18(C) SHALL SPECIFICALLY APPLY WHETHER OR NOT ANY OF THE FOREGOING IS ATTRIBUTABLE, IN WHOLE OR IN PART, TO THE NEGLIGENCE OF SELLER OR ANY OTHER RELEASEE.

(ii)IN CONNECTION WITH THE COVENANTS, AGREEMENTS, ACKNOWLEDGMENTS, WAIVERS, RELEASES AND PROVISIONS CONTAINED IN THIS SECTION 18, PURCHASER HEREBY AGREES, REPRESENTS AND WARRANTS THAT PURCHASER REALIZES AND ACKNOWLEDGES THAT FACTUAL MATTERS 

30

NOW KNOWN TO IT OR PRESENTLY UNKNOWN TO IT MAY HAVE GIVEN OR MAY HEREAFTER GIVE RISE TO CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGE, COSTS, LOSSES AND EXPENSES WHICH ARE PRESENTLY UNKNOWN, UNANTICIPATED AND UNSUSPECTED, AND PURCHASER FURTHER AGREES, REPRESENTS AND WARRANTS THAT THE WAIVERS AND RELEASES HEREIN HAVE BEEN NEGOTIATED AND AGREED UPON IN LIGHT OF THAT REALIZATION AND THAT EXCEPT AS EXPRESSLY PROVIDED FOR IN THIS AGREEMENT, PURCHASER NEVERTHELESS HEREBY INTENDS TO RELEASE, DISCHARGE AND ACQUIT SELLER FROM ANY SUCH UNKNOWN CLAIMS, DEBTS, AND CONTROVERSIES WHICH MIGHT IN ANY WAY BE INCLUDED AS A MATERIAL PORTION OF THE CONSIDERATION GIVEN TO SELLER BY PURCHASER IN EXCHANGE FOR SELLER’S PERFORMANCE HEREUNDER.  SELLER HAS GIVEN PURCHASER MATERIAL CONCESSIONS REGARDING THIS TRANSACTION IN EXCHANGE FOR PURCHASER AGREEING TO THE PROVISIONS OF THIS SECTION 18.  THE PROVISIONS OF THIS SECTION 18 SHALL SURVIVE THE CLOSING AND SHALL NOT BE DEEMED MERGED INTO ANY INSTRUMENT OR CONVEYANCE DELIVERED AT THE CLOSING.

(d)Waiver of Disclosures.  TO THE FULLEST EXTENT PERMITTED BY LAW, PURCHASER HEREBY WAIVES ANY AND ALL RIGHTS AND BENEFITS WHICH IT NOW HAS BY VIRTUE OF THE PROVISIONS OF FEDERAL, STATE OR LOCAL LAW, RULES OR REGULATIONS, TO RECEIVE ANY DISCLOSURES, STATEMENTS, MATERIALS OR OTHER INFORMATION FROM SELLER IN CONNECTION WITH PURCHASER’S PURCHASE OF THE ASSETS.  PURCHASER SPECIFICALLY CONFIRMS THE FACT THAT IT IS AN EXPERIENCED AND SOPHISTICATED REAL ESTATE INVESTOR AND WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THE FOREGOING PROVISION.

(e)Survival of Disclaimers.  Seller and Purchaser agree that the provisions of this Section 18 shall survive Closing and shall not be deemed merged into any instrument of conveyance delivered at the Closing.

(f)Notices.  Any notices required or permitted to be given under this Agreement shall be given in writing and shall be sent by (a) hand delivery, (b) commercial overnight courier that guarantees next day delivery and provides a receipt, or (c) electronic transmission in PDF format (followed by hard copy sent concurrently with such electronic transmission, in accordance with preceding subsections (a) or (b)), and such notices shall be addressed as follows:

31

If to Seller:
IL-TRIBUNE TOWER, LLC
c/o Tribune Real Estate Holdings, LLC
2049 Century Park East, Suite 2600
Los Angeles, California 90067
Attention: Murray McQueen, President
Email: mmcqueen@tribunemedia.com

With required copies to:
Tribune Media Company
435 N. Michigan Avenue
Chicago, Illinois 60611
Attention: Rita DeBoer, Assistant General Counsel
Email: rdeboer@tribunemedia.com

and

DLA Piper LLP (US)
203 North LaSalle Street, Suite 1900
Chicago, Illinois  60601
Attention: Ross Green, Esq.
Telephone No.:  (312) 368-2132
Email:  ross.green@dlapiper.com
If to Purchaser:
CIM Group Acquisitions, LLC
c/o CIM Group, LP
4700 Wilshire Boulevard
Los Angeles, CA  90010
Attention: General Counsel
Email: generalcounsel@cimgroup.com 

Mr. Lee Golub
Golub Real Estate Corp.
625 North Michigan Avenue
Suite 2000
Chicago, Illinois  60611
Email: lgolub@goco.com 

32

With a required copy to:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, New York 10019
Attn:  Harris B. Freidus, Esq.
Email: hfreidus@paulweiss.com 

or to such other address as either party may from time to time specify in writing to the other party.  Notice given by hand delivery shall be effective upon receipt (or refusal by the intended recipient to accept delivery).  Notice given by commercial overnight courier shall be effective upon the date of deposit with the courier.  Notice given by electronic transmission shall be effective upon receipt of such email (subject to the requirement that hard copy be sent concurrently in accordance with this Section 18).
		
	19.
	Miscellaneous. 

(a)Tender Waived.  Formal tender of an executed deed and purchase money are hereby waived.

(b)Governmental Filings.  If either party is required to make any filing, submission or report to any Governmental Authority in connection with the transactions contemplated by this Agreement, the party upon which such requirement is imposed shall make such filing, submission or report.

(c)Water Certificate.  In order to purchase City of Chicago Real Property Real Property Transfer Tax stamps (which are required to record the Deed), a water certification (i.e., a Full Payment Certificate [“FPC”] issued by the Department of Finance of the City of Chicago stating that all water and sewer charges and penalties that accrued to a water account are paid in full or otherwise not transferable to Purchaser) is required.  Seller shall complete and deliver an FPC Application to the Department of Finance within five (5) business days following the Effective Date.  However, Purchaser acknowledges that, despite Seller’s timely submission of an FPC application, due to a backlog of FPC applications, the FPC Certificate may not be issued by the Closing Date.  The parties agree that, so long as Seller has timely submitted the FPC Application hereunder, and diligently follows up with the City, if Seller has not received an FPC Certification prior to Closing, then Seller shall not be in default hereunder due to the failure of the FPC Certificate to be issued and the Closing Date shall be delayed until the date that the FPC Certificate is obtained unless Seller, at its option, elects to deliver to the Title Company a water certification indemnity in order to allow the issuance of the Title Policy to Purchaser, in which case, the parties shall proceed with Closing on the scheduled Closing Date and shall obtain the FPC Certificate post-Closing.

(d)Press Release.  Prior to Closing, neither Seller nor Purchaser shall issue any press release or public statement with respect to the transactions contemplated by this Agreement (a “Release”) without the consent of the other party, except to the extent required by law.  After Closing, any Release issued by Seller or Purchaser that names the other party or any of its affiliates shall be subject to the review and approval of the other party (which approval shall not 

33

be unreasonably withheld, conditioned or delayed). If Seller or Purchaser is required by law to issue a Release, such party shall, at least two (2) business days prior to the issuance of the same, deliver a copy of the proposed Release to the other party for its review and approval, which approval shall not be unreasonably withheld, conditioned or delayed.  Notwithstanding the foregoing, to the extent Seller is advised by its legal counsel that Seller is required by applicable laws or the rules and regulations of any applicable securities exchange to make public disclosure of the existence of this Agreement, the terms of this Agreement or the transactions contemplated herein, Seller may make such public disclosure, without the consent of Purchaser (but on reasonable prior written notice to Purchaser), to the extent deemed necessary by Seller or Seller’s legal counsel.

(e)Interpretation of Agreement.  The headings and captions in this Agreement are inserted for convenience of reference only and in no way define, describe or limit the scope or intent of this Agreement or any of the provisions hereof.  Where the context so requires, the use of the singular shall include the plural and vice versa and the use of the masculine shall include the feminine and the neuter.  This Agreement shall be construed reasonably to carry out its intent, without presumption against or in favor of either party.  The parties acknowledge that the parties and their counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any exhibits or amendments hereto.

(f)Governing Law; Jurisdiction and Venue.  This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois.  For the purposes of any suit, action or proceeding involving this Agreement, Purchaser and Seller hereby expressly submit to the jurisdiction of the state courts sitting in Chicago, Illinois or the federal courts for the Northern District of Illinois, as well as all courts from which an appeal may be taken from the aforesaid courts, and agree that any order, process, notice of motion or other application to or by any such court or a judge thereof may be served within or without such court’s jurisdiction by registered or certified mail or by personal service, provided that a reasonable time for appearance is allowed.  Purchaser and Seller agree that such courts shall have the exclusive jurisdiction over any such suit, action or proceeding commenced by any party.  In furtherance of such agreement, Purchaser and Seller agree upon the request of the other party to discontinue (or agree to the discontinuance of) any such suit, action or proceeding pending in any other jurisdiction.  Each party hereby irrevocably waives any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any of the state courts sitting in Chicago, Illinois or the federal courts for the Northern District of Illinois, as well as all courts from which an appeal may be taken from the aforesaid courts, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

(g)Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

(h)Transmission of Agreement by PDF.  The transmission of a signed counterpart of this Agreement by portable document format (“PDF”) shall have the same force and effect as delivery of an original signed counterpart of this Agreement, and shall constitute valid and 

34

effective delivery for all purposes.  Without limiting the generality of the foregoing, transmission by PDF shall have the same force and effect as delivery of an original signed counterpart of this Agreement for purposes of determining the Effective Date.  If either party delivers a signed counterpart of this Agreement by transmission of a PDF, it shall also send promptly thereafter by overnight courier or personal delivery a signed original counterpart of this Agreement to the other party, but failure to do so shall not render this Agreement void or voidable by either party.

(i)Binding Effect; Assignment.  This Agreement shall be binding upon, and inure to the benefit of, the parties to this Agreement and their respective successors and permitted assigns.  Purchaser shall be entitled to assign its interest in this Agreement and/or any of its rights hereto or herein, without the consent of Seller (but Purchaser shall give Seller prior written notice of any such assignment): (i) to one or more parents, subsidiaries or affiliates of Purchaser, (ii) to one or more entities in which Purchaser or a principal or member of Purchaser holds a controlling interest, or (iii) as of the Closing Date (so long as Closing occurs on such date), to one or more entities designated by Purchaser to take title to the Premises at Closing.  Any other assignment by Purchaser shall require the prior written consent of Seller, which shall not be unreasonably withheld, conditioned or delayed.  No such assignment, whether or not Seller’s consent thereto is required, shall relieve Purchaser of its liabilities or obligations under this Agreement. In the event that there is more than one assignee pursuant to this clause (i), such assignees shall be jointly and severally liable for the obligations of Purchaser hereunder. 

(j)Entire Agreement; Requirement for Writing.  This Agreement and the exhibits attached hereto contain the final and entire agreement of Purchaser and Seller with respect to the sale and purchase of the Assets and are intended to be an integration of all prior negotiations and understandings.  Neither Purchaser nor Seller shall be bound by any covenants, agreements, statements, representations or warranties, oral or written, not contained in this Agreement.  No change or modification to this Agreement shall be valid unless the same is in writing and signed by the parties to this Agreement.  No waiver of any of the provisions of this Agreement shall be valid unless the same is in writing and is signed by the party against which it is sought to be enforced.

(k)Severability.  If any provision of this Agreement, or the application thereof to any person, place or circumstance, shall be held by a court of competent jurisdiction to be invalid, unenforceable or void, the remainder of this Agreement and such provisions as applied to other persons, places and circumstances shall remain in full force and effect.

(l)Automatic Extension.  In the event that the date for performance of any duty or obligation, exercise of any right or option or giving of any notice shall occur upon a Saturday, Sunday or legal holiday, the due date for such performance, exercise or giving of notice shall be automatically extended to the next succeeding business day.

(m)Time of Essence.  Time is of the essence of each and every provision of this Agreement of which time is an element.

(n)Further Assurances.  Seller agrees that it will, for a period of six (6) months following the Closing and at Purchaser’s sole cost and expense, upon request of Purchaser, do, execute, acknowledge and deliver, or will cause to be done, executed, acknowledged and 

35

delivered, all such further acts, deeds, assignments, transfers, conveyances and assurances as may reasonably be required for the assigning, transferring, granting, assuring and confirming to Purchaser, or its successors and assigns, or for aiding and assisting in collecting and reducing to possession, any or all of the Assets or property being sold to Purchaser pursuant to this Agreement, provided that the same are consistent with the terms of this Agreement and do not impose any additional liability on Seller beyond that provided in this Agreement or any Related Agreement.

(o)WAIVER OF TRIAL BY JURY.  EACH PARTY HEREBY WAIVES, IRREVOCABLY AND UNCONDITIONALLY, TRIAL BY JURY IN ANY ACTION BROUGHT ON, UNDER OR BY VIRTUE OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR ANY OF THE RELATED AGREEMENTS, THE ASSETS, OR ANY CLAIMS, DEFENSES, RIGHTS OF SET-OFF OR OTHER ACTIONS PERTAINING HERETO OR TO ANY OF THE FOREGOING.

(p)Exculpations.  Notwithstanding anything to the contrary contained herein, each party’s shareholders, partners, the partners of such partners, the shareholders of such partners, and the trustees, officers, directors, employees, agents and security holders of such party and the partners of such party assume no personal liability for any obligations entered into on behalf of such party and their respective individual assets shall not be subject to any claims of any person relating to such obligations.  The foregoing shall govern any direct and indirect obligations of each party under this Agreement.  The signatory(ies) for Purchaser and Seller is/are executing this Agreement in his/their capacity as representative of such party and not individually and, therefore, shall have no personal or individual liability of any kind in connection with this Agreement and the transactions contemplated by it.

(q)Drafts not an Offer to Enter into a Legally Binding Contract.  The submission of a draft of this Agreement by one party to another is not intended by either party to be an offer to enter into a legally binding contract with respect to the purchase and sale of the Assets.  The parties shall be legally bound with respect to the purchase and sale of the Assets pursuant to the terms of this Agreement only if and when Seller and Purchaser have fully executed and delivered to each other a counterpart of this Agreement.

(r)Recordation.  Without the prior written consent of Seller, there shall be no recordation of either this Agreement or any memorandum hereof, or any affidavit pertaining hereto, and any such recordation of this Agreement or memorandum or affidavit by Purchaser without the prior written consent of Seller shall constitute a default hereunder by Purchaser, whereupon Seller shall have the remedies set forth herein.

(s)Agreement to Indemnify.  Whenever it is provided in this Agreement that an obligation of Seller will be assumed by Purchaser after the Closing, Purchaser shall be deemed to have also agreed to indemnify and hold harmless Seller and its respective successors and assigns from and against all claims, losses, damages, liabilities, costs, and expenses (including, without limitation, reasonable attorneys’ and accountants’ fees and expenses) arising from any failure of Purchaser to perform the obligation so assumed after the Closing.  The provisions of this Section 19(s) shall survive the Closing or the termination of this Agreement.

36

20.Attorneys’ Fees and Costs.  If a party to this Agreement shall bring any action, suit, counterclaim or appeal against the other party declaratory or otherwise, to enforce the terms hereof or to declare rights hereunder (an "Action"), the non-prevailing party in such Action shall pay to the prevailing party in such Action a reasonable sum for the prevailing party's attorney's fees and expenses incurred in initiating, prosecuting or defending such Action and/or enforcing any claim, judgment, order, ruling or award (a "Decision"), granted therein.  Any Decision entered into in such Action shall contain a specific provision providing for the recovery of attorneys' fees and expenses incurred in obtaining and enforcing such Decision.  The court may fix the amount of reasonable attorney's fees and expenses upon the request of any party.  For purposes of this Section 20, attorneys' fees shall include, without limitation, fees incurred in connection with (i) post judgment motions and collection actions, (ii) contempt proceedings, (iii) garnishment, levy and debtor and third party examination, (iv) discovery, and (v) bankruptcy litigation.  The terms of this Section 20 shall survive Closing or any earlier termination of this Agreement.

21.Post-Closing Obligations.  For the period commencing on the Closing Date and extending until expiration of the Survival Period (or such longer period if Purchaser makes a claim during the Survival Period for a breach of Seller’s representations and warranties), Seller shall maintain liquid assets in an amount necessary to fulfill its obligations under the last sentence of Section 7(c).

Signatures appear on the following page

37

IN WITNESS WHEREOF, intending to be legally bound hereby, Purchaser and Seller have executed this Agreement as of the date first above written.
SELLER:

IL-TRIBUNE TOWER, LLC,
a Delaware limited liability company

By:  _/s/ Murray McQueen, President___________
Name:  Murray McQueen_____________________
Title: President_____________________________

PURCHASER:

CIM GROUP ACQUISITIONS, LLC,
a California limited liability company 

By:  _/s/ Avraham Shemesh___________________
Name:  Avraham Shemesh ____________________
Title:  President & Treasurer___________________

JOINDER OF SELLER AFFILIATE
The undersigned, Tribune Real Estate Holdings LLC, a Delaware limited liability company, has executed this Agreement for the purpose of agreeing to maintain Seller’s net worth as described in Section 21 of the Agreement.  The provisions of Section 21 of the Agreement are hereby incorporated herein by reference and shall apply to the undersigned in the same manner as they apply to Seller.  This Joinder shall survive closing.
TRIBUNE REAL ESTATE HOLDINGS, LLC, a Delaware limited liability company
By:  _/s/ Murray McQueen, President___________
Name:  Murray McQueen_____________________
Title: President_____________________________EX-4.1

 Exhibit 4.1 
  

 
  

HUNTINGTON AUTO TRUST 20[    ]-[    ] 

Class A-1 [    ]% Auto Loan Asset Backed Notes 

Class A-2[-A] [    ]% Auto Loan Asset Backed Notes 

[Class A-2-B LIBOR + [    ]% Auto Loan Asset Backed Notes] 

Class A-3 [    ]% Auto Loan Asset Backed Notes 

Class A-4 [    ]% Auto Loan Asset Backed Notes 

Class B [    ]% Auto Loan Asset Backed Notes 

Class C [    ]% Auto Loan Asset Backed Notes 

Class D [    ]% Auto Loan Asset Backed Notes 

 
  

INDENTURE 
 Dated as of
[            ], 20[    ] 
  

 

[                       
 ], 
 as the Indenture Trustee 
  

 
  

Indenture 

 CROSS REFERENCE TABLE1 

 

					
	 TIA

Section
	  	 	  	 Indenture

Section

			
	 310
	  	 (a) (1)
	  	 6.11

		  	 (a) (2)
	  	 6.11

		  	 (a) (3)
	  	 6.10

		  	 (a) (4)
	  	 N.A.2

		  	 (a) (5)
	  	 6.11

		  	 (b)
	  	 6.8; 6.11

	 311
	  	 (a)
	  	 6.12

		  	 (b)
	  	 6.12

	 312
	  	 (a)
	  	 7.1

		  	 (b)
	  	 7.2

		  	 (c)
	  	 7.2

	 313
	  	 (a)
	  	 7.3

		  	 (b) (1)
	  	 7.3

		  	 (b) (2)
	  	 7.3

		  	 (c)
	  	 7.3

		  	 (d)
	  	 7.3

	 314
	  	 (a)
	  	 3.9

		  	 (b)
	  	 3.6; 11.15

		  	 (c) (1)
	  	 11.1

		  	 (c) (2)
	  	 11.1

		  	 (c) (3)
	  	 11.1

		  	 (d)
	  	 11.1

		  	 (e)
	  	 11.1

		  	 (f)
	  	 N.A.

	 315
	  	 (a)
	  	 6.1(b)

		  	 (b)
	  	 6.5

		  	 (c)
	  	 6.1(a)

		  	 (d)
	  	 6.1(c)

		  	 (e)
	  	 5.13

	 316
	  	 (a) (1) (A)
	  	 5.11

		  	 (a) (1) (B)
	  	 5.12

		  	 (a) (2)
	  	 N.A.

		  	 (b)
	  	 5.7

		  	 (c)
	  	 5.6(b)

	 317
	  	 (a) (1)
	  	 5.3(b)

		  	 (a) (2)
	  	 5.3(d)

		  	 (b)
	  	 3.3(c)

	 318
	  	 (a)
	  	 11.7

  

	 1 
	 Note: This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

	 2 
	 N.A. means Not Applicable. 

Indenture 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	
ARTICLE I              
 DEFINITIONS AND INCORPORATION BY REFERENCE
	  			
				
		 	 SECTION 1.1
	  	 Definitions
	  	 	2	  
		 	 SECTION 1.2
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	2	  
		 	 SECTION 1.3
	  	 Other Interpretive Provisions
	  	 	2	  
		
	
ARTICLE II              
THE NOTES
	  			
				
		 	 SECTION 2.1
	  	 Form
	  	 	3	  
		 	 SECTION 2.2
	  	 Execution, Authentication and Delivery
	  	 	3	  
		 	 SECTION 2.3
	  	 Temporary Notes
	  	 	4	  
		 	 SECTION 2.4
	  	 Registration of Transfer and Exchange
	  	 	4	  
		 	 SECTION 2.5
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	6	  
		 	 SECTION 2.6
	  	 Persons Deemed Owners
	  	 	6	  
		 	 SECTION 2.7
	  	 Payment of Principal and Interest; Defaulted Interest
	  	 	7	  
		 	 SECTION 2.8
	  	 Cancellation
	  	 	8	  
		 	 SECTION 2.9
	  	 Release of Collateral
	  	 	8	  
		 	 SECTION 2.10
	  	 Book-Entry Notes
	  	 	8	  
		 	 SECTION 2.11
	  	 Notices to Clearing Agency
	  	 	9	  
		 	 SECTION 2.12
	  	 Definitive Notes
	  	 	9	  
		 	 SECTION 2.13
	  	 Authenticating Agents
	  	 	10	  
		 	 SECTION 2.14
	  	 Paying Agent
	  	 	10	  
		 	 SECTION 2.15
	  	 Tax Matters
	  	 	11	  
		
	
ARTICLE III            
COVENANTS
	  			
				
		 	 SECTION 3.1
	  	 Payment of Principal and Interest; [Determination of LIBOR.]
	  	 	12	  
		 	 SECTION 3.2
	  	 Maintenance of Office or Agency
	  	 	12	  
		 	 SECTION 3.3
	  	 Money for Payments to Be Held in Trust
	  	 	13	  
		 	 SECTION 3.4
	  	 Existence
	  	 	14	  
		 	 SECTION 3.5
	  	 Protection of Collateral
	  	 	14	  
		 	 SECTION 3.6
	  	 Opinions as to Collateral
	  	 	15	  
		 	 SECTION 3.7
	  	 Performance of Obligations
	  	 	15	  
		 	 SECTION 3.8
	  	 Negative Covenants
	  	 	16	  
		 	 SECTION 3.9
	  	 Annual Compliance Statement
	  	 	17	  
		 	 SECTION 3.10
	  	 Restrictions on Certain Other Activities
	  	 	18	  
		 	 SECTION 3.11
	  	 Restricted Payments
	  	 	18	  
		 	 SECTION 3.12
	  	 Notice of Events of Default
	  	 	18	  
		 	 SECTION 3.13
	  	 Further Instruments and Acts
	  	 	19	  
		 	 SECTION 3.14
	  	 Compliance with Laws
	  	 	19	  
		 	 SECTION 3.15
	  	 Removal of Administrator
	  	 	19	  
		 	 SECTION 3.16
	  	 Perfection Representations, Warranties and Covenants
	  	 	19	  
		 	 SECTION 3.17
	  	 Investment Company Act Representation
	  	 	19	  
		
	
ARTICLE IV            SATISFACTION
AND DISCHARGE
	  			
				
		 	 SECTION 4.1
	  	 Satisfaction and Discharge of Indenture
	  	 	19	  
		 	 SECTION 4.2
	  	 Application of Trust Money
	  	 	20	  
		 	 SECTION 4.3
	  	 Repayment of Monies Held by Paying Agent
	  	 	20	  

  

					
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(continued) 
  

									
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ARTICLE V             
REMEDIES
	  			
				
		 	 SECTION 5.1
	  	 Events of Default
	  	 	21	  
		 	 SECTION 5.2
	  	 Acceleration of Maturity; Waiver of Event of Default
	  	 	21	  
		 	 SECTION 5.3
	  	 Collection of Indebtedness and Suits for Enforcement by the Indenture
Trustee
	  	 	22	  
		 	 SECTION 5.4
	  	 Remedies; Priorities
	  	 	24	  
		 	 SECTION 5.5
	  	 Optional Preservation of the Collateral
	  	 	27	  
		 	 SECTION 5.6
	  	 Limitation of Suits
	  	 	28	  
		 	 SECTION 5.7
	  	 Rights of Noteholders to Receive Principal and Interest
	  	 	29	  
		 	 SECTION 5.8
	  	 Restoration of Rights and Remedies
	  	 	29	  
		 	 SECTION 5.9
	  	 Rights and Remedies Cumulative
	  	 	29	  
		 	 SECTION 5.10
	  	 Delay or Omission Not a Waiver
	  	 	29	  
		 	 SECTION 5.11
	  	 Control by Noteholders
	  	 	29	  
		 	 SECTION 5.12
	  	 Waiver of Past Defaults
	  	 	30	  
		 	 SECTION 5.13
	  	 Undertaking for Costs
	  	 	30	  
		 	 SECTION 5.14
	  	 Waiver of Stay or Extension Laws
	  	 	31	  
		 	 SECTION 5.15
	  	 Action on Notes
	  	 	31	  
		 	 SECTION 5.16
	  	 Performance and Enforcement of Certain Obligations
	  	 	31	  
		 	 SECTION 5.17
	  	 Sale of Collateral
	  	 	32	  
		
	
ARTICLE VI            THE INDENTURE
TRUSTEE
	  			
				
		 	 SECTION 6.1
	  	 Duties of the Indenture Trustee
	  	 	32	  
		 	 SECTION 6.2
	  	 Rights of the Indenture Trustee
	  	 	34	  
		 	 SECTION 6.3
	  	 Individual Rights of the Indenture Trustee
	  	 	35	  
		 	 SECTION 6.4
	  	 The Indenture Trustee’s Disclaimer
	  	 	35	  
		 	 SECTION 6.5
	  	 Notice of Defaults
	  	 	36	  
		 	 SECTION 6.6
	  	 Reports by the Paying Agent to Noteholders
	  	 	36	  
		 	 SECTION 6.7
	  	 Compensation and Indemnity
	  	 	36	  
		 	 SECTION 6.8
	  	 Removal, Resignation and Replacement of the Indenture Trustee
	  	 	37	  
		 	 SECTION 6.9
	  	 Successor Indenture Trustee by Merger
	  	 	38	  
		 	 SECTION 6.10
	  	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	 	38	  
		 	 SECTION 6.11
	  	 Eligibility; Disqualification
	  	 	40	  
		 	 SECTION 6.12
	  	 Preferential Collection of Claims Against the Issuer
	  	 	40	  
		 	 SECTION 6.13
	  	 Representations and Warranties
	  	 	40	  
		
	
ARTICLE VII          NOTEHOLDERS’ LISTS
AND REPORTS
	  			
				
		 	 SECTION 7.1
	  	 The Issuer to Furnish the Indenture Trustee Names and Addresses of
Noteholders
	  	 	40	  
		 	 SECTION 7.2
	  	 Preservation of Information; Communications to Noteholders
	  	 	40	  
		 	 SECTION 7.3
	  	 Reports by the Indenture Trustee
	  	 	41	  
		 	 SECTION 7.4
	  	 Statements to Certificateholders and Noteholders
	  	 	41	  
		 	 SECTION 7.5
	  	 Noteholder Demand for Repurchase, Dispute Resolution
	  	 	43	  
		 	 SECTION 7.6
	  	 Asset Review Voting
	  	 	44	  

  

					
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(continued) 
  

									
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ARTICLE VIII         ACCOUNTS, DISBURSEMENTS AND
RELEASES
	  			
				
		 	 SECTION 8.1
	  	 Collection of Money
	  	 	45	  
		 	 SECTION 8.2
	  	 Trust Accounts
	  	 	45	  
		 	 SECTION 8.3
	  	 General Provisions Regarding Accounts
	  	 	47	  
		 	 SECTION 8.4
	  	 Additional Withdrawals and Deposits
	  	 	49	  
		 	 SECTION 8.5
	  	 Distributions
	  	 	50	  
		 	 SECTION 8.6
	  	 Release of Collateral
	  	 	51	  
		 	 SECTION 8.7
	  	 Opinion of Counsel
	  	 	52	  
		
	
ARTICLE IX            SUPPLEMENTAL
INDENTURES
	  			
				
		 	 SECTION 9.1
	  	 Supplemental Indentures Without Consent of Noteholders
	  	 	52	  
		 	 SECTION 9.2
	  	 Supplemental Indentures with Consent of Noteholders
	  	 	53	  
		 	 SECTION 9.3
	  	 Execution of Supplemental Indentures
	  	 	55	  
		 	 SECTION 9.4
	  	 Effect of Supplemental Indenture
	  	 	55	  
		 	 SECTION 9.5
	  	 Conformity With Trust Indenture Act
	  	 	55	  
		 	 SECTION 9.6
	  	 Reference in Notes to Supplemental Indentures
	  	 	55	  
		
	
ARTICLE X             
REDEMPTION OF NOTES
	  			
				
		 	 SECTION 10.1
	  	 Redemption
	  	 	55	  
		 	 SECTION 10.2
	  	 Form of Redemption Notice
	  	 	56	  
		 	 SECTION 10.3
	  	 Notes Payable on Redemption Date
	  	 	56	  
		
	
ARTICLE XI            
MISCELLANEOUS
	  			
				
		 	 SECTION 11.1
	  	 Compliance Certificates and Opinions, etc
	  	 	57	  
		 	 SECTION 11.2
	  	 Form of Documents Delivered to the Indenture Trustee
	  	 	58	  
		 	 SECTION 11.3
	  	 Acts of Noteholders
	  	 	59	  
		 	 SECTION 11.4
	  	 Notices
	  	 	59	  
		 	 SECTION 11.5
	  	 Notices to Noteholders; Waiver
	  	 	60	  
		 	 SECTION 11.6
	  	 Alternate Payment and Notice Provisions
	  	 	60	  
		 	 SECTION 11.7
	  	 Conflict with Trust Indenture Act
	  	 	60	  
		 	 SECTION 11.8
	  	 Effect of Headings and Table of Contents
	  	 	61	  
		 	 SECTION 11.9
	  	 Successors and Assigns
	  	 	61	  
		 	 SECTION 11.10
	  	 Severability
	  	 	61	  
		 	 SECTION 11.11
	  	 Benefits of Indenture
	  	 	61	  
		 	 SECTION 11.12
	  	 Legal Holidays
	  	 	61	  
		 	 SECTION 11.13
	  	 Governing Law
	  	 	61	  
		 	 SECTION 11.14
	  	 Counterparts
	  	 	61	  
		 	 SECTION 11.15
	  	 Recording of Indenture
	  	 	61	  
		 	 SECTION 11.16
	  	 Trust Obligation
	  	 	62	  
		 	 SECTION 11.17
	  	 No Petition
	  	 	62	  
		 	 SECTION 11.18
	  	 Intent for Financial Purposes
	  	 	62	  
		 	 SECTION 11.19
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	62	  
		 	 SECTION 11.20
	  	 Subordination of Claims
	  	 	63	  
		 	 SECTION 11.21
	  	 Limitation of Liability of Owner Trustee
	  	 	64	  

  

					
		  	iii	  	Indenture

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
				
		 	 SECTION 11.22
	  	 Information Requests
	  	 	64	  
		 	 SECTION 11.23
	  	 Benefits of Indenture
	  	 	64	  
		
	
ARTICLE XII          COMPLIANCE WITH THE FDIC
RULE
	  			
				
		 	 SECTION 12.1
	  	 Purpose
	  	 	64	  
		 	 SECTION 12.2
	  	 Requirements of the FDIC Rule
	  	 	65	  
		 	 SECTION 12.3
	  	 Performance
	  	 	67	  
		 	 SECTION 12.4
	  	 Effect of Section 941 Rules
	  	 	67	  
		 	 SECTION 12.5
	  	 Actions Upon Repudiation
	  	 	67	  
		 	 SECTION 12.6
	  	 Notice
	  	 	70	  
		 	 SECTION 12.7
	  	 Reservation of Rights
	  	 	70	  

  

					
		  	iv	  	Indenture

 TABLE OF CONTENTS 

(continued) 
  

			
	 Schedule I
	  	 Perfection Representations, Warranties and Covenants

	 Exhibit A
	  	 Form of Notes

  

					
		  	v	  	Indenture

 This INDENTURE, dated as of
[                ], 20[    ] (as amended, supplemented or otherwise modified and in effect from time to time, this “Indenture”), is
between HUNTINGTON AUTO TRUST 20[    ]-[    ], a Delaware statutory trust (the “Issuer”), and
[                    ], a [                    ],
solely as trustee and not in its individual capacity (the “Indenture Trustee”). 
 Each party agrees as
follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer’s Class A-1 [    ]% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2[-A]
[    ]% Auto Loan Asset Backed Notes (the “Class A-2[-A] Notes”), [Class A-2-B LIBOR + [    ]% Auto Loan Asset Backed Notes (the “Class A-2-B Notes” and, together with the
Class A-2-A Notes, the “Class A-2 Notes”),] Class A-3 [    ]% Auto Loan Asset Backed Notes (the “Class A-3 Notes”), Class A-4 [    ]% Auto Loan Asset Backed Notes (the “Class
A-4 Notes”, and together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”), Class B [    ]% Auto Loan Asset Backed Notes
(the “Class B Notes”), Class C [    ]% Auto Loan Asset Backed Notes (the “Class C Notes”) and Class D [    ]% Auto Loan Asset Backed Notes (the “Class D
Notes”, and together with the Class A Notes, the Class B Notes and the Class C Notes, the “Notes”). 
 GRANTING
CLAUSE 
 The Issuer, to secure the payment of principal of and interest on, and any other amounts owing in respect of,
the Notes equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of this Indenture, hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for
the benefit of the Noteholders, all of the Issuer’s right, title and interest, whether now owned or hereafter acquired, in and to (i) the Trust Estate and (ii) all present and future claims, demands, causes and choses in action in respect of
any or all of the Trust Estate and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the Trust Estate, including all proceeds of the conversion, voluntary or involuntary, into cash or other
liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations
and receivables, instruments, securities, financial assets and other property which at any time constitute all or part of or are included in the proceeds of any of the Trust Estate (collectively, the “Collateral”). 

The Indenture Trustee, on behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture
and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture. 
 The
foregoing Grant is made in trust to secure (i) the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein and (ii)
compliance with the provisions of this Indenture, all as provided in this Indenture. 
 Without limiting the foregoing
Grant, any Receivable repurchased or purchased by (a) the Servicer pursuant to Section 3.6 of the Servicing Agreement or (b) by the Bank pursuant to Section 3.3 of the Receivables Sale Agreement shall be deemed to be automatically
released 

  

					
		  		  	Indenture

 
from the lien of this Indenture without any action being taken by the Indenture Trustee upon payment by the applicable purchaser of the related Repurchase Price for such Repurchased Receivable.

 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in
Appendix A to the Sale Agreement, dated as of [                ], 20[    ] (as amended, supplemented, or otherwise modified
and in effect from time to time, the “Sale Agreement”), between the Issuer and Huntington Funding, LLC, as seller (in such capacity, the “Seller”). 

SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or
defined by Commission rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Other Interpretive
Provisions. All terms defined in this Indenture shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and all such
certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Indenture, and accounting terms partly defined in this Indenture to the extent not defined, shall have the respective
meanings given to them under GAAP (provided, that, to the extent that the definitions in this Indenture and GAAP conflict, the definitions in this Indenture shall control); (b) terms defined in Article 9 of the UCC as in effect in the
relevant jurisdiction and not otherwise defined in this Indenture are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Indenture as a whole and
not to any particular provision of this Indenture; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Indenture and references to any
paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof

  

					
		 	2	 	Indenture

 
means “including without limitation”; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time
and include any successor law or regulation; (g) references to any Person include that Person’s successors and assigns and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any
provision hereof. 
 ARTICLE II THE NOTES 

SECTION 2.1 Form. The Class A-1 Notes, the Class A-2[-A] Notes, [the Class A-2-B Notes,] the Class A-3 Notes,
the Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing the 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. 
 Each Note shall be dated the date of its authentication. The terms of the Notes set forth in
Exhibit A hereto are part of the terms of this Indenture. 
 SECTION 2.2 Execution, Authentication and
Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 

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

The Indenture Trustee shall, upon Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an Initial Note
Balance of $[        ], Class A-2[-A] Notes for original issue in an Initial Note Balance of $[        ], [Class A-2-B Notes for original issue in an Initial Note
Balance of $[        ],] Class A-3 Notes for original issue in an Initial Note Balance of $[        ], Class A-4 Notes for original issue in an Initial Note Balance of
$[        ], Class B Notes for original issue in an Initial Note Balance of $[        ], Class C Notes for original issue in an Initial Note Balance of
$[        ] and Class D Notes for original issue in an Initial Note Balance of $[        ]. The Note Balance of Class A-1 Notes, Class A-2[-A] Notes, [Class A-2-B
Notes,] Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes Outstanding at any time may not exceed such amounts except as provided in Section 2.5. 

Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum
denomination of $[1,000] and in integral multiples of $1,000 in excess thereof (except for one Note of each Class which may be issued in a denomination other than an integral multiple of $1,000).

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears
on such Note a certificate of authentication substantially in the 

  

					
		 	3	 	Indenture

 
form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the
only evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.3 Temporary
Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten,
mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by
their execution of such Notes. 
 If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared
without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in
Section 3.2, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a
like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

SECTION 2.4 Registration of Transfer and Exchange. (a) The Issuer shall cause to be kept a register (the
“Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee shall initially be
“Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Note Registrar. 
 If a Person other than the Indenture Trustee is appointed by the Issuer
as Note Registrar, the Issuer shall give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right
to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to
the names and addresses of the Noteholders and the principal amounts and number of such Notes. 
 (b) Upon surrender
for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401 of the UCC are met, the Issuer shall execute and upon its written request the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like aggregate
outstanding principal amount. 
 At the option of the related Noteholder, Notes may be exchanged for other Notes in any
authorized denominations, of the same Class and a like Outstanding Note Balance, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so 

  

					
		 	4	 	Indenture

 
surrendered for exchange, if the requirements of Section 8-401 of the UCC are met the Issuer shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate and the related
Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 

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

(d) Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or
be accompanied by, a written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing, with such signature guaranteed
by an “eligible grantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“Stamp”) or such other
“signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, Stamp, all in accordance with the Exchange Act and (ii) accompanied by such other documents as the Indenture Trustee may
require, including but not limited to the applicable Internal Revenue Service Form W-8 or W-9. 
 (e) No service charge
shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or Section 9.6 not involving any transfer. 

(f) Any purported transfer of a Note not in accordance with this Section 2.4 shall be null and void ab
initio and shall not be given effect for any purpose under this Indenture and the other Transaction Documents. The Issuer may sell, or direct the Indenture Trustee to sell on its behalf, any Notes acquired in violation of the foregoing at
the cost and risk of the purported transferee.
 The preceding provisions of this Section notwithstanding, the Issuer shall
not be required to make and the Note Registrar need not register transfers or exchanges of any Notes selected for redemption or of any Note for a period of fifteen (15) days preceding the due date for any payment with respect to such Note. 

By acquiring a Note, each purchaser and transferee (and any fiduciary acting on behalf of a purchaser or transferee) shall be
deemed to represent and warrant that either (a) it is not acquiring and will not hold such Note (or any interest therein) with the assets of a Benefit Plan or any governmental, church, non-U.S. or other plan that is subject to Similar Law; or (b)
(i) such Note is rated at least “BBB-” or its equivalent by a nationally recognized statistical rating organization at the time of purchase or transfer and (ii) the acquisition, holding and disposition of such Note (or any interest
therein) will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law. 

The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under 

  

					
		 	5	 	Indenture

 
applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and
to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the
Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the
Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the
UCC), and provided, that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note; provided, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for
redemption, instead of issuing a replacement Note, the Issuer may upon delivery of the security or indemnity herein required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender
thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) of the
original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was
delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be
entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

Upon the issuance of any replacement Note under this Section 2.5, the Issuer or the Indenture Trustee may require the
payment by the Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee or the Note Registrar)
connected therewith. 
 Every replacement Note issued pursuant to this Section 2.5 in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

 The provisions of this Section 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 Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the 

  

					
		 	6	 	Indenture

 
Indenture Trustee shall treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the
contrary. 
 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. (a) Each Note shall accrue
interest at its respective Interest Rate, and such interest shall be payable on each Payment Date as specified therein, subject to Sections 3.1 and 8.2. Any installment of interest or principal, if any, payable on any Note which
is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer if an account has been
designated by the related Noteholder three Business Days prior to the related Payment Date, and otherwise by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except
that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be
made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Payment Date or on the Final Scheduled Payment Date for such
Class (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.1) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with
Section 3.3. 
 (b) The principal of each Note shall be payable in installments on each Payment Date as provided
in Section 8.2. Notwithstanding the foregoing, the entire unpaid Note Balance and all accrued interest thereon shall be due and payable, if not previously paid, on the earlier of (i) the date on which an Event of Default shall have occurred
and be continuing, if the Indenture Trustee or the Holders of a majority of the Outstanding Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 and (ii) with
respect to any Class of Notes, on the Final Scheduled Payment Date for that Class. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the
Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which Indenture Trustee expects that the final installment of principal of and interest on such Note will be paid. Such notice shall
be transmitted prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment
of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. 

(c) If the Issuer defaults on a payment of interest on any Class of Notes, the Issuer shall pay defaulted interest (plus
interest on such defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following such default. The Issuer shall pay such defaulted interest to the
Persons who are Noteholders on the Record Date for such following Payment Date. 

  

					
		 	7	 	Indenture

 SECTION 2.8 Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture
Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture
Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided, that such Issuer Order is timely and that such
Notes have not been previously disposed of by the Indenture Trustee. 
 SECTION 2.9 Release of
Collateral. Except as contemplated by Section 11.1(b)(v), the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of
Counsel and, unless the Notes have been redeemed in accordance with Section 10.1, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the
effect that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to
Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order as
directed pursuant to an Issuer Order accompanied by an Opinion of Counsel confirming that such release is permitted by such exemptive order. 

SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be issued in the form of typewritten
notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuer. One fully registered Book-Entry Note shall be issued with respect to each $500
million in principal amount of each Class of Notes and any such lesser amount. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall
receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued
to Note Owners pursuant to Section 2.12: 
 (a) the provisions of this Section shall be in full force and
effect; 
 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all
purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholder, and shall have no obligation to the Note Owners; 

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

  

					
		 	8	 	Indenture

 (d) the rights of Note Owners shall be exercised only through the Clearing
Agency and shall be limited to those established by law and agreements between or among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the
Depository Agreement, unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of
and interest on the Notes to such Clearing Agency Participants; and 
 (e) whenever this Indenture requires or permits
actions to be taken based upon instructions or directions of Noteholders evidencing a specified percentage of the Outstanding Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received
instructions to such effect from Note Owners and/or Clearing Agency Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has
delivered such instructions to the Indenture Trustee. 
 SECTION 2.11 Notices to Clearing Agency. Whenever
a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and
communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 

SECTION 2.12 Definitive Notes. If (a) the Administrator advises the Indenture Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee is unable to locate a qualified successor, (b) the Administrator at its option advises
the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) an Event of Default shall have occurred, and Note Owners representing beneficial interests aggregating at least a majority of the
Outstanding Note Balance of the Controlling Class, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the continuation of a book-entry system through the Clearing Agency or
its successor is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners
requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency or the custodian holding the Book-Entry Notes on behalf of the Clearing Agency at its
direction, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the
Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize
the Holders of the Definitive Notes as Noteholders. 
 The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

  

					
		 	9	 	Indenture

 SECTION 2.13 Authenticating Agents. (a) Upon the request of
the Issuer, the Indenture Trustee shall, and if the Indenture Trustee so chooses, the Indenture Trustee may appoint one or more Persons (each, an “Authenticating Agent”) with power to act on its behalf and subject to its direction
in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.2, 2.3, 2.4, 2.5 and 9.6, as fully to all intents and purposes as though each such Authenticating Agent had
been expressly authorized by those Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes
“by the Indenture Trustee.” The Indenture Trustee shall be the Authenticating Agent in the absence of any appointment thereof. 

(b) Any entity which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any
entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the
successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 

(c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and
the Issuer. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation or upon such
termination, the Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer. 

(d) The provisions of Section 6.4 shall be applicable to any Authenticating Agent. 

SECTION 2.14 Paying Agent. (a) The Indenture Trustee may appoint a Paying Agent with respect to the
Notes. Initially, the Paying Agent shall be the Indenture Trustee. The Paying Agent shall have the revocable power to withdraw funds from the Collection Account and the Principal Distribution Account and to make distributions to the
Noteholders, to the Certificate Distribution Account, to the Servicer, to the Administrator and to the Owner Trustee pursuant to Section 8.4 of this Indenture. The Indenture Trustee may revoke such power and remove the Paying Agent if
the Indenture Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Indenture in any material respect or for other good cause. Any Paying Agent shall be permitted to resign as
Paying Agent upon 30 days’ written notice to the Depositor and the Indenture Trustee. In the event that the Paying Agent shall have been removed or resigned, the Indenture Trustee shall appoint a successor to act as Paying Agent (which
shall be a bank or trust company and may be the Indenture Trustee) with the consent of the Depositor, which consent shall not be unreasonably withheld. 

(b) The Indenture Trustee in its capacity as initial Paying Agent hereunder agrees that it (i) will hold all sums held by
it hereunder for payment to the Noteholders in trust for the benefit of the Noteholders entitled thereto until such sums shall be paid to such Person and (ii) shall comply with all requirements of the Code regarding the withholding of payments in
respect of United States federal income taxes due from the Noteholders or Note Owners. 

  

					
		 	10	 	Indenture

 (c) The provisions of Section 6.1, 6.2, 6.3,
6.4, 6.7 and 6.9 shall be applicable, mutatis mutandis, to the Indenture Trustee as Paying Agent. An institution succeeding to the corporate trust or agency business of the Paying Agent shall continue to be the
Paying Agent without the execution or filing of any paper or any further act on the part of the Indenture Trustee or such Paying Agent. 

SECTION 2.15 Tax Matters. (a) The parties hereto acknowledge and agree that it is their mutual intent that for
United States federal, state and local income and franchise tax purposes, the Notes shall constitute indebtedness secured by the Collateral (other than any Notes that are owned during any period of time either by the Issuer or by a Person that is
the single beneficial owner of the Issuer for United States federal income tax purposes). Further, each party hereto, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable
Book-Entry Note, if applicable), agree to treat the Notes for federal, state and local income and franchise tax purposes as indebtedness (other than any Notes that are owned during any period of time either by the Issuer or by a Person that is the
single beneficial owner of the Issuer for United States federal income tax purposes) and further agrees that neither it nor any of its Affiliates will take, or participate in the taking of or permit to be taken, any action that is inconsistent with
such tax treatment and tax reporting of the Notes, unless required by applicable law. All successors and assignees of the parties hereto shall be bound by the provisions hereof. 

(b) The parties hereto agree that it is their mutual intent that, for all tax and other applicable purposes the
Certificates shall not constitute indebtedness. 
 (c) For avoidance of doubt, no election will be made by or on behalf
of the Issuer to be classified as an association taxable as a corporation for United States federal income tax purposes. 

(d) 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 and shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes) with the Tax Information. Further, each Noteholder and Note Owner is deemed to understand,
acknowledge and agree that the Indenture Trustee, Paying Agent and Issuer have the right to withhold on payments with respect to a Note (without any corresponding gross-up) where an applicable party fails to comply with the requirements set forth in
the preceding sentence or the Indenture Trustee, Paying Agent or Issuer is otherwise required to so withhold under applicable law. Notwithstanding any other provisions herein, the term “applicable law” for purposes of this Section
2.15(d) includes United States federal tax law and FATCA. 
 (e) Any Notes retained (i.e., held on the Closing
Date) by (i) the Issuer or (ii) the single beneficial owner of the Issuer for United States federal income tax purposes may not be transferred to another Person (other than a Person that is considered the same Person as the Issuer or its single
beneficial owner, as the case may be, for United States federal income tax purposes) unless the Administrator shall cause an Opinion of Counsel to be delivered to the Depositor and the Indenture Trustee at such time stating that (x) such Notes will
be debt for United States federal income tax purposes and (y) the sale of such Notes will not cause the Issuer to be treated as other than a fixed investment trust described in Treasury Regulation section

  

					
		 	11	 	Indenture

 
301.7701-4(c) that is treated as a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code. In addition, if for tax or other reasons it may be necessary to
track such Notes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Administrator as a condition to such transfer. 

(f) After the Closing Date, a Note (or beneficial interest therein) may not be sold or transferred to a Person that
beneficially owns more than 99% of the Certificates of the Issuer (and any other interest in the Issuer treated as equity for United States federal income tax purposes). 

ARTICLE III COVENANTS 

SECTION 3.1 Payment of Principal and Interest; [Determination of LIBOR.] 

(a) The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of
the Notes and this Indenture. Without limiting the foregoing and subject to Section 8.2, on each Payment Date the Issuer shall cause to be paid all amounts on deposit in the Collection Account which represent the Reserve Account Draw
Amount and Available Funds for such Payment Date received by the Servicer during the preceding Collection Period. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be
considered to have been paid by the Issuer to such Noteholder for all purposes of this Indenture. Interest accrued on the Notes shall be due and payable on each Payment Date. The final interest payment on each Class of Notes is due on the
earlier of (a) the Payment Date (including any Redemption Date) on which the principal amount of that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Notes. 

(b) [So long as the Class A-2-B Notes are Outstanding, the Indenture Trustee shall obtain LIBOR in accordance with the
definition of “LIBOR” on each LIBOR Determination Date and shall promptly provide such rate to the Administrator or such person as directed by the Administrator. All determinations of LIBOR by the Indenture Trustee, in the absence
of manifest error, will be conclusive and binding on the Noteholders.] 
 SECTION 3.2 Maintenance of Office or
Agency. As long as any of the Notes remain Outstanding, the Issuer shall maintain at the applicable Corporate Trust Office, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written
notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the
address thereof, such surrenders, notices and demands may be made or served at the applicable Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

  

					
		 	12	 	Indenture

 SECTION 3.3 Money for Payments to Be Held in Trust. (a) As
provided in Sections 5.4 and 8.2, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by
another Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as provided in this Section and Section 8.5. 

(b) On or prior to the close of business on the Business Day prior to each Payment Date and Redemption Date, the Issuer shall
deposit or cause to be deposited into the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes in accordance with Section 8.5(a), and the Paying Agent shall hold such sum in trust for the benefit
of the Persons entitled thereto pursuant to the Transaction Documents and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 

(c) The Issuer shall cause each Paying Agent, other than the Indenture Trustee, to execute and deliver to the Indenture
Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees to the extent relevant), subject to the provisions of this Section, 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 provided in the Transaction Documents; 

(ii) give the Indenture Trustee written notice of any default by the Issuer of which it has actual
knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any
time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

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

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it
on any Notes of any applicable withholding taxes imposed thereon, including FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments with respect to the Notes any Tax Information and making any withholdings with
respect to the Notes as required by the Code (including FATCA) and paying over such withheld amounts to the appropriate governmental authority); and 

(vi) comply with respect to any applicable reporting requirements in connection with any payments made by
it on any Notes and any withholding of taxes therefrom, and, upon request, provide any Tax Information to the Issuer. 

  

					
		 	13	  	Indenture

 (d) The Issuer may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those
upon which such sums were held by such Paying Agent; and upon such a payment by any Paying Agent to the 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 the escheat of funds, any money held by the Indenture Trustee or any Paying
Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and distributed by the Indenture Trustee to the Issuer
upon receipt of an Issuer Request and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof and all liability of the Indenture Trustee or such Paying Agent with respect to such trust
money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such payment, shall at the reasonable expense of the Issuer cause to be published once, in an Authorized
Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which date 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 Issuer. The Indenture Trustee may also adopt and employ, at the written direction of and at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment
to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the
last address of record for each such Noteholder). 
 SECTION 3.4 Existence. The Issuer will keep in full
effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware 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 Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 

SECTION 3.5 Protection of Collateral. The Issuer intends the security interest Granted pursuant to this
Indenture in favor of the Indenture Trustee on behalf of the Noteholders to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on
behalf of the Noteholders, a first lien on and a first priority, perfected security interest in the Collateral (except to the extent that the interest of the Indenture Trustee therein cannot be perfected by the filing of a financing
statement). The Issuer shall from time to time execute and deliver all such supplements and amendments hereto, shall file or authorize the filing of all such financing statements, continuation statements, instruments of further assurance and
other instruments, all as prepared by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable to: 

(a) Grant more effectively all or any portion of the Collateral; 

  

					
		 	14	  	Indenture

 (b) maintain or preserve the lien and security interest (and the priority
thereof) created by this Indenture or carry out more effectively the purposes hereof; 
 (c) perfect, publish notice of
or protect the validity of any Grant made or to be made by this Indenture; 
 (d) enforce any of the Collateral; or

 (e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the
Collateral against the claims of all Persons. 
 The Issuer hereby designates the Indenture Trustee as its agent and
attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements, continuation statements or other instruments required to be filed (if any) pursuant to this Section; provided, however, the Indenture Trustee shall
have no duty and shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security
interest and shall have no liability in connection with taking or failing to take such action. Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, the Issuer shall not be required to notify any Dealer
or any insurer with respect to any Insurance Policy about any aspect of the transactions contemplated by the Transaction Documents. 

SECTION 3.6 Opinions as to Collateral. On the Closing Date, the Issuer shall furnish or cause to be furnished
to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other
requisite documents, and with respect to the filing of any financing statements and continuation statements as are necessary to perfect and make effective the first priority lien and security interest of this Indenture, and reciting the details of
such action, or (ii) no such action is necessary to make such lien and security interest effective. 
 (a) Within 120 days
after the beginning of each calendar year, beginning with April 30, 20[    ], the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) such action has
been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the filing of any financing statements and continuation
statements as are necessary to maintain the lien and security interest created by this Indenture, and reciting the details of such actions or (ii) no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel
shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing statements and continuation statements that will, in the
opinion of such counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 

SECTION 3.7 Performance of Obligations. (a) The Issuer shall not take any action and shall use its
reasonable efforts not to permit any action to be taken by others, including the Administrator, that would release any Person from any of such Person’s material covenants or 

  

					
		 	15	  	Indenture

 
obligations under any instrument or agreement included in the Collateral 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 ordered by any bankruptcy or other court or as expressly provided in this Indenture, the other Transaction Documents or such other instrument or agreement. 

(b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any
performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Administrator, and the
Administrator has agreed, to assist the Issuer in performing its duties under this Indenture. 
 (c) The Issuer shall,
and shall cause the Administrator and the Servicer to, punctually perform and observe all of its respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the
Collateral, including but not limited to preparing (or causing to be prepared) and filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction
Documents in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any
provision thereof other than in accordance with the amendment provisions set forth in such Transaction Document. 
 SECTION
3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 
 (a) engage in
any activities other than financing, acquiring, owning, pledging and managing the Receivables and the other Collateral as contemplated by this Indenture and the other Transaction Documents; 

(b) except as expressly permitted by this Indenture or in the other Transaction Documents, sell, transfer, exchange or
otherwise dispose of any of the properties or assets of the Issuer; 
 (c) claim any credit on, or make any deduction
from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of
the taxes levied or assessed upon any part of the Trust Estate; 
 (d) dissolve or liquidate in whole or in part; 

(e) (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture
to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any
Lien (other than Permitted Liens) to be created on or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien of this Indenture not to
constitute a valid first priority (other than with respect to any 

  

					
		 	16	  	Indenture

 
Permitted Lien) security interest in the Collateral (it being understood that (A) either each Receivable constituting part of the Collateral is secured by a first priority validly perfected
security interest in the Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to the Receivable have been taken or will be taken to perfect a first priority security interest in the Financed Vehicle in
favor of the Originator, as secured party and (B) the Issuer shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor about any aspect of the transactions contemplated by the Transaction Documents);

 (f) incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Transaction
Documents; or 
 (g) merge or consolidate with, or transfer substantially all of its assets to, any other Person. 

SECTION 3.9 Annual Compliance Statement. 

(a) So long as the Seller is filing any reports with respect to the Issuer under the Exchange Act, the Issuer shall
deliver to the Indenture Trustee on or before March 30th of each calendar year beginning with March 30, 20[    ], an Officer’s Certificate stating, as to the Authorized
Officer signing such Officer’s Certificate, that: 
 (i) a review of the activities of the Issuer
during the preceding 12-month period (or since the Closing Date, in the case of the first such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

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

(i) file with the Indenture Trustee, within 15 days after the Issuer is required (if at all) to file the
same with the Commission, copies of the annual reports and such other information, documents and reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) as the Issuer
may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or such other reports required pursuant to TIA Section 314(a)(1); 

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

  

					
		 	17	  	Indenture

 (iii) supply to the Indenture Trustee (and the Indenture
Trustee shall transmit by mail to all Noteholders as required by TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of
this Section 3.9(b) as may be required pursuant to rules and regulations prescribed from time to time by the Commission. 

(c) Delivery of such reports, information and documents to the Indenture Trustee is for informational purposes only and
the Indenture Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder
(as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 
 (d) Unless the
Issuer otherwise determines, the fiscal year of the Issuer shall be the same as the fiscal year of the Servicer. 
 SECTION
3.10 Restrictions on Certain Other Activities. The Issuer shall not: (i) engage in any activities other than financing, acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner contemplated by
the Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness other than the Notes; (iii) make any loan, advance or credit to, 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, 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; or (iv) make any
expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
 SECTION
3.11 Restricted Payments. The Issuer 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
Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise
acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; provided, that the Issuer may cause to be made distributions to the Servicer, the Administrator, the
Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders as permitted by, and to the extent funds are available for such purpose under, this Indenture, the Servicing Agreement, the Administration Agreement or the Trust
Agreement. Other than as set forth in the preceding sentence, the Issuer will not, directly or indirectly, make distributions from the Trust Accounts. 

SECTION 3.12 Notice of Events of Default. The Issuer shall promptly deliver to the Indenture Trustee, the
Owner Trustee and each Rating Agency written notice, in the form of an Officer’s Certificate, of an Event of Default or any event which with the giving of notice, the lapse of time or both would become an Event of Default, its status and what
action the Issuer is taking or proposes to take with respect thereto. 

  

					
		 	18	  	Indenture

 SECTION 3.13 Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.14 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the
non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction Document. 

SECTION 3.15 Removal of Administrator. For so long as any Notes are Outstanding, the Issuer shall not remove
the Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection therewith. 

SECTION 3.16 Perfection Representations, Warranties and Covenants. The perfection representations, warranties
and covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 
 SECTION
3.17 Investment Company Act Representation. The Issuer hereby represents and warrants to the Indenture Trustee that it is not an “investment company” that is registered or required to be registered under, or otherwise
subject to the restrictions of, the Investment Company Act of 1940, as amended. 
 ARTICLE IV SATISFACTION AND DISCHARGE 

SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with
respect to the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d)
Sections 3.3, 3.4, 3.5, 3.8, 3.10 and 3.11, (e) the rights, protections, indemnities and immunities of the Indenture Trustee hereunder and (f) the rights of Noteholders as beneficiaries hereof with respect
to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to the Notes, when: 

  

					
		 	19	  	Indenture

 (a) either (i) all Notes theretofore authenticated and delivered (other than
(1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (2) Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and
thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation or (ii) all Notes not theretofore delivered to the Indenture Trustee for
cancellation (1) have become due and payable, (2) will become due and payable at the latest occurring Final Scheduled Payment Date within one year, or (3) are to be called for redemption within one year under arrangements satisfactory to the
Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or (3), has irrevocably deposited or caused to be
irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay
and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, when due, to the latest occurring Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for
redemption pursuant to Section 10.1), as the case may be; 
 (b) the Issuer has paid or caused to be paid all
other sums payable hereunder by the Issuer (but without taking into account any distributions to the Certificate Distribution Account); and 

(c) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if
required by the TIA or the Indenture Trustee and if such discharge is not related to a redemption of the Notes in accordance with Section 10.1) a certificate from a firm of certified public accountants, each meeting the applicable
requirements of Section 11.1(a) and, subject to Section 11.2, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with (and, in the case of
an Officer’s Certificate, stating that the Rating Agency Condition has been satisfied (provided, that such Officer’s Certificate need not state that the Rating Agency Condition has been satisfied if all amounts owing on each Class
of Notes have been paid or will be paid in full on the date of delivery of such Officer’s Certificate)). 
 SECTION
4.2 Application of Trust Money. All monies deposited with the 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 Indenture. Such
monies need not be segregated from other funds except to the extent required herein or by law. 
 SECTION
4.3 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further
liability with respect to such monies. 

  

					
		 	20	  	Indenture

 ARTICLE V REMEDIES 

SECTION 5.1 Events of Default. The occurrence and continuation of any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body) shall constitute a default under this Indenture (each, an “Event of Default”): 

(a) a default in the payment of any interest on any Note of the Controlling Class when the same becomes
due and payable, and such default shall continue for a period of five Business Days or more; 
 (b) a
default in the payment of principal of any Note at the related Final Scheduled Payment Date or the Redemption Date; 

(c) any failure by the Issuer to duly observe or perform any of its covenants or agreements made in this
Indenture (other than (i) a covenant or agreement, a default in the observance or performance of which is elsewhere specifically addressed in this Section 5.1 or (ii) a covenant or agreement in Section 12.2), which failure materially
and adversely affects the interests of the Noteholders, and such failure shall continue unremedied for a period of ninety (90) days after receipt by the Issuer of written notice, by registered or certified mail, by the Indenture Trustee or by
Noteholders evidencing at least a majority of the Outstanding Note Balance of the Controlling Class, specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(d) any representation or warranty of the Issuer made in this Indenture proves to have been incorrect in
any material respect when made, which failure materially and adversely affects the interests of the Noteholders, and which failure continues unremedied for ninety (90) days after receipt by the Issuer of written notice, by registered or certified
mail, by the Indenture Trustee or by Noteholders evidencing at least a majority of the Outstanding Note Balance of the Controlling Class, specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or 
 (e) a Bankruptcy Event with respect to the Issuer; 

provided, however, that a delay in or failure of performance referred to under clauses (a), (b), (c) or (d)
above for a period of 120 days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence. 

SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default. (a) Except as set forth in the following
sentence, if an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee may, or if directed by the Noteholders representing not less than a majority of the Outstanding Note Balance of the Controlling Class
shall declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid Note

  

					
		 	21	  	Indenture

 
Balance of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. If an Event of Default specified in
Section 5.1(e) occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and payable without any declaration or other act on the
part of the Indenture Trustee or any Noteholder. 
 (b) At any time after such declaration of acceleration of maturity
has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter provided for in this Article V, the Noteholders representing a majority of the Outstanding Note Balance of
the Controlling Class, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 

(i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments
of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred and (B) all sums paid or advanced by, or indemnities owed
by the Issuer to, the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 

(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due
solely by such acceleration, have been cured or waived as provided in Section 5.12. 
 No such rescission shall
affect any subsequent default or impair any right consequent thereto. 
 If the Notes have been declared due and payable or
have automatically become due and payable following an Event of Default, the Indenture Trustee may institute Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect to
maintain the Collateral and continue to apply the proceeds from the Collateral as if there had been no declaration of acceleration. Any sale of the Collateral by the Indenture Trustee will be subject to the terms and conditions of
Section 5.4. 
 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the Indenture
Trustee. (a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note of the Controlling Class when the same becomes due and payable, and such default continues for a period of five Business Days or more,
or (ii) default is made in the payment of the principal of any Note at the related Final Scheduled Payment Date or the Redemption Date, the Issuer will, upon demand of the Indenture Trustee in writing as directed by a majority of the Outstanding
Note Balance of the Controlling Class, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the
extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs

  

					
		 	22	  	Indenture

 
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

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

(c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as more particularly
provided in Section 5.4 proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for
the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by
law. 
 (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person
having or claiming an ownership interest in the Collateral, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the
Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

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

  

					
		 	23	  	Indenture

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

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

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each Noteholder to
make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, indemnities owed by the Issuer to, and all advances made, by the Indenture
Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct, and any other amounts due the Indenture Trustee under Section 6.7. 

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

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the
Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for
the ratable benefit of the Holders of the Notes. 
 (g) In any Proceedings brought by the Indenture Trustee (and also
any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any
Noteholder a party to any such Proceedings. 
 SECTION 5.4 Remedies; Priorities. (a) If an Event of
Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to Sections 5.2 and 5.5): 

(i) institute Proceedings in its own name and as trustee of an express trust for the collection of all
amounts then payable on the Notes or under this Indenture with respect 

  

					
		 	24	  	Indenture

 
thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes monies adjudged due; 

(ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture
with respect to the Collateral; 
 (iii) exercise any other remedies of a secured party under the UCC
and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv) subject to Section 5.17, after an acceleration of the maturity of the Notes pursuant to
Section 5.2, sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; 

provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Collateral following an Event of Default
unless (A) the Holders of 100% of the Outstanding Note Balance have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on the Outstanding Notes or
(C) the Event of Default either (x) relates to the failure to pay interest or principal when due (a “Payment Default”) and the Indenture Trustee determines (but shall have no obligation to make such determination) that the
Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not been declared due and payable or (y) relates to a Bankruptcy Event, and in the case of
each of (x) and (y) above, the Indenture Trustee obtains the consent of the Holders of 66-2/3% of the Outstanding Note Balance of the Controlling Class. In determining such sufficiency or insufficiency with respect to
clauses (B) and (C) of the preceding sentence, the Indenture Trustee may, but need not, obtain at other than its own expense and fully rely upon an opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a Payment Default or Bankruptcy
Event with respect to the Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient to pay in full the principal of
and accrued interest on the Outstanding Notes. 
 (b) Notwithstanding the provisions of Sections 8.2 or
8.5 of this Indenture, if the Indenture Trustee collects any money or property pursuant to this Article V and the Notes have been accelerated, it shall pay out such money or property (and other amounts, including all amounts held on
deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the Trust Estate) in the following order of priority: 

(i) first, to the Indenture Trustee, [the Issuer Delaware Trustee,] the Owner Trustee and the Asset
Representations Reviewer, pro rata based on amounts due, any accrued and unpaid fees, indemnity payments and reasonable expenses permitted under the Transaction Documents; provided, that aggregate expenses payable to the Indenture

  

					
		 	25	  	Indenture

 
Trustee, [the Issuer Delaware Trustee,] the Owner Trustee and the the Asset Representations Reviewer pursuant to this clause (i) shall be limited to
$[        ] per annum in the aggregate; 
 (ii) second,
to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior Collection Periods; 

(iii) third, pro rata based on interest amounts due, to the Class A Noteholders, for payment to
each respective Class of Class A Noteholders, the Accrued Class A Note Interest; 

(iv) fourth, if an Event of Default described in Section 5.1(a), (b) or (e)
has occurred, in the following order of priority: 
 (a) to the Holders of the Class A-1 Notes in
respect of principal thereon until the Class A-1 Notes have been paid in full; 
 (b) to the Holders of
the Class A-2[-A] Notes, [Class A-2-B Notes,] Class A-3 Notes and Class A-4 Notes, in respect of principal thereon, on a pro rata basis (based on the Note Balance of each Class on such Payment Date), until all Classes of the Class A Notes have been
paid in full; 
 (c) to the Holders of the Class B Notes, the Accrued Class B Note Interest; 

(d) to the Holders of the Class B Notes in respect of principal thereon until the Class B Notes have been
paid in full; 
 (e) to the Holders of the Class C Notes, the Accrued Class C Note Interest; 

(f) to the Holders of the Class C Notes in respect of principal thereon until the Class C Notes have been
paid in full; 
 (g) to the Holders of the Class D Notes, the Accrued Class D Note Interest; and 

(h) to the Holders of the Class D Notes in respect of principal thereon until the Class D Notes have been
paid in full; 
 (v) fifth, if an Event of Default described in Section 5.1(c) or
(d) has occurred, in the following order of priority: 
 (a) to the Holders of the Class B Notes,
the Accrued Class B Note Interest; 
 (b) to the Holders of the Class C Notes, the Accrued Class C Note
Interest; 

  

					
		 	26	  	Indenture

 (c) to the Holders of the Class D Notes, the Accrued Class D
Note Interest; 
 (d) to the Holders of the Class A-1 Notes in respect of principal thereof until the
Class A-1 Notes have been paid in full; 
 (e) to the Holders of the Class A-2[-A] Notes, [Class A-2-B
Notes,] Class A-3 Notes and Class A-4 Notes, in respect of principal thereon, on a pro rata basis (based on the Note Balance of each Class on such Payment Date), until all Classes of the Class A Notes have been paid in full; 

(f) to the Holders of the Class B Notes in respect of principal thereon until the Class B Notes have been
paid in full; 
 (g) to the Holders of the Class C Notes in respect of principal thereon until the Class
C Notes have been paid in full; and 
 (h) to the Holders of the Class D Notes in respect of principal
thereon until the Class D Notes have been paid in full; 
 (vi) sixth, to the Indenture Trustee[,
the Issuer Delaware Trustee] and the Owner Trustee, pro rata based on amounts due, any accrued and unpaid fees, reasonable expenses and indemnity payments which have not previously been paid; and 

(vii) seventh, any remaining funds shall be distributed to the Certificateholders, pro rata
based on the Percentage Interest of each Certificateholder, or, to the extent Definitive Certificates have been issued, to the Certificate Distribution Account for distribution to the Certificateholders in accordance with Section 5.1 of the
Trust Agreement. 
 The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to
this Section. At least fifteen (15) days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 

Prior to an acceleration of the Notes after an Event of Default, if the Indenture Trustee collects any money or property
pursuant to this Article V, such amounts shall be deposited into the Collection Account and distributed in accordance with Sections 8.2 or 8.5 hereof. 

(c) Notwithstanding the foregoing, in the event that the Bank were to become the subject of an insolvency proceeding and the
FDIC as receiver or conservator for the Bank pays damages as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, then the actions and distributions described in Section 12.5 shall be effected instead of Section 5.4(b). 

SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been declared or are automatically due
and payable under Section 5.2 following an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may, but need not, elect to
maintain possession of 

  

					
		 	27	  	Indenture

 
the Collateral and, if the Indenture Trustee elects to maintain such possession, it shall continue to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent of
the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes under the Transaction Documents, and the Indenture Trustee shall take such intent into account when
determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain at other than its own expense and fully 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 Collateral for such purpose. 

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

(i) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of
Default; 
 (ii) the Holders of not less than 25% of the Note Balance of the Notes have made written
request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as the Indenture Trustee hereunder; 

(iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it
against the costs, expenses and liabilities to be incurred in complying with such request; 
 (iv) the
Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 

(v) no direction inconsistent with such written request has been given to the Indenture Trustee during
such 60-day period by the Holders of a majority of the Outstanding Note Balance. 
 No Noteholder or group of Noteholders
shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any
other Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and in the manner herein provided. 

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of
Noteholders, each representing less than a majority of the Outstanding Note Balance of the Controlling Class, the Indenture Trustee will take the action, if any, directed by the largest percentage of Noteholders satisfying Section 5.6(a),
notwithstanding any other provisions of this Indenture. 
 (b) No Noteholder shall have any right to vote except as
provided pursuant to this Indenture and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under
this Indenture and the Notes, the Issuer may set a record date for 

  

					
		 	28	  	Indenture

 
purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 

SECTION 5.7 Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions in
this Indenture, the Holder of any Note shall have the right 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 Indenture (or, in the case of redemption, on
or after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the consent of such Noteholder. 

SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any
Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the
Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and
the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.9 Rights and Remedies
Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 SECTION 5.10 Delay or Omission Not a
Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default
or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION 5.11 Control by
Noteholders. Subject to the provisions of Sections 5.4, 5.6, 6.2(d), 6.2(e) and 6.2(f), Noteholders holding not less than a majority of the Outstanding Note Balance 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 Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee;
provided, that 
 (a) such direction shall not be in conflict with any rule of law or with this
Indenture; 
 (b) subject to the express terms of the proviso and the last sentence of Section
5.4(a), any direction to the Indenture Trustee to sell or liquidate the Trust 

  

					
		 	29	  	Indenture

 
Estate shall be by the Holders of Notes representing not less than 100% of the Outstanding Note Balance unless the proceeds of such sale are sufficient to pay in full the principal of and accrued
interest on the Outstanding Notes; 
 (c) if the conditions set forth in Section 5.5 have been
satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Note Balance to sell or liquidate the
Trust Estate shall be of no force and effect; 
 (d) the Indenture Trustee may take any other action
deemed proper by the Indenture Trustee that is not inconsistent with such direction, applicable law and the terms of this Indenture; and 

(e) such direction shall be in writing; 

provided, further, that, subject to Section 6.1, the Indenture Trustee need not take any action that it determines might
expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 

SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the
Notes as provided in Section 5.2, the Holders of Notes of not less than a majority of the Outstanding Note Balance of the Controlling Class, may waive any past Default or Event of Default and its consequences except a Default (a) in
payment of principal of or interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the
Issuer. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or
Event of Default or impair any right consequent thereto. 
 Upon any such waiver, such Default 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 therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to
any prior, subsequent or other Default or Event of Default or impair any right consequent thereto. 
 SECTION
5.13 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by such Noteholder’s acceptance of a Note shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each

  

					
		 	30	  	Indenture

 
case holding in the aggregate more than 10% of the Outstanding Note Balance or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note
on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

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

SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or
under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the
Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any
money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b), if the maturity of the Notes has been accelerated pursuant to Section 5.2, or Sections 8.2 and 8.5 of this
Indenture, if the maturity of the Notes has not been accelerated. 
 SECTION 5.16 Performance and Enforcement of
Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance (i) by the
Seller, of its obligations to the Issuer under or in connection with the Sale Agreement, (ii) by the Servicer of its obligations to the Issuer under or in connection with the Servicing Agreement or (iii) by the Seller or the Bank, as
applicable, of each of their obligations under or in connection with the Receivables Sale Agreement, in each case, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the
Issuer under or in connection with the Sale Agreement, the Servicing Agreement and the Receivables Sale Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of
default on the part of the Seller, the Servicer or the Bank thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller of its obligations under the Sale Agreement, by the Servicer
of its obligations under the Servicing Agreement or by the Seller or the Bank of each of their obligations under or in connection with the Receivables Sale Agreement. 

(b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which
direction shall be in writing) of the Holders of a majority of the Outstanding Note Balance shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller under or in connection with the Sale Agreement, against
the Servicer under or in connection with the Servicing Agreement or against the Seller or the Bank under or 

  

					
		 	31	  	Indenture

 
in connection with the Receivables Sale Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, the Servicer or the Bank of each of
their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale Agreement, the Servicing Agreement or the Receivables Sale Agreement, as applicable, and any right of the
Issuer to take such action shall be suspended. 
 SECTION 5.17 Sale of Collateral. If the Indenture Trustee
acts to sell the Collateral or any part thereof, pursuant to Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper, at other than its own expense, stating that the Indenture Trustee intends to effect
such a sale in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable
law from any such action, sell the Collateral or any part thereof, in such manner and on such terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by
public announcement made at the time and place of such sale. The Indenture Trustee shall give notice to the Seller and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the
Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power
to effect any sale of any portion of the Collateral pursuant to Section 5.4 and this Section 5.17 shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired
until the entire Collateral shall have been sold or all amounts payable on the Notes shall have been paid. 
 ARTICLE VI THE
INDENTURE TRUSTEE 
 SECTION 6.1 Duties of the Indenture Trustee. (a) If an Event of Default has
occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and shall 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) Prior to the occurrence of an Event of Default: 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture Trustee; and 

(ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon certificates, resolutions, certificates of auditors, opinions or other documents furnished to the Indenture Trustee and conforming to the requirements of this Indenture;
but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall examine the certificates, opinions or other documents to determine
whether 

  

					
		 	32	  	Indenture

 
or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Indenture Trustee shall not be relieved from liability for its own negligent action, its own negligent failure to
act or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of
paragraph (b) of this Section; 
 (ii) the Indenture Trustee shall not be liable for any error of
judgment made in good faith by the Indenture Trustee unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in
good faith in the exercise of any trust or power conferred upon it hereunder in accordance with a direction received by it pursuant to Section 5.11. 

(d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs
(a), (b) and (c) of this Section. 
 (e) The Indenture Trustee shall not be liable for interest on
any money received by it except as the Indenture Trustee may agree in writing with the Issuer. 
 (f) Money held in
trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture. 

(g) No provision of this Indenture or any other Transaction Document shall require the Indenture Trustee to expend or
risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds
or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. None of the provisions of this Indenture shall in any event require the Indenture Trustee to perform or be responsible for the manner of performance of
any of the obligations of the Servicer unless the Indenture Trustee becomes the successor Servicer. 
 (h) Every
provision of this Indenture and each other Transaction Document relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the
TIA. 
 (i) The Indenture Trustee shall not be required to maintain a fidelity bond or errors and omissions policy in
connection with the Transaction Documents. 

  

					
		 	33	  	Indenture

 SECTION 6.2 Rights of the Indenture Trustee. Subject to the
provisions of Section 6.1: 
 (a) The 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 Indenture Trustee need not investigate any fact or matter stated in the document. 

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

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or under any of the Transaction Documents to
which the Indenture Trustee is a party or perform any duties hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party either directly or by or through agents or attorneys or a custodian or nominee, and the
Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, the Administrator, any co-trustee or separate trustee appointed in accordance with the provisions of Section 6.10, or any
other such agent, attorney, custodian or nominee appointed with due care by it hereunder. 
 (d) The Indenture Trustee
shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its discretion or rights or powers conferred upon it by this Indenture; provided, however, that the
Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 
 (e) The Indenture
Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture, the Notes and any Transaction Documents to which the Indenture Trustee is a party shall be full and complete
authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture or to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture (other than requests, demands or directions
relating to an Asset Review as described in Section 7.6 hereof or to the Noteholders’ or Note Owners’ rights to communicate with each other as described in Section 3.11 of the Sale Agreement) unless such Noteholders
shall have offered to the Indenture Trustee reasonable security or indemnity satisfactory to the Indenture Trustee, in its sole discretion, against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it,
its agents and its counsel in compliance with such request or direction. 
 (g) The Indenture Trustee shall not be
required to take notice or be deemed to have notice or knowledge of any Default or Event of Default unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a
default is received by the Indenture Trustee at the applicable Corporate Trust Office of the Indenture Trustee, and such notice references the Notes and this Indenture. In the absence 

  

					
		 	34	  	Indenture

 
of receipt of such notice or actual knowledge, the Indenture Trustee may conclusively assume that there is no Event of Default. 

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

(i) In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances. 
 (j) The rights, privileges, protections, immunities and benefits provided
to the Indenture Trustee hereunder (including but not limited to its right to be indemnified) are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder and to each of its Responsible Officers and other
Persons duly employed by the Indenture Trustee hereunder as if they were each expressly set forth herein for the benefit of the Indenture Trustee in each such capacity, Responsible Officers or employees of the Indenture Trustee mutatis
mutandis. 
 (k) In order to comply with the laws, rules, regulations and executive orders in effect from time to time
applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law,” for example section 326 of the USA PATRIOT Act of the United States), the Indenture
Trustee is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide to the Indenture
Trustee, upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Indenture Trustee to comply with Applicable Law. 

SECTION 6.3 Individual Rights of the Indenture Trustee. Subject to Section 310 of the TIA, the Indenture
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Administrator and their respective Affiliates with the same rights it would have if it were not
the Indenture Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with the Indenture Trustee and its Affiliates. Any Paying
Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 

SECTION 6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer’s use of the proceeds from the Notes, and shall not be responsible for any statement of the
Issuer in the Indenture or in any document issued in 

  

					
		 	35	  	Indenture

 
connection with the sale of the Notes or in the Notes, all of which shall be taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of authentication. 

SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is either actually known by a
Responsible Officer of the Indenture Trustee or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder, the Owner Trustee, the Issuer and the
Administrator notice of the Default within ninety (90) days after such knowledge or notice occurs. Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption
provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a Responsible Officer in good faith determines that withholding the notice is in the interests of Noteholders. In addition, if a Servicer Replacement Event
occurs and is continuing and if it is either actually known by a Responsible Officer of the Indenture Trustee or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee
shall provide the Owner Trustee and the Administrator written notice of such Servicer Replacement Event. 
 SECTION
6.6 Reports by the Paying Agent to Noteholders. 
 (a) The Paying Agent, at the expense of the Issuer,
shall deliver to each Noteholder, not later than the latest date permitted by law, such information as may be required by law to enable such Holder to prepare its federal and state income tax returns. 

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

SECTION 6.7 Compensation and Indemnity. The Issuer shall cause the Servicer to (i) pay to the Indenture
Trustee from time to time such compensation as the Servicer and the Indenture Trustee shall from time to time agree in writing for services rendered by the Indenture Trustee hereunder in accordance with a fee letter between the Servicer and the
Indenture Trustee, provided, however, that such fee letter may be amended from time to time after the date hereof to provide for the Indenture Trustee’s role as Computation Agent and as agreed to by the Servicer and the Indenture
Trustee, (ii) reimburse the Indenture Trustee for all reasonable expenses, advances and disbursements reasonably incurred by it in connection with the performance of its duties as Indenture Trustee and (iii) indemnify the Indenture Trustee for, and
hold it harmless against, any and all loss, liability or expense (including reasonable attorneys’ fees) incurred by it in connection with the administration of the trust or trusts hereunder or the performance of its duties as Indenture Trustee.
The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure
by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the Indenture Trustee may have
separate counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel. The Indenture Trustee shall not be indemnified by the Administrator, the Issuer, the Seller, the Bank or the Servicer against any

  

					
		 	36	  	Indenture

 
loss, liability or expense incurred by it or arising from (i) [                    ] own
willful misconduct, negligence or bad faith, (ii) the inaccuracy of any representation or warranty expressly made by [    ] in its individual capacity or any representation or warranty made by
[                    ] in accordance with Sections 8.18, 8.19 or 8.20 of the Servicing Agreement or (iii) taxes, fees or other
charges on, based on or measured by, any fees, commissions or compensation received by the Indenture Trustee. 
 The
compensation and indemnity obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture and the resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the
occurrence of an Event of Default set forth in Section 5.1(e) with respect to the Issuer, 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. 
 Any amounts payable to the Indenture Trustee, to the extent not paid by the Servicer, pursuant
to this Section 6.7 shall be paid by the Issuer in accordance with Section 8.5(a) or Section 5.4(b) of this Indenture, as applicable. 

SECTION 6.8 Removal, Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign
at any time by so notifying the Issuer, the Administrator and the Servicer. The Holders of a majority of the Outstanding Note Balance of the Controlling Class may remove the Indenture Trustee without cause by so notifying the Indenture Trustee
and the Issuer, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 

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

(b) a Bankruptcy Event occurs with respect to the Indenture Trustee; 

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

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

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason
(the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly, but no later than 30 days, appoint a successor Indenture Trustee which satisfies the requirements set forth in
Section 6.11. 
 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring
Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers
and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as the Indenture Trustee
to the successor Indenture Trustee. 

  

					
		 	37	  	Indenture

 If a successor Indenture Trustee does not take office within 30 days after the
retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the Outstanding Note Balance of the Controlling Class may petition any court of competent jurisdiction, at the expense of
the Issuer, for the appointment of a successor Indenture Trustee. 
 If the Indenture Trustee fails to comply with
Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the
provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8 and payment of all fees and expenses owed to the retiring Indenture Trustee. 

The Indenture Trustee shall not be liable for the acts or omissions of any successor Indenture Trustee. 

SECTION 6.9 Successor Indenture Trustee by Merger. Subject to Section 6.11, if the Indenture Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall
be the successor Indenture Trustee, provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Administrator prior written notice of
any such transaction. 
 In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee. 
 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate
Indenture Trustee. (a) Notwithstanding any other provisions of this Indenture, at any time, after delivering written notice to the Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the
Trust Estate may at the time be located, the Indenture Trustee and the Administrator acting jointly shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other
provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrator may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 30 days
after the delivery to it of a request to do so, or in the case of an Event of Default shall have occurred and is continuing, the Indenture Trustee alone shall have the power to make such appointment. No co-trustee or

  

					
		 	38	  	Indenture

 
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 Indenture Trustee shall be
conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being intended that such separate trustee or co-trustee is not authorized to act separately without the Indenture
Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event
such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the
direction of the Indenture Trustee; 
 (ii) no separate trustee or co-trustee hereunder shall be
personally liable by reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 

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

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

  

					
		 	39	  	Indenture

 SECTION 6.11 Eligibility; Disqualification. The Indenture
Trustee shall at all times satisfy the requirements of TIA Section 310(a) and, in addition, 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 shall have a
long term debt rating of at least investment grade or better by each Rating Agency or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA Section 310(b). Neither the
Issuer nor any Affiliate of the Issuer may serve as Indenture Trustee. 
 SECTION 6.12 Preferential Collection of
Claims Against the Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject
to TIA Section 311(a) to the extent indicated. 
 SECTION 6.13 Representations and Warranties. The
Indenture Trustee hereby makes the following representations and warranties on which the Issuer and the Noteholders shall rely: 

(i) the Indenture Trustee is a New York banking corporation duly organized, validly existing and in good
standing under the laws of the State of New York; 
 (ii) the Indenture Trustee has full power,
authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture; 

(iii) this Indenture has been duly executed and delivered by the Indenture Trustee; and 

(iv) this Indenture is a legal, valid and binding obligation of the Indenture Trustee enforceable in
accordance with its terms, subject to the effects of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity. 

ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS 

SECTION 7.1 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders. The Issuer shall
furnish or cause to be furnished to the Indenture Trustee (a) not more than five days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date,
and (b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is
furnished and the Indenture Trustee shall be fully protected with no liability in relying on the most recently provided copy of such list; provided, however, that so long as (i) the Indenture Trustee is the Note Registrar, or (ii) the
Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee. 
 SECTION
7.2 Preservation of Information; Communications to Noteholders. (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent
list furnished to the Indenture Trustee 

  

					
		 	40	  	Indenture

 
as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as the Note Registrar. The Indenture Trustee
may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are
issued as Book-Entry Notes, no such list shall be required to be preserved or maintained. 
 (b) The Noteholders may
communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more
Noteholders of Notes evidencing not less than 25% of the Outstanding Note Balance to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall (i) promptly notify the
Administrator thereof by providing to the Administrator a copy of such request and a copy of the list of Noteholders produced in response thereto and (ii) within five Business Days after receipt of such notice, forward a copy of the list of
Noteholders produced to such Noteholders. 
 (c) The Issuer, the Indenture Trustee and Note Registrar shall have the
protection of TIA Section 312(c). 
 SECTION 7.3 Reports by the Indenture Trustee. If required by TIA
Section 313(a), within 60 days after each March 31, beginning with March 31, [        ], the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as
of such date that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the
Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

SECTION 7.4 Statements to Certificateholders and Noteholders. On each Payment Date, the Relevant Trustee
shall make the Servicer’s Report provided by the Servicer pursuant to Section 3.9 of the Servicing Agreement available on its website as described below to the Issuer, the Servicer and each Noteholder and Certificateholder of record as
of the most recent Record Date, which Servicer’s Report shall contain a statement setting forth for the Collection Period and Payment Date relating to such Determination Date the following information (to the extent applicable): 

(a) the aggregate amount being paid on such Payment Date in respect of interest on and principal of each Class of Notes;

 (b) the Class A-1 Note Balance, the Class A-2[-A] Note Balance, [the Class A-2[-A] Note Balance,] the Class A-3 Note
Balance, the Class A-4 Note Balance, the Class B Note Balance, the Class C Note Balance and the Class D Note Balance, in each case after giving effect to payments on such Payment Date; 

(c) (i) the amount on deposit in the Reserve Account and the Specified Reserve Account Balance, each as of the beginning
and end of the related Collection Period, (ii) the amount deposited in the Reserve Account in respect of such Payment Date, if any, (iii) the Reserve 

  

					
		 	41	  	Indenture

 
Account Draw Amount and the Reserve Account Excess Amount, if any, to be withdrawn from the Reserve Account on such Payment Date, (iv) the balance on deposit in the Reserve Account on such
Payment Date after giving effect to withdrawals therefrom and deposits thereto in respect of such Payment Date and (v) the change in such balance from the immediately preceding Payment Date; 

(d) the First Allocation of Principal, Second Allocation of Principal, Third Allocation of Principal, Fourth Allocation
of Principal and Regular Principal Distribution Amount for such Payment Date; 
 (e) the Net Pool Balance and the Note
Factor as of the close of business on the last day of the preceding Collection Period; 
 (f) the amount of the
Servicing Fee to be paid to the Servicer with respect to the related Collection Period and the amount of any unpaid Servicing Fees; 

(g) the amount of the Class A Noteholders’ Interest Carryover Shortfall, the Class B Noteholders’ Interest
Carryover Shortfall, the Class C Noteholders’ Interest Carryover Shortfall and the Class D Noteholders’ Interest Carryover Shortfall, if any, on such Payment Date and the change in such amounts from the preceding Payment Date; 

(h) the amount of fees to be paid to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, if
any, with respect to the related Payment Date and the amount of any unpaid fees to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, if any, and the change in such amount from that of the prior Payment Date; 

(i) the aggregate Repurchase Price with respect to Repurchased Receivables paid by (i) the Servicer and (ii) the Bank
with respect to the related Collection Period; 
 (j) the aggregate amount being distributed on such Payment Date to
the Certificate Distribution Account; 
 (k) the amount of Collections for the related Collection Period; 

(l) the aggregate Principal Balance of 60-Day Delinquent Receivables as of such Payment Date; 

(m) the Delinquency Percentage for the related Collection Period; 

(n) the Delinquency Trigger for such Payment Date; and 

(o) the number, dollar amount and percentage of Receivables that are 31-60, 61-90, 91-120 and over 120 days delinquent as
of the end of the related Collection Period. 
 Each amount set forth pursuant to paragraph (a) or (g) above relating to the
Notes shall be expressed as a dollar amount per $1,000 of the Initial Note Balance of the Notes (or Class thereof). 

  

					
		 	42	  	Indenture

 No disbursements shall be made directly by the Servicer to a Noteholder, and the
Servicer shall not be required to maintain any investor record relating to the posting of disbursements or otherwise. 
 The
Relevant Trustee will make available via the Relevant Trustee’s internet website all reports or notices required to be provided by the Relevant Trustee under this Section 7.4. Any information that is disseminated in accordance with
the provisions of this Section 7.4 shall not be required to be disseminated in any other form or manner. The Relevant Trustee will make no representations or warranties as to the accuracy or completeness of such documents and will assume
no responsibility therefor. 
 The Indenture Trustee’s internet website shall be initially located at
https://tss.sfs.db.com/investpublic or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders, the Owner Trustee, the Servicer, the Issuer or any Paying Agent. In connection with
providing access to the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance
with this Agreement. The Indenture Trustee shall notify the Noteholders in writing of any changes in the address or means of access to the Internet website where the reports are accessible. 

SECTION 7.5 Noteholder Demand for Repurchase, Dispute Resolution.

(a) If a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by
Book-Entry Notes) becomes aware of a breach of the Bank’s representations and warranties in Section 3.2 of the Receivables Sale Agreement that would require the Bank to repurchase a Receivable pursuant to Section 3.3 of the
Receivables Sale Agreement such Noteholder or Note Owner (the “Requesting Investor”) may notify the Bank of such breach and request that the Bank repurchase the related Receivable. Any such written notice shall identify the
Receivable and shall reference this Indenture, as well as the related breach of representation or warranty. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by Verification
Documents.
 (b) If a Requesting Investor requests the repurchase of a Receivable pursuant to clause (a) above, and
the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor within 180 days of the receipt of notice of the request by the Bank, the Requesting Investor may, in its discretion, refer
the matter to either mediation or arbitration pursuant to Section 3.11 of the Receivables Sale Agreement. 
 (c) A
Requesting Investor shall not be required to direct that an Asset Review be performed prior to submitting a repurchase request with respect to any Receivable or using the dispute resolution provisions pursuant to Section 3.11 of the
Receivables Sale Agreement with respect to such Receivable. The failure of a Requesting Investor to direct an Asset Review shall not affect whether any Requesting Investor can pursue dispute resolution. In addition, whether any Requesting Investor
voted affirmatively, negatively or abstained in the vote to cause an Asset Review shall not affect whether such Requesting Investor may use the dispute resolution 

  

					
		 	43	  	Indenture

 
proceedings pursuant to Section 3.11 of the Receivables Sale Agreement. A Requesting Investor may refer to either mediation or arbitration pursuant to Section 3.11 of the
Receivables Sale Agreement a dispute related to any Receivables, including any Receivables that the Asset Representations Reviewer did not review in connection with an Asset Review, any Receivables for which the Asset Representations Reviewer found
a Test Fail in connection with an Asset Review and any Receivables that the Asset Representations Reviewer reviewed and determined that there were no Test Fails in connection with an Asset Review. 

SECTION 7.6 Asset Review Voting. 

(a) If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger, then Noteholders (if the Notes are
represented by Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Note Balance (the “Instituting Noteholders”) may elect to initiate a vote to determine whether
the Asset Representations Reviewer should conduct an Asset Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D disclosing that the Delinquency Percentage
exceeds the Delinquency Trigger; provided, however, that the failure of any Noteholder or Note Owner to institute such a vote shall not preclude such Noteholder or Note Owner, as applicable, from pursuing dispute resolution pursuant to
Section 3.11 of the Receivables Sale Agreement. If any Instituting Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to
confirm that the Instituting Noteholder is, in fact, a Note Owner. The Bank will reimburse the Indenture Trustee for any expenses incurred in connection with such verification. If the Instituting Noteholders initiate a vote as described in this
clause (a), the Indenture Trustee shall submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are represented by Book-Entry Notes, and the Issuer will include or cause to be included in the
related Form 10-D that such a vote has been called. The Indenture Trustee may set a Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance with TIA Section
316(c). The vote will remain open until the 150th day after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. Abstaining from, voting in
favor of, or voting against causing the Asset Representations Reviewer to conduct an Asset Review shall not preclude any Noteholder from pursuing dispute resolution pursuant to Section 3.11 of the Receivables Sale Agreement. The
“Noteholder Direction” shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor of directing an Asset Review of the Subject Receivables by the Asset Representations
Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether or not a Noteholder Direction has occurred. 

(b) Within 5 Business Days of the Review Satisfaction Date, the Indenture Trustee will send a written notice (a
“Review Notice”) to the Bank, the Seller, the Servicer and the Asset Representations Reviewer specifying that the asset review conditions have been satisfied, providing the applicable Review Satisfaction Date and directing the Asset
Representations Reviewer to conduct an Asset Review of the Subject Receivables. 
 (c) Notwithstanding clauses
(a) and (b) of this Section 7.6, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry 

  

					
		 	44	  	Indenture

 
Notes) need not direct an Asset Review be performed prior to (i)(x) notifying the Bank of a breach of the Bank’s representations and warranties in Section 3.3 of the Receivables Sales
Agreement that would require the Bank to repurchase a Receivable pursuant to Section 3.4 of the Receivables Sale Agreement and (y) requesting that the Bank repurchase the related Receivable pursuant to Section 7.5 hereof or (ii)
referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 3.11 of the Receivables Sale Agreement. 

ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES 

SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may
demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this
Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any
agreement or instrument that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such
action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 

SECTION 8.2 Trust Accounts. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to
establish, in the name of Indenture Trustee or the Issuer, as applicable: 
 (i) (x) Prior to the
payment in full of the principal of and interest on the Notes, for the benefit of the Noteholders under the sole dominion and control of the Indenture Trustee and in the name of the Issuer, an Eligible Account, bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the Noteholders, which Eligible Account shall be non-interest bearing and established by and maintained with the Indenture Trustee or its designee and (y) following payment in
full of the principal of and interest on the Notes, for the benefit of the Certificateholders, in the name of the Issuer, an Eligible Account, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the
Certificateholders, which Eligible Account shall be non-interest bearing and established by and maintained with the Owner Trustee, as Relevant Trustee, or its designee (the “Collection Account”). No checks shall be issued,
printed or honored with respect to the Collection Account. 
 (ii) For the benefit of the Noteholders,
under the sole dominion and control of the Indenture Trustee and in the name of the Issuer, an Eligible Account (the “Principal Distribution Account”) bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Noteholders, which Eligible Account shall be non-interest bearing and established by and maintained with the Indenture Trustee or its designee and which may be a sub account of the Collection Account. No checks shall
be issued, printed or honored with respect to the Principal Distribution Account. 
 (iii) For the
benefit of the Noteholders, under the sole dominion and control of the Indenture Trustee and in the name of the Issuer, an Eligible Account (the “Reserve  

  

					
		 	45	  	Indenture

 
Account”, and together with the Collection Account and the Principal Distribution Account, the “Trust Accounts”) bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Noteholders, which Eligible Account shall be non-interest bearing and established by and maintained with the Indenture Trustee or its designee. No checks shall be issued, printed or
honored with respect to the Reserve Account. 
 (iv) For the benefit of the Certificateholders, in the
name of the Issuer, an Eligible Account (the “Certificate Distribution Account”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders, which Eligible Account
shall be established by and maintained with the Certificate Paying Agent or its designee. No checks shall be issued, printed or honored with respect to the Certificate Distribution Account. For the avoidance of doubt, the Certificate
Distribution Account shall not be a Trust Account. 
 (b) On or before each Payment Date, the Issuer shall cause (i)
the Servicer to deposit all Collections and (ii) the Servicer, the Seller or the Bank as applicable, to deposit all Repurchase Prices with respect to the Collection Period preceding such Payment Date in the Collection Account. On the Business
Day prior to each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in the Collection Account pursuant to Section 8.4 hereof shall be withdrawn by the Indenture Trustee from the Reserve Account and
deposited to the Collection Account. 
 (c) Prior to the acceleration of the maturity of the Notes pursuant to
Section 5.2 of this Indenture, on each Payment Date and the Redemption Date, the Indenture Trustee shall distribute all amounts on deposit in the Principal Distribution Account to Noteholders in respect of principal of the Notes to the extent
of the funds therein in the following order of priority: 
 (i) first, to the Holders of the
Class A-1 Notes, until the Class A-1 Notes are paid in full; 
 (ii) second, to the Holders of
the Class A-2[-A] Notes [and the Holders of the Class A-2-B Notes, ratably], until the Class A-2[-A] Notes [and the Class A-2-B Notes] are paid in full; 

(iii) third, to the Holders of the Class A-3 Notes, until the Class A-3 Notes are paid in full;

 (iv) fourth, to the Holders of the Class A-4 Notes, until the Class A-4 Notes are paid in
full; 
 (v) fifth, to the Holders of the Class B Notes, until the Class B Notes are paid in
full; 
 (vi) sixth, to the Holders of the Class C Notes, until the Class C Notes are paid in
full; and 

  

					
		 	46	  	Indenture

 (vii) seventh, to the Holders of the Class D Notes,
until the Class D Notes are paid in full. 
 (d) On the Payment Date on which the Notes of all Classes have been paid
in full, the Indenture Trustee shall take all necessary or appropriate actions, as directed by the Issuer and at no expense to the Indenture Trustee or the Owner Trustee, to transfer all of its right, title and interest in the contents of the
Collection Account (including any investments and investment income) to the Owner Trustee for the benefit of the Certificateholders for deposit into such new non-interest bearing account to be established by the Owner Trustee in accordance with
Section 8.2(a)(i). Following such transfer, the Collection Account will be maintained under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders and the Certificate Paying Agent will make distributions
from the Collection Account pursuant to Section 8.5(a). 
 SECTION 8.3 General Provisions Regarding
Accounts. (a) Funds on deposit in the Collection Account shall be invested by the Relevant Trustee in Permitted Investments selected in writing by the Servicer and of which the Servicer provides notification (pursuant to standing
instructions or otherwise); provided, that it is understood and agreed that if the Servicer does not provide such specific written investment direction or provides notification (pursuant to standing instructions or otherwise) that such funds
on deposit in the Collection Account shall remain uninvested, those funds shall then remain uninvested unless and until the Servicer provides alternate notification with respect to the Collection Account; provided further, that it is further
understood and agreed that neither the Servicer, the Relevant Trustee (subject to Section 6.1(c)) nor the Issuer shall be liable for any loss arising from such investment in Permitted Investments. All such Permitted Investments shall be
held by or on behalf of the Relevant Trustee as secured party for the benefit of the Noteholders (or, if there are no Notes Outstanding, for the benefit of the Certificateholders); provided further, that on each Payment Date all interest and
other investment income (net of losses and investment expenses) on funds on deposit in the Collection Account shall be distributed to the Servicer as additional servicing compensation and shall not be available to pay the distributions provided for
in Section 8.5. All investments of funds on deposit in the Collection Account shall mature or be liquidated on the next Payment Date. No Permitted Investment shall be sold or otherwise disposed of prior to its scheduled maturity
unless a default occurs with respect to such Permitted Investment and the Servicer directs the Relevant Trustee in writing to dispose of such Permitted Investment. Funds on deposit in the Reserve Account shall remain uninvested. 

(b) The Relevant Trustee shall possess all right, title and interest in all funds on deposit from time to time in the
Trust Accounts and in all proceeds thereof and all such funds, investments and proceeds shall be part of the Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Relevant
Trustee for the benefit of the Noteholders (or, if there are no Notes outstanding, for the benefit of the Certificateholders). If, at any time, any Trust Account ceases to be an Eligible Account, the Servicer shall promptly notify the Relevant
Trustee (unless such Trust Account is an account with the Relevant Trustee) in writing and within 10 Business Days (or any longer period if the Rating Agency Condition is satisfied with respect to such longer period) after becoming aware of the
fact, establish a new Trust Account as an Eligible Account and shall direct the Relevant Trustee to transfer any cash and/or any investments to such new Trust Account. 

  

					
		 	47	  	Indenture

 (c) With respect to the Trust Account Property, the parties hereto agree
that: 
 (i) any Trust Account Property that consists of uninvested funds shall be held solely in
Eligible Accounts and, except as otherwise provided herein, each such Eligible Account shall be subject to the exclusive custody and control of the Indenture Trustee, and, except as otherwise provided in the Transaction Documents, the Relevant
Trustee or its designee shall have sole signature authority with respect thereto; 
 (ii) any Trust
Account Property that is an “uncertificated security” under Article 8 of the UCC and that is not governed by clause (iii) below shall be delivered to the Indenture Trustee or its designee in accordance with paragraph (c) of
the definition of “Delivery” and shall be maintained by the Relevant Trustee or such designee, pending maturity or disposition, through continued registration of the Indenture Trustee’s (or its designee’s) ownership of such
security on the books of the issuer thereof; and 
 (iii) any Trust Account Property that is an
uncertificated security that is a “book-entry security” (as such term is defined in Federal Reserve Bank Operating Circular No. 7) held in a securities account at a Federal Reserve Bank and eligible for transfer through the Fedwire® Securities Service operated by the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of
“Delivery” and shall be maintained by the Relevant Trustee or its designee or a securities intermediary (as such term is defined in Section 8-102(a)(14) of the UCC) acting solely for the Relevant Trustee or such designee, pending maturity
or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph. 

(d) All interest and investment income (net of losses and investment expenses) on funds on deposit in the Collection
Account shall be distributed to the Servicer in accordance with the provisions of Section 3.7 of the Servicing Agreement. The Relevant Trustee shall not be directed to make any investment of any funds or to sell any investment held in
any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person. 

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

(f) If (i) investment directions shall not have been given in writing by the Servicer in accordance with Section
8.3(a) for any funds on deposit in the Collection Account to the Relevant Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Servicer and the Indenture Trustee), on any Business Day or (ii) a Default or Event
of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2 or (iii) if the Notes shall have been declared due and payable following an Event of
Default and amounts collected or received from the Trust 

  

					
		 	48	  	Indenture

 
Estate are being applied in accordance with Section 5.4 as if there had not been such a declaration, then the Relevant Trustee shall, to the fullest extent practicable, invest and reinvest
funds in the Collection Account in one or more Permitted Investments in accordance with the standing instructions most recently given by the Servicer. 

(g) In making or disposing of any investment permitted by this Indenture, the Relevant Trustee is authorized to deal with
itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis and on standard market terms, whether it or such Affiliate is acting as a subagent of the Relevant Trustee or for any third
person or dealing as principal for its own account. 
 (h) With respect to the period prior to payment in full of the
principal of and interest on the Notes and each Trust Account at [                    ] (the initial Indenture Trustee), the Issuer, the Indenture
Trustee, in its capacity as the secured party hereunder (in such capacity the “Indenture Trustee Secured Party”) and the Indenture Trustee, in its capacity as deposit bank or securities intermediary, as the case may be, for such
Trust Account (in such capacity the “Account Bank”), agree that: 
 (i) With respect to
each deposit account that is or constitutes part of such Trust Account, in order to perfect the security interest of the Indenture Trustee Secured Party in accordance with Section 9-104 of the UCC, the Account Bank will comply with all instructions
originated by the Indenture Trustee Secured Party directing disposition of the funds in such deposit account without further consent by the Issuer; and 

(ii) With respect to each securities account that is or constitutes part of such Trust Account, in order
to perfect the security interest of the Indenture Trustee Secured Party by control in accordance with Section 9-106 of the UCC, the Account Bank will comply with all “entitlement orders” (as defined in Section 8-102 of the UCC) originated
by the Indenture Trustee Secured Party without further consent by the Issuer. 
 SECTION 8.4 Additional Withdrawals
and Deposits.
 (a) The Paying Agent will, on the Business Day prior to each Payment Date, withdraw from the
Reserve Account the Reserve Account Excess Amount, if any, for such Payment Date and deposit such amount in the Collection Account. 

(b) The Paying Agent will, on the Business Day prior to the Payment Date relating to each Collection Period, withdraw
from the Reserve Account the Reserve Account Draw Amount and deposit such amount in the Collection Account. 
 (c) The
Paying Agent shall receive written instructions from the Servicer (which may be in the form of a written order or request of the Servicer signed by an Authorized Officer of the Servicer upon which the Paying Agent shall be fully protected in relying
with no liability thereafter) directing the Paying Agent to make the foregoing withdrawals and deposits. 

  

					
		 	49	  	Indenture

 SECTION 8.5 Distributions. 

(a) Prior to any acceleration of the Notes pursuant to Section 5.2 and subject to Section 8.5(b), on each
Payment Date, the Paying Agent (based solely on information contained in, and as directed by, the Servicer’s Report delivered on or before the related Determination Date pursuant to Section 3.9 of the Servicing Agreement) shall make the
following deposits and distributions, to the extent of Available Funds and the Reserve Account Draw Amount on deposit in the Collection Account for such Payment Date, in the following order of priority: 

 

	 	 (i)
	 first, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior
Collection Periods; 

  

	 	 (ii)
	 second, to the Class A Noteholders, the Accrued Class A Note Interest for the related Interest Period;
provided, that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amounts available will be applied to the payment of such interest on the Class A Notes on a pro rata basis based on
the amount of interest owed; 

  

	 	 (iii)
	 third, to the Principal Distribution Account for distribution to the Noteholders pursuant to Section
8.2(c), the First Allocation of Principal, if any; 

  

	 	 (iv)
	 fourth, to the Class B Noteholders, the Accrued Class B Note Interest for the related Interest Period;

  

	 	 (v)
	 fifth, to the Principal Distribution Account for distribution to the Noteholders pursuant to Section
8.2(c), the Second Allocation of Principal, if any; 

  

	 	 (vi)
	 sixth, to the Class C Noteholders, the Accrued Class C Note Interest for the related Interest Period;

  

	 	 (vii)
	 seventh, to the Principal Distribution Account for distribution to the Noteholders pursuant to
Section 8.2(c), the Third Allocation of Principal, if any; 

  

	 	 (viii)
	 eighth, to the Class D Noteholders, the Accrued Class D Note Interest for the related Interest Period;

  

	 	 (ix)
	 ninth, to the Principal Distribution Account for distribution to the Noteholders pursuant to Section
8.2(c), the Fourth Allocation of Principal, if any; 

  

	 	 (x)
	 tenth, to the Reserve Account, any additional amounts required to increase the amount in the Reserve
Account up to the Specified Reserve Account Balance; 

  

					
		 	50	  	Indenture

	 	 (xi)
	 eleventh, to the Principal Distribution Account for distribution to the Noteholders in accordance with
Section 8.2(c), the Regular Principal Distribution Amount, if any; 

  

	 	 (xii)
	 twelfth, to the Asset Representations Reviewer, the Owner Trustee[, the Issuer Delaware Trustee] and
the Indenture Trustee, pro rata, fees, expenses and indemnification amounts due and owing under the Asset Representations Review Agreement, the Servicing Agreement, the Trust Agreement and the Indenture, as applicable, which have not been
previously paid; and 

  

	 	 (xiii)
	 thirteenth, to the Certificateholders, pro rata based on Percentage Interest of each
Certificateholder, or, to the extent Definitive Certificates have been issued, to the Certificate Distribution Account for distribution to the Certificateholders in accordance with Section 5.1 of the Trust Agreement. 

Notwithstanding any other provision of this Section 8.5, following the occurrence and during the continuation of an
Event of Default which has resulted in an acceleration of the Notes, the Paying Agent shall apply all amounts on deposit in the Collection Account pursuant to Section 5.4(b). 

(b) Notwithstanding Section 8.5(a), in the event that the Bank were to become the subject of an insolvency
proceeding and the FDIC as receiver or conservator for the Bank pays damages as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, then the actions and distributions described in Section 12.5 of the Indenture shall be effected instead of
Section 8.5(a). 
 SECTION 8.6 Release of Collateral. (a) The Indenture Trustee may if permitted by
and in accordance with the terms hereof, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner
and under circumstances that are not inconsistent with the provisions of this Indenture or such other document. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to
ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 

(b) The Indenture Trustee shall, at such time as there are no Notes Outstanding (as certified by an Authorized Officer of
the Issuer in an Officer’s Certificate delivered to the Indenture Trustee) and all amounts due to the Indenture Trustee hereunder have been paid in full, release any remaining portion of the Collateral that secured the Notes from the lien of
this Indenture as directed by and with documents prepared by the Issuer. Such release shall include release of the lien of this Indenture and transfer of dominion and control over the Trust Accounts to the Owner Trustee. The Indenture Trustee
shall release property from the lien of this Indenture pursuant to this Section only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in
accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. 

  

					
		 	51	  	Indenture

 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, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture without any further action) on
any Receivable to be sold to (i) the Servicer in accordance with Section 3.6 of the Servicing Agreement and (ii) the Bank pursuant to Section 3.3 of the Receivables Sale Agreement. 

SECTION 8.7 Opinion of Counsel. The Indenture Trustee shall receive at least five days’ notice (or such
shorter notice acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to Section 8.6, accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition to such
action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, that such Opinion of
Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, as to factual matters, without independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such action. Such opinion shall be at other than the Indenture Trustee’s expense. 

ARTICLE IX SUPPLEMENTAL INDENTURES 

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.

(a) Without the consent of the Noteholders or any other Person, but with prior notice from the Issuer to each Rating Agency
and subject to subsection (d) of this Section 9.1 and Section 9.2(f), the Issuer and the Indenture Trustee (when so directed by an Issuer Request), at any time and from time to time, may enter into one or more indentures
supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or for the purposes of modifying in any manner the rights of the Noteholders under this Indenture
subject to the satisfaction of the following conditions:
 (i) the Issuer delivers an Opinion of Counsel
or an Officer’s Certificate to the Indenture Trustee to the effect that such supplemental indenture will not materially and adversely affect the interests of the Noteholders; or 

(ii) the Rating Agency Condition is satisfied with respect to such amendment and the Issuer notifies the
Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 
 (b) Prior to
the execution of any such supplemental indenture, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental
indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this

  

					
		 	52	  	Indenture

 
Section 9.1 shall be effective which materially and adversely affects the rights, privileges, indemnities, protections, immunities, obligations or duties of the Indenture Trustee or the
Owner Trustee without the prior written consent of such Person. 
 (c) Promptly after the execution by the Issuer and the
Indenture Trustee of any supplemental indenture pursuant to this Section 9.1, the Indenture Trustee shall mail to the Noteholders and the Certificateholders a copy of such amendment or supplemental indenture. Any failure of the Indenture
Trustee to mail a copy of such amendment or supplemental indenture, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

(d) Notwithstanding subsection (a) of this Section 9.1, other than in connection with an amendment pursuant to
Section 12.1(b) or Section 12.4, this Indenture may only be amended by the Issuer and the Indenture Trustee if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an
Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary to obtain the consent of
the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. 

SECTION 9.2 Supplemental Indentures with Consent of Noteholders.

(a) Subject to subsection (b) of this Section 9.2, the Issuer and the Indenture Trustee, when authorized by an
Issuer Request, also may, with prior notice from the Issuer to the Rating Agencies and with the consent of the Holders of not less than a majority of the Outstanding Note Balance of the Controlling Class, by Act of such Holders delivered to the
Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner
the rights of the Noteholders under this Indenture; provided, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(i) change the coin or currency in which, any Note or the interest thereon is payable, reduce the interest
rate or principal amount of any Note, or delay the Final Scheduled Payment Date or reduce the Redemption Price of any Note; 

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

(iii) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”; 
 (iv) reduce the percentage of the Note Balance, the consent of the
Holders of which is required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Note Balance plus accrued but unpaid
interest on the Notes; 

  

					
		 	53	  	Indenture

 (v) modify any provision of this Section 9.2 in any
respect materially adverse to the interests of the Noteholders; 
 (vi) permit the creation of any Lien
ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the lien of this Indenture on any
property at any time subject hereto or deprive any Noteholder of the security provided by the lien of this Indenture; or 

(vii) impair the right to institute suit for the enforcement of payment as provided in Section 5.7. 

(b) Notwithstanding subsection (a) of this Section 9.2, other than in connection with an amendment
pursuant to Section 12.1(b) or Section 12.4, this Indenture may only be amended by the Issuer and the Indenture Trustee if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by
an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary to obtain the consent
of the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. 

(c) It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 (d) Prior to the
execution of any such supplemental indenture, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental
indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture Trustee; provided that no supplemental indenture pursuant to this Section 9.2 shall be effective which
affects the rights, privileges, indemnities, protections, immunities, obligations or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

(e) Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this
Section, the Indenture Trustee shall mail to the Noteholders and the Certificateholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail such amendment or supplemental indenture, or any defect
therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 (f)
Notwithstanding anything herein to the contrary and for purposes of classifying the Issuer as a grantor trust under the Code, no amendment or indenture supplemental to this Indenture shall be made that would (i) result in a variation of the
investment of the beneficial owners of the Certificates for purposes of the United States Treasury Regulation section 301.7701-4(c) without the consent of Noteholders evidencing at least a majority of the Outstanding Note Balance of the Controlling
Class and the Majority Certificateholders or (ii) 

  

					
		 	54	  	Indenture

 
cause the Issuer (or any part thereof) to be classified as other than a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code without the consent of all of the
Noteholders and all of the Certificateholders. 
 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 Indenture, the 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 Indenture. The Indenture Trustee may, but shall not
be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

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

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

SECTION 9.6 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 Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer
or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered
by the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X REDEMPTION OF NOTES 

SECTION 10.1 Redemption. (a) Each of the Notes is subject to redemption in whole, but not in part, at the direction of
the Bank, as Servicer pursuant to Section 7.1 of the Servicing Agreement, on any Payment Date on which the Servicer (or its assignee) exercises its option to purchase the Trust Estate (other than the Reserve Account) pursuant to such Section,
for a purchase price equal to the Optional Purchase Price, which amount shall be deposited by the Servicer (or its assignee) into the Collection Account on the Redemption Date.

(b) Each of the Notes is subject to redemption in whole, but not in part, on any Payment Date on which the sum of the
amounts in the Reserve Account and the remaining Available 

  

					
		 	55	  	Indenture

 
Funds after the payments under clauses first through ninth and eleventh of Section 8.5(a) would be sufficient to pay in full the aggregate unpaid
Note Balance of all of the Outstanding Notes as determined by the Servicer. On such Payment Date, (i) the Indenture Trustee, upon written direction from the Servicer, shall transfer all amounts on deposit in the Reserve Account to the Collection
Account and (ii) the Outstanding Notes shall be redeemed in whole, but not in part. 
 (c) If the Notes are to be redeemed
pursuant to Sections 10.1(a) or 10.1(b), the Administrator or the Issuer shall provide at least twenty (20) days’ prior notice of the redemption of the Notes to the Indenture Trustee and the Owner Trustee and the Indenture Trustee
shall provide prompt (but not later than ten (10) days prior to the applicable Redemption Date) notice thereof to the Noteholders. 

SECTION 10.2 Form of Redemption Notice. Notice of redemption under Section 10.1 shall be given by the
Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the close of business on the Record Date preceding the applicable Redemption Date, at
such Holder’s address appearing in the Note Register. 
 All notices of redemption under Section 10.1 shall
state: 
 (i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments
shall be made only upon presentation and surrender of such Notes, and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section
3.2); 
 (iv) that interest on the Notes shall cease to accrue on the Redemption Date; and 

(v) the CUSIP numbers (if applicable) for such Notes. 

Notice of redemption of the Notes shall be given by the Indenture Trustee and the Owner Trustee in the name and at the expense
of the Issuer. In addition, the Issuer shall notify each Rating Agency upon redemption of the Notes. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of any
Note. 
 SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of
redemption as required by Section 10.2 (in the case of redemption pursuant to Section 10.1), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption
Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

  

					
		 	56	  	Indenture

 ARTICLE XI MISCELLANEOUS 

SECTION 11.1 Compliance Certificates and Opinions, etc. (a) Upon any application or request by the Issuer to the
Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to
the proposed action have been complied with that satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with that satisfies TIA Section
314(c)(2) and (iii) if required by the TIA in the case of condition precedent compliance with which is subject to verification by accountants, a certificate or opinion of an accountant that satisfies TIA Section 314(c)(3), except that, in the case
of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

Every certificate or opinion in accordance with TIA Section 314(e) with respect to compliance with a condition or covenant
provided for in this Indenture shall include: 
 (i) a statement that each signatory of such certificate or
opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of
each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been
complied with. 
 (b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee
that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish
to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value in accordance with TIA Section 314(d) (within ninety (90) days of such deposit) to the Issuer of
the Collateral or other property or securities to be so deposited. 
 (ii) Whenever the Issuer is required to
furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value in accordance with TIA Section 314(d) to the Issuer of the 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 the Issuer, as set forth in the certificates delivered pursuant to clause (i) and this clause (ii), is 10% or more of the Outstanding 

  

					
		 	57	  	Indenture

 
Note Balance, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s
Certificate is less than $25,000 or less than one percent of the Outstanding Note Balance. 
 (iii) Other
than as contemplated by Section 11.1(b)(v), whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of each Person signing such certificate as to the fair value (within 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 Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuer is
required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an
Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than Purchased Receivables, or securities released from the lien of this Indenture since the commencement of the then
current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Note Balance, but such certificate need not be furnished in the case
of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Note Balance. 

(v) Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may (A) collect,
liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Transaction Documents, including without limitation pursuant to Section 10.1 of this Indenture, and (B) make cash
payments out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents. 
 SECTION 11.2
Form of Documents Delivered to the Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered
by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any
such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate of an
Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon an opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion or
representations with respect to the matters upon which his or her certificate is based are erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate of, or representations by, an officer or
officers of the Servicer, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or
in the 

  

					
		 	58	  	Indenture

 
exercise of reasonable care should know, that the certificate or representations with respect to such matters are erroneous. 

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

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is
provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of
such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or
to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as
provided in Article VI. 
 SECTION 11.3 Acts of Noteholders. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by
agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the
Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this
Section. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be
proved by the Note Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or
other action by any Noteholder shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in
reliance thereon, whether or not notation of such action is made upon such Note. 
 SECTION 11.4 Notices. All
demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by facsimile or e-mail (if an applicable facsimile number or e-mail address is provided on Schedule II to the Sale 

  

					
		 	59	  	Indenture

 
Agreement), and addressed in each case as specified on Schedule II to the Sale Agreement or at such other address as shall be designated by any of the specified addressees in a written
notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder.

 SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event,
such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any
particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result
of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall
be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture
provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or an Event of Default. 

SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the
Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Noteholder, that is different from the methods provided for in this
Indenture for such payments or notices, provided, that such methods are reasonable and acceptable to any applicable depository and the Indenture Trustee. The Indenture Trustee shall acknowledge receipt of any instructions from the Issuer
regarding any alternate method of notice or payment as described in the preceding sentence. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be
given in accordance with such agreements. 
 SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

  

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

SECTION 11.8 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. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 

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

SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any
Person, other than (i) the parties hereto and their successors hereunder, (ii) the Owner Trustee [and the Issuer Delaware Trustee], (iii) the Noteholders and (iv) any other Person with an ownership interest in any part of the Trust Estate, any
benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 11.12 Legal Holidays. In
any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day
with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 

SECTION 11.13 Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 11.14 Counterparts. This Indenture
may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, regardless of whether delivered in physical or electronic form, but all such counterparts shall together constitute but one and the same
instrument. 
 SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate
public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured
hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

  

					
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 SECTION 11.16 Trust Obligation. Each Noteholder or Note Owner, by
acceptance of a Note, or, in the case of a Note Owner or a beneficial interest in a Note, by accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the
Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective
individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee,
successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations
in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. 
 SECTION 11.17 No Petition. Each of the Indenture Trustee, by entering
into this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of
all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other
Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment
of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such
Bankruptcy Remote Party, and (ii) such party shall not commence, join or institute against, with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law
or statute now or hereafter in effect in any jurisdiction.
 SECTION 11.18 Intent for Financial Purposes. It is the
intent of the Issuer that the Notes constitute indebtedness for all financial accounting purposes and the Issuer agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed,
to treat the Notes as indebtedness for all financial accounting purposes. 
 SECTION 11.19 Submission to Jurisdiction;
Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and
its property in any Proceeding relating to this Indenture or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts
of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

  

					
		 	62	  	Indenture

 (b) consents that any such Proceeding may be brought in such courts and waives
any objection that it may now or hereafter have to the venue of such action or Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law,
waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 11.20 Subordination of Claims. The Issuer’s obligations under this Indenture are obligations solely of the
Issuer and will not constitute a claim against the Seller to the extent that the Issuer does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its
individual capacity and as the Owner Trustee), by accepting the benefits of this Indenture, the Certificateholder, by accepting the Certificate, and Indenture Trustee (in its individual capacity and as Indenture Trustee), by entering into this
Indenture, and each Noteholder, each Note Owner, by accepting the benefits of this Indenture, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either (i) asserts an interest or claim to, or benefit from,
Other Assets, or (ii) is deemed to have any such interest, claim to, 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 Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly
subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by
such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against
the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the
Indenture Trustee (in its individual capacity and as the Indenture Trustee), by entering into or accepting this Indenture, the Certificateholder, by accepting the Certificate, and the Owner Trustee, and each Noteholder or Note Owner, by accepting
the benefits of this Indenture, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced 

  

					
		 	63	  	Indenture

 
by an action for specific performance. The provisions of this Section will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Indenture.

 SECTION 11.21 Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties
hereto that (a) this Indenture is executed and delivered by [                    ], not individually or personally but solely as Owner Trustee of the
Issuer, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal
representations, undertakings and agreements by [                    ], but is made and intended for the purpose for binding only the Issuer, (c)
nothing herein contained shall be construed as creating any liability on [                    ], individually or personally, to perform any covenant
either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (d) under no circumstances shall
[                    ] be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or the other related documents and (e)
[                    ] has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this
Indenture. 
 SECTION 11.22 Information Requests. (a) The parties hereto shall provide any information reasonably
requested by the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 

(b) The Indenture Trustee shall furnish to the Owner Trustee from time to time information (which is in the possession of the
Indenture Trustee and is freely deliverable) regarding the Issuer or the Transaction Documents as the Owner Trustee shall reasonably request. The Indenture Trustee shall furnish to the Owner Trustee and the Seller upon request, a copy of the Note
Register. 
 SECTION 11.23 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, will
give to any Person, other than the parties to this Indenture and their successors under this Indenture, and the Noteholders and any other party with rights to payments or distributions under this Indenture, and any other Person with an ownership
interest in any portion of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 ARTICLE
XII COMPLIANCE WITH THE FDIC RULE 
 SECTION 12.1 Purpose. (a) Each of the Noteholders, by its acceptance of
the Notes, each of the Certificateholders, by its acceptance of the Certificates, the Huntington Parties and the Relevant Trustee acknowledges and agrees that the purpose of this Article XII is to facilitate compliance by the Huntington
Parties with the provisions of the FDIC Rule. Each of the Noteholders, the Certificateholders, the Huntington Parties and the Relevant Trustee acknowledges that the interpretations of the requirements of the FDIC Rule may change over time, whether
due to interpretive guidance provided by the FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees 

  

					
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that the provisions set forth in this Article XII shall have the effect and meanings that are appropriate under the FDIC Rule as such meanings change over time on the basis of evolving
interpretations of the FDIC Rule. 
 (b) If any provision of the FDIC Rule is amended, or any interpretive guidance
regarding the FDIC Rule is provided by the FDIC or its staff, as a result of which the Issuer determines that an amendment to this Article XII is necessary or desirable, then the Issuer and the Relevant Trustee shall be authorized and
entitled to amend this Article XII in accordance with such FDIC Rule amendment or guidance notwithstanding the requirements set forth in Section 9.1 and 9.2, provided that the Issuer delivers to the Relevant Trustee an Opinion
of Counsel to the effect that such amendment is required to remain in compliance with the FDIC Rule. Nothing in this Section 12.1(b) shall limit the rights of the Indenture Trustee pursuant to
Section 9.3 or the Owner Trustee pursuant to Section 11.1(d) of the Trust Agreement. 
 (c)
As used in this Article XII, but subject to the rules of interpretation specified in Section 12.1(a) and Section 12.1(b), references to (i) the “sponsor” shall mean the Bank, (ii)
the “issuing entity” shall mean, collectively, the Seller and the Issuer (except in Section 12.2(e), where such term shall have the meaning in the FDIC Rule), (iii) the “servicer” shall mean the Servicer
or Administrator, as applicable, (iv) “obligations” or “securitization obligations” shall mean the Notes and, to the extent permitted by the FDIC Rule, the Certificates, and (v) “financial assets” and “securitized
financial assets” shall mean the Receivables (except in Section 12.2(e), where such term shall have the meaning in the FDIC Rule). 

(d) Each of the Huntington Parties believes that the transactions and actions contemplated by the Transaction Documents and
the Prospectus comply with the requirements of Section 12.2. 
 SECTION 12.2 Requirements of
the FDIC Rule. As required by the FDIC Rule: 
 (a) Payment of principal and interest on the securitization obligations
must be primarily based on the performance of financial assets that are transferred to the issuer and, except for interest rate or currency mismatches between the financial assets and the obligations, shall not be contingent on market or credit
events that are independent of such financial assets. 
 (b) The sponsor, issuing entity, and/or servicer, as appropriate,
shall make available to investors, information describing the financial assets, obligations, capital structure, compensation of relevant parties, and relevant historical performance data set forth below: 

(i) On or prior to issuance of obligations and at the time of delivery of any periodic distribution report and,
in any event, at least once per calendar quarter, while obligations are outstanding, information about the obligations and the securitized financial assets shall be disclosed to all potential investors at the financial asset or pool level, as
appropriate for the financial assets, and security-level to enable evaluation and analysis of the credit risk and performance of the obligations and financial assets. Such information and its disclosure, at a minimum, shall comply with the
requirements of Regulation AB or any successor disclosure requirements for public issuances, even if the obligations are issued in a private placement or are not otherwise required to be 

  

					
		 	65	  	Indenture

 
registered; provided that information that is unknown or not available to the sponsor or the issuer after reasonable investigation may be omitted if the issuer includes a statement in the
offering documents disclosing that the specific information is otherwise unavailable; 
 (ii) On or prior to
issuance of obligations, the structure of the securitization and the credit and payment performance of the obligations shall be disclosed, including the capital or tranche structure, the priority of payments and specific subordination features;
representations and warranties made with respect to the financial assets, the remedies for and the time permitted for cure of any breach of representations and warranties, including the repurchase of financial assets, if applicable; liquidity
facilities and any credit enhancements permitted by the FDIC Rule, any waterfall triggers or priority of payment reversal features; and policies governing delinquencies, servicer advances, loss mitigation, and write-offs of financial assets; 

(iii) While obligations are outstanding, the issuing entity shall provide to investors information with respect
to the credit performance of the obligations and the financial assets, including periodic and cumulative financial asset performance data, delinquency and modification data for the financial assets, substitutions and removal of financial assets,
servicer advances, as well as losses that were allocated to such tranche and remaining balance of financial assets supporting such tranche, if applicable, and the percentage of each tranche in relation to the securitization as a whole; and 

(iv) In connection with the issuance of the obligations, the nature and amount of compensation paid to the
originator, sponsor, rating agency or third-party advisor, any mortgage or other broker, and the servicer(s), and the extent to which any risk of loss on the underlying assets is retained by any of them for such securitization shall be disclosed.
The issuer shall provide to investors while any obligations are outstanding any changes to such information and the amount and nature of payments of any deferred compensation or similar arrangements to any of the parties. 

(c) Subject to Section 12.4, the sponsor shall retain an economic interest in a material portion, defined as not less
than five (5) percent, of the credit risk of the financial assets, which retained interest will be in the form of a representative sample of the securitized financial assets equal to not less than five (5) percent of the principal amount of the
financial assets at transfer. This retained interest may not be sold or pledged or hedged, except for the hedging of interest rate or currency risk, during the term of the securitization. 

(d) The obligations shall not be predominantly sold to an affiliate (other than (i) a wholly-owned subsidiary consolidated for
accounting and capital purposes with the sponsor or (ii) an affiliated broker-dealer who purchases such obligations with a view to promptly reselling such obligations to persons or entities that are neither affiliates (other than wholly-owned
subsidiaries of the sponsor consolidated for accounting and capital purposes with the sponsor) nor insiders of the sponsor in the ordinary course of such broker-dealer’s business pursuant to an underwriting or similar agreement entered into in
the ordinary course of business) or an insider of the sponsor; provided that (i) at the time the obligations are sold to the affiliated broker-dealer, such broker-dealer sells not less than 51% of the principal amount of the obligations
to persons 

  

					
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and entities that are not affiliates (other than wholly-owned subsidiaries of the sponsor consolidated for accounting and capital purposes with the sponsor) or insiders of the sponsor; (ii) at
all times after such obligations are sold to the affiliated broker-dealer, such broker-dealer holds the unsold portion of the obligations with the intent to sell such unsold portion to persons or entities that are not affiliates (other than
wholly-owned subsidiaries of the sponsor consolidated for accounting and capital purposes with the sponsor) or insider of the sponsor and (iii) the other requirements of the FDIC Rule, including, without limitation, the requirements of Sections
360.6(c)(3) and (4) of the FDIC Rule, are satisfied. 
 (e) The sponsor shall separately identify in its financial asset
data bases the financial assets transferred into any securitization and shall maintain an electronic or paper copy of the closing documents in a readily accessible form, and a current list of all of its outstanding securitizations and issuing
entities, and the most recent Form 10-K, if applicable, or other periodic financial report for each securitization and issuer. The sponsor shall make these records readily available for review by the FDIC promptly upon written request. 

(f) To the extent serving as servicer, custodian or paying agent for the securitization, the sponsor shall not commingle
amounts received with respect to the financial assets with its own assets except for the time, not to exceed two Business Days, necessary to clear any payments received. 

SECTION 12.3 Performance. The Issuer agrees to perform the obligations set forth in
Section 12.2, except to the extent any such obligation is specifically imposed exclusively upon the servicer or the sponsor. 

SECTION 12.4 Effect of Section 941 Rules. Section 12.2(c) hereof shall not be construed to
require the sponsor to retain any greater economic interest in the credit risk of the financial assets than is required to comply with the FDIC Rule and other applicable law. Accordingly, upon the effective date of regulations promulgated under
Section 15G of the Securities Exchange Act, 15 U.S.C. 78a et seq., added by Section 941(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (such regulations, the “Section 941 Rules” and such date,
the “Section 941 Effective Date”) and thereafter, the sponsor shall be entitled to adjust the amount of credit risk that it retains for purposes of the FDIC Rule, or the terms under which such credit risk is retained for purposes of
the FDIC Rule, the method by which such credit risk is retained or the restrictions applicable to the credit risk retained for purposes of the FDIC Rule, to the greatest extent elected by the sponsor, so long as the sponsor’s retention shall be
in compliance with the Section 941 Rules. Within a reasonable time after the sponsor has so adjusted the amount or terms of the credit risk it retains, the sponsor shall give notice thereof to the Noteholders and the Certificateholders, and each of
the Indenture Trustee and the Huntington Parties is authorized and entitled to amend Section 12.2(c), in accordance with and to the extent the Issuer determines necessary or appropriate, to reflect the requirements of the
Section 941 Rules. 
 SECTION 12.5 Actions Upon Repudiation.

(a) In the event that the Sponsor becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for
the Sponsor exercises its right of repudiation as 

  

					
		 	67	  	Indenture

 
contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer (including any successor Servicer, if the Bank has been replaced as Servicer) shall ascertain whether the FDIC in such capacity
will pay damages as provided in such paragraph (d)(4)(ii). Upon making such determination, the Servicer shall promptly, and in any event no more than one Business Day thereafter (or, if the Servicer fails to act, the Noteholders representing not
less than a majority of the Outstanding Note Balance or the Majority Certificateholders may), so notify the Indenture Trustee and the Owner Trustee. 

(b) Upon receipt of the notice specified in Section 12.5(a) indicating that a payment will be made,
the Relevant Trustee shall determine the date (the “applicable distribution date”) for making a distribution to Noteholders and Certificateholders of such damages, which date shall be the earlier of (i) the next Payment Date on
which such damages could be distributed and (ii) the earliest practicable date by which the Relevant Trustee could declare a special distribution date, in each case subject to all applicable provisions of this Indenture, applicable law and the
procedures of any applicable Clearing Agency. 
 (c) When the applicable distribution date is determined, (i) the
Computation Agent shall promptly compute the amount of interest to be paid on each Class of Notes on the applicable distribution date, which interest (unless such applicable distribution date is a Payment Date) shall be the amount accruing up to the
applicable distribution date and which shall be computed by pro rating the amount that would otherwise be payable on the next succeeding Payment Date on the basis of (x) the number (in the case of Notes other than the Class A-1 Notes, not to
exceed 30) of days elapsed from such preceding Payment Date divided by (y) 30 and (ii) the Owner Trustee, based on written instructions setting forth the damages calculation provided by the Majority Certificateholders, shall notify the Indenture
Trustee and the FDIC of the damages due to the Certificateholders pursuant to Section 360.6(d)(4)(ii) of the FDIC Rule. The Computation Agent shall notify the Owner Trustee and the Indenture Trustee (if a separate Person) of the applicable amounts
of principal and interest to be paid on each Class of Notes not later than the Business Day following the day on which the applicable distribution date is determined. 

(d) If the applicable distribution date is a special distribution date, the Relevant Trustee shall (i) declare such special
distribution date (the record date for which shall be the close of business on the day immediately preceding such special distribution date), (ii) declare a special distribution to Noteholders consisting of unpaid interest on each Note and the
outstanding principal balance of each Note, (iii) deliver notice to the Noteholders of such special distribution date and special distribution; and (iv) deliver notice to the Owner Trustee (or, if the Owner Trustee is the Relevant Trustee, deliver
notice to the Certificateholders) of such special distribution date and special distribution. 
 (e) Following payment by
the FDIC of such damages, 
 (i) such damages with respect to the Notes shall be deposited into the Principal
Distribution Account and such damages with respect to the Certificates shall be deposited into the Certificate Distribution Account; 

(ii) the Computation Agent shall promptly, and no later than one Business Day after such damages have been paid
by the FDIC, (i) compute the amount, if any, required 

  

					
		 	68	  	Indenture

 
to be withdrawn from available funds in the Reserve Account and transferred to the Principal Distribution Account so that the amount on deposit in the Principal Distribution Account shall equal
the aggregate amount to be distributed as specified in Section 12.5(c), and (ii) promptly inform the Servicer, the Owner Trustee and the Indenture Trustee (if a separate Person) of such computations; 

(iii) on the applicable distribution date, the Indenture Trustee shall, first, withdraw from monies
on deposit in the Reserve Account and, if necessary, monies on deposit in the Collection Account the amount necessary to pay the Indenture Trustee and the Owner Trustee any accrued and unpaid fees (including any prior unpaid Indenture Trustee or
Owner Trustee fees) and reasonable expenses (including indemnification amounts) not previously paid and distribute such amount to the Indenture Trustee and the Owner Trustee, pro rata based on amounts due, second, based on the
computations in Section 12.5(e), withdraw from monies on deposit in the Reserve Account and, if necessary, monies on deposit in the Collection Account the amount so computed and deposit such amount into the Principal
Distribution Account and third, cause all amounts deposited in the Principal Distribution Account pursuant to this Section 12.5 to be applied in accordance with the following order of priority: 

(a) first, to the Holders of the Notes, ratably, interest on the Notes in the amount computed by
the Computation Agent pursuant to Section 12.5(c); 
 (b) second, to the Holders of the
Class A-1 Notes, in respect of principal thereon, until the Class A-1 Notes have been paid in full; 
 (c)
third, to the Holders of the Class A-2[-A] Notes, [Class A-2-B Notes,] Class A-3 Notes and Class A-4 Notes, in respect of principal thereon, on a pro rata basis, until all classes of the Class A Notes have been paid in full; 

(d) fourth, to the Holders of the Class B Notes, in respect of principal thereon, until the Class
B Notes have been paid in full; 
 (e) fifth, to the Holders of the Class C Notes, in respect
of principal thereon, until the Class C Notes have been paid in full; and 
 (f) sixth, to the Holders
of the Class D Notes, in respect of principal thereon, until the Class D Notes have been paid in full. 

(iv) On the applicable distribution date, the Owner Trustee shall, based on the computations in Section
12.5(c), cause all amounts deposited in the Certificate Distribution Account pursuant to this Section 12.5 to be distributed to the Certificateholders, pro rata based on the Percentage Interest of each Certificateholder; and 

(v) any funds remaining in the Collection Account and the Reserve Account shall be distributed on the following
Payment Date (or on such applicable distribution date, if it is a Determination Date), such distributions to be made in accordance with Section 5.4 or 8.5, as applicable, with the Relevant Trustee to adjust the amounts of such

  

					
		 	69	  	Indenture

 
distributions in the Relevant Trustee’s Certificate to take into account the amounts distributed on the applicable distribution date. 

SECTION 12.6 Notice.

(a) In the event that the Bank becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator
provides a written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the party receiving such notice shall promptly deliver such notice to each of the Huntington Parties and the Indenture Trustee and the Owner Trustee.

 (b) If the FDIC (i) is appointed as a conservator or receiver of the Bank and (ii) is in default due to its failure
to pay principal or interest when due following the expiration of any cure period hereunder or under the other Transaction Documents, the Indenture Trustee at the direction of the Noteholders representing not less than a majority of the Outstanding
Note Balance, the Servicer or the Majority Certificateholders shall be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder and under the other Transaction Documents. Upon delivery of such notice,
the Relevant Trustee may exercise any contractual rights such Relevant Trustee may have in accordance with the Transaction Documents and the FDIC Rule. The Indenture Trustee shall, at the written direction of the Noteholders representing not less
than a majority of the Outstanding Note Balance, and the Owner Trustee shall, at the written direction of the Majority Certificateholders, exercise such contractual rights. 

SECTION 12.7 Reservation of Rights. Neither the inclusion of this Article XII in this Indenture nor the
compliance by any Person with, or the acknowledgment by any Person of, this Article’s provisions constitutes an agreement or acknowledgment by any Person that, in the case of an insolvency proceeding with respect to the Bank, a receiver or
conservator will have any rights with respect to the Trust Estate. 
 [Remainder of Page Intentionally Left Blank] 

  

					
		 	70	  	Indenture

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

			
	 HUNTINGTON AUTO TRUST 20[    ]-[    ]

		
	 By:
	 	
[                    ],

		 	 not in its individual capacity

but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	S-1	  	20[    ]-[    ] Indenture

 
			
	
[                    
],

	 not in its individual capacity

but solely as Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	S-2	  	Indenture

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents,
warrants, and covenants to the Indenture Trustee as follows on the Closing Date: 
 General 

1. The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and
the other Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer. 

2. The Receivables constitute “chattel paper” (including “electronic chattel paper” or “tangible
chattel paper”), “accounts”, “instruments”, “promissory notes”, “payment intangibles” or “general intangibles,” within the meaning of the applicable UCC. 

3. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable, such Receivable is
secured by a first priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken
to perfect a first priority security interest in the related Financed Vehicle in favor of the Originator, as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and
equitable principles relating to or affecting the enforcement of creditors’ rights generally. 
 4. Each Trust Account
constitutes either a “deposit account” or a “securities account” within the meaning of the UCC. 
 Creation

 5. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable by the
Seller to the Issuer, the Seller owned and had good and marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have good
and marketable title to such Receivable free and clear of any Lien. 
 Perfection 

6. The Issuer has submitted or will have caused to be submitted, on the effective date of the Indenture, the filing of all
appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Indenture Trustee hereunder; and the Servicer, in its
capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this

  

					
		 	I-1	  	Indenture

 
paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party”. 

7. With respect to Receivables that constitute an instrument or tangible chattel paper, either: 

(i) All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture
Trustee, as pledgee of the Issuer; or 
 (ii) Such instruments or tangible chattel paper are in the possession of the
Servicer and the Indenture Trustee has received a written acknowledgment from the Servicer that the Servicer is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee, as pledgee of the
Issuer; or 
 (iii) The Servicer received possession of such instruments or tangible chattel paper after the Indenture
Trustee received a written acknowledgment from the Servicer (in its capacity as custodian) that the Servicer is acting solely as agent of the Indenture Trustee, as pledge of the Issuer. 

8. With respect to the Trust Accounts that constitute deposit accounts, either: 

(i) the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the
deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Trust Accounts without further consent by the Issuer; or 

(ii) the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of such Trust
Accounts. 
 9. With respect to the Trust Accounts that constitute securities accounts or securities entitlements, either:

 (i) the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities
intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to such Trust Accounts without further consent by the Issuer; or 

(ii) the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture
Trustee as the Person having a security entitlement against the securities intermediary in each of such Trust Accounts. 
 Priority

 10. The Issuer has not authorized the filing of, and is not aware of any financing statements against the Issuer
that include a description of collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by the Bank to the Seller under the Receivables Sale Agreement, (ii) relating to the
conveyance of the 

  

					
		 	I-2	  	Indenture

 
Receivables by the Seller to the Issuer under the Sale Agreement, (iii) relating to the security interest granted to the Indenture Trustee under the Indenture or (iv) that has been
terminated. 
 11. The Issuer is not aware of any material judgment, ERISA or tax lien filings against the Issuer. 

12. Neither the Issuer nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has
communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 

13. None of the instruments, electronic chattel paper or tangible chattel paper that constitutes or evidences the Receivables
has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Seller, the Issuer or the Indenture Trustee. 

14. No Trust Account that constitutes a securities account or securities entitlement is in the name of any Person other than
the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any such Trust Account to comply with entitlement orders of any Person other than the Indenture Trustee. 

15. No Trust Account that constitutes a deposit account is in the name of any Person other than the Issuer or the Indenture
Trustee. The Issuer has not consented to the bank maintaining such Trust Account to comply with instructions of any Person other than the Indenture Trustee.

Survival of Perfection Representations 

16. Notwithstanding any other provision of the Indenture or any other Transaction Document, the perfection representations,
warranties and covenants contained in this Schedule I shall be continuing, and remain in full force and effect until such time as all obligations under the Indenture have been finally and fully paid and performed. 

No Waiver 

17. The Issuer shall provide the Rating Agencies with prompt written notice of any material breach of the perfection
representations, warranties and covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties or covenants. 

Issuer to Maintain Perfection and Priority 

18. The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this Indenture, the Issuer
shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first priority interest, the
Indenture Trustee’s security interest in the Receivables. The Issuer shall, from time to time and within the time limits established by law, prepare and file, all financing statements, amendments,

  

					
		 	I-3	  	Indenture

 
continuations, initial financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to
continue, maintain and perfect the Indenture Trustee’s security interest in the Receivables as a first-priority interest. 

  

					
		 	I-4	  	Indenture

 Exhibit A 

FORM OF NOTES 

  

					
		  		  	Indenture

 FORM OF CLASS [A-1] [A-2[-A]] [A-2-B] [A-3] [A-4] [B] [C] [D] NOTE 

 

					
	 REGISTERED
	 		 	
$            1

	 No. R-            
	 		 	 CUSIP NO.            

		 		 	 ISIN NO.            

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

BY ACQUIRING THIS NOTE, EACH PURCHASER AND TRANSFEREE AND ANY FIDUCIARY ACTING ON BEHALF OF A PURCHASER OR TRANSFEREE WILL BE
DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) IT IS NOT ACQUIRING AND WILL NOT HOLD THIS NOTE (OR ANY INTEREST HEREIN) WITH THE ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS
SUBJECT TO SECTION 4975 OF THE CODE (III) ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN THE ENTITY, OR (IV) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR
OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B)(I) THE NOTE IS RATED AT LEAST “BBB-” OR ITS
EQUIVALENT BY A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION AT THE TIME OF PURCHASE OR TRANSFER, AND (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW. 
  

	 1 
	 Denominations of $1,000 and integral multiples of $1,000 in excess thereof. 

  

					
		 	A-1	  	Indenture

 ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL
BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE. 
 [FOR CLASS A-2[-A] NOTE, [CLASS A-2-B
NOTE,] CLASS A-3 NOTE, CLASS A-4 NOTE, CLASS B NOTE, CLASS C NOTE AND CLASS D NOTE ONLY] [THIS NOTE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.] 

HUNTINGTON AUTO TRUST 20[    ]-[    ] 

CLASS [A-1] [A-2[-A]] [A-2-B] [A-3] [A-4] [B] [C] [D] [    ]% 

AUTO LOAN ASSET BACKED NOTES 

Huntington Auto Trust 20[    ]-[    ], a statutory trust organized and existing under
the laws of the State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to
[                    ], or registered assigns, the principal sum of [        ] DOLLARS
($[        ]), in monthly installments on the 15th of each month, or if such day is not a Business Day, on the immediately succeeding Business Day,
commencing on [            ], 20[    ], (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay
interest on each Payment Date on the Class [A-1] [A-2[-A]] [[A-2-B]] [A-3] [A-4] [B] [C] [D] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing
Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b), 8.2 and 8.5 of the
Indenture; provided, however, that the entire Class [A-1] [A-2[-A]] [[A-2-B]] [A-3] [A-4] [B] [C] [D] Note Balance shall be due and payable on the earliest of (i)
[            ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are
accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment Date [from and including the preceding Payment Date (or, in the case of the initial Payment Date, from and
including the Closing Date) to but excluding such Payment Date]2 [from and including the 15th day of the calendar month preceding such Payment Date (or from and including the Closing Date in
the case of the first Payment Date) to but excluding the 15th day of the calendar month in which such Payment Date occurs].3 Interest will be computed on the basis of [actual days elapsed and
a 360-day year]2 [a 360-day year of twelve 30-day months].3 Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof. The principal of and interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with
respect to this Note shall be applied first to interest on this Note as provided above and then to the unpaid principal of this Note. 

 

	 2 
	 With respect to the Class A-1 Notes [and A-2-B Notes]. 

	 3 
	 With respect to the Class A-2, A-3, A-4, B, C and D Notes. 

  

					
		 	A-2	  	Indenture

 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for
any purpose. 
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its Authorized Officer.

 Dated: [            ], 20[    ] 

 

			
	 HUNTINGTON AUTO TRUST 20[    ]-[    ]

		
	 By:
	 	
[                    ],

		 	 not in its individual capacity

but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	A-3	  	Indenture

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: [            ], 20[    ] 

 

			
	
[                    
],

	 a New York banking corporation,

not in its individual capacity

but solely as Authenticating Agent

		
	 By:
	 	  

		 	 Authorized Signatory

  

					
		 	A-4	  	Indenture

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
    %] [Class A-2[-A]     %] [[Class A-2-B] LIBOR +     %]] [Class A-3     %] [Class A-4     %] [Class B     %] [Class C
    %] [Class D     %] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2[-A]] [[A-2-B]] [A-3] [A-4] [B] [C] [D] Notes” or the “Notes”), all issued under an
Indenture dated as of [            ], 20[    ] (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and
[                    ], a [                    ]
not in its individual capacity but solely as trustee (the “Indenture Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined
herein and that are defined in the Indenture or the Sale Agreement shall have the meanings assigned to them in the Indenture or in Appendix A of the Sale Agreement. 

The Class A-1 Notes, the Class A-2[-A] Notes, [the Class A-2-B Notes,] the Class A-3 Notes and the Class A-4 Notes are and
will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. The Class B Notes are subordinated to the Class A Notes and are secured by the collateral pledged as security therefor on a
subordinated basis as provided in the Indenture. The Class C Notes are subordinated to the Class A Notes and Class B Notes and are secured by the collateral pledged as security therefor on a subordinated basis as provided in the
Indenture. The Class D Notes are subordinated to the Class A Notes, Class B Notes and Class C Notes and are secured by the collateral pledged as security therefor on a subordinated basis as provided in the Indenture. All covenants and
agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Class A Notes, Class B Notes, Class C Notes and Class D Notes. 

Principal payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture. As described
above, the entire Class [A-1] [A-2[-A]] [[A-2-B]] [A-3] [A-4] [B] [C] [D] Note Balance shall be due and payable on the earliest of (i)
[                    ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of
the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All principal payments on the Class [A-1] [A-2[-A]] [[A-2-B]] [A-3] [A-4] [B] [C] [D] Notes shall be made pro rata
to the Class [A-1] [A-2[-A]] [[A-2-B]] [A-3] [A-4] [B] [C] [D] Noteholders entitled thereto. 
 Payments of principal of and
interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made by wire transfer if an account has been designated by the related Noteholder three Business Days prior to the related Payment Date and otherwise by
check mailed to the Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that 

  

					
		 	A-5	  	Indenture

 
this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or
Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was
the registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the applicable Corporate Trust Office of the Indenture Trustee or such other address as is selected by the Indenture Trustee pursuant to the terms of the 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,
covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that
the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 It is the intent
of the Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of federal, state and local income and franchise tax the Notes shall constitute indebtedness. The Noteholders, by acceptance of a Note, agree to treat, and to
take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness. 
 Each Noteholder or
Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote
Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation,
reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in any
involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the 

  

					
		 	A-6	  	Indenture

 
benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any
Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 

  

					
		 	A-7	  	Indenture

 ASSIGNMENT 

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

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

                        
                                         
                                         
                                  (name and address of assignee) 

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

											
	 Dated:
	 	  
	 		 	  
	 	 */
	 	

  

	
	
	 Signature Guaranteed:

	
	  

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

  

	 */
	 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. 

  

					
		 	A-8	  	Indenture

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