Document:

Revolving Credit Facility Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
  

 
 $800,000,000 REVOLVING CREDIT
FACILITY AGREEMENT 
 among 
 SOUTHWEST AIRLINES CO., 
 THE BANKS PARTY HERETO, 

CITIBANK, N.A., 
 as Syndication Agent, 
 BARCLAYS BANK PLC, 

DEUTSCHE BANK SECURITIES INC., 
 GOLDMAN SACHS BANK USA 
 and 

MORGAN STANLEY SENIOR FUNDING, INC., 
 as Documentation Agents, 
 and 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
 As of April 28, 2011 

J.P. MORGAN SECURITIES LLC 
 and 
 CITIGROUP GLOBAL MARKETS INC., 

as Co-Lead Arrangers and Joint Bookrunners 
  

 

 Table of Contents 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	  
	 Section 1.1 Certain Defined Terms
	  	 	1	  
	 Section 1.2 Computation of Time Periods
	  	 	12	  
		
	 ARTICLE II LOANS
	  	 	13	  
	 Section 2.1 Commitments
	  	 	13	  
	 Section 2.2 Committed Borrowing Procedure
	  	 	13	  
	 Section 2.3 Refinancings; Conversions
	  	 	13	  
	 Section 2.4 Fees
	  	 	14	  
	 Section 2.5 Termination and Reduction of Commitments
	  	 	15	  
	 Section 2.6 Loans
	  	 	15	  
	 Section 2.7 Loan Accounts
	  	 	16	  
	 Section 2.8 Interest on Loans
	  	 	16	  
	 Section 2.9 Interest on Overdue Amounts
	  	 	17	  
	 Section 2.10 Alternate Rate of Interest
	  	 	17	  
	 Section 2.11 Prepayment of Loans
	  	 	17	  
	 Section 2.12 Reserve Requirements; Change in Circumstances
	  	 	18	  
	 Section 2.13 Change in Legality
	  	 	20	  
	 Section 2.14 Indemnity
	  	 	21	  
	 Section 2.15 Pro Rata Treatment
	  	 	21	  
	 Section 2.16 Sharing of Setoffs
	  	 	21	  
	 Section 2.17 Payments
	  	 	22	  
	 Section 2.18 Taxes
	  	 	22	  
	 Section 2.19 Calculation of LIBO Rates
	  	 	25	  
	 Section 2.20 Booking Loans
	  	 	25	  
	 Section 2.21 Quotation of Rates
	  	 	25	  
	 Section 2.22 Defaulting Banks
	  	 	25	  
	 Section 2.23 Mitigation Obligations; Replacement of Banks
	  	 	27	  
		
	 ARTICLE III LETTERS OF CREDIT
	  	 	28	  
	 Section 3.1 L/C Commitment
	  	 	28	  
	 Section 3.2 Procedure for Issuance of Letter of Credit
	  	 	28	  
	 Section 3.3 Fees and Other Charges
	  	 	29	  
	 Section 3.4 L/C Participations
	  	 	29	  
	 Section 3.5 Reimbursement Obligation of the Company
	  	 	30	  
	 Section 3.6 Obligations Absolute
	  	 	30	  
	 Section 3.7 Letter of Credit Payments
	  	 	31	  
	 Section 3.8 Applications
	  	 	31	  
		
	 ARTICLE IV CONDITIONS OF LENDING
	  	 	31	  
	 Section 4.1 Conditions Precedent
	  	 	31	  
	 Section 4.2 Conditions Precedent to Each Committed Borrowing
	  	 	32	  
	 Section 4.3 Conditions Precedent to Each Letter of Credit Issuance
	  	 	32	  
	 Section 4.4 Legal Details
	  	 	33	  
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	33	  
	 Section 5.1 Organization, Authority and Qualifications
	  	 	33	  
	 Section 5.2 Financial Statements
	  	 	33	  

  
 i 

					
	 Section 5.3 Compliance with Agreement and Laws
	  	 	33	  
	 Section 5.4 Authorization; No Breach; and Valid Agreements
	  	 	34	  
	 Section 5.5 Litigation and Judgments
	  	 	34	  
	 Section 5.6 Ownership of Properties
	  	 	34	  
	 Section 5.7 Taxes
	  	 	34	  
	 Section 5.8 Approvals Required
	  	 	34	  
	 Section 5.9 Business; Status as Air Carrier
	  	 	34	  
	 Section 5.10 ERISA Compliance
	  	 	34	  
	 Section 5.11 Insurance
	  	 	35	  
	 Section 5.12 Purpose of Loan
	  	 	35	  
	 Section 5.13 Investment Company Act
	  	 	35	  
	 Section 5.14 General
	  	 	35	  
		
	 ARTICLE VI COVENANTS
	  	 	35	  
	 Section 6.1 Performance of Obligations
	  	 	35	  
	 Section 6.2 Compliance with Laws
	  	 	35	  
	 Section 6.3 Maintenance of Existence, Licenses and Franchises: Compliance With Agreements
	  	 	35	  
	 Section 6.4 Maintenance of Properties
	  	 	36	  
	 Section 6.5 Maintenance of Books and Records
	  	 	36	  
	 Section 6.6 Inspection
	  	 	36	  
	 Section 6.7 Insurance
	  	 	37	  
	 Section 6.8 Appraisals
	  	 	37	  
	 Section 6.9 Coverage Ratio
	  	 	37	  
	 Section 6.10 Reporting Requirements
	  	 	37	  
	 Section 6.11 Use of Proceeds
	  	 	38	  
	 Section 6.12 Pool Assets
	  	 	38	  
	 Section 6.13 Restrictions on Liens
	  	 	39	  
	 Section 6.14 Mergers and Dissolutions
	  	 	40	  
	 Section 6.15 Assignment
	  	 	40	  
		
	 ARTICLE VII EVENTS OF DEFAULT; REMEDIES
	  	 	40	  
	 Section 7.1 Events of Default
	  	 	40	  
	 Section 7.2 Remedies Upon Default
	  	 	41	  
	 Section 7.3 Remedies in General
	  	 	42	  
		
	 ARTICLE VIII THE AGENTS
	  	 	42	  
	 Section 8.1 Authorization and Action
	  	 	42	  
	 Section 8.2 Agents’ Reliance, Etc.
	  	 	43	  
	 Section 8.3 Rights of Agents as Banks
	  	 	43	  
	 Section 8.4 Bank Credit Decision
	  	 	43	  
	 Section 8.5 Agents’ Indemnity
	  	 	44	  
	 Section 8.6 Successor Administrative Agent
	  	 	44	  
	 Section 8.7 Notice of Default
	  	 	45	  
	 Section 8.8 Documentation Agents and Syndication Agent
	  	 	45	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	45	  
	 Section 9.1 Amendments, Etc
	  	 	45	  
	 Section 9.2 Notices, Etc.
	  	 	45	  
	 Section 9.3 No Waiver; Remedies
	  	 	46	  
	 Section 9.4 Costs, Expenses and Taxes
	  	 	46	  
	 Section 9.5 Indemnity
	  	 	47	  

  
 ii 

					
	 Section 9.6 Right of Setoff
	  	 	47	  
	 SECTION 9.7 GOVERNING LAW
	  	 	48	  
	 Section 9.8 Submission To Jurisdiction; Waivers
	  	 	48	  
	 Section 9.9 Survival of Representations and Warranties
	  	 	48	  
	 Section 9.10 Binding Effect
	  	 	48	  
	 Section 9.11 Successors and Assigns; Participations
	  	 	48	  
	 Section 9.12 Independence of Covenants
	  	 	51	  
	 Section 9.13 Severability
	  	 	51	  
	 Section 9.14 Integration
	  	 	51	  
	 Section 9.15 Descriptive Headings
	  	 	51	  
	 Section 9.16 Execution in Counterparts
	  	 	51	  
	 Section 9.17 WAIVERS OF JURY TRIAL
	  	 	52	  
	 Section 9.18 No Fiduciary Duty
	  	 	52	  
	 Section 9.19 USA Patriot Act
	  	 	52	  

 SCHEDULES 

			
		
	Location of Lending Office; Notice Information	  	Schedule I
	 Pool Assets
	  	Schedule II
		
	EXHIBITS	  	
		
	Form of Notice of Committed Borrowing	  	Exhibit A
	Form of Note	  	Exhibit B
	Form of Company’s Internal Counsel Opinion	  	Exhibit C-1
	Form of Company’s Outside Counsel Opinion	  	Exhibit C-2
	Form of Agents’ Counsel Opinion	  	Exhibit C-3
	Form of Financial Report Certificate	  	Exhibit D
	Form of Assignment and Acceptance	  	Exhibit E
	Form of Appraisal	  	Exhibit F
	Form of U.S. Tax Compliance Certificate	  	Exhibit G

  
 iii

 REVOLVING CREDIT FACILITY AGREEMENT 

REVOLVING CREDIT FACILITY AGREEMENT, dated as of April 28, 2011, among SOUTHWEST AIRLINES CO. (the “Company”), the
Banks, JPMORGAN CHASE BANK, N.A., as administrative agent for the Banks (in such capacity, the “Administrative Agent”), CITIBANK, N.A., as syndication agent for the Banks (in such capacity, the “Syndication Agent”),
and Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., as documentation agents for the Banks (collectively, in such capacity, the “Documentation Agents”). 

The Company has requested the Banks to extend credit to the Company in order to enable it to borrow on a revolving credit basis and to
obtain letters of credit on and after the Effective Date and at any time and from time to time prior to the Termination Date (each as herein defined) in an aggregate principal amount not in excess of $800,000,000 at any time outstanding. The Banks
are willing to extend such credit to the Company on the terms and conditions herein set forth. Accordingly, the Company, the Agents, and the Banks agree as follows: 
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS 

Section 1.1 Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “Adjusted Pre-Tax
Income” of any Person means, with respect to any period, income before taxes of such Person for such period, but excluding (i) any gain or loss arising from the sale of capital assets other than capital assets consisting of Aircraft,
(ii) any gain or loss arising from any write-up or write-down of assets, (iii) income or loss of any other Person, substantially all of the assets of which have been acquired by such Person in any manner, to the extent that such income or
loss was realized by such other Person prior to the date of such acquisition, (iv) income or loss of any other Person (other than a Subsidiary) in which such Person has an ownership interest, (v) the income or loss of any other Person to
which assets of such Person shall have been sold, transferred, or disposed of, or into which such Person shall have merged, to the extent that such income or loss arises prior to the date of such transaction, (vi) any gain or loss arising from
the acquisition of any securities of such Person, (vii) gains or losses reported as extraordinary in accordance with GAAP not previously excluded in clauses (i) through (vi), and (viii) the cumulative effect of changes in accounting
methods permitted by GAAP during such period. Notwithstanding the foregoing, the determination of income before taxes for any period shall be adjusted by any pre-tax non-GAAP financial measures for such period as identified in “Reconciliation
of Reported Amounts to non-GAAP Financial Measures” contained in the Management’s Discussion and Analysis of Financial Condition and Results of Operation in the Company’s filings in respect of such period on Form 10-Q or Form 10-K
with the Securities and Exchange Commission. 
 “Administrative Agent” is defined in the introduction to this
Agreement. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form satisfactory to
the Administrative Agent, which each Bank shall complete and provide to the Administrative Agent. 

“Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by
or is under common control with another Person. 

 “Agents” means the Administrative Agent, the Syndication Agent and the
Documentation Agents. 
 “Agreed Maximum Rate” means, for any date, 2% per annum above the interest rate
then applicable to Alternate Base Loans. 
 “Agreement” means this Revolving Credit Facility Agreement, as the
same may be amended, supplemented, or modified from time to time. 
 “Aircraft” means, collectively, airframes
and aircraft engines now owned or hereafter acquired by the Company, together with all appliances, equipment, instruments, and accessories (including radio and radar) from time to time belonging to, installed in, or appurtenant to such airframes and
aircraft engines; provided, however, the term “Aircraft” shall not include airframes and engines leased by the Company. 
 “Aircraft Rentals” means the operating expense attributable to rental of aircraft, calculated in accordance with the line item described as such in the Current Financials. 

“Alternate Base Loan” means any Committed Loan with respect to which the Company shall have selected an interest rate
based on the Alternate Base Rate in accordance with the provisions of Article II. 

“Alternate Base Rate” means, for any day, a rate per annum (rounded upwards, if necessary, to the
next 1/16 of 1%) equal to the greater of (a) the Prime Rate in effect on such day, (b) the LIBO Rate for a one-month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, and
(c) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1%. For purposes hereof: “Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its
principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank, N.A. in connection with extensions of credit to debtors). Any change in the Alternate Base Rate due to a change in
the Prime Rate, the LIBO Rate or the Federal Funds Effective Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate, the LIBO Rate or the Federal Funds Effective Rate, respectively.

 “Applicable Lending Office” means, with respect to each Bank, such Bank’s Domestic Lending
Office in the case of an Alternate Base Loan and such Bank’s Eurodollar Lending Office in the case of a Eurodollar Loan. 

“Applicable Rate” means the relevant rate determined by reference to the Index Debt Rating in effect on such date as set
forth below. 
  

													
	 Index Debt Ratings S&P/Moody’s
	  	Applicable Margin
(Eurodollar 
Loans)	 	 	Applicable Margin
(Alternate Base Rate
Loans)	 	 	Commitment Fee
Rate	 
				
	 A/A2 or better
	  	 	1.000	% 	 	 	0.000	% 	 	 	0.125	% 
				
	 A-/A3
	  	 	1.125	% 	 	 	0.125	% 	 	 	0.150	% 
				
	 BBB+/Baa1
	  	 	1.250	% 	 	 	0.250	% 	 	 	0.175	% 
				
	 BBB/Baa2
	  	 	1.500	% 	 	 	0.500	% 	 	 	0.250	% 
				
	 BBB-/Baa3
	  	 	1.750	% 	 	 	0.750	% 	 	 	0.325	% 
				
	 BB+/Ba1 or below
	  	 	2.250	% 	 	 	1.250	% 	 	 	0.375	% 

  
 2 

 Each change in the Applicable Rate shall apply during the period commencing on the effective date of such
change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, the Company and the Banks shall negotiate in good faith to amend this definition to reflect
such changed rating system and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change. 

“Application” means an application, in such form as the Issuing Bank may specify from time to time, requesting the
Issuing Bank to open a Letter of Credit. Each Issuing Bank shall furnish to the Company a form of Application satisfactory to it promptly following the request therefor by the Company. 

“Appraisal” means a “desk-top” appraisal report addressed to the Administrative Agent and substantially in the
form of Exhibit F, which will not include physical inspection of aircraft, engines or maintenance records and will assume the equipment is half life in its maintenance cycle, dated the date of delivery thereof to the Banks pursuant to the
terms of this Agreement, by one or more independent appraisal firms of recognized national standing selected by the Company (such firm to be reasonably satisfactory, at the time of such Appraisal, to the Administrative Agent) setting forth the fair
market value, as determined in accordance with the definition of “current market value” promulgated by the International Society of Transport Aircraft Trading, as of the date of such appraisal, of each Pool Asset or a proposed Pool Asset,
as the case may be. 
 “Appraisal Delivery Date” means (a) the Effective Date, (b) each anniversary
of the Effective Date (other than such date falling in 2016) and (c) each date of replacement, removal or addition of any Pool Asset if such Pool Asset is an airframe or an airframe and one or more engines installed thereon. 

“Appraised Value” means, as of any date of determination, the aggregate current market value as of such date of each
Pool Asset or proposed Pool Asset, as the case may be, as provided in the most recently delivered Appraisal. 

“Assignment and Acceptance” is defined in Section 9.11(c). 

“Auditors” means independent certified public accountants of recognized national standing selected by the Company.

 “Available Revolving Commitment” means, as to any Bank at any time, an amount equal to the excess, if any,
of (a) such Bank’s Commitment then in effect over (b) such Bank’s Revolving Credit Exposure then outstanding. 
 “Banks” means those banks and other financial institutions signatory hereto and other banks or financial institutions which from time to time become party hereto pursuant to the
provisions of this Agreement. 
 “Board” means the Board of Governors of the Federal Reserve System of the
United States. 

  
 3 

 “Borrowing” means a Committed Borrowing. 

“Borrowing Date” means the Business Day on which the proceeds of any Borrowing are to be made available to the Company.

 “Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York
City are authorized or required by law to close, provided, that with respect to notices and determinations in connection with, and payments of principal and interest on, Eurodollar Loans, such day is also a day for trading in London, England
by and between banks in dollar deposits in the Eurodollar Interbank Market. 
 “Capital Stock” means any and
all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to
purchase any of the foregoing. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 “Collateral Coverage Test” means, on any date, the requirement that the Appraised Value of the Pool Assets
on such date shall not be less than an amount equal to 1.5 times the Total Commitment on such date (or, after termination of the Commitments, the sum of the aggregate outstanding amount of Loans and L/C Obligations). 

“Commitment” means, with respect to each Bank, the obligation of such Bank to make Loans and to issue or participate in
Letters of Credit in the aggregate principal and/or face amount set forth opposite the name of such Bank on the signature pages hereof, and, if applicable, amendments hereto, as such amount may be permanently terminated or reduced from time to time
pursuant to Section 2.5, Section 2.12(e) and Section 7.2, and as such amount may be increased or reduced from time to time by assignment or assumption pursuant to Section 2.12(e) and
Section 9.11(c). The Commitments shall automatically and permanently terminate on the Termination Date. 

“Commitment Fee” is defined in Section 2.4. 

“Committed Borrowing” means a borrowing consisting of simultaneous Committed Loans from each of the Banks distributed
ratably among the Banks in accordance with their respective Commitments. 
 “Committed Loan” means a loan by a
Bank to the Company pursuant to Section 2.1, and shall be either a Eurodollar Loan or an Alternate Base Loan. 

“Communications” is defined in Section 9.2. 

“Company” is defined in the introduction to this Agreement. 

“Coverage Ratio” means, as of any date, the ratio of (i) for the four fiscal quarter period for which the
Company’s annual or quarterly Financial Statements have been most recently required to have been delivered pursuant to Section 6.10(a) and Section 6.10(b) (and after taking into account any Form 8-K of the Company that
provides for the adjustment to such Financial Statements as provided in the definition of “Adjusted Pre-Tax Income”), the Company’s and its Subsidiaries’ consolidated Adjusted Pre-Tax Income, plus Aircraft Rentals, plus
consolidated Net Interest Expense, depreciation, and amortization, and minus cash dividends paid by the Company, to (ii) consolidated Net Interest Expense and Aircraft Rentals paid within such four-quarter period. 

  
 4 

 “Current Financials” means the Financial Statements of the Company and its
Subsidiaries for the fiscal year ended December 31, 2010. 
 “Debt” means, without duplication,
(a) any indebtedness for borrowed money or incurred in connection with the acquisition or construction of any Property, (b) any obligation under any lease of any Property entered into after the date of this Agreement which is required
under GAAP to be capitalized on the lessee’s balance sheet, and (c) any direct or indirect guarantee or assumption of indebtedness or obligations described in clause (a) or (b), including without limitation any agreement to provide
funds to or otherwise assure the ability of an obligor to repay indebtedness or meet its obligations. 
 “Debtor Relief
Laws” means the Bankruptcy Code of the United States of America and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, fraudulent transfer or conveyance,
suspension of payments, or similar Laws from time to time in effect affecting the Rights of creditors generally. 

“Default” means the occurrence of any event which with the giving of notice or the passage of time or both would become
an Event of Default. 
 “Defaulting Bank” means any Bank, as determined by the Administrative Agent, that has
(a) failed, in the determination of the Administrative Agent, which determination shall be conclusive subject to manifest error, to fund any portion of its Loans or participations in Letters of Credit within three Business Days of the date
required to be funded by it hereunder unless such Bank notifies the Administrative Agent in writing that such failure is the result of such Bank’s reasonable determination that one or more conditions precedent to funding has not been satisfied,
(b) notified the Company, the Administrative Agent, the Issuing Bank or any Bank in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not
intend to comply with its funding obligations under this Agreement (unless such writing or public statement relates to such Bank’s obligation to fund a Loan hereunder and states that such position is based on such Bank’s reasonable
determination that a condition precedent to funding cannot be satisfied) or generally under agreements in which it has committed to extend credit, (c) failed, within three Business Days after written request by the Administrative Agent (whether
acting on its own behalf or at the reasonable request of the Company (it being understood that the Administrative Agent shall comply with any such reasonable request)), to confirm that it will comply with the terms of this Agreement relating to its
obligations to fund prospective Loans and participations in then outstanding Letters of Credit; provided that any such Bank shall cease to be a Defaulting Bank under this clause (c) upon receipt of such confirmation by the Administrative
Agent, (d) otherwise failed to pay over to the Administrative Agent or any other Bank any other amount required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good faith dispute, or
(e) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had
a receiver, conservator, trustee or custodian appointed for it. No Bank shall be a Defaulting Bank solely by virtue of the ownership or acquisition of any equity interest in such Bank or a parent company thereof by a Governmental Authority or an
instrumentality thereof. 
 “Documentation Agents” is defined in the introduction to this Agreement.

 “dollars” and the symbol “$” mean the lawful currency of the United States of America.

 “Domestic Lending Office” means, with respect to any Bank, the office of such Bank specified as its
“Domestic Lending Office” on Schedule I to this Agreement or such other office of such Bank as such Bank may from time to time specify to the Company and the Administrative Agent. 

  
 5 

 “Effective Date” means the date on which the conditions set forth in
Section 4.1 are first met, which date is April 28, 2011. 
 “Eligible Affiliate Assignee”
means, with respect to any Bank, an Affiliate thereof that is: (i) a commercial bank organized under the Laws of the United States, or any state thereof, and having total assets in excess of $1,000,000,000; (ii) a commercial bank organized
under the Laws of France, Germany, the Netherlands or the United Kingdom, or under the Laws of a political subdivision of any such country, and having total assets in excess of $1,000,000,000; provided that such bank is acting through a
branch or agency located in such country or the United States; or (iii) a commercial bank organized under the Laws of any other country which is a member of the OECD, or under the Laws of a political subdivision of any such country, and having
total assets in excess of $1,000,000,000; provided that such bank is acting through a branch or agency located in the United States. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder. 

“Eurocurrency Liabilities” is defined in Regulation D. 

“Eurodollar Interbank Market” means the London eurodollar interbank market. 

“Eurodollar Lending Office” means, with respect to each Bank, the branches or affiliates of such Bank which such Bank
has designated on Schedule I as its “Eurodollar Lending Office” or may hereafter designate from time to time as its “Eurodollar Lending Office” by notice to the Company and the Administrative Agent. 

“Eurodollar Loan” means any loan with respect to which the Company shall have selected an interest rate based on the
LIBO Rate in accordance with the provisions of Article II. 
 “Event of Default” means any of the events
described in Article VII, provided there has been satisfied any requirement in connection therewith for the giving of notice, lapse of time, or happening of any further condition, event, or act. 

“Excluded Taxes” means with respect to any payment made by the Company under this Agreement or any Loan Papers, any of
the following Taxes imposed on or with respect to the Administrative Agent, a Bank or an Issuing Bank: (a) income or franchise Taxes imposed on (or measured by) net income by the United States of America (including a state, locality or other
political subdivision thereof), or by the jurisdiction (including a state, locality or other political subdivision thereof) under the laws of which such Administrative Agent, Bank or Issuing Bank is organized or in which its principal office is
located or, in the case of any Bank, in which its applicable lending office is located, (b) any branch profits Taxes imposed by the United States of America or any similar Taxes imposed by any other jurisdiction in which the Company is located,
(c) in the case of a Foreign Bank (other than an assignee pursuant to a request by the Company under Section 2.23), any U.S. Federal withholding Taxes resulting from any Law in effect on the date such Foreign Bank becomes a party to
this Agreement (or designates a new lending office) or is attributable to such Foreign Bank’s failure to comply with Section 2.18(f), except to the extent that such Foreign Bank (or its assignor, if any) was entitled, at the time of
designation of a new lending office (or assignment), to receive additional amounts from the Company with respect to such withholding Taxes pursuant to Section 2.18(a), (d) Other Connection Taxes, and (e) any U.S. withholding
Taxes imposed by reason of FATCA. 

  
 6 

 “Existing Credit Agreement” means the Competitive Advance and Revolving
Credit Facility Agreement, dated as of September 29, 2009, among the Company, the banks party thereto and the agents referred to therein. 
 “FATCA” means Sections 1471 through 1474 of the Code as of the date of this Agreement (including any amendment or successor to any such Section so long as such amendment or successor is
substantially similar or comparable to the reporting and withholding (and related) obligations of Sections 1471 through 1474 of the Code as of the date of this Agreement), and including any applicable Treasury regulation promulgated thereunder or
published administrative guidance or any other judicial interpretations thereof implementing such Sections whether any thereof are in existence as of the date of this Agreement or promulgated or published thereafter. 

“Federal Funds Effective Rate” means, for any day, the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a
Business Day, the average of the quotations for the day of such transactions received by JPMorgan Chase Bank, N.A. from three federal funds brokers of recognized standing selected by it. 

“Financial Report Certificate” means a certificate substantially in the form of Exhibit D. 

“Financial Statements” means balance sheets, income and loss statements, statements of stockholders’ equity, and
statements of cash flow prepared in accordance with GAAP and in comparative form to the corresponding period of the preceding fiscal year. 
 “Foreign Bank” is defined in Section 2.18. 

“GAAP” means generally accepted accounting principles of the Accounting Principles Board of the American Institute of
Certified Public Accountants and the Financial Accounting Standards Board which are applicable as of the date in question for the purpose of the definition of “Financial Statements.” 

“Governmental Authority” means the government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Indemnified Taxes” means (a) Taxes other than Excluded Taxes and
(b) Other Taxes. 
 “Index Debt” means senior, unsecured, non-credit enhanced debt with an original term
of longer than one year issued by the Company. 
 “Index Debt Rating” means, as of any date, the rating that
has been most recently announced by S&P and Moody’s for the Index Debt of the Company. For purposes of the foregoing, (a) if only one of S&P and Moody’s shall have in effect an Index Debt Rating, the Applicable Rate shall be
determined by reference to the available rating; (b) if the Index Debt Ratings established by S&P and Moody’s shall fall within different levels, the Applicable Rate shall be based upon the higher rating, except that if the difference
is two or more levels, the Applicable Rate shall be based on the rating that is one level below the higher rating; (c) if any Index Debt Rating established by S&P or Moody’s shall be changed, such change shall be effective as of the
date on which such change is first announced publicly by the rating agency making such change; (d) if S&P or Moody’s shall change the basis on which ratings are established, each reference to the rating for the Index Debt announced by
S&P or Moody’s, as the case 

  
 7 

 
may be, shall refer to the then equivalent rating by S&P or Moody’s, as the case may be; and (e) if neither S&P nor Moody’s shall have in effect an Index Debt Rating, the
Applicable Rate shall be set in accordance with the lowest level rating and highest percentage rate set forth in the table in the definition of “Applicable Rate”. 

“Interest Payment Date” means (i) with respect to any Alternate Base Loan, each Quarterly Payment Date, or if
earlier the Termination Date or the date of prepayment of such Loan or conversion of such Loan to a Eurodollar Loan and (ii) with respect to any Eurodollar Loan, the last day of the Interest Period applicable thereto and, in addition in the
case of a Eurodollar Loan with an Interest Period longer than three months each day that would have been the Interest Payment Date for such Loan had successive Interest Periods of three months been applicable to such Loan. 

“Interest Period” means, as to any Eurodollar Loan, the period commencing on the date of such Loan and ending on the
numerically corresponding day (or if there is no corresponding day, the last day) in the calendar month that is one, two, three or six, or, if agreed to by all Banks, nine or twelve, months thereafter, as the Company may elect; provided, that
(x) if any Interest Period would end on a day which shall not be a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, with respect to Eurodollar Loans only, such next succeeding Business Day would
fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (y) no Interest Period may be selected that ends later than the Termination Date. Interest shall accrue from and including the
first day of an Interest Period to but excluding the last day of such Interest Period. 
 “Issuing Bank” means
JPMorgan Chase Bank, N.A., Citibank, N.A. and any other Bank that has agreed in writing to act as an “Issuing Bank” hereunder. Each reference herein to “the Issuing Bank” shall be deemed to be a reference to the relevant Issuing
Bank. 
 “Laws” means all applicable statutes, laws, treaties, ordinances, rules, regulations, orders, writs,
injunctions, decrees, judgments, or opinions of any Tribunal. 
 “L/C Commitment” means $250,000,000.

 “L/C Obligations” means at any time, an amount equal to the sum of (a) the aggregate then undrawn and
unexpired amount of the then outstanding Letters of Credit, if any, and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.5. 

“L/C Participants” means the collective reference to all the Banks other than the Issuing Bank. 

“Letters of Credit” is defined in Section 3.1(a). 

“LIBO Rate” means, for any Eurodollar Loan for any Interest Period therefor, the rate appearing on the LIBOR Reuters
Screen LIBOR01 page (or on any successor or substitute page or any successor to or substitute therefor, providing rate quotations comparable to those currently provided on such page, as determined by the Administrative Agent from time to time for
purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time (or as soon thereafter as practicable), two Business Days before the first day of such Interest
Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar Loan for such
Interest Period shall be the annual rate of interest at which dollar deposits approximately equal in principal amount to JPMorgan Chase Bank, N.A.’s portion of the Committed Borrowing of which such Eurodollar Loan forms a part and with a
maturity equal to the applicable Interest Period are offered in immediately available funds to the principal office of JPMorgan Chase 

  
 8 

 
Bank, N.A. in London, England (or if JPMorgan Chase Bank, N.A. does not at the time any such determination is to be made maintain an office in London, England, the principal office of any
Affiliate of JPMorgan Chase Bank, N.A. in London, England), in the Eurodollar Interbank Market, at approximately 11:00a.m., London time (or as soon thereafter as practicable), two Business Days before the first day of such Interest Period. The LIBO
Rate for the Interest Period for each Eurodollar Loan comprising part of the same Borrowing shall be determined by the Administrative Agent. 
 “Lien” means any mortgage, lien, pledge, adverse claim, charge, security interest or other encumbrance in or on, or any interest or title of any vendor, lessor, lender or other secured
party to or of any Person under, any conditional sale or other title retention agreement or lease with respect to, any Property or asset of such Person. For avoidance of doubt, the filing of a Uniform Commercial Code financing statement by a Person
that is not entitled or authorized in accordance with the applicable Uniform Commercial Code to file such financing statement shall not, in and of itself, constitute a Lien. 
 “Litigation” means any action conducted, pending, or threatened by or before any Tribunal. 
 “Loan” means a Committed Loan, a Eurodollar Loan, or an Alternate Base Loan. 
 “Loan Papers” means (i) this Agreement, certificates delivered pursuant to this Agreement and exhibits and schedules hereto, (ii) any notes, security documents, guaranties, and
other agreements in favor of the Agents and Banks, or any or some of them, ever delivered in connection with this Agreement, (iii) any Letters of Credit and (iv) all renewals, extensions, or restatements of, or amendments or supplements
to, any of the foregoing. 
 “Majority Banks” means, at any time, Banks having Revolving Credit Exposures and
unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time. 
 “Material Adverse Change” or “Material Adverse Effect” means an act, event or circumstance which materially and adversely affects the business, financial condition or
results of operations of the Company and its Subsidiaries on a consolidated basis or the ability of the Company to perform its obligations under this Agreement or any Loan Paper. 

“Material Subsidiary” means, at any time, any Subsidiary of the Company having at such time (i) total assets, as of
the last day of the preceding fiscal quarter, having a net book value greater than or equal to 10% of the total assets of the Company and all of its Subsidiaries on a consolidated basis, (ii) Adjusted Pre-Tax Income, as of the last day of the
preceding fiscal quarter, greater than or equal to 10% of the total Adjusted Pre-Tax Income of the Company and all of its Subsidiaries on a consolidated basis or (iii) any Pool Assets. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Net Interest Expense” means interest expense minus interest income, excluding in either case capitalized interest, but
including payments in the nature of interest under capital leases if and to the extent characterized as such in accordance with GAAP. 
 “Note” means a promissory note which a Bank may require the Company to execute in accordance with Section 2.7(b), payable to the order of such Bank, in substantially the form
of Exhibit B hereto, with the blanks appropriately completed, to evidence the aggregate indebtedness of the Company to such Bank resulting from the Committed Loans made by such Bank to the Company, together with all modifications, extensions,
renewals, and rearrangements thereof 

  
 9 

 “Notice of Committed Borrowing” is defined in Section 2.2.

 “Obligation” means all present and future indebtedness, obligations, and liabilities, and all renewals,
extensions, and modifications thereof, owed to the Agents and Banks, or any or some of them, by the Company, arising pursuant to any Loan Paper, together with all interest thereon and costs, expenses, and reasonable attorneys’ fees incurred in
the enforcement or collection thereof. 
 “OECD” means the Organization for Economic Cooperation and
Development as constituted on the date hereof (excluding Mexico, Poland and the Czech Republic). 
 “Officer’s
Certificate” means a certificate signed in the name of the Company by either its Chairman, its Chief Executive Officer, its Chief Financial Officer, its President, one of its Vice Presidents, its Treasurer, or its Assistant Treasurer, in
each case without personal liability. 
 “Original Termination Date” means the fifth anniversary of the
Effective Date. 
 “Other Connection Taxes” means with respect to the Administrative Agent, any Bank or the
Issuing Bank, as the case may be, Taxes imposed as a result of a present or former connection between the Administrative Agent, such Bank or the Issuing Bank, as the case may be, and the jurisdiction imposing such Taxes (other than a connection
arising solely from the Administrative Agent, such Bank or the Issuing Bank having executed, delivered, enforced, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, or
engaged in any other transaction pursuant to, or enforced, any Loan Papers, or, in each case in accordance with and subject to the provisions of this Agreement, sold, assigned or participated an interest in any Loan Papers). 

“Other Taxes” means any present or future stamp, documentary, intangible, recording, filing or similar excise or
property Taxes that arise from any payment made under, from the execution, delivery performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with respect to, this
Agreement or any Loan Papers, except any such Taxes that are Other Connection Taxes (other than Other Connection Taxes imposed with respect to an assignment under Section 2.23). 

“Permitted Liens” means: (a) Liens for taxes, assessments and governmental charges or levies which either are not
yet due and payable or are being contested in good faith by appropriate proceedings and for which adequate reserves are established in accordance with GAAP; (b) Liens securing judgments, but only to the extent, for an amount and for a period
not resulting in an Event of Default under Section 7.1(d); (c) Liens arising under this Agreement; (d) Liens constituting normal operational usage of the affected Property, including charter, third party maintenance, storage,
leasing, pooling or interchange thereof; and (e) Liens imposed by law such as materialmen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course of business
securing obligations that (i) are not overdue for a period of more than 30 days, provided that no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced with respect thereto, or (ii) are being
contested in good faith and for which adequate reserves are established in accordance with GAAP. 
 “Person”
means and includes an individual, partnership, joint venture, corporation, trust, limited liability company or other entity, Tribunal, unincorporated organization, or government, or any department, agency, or political subdivision thereof.

 “Plan” means any plan defined in Section 4021(a) of ERISA in respect of which the Company is an
“employer” or a “substantial employer” as such terms are defined in ERISA. 

  
 10 

 “Pool Assets” means assets of the Company and any of its Wholly Owned
Domestic Subsidiaries listed on Schedule II, to the extent modified pursuant to Section 6.12 and shall include only Stage 3 Equipment owned legally by the Company and any of its Wholly Owned Domestic Subsidiaries. 

“Prime Rate” is defined in the definition of the term Alternate Base Rate. 

“Principal Office” of the Administrative Agent means 270 Park Avenue, New York, New York, 10017, or such other office as
the Administrative Agent may hereafter designate from time to time as its “Principal Office” by notice to the Company and the Banks. 
 “Property” means all types of real, personal, tangible, intangible, or mixed property. 
 “Quarterly Payment Date” means the 15th day of each March, June, September and December of each year, the first of which shall be the first such day after the Effective Date. 

“Register” is defined in Section 9.11(e). 

“Regulation D” means Regulation D of the Board, as the same is from time to time in effect, and all official rulings and
interpretations thereunder or thereof. 
 “Regulatory Change” means, with respect to any Bank, (a) any
adoption or change after the Effective Date of or in United States federal, state or foreign laws, rules, regulations (including Regulation D) or guidelines applying to a class of banks including such Bank, (b) the adoption or making after the
Effective Date of any interpretations, directives or requests applying to a class of banks including such Bank of or under any United States federal, state or foreign laws, rules, regulations or guidelines (whether or not having the force of law) by
any Tribunal, monetary authority, central bank, or comparable agency charged with the interpretation or administration thereof, or (c) any change in the interpretation or administration of any United States federal, state or foreign laws,
rules, regulations or guidelines applying to a class of banks including such Bank by any Tribunal, monetary authority, central bank, or comparable agency charged with the interpretation or administration thereof. 

“Reimbursement Obligation” means the obligation of the Company to reimburse the Issuing Bank pursuant to
Section 3.5 for amounts drawn under Letters of Credit. 
 “Reserve Percentage” of any Bank for the
Interest Period for any Eurodollar Loan means the reserve percentage applicable during such Interest Period under regulations issued from time to time by the Board (or if more than one such percentage shall be so applicable, the daily average of
such percentages for those days in such Interest Period during which any such percentage shall be so applicable) for determining the maximum reserve requirement (including, without limitation, any marginal reserve requirement) for such Bank with
respect to liabilities or assets consisting of or including Eurocurrency Liabilities having a term equal to such Interest Period. 
 “Revolving Credit Exposure” means, with respect to any Bank at any time, the sum of the outstanding principal amount of such Bank’s Loans and its L/C Obligations at such time. For
the purposes of this definition each Bank shall be deemed to hold a pro rata share of the total L/C Obligations based on the percentage which its Commitment represents of the aggregate Commitments. 

“Rights” means rights, remedies, powers, and privileges. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

  
 11 

 “Stage 3 Airframes” and “Stage 3 Engines” mean airframes
or engines, respectively, owned by the Company or any of its Wholly Owned Domestic Subsidiaries and, when taken together (i.e., one airframe and two engines), qualifying as Stage 3 airplanes, as set forth in Federal Aviation Regulation 36.1(f)(6),
14 C.F.R. §36.1(f)(6) or any successor regulation, as amended; and “Stage 3 Engines” also include spare engines which are suitable for use on Stage 3 Airframes and are being maintained according to the Company’s or any of
its Wholly Owned Domestic Subsidiaries’ normal and customary standards. 
 “Stage 3 Equipment” means Stage
3 Airframes and not less than two nor more than four Stage 3 Engines per Stage 3 Airframe. 
 “Stated Rate” is
defined in Section 9.8. 
 “Subsidiary” of a Person means any entity of which an aggregate of more
than 50% (in number of votes) of the stock (or equivalent interests) is owned of record or beneficially, directly or indirectly, by such Person. 
 “Syndication Agent” is defined in the introduction to this Agreement. 
 “Taxes” means all taxes, assessments, fees, levies, imposts, duties, deductions, withholdings, assessments or other similar charges at any time imposed by any Laws or Governmental
Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Termination Date”
means, at any time, the Original Termination Date or the earlier date of termination in whole of the Total Commitment pursuant to Section 2.5 or Section 7.2. 

“Total Commitment” means at any time the aggregate amount of the Banks’ Commitments, as in effect at such time.

 “Tribunal” means any municipal, state, commonwealth, federal, foreign, territorial, or other court,
governmental body, subdivision, agency, department, commission, board, bureau, or instrumentality. 
 “Type”
refers to the distinction between Committed Loans that are Alternate Base Loans and Committed Loans that are Eurodollar Loans. 

“United States” and “U.S.” each means United States of America. 

“U.S. Tax Compliance Certificate” is defined in Section 2.18. 

“Wholly Owned Domestic Subsidiary” means a Wholly Owned Subsidiary of the Company organized under the laws of any
jurisdiction within the United States. 
 “Wholly Owned Subsidiary” means, as to any Person, any other Person
all of the Capital Stock of which (other than directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 

“Withholding Agent” means the Company and the Administrative Agent. 

Section 1.2 Computation of Time Periods. In this Agreement in the computation of periods of time from a specified date to a
later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding.” 

  
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 ARTICLE II 
 LOANS 
 Section 2.1 Commitments. Subject to the terms and
conditions and relying upon the representations and warranties herein set forth, each Bank, severally and not jointly, agrees to make revolving credit loans to the Company, at any time and from time to time on and after the Effective Date and until
the earlier of the Termination Date and the termination of the Commitment of such Bank in accordance with the terms hereof. Notwithstanding the foregoing, (a) the aggregate principal amount at any time outstanding of all Committed Loans of a
Bank shall not exceed such Bank’s Commitment and (b) the Total Commitment shall be deemed used from time to time to the extent of the L/C Obligations, and such deemed use of the Total Commitment shall be applied to the Banks ratably
according to their respective Commitments, subject, however, to the conditions that (i) at no time shall (A) the sum of (x) the outstanding aggregate principal amount of all Committed Loans made by all Banks and (y) the L/C
Obligations exceed (B) the Total Commitment, and (ii) at all times the outstanding aggregate principal amount of all Committed Loans made by a Bank shall equal the product of (x) the percentage which its Commitment represents of the
Total Commitment times (y) the outstanding aggregate principal amount of all Committed Loans obligated to have been made by all Banks. 
 Within the foregoing limits, the Company may borrow, repay, prepay, and reborrow hereunder, on and after the Effective Date and prior to the Termination Date, subject to the terms, provisions, and
limitations set forth herein. 
 Section 2.2 Committed Borrowing Procedure. In order to effect a Committed
Borrowing, the Company shall hand deliver or telecopy to the Administrative Agent a duly completed request for Committed Borrowing, substantially in the form of Exhibit A hereto (a “Notice of Committed Borrowing”),
(i) in the case of Eurodollar Loans, not later than 11:00 a.m., New York City time, three Business Days before the Borrowing Date specified for a proposed Committed Borrowing, and (ii) in the case of Alternate Base Loans, not later than
11:00 a.m., New York City time, on the Business Day which is the Borrowing Date specified for a proposed Committed Borrowing. Such notice shall be irrevocable and shall in each case refer to this Agreement and specify (x) whether the Loans then
being requested are to be Eurodollar Loans, or Alternate Base Loans, (y) the Borrowing Date of such Loans (which shall be a Business Day) and the aggregate amount thereof (which shall not be less than $10,000,000 and shall be an integral
multiple of $1,000,000) and (z) in the case of a Eurodollar Loan, the Interest Period with respect thereto (which shall not end later than the Termination Date). If no Interest Period with respect to any Eurodollar Loan is specified in any such
Notice of Committed Borrowing, then the Company shall be deemed to have selected an Interest Period of one month’s duration. Promptly, and in any event on the same day the Administrative Agent receives a Notice of Committed Borrowing pursuant
to this Section 2.3 if such notice is received by 11:00 a.m., New York City time on a Business Day and otherwise on the next succeeding Business Day, the Administrative Agent shall advise the other Banks of such Notice of Committed
Borrowing and of each Bank’s portion of the requested Committed Borrowing by telecopier. Each Committed Borrowing shall consist of Loans of the same Type made on the same day and having the same Interest Period. 

Section 2.3 Refinancings; Conversions 

(a) The Company may refinance all or any part of any Loan with a Loan of the same or a different type made pursuant to
Section 2.2, subject to the conditions and limitations set forth herein and elsewhere in this Agreement. Any Loan or part thereof so refinanced shall be deemed to be repaid in accordance with Section 2.17 with the proceeds of
a new Borrowing hereunder and the proceeds of the new Loan, to the extent they do not exceed the principal amount of the 

  
 13 

 
Loan being refinanced, shall not be paid by the Banks to the Administrative Agent or by the Administrative Agent to the Company pursuant to Section 2.6(c); provided, however,
that (i) if the principal amount extended by a Bank in a refinancing is greater than the principal amount extended by such Bank in the Borrowing being refinanced, then such Bank shall pay such difference to the Administrative Agent for
distribution to the Banks described in (ii) below, (ii) if the principal amount extended by a Bank in the Borrowing being refinanced is greater than the principal amount being extended by such Bank in the refinancing, the Administrative
Agent shall return the difference to such Bank out of amounts received pursuant to (i) above, (iii) to the extent any Bank fails to pay the Administrative Agent amounts due from it pursuant to (i) above, any Loan or portion thereof
being refinanced shall not be deemed repaid in accordance with Section 2.17 to the extent of such failure and the Company shall pay such amount to the Administrative Agent pursuant to Section 2.17 and (iv) to the extent
the Company fails to pay to the Administrative Agent any amounts due in accordance with Section 2.17 as a result of the failure of a Bank to pay the Administrative Agent any amounts due as described in (iii) above, the portion of
any refinanced Loan deemed not repaid shall be deemed to be outstanding solely to the Bank which has failed to pay the Administrative Agent amounts due from it pursuant to (i) above to the full extent of such Bank’s portion of such
refinanced Loan. 
 (b) Subject to the conditions and limitations set forth in this Agreement, the Company shall
have the right from time to time to convert all or part of one Type of Committed Loan into another Type of Committed Loan or to continue all or a part of any Committed Loan that is a Eurodollar Loan from one Interest Period to another Interest
Period by giving the Administrative Agent written notice (by means of a Notice of Committed Borrowing) (i) in the case of Eurodollar Loans, not later than 11:00 a.m., New York City time, three Business Days before the date specified for such
proposed conversion or continuation, and (ii) in the case of Alternate Base Loans, not later than 11:00 a.m., New York City time, on the Business Day which is the date specified for such proposed conversion or continuation. Such notice shall
specify (A) the proposed date for conversion or continuation, (B) the amount of the Committed Loan to be converted or continued, (C) in the case of conversions, the Type of Committed Loan to be converted into, and (D) in the case
of a continuation of or conversion into a Eurodollar Loan, the duration of the Interest Period applicable thereto; provided that (1) Eurodollar Loans may be converted only on the last day of the applicable Interest Period,
(2) except for conversions to Alternate Base Loans, no conversion shall be made while a Default or Event of Default has occurred and is continuing and no continuations of any Eurodollar Loan from one Interest Period to another Interest Period
shall be made while a Default or Event of Default has occurred and is continuing, unless such conversion or continuation has been approved by Majority Banks, and (3) each such conversion or continuation shall be in an amount not less than
$10,000,000 and shall be an integral multiple of $1,000,000. All notices given under this Section shall be irrevocable. If the Company shall fail to give the Administrative Agent the notice as specified above for continuation or conversion of a
Eurodollar Loan prior to the end of the Interest Period with respect thereto, such Eurodollar Loan shall automatically be converted into an Alternate Base Loan on the last day of the Interest Period for such Eurodollar Loan. 

Section 2.4 Fees. The Company agrees to pay to each Bank, through the Administrative Agent, on each Quarterly Payment Date
and on the Termination Date in arrears, in immediately available funds, a commitment fee (a “Commitment Fee”) calculated by multiplying the Applicable Rate by the amount of the average daily Available Revolving Commitment of such
Bank during the preceding three-month period (or shorter period commencing with the Effective Date and/or ending with the Termination Date). All Commitment Fees shall be computed by the Administrative Agent on the basis of the actual number of days
elapsed in a year of 360 days, and shall be conclusive and binding for all purposes, absent manifest error. The Commitment Fee due to each Bank shall commence to accrue on the Effective Date and shall cease to accrue on the Termination Date or, if
earlier, the date of the termination of the Commitment of such Bank as provided herein. 

  
 14 

 Section 2.5 Termination and Reduction of Commitments 

(a) Subject to Section 2.11(b), the Company may permanently terminate, or from time to time in part
permanently reduce, the Total Commitment, in each case upon at least three Business Days’ prior (or, in the case of a refinancing or new facility with one or more of the Agents, on a same-day basis with) written notice to the Administrative
Agent (who shall promptly forward a copy thereof to each Bank). Such notice shall specify the date and the amount of the termination or reduction of the Total Commitment. Each such partial reduction of the Total Commitment shall be in a minimum
aggregate principal amount of $10,000,000 and in an integral multiple of $1,000,000. 
 (b) On the Termination
Date the Total Commitment shall be zero. 
 (c) Each reduction in the Total Commitment pursuant to this
Section 2.5 shall be made ratably among the Banks in accordance with their respective Commitments. Simultaneously with any termination of Commitments pursuant to this Section, the Company shall pay to the Administrative Agent for account
of the Banks the Commitment Fees on the amount of the Total Commitment so terminated, accrued through the date of such termination. 
 Section 2.6 Loans 
 (a) Each Borrowing made by the
Company on any date shall be in an integral multiple of $1,000,000 and in a minimum aggregate principal amount of $10,000,000. Committed Loans shall be made by the Banks ratably in accordance with their respective Commitments on the Borrowing Date
of the Committed Borrowing; provided, however, that the failure of any Bank to make any Loan shall not in itself relieve any other Bank of its obligation to lend hereunder. 

(b) Each Committed Loan shall be a Eurodollar Loan or an Alternate Base Loan, as the Company may request subject to and in
accordance with Section 2.2 or Section 2.3(b), as applicable. Each Bank may at its option make any Eurodollar Loan by causing a foreign branch or Affiliate of such Bank to make such Loan; provided, however, that
any exercise of such option shall not affect the obligation of the Company to repay such Loan in accordance with the terms of this Agreement or increase the Company’s obligations to such Bank hereunder. Loans of more than one interest rate
option may be outstanding at the same time; provided, however, that the Company shall not be entitled to request any Loan which, if made, would result in an aggregate of more than ten separate Interest Periods being outstanding
hereunder at any one time. For purposes of the foregoing, Loans having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Loans. 

(c) Subject to Section 2.3, each Bank shall make its portion of each Committed Borrowing on the proposed
Borrowing Date thereof by paying the amount required to the Administrative Agent at the Principal Office in immediately available funds not later than 1:00 p.m., New York City time, and the Administrative Agent shall by 2:00 p.m., New York City
time, credit the amounts so received to the general deposit account of the Company with the Administrative Agent or, if Loans are not made on such date because any condition precedent to a Borrowing herein specified shall not have been met, return
the amounts so received to the respective Banks as soon as practicable; provided, however, if and to the extent the 

  
 15 

 
Administrative Agent fails to return any such amounts to a Bank on the Borrowing Date for such Borrowing, the Administrative Agent shall pay interest on such unreturned amounts, for each day from
such Borrowing Date to the date such amounts are returned to such Bank, at the Federal Funds Effective Rate. 

(d) The outstanding principal amount of each Committed Loan shall be due and payable on the Termination Date. 

Section 2.7 Loan Accounts 
 (a) The Loans made by each Bank shall be evidenced by one or more loan accounts or records maintained by such Bank in the ordinary course of business. Absent manifest error, the loan accounts or records
maintained by the Administrative Agent and each Bank shall be prima facie evidence of the amount of the Loans made by the Banks to the Company and the interest and payments thereon. Any failure so to record or any error in doing so shall not,
however, limit or otherwise affect the obligation of the Company hereunder to pay any amount owing with respect to the Loans. 
 (b) Upon the request of any Bank made through the Administrative Agent, the Loans made by such Bank may be evidenced by one or more Notes, instead of or in addition to loan accounts, and upon any such
request the Company shall execute and deliver such Notes to such Bank. Each such Bank shall, and is hereby authorized by the Company to, endorse on the schedule attached to the relevant Note held by such Bank (or on a continuation of such schedule
attached to each such Note and made a part thereof) or in its records relating to such Note an appropriate notation evidencing the date and amount of each Committed Loan of such Bank, each payment or prepayment of principal of any Committed Loan,
and the other information provided for on such schedule. The failure of any Bank to make such a notation or any error therein shall not in any manner affect the obligation of the Company to repay the Committed Loans made by such Bank in accordance
with the terms of the relevant Note. 
 Section 2.8 Interest on Loans 

(a) Subject to the provisions of Section 2.9, each Eurodollar Loan shall bear interest at a rate per annum
(computed on the basis of the actual number of days elapsed over a year of 360 days) equal to the LIBO Rate for the Interest Period in effect for such Loan plus the Applicable Rate. Interest on each Eurodollar Loan shall be payable on each
Interest Payment Date applicable thereto. The applicable LIBO Rate for each Interest Period shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

(b) Subject to the provisions of Section 2.9, each Alternate Base Loan shall bear interest at the rate per
annum equal to the Alternate Base Rate plus the Applicable Rate (if the Alternate Base Rate is based on the Prime Rate, computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be; if the Alternate
Base Rate is based on the LIBO Rate or the Federal Funds Effective Rate, computed on the basis of the actual number of days elapsed over a year of 360 days). Interest on each Alternate Base Loan shall be payable on each Interest Payment Date
applicable thereto. The applicable Alternate Base Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

  
 16 

 (c) The Company shall pay to the Administrative Agent for the account of
each Bank that has made a Eurodollar Loan to the Company, so long as such Bank shall be required under regulations of the Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities,
additional interest on the unpaid principal amount of each such Eurodollar Loan of such Bank, from the date of such Loan until such principal amount is paid in full, at an interest rate per annum for such number of days during the Interest Period
for such Loan as shall be pertinent equal to the remainder obtained by subtracting (i) the LIBO Rate for such Interest Period from (ii) the rate obtained by dividing such LIBO Rate referred to in clause (i) above by that percentage
equal to 100% minus the Reserve Percentage of such Bank for such Interest Period, payable on the next Interest Payment Date applicable to such Loan. Such additional interest shall be determined by such Bank as, if and to the extent incurred, and
shall be payable as aforesaid upon notification thereof by such Bank to the Company through the Administrative Agent. Each determination by a Bank of additional interest under this Section 2.8(c) shall be conclusive and binding for all
purposes in the absence of manifest error. 
 Section 2.9 Interest on Overdue Amounts. If the Company shall default
in the payment of the principal of or interest on any Loan or any other amount becoming due hereunder, the Company shall on demand from time to time pay interest, to the extent permitted by Law, on such defaulted amount up to (but not including) the
date of actual payment (after as well as before judgment) at a rate per annum equal to (i) in the case of the principal amount of any Eurodollar Loan, 2% above the rate otherwise applicable thereto and (ii) in all other cases, the Agreed
Maximum Rate (if the Alternate Base Rate is based on the Prime Rate, computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be; if the Alternate Base Rate is based on the LIBO Rate or the Federal
Funds Effective Rate, computed on the basis of the actual number of days elapsed over a year of 360 days). 
 Section 2.10
Alternate Rate of Interest. In the event, and on each occasion, that on the day two Business Days prior to the commencement of any Interest Period for a Eurodollar Loan that is a Committed Loan, the Administrative Agent shall have determined
that dollar deposits in the amount of the requested principal amount of such Eurodollar Loan are not generally available in the Eurodollar Interbank Market, or that dollar deposits are not generally available in the Eurodollar Interbank Market for
the requested Interest Period, or that the rate at which such dollar deposits are being offered will not adequately and fairly reflect the cost to the Majority Banks of making or maintaining such Eurodollar Loan during such Interest Period, or that
reasonable means do not exist for ascertaining the LIBO Rate, the Administrative Agent shall, as soon as practicable thereafter, give telecopy notice of such determination to the Company and the Banks. In the event of any such determination, any
request by the Company for a Eurodollar Loan that is a Committed Loan shall, until the circumstances giving rise to such notice no longer exist, be deemed to be a request for an Alternate Base Loan. Each determination by the Administrative Agent
hereunder shall be conclusive absent manifest error. 
 Section 2.11 Prepayment of Loans 

(a) Prior to the Termination Date, the Company shall have the right at any time to prepay any Committed Borrowing, in
whole or in part, subject to the requirements of Section 2.14 or Section 2.15 but otherwise without premium or penalty, upon at least five Business Days prior written notice to the Administrative Agent; provided,
however, that each such partial prepayment shall be in an integral multiple of $1,000,000 and in a minimum aggregate principal amount of $5,000,000. Each notice of prepayment shall specify the prepayment date and the aggregate principal
amount of each Borrowing to be prepaid, shall be irrevocable and shall commit the Company to prepay such Borrowing by the amount stated therein. 

  
 17 

 (b) On the date of any termination or reduction of the Total Commitment
pursuant to Section 2.5(a), the Company shall pay or prepay so much of the Loans as shall be necessary in order that the sum of (x) the aggregate principal amount of the Loans outstanding and (y) the L/C Obligations will not
exceed the Total Commitment following such termination or reduction. Subject to the foregoing, any such payment or prepayment shall be applied to such Borrowing or Borrowings as the Company shall select. All prepayments under this paragraph shall be
subject to Section 2.14 and Section 2.15. 
 (c) All prepayments under this
Section 2.11 shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. 
 Section 2.12 Reserve Requirements; Change in Circumstances 
 (a) (a) Notwithstanding any other provision herein, if after the date of this Agreement any Regulatory Change or change in any Law (i) shall subject the Administrative Agent, a Bank or an
Issuing Bank to any Taxes (other than (w) Indemnified Taxes, (x) Taxes described in clauses (a), (b), (c) and (e) of Excluded Taxes, (y) Other Taxes and (z) Other Connection Taxes on gross or net income, profits or
revenue (including value-added or similar Taxes)) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, (ii) shall impose, modify, or
deem applicable any reserve, special deposit, or similar requirement with respect to any Eurodollar Loan against assets of, deposits with or for the account of, or credit extended by, such Bank under this Agreement (without duplication of any
amounts paid pursuant to Section 2.8(c)), or (iii) with respect to any Eurodollar Loan, shall impose on such Bank or the Eurodollar Interbank Market any other condition affecting this Agreement or any Eurodollar Loan made by such
Bank, and the result of any of the foregoing shall be to materially increase the actual cost to such Bank (or such Administrative Agent or Issuing Bank in the case of (i)) of maintaining its Commitment or of making or maintaining any Eurodollar Loan
or to materially reduce the amount of any sum received or receivable by such Bank (or such Administrative Agent or Issuing Bank in the case of (i)) hereunder (whether of principal, interest, or otherwise) in respect thereof, then the Company shall
pay to the Administrative Agent for the account of such Bank (or such Administrative Agent or Issuing Bank in the case of (i)), within ten days following delivery to the Company of the certificate specified in paragraph (c) below by such Bank
(or such Administrative Agent or Issuing Bank in the case of (i)), such additional amount or amounts as will reimburse such Bank (or such Administrative Agent or Issuing Bank in the case of (i)) for such increase or reduction to such Bank (or such
Administrative Agent or Issuing Bank in the case of (i)) to the extent reasonably allocable to this Agreement. 

(b) If any Bank shall have determined in good faith that any Regulatory Change regarding capital adequacy or compliance by
any Bank (or its parent or any lending office of such Bank) with any request or directive issued subsequent to the Effective Date regarding capital adequacy (whether or not having the force of Law) of any Tribunal, monetary authority, central bank,
or comparable agency, has or would have the effect of reducing the rate of return on such Bank’s (or its parent’s) capital as a consequence of its obligations hereunder to a level below that which such Bank (or its parent) could have
achieved but for such Regulatory Change, or compliance (taking into consideration such Bank’s policies with respect to capital adequacy) by an amount deemed by such Bank to be material, then from time to time, the Company shall pay to the
Administrative Agent for the account of such Bank, within ten days following delivery to the Company of the certificate specified in paragraph (d) below by such Bank, such additional amount or amounts as will reimburse such Bank (or its parent)
for such reduction. 

  
 18 

 (c) Notwithstanding anything herein to the contrary, (i) all requests,
rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or by United States or foreign regulatory authorities, in each
case pursuant to Basel III, and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof, shall
in each case be deemed to be a Regulatory Change and a change in Law, regardless of the date enacted, adopted or issued. 
 (d) Each Bank or the Administrative Agent or each Issuing Bank shall notify the Company of any event occurring after the date hereof entitling such Bank to compensation under paragraph (a) or
(b) of this Section 2.12 (together with a good faith estimate of the amounts it would be entitled to claim in respect of such event) as promptly as practicable, but in any event on or before the date which is 60 days after the
related Regulatory Change, change in any Law or other event; provided that (i) if such Bank or the Administrative Agent or such Issuing Bank fails to give such notice by such date, such Bank or the Administrative Agent or such Issuing
Bank shall, with respect to compensation payable pursuant to paragraph (a) or (b) of this Section 2.12 in respect of any costs resulting from such Regulatory Change, change in any Law or other event, only be entitled to payment
under paragraph (a) or (b) of this Section 2.12 for costs incurred from and after the date of such notice and (ii) such Bank or the Administrative Agent or such Issuing Bank will take such reasonable actions, if any
(including the designation of a different Applicable Lending Office for the Loans of such Bank affected by such event) to avoid the need for, or reduce the amount of, such compensation so long as such actions will not, in the reasonable opinion of
such Bank or the Administrative Agent or such Issuing Bank, be materially disadvantageous to such Bank or the Administrative Agent or such Issuing Bank, as the case may be. A certificate of a Bank or the Administrative Agent or such Issuing Bank
setting forth in reasonable detail (i) the Regulatory Change, change in any Law or other event giving rise to any costs, (ii) such amount or amounts as shall be necessary to reimburse such Bank or the Administrative Agent or such Issuing
Bank (or participating banks or other entities pursuant to Section 9.11) as specified in paragraph (a) or (b) of this Section 2.12, as the case may be, and (iii) the calculation of such amount or amounts, shall
be delivered to the Company (with a copy to the Administrative Agent) promptly after such Bank or the Administrative Agent or such Issuing Bank determines it is entitled to payment under this Section 2.12, and shall be conclusive and
binding absent manifest error. In preparing such certificate, such Bank or the Administrative Agent or such Issuing Bank may employ such assumptions and allocations of costs and expenses as it shall in good faith deem reasonable and may use any
reasonable averaging and attribution method. 
 (e) In the event any Bank shall seek payment pursuant to this
Section 2.12 or the events contemplated under Section 2.10 or Section 2.13 shall have occurred with respect to any Bank, the Company may, provided no Event of Default has occurred and is continuing, give
notice to such Bank (with copies to the Agents) that it wishes to seek one or more assignees (which may be one or more of the Banks, but which may not be a Person who would be entitled at such time to claim payment pursuant to this
Section 2.12 or with respect to which any of the events contemplated under Section 2.10 or Section 2.13 would exist at such time if such Person were a Bank under this Agreement) to assume the Commitment of such
Bank and to purchase its outstanding Loans and Notes (if any). Each Bank requesting payment pursuant to this Section 2.12, or with respect to which any of the events contemplated under Section 2.10 or Section 2.13
have occurred, agrees to sell its Commitment, Loans, Notes (if any), and interest in this Agreement and the other Loan Papers pursuant to Section 9.11(c) to any such assignee approved by the Company and the Administrative Agent for an
amount equal to the sum of the outstanding unpaid principal of and accrued interest on such Loans and Notes (if any) plus all other fees and amounts (including, without limitation, any payment claimed by such Bank under this Section,
2.12 

  
 19 

 
and as to which such Bank has delivered the certificate required by Section 2.12(d) on or before the date such Commitment, Loans, and Notes (if any) are purchased) due such Bank
hereunder calculated, in each case, to the date such Commitment, Loans, Notes (if any) and interest are purchased, whereupon such Bank shall have no further Commitment or other obligation to the Company hereunder or under any other Loan Paper.

 (f) Without prejudice to the survival of any other obligations of the Company hereunder, the obligations of
the Company under this Section 2.12 shall survive for one year after the termination of this Agreement and/or the payment or assignment of any of the Loans or Notes. 

Section 2.13 Change in Legality 
 (a) Notwithstanding anything to the contrary herein contained, if any Regulatory Change shall make it unlawful for any Bank to make or maintain any Eurodollar Loan or to give effect to its obligations in
respect of Eurodollar Loans as contemplated hereby, then, by prompt written notice to the Company and to the Administrative Agent, such Bank may: 
 (i) declare that Eurodollar Loans will not thereafter be made by such Bank hereunder, whereupon the Company shall be prohibited from requesting Eurodollar Loans from such Bank hereunder unless such
declaration is subsequently withdrawn; and 
 (ii) if such unlawfulness shall be effective prior to the end of
any Interest Period of an outstanding Eurodollar Loan, require that all outstanding Eurodollar Loans with such Interest Periods made by it be converted to Alternate Base Loans, in which event (A) all such Eurodollar Loans shall be automatically
converted to Alternate Base Loans as of the effective date of such notice as provided in paragraph (b) below and (B) all payments and prepayments of principal which would otherwise have been applied to repay the converted Eurodollar Loans
shall instead be applied to repay the Alternate Base Loans resulting from the conversion of such Eurodollar Loans. 
 (b) For purposes of this Section 2.13, a notice to the Company (with a copy to the Administrative Agent) by any Bank pursuant to paragraph (a) above shall be effective on the date of
receipt thereof by the Company. Any Bank having furnished such a notice agrees to withdraw the same promptly following any Regulatory Change that makes it lawful for such Bank to make and maintain Eurodollar Loans. 

(c) If, with respect to any Bank, a condition arises or an event occurs which would, or would upon the giving of notice,
result in the payment of amounts pursuant to Section 2.12 or permit such Bank, pursuant to this Section 2.13, to suspend its obligation to make Eurodollar Loans, such Bank, promptly upon becoming aware of the same, shall
notify the Company thereof and shall take such steps as may reasonably be available to it (including, without limitation, changing its Applicable Lending Office) to mitigate the effects of such condition or event, provided that such Bank
shall be under no obligation to take any step that, in its good faith opinion, would (a) result in its incurring any additional costs in performing its obligations hereunder and under any outstanding Loan (unless the Company has notified such
Bank of the Company’s agreement to reimburse it for the same) or (b) be otherwise adverse to such Bank in a material respect. 

  
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 Section 2.14 Indemnity. The Company shall indemnify each Bank against any loss
or reasonable expense which such Bank may sustain or incur as a consequence of (a) any failure by the Company to fulfill on the date of any Borrowing hereunder the applicable conditions set forth in ARTICLE IV, (b) any failure by
the Company to borrow hereunder after a Notice of Committed Borrowing pursuant to ARTICLE II has been given, (c) any payment, prepayment, or conversion of a Eurodollar Loan required by any other provision of this Agreement or otherwise
made on a date other than the last day of the applicable Interest Period for any reason, including without limitation the acceleration of outstanding Loans as a result of any Event of Default or (d) any failure by the Company for any reason
(including without limitation the existence of a Default or an Event of Default) to pay, prepay or convert a Eurodollar Loan on the date for such payment, prepayment or conversion, specified in the relevant notice of payment, prepayment or
conversion under this Agreement. The indemnity of the Company pursuant to the immediately preceding sentence shall include, but not be limited to, any loss or reasonable expense sustained or incurred or to be sustained or incurred in liquidating or
employing deposits from third parties acquired to effect or maintain such Loan or any part thereof as a Eurodollar Loan. Such loss or reasonable expense shall include, without limitation, an amount equal to the excess, if any, as reasonably
determined by each Bank of (i) its cost of obtaining the funds for the Loan being paid, prepaid, or converted or not borrowed, paid, prepaid or converted (based on the LIBO Rate) for the period from the date of such payment, prepayment, or
conversion or failure to borrow, pay, prepay or convert to the last day of the Interest Period for such Loan (or, in the case of a failure to borrow, pay, prepay or convert, the Interest Period for the Loan which would have commenced on the date of
such failure to borrow, pay, prepay or convert) over (ii) the amount of interest (as reasonably determined by such Bank) that would be realized by such Bank in reemploying the funds so paid, prepaid, or converted or not borrowed, paid, prepaid
or converted for such period or Interest Period, as the case may be. A certificate of each Bank setting forth any amount or amounts and, in reasonable detail, the computations thereof, which such Bank is entitled to receive pursuant to this
Section 2.14 shall be delivered to the Company (with a copy to the Administrative Agent) and shall be conclusive, if made in good faith, absent manifest error. The Company shall pay to the Administrative Agent for the account of each
Bank the amount shown as due on any certificate within 30 days after its receipt of the same. 
 Section 2.15 Pro Rata
Treatment. Except as permitted under Section 2.8(c), Section 2.12(d) and Section 2.14 with respect to interest, (a) each payment or prepayment of principal and each payment of interest with respect to a
Committed Borrowing shall be made pro rata among the Banks in accordance with the respective principal amounts of the Loans extended by each Bank, if any, with respect to such Committed Borrowing, and (b) conversions of Committed Loans to
Committed Loans of another Type, continuations of Committed Loans that are Eurodollar Loans from one Interest Period to another Interest Period, and Committed Loans which are not refinancings of other Loans shall be made pro rata among the Banks in
accordance with their respective Commitments. 
 Section 2.16 Sharing of Setoffs. Each Bank agrees that if it shall
through the exercise of a right of banker’s lien, setoff, or counterclaim against the Company (pursuant to Section 9.6 or otherwise), including, but not limited to, a secured claim under Section 506 of Title 11 of the United
States Code or other security or interest arising from, or in lieu of, such secured claim, received by such Bank under any applicable Debtor Relief Law or otherwise, obtain payment (voluntary or involuntary) in respect of the Committed Loans held by
it (other than pursuant to Section 2.8(c), Section 2.12, or Section 2.14) as a result of which the unpaid principal portion of the Committed Loans held by it shall be proportionately less than the unpaid principal
portion of the Committed Loans held by any other Bank, it shall be deemed to have simultaneously purchased from such other Bank a participation in the Committed Loans held by such other Bank, so that the aggregate unpaid principal amount of the
Committed Loans and participations in Committed Loans pursuant to this Section 2.16 held by each Bank shall be in the same proportion to the aggregate unpaid principal amount of all Committed Loans then outstanding as the principal
amount of the Committed Loans held by it prior to such exercise of banker’s lien, setoff, or counterclaim was to the principal amount of all Committed Loans outstanding prior to such exercise of banker’s lien, setoff, or counterclaim;
provided, however, that if any such purchase or purchases or 

  
 21 

 
adjustments shall be made pursuant to this Section 2.16 and the payment giving rise thereto shall thereafter be recovered, such purchase or purchases or adjustments shall be rescinded
to the extent of such recovery and the purchase price or prices or adjustment restored without interest. The Company expressly consents to the foregoing arrangements and agrees that any Bank holding a participation in a Committed Loan deemed to have
been so purchased may exercise any and all rights of banker’s lien, setoff, or counterclaim with respect to any and all moneys owing by the Company to such Bank as fully as if such Bank had made a Committed Loan directly to the Company in the
amount of such participation. 
 Section 2.17 Payments 

(a) The Company shall make each payment hereunder and under any instrument delivered hereunder not later than 12:00 noon
(New York City time) on the day when due in dollars, without setoff or counterclaim, to the Administrative Agent at its Principal Office for the account of the Banks, in federal or other immediately available funds. The Administrative Agent will
promptly thereafter cause to be distributed like funds relating to the payment of principal of or interest on Committed Loans (other than pursuant to Section 2.8(c), Section 2.12, and Section 2.14) or Commitment
Fees ratably to the Banks and like funds relating to the payment of any other amount payable to any Bank to such Bank for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement.

 (b) Whenever any payment hereunder or under any Note shall be stated to be due on a day other than a Business
Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in all such cases be included in the computation of payment of interest or Commitment Fee, as the case may be; provided, however, if
such extension would cause payment of interest on or principal of a Eurodollar Loan to be made in the next following calendar month, such payment shall be made on the next preceding Business Day. 

(c) Unless the Administrative Agent shall have received notice from the Company prior to the date on which any payment is
due to the Banks hereunder that the Company will not make such payment in full, the Administrative Agent may assume that the Company has made or will make such payment in full to the Administrative Agent on such date and the Administrative Agent
may, in reliance upon such assumption, cause to be distributed to each Bank on such due date an amount equal to the amount then due such Bank. If and to the extent the Company shall not have so made such payment in full to the Administrative Agent,
each Bank shall repay to the Administrative Agent forthwith on demand such amount distributed to such Bank together with interest thereon, for each day from the date such amount is distributed to such Bank until the date such Bank repays such amount
to the Administrative Agent, at the Federal Funds Effective Rate. 
 Section 2.18 Taxes. (a) Each payment by the
Company under this Agreement or any Loan Papers shall be made without withholding for any Taxes, unless such withholding is required by any Law. If any Withholding Agent determines, in its sole discretion exercised in good faith, that it is so
required to withhold Taxes, then such Withholding Agent may so withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority in accordance with applicable Law. If such Taxes are Indemnified Taxes, then the
amount payable by the Company shall be increased as necessary so that, net of such withholding (including such withholding applicable to additional amounts payable under this Section), the Administrative Agent or applicable Bank (as the case may be)
receives the amount it would have received had no such withholding been made. 
 (b) The Company shall timely pay
any Other Taxes to the relevant Governmental Authority in accordance with applicable Law. 

  
 22 

 (c) As soon as practicable after any payment of Indemnified Taxes by the
Company to a Governmental Authority, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (d) The Company shall
indemnify the Administrative Agent and each Bank, within 30 days after demand therefor, for the full amount of Indemnified Taxes (including, without limitation, any Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section 2.18) payable by the Administrative Agent and such Bank (or its beneficial owner), as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Company by a Bank (with a copy to the Administrative Agent), or by the Administrative Agent
on its own behalf or on behalf of a Bank, shall be conclusive, if made in good faith, absent manifest error. 

(e) Each Bank shall indemnify the Administrative Agent within 10 days after demand therefor, for the full amount of any
Taxes attributable to such Bank that are payable or paid by the Administrative Agent, and reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Bank by the Administrative Agent shall be conclusive absent manifest error. For the avoidance of doubt, there shall be no double recovery under this
paragraph where the indemnified party has been indemnified for the same loss under a separate provision of the agreement. 
 (f) (i) Any Bank that is entitled to an exemption from or reduction of any applicable withholding Tax with respect to payments hereunder or under any other Loan Papers shall deliver to the Company
and the Administrative Agent, at the time or times requested by the Company or the Administrative Agent, such properly completed and executed documentation prescribed by Law as will permit such payments to be made without withholding or at a reduced
rate of withholding. In addition, any Bank, if requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by Law or reasonably requested by the Company or the Administrative Agent as will enable the
Company or the Administrative Agent to determine whether or not such Bank is subject to any withholding (including backup withholding) or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences,
the completion, execution and submission of such forms (other than such documentation set forth in Sections 2.18(f)(ii)(A) through (E) below or any successor or substantially similar or comparable documentation thereto) shall not be
required if in the Bank’s good faith judgment such completion, execution or submission would subject such Bank to any material unreimbursed cost or expense (or, in the case of a change in Law, any incremental material unreimbursed cost or
expense), unless indemnified by the Company in an amount reasonably satisfactory to such Bank, or would materially prejudice the legal or commercial position of such Bank. If any form or certification previously delivered pursuant to this Section
expires or becomes obsolete or inaccurate in any respect with respect to a Bank, such Bank shall promptly (and in any event within 10 days after such expiration, obsolescence or inaccuracy) notify the Company and the Administrative Agent in writing
of such expiration, obsolescence or inaccuracy and update the form or certification if it is legally eligible to do so. 

  
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 (ii) Without limiting the generality of the foregoing, any Bank organized
under the Laws of a jurisdiction outside the United States (a “Foreign Bank”) shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent (in such number of copies as shall be requested
by the recipient) on or prior to the date on which such Foreign Bank becomes a lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative Agent), whichever of the following is
applicable: 
  

	 	(A)	duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States of America is a
party; 

  

	 	(B)	duly completed copies of Internal Revenue Service Form W-8ECI; 

  

	 	(C)	in the case of a Foreign Bank claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate substantially in
the Form of Exhibit G to the effect that (i) such Foreign Bank is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Company within the meaning of section
881(c)(3)(B) of the Code, and (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code, and (ii) the interest payments in question are not effectively connected with the United States trade or business
conducted by such Bank (a “U.S. Tax Compliance Certificate”) and (y) duly completed copies of Internal Revenue Service Form W-8BEN; 

  

	 	(D)	to the extent a Foreign Bank is not the beneficial owner (for example, where the Foreign Bank is a partnership or participating Bank granting a typical participation),
an Internal Revenue Service Form W-8IMY, accompanied by a Form W-8ECI, W-8BEN, U.S. Tax Compliance Certificate, Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that, if the Foreign Bank is a
partnership (and not a participating Bank) and one or more beneficial owners of such Foreign Bank are claiming the portfolio interest exemption, such Foreign Bank may provide a U.S. Tax Compliance Certificate on behalf of each such beneficial owner;
or 

  

	 	(E)	any other form prescribed by Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax duly completed together with such supplementary
documentation as may be prescribed by applicable Law to permit the Company to determine the withholding or deduction required to be made. 

 (iii) If a payment made to a Bank under this Agreement or any other Loan Papers would be subject to U.S. Federal withholding Tax imposed by FATCA if such Bank were to fail to comply with the applicable
reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Bank shall deliver to the Withholding Agent, at the time or times prescribed by Law and at such time or times reasonably
requested by the Withholding Agent, such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional 

  
 24 

 
documentation reasonably requested by the Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine that such Bank has or has not
complied with such Bank’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.18(f)(iii), “FATCA” shall include all amendments made to FATCA
after the date of this Agreement. 
 (g) If any party determines, in its sole discretion exercised in good faith,
that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.18 (including additional amounts paid pursuant to this Section 2.18), it shall pay to the indemnifying party an amount
equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) of such indemnified party and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund. Such indemnifying party, upon the request of such indemnified party, shall promptly repay to such indemnified party the amount paid to such indemnified
party pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this Section 2.18(g), in no event will any indemnified party be required to pay any amount to any indemnifying party pursuant to this Section 2.18(g) if such payment would place
such indemnified party in a less favorable position (on a net after-Tax basis) than such indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This
Section 2.18(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the indemnifying party or any other Person.

 (h) The provisions of this Section 2.18 shall survive the termination of this Agreement and/or the
payment or assignment of any of the Loans or Notes. 
 (i) For purposes of this Section 2.18, the
term “Bank” includes any Issuing Bank. 
 Section 2.19 Calculation of LIBO Rates. The provisions of this
Agreement relating to calculation of the LIBO Rate are included only for the purpose of determining the rate of interest or other amounts to be paid hereunder that are based upon such rate, it being understood that each Bank shall be entitled to
fund and maintain its funding of all or any part of a Eurodollar Loan as it sees fit. All such determinations hereunder, however, shall be made as if each Bank had actually funded and maintained funding of each Eurodollar Loan through the purchase
in the Eurodollar InterBank Market of one or more eurodollar deposits in an amount equal to the principal amount of such Loan and having a maturity corresponding to the Interest Period for such Loan. 

Section 2.20 Booking Loans. Subject to Section 2.18, any Bank may make, carry, or, transfer Loans at, to, or for
the account of any of its branch offices or the office of any Affiliate. 
 Section 2.21 Quotation of Rates. It is
hereby acknowledged that the Company may call the Administrative Agent on or before the date on which notice of a Borrowing is to be delivered by the Company in order to receive an indication of the rate or rates then in effect, but that such
projection shall not be binding upon the Administrative Agent or any Bank nor affect the rate of interest which thereafter is actually in effect when the election is made. 
 Section 2.22 Defaulting Banks. Notwithstanding any provision of this Agreement to the contrary, if any Bank becomes a Defaulting Bank, the Administrative Agent shall deliver written notice to
such effect, upon the Administrative Agent’s obtaining knowledge of such event, to the Company and such Defaulting Bank, and the following provisions shall apply for so long as such Bank is a Defaulting Bank: 

(a) Commitment Fees shall cease to accrue with respect to the Commitment of such Defaulting Bank pursuant to
Section 2.4. 

  
 25 

 (b) The Commitment and Revolving Credit Exposure of such Defaulting Bank
shall not be included in determining whether all Banks or the Majority Banks have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 9.1), provided that any waiver,
amendment or modification requiring the consent of all Banks or each affected Bank which would increase or extend the term of the Commitment of such Defaulting Bank or which affects such Defaulting Bank differently than other affected Banks shall
require the consent of such Defaulting Bank. 
 (c) If any L/C Obligations exist at the time a Bank becomes a
Defaulting Bank, then: 
 (i) all or any part of such L/C Obligations shall be reallocated among the
non-Defaulting Banks ratably in accordance with their respective Commitments but only to the extent that (x) the sum of all non-Defaulting Banks’ Revolving Credit Exposures does not then exceed the total of all non-Defaulting Banks’
Commitments and (y) the conditions set forth in Section 4.3 are satisfied at such time; 
 (ii)
if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Company shall within one Business Day following notice by the Administrative Agent cash collateralize the percentage such Defaulting Bank’s
Commitment represents of the Total Commitment of the L/C Obligations (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 7.2 for so long as such L/C
Obligations are outstanding; 
 (iii) if the Company cash collateralizes any portion of such Defaulting
Bank’s L/C Obligations pursuant to this Section 2.22(c), the Company shall not be required to pay any fees to such Defaulting Bank pursuant to Section 3.3 with respect to such Defaulting Bank’s portion of the L/C
Obligations during the period of such collateralization; 
 (iv) if the L/C Obligations of the non-Defaulting
Banks are reallocated pursuant to this Section 2.22(c), then the fees payable to the Banks pursuant to Section 3.3 shall be adjusted ratably in accordance with their respective Commitments; and 

(v) if any Defaulting Bank’s L/C Obligations are neither cash collateralized nor reallocated pursuant to this
Section 2.22(c), then, without prejudice to any rights or remedies of the applicable Issuing Bank or any Bank hereunder, all Commitment Fees that otherwise would have been payable to such Defaulting Bank (solely with respect to the
portion of such Defaulting Bank’s Commitment that was utilized by such L/C Obligations) and letter of credit fees payable under Section 3.3 with respect to such Defaulting Bank’s L/C Obligations shall be payable to the
applicable Issuing Bank until such L/C Obligations are cash collateralized and/or reallocated. 
 (d) So long as
any Bank is a Defaulting Bank, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the Commitments of the non-Defaulting Banks and/or cash
collateral will be 

  
 26 

 
provided by the Company in accordance with Section 2.22(c), and participating interests in any such newly issued or increased Letter of Credit shall be allocated among non-Defaulting
Banks in a manner consistent with Section 2.22(c)(i) (and Defaulting Banks shall not participate therein). 
 (e) Any amount payable to such Defaulting Bank hereunder (whether on account of principal, interest, fees or otherwise and including any amount that would otherwise be payable to such Defaulting Bank
pursuant to Section 2.16, but excluding amounts payable pursuant to Section 2.23) shall, in lieu of being distributed to such Defaulting Bank, subject to any applicable requirements of law, be applied at such time or times as
may be determined by the Administrative Agent (i) first, to the payment of any amounts owing by such Defaulting Bank to the Administrative Agent hereunder, (ii) second, pro rata, to the payment of any amounts owing by such Defaulting Bank
to the Issuing Bank hereunder, (iii) third, if so determined by the Administrative Agent or requested by an Issuing Bank, held in such account as cash collateral for future funding obligations of the Defaulting Bank in respect of any existing
or future participating interest in any Letter of Credit, (iv) fourth, to the funding of any Loan in respect of which such Defaulting Bank has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent, (v) fifth, if so determined by the Administrative Agent and the Company, held in such account as cash collateral for future funding obligations of the Defaulting Bank in respect of any Loans under this Agreement, (vi) sixth, to the
payment of any amounts owing to the Banks or an Issuing Bank as a result of any judgment of a court of competent jurisdiction obtained by any Bank or such Issuing Bank against such Defaulting Bank as a result of such Defaulting Bank’s breach of
its obligations under this Agreement, (vii) seventh, to the payment of any amounts owing to the Company as a result of any judgment of a court of competent jurisdiction obtained by the Company against such Defaulting Bank as a result of such
Defaulting Bank’s breach of its obligations under this Agreement, and (viii) eighth, to such Defaulting Bank or as otherwise directed by a court of competent jurisdiction, provided, with respect to this clause (viii), that if such
payment is (x) a prepayment of the principal amount of any Loans or reimbursement obligations in respect of any drafts paid by an Issuing Bank under any Letters of Credit which a Defaulting Bank has funded its participation obligations and
(y) made at a time when the conditions set forth in Section 4.3 are satisfied, such payment shall be applied solely to prepay the Loans of, and reimbursement obligations owed to, all non-Defaulting Banks pro rata prior to being
applied to the prepayment of any Loans, or reimbursement obligations owed to, any Defaulting Bank. 
 In the event that the Administrative
Agent, the Issuing Bank and the Company each agrees that a Defaulting Bank has adequately remedied all matters that caused such Bank to be a Defaulting Bank or upon receipt by the Administrative Agent of the confirmation referred to in clause
(c) of the definition of “Defaulting Bank”, as applicable, then on such date such Bank shall purchase at par such portion of the Loans of the other Banks as the Administrative Agent shall determine may be necessary in order for such
Bank to hold such Loans ratably in accordance with its Commitment. 
 Section 2.23 Mitigation Obligations; Replacement
of Banks. 
 (a) If any Bank requests compensation under Section 2.12 or 2.18, or if the Company
is required to pay any additional amount to any Bank or any Governmental Authority for the account of any Bank pursuant to Section 2.12 or 2.18, then such Bank shall use reasonable efforts to designate a different lending office for
funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Bank, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 2.12 or 2.18 in the future and (ii) would not subject such Bank to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Bank. The Company hereby agrees to pay all reasonable
costs and expenses incurred by any Bank in connection with any such designation or assignment. 

  
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 (b) If any Bank requests compensation under Section 2.12 or
2.18, or if the Company is required to pay any additional amount to any Bank or any Governmental Authority for the account of any Bank pursuant to Section 2.12 or 2.18, or if any Bank becomes a Defaulting Bank, then the Company may,
at its sole expense and effort, upon notice to such Bank and the Administrative Agent, require such Bank to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.10), all its
interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Bank, if a Bank accepts such assignment); provided that (i) the Company shall have received the prior
written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Bank shall have received payment of an amount equal to the outstanding principal of its Loans and participations in any drafts paid by an
Issuing Bank under any Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case
of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.12 or 2.18 or payments required to be made pursuant to Section 2.12 or 2.18, such assignment will
result in a reduction in such compensation or payments. A Bank shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Bank or otherwise, the circumstances entitling the Company to require
such assignment and delegation cease to apply. 
 ARTICLE III 

LETTERS OF CREDIT 
 Section 3.1 L/C Commitment 
 (a) Subject to the terms
and conditions hereof, the Issuing Bank, in reliance on the agreements of the other Banks set forth in Section 3.4(a), agrees to issue letters of credit (“Letters of Credit”) for the account of the Company on any
Business Day on and after the Effective Date and until the termination of the Commitment of the Issuing Bank in accordance with the terms hereof, in such form as may be approved from time to time by the Issuing Bank; provided that the Issuing
Bank shall not issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the excess of the Total Commitment over the aggregate amount of Loans and L/C Obligations
then outstanding would be less than zero. Each Letter of Credit shall (i) be denominated in dollars and (ii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is five
Business Days prior to the Original Termination Date, provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in
clause (y) above). 
 (b) The Issuing Bank shall not at any time be obligated to issue any Letter of Credit
if such issuance would conflict with, or cause the Issuing Bank or any L/C Participant to exceed any limits imposed by, any applicable Laws. 
 Section 3.2 Procedure for Issuance of Letter of Credit. The Company may from time to time request that the Issuing Bank issue a Letter of Credit by delivering to the Issuing Bank at its
address for notices specified herein an Application therefor, completed to the reasonable satisfaction of the 

  
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Issuing Bank, and such other certificates, documents and other papers and information as the Issuing Bank may reasonably request. Upon receipt of any Application, the Issuing Bank will process
such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event
shall the Issuing Bank be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing
the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the Issuing Bank and the Company. The Issuing Bank shall furnish a copy of such Letter of Credit to the Company promptly following the issuance
thereof. The Issuing Bank shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Banks, notice of the issuance of each Letter of Credit (including the amount thereof). 

Section 3.3 Fees and Other Charges 
 (a) The Company will pay to the Administrative Agent for the ratable benefit of the Banks on each Quarterly Payment Date after the issuance date and on the Termination Date a fee on all outstanding
Letters of Credit at a per annum rate equal to the Applicable Rate then in effect with respect to Eurodollar Loans. In addition, the Company shall pay to the Issuing Bank for its own account a fronting fee at a per annum rate separately agreed upon
between the Company and the Issuing Bank (which fee, in the case of JPMorgan Chase Bank, N.A., is reflected in the fee letter dated March 24, 2011, between the Company and JPMorgan Chase Bank, N.A. and, in the case of Citibank, N.A., is
reflected in the fee letter dated March 30, 2011, between the Company and Citibank, N.A.) on the undrawn and unexpired amount of each Letter of Credit, payable quarterly in arrears on each Quarterly Payment Date after the issuance date and on
the Termination Date. Fees payable pursuant this Section 3.3(a) shall be calculated on the basis of a 360-day year for the actual days elapsed. 
 (b) In addition to the foregoing fees, the Company shall pay or reimburse the Issuing Bank for such normal and customary costs and expenses as are incurred or charged by the Issuing Bank in issuing,
negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 
 Section 3.4 L/C
Participations 
 (a) The Issuing Bank irrevocably agrees to grant and hereby grants to each L/C Participant,
and, to induce the Issuing Bank to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Bank, on the terms and conditions set forth below, for such L/C
Participant’s own account and risk an undivided interest, equal to the percentage which such L/C Participant’s Commitment represents of the Total Commitment, in the Issuing Bank’s obligations and rights under and in respect of each
Letter of Credit and the amount of each draft paid by the Issuing Bank thereunder. Each L/C Participant unconditionally and irrevocably agrees with the Issuing Bank that, if a draft is paid under any Letter of Credit for which the Issuing Bank is
not reimbursed in full by the Company in accordance with the terms of this Agreement, such L/C Participant shall pay to the Issuing Bank upon demand a fraction of the amount of such draft, or any part thereof, that is not so reimbursed, equal to the
percentage which such L/C Participant’s Commitment represents of the Total Commitment. 

  
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 (b) If any amount required to be paid by any L/C Participant to the Issuing
Bank pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by the Issuing Bank under any Letter of Credit is paid to the Issuing Bank within three Business Days after the date such payment is due, such L/C
Participant shall pay to the Issuing Bank on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required to the
date on which such payment is immediately available to the Issuing Bank, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be
paid by any L/C Participant pursuant to Section 3.4(a) is not made available to the Issuing Bank by such L/C Participant within three Business Days after the date such payment is due, the Issuing Bank shall be entitled to recover from
such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to Alternate Base Loans. A certificate of the Issuing Bank submitted to any L/C Participant with respect to any amounts
owing under this Section shall be conclusive in the absence of manifest error. 
 (c) Whenever, at any time after
the Issuing Bank has made payment under any Letter of Credit and has received from any L/C Participant its pro rata share of such payment in accordance with Section 3.4(a), the Issuing Bank receives any payment related to
such Letter of Credit (whether directly from the Company or otherwise, including proceeds of collateral applied thereto by the Issuing Bank), or any payment of interest on account thereof, the Issuing Bank will distribute to such L/C Participant its
pro rata share thereof; provided, however, that in the event that any such payment received by the Issuing Bank shall be required to be returned by the Issuing Bank, such L/C Participant shall return to the Issuing Bank
the portion thereof previously distributed by the Issuing Bank to it. 
 Section 3.5 Reimbursement Obligation of the
Company. If any draft is paid under any Letter of Credit, the Company shall reimburse the Issuing Bank for the amount of (a) the draft so paid and (b) any Taxes, fees, charges or other costs or expenses incurred by the Issuing Bank in
connection with such payment, not later than 12:00 noon, New York City time, on (i) the Business Day that the Company receives notice of such draft, if such notice is received on such day prior to 10:00 a.m., New York City time, or (ii) if
clause (i) above does not apply, the Business Day immediately following the day that the Company receives such notice. Each such payment shall be made to the Issuing Bank at its address for notices referred to herein in dollars and in
immediately available funds. Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at the rate set forth in (x) until the Business Day next succeeding the date of the relevant
notice, Section 2.8(b) and (y) thereafter, Section 2.9. 
 Section 3.6 Obligations
Absolute. The Company’s obligations under this Article III shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Company may have or have had
against the Issuing Bank, any beneficiary of a Letter of Credit or any other Person. The Company also agrees with the Issuing Bank that the Issuing Bank shall not be responsible for, and the Company’s Reimbursement Obligations under
Section 3.5 shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between
or among the Company and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Company against any beneficiary of such Letter of Credit or any such transferee.
The Issuing Bank shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by
a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Issuing Bank. The Company agrees that any action taken or omitted by the Issuing Bank under or in
connection with any Letter of Credit or the 

  
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related drafts or documents, if done in the absence of gross negligence or willful misconduct and in accordance with the standards of care specified in the Uniform Commercial Code of the State of
New York, shall be binding on the Company and shall not result in any liability of the Issuing Bank to the Company. 

Section 3.7 Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing
Bank shall promptly notify the Company of the date and amount thereof. The responsibility of the Issuing Bank to the Company in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation
expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of
Credit. 
 Section 3.8 Applications. To the extent that any provision of any Application related to any Letter of
Credit is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply. 

ARTICLE IV 

CONDITIONS OF LENDING 
 Section 4.1 Conditions Precedent. The effectiveness of this Agreement is subject to the satisfaction of the following conditions precedent: 

(a) The Administrative Agent shall have received the following, each dated (unless otherwise indicated) the Effective
Date: 
 (i) Officer’s Certificates dated the Effective Date certifying, inter alia,
(i) true and correct copies of resolutions adopted by the Board of Directors or Executive Committee, as appropriate, of the Company authorizing the Company to borrow and effect other transactions hereunder, (ii) a true and correct copy of
the Company’s bylaws in effect on the date hereof, (iii) the incumbency and specimen signatures of the Persons executing any documents on behalf of the Company, (iv) the truth of the representations and warranties made by the Company
in this Agreement (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date), and (v) the absence of the occurrence and continuance of any Default or Event of Default.

 (ii) A copy of the Company’s charter and all amendments thereto, accompanied by certificates that such
copy is correct and complete, one certificate dated within a reasonable time prior to the Effective Date and issued by the Secretary of State of Texas and one certificate dated the Effective Date and executed by the corporate secretary or assistant
secretary of the Company. 
 (iii) Certificates (dated within twenty days prior to the Effective Date) of
existence and good standing of the Company from appropriate officials of Texas. 
 (iv) The written opinions of
internal and outside counsel to the Company and counsel to the Agents, substantially in the form set out in Exhibits C-1, C-2 and C-3, respectively, each dated the Effective Date. 

  
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 (v) An Administrative Questionnaire (dated any date prior to the Effective
Date) completed by each Bank which is a party hereto on the Effective Date. 
 (vi) Such other agreements,
documents, instruments, opinions, certificates, and evidences as the Administrative Agent may reasonably request prior to the Effective Date. 
 (b) Any fees required to be paid on or before the Effective Date shall have been paid. 
 (c) The commitments under the Existing Credit Agreement shall have been terminated and all amounts owing thereunder shall have been paid in full. Each party hereto that is also a party to the Existing
Credit Agreement hereby waives any requirement under the Existing Credit Agreement of advance notice for any such termination or payment. 
 Section 4.2 Conditions Precedent to Each Committed Borrowing. The obligation of each Bank to make a Committed Loan on the occasion of any Committed Borrowing (including the initial Committed
Borrowing, but excluding any Committed Borrowing used exclusively to finance the payment of any Reimbursement Obligation) shall be subject to the further conditions precedent that on the date of such Committed Borrowing the following statements
shall be true (and each of the giving of the applicable Notice of Committed Borrowing and the acceptance by the Company of the proceeds of such Committed Borrowing shall constitute a representation and warranty by the Company that on the date of
such Committed Borrowing such statements are true): 
 (a) The representations and warranties contained in
Article V (except the last sentence of Section 5.2 and except Section 5.5) are correct in all material respects on and as of the date of such Committed Borrowing (or, if any such representation or warranty is expressly
stated to have been made as of a specific date, as of such specific date), before and after giving effect to such Committed Borrowing, as though made on and as of such date; 

(b) No event has occurred and is continuing, or would result from such Committed Borrowing, which constitutes either a
Default or an Event of Default; and 
 (c) Following the making of such Committed Borrowing and all other
Borrowings to be made on the same day under this Agreement, the sum of the aggregate principal amount of all Loans then outstanding and of the L/C Obligations shall not exceed the Total Commitment. 

Section 4.3 Conditions Precedent to Each Letter of Credit Issuance. The obligation of the Issuing Bank to issue a Letter of
Credit (including the initial Letter of Credit) shall be subject to the further conditions precedent that on the date of the issuance of such Letter of Credit the following statements shall be true (and each delivery of an Application by the Company
shall constitute a representation and warranty by the Company that on the date of such Application such statements are true): 
 (a) The representations and warranties contained in Article V (except the last sentence of Section 5.2 and except Section 5.5) are correct in all material respects on and as
of the date of the issuance of such Letter of Credit (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date), before and after giving effect to such issuance, as though made
on and as of such date; 
 (b) No event has occurred and is continuing, or would result from the issuance of such
Letter of Credit, which constitutes either a Default or an Event of Default; and 

  
 32 

 (c) Following the issuance of such Letter of Credit and the making of any
Borrowings to be made on the same day under this Agreement, the sum of the aggregate principal amount of all Loans then outstanding and of the L/C Obligations shall not exceed the Total Commitment. 

Section 4.4 Legal Details. All documents executed or submitted pursuant hereto by the Company shall be reasonably
satisfactory in form and substance to the Administrative Agent and its counsel. The Administrative Agent shall, promptly following satisfaction of the conditions specified in Section 4.1, notify the Company and each of the Banks of such
satisfaction and the date of the Effective Date. The Administrative Agent and its counsel shall receive all information, and such counterpart originals or certified or other copies of such materials, as they may reasonably deem necessary or
appropriate. All legal matters incident to the transactions contemplated by this Agreement (including without limitation matters arising from time to time as a result of changes occurring with respect to any Laws) shall be reasonably satisfactory to
counsel to the Administrative Agent. 
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
 The Company represents and warrants to the
Agents and Banks as follows: 
 Section 5.1 Organization, Authority and Qualifications 

(a) The Company and each of its Material Subsidiaries is a Person duly organized, validly existing, and in good standing
under the Laws of the jurisdiction of its organization; 
 (b) The Company has the corporate power and authority
to execute, deliver, and perform this Agreement and the other Loan Papers to which it is a party and to borrow hereunder; 
 (c) On the Effective Date, the Company and each of its Material Subsidiaries is duly qualified as a foreign Person to do business and is in good standing in every jurisdiction where the character of its
Properties or nature of its activities make such qualification necessary, except where the failure to be so qualified or in good standing would not have a Material Adverse Effect; and 

(d) On the Effective Date, the Company has no Material Subsidiaries. 

Section 5.2 Financial Statements. The Current Financials present fairly the consolidated financial position of the Company
and its Subsidiaries on the date thereof and the consolidated results of operations and changes in financial position of the Company and its Subsidiaries for the period then ended, all in conformity with GAAP. Except for transactions related to or
contemplated by the Loan Papers and transactions disclosed in Forms 10-Q and 8-K that the Company shall have filed with the Securities and Exchange Commission before the Effective Date, there has been no Material Adverse Change since
December 31, 2010. 
 Section 5.3 Compliance with Agreement and Laws. On the Effective Date, neither the
Company nor any of its Material Subsidiaries is in default in any material respect under the provisions of any instrument evidencing any material obligation, indebtedness, or liability of the Company or any of its Material Subsidiaries or of any
agreement relating thereto. Neither the Company nor any of its Material Subsidiaries is in violation of any Law, which default or violation would have a Material Adverse Effect. 

  
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 Section 5.4 Authorization; No Breach; and Valid Agreements. The execution,
delivery, and performance of this Agreement, the borrowings hereunder, and the execution, delivery, and performance of the other Loan Papers to which it is a party by the Company have been duly authorized by all requisite corporate action on the
part of the Company and will not violate its charter or bylaws and will not violate any Law or any order of any Tribunal, and will not conflict with, result in a breach of the provisions of or constitute a default under, or result in the imposition
of any Lien upon the Property of the Company pursuant to the provisions of, any material loan agreement, credit agreement, indenture, mortgage, deed of trust, franchise, permit, license, note, contract, or other material agreement or instrument to
which the Company is now a party. The Loan Papers that include obligations of the Company are the valid and binding obligations of the Company and are enforceable in accordance with their respective terms. 

Section 5.5 Litigation and Judgments. Except as previously disclosed to the Administrative Agent in writing, neither the
Company nor any of its Subsidiaries is either party to or aware of the threat of any Litigation which has, in the Company’s opinion, a reasonable probability of success and which, if determined adversely to the Company or such Subsidiary, would
have a Material Adverse Effect. To the knowledge of the Company, on the Effective Date there is no outstanding unsatisfied money judgment against the Company or any of its Subsidiaries in an amount in excess of $50,000,000, and there are no
outstanding unsatisfied money judgments against the Company or any of its Subsidiaries which individually or in the aggregate have or would have a Material Adverse Effect. 
 Section 5.6 Ownership of Properties. The Company and each of its Material Subsidiaries has good and marketable title (except for Permitted Liens) to all of the Pool Assets, and owns or has
valid leasehold (or, in the case of Intellectual Property, license) interests in all of its other material Properties which are owned or used in connection with its business. 
 Section 5.7 Taxes. To the extent that failure to do so would have a Material Adverse Effect, the Company and each of its Material Subsidiaries has filed all Tax returns or reports required of
it and has paid all Tax liability shown thereon as due to the extent the same has become due and before it may have become delinquent (except to the extent being contested in good faith by appropriate proceedings and for which adequate reserves have
been established). As of the Effective Date, the federal income tax liability of the Company and its Subsidiaries has been audited by the Internal Revenue Service and has been finally determined and satisfied for all taxable years up to and
including the taxable year ended December 31, 2005. 
 Section 5.8 Approvals Required. Neither the execution
and delivery of this Agreement and the other Loan Papers to which it is a party by the Company, nor the consummation by the Company of any of the transactions contemplated hereby or thereby requires the consent or approval of, the giving of notice
to, or the registration, recording, or filing of any document with, or the taking of any other action in respect of any Tribunal except for the routine filing of copies of this Agreement and certain other Loan Papers with the Securities and Exchange
Commission, except for any of the foregoing required of any Bank or Agent. 
 Section 5.9 Business; Status as Air
Carrier. The Company is an air carrier engaged in scheduled air transportation and is in all material respects duly qualified and licensed under all applicable Laws to carry on its business as a scheduled airline currently subject to regulation
by the Federal Aviation Administration and the Department of Transportation. 
 Section 5.10 ERISA Compliance. The
Company is in compliance in all material respects with ERISA and the rules and regulations thereunder. No Plan of the Company has materially failed to satisfy the “minimum funding standards” of ERISA or is in “at risk” status
(within the meaning of ERISA). 

  
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 Section 5.11 Insurance. The Company maintains with insurance companies or
associations of recognized responsibility (or, as to workers’ compensation or similar insurance, with an insurance fund or by self-insurance authorized by the jurisdictions in which it operates) insurance concerning its Properties and
businesses against such casualties and contingencies and of such types and in such amounts (and with co-insurance, self-insurance and deductibles) as is customary in the case of same or similar businesses. 

Section 5.12 Purpose of Loan. The proceeds of the Loans will be used for general corporate purposes, including acquisitions,
and no part of the proceeds of any Loan will be used for any purpose which would violate, or be inconsistent with, any of the margin regulations of the Board. 
 Section 5.13 Investment Company Act. Neither the Company nor any of its Subsidiaries is an “investment company”, or a company “controlled” by an “investment
company”, within the meaning of the Investment Company Act of 1940, as amended. 
 Section 5.14 General. As of
the Effective Date, there is no material fact or condition relating to the Loan Papers or the financial condition and business of the Company and its Subsidiaries which has a Material Adverse Effect and which has not been related, in writing, to the
Administrative Agent, other than industry-wide risks in the ordinary course of business associated with the types of business conducted by the Company and its Subsidiaries. All writings exhibited or delivered to any of the Agents and Banks by or on
behalf of the Company are and will be genuine and in all material respects what they purport and appear to be. 
 ARTICLE VI

 COVENANTS 
 So long as the Company may borrow hereunder and until the Obligations have been paid in full, the Company covenants as follows: 
 Section 6.1 Performance of Obligations. The Company shall duly and punctually pay and perform each of the Obligations under this Agreement and the other Loan Papers under which the Company has
Obligations. 
 Section 6.2 Compliance with Laws. The Company shall comply, and shall cause each of its Material
Subsidiaries to comply, in all material respects with all applicable Laws, except for any noncompliance which individually or in the aggregate would not have a Material Adverse Effect, and such compliance shall include, without limitation, paying
before the same become delinquent all Taxes imposed upon the Company or any of its Material Subsidiaries or its or their Properties, except to the extent contested diligently and in good faith by proper proceedings, and for which adequate reserves
are established in accordance with GAAP. 
 Section 6.3 Maintenance of Existence, Licenses and Franchises: Compliance
With Agreements. Except to the extent otherwise permitted in Article VI, the Company shall maintain, and shall cause each of its Material Subsidiaries to maintain, its existence, and the Company shall preserve and maintain, and shall
cause each of its Material Subsidiaries to preserve and maintain, all material licenses, privileges, franchises, certificates, authorizations, and other permits and agreements necessary for the operation of its business. The Company shall comply,
and shall cause each of its Material 

  
 35 

 
Subsidiaries to comply, with all material agreements binding on it or affecting its properties or business, except for any noncompliance which individually or in the aggregate would not have a
Material Adverse Effect. 
 Section 6.4 Maintenance of Properties. The Company shall, and shall cause each of its
Material Subsidiaries to, cause all of its Properties used or useful in the conduct of its business to be maintained and kept in good condition, repair, and working order, and supplied with all necessary equipment, and cause to be made all necessary
repairs, renewals, replacements, betterments, and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times. Subject
to the provisions of this Section 6.4, the Company shall, at its expense, maintain, service, repair, overhaul, improve, and rebuild the Aircraft so as to keep all Aircraft in as good a condition as presently exists or as when acquired by
the Company if any Aircraft are hereafter acquired (in each case, ordinary wear and tear excepted), and as required to meet, no later than the applicable termination date (i.e., the date by which compliance with such standards is required), the
air-worthiness standards of the Federal Aviation Administration and the Department of Transportation (to the extent such standards are applicable to the Aircraft) or the standards observed by the Company with respect to Property of similar type,
whichever is higher. The Company shall maintain, service, repair and overhaul the Aircraft in compliance with its Federal Aviation Administration’s approved maintenance program. The Company shall comply with all Laws of Tribunals having
jurisdiction over the Company or the Aircraft, including all applicable requirements of the Federal Aviation Administration and the Department of Transportation as to operation, maintenance, or use of the Aircraft, except non-compliance shall be
permitted in the case of immaterial or non-recurring violations with respect to which corrective measures are taken promptly upon discovery thereof. In the event that any such Law requires alteration of any Aircraft, the Company shall conform
thereto or obtain conformance therewith at no expense to the Agents or the Banks no later than the applicable termination date (i.e., the date by which such alteration is required) and will maintain such Aircraft in good operating condition under
such Laws; provided, however, that the Company may, in good faith, contest the validity or application of any such Law in any reasonable manner. As to any Aircraft, nothing in this Section 6.4 shall prohibit the Company
from placing such Aircraft in storage in accordance with the Company’s standard storage procedures. 
 Section 6.5
Maintenance of Books and Records. The Company shall, and shall cause each of its Subsidiaries to, maintain proper books of record and account in which full, true, and correct entries in accordance with GAAP consistently applied (except for
any change with which the Company’s independent auditors concur) will be made of all dealings and transactions in relation to their business and activities. 
 Section 6.6 Inspection. At reasonable times and upon reasonable notice, the Company shall permit, and shall cause each of its Material Subsidiaries to permit, any employees and other
representatives of the Administrative Agent or any Bank to visit and inspect any Properties, to examine all books of account, records, reports, and other papers, to make copies and extracts therefrom (subject to any confidentiality agreements,
copyright restrictions, and similar limitations), and to discuss the Company’s and Material Subsidiaries’ affairs, finances, Properties, condition (financial or otherwise) and accounts with the Company’s and Material
Subsidiaries’ officers, employees and independent certified public accountants, at such times and as often as may be reasonably requested; provided, however, that (a) any such inspection of Aircraft shall be limited to the
Pool Assets, (b) any such inspection which includes Aircraft shall be a visual, walk-around inspection and may not include opening any panels, bays or the like of any Aircraft, (c) no exercise of any inspection rights provided for in this
Section 6.6 shall interfere with the normal operation or maintenance of the Aircraft by, or the business of, the Company, and (d) the Administrative Agent and each Bank shall cause their respective employees and representatives to
hold in strict confidence all information acquired pursuant to such Agent’s or Bank’s 

  
 36 

 
Rights under this Section 6.6, except for necessary disclosure to participants in the Loans or Commitments, disclosure in connection with disputes relating to the Loan Papers, or
disclosure compelled by judicial or administrative process or by other requirements of Law. 
 Section 6.7
Insurance. The Company shall maintain insurance on its Properties with insurers of recognized standing in such amounts (including by way of self-insurance) as it determines to be prudent and consistent with its insurance and loss prevention
policies, and in such forms and covering such risks as may then be customary with airlines of a comparable credit standing flying equipment and routes comparable to the Company. Without in any way limiting the foregoing, the Company shall maintain
such insurance on the Aircraft, including “all-risk” hull insurance and aviation liability insurance. 

Section 6.8 Appraisals. On each Appraisal Delivery Date, the Company shall submit an Appraisal of the Pool Assets to the
Administrative Agent (for onward distribution to the Banks) as of the date which is no more than 30 days prior to such Appraisal Delivery Date; provided that the Appraisal to be delivered on the Effective Date may be dated as of
April 18, 2011; and provided, however, that if such Appraisal is to be delivered on such Appraisal Delivery Date as a consequence of clause (c) of the definition thereof, the Appraisal to be delivered on such date shall only be in
respect of the assets to be removed from and/or added to the Pool Assets. 
 Section 6.9 Coverage Ratio. The Company
shall maintain at all times a Coverage Ratio of not less than 1.25 to 1.0. 
 The Company shall have the option to reduce the
required Coverage Ratio to 0.80 to 1.0 for two consecutive fiscal quarters by written notice to the Banks. If such notice is given, the Company shall be irrevocably obligated to pay to each Bank a quarterly fee equal to 0.25% of such Bank’s
Commitment for each quarter (with the amount of such Commitment being determined on an average basis if such Commitment has changed during such quarter), payable on each date on which financial statements for the two relevant fiscal quarters are
required to be delivered; provided that (i) such option may be exercised no more than once between the Effective Date and the Termination Date and (ii) such fee shall be payable in respect of any quarter only if the Coverage Ratio
for such quarter is less than 1.25 to 1.0. 
 Section 6.10 Reporting Requirements. The Company shall furnish to the
Administrative Agent (with sufficient copies for each Bank): 
 (a) Within 120 days after the last day of each
fiscal year of the Company, Financial Statements (it being understood that delivery of the Company’s annual report on Form 10-K for any fiscal year as filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of
1934, as amended, will satisfy this requirement with respect to such fiscal year) showing the consolidated financial condition and results of operations of the Company and its Subsidiaries as of, and for the year ended on, such last day, accompanied
by (i) the opinion, without material qualification, of Auditors, based on an audit using generally accepted auditing standards, that such Financial Statements were prepared in accordance with GAAP and present fairly the consolidated financial
condition and results of operations of the Company and its consolidated Subsidiaries and (ii) a Financial Report Certificate; 
 (b) Within 60 days after the last day of each of the first three fiscal quarters of the Company (i) Financial Statements showing the consolidated financial condition and results of operations of the
Company and its consolidated Subsidiaries as of and for the period from the beginning of the current fiscal year to, such last day (it being understood that delivery of the 

  
 37 

 
Company’s quarterly report on Form 10-Q for any fiscal quarter as filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended, will satisfy
this requirement with respect to such fiscal quarter and, if applicable, the portion of the Company’s fiscal year ended at the end of such quarter), and (ii) a Financial Report Certificate; 

(c)(i) Promptly after mailing, true copies of all reports, statements, documents, plans, and other written communications
furnished by or on behalf of the Company or any of its Subsidiaries to stockholders generally and (ii) promptly upon the filing thereof, copies of all registration statements (other than the exhibits thereto and any registration statements on
Form S-8 or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) which the Company shall have filed with the Securities and Exchange Commission; 

(d) Notice, promptly after the Company or any of its Material Subsidiaries knows or has reason to know of a Default or
Event of Default, specifying the nature thereof and what action the Company or any Subsidiary has taken, is taking, or proposes to take with respect thereto; 
 (e) Prompt notice of any legal or arbitral proceedings, and of all proceedings by or before any governmental or regulatory authority or agency, and any material development in respect of such legal or
other proceedings, affecting the Company, except proceedings which, if adversely determined, would not have a Material Adverse Effect or proceedings with respect to which the Company, in good faith and upon consultation with outside counsel,
believes an adverse determination in respect thereof to be unlikely; and 
 (f) Promptly upon the Administrative
Agent’s reasonable request, such other relevant information (not otherwise required to be furnished under the Loan Papers) respecting the business affairs, assets, and liabilities of the Company and any of its Material Subsidiaries. 

In the case of paragraphs (a), (b) and (c) above (other than the Financial Report Certificate) the Company may satisfy the reporting
requirements in respect thereof by making the documents referred to therein available to the Banks on its website. Notwithstanding the foregoing, the Company shall deliver hard copies of any such documents to any Bank that notifies the Company that
such delivery is required by any Laws applicable to such Bank. 
 Section 6.11 Use of Proceeds. Proceeds advanced
hereunder shall be used only as represented herein. 
 Section 6.12 Pool Assets. The Company (i) will ensure
that the Appraised Value of the Pool Assets shall satisfy the Collateral Coverage Test (based upon the most recent Appraisal delivered to the Administrative Agent and the Banks pursuant to the provisions of Section 6.8), and
(ii) will not (and will not permit any Wholly Owned Domestic Subsidiary to) convey, sell, lease, transfer or otherwise dispose of, whether voluntarily or involuntarily (it being understood that loss of property due to theft, destruction,
confiscation, prohibition on use or similar event shall constitute a disposal for purposes of this covenant), or remove or substitute, any Pool Asset (or any engine included in the Pool Assets unless such engine is replaced by another working engine
or engines of comparable value, assuming half-time condition) or agree to do any of the foregoing in respect of the Pool Assets at any future time, except that: 
 (a) so long as no Event of Default exists, the Company or any of its Wholly Owned Domestic Subsidiaries owning a Pool Asset may replace a Pool Asset with another asset of the Company or such Wholly Owned
Domestic Subsidiary (or any other Wholly Owned Domestic Subsidiary) (and Schedule II shall be modified to reflect such replacement), provided that (A) such replacement shall be made on at least a dollar-for-dollar basis based upon
(x) in the case of 

  
 38 

 
the asset being removed from the Pool Assets, the Appraised Value of such Pool Asset (as determined by the most recently delivered Appraisal with respect to such Pool Asset) and (y) in the
case of the asset being added to the Pool Assets, the Appraised Value of such asset (as determined by an Appraisal performed at the time of such replacement), and (B) prior to effecting the replacement, the Company shall have delivered an
Officer’s Certificate to the Administrative Agent certifying compliance with this Section 6.12 and attaching to such certificate the Appraisal required by Section 6.8; 

(b) so long as no Event of Default exists or would result therefrom, the Company or any of its Wholly Owned Domestic
Subsidiaries owning a Pool Asset may remove an asset from the Pool Assets (and Schedule II shall be modified to reflect such removal), provided that (A) after giving effect to such removal, the Appraised Value of the remaining
Pool Assets (as determined by an Appraisal of all Pool Assets performed at the time of such removal) shall satisfy the Collateral Coverage Test, and (B) prior to effecting the removal, the Company shall have delivered an Officer’s
Certificate to the Administrative Agent certifying that, and providing calculations demonstrating that, after giving effect to such removal, the Appraised Value of the Pool Assets shall satisfy the Collateral Coverage Test, and otherwise certifying
compliance with this Section 6.12 and attaching to such certificate Appraisals of all Pool Assets obtained in connection with such removal; and 
 (c) in the event (x) that an Appraisal furnished pursuant to Section 6.8 discloses that the Collateral Coverage Test is not satisfied or (y) the Collateral Coverage Test is not
satisfied following an involuntary disposal of any Pool Asset (or any engine included in the Pool Assets unless such engine is replaced by another working engine or engines of comparable value, assuming half-time condition) (whether by loss of
property due to theft, destruction, confiscation, prohibition on use, any similar event or otherwise), based upon the most recent Appraisal of the Pool Assets (from which the appraised values of the Pool Assets which are the subject of the
involuntary disposition shall be subtracted) furnished pursuant to Section 6.8, the Company shall within 60 days after the date of such Appraisal or involuntary disposal, as the case may be, designate additional assets as Pool Assets to
the extent that, after giving effect to such designation the Appraised Value of the Pool Assets, based on the most recently delivered Appraisal with respect to assets already constituting Pool Assets and based on an Appraisal performed at the time
of such addition with respect to assets being added to Pool Assets, shall satisfy the Collateral Coverage Test (and Schedule II shall be modified to reflect such addition), provided that (A) at the time of such addition, the
Administrative Agent and the Banks shall have received an Officer’s Certificate certifying that the conditions set forth in this Section 6.12 shall have been satisfied after giving effect to such addition and attaching thereto such
Appraisal, and (B) the asset being added shall constitute Stage 3 Equipment. 
 Section 6.13 Restrictions on
Liens. (a) The Company will not, nor will it permit any Subsidiary to, create, assume or suffer to exist any Lien upon or with respect to the Pool Assets, or enter into any arrangement with any Person that would materially negatively impact
the value of any Pool Asset realizable by any third party or assign any right to receive the proceeds from the sale, transfer or disposition of any of the Pool Assets, or file or authorize the filing with respect to any of the Pool Assets of any
financing statement naming the Company or any Subsidiary as debtor under the Uniform Commercial Code or any similar notice of Lien naming the Company or any Subsidiary as debtor under any similar recording or notice statute (including, without
limitation, any filing under Title 49, United States Code, Section 44107), other than Permitted Liens affecting Pool Assets. 
 (b) The Company will not enter into or suffer to exist, and will not permit any of its Subsidiaries to enter into or suffer to exist, any agreement prohibiting or conditioning the creation or assumption
of any first priority Lien upon any Pool Asset to secure Debt or other obligations of the Company or of any Subsidiary of the Company that holds Pool Assets. 

  
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 Section 6.14 Mergers and Dissolutions. The Company will not merge or consolidate
with any Person other than any merger or consolidation whereby the Company is the surviving corporation and no Default or Event of Default exists or would result therefrom. The Company will not liquidate, wind up, or dissolve itself (or suffer any
liquidation or dissolution). 
 Section 6.15 Assignment. The Company will not assign or transfer any of its Rights,
duties, or obligations under any of the Loan Papers to which it is a party. 
 ARTICLE VII 

EVENTS OF DEFAULT; REMEDIES 
 Section 7.1 Events of Default. Any one or more of the following events shall be “Events of Default” hereunder (which shall include by definition the expiration of any grace period
with respect thereto), whether the same shall occur and be continuing for any reason whatsoever (and whether such occurrence shall be voluntary or involuntary or come about or be effected by operation of Law or otherwise): 

(a) Payment of Obligation. Failure to pay any installment of principal on any Loan or any Reimbursement Obligation
when due whether at maturity, by declaration as authorized by this Agreement, or otherwise; or failure to pay, within 5 Business Days after the due date thereof, any interest on any Loan or any Reimbursement Obligation; or failure to pay, within 5
Business Days after the due date thereof, or if no due date therefor is herein specified within 5 Business Days after written demand therefor is given to the Company by the Administrative Agent, any fee or other amount payable by the Company
hereunder or under any of the other Loan Papers. 
 (b) Covenants. Default shall be made in the
observance or performance of any other of the covenants, conditions, and agreements on the part of the Company (or in the case of Section 6.12, on the part of any Subsidiary having any Pool Assets) contained herein, or in any other Loan
Papers and such default shall continue for a period of 30 days (or, in the case of Section 6.9, 5 Business Days) after the Administrative Agent shall have given the Company notice thereof in writing. 

(c) Debtor Relief. The Company or any Material Subsidiary shall file a voluntary petition in bankruptcy or a
petition or answer seeking reorganization, arrangement, composition, liquidation, receivership, or similar relief under any Debtor Relief Law, or shall file a petition to take advantage of any Debtor Relief Law, or shall make an assignment for the
benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall fail generally to pay its debts as they become due, or shall consent to the appointment of any receiver, trustee, custodian or liquidator of
it or all or a substantial part of its Property; or a proceeding or action shall be instituted or commenced against the Company or any Material Subsidiary seeking an order for relief or a reorganization, arrangement, composition, liquidation,
receivership, or similar relief under any Debtor Relief Law or seeking the appointment, without the consent of the Company or any Material Subsidiary, of any receiver, trustee, custodian or liquidator of it or all or a substantial part of the
Property of the Company or any Material Subsidiary and such proceeding or action shall remain undismissed or unstayed for a period of 90 days; or an order, decree, or judgment for an involuntary petition adjudicating the Company or any Subsidiary
insolvent shall be entered by any court of competent jurisdiction and shall remain undismissed or unstayed for a period of 90 days. 

  
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 (d) Payment of Judgments. The Company or any of its Material
Subsidiaries fails to pay any judgment or order for the payment of money in excess of $50,000,000 rendered against it or any of its assets (exclusive of judgment amounts fully covered by insurance where the insurer has admitted liability in respect
thereof) and either (i) any enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) the same shall not be discharged (or provisions shall not be made for such discharge), or a stay of execution
thereof shall not be procured, within 30 days from the date of entry thereof and the Company or the relevant Material Subsidiary shall not, within said period of 30 days, or such longer period during which execution of the same shall have been
stayed, appeal therefrom and cause the execution thereof to be stayed during such appeal. 
 (e) Default on
Other Debt or Security. The Company or any Material Subsidiary shall (i) fail to pay any principal of or interest on any Debt (other than the Obligation) the principal or face amount of which exceeds $50,000,000 when due (or, where
permitted, within any applicable grace period), whether by scheduled maturity, required prepayment, acceleration, demand or otherwise and such default continues unremedied for five Business Days after such due date or applicable grace period, or
(ii) fail to perform or observe any other provision (other than a provision that is substantially identical to a provision in this Agreement) contained in any agreement securing or relating to such Debt (or any other breach or default under
such Debt agreement occurs) if the effect of such failure to perform or observe such other provisions (or breach or default) is to cause such Debt to become due prior to its stated maturity; provided, however, that if any such failure,
breach or default shall be waived or cured (as evidenced by a writing from such holder or trustee) then, to the extent of such waiver or cure, the Event of Default hereunder by reason of such failure, breach or default shall be deemed likewise to
have been thereupon waived or cured. 
 (f) ERISA. Any “Reportable Event” as such term is
defined in ERISA under any Plan, or the appointment by an appropriate Tribunal of a trustee to administer any Plan, or the termination of any Plan within the meaning of Title IV of ERISA, and any of the foregoing results in a material liability to
the Pension Benefit Guaranty Corporation; or any Plan fails to satisfy the “minimum funding standards” of ERISA or is determined to be in “at risk” status (within the meaning of ERISA). 

(g) Misrepresentation. Any representation or warranty made by the Company is untrue in any material respect, or any
certificate, schedule, statement, report, notice or writing (excluding any Appraisal, for which the Company makes no representation) furnished by the Company to the Agents or to the Banks, or any of them, is untrue in any material respect on the
date as of which the facts set forth are stated or certified, shall remain material at the time of discovery and shall, if curable, remain incorrect in any material respect after 30 days after written notice thereof to the Company (any failure to
include within any such schedule, statement, report, notice, or writing information which failure would cause the material included to be misleading shall be as much an untruth as a false statement contained therein). 

Section 7.2 Remedies Upon Default . If an Event of Default specified in Section 7.l(c) occurs, the Commitments of
the Banks shall thereupon automatically terminate and the aggregate unpaid principal balance of and accrued interest on the Obligation shall thereupon become due and payable concurrently therewith, without any action by the Administrative Agent or
any Bank and without diligence, presentment, demand, protest, notice of protest or intent to accelerate, or notice of any other 

  
 41 

 
kind, all of which are hereby expressly waived. Except as set forth in the preceding sentence, should any other Event of Default occur and be continuing, the Administrative Agent may, and if
requested by the Majority Banks, shall, do any one or more of the following: 
 (a) Acceleration. Declare
(by written notice to the Company) the entire unpaid balance of the Obligation, or any part thereof, immediately due and payable, whereupon it shall be due and payable, without diligence, presentment, demand, protest, notice of protest or intent to
accelerate, or other notice of any kind (except any notice or demand specified in this Agreement), all of which are hereby expressly waived. 
 (b) Termination. Terminate the Commitments by written notice to the Company. 
 (c) Judgment. Reduce any claim to judgment. 
 (d)
Rights. Exercise any and all legal and equitable Rights available to it. 
 With respect to all Letters of Credit with
respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this Section 7.2, the Company shall, upon any such acceleration, deposit in a cash collateral account opened by the Administrative
Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of
Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Company hereunder and under the other Loan Papers. After all such Letters
of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Company hereunder and under the other Loan Papers shall have been paid in full, the balance, if any, in
such cash collateral account shall be returned to the Company (or such other Person as may be lawfully entitled thereto). 

Section 7.3 Remedies in General. If any Event of Default shall occur and be continuing, the Administrative Agent may
immediately proceed to protect and enforce all or any Rights with respect thereto contained in this Agreement or any other Loan Papers or may enforce any other legal or equitable Rights. Any Right may be exercised from time to time, independently or
concurrently, and as often as shall be deemed expedient. No waiver of any Event of Default shall extend to any subsequent Event of Default. 
 ARTICLE VIII 
 THE AGENTS 

Section 8.1 Authorization and Action. Each Bank hereby irrevocably appoints and authorizes (a) JPMorgan Chase Bank, N.A.
to act as its Administrative Agent hereunder and under each of the other Loan Papers, (b) Citibank, N.A. to act as Syndication Agent hereunder and (c) Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Morgan
Stanley Senior Funding, Inc. to act as Documentation Agents hereunder. JPMorgan Chase Bank, N.A. consents to such appointment and agrees to perform the duties of the Administrative Agent hereunder and under the other Loan Papers. Citibank, N.A.
consents to such appointment and agrees, in consultation with the Company and the Administrative Agent, to select a syndicate of Banks to participate in the Commitments. Each Bank authorizes and directs the Administrative Agent to act on its behalf
and to exercise such powers under this Agreement as are specifically delegated to or required of such Agent by the terms hereto, together with such powers as are reasonably incidental thereto. As to any matters not expressly provided for by this
Agreement or the other Loan Papers (including, without limitation, enforcement or collection 

  
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of the Loans or Notes), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully
protected in so acting or refraining from acting) upon the instructions of the Majority Banks, and such instructions shall be binding upon all Banks and all holders of Loans or Notes; provided, however, that no Agent shall be required
to take any action which exposes such Agent to personal liability or which is contrary to this Agreement or applicable Law. 

Section 8.2 Agents’ Reliance, Etc. None of the Agents and none of their respective Affiliates, directors, officers,
agents, or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with the Loan Papers (i) with the consent or at the request of the Majority Banks (or all the Banks, if required) or
(ii) in the absence of its or their own gross negligence or willful misconduct (it being the express intention of the parties that the Agents and their respective directors, officers, agents, and employees shall have no liability for actions
and omissions under this Section 8.2 resulting from their ordinary contributory negligence). Without limitation of the generality of the foregoing, each Agent (i) may treat the payee of each Loan or Note as the holder thereof until
such Agent receives written notice of the assignment or transfer thereof signed by such payee and in form satisfactory to such Agent; (ii) may consult with legal counsel (including counsel for the Company), independent public accountants, and
other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants, or experts; (iii) makes no warranty or representation to any Bank
and shall not be responsible to any Bank for any statements, warranties, or representations made by or on behalf of the Company in or in connection with any Loan Paper; (iv) except as otherwise expressly provided herein, shall not have any duty
to ascertain or to inquire as to the performance or observance of any of the terms, covenants, or conditions of any Loan Paper or to inspect the property (including the books and records) of the Company or any of its Subsidiaries; (v) shall not
be responsible to any Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency, or value of any Loan Paper or any other instrument or document furnished pursuant hereto or thereto; and (vi) shall incur no
liability under or in respect of any Loan Paper by acting upon any notice, consent, certificate, or other instrument or writing (which may be by telecopier) reasonably believed by it to be genuine and signed or sent by the proper party or parties.

 Section 8.3 Rights of Agents as Banks. With respect to their Commitments, the Loans, if any, made by them and the
Notes, if any, issued to them, each Bank that is an Agent (including any Agent that hereafter becomes a holder of a Loan or Note) and its Affiliates shall have the same rights and powers under this Agreement or any other Loan Paper as any other Bank
and may exercise the same as though it were not an Agent; and the term “Bank” or “Banks” shall, unless otherwise expressly indicated, include each Bank that is an Agent (including any Agent that hereafter becomes a holder of a
Loan or Note), in its individual capacity. Each Bank that is an Agent (including any Agent that hereafter becomes a holder of a Loan or Note) and its Affiliates may accept deposits from, lend money to, act as trustee under indentures of, and
generally engage in any kind of business with, the Company, any of the Subsidiaries and any Person who may do business with or own securities of the Company or of the Subsidiaries, all as if such Bank were not an Agent, and without any duty to
account therefor to the Banks. 
 Section 8.4 Bank Credit Decision. Each Bank acknowledges and agrees that it has,
independently and without reliance upon any of the Agents or any other Bank and based on the Current Financials and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Bank also acknowledges and agrees that it will, independently and without reliance upon any of the Agents or any other Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under this Agreement. 

  
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 Section 8.5 Agents’ Indemnity. None of the Agents shall be required to take
any action hereunder or to prosecute or defend any suit in respect of this Agreement or the Loans or Notes unless indemnified to such Agent’s satisfaction by the Banks against loss, cost, liability, and expense. If any indemnity furnished to
such Agent shall become impaired, it may call for additional indemnity and cease to do the acts indemnified against until such additional indemnity is given. In addition, the Banks severally but not jointly agree to indemnify the Administrative
Agent (to the extent not reimbursed by the Company), ratably according to the respective principal amounts of the Committed Loans then held by each of them (or if no Committed Loans are at the time outstanding, ratably according to either
(i) the respective amounts of their Commitments, or (ii) if the Commitments have terminated, the respective amounts of the Commitments immediately prior to such termination; provided that, in the case of Section 2.22,
when a Defaulting Bank shall exist, any such Defaulting Bank’s Commitment shall be disregarded in the calculation), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses,
or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against such Agent in any way relating to or arising out of this Agreement or any action taken or omitted by such Agent under this Agreement or the
other Loan Papers (including, without limitation, any action taken or omitted under ARTICLE II of this Agreement); provided that no Bank shall be liable for any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses, or disbursements resulting from such Agent’s fraud, gross negligence or willful misconduct. Each Bank agrees, however, that it expressly intends, under this Section 8.5, to indemnify each
Agent ratably as aforesaid for all such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, and disbursements arising out of or resulting from such Agent’s ordinary or contributory negligence.
Without limitation of the foregoing, each Bank agrees to reimburse the Administrative Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees) incurred by such Agent in connection with the
preparation, execution, administration, or enforcement of, or legal advice in respect of rights or responsibilities under, this Agreement and the other Loan Papers to the extent that such Agent is not reimbursed for such expenses by the Company. The
provisions of this Section 8.5 shall survive the termination of this Agreement and/or the payment or assignment of any of the Loans or Notes. 
 Section 8.6 Successor Administrative Agent . The Administrative Agent may resign at any time by giving written notice thereof to the Banks and the Company and may be removed as Administrative
Agent under this Agreement and the other Loan Papers at any time with or without cause by the Majority Banks. Upon any such resignation or removal, the Majority Banks shall have the right, with the consent of the Company (provided that the
Company’s consent shall not be required during the continuance of a Default or an Event of Default), to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed and shall have accepted such
appointment within 30 calendar days after the retiring Administrative Agent’s giving notice of resignation or the Majority Banks’ removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf of the
Banks, with the consent of the Company (provided that the Company’s consent shall not be required during the continuance of a Default or Event of Default), appoint a successor Administrative Agent, which shall be a commercial bank
organized under the Laws of the United States of America or of any state thereof and having a combined capital and surplus of at least $500,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder and under the other Loan
Papers by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent
shall be discharged from its duties and obligations under this Agreement and the other Loan Papers. After any retiring Administrative Agent’s resignation or removal as the Administrative Agent hereunder and under the other Loan Papers, the
provisions of this Article VIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement and the other Loan Papers. 

  
 44 

 Section 8.7 Notice of Default. The Administrative Agent shall not be deemed to
have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent shall have received notice from a Bank or the Company referring to this Agreement, describing such Default or Event of Default
and stating that such notice is a “notice of default.” If the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Banks; provided, however, if such notice is received from a
Bank, the Administrative Agent also shall give notice thereof to the Company. The Administrative Agent shall be entitled to take action or refrain from taking action with respect to such Default or Event of Default as provided in
Section 8.1 and Section 8.2. 
 Section 8.8 Documentation Agents and Syndication Agent.
Neither the Documentation Agents nor the Syndication Agent shall have any duties or responsibilities hereunder in its capacity as such. 
 ARTICLE IX 
 MISCELLANEOUS 

Section 9.1 Amendments, Etc No amendment or waiver of any provision of this Agreement or any other Loan Paper, nor consent to
any departure by the Company herefrom or therefrom, shall in any event be effective unless the same shall be in writing and signed by the Majority Banks (or the Administrative Agent with the consent of the Majority Banks) in all cases, and then, in
any case, such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver, or consent shall, unless in writing and signed by each Bank
directly affected thereby (or the Administrative Agent with the consent of all the Banks), do any of the following: (a) increase the amount of the Commitments of any Banks or subject any Banks to any additional obligations, (b) reduce the
principal of, or rate or amount of interest applicable to, any Loan other than as provided in this Agreement, or any fees hereunder, (c) postpone any date fixed for any payment of principal of, or interest on, the Loans or any fees hereunder,
(d) eliminate or reduce the voting rights of any Bank under this Section 9.1, or (e) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans, or the number of Banks, which shall be
required for the Banks or any of them to take any action hereunder; provided, further, that no amendment waiver, or consent shall modify or waive any provision of Section 2.22, Article III or Section 4.3 without
the written consent of the Issuing Bank; and provided, further, that no amendment, waiver, or consent shall, unless in writing and signed by the Administrative Agent in addition to the Banks required above to take such action, affect the
rights or duties of the Administrative Agent under this Agreement or any other Loan Paper, or modify or waive any provision of Section 2.22. 
 Section 9.2 Notices, Etc. Any Agent, any Bank, or the holder of any Loan or Note giving consent or notice or making any request of the Company provided for hereunder, shall notify each Bank
and the Administrative Agent thereof. In the event that the holder of any Loan or Note (including any Bank) shall transfer such Loan or Note, it shall promptly so advise the Administrative Agent which shall be entitled to assume conclusively that no
transfer of any Loan or Note has been made by any holder (including any Bank) unless and until such Agent receives written notice to the contrary. Notices, consents, requests, approvals, demands, and other communications (collectively
“Communications”) provided for herein shall be in writing (including telecopy Communications) and mailed, telecopied or delivered: 
  

	 	(a)	If to the Company, to it at: 

Southwest Airlines Co. 
 P.O. Box 36611 
 Love Field 

Dallas, Texas 75235 
 Telecopy Number: (214) 932-1328 
 Attention: Scott Topping 

  
 45 

	 	(b)	If to the Administrative Agent, to it at: 

 JPMorgan Chase Bank Loan and Agency Service 
 1111 Fannin, 10th Floor 

Houston, Texas 77002 
 Telecopy Number: (713) 750-2938 
 Attention: Omar E. Jones 

with a copy to (other than in the case of funding matters): 
 JPMorgan Chase Bank, N.A. 
 270 Park Avenue 

New York, New York 10017 
 Telecopy Number: (212) 270-5100 
 Attention: Matthew Massie 

(c) If to any Bank or any other Agent, as specified on Schedule I hereto or, in the case of any party, such other
address or telecopy number as such party may hereafter specify for such purpose by notice to the other parties. All Communications shall, when mailed, telecopied or delivered, be effective and shall be deemed to have been duly given when sent by
telecopier to any party or the telecopier number as set forth herein or on the signature pages hereof (or other telecopy number designated by such party in a written notice to the other parties hereto), or five days after being mailed to the address
as set forth herein (or such other address designated by such party in a written notice to the other parties hereto) respectively, or when delivered to such address; provided, however, Communications to any Agent pursuant to Article
II or Article VIII shall not be effective until received by such Agent. 
 Section 9.3 No Waiver;
Remedies. No failure on the part of any Bank or any Agent to exercise, and no delay in exercising, any Right hereunder or under any other Loan Paper shall operate as a waiver thereof; nor shall any single or partial exercise of any such Right,
or any abandonment or discontinuance of any steps to enforce such Right, preclude any other or further exercise thereof or the exercise of any other Right. No notice to or demand on the Company in any case shall entitle the Company to any other or
further notice or demand in similar or other circumstances. The Rights herein provided are cumulative and not exclusive of any Rights provided by Law. 
 Section 9.4 Costs, Expenses and Taxes. The Company agrees to pay or reimburse the Agents for paying: (i) all reasonable costs and expenses of the Agents in connection with (A) the
preparation, execution, delivery, and administration of this Agreement and the other Loan Papers, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Agents with respect thereto and with respect to
advising the Agents as to their respective Rights and responsibilities under this Agreement and the other Loan Papers, and (B) any amendment, modification, supplement, or waiver of any of the terms of this Agreement, and (ii) all
reasonable costs and expenses of 

  
 46 

 
the Banks and the Agents (including reasonable counsel’s fees, and including reasonable allocated in-house counsel fees for any Bank or any Agent) in connection with the enforcement of this
Agreement and the other Loan Papers. In addition, the Company shall pay any and all Taxes payable or determined to be payable in connection with the execution and delivery of this Agreement and the other Loan Papers, and agrees to save the Agents
and each Bank harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omitting to pay such Taxes, if any, which may be payable or determined to be payable in connection with the execution and
delivery of this Agreement or any other Loan Paper. The obligations of the Company under this Section 9.4 shall survive the termination of this Agreement and/or repayment of the Loans. 

Section 9.5 Indemnity. The Company agrees to indemnify and hold harmless the Agents and the Banks and each of their
respective Affiliates, officers, directors, employees, agents, advisors and representatives against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, deficiencies, expenses, and disbursements
of any kind or nature whatsoever which may be imposed on, incurred by or asserted against any Agent, any Bank, or any of their respective Affiliates, officers, directors, employees, agents, advisors or other representatives in any way relating to or
arising out of the Loan Papers, any transaction related hereto, or any act, omission, or transaction of the Company, its Subsidiaries, and Affiliates, or any of their employees, officers, directors or other representatives, to the extent that any of
the same results, directly or indirectly, from any claims made or actions, suits, or proceedings commenced by or on behalf of any person other than an Agent or a Bank. 
 The obligation of the Company under this section shall continue for a period of one year after payment of the Obligation and termination of any or all Loan Papers, and SHALL APPLY WHETHER OR NOT SUCH
LOSSES, CLAIMS, DAMAGES, LIABILITIES AND RELATED EXPENSES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY OR CAUSED, IN WHOLE OR IN PART BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY ANY
AGENT OR ANY BANK; 
 provided, however, that although each indemnified party shall have the right to be
indemnified from its own ordinary negligence, no indemnified party shall have the right to be indemnified hereunder for willful misconduct or gross negligence to the extent found by a final, non-appealable judgment of a court of competent
jurisdiction. 
 To the fullest extent permitted by applicable law, the Company shall not assert, and hereby waives, any claim
against any indemnified party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Papers
or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. 
 Section 9.6 Right of Setoff. If any Event of Default shall have occurred and is continuing, each Bank and each of its Affiliates is hereby authorized at any time and from time to time, to the
fullest extent permitted by Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Bank or Affiliate to or for the credit or the
account of the Company against any and all obligations of the Company now or hereafter existing under this Agreement and the Loans held by such Bank or Affiliate, irrespective of whether or not such Bank or Affiliate shall have made any demand under
this Agreement or any Note and although such obligations may be unmatured. Each Bank agrees promptly to notify the Company and the Administrative Agent after any such setoff and application made by such Bank or

  
 47 

 
Affiliate, but the failure to give such notice shall not affect the validity of such setoff and application. The Rights of each Bank under this Section 9.6 are in addition to the
Rights and remedies (including, without limitation, other Rights of setoff) which such Bank may have. 
 SECTION 9.7
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

Section 9.8 Submission To Jurisdiction; Waivers. The Company hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan
Papers to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of
New York, and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be
brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim
the same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a
copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Company, as the case may be at its address set forth in Section 9.2 or at such other address of which the Administrative
Agent shall have been notified pursuant thereto; and 
 (d) agrees that nothing herein shall affect the right to
effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction. 

Section 9.9 Survival of Representations and Warranties. All representations and warranties contained herein or made in
writing by the Company in connection herewith shall survive the execution and delivery of this Agreement and the other Loan Papers, and no investigation by any Agent or any Bank or any closing shall affect the representations and warranties or the
Right of any Agent or any Bank to rely upon them. 
 Section 9.10 Binding Effect. This Agreement shall become
effective when it shall have been executed by the Company, the Agents, and each Bank and thereafter shall be binding upon and inure to the benefit of the Company (subject to the provisions of Section 9.11), the Agents, each Bank and
their respective successors and assigns. 
 Section 9.11 Successors and Assigns; Participations 

(a) Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the
successors and permitted assigns of such party, and all covenants, promises, agreements, representations and warranties by or on behalf of the Company, the Agents or the Banks that are contained in this Agreement shall bind and inure to the benefit
of their respective successors and assigns. The Company may not assign or transfer any its rights or obligations hereunder without the prior written consent of all of the Banks. 

  
 48 

 (b) Each Bank may without the consent of the Company sell participations to
one or more banks or other entities in all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the Loans owing to it and any Note or Notes held by it);
provided, however, that (i) such Bank’s obligations under this Agreement shall remain unchanged, (ii) such Bank shall remain solely responsible to the other parties hereto for the performance of such obligations,
(iii) such Bank shall remain the holder of its Loans and Notes (if any) for all purposes of this Agreement, (iv) the participating banks or other entities shall be entitled to the cost protection provisions contained in Article II
and Section 9.4, but only to the extent that such protection would have been available to such Bank, calculated as if no such participations had been sold, and the indemnity protection provisions contained in Section 9.5,
(v) the Company, the Agents, and the other Banks shall continue to deal solely and directly with such Bank in connection with such Bank’s rights and obligations under this Agreement, and (vi) such Bank shall not sell a participation
that conveys to the participant the right to vote or give or withhold consents under this Agreement or any other Loan Papers, other than the right to vote upon or consent to (y) amendments, modifications, or waivers with respect to any fees
payable hereunder (including the dates fixed for the payment of any such fees) or the amount of principal or the rate of interest payable on, or the dates fixed for any payment of principal of or interest on, the Loans and (z) any extension of
the Termination Date. Each Bank that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated
interest) of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Bank shall have any obligation to disclose all or any portion of the
Participant Register to any Person except to the extent that such disclosure is necessary to establish that a Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Bank shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. 
 (c) Each Bank may assign to one or more Persons (other
than a Defaulting Bank), all or a portion of its interests, rights, and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the same portion of the Committed Loans at the time owing to it);
provided, however, that (i) such assignment, if not to a Bank or an Eligible Affiliate Assignee of the assigning Bank, shall be consented to by the Company (which consent shall not be unreasonably withheld and shall not be
required after the occurrence or during the continuance of a Default or Event of Default) and the Administrative Agent, (ii) each Bank’s Commitment (including Loans owing to it and its pro rata share of the L/C Obligations) shall not be
less than $5,000,000 minus reductions pursuant to Section 2.5(a) unless (x) otherwise agreed by the Company and the Administrative Agent or (y) in the case of the assigning Bank, such amount is reduced to zero pursuant to such
assignment, (iii) each such assignment shall be of a constant, and not a varying, percentage of all the assigning Bank’s rights and obligations under this Agreement, (iv) the assignee thereof shall deliver to the Company and the
Administrative Agent any Internal Revenue Service forms required by Section 2.18, and (v) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register
(as defined below), an Assignment and Acceptance substantially in the form of Exhibit E hereto (an “Assignment and Acceptance”), together with a properly completed Administrative Questionnaire, any Note or Notes subject to
such assignment and a processing and recordation fee of $3,500 (or such lesser amount as shall be acceptable to the Administrative Agent); provided, however, no such fee shall be required in the case of any assignment requested by the Company
pursuant to Article II of this Agreement. Upon such execution, delivery, acceptance, and recording, from and after the effective date specified in each Assignment and 

  
 49 

 
Acceptance, which effective date shall be at least five Business Days after the execution thereof (unless a shorter period shall be agreed to by the Company, the Administrative Agent, and the
assignor Bank), (x) the assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Bank hereunder and under the other Loan Papers and (y) the assignor
Bank thereunder shall, to the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement and the other Loan Papers (and, in the case of an Assignment and Acceptance covering all of the remaining portion
of an assigning Bank’s rights and obligations under this Agreement and the other Loan Papers, such Bank shall cease to be a party hereto and thereto). 
 (d) By executing and delivering an Assignment and Acceptance, the Bank assignor thereunder and the assignee confirm to and agree with each other and the other parties hereto as follows: (i) other
than the representation and warranty that it is a legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim, such Bank assignor makes no representation or warranty and assumes no responsibility with
respect to any statements, warranties, or representations made in or in connection with this Agreement or any other Loan Paper or the execution, legality, validity, enforceability, genuineness, sufficiency, or value of this Agreement, any other Loan
Paper or any other instrument or document furnished pursuant hereto; (ii) such Bank assignor makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Company or the performance or
observance of its respective obligations under this Agreement, any other Loan Paper or any other instrument or document furnished pursuant hereto or thereto; (iii) such assignee confirms that it has received a copy of this Agreement together
with copies of financial information and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and
without reliance upon the Agents, such Bank assignor, or any other Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this
Agreement; (v) such assignee appoints and authorizes the Administrative Agent to take such action on behalf of such assignee and to exercise such powers under this Agreement and the other Loan Papers as are delegated to each such Agent by the
terms hereof and thereof, together with such powers as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement are required
to be performed by it as a Bank. 
 (e) The Administrative Agent shall maintain at its office a copy of each
Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Banks and the Commitment of, and principal amount of the Loans and L/C Obligations owing to, each Bank from time to time (the
“Register”). The entries in the Register shall be conclusive, in the absence of manifest error, and the Company, the Agents, and the Banks may treat each Person whose name is recorded in the Register as a Bank hereunder for all
purposes of this Agreement. The Register shall be available for inspection by the Company, any Bank or the Administrative Agent at any reasonable time and from time to time upon reasonable prior notice. 

(f) Upon its receipt of an Assignment and Acceptance executed by an assigning Bank and an assignee together with any Note
or Notes subject to such assignment and the written consent to such assignment, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is substantially in the form of Exhibit E hereto, (i) accept such
Assignment and Acceptance, (ii) record the information contained therein in the Register, and (iii) give prompt notice thereof to the Banks, the Administrative Agent and the Company. Within five Business Days after receipt of such notice,
the Company, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the surrendered Note or Notes, if any, (x)

  
 50 

 
a new Note or Notes to the order of such assignee in an amount equal to its portion of the Commitment assumed by it pursuant to such Assignment and Acceptance and (y) if the assigning Bank
has retained any Commitment hereunder, new Notes to the order of the assigning Bank in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be in an aggregate principal amount equal to the aggregate principal amount of
such surrendered Notes. Such new Notes shall be dated the effective date of such Assignment and Acceptance and shall otherwise be in substantially the form of Exhibit D-1 or D-2 as applicable, hereto. Cancelled Notes shall be returned
to the Company. 
 (g) Notwithstanding any other provision herein, any Bank may, in connection with any
assignment or participation or proposed assignment or participation pursuant to this Section 9.11 (or in connection with any swap, derivative or securitization relating to the Company and its obligations), disclose to the assignee or
participant or proposed assignee or participant (or to any direct, indirect, actual or prospective counterparty (and its advisor) to any such swap, derivative or securitization) any information relating to the Company and its Subsidiaries furnished
to such Bank by or on behalf of the Company; provided, that prior to any such disclosure, each such assignee or participant or proposed assignee or participant (or any such counterparty (and its advisor)) shall agree for the benefit of the Company
to preserve the confidentiality of any confidential information relating to the Company received from such Bank. 

(h) Notwithstanding any other provision set forth in this Agreement, any Bank may at any time create a security interest
in all or any portion of its Rights under this Agreement (including, without limitation, the Loans owing to it and any Notes held by it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board. 

Section 9.12 Independence of Covenants. All covenants contained in this Agreement shall be given independent effect so that
if a particular action or condition is not permitted by any such covenants, the fact that such action or condition would be permitted by an exception to, or otherwise be within the limitations of, another covenant shall not avoid the occurrence of a
Default or Event of Default if such action is taken or condition exists. 
 Section 9.13 Severability. Should any
clause, sentence, paragraph, or Section of this Agreement be judicially declared to be invalid, unenforceable, or void, such decision will not have the effect of invalidating or voiding the remainder of this Agreement, and the parties hereto agree
that the part or parts of this Agreement so held to be invalid, unenforceable, or void will be deemed to have been stricken herefrom and the remainder will have the same force and effectiveness as if such part or parts had never been included
herein. 
 Section 9.14 Integration. This Agreement and the other Loan Papers represent the entire agreement of the
Company, the Administrative Agent and the Banks with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Bank relative to the subject matter
hereof not expressly set forth or referred to herein or in the other Loan Papers. 
 Section 9.15 Descriptive
Headings. The section headings appearing in this Agreement have been inserted for convenience only and shall be given no substantive meaning or significance whatever in construing the terms and provisions of this Agreement. 

Section 9.16 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

  
 51 

 Section 9.17 WAIVERS OF JURY TRIAL. THE COMPANY, THE ADMINISTRATIVE
AGENT AND THE BANKS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN PAPER AND FOR ANY COUNTERCLAIM THEREIN. 

Section 9.18 No Fiduciary Duty. The Administrative Agent, each Bank and their Affiliates (collectively, solely for purposes
of this paragraph, the “Banks”), may have economic interests that conflict with those of the Company, its stockholders and/or its affiliates. The Company agrees that nothing in the Loan Papers or otherwise will be deemed to create
an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Bank, on the one hand, and the Company, its stockholders or its affiliates, on the other. The Company acknowledges and agrees that (i) the transactions
contemplated by the Loan Papers (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Banks, on the one hand, and the Company, on the other, and (ii) in connection
therewith and with the process leading thereto, (x) no Bank has assumed an advisory or fiduciary responsibility in favor of the Company, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of
rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Bank has advised, is currently advising or will advise the Company, its stockholders or its affiliates on other matters) or any other obligation to
the Company except the obligations expressly set forth in the Loan Papers and (y) each Bank is acting solely as principal and not as the agent or fiduciary of the Company, its management, stockholders, creditors or any other Person. The Company
acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading
thereto. The Company agrees that it will not claim that any Bank has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to it, in connection with such transaction or the process leading thereto. 

Section 9.19 USA Patriot Act. Each Bank hereby notifies the Company that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify, and record information that identifies each borrower, guarantor or grantor (the “Loan Parties”),
which information includes the name and address of each Loan Party and other information that will allow such Bank to identify such Loan Party in accordance with the Act. The Company agrees to provide such information as each Bank or the
Administrative Agent reasonably requests in order to perform its “know your customer” due diligence. 

  
 52 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

					
	 SOUTHWEST AIRLINES CO.

		
	 By:
	 	 /s/    Scott Topping

		 	 Name:
	 	 Scott Topping

		 	 Title:
	 	 VP Treasurer

							
	$120,000,000	 	 JPMORGAN CHASE BANK, N.A., as a Bank, an Issuing Bank and as Administrative Agent

			
		 	By:	 	 /s/ Matthew H. Massie

		 		 	Name:	 	 Matthew H. Massie

		 		 	Title:	 	 Managing Director

		
	$120,000,000	 	 CITIBANK, N.A., as a Bank, an Issuing Bank and as Syndication Agent

			
		 	By:	 	 /s/ Susan Olsen

		 		 	Name:	 	 Susan Olsen

		 		 	Title:	 	 Vice President

		
	$85,000,000	 	BARCLAYS BANK PLC, as a Bank
			
		 	By:	 	 /s/ David Barton

		 		 	Name:	 	 David Barton

		 		 	Title:	 	 Director

		
		 	DEUTSCHE BANK SECURITIES INC., as a Documentation Agent
			
		 	By:	 	 /s/ Oliver Schwarz

		 		 	Name:	 	 Oliver Schwarz

		 		 	Title:	 	 Director

			
		 	By:	 	 /s/ Wolfgang Winter

		 		 	Name:	 	 Wolfgang Winter

		 		 	Title:	 	 Managing Director

		
	$85,000,000	 	DEUTSCHE BANK AG NEW YORK BRANCH
			
		 	By:	 	 /s/ Oliver Schwarz

		 		 	Name:	 	 Oliver Schwarz

		 		 	Title:	 	 Director

			
		 	By:	 	 /s/ Wolfgang Winter

		 		 	Name:	 	 Wolfgang Winter

		 		 	Title:	 	 Managing Director

							
	$85,000,000	 	 GOLDMAN SACHS BANK USA, as a Bank and as a Documentation Agent

			
		 	By:	 	 /s/ Mark Walton

		 		 	Name:	 	 Mark Walton

		 		 	Title:	 	 Authorized Signatory

		
	$85,000,000	 	MORGAN STANLEY SENIOR FUNDING INC., as a Bank
			
		 	By:	 	 /s/ Sherrese Clarke

		 		 	Name:	 	 Sherrese Clarke

		 		 	Title:	 	 Authorized Signatory

		
		 	 MORGAN STANLEY SENIOR FUNDING, INC., as a Documentation Agent

			
		 	By:	 	 /s/ Sherrese Clarke

		 		 	Name:	 	 Sherrese Clarke

		 		 	Title:	 	 Vice President

		
	$55,000,000	 	BNP PARIBAS
			
		 	By:	 	 /s/ Robert Papas

		 		 	Name:	 	 Robert Papas

		 		 	Title:	 	 Director
 Transportation Group Aviation Finance

			
		 	By:	 	 /s/ Olivier Trauchessec

		 		 	Name:	 	 Olivier Trauchessec

		 		 	Title:	 	 Managing Director
 Aviation Finance Group-Americas

		
	$55,000,000	 	COMERICA BANK
			
		 	By:	 	 /s/ Gerald R. Finney, Jr.

		 		 	Name:	 	 Gerald R. Finney, Jr.

		 		 	Title:	 	 Vice President

							
	$55,000,000	 	SOCIÉTÉ GÉNÉRALE
			
		 	By:	 	 /s/    Arnaud Drapeau

		 		 	Name:	 	 Arnaud Drapeau

		 		 	Title:	 	 MD, Head of Aviation Finance American Desk

		
	$55,000,000	 	WELLS FARGO BANK, N.A.
			
		 	By:	 	 /s/    Nathan R. Rantala

		 		 	Name:	 	 Nathan R. Rantala

		 		 	Title:	 	 Director

 SCHEDULE I 
 SOUTHWEST AIRLINES CO. 
 $800,000,000 Revolving Credit Facility Agreement

  

					
	 Name
	  	 Notice and Contact Information
	  	 Lending Offices

			
	Barclays Bank PLC	  	 Gregory Fishbein
 Barclays
Capital
 745
7th Avenue, 26th Floor
 New York, NY 10119
 Phone: 1 212 526 3441
 gregory.fishbein@barcap.com
	  	 Domestic
 Barclays Bank
PLC,
 New York Branch
 200 Park
Avenue
 New York, NY 10166
  

Eurodollar
 Same as
Domestic

			
	BNP Paribas	  	 Andy Garcia
 525 Washington
Blvd.
 Jersey City, NJ 07310
 Phone: 1
201 850 5706
 Fax: 1 201 850 4025
 nyk_nyls.ecep.support@us.bnpparibas.com
	  	 Domestic
 BNP
Paribas
 787 Seventh Avenue
 New York,
NY 10019
 Phone #: 212 841 2000
 Fax#:
212 841 2146
  
 Eurodollar

Same as Domestic

			
	Citibank, N.A.	  	 Tom Schmitt
 1615 Brett Road,
Ops III
 New Castle, DE 19720
 Phone: 1
302 894-6088
 Fax: 1 212 994 0847

Thomas.Schmitt@citi.com
	  	 Domestic
 Citibank,
N.A.
 399 Park Ave, 16th Fl
 New
Castle, DE 19720
  
 Eurodollar

Same as Domestic

			
	Comerica Bank	  	 Emily Purvis
 Comerica
Bank
 Global Corporate Banking
 1717
Main Street, 4th Floor
 Dallas, TX 75201

Phone: 1 214 462 4358
 Fax: 1 214 462
4240
 ekpurvis@comerica.com
	  	 Domestic
 See Notice
Information
  
 Eurodollar

See Notice Information

			
	 Deutsche Bank AG New York Branch;
 Deutsche Bank Securities Inc.
	  	 Nino Recko
 Deutsche Bank
AG
 5022 Gate Parkway, Suite 200

Jacksonville, FL 32256
 Phone: 1 904 271
2403
 Fax: 1 866 240 3622

nino.recko@db.com
	  	 Domestic
 Deutsche Bank
AG
 New York Branch
 60 Wall
Street
 New York, NY 10005
  

Eurodollar
 Same as
Domestic

					
	 Name
	  	 Notice and Contact Information
	  	 Lending Offices

			
	 Goldman Sachs Bank USA
	  	 Lauren Day
 c/o Goldman, Sachs
& Co.
 30 Hudson Street, 38th Floor
 Jersey
City, NJ 07302
 Phone: 1 212 934 3921
	  	 Domestic

Goldman Sachs Bank USA
 85 Broad
Street
 New York, NY 10004
  

Eurodollar
 Same as
Domestic

			
	 JPMorgan Chase Bank, N.A.
	  	 Matthew Massie
 270 Park
Avenue
 New York, NY 10017
 Phone:
1-212-270-5432
 Fax: 1-212-270-5100

matthew.massie@jpmorgan.com
	  	 Domestic Office

JPMorgan Chase Bank, N.A
 1111 Fannin Street,
10th Fl
 Houston, TX 77002
  

Eurodollar
 Same as
Domestic

			
	 Morgan Stanley Bank, N.A.
	  	 Morgan Stanley Loan Servicing

1000 Lancaster Street
 Baltimore, MD
21202
 Phone: 1 443 627 4355
 Fax: 1
718 233 2140
 msloanservicing@morganstanley.com
	  	 Domestic

Morgan Stanley Bank, N.A.
 One Utah
Center
 201 South Main Street, 5th Fl
 Salt Lake
City, Utah 84111
  
 Eurodollar

Same as Domestic

			
	 Société Générale
	  	 June Won
 480 Washington Blvd.
20th Floor

Jersey City, NJ 07310
 Phone: 1 201 839
8437
 Fax: 1 201 839 8116 june.won@sgcib.com
	  	 Domestic

Société Générale

1221 Avenue of the Americas
 New York, NY
10020
  
 Eurodollar

Same as Domestic

			
	 Wells Fargo Bank, N.A.
	  	 Ofelia Ortiz
 1700
Lincoln
 Denver, CO 80203
 Phone: 1 303
863-5495
 Fax: 1 303 863-2729

Ofelia.ortiz@wellsfargo.com
	  	 Domestic
 Well
Fargo Bank, N.A.
 1445 Ross Ave, 23rd Fl
 Suite
2320
 Dallas, TX 75202
  

Eurodollar
 Same as
Domestic

 SCHEDULE II 
 POOL ASSETS (in US Millions) 
  

																									
	 No.
	  	Aircraft
Type	  	Serial
Number	  	Reg. No.	  	Build
Date	  	Winglets	  	Engine Type	  	MTOW
[lbs]	 	  	Base
Value	 	  	Current
Market
Value	 
										
	1	  	737-300	  	22949	  	N310SW	  	Dec-85	  	-	  	CFM56-3B1	  	 	130,000	  	  	$	3.0	  	  	$	1.6	  
										
	2	  	737-300	  	23175	  	N686SW	  	May-85	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	2.9	  	  	 	1.5	  
										
	3	  	737-300	  	23229	  	N659SW	  	May-85	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	2.9	  	  	 	1.5	  
										
	4	  	737-300	  	23331	  	N657SW	  	May-85	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	2.9	  	  	 	1.5	  
										
	5	  	737-300	  	23332	  	N658SW	  	Jun-85	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	2.9	  	  	 	1.5	  
										
	6	  	737-300	  	23335	  	N313SW	  	Mar-86	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.0	  	  	 	1.6	  
										
	7	  	737-300	  	23498	  	N308SA	  	May-86	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.1	  	  	 	1.6	  
										
	8	  	737-300	  	23690	  	N326SW	  	Jun-87	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.2	  	  	 	1.7	  
										
	9	  	737-300	  	23691	  	N327SW	  	Jun-87	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.2	  	  	 	1.7	  
										
	10	  	737-300	  	23693	  	N329SW	  	Mar-88	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.4	  	  	 	1.8	  
										
	11	  	737-300	  	23738	  	N340LV	  	Mar-87	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.2	  	  	 	1.7	  
										
	12	  	737-300	  	23786	  	N345SA	  	May-87	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.2	  	  	 	1.7	  
										
	13	  	737-300	  	23838	  	N697SW	  	Mar-88	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.4	  	  	 	1.8	  
										
	14	  	737-300	  	23938	  	N334SW	  	May-88	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.4	  	  	 	1.8	  
										
	15	  	737-300	  	23939	  	N335SW	  	May-88	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.4	  	  	 	1.8	  
										
	16	  	737-300	  	23940	  	N336SW	  	May-88	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.4	  	  	 	1.8	  
										
	17	  	737-300	  	24068	  	N317WN	  	Feb-88	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.4	  	  	 	1.8	  
										
	18	  	737-300	  	24090	  	N339SW	  	Aug-88	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.5	  	  	 	1.8	  
										
	19	  	737-300	  	24091	  	N341SW	  	Aug-88	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.5	  	  	 	1.8	  
										
	20	  	737-300	  	24133	  	N342SW	  	Mar-89	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.6	  	  	 	1.9	  
										
	21	  	737-300	  	24152	  	N344SW	  	Mar-89	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.6	  	  	 	1.9	  
										
	22	  	737-300	  	24153	  	N346SW	  	Mar-89	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.6	  	  	 	1.9	  
										
	23	  	737-300	  	24374	  	N347SW	  	May-89	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.6	  	  	 	1.9	  
										
	24	  	737-300	  	24375	  	N348SW	  	May-89	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.6	  	  	 	1.9	  
										
	25	  	737-300	  	24408	  	N349SW	  	Jun-89	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.6	  	  	 	1.9	  

																									
	26	  	737-300	  	24409	  	N350SW	  	Aug-89	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.6	  	  	 	2.0	  
										
	27	  	737-300	  	24572	  	N351SW	  	Nov-89	  	-	  	CFM56-3B1	  	 	130,000	  	  	 	3.7	  	  	 	2.0	  
										
	28	  	737-300	  	24888	  	N352SW	  	Nov-90	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	4.6	  	  	 	2.8	  
										
	29	  	737-300	  	24889	  	N353SW	  	Nov-90	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	4.6	  	  	 	2.8	  
										
	30	  	737-300	  	25219	  	N354SW	  	Jun-91	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	4.8	  	  	 	2.9	  
										
	31	  	737-300	  	25250	  	N355SW	  	Aug-91	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	4.9	  	  	 	2.9	  
										
	32	  	737-300	  	25251	  	N356SW	  	Aug-91	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	4.9	  	  	 	2.9	  
										
	33	  	737-300	  	26577	  	N366SW	  	May-93	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	5.6	  	  	 	3.4	  
										
	34	  	737-300	  	26578	  	N367SW	  	May-93	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	5.6	  	  	 	3.4	  
										
	35	  	737-300	  	26579	  	N368SW	  	May-93	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	5.6	  	  	 	3.4	  
										
	36	  	737-300	  	26580	  	N369SW	  	May-93	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	5.6	  	  	 	3.4	  
										
	37	  	737-300	  	26581	  	N373SW	  	Aug-93	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	5.8	  	  	 	3.4	  
										
	38	  	737-300	  	26582	  	N374SW	  	Aug-93	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	5.8	  	  	 	3.4	  
										
	39	  	737-300	  	26584	  	N376SW	  	Jan-94	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.0	  	  	 	3.6	  
										
	40	  	737-300	  	26585	  	N378SW	  	Feb-94	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.0	  	  	 	3.6	  
										
	41	  	737-300	  	26586	  	N379SW	  	Feb-94	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.0	  	  	 	3.6	  
										
	42	  	737-300	  	26594	  	N357SW	  	May-92	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	5.2	  	  	 	3.1	  
										
	43	  	737-300	  	26595	  	N358SW	  	Jun-92	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	5.2	  	  	 	3.1	  
										
	44	  	737-300	  	26597	  	N370SW	  	Jul-93	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	5.8	  	  	 	3.4	  
										
	45	  	737-300	  	26598	  	N371SW	  	Jul-93	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	5.8	  	  	 	3.4	  
										
	46	  	737-300	  	26599	  	N372SW	  	Jul-93	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	5.8	  	  	 	3.4	  
										
	47	  	737-300	  	27378	  	N391SW	  	Sep-94	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.2	  	  	 	3.7	  
										
	48	  	737-300	  	27379	  	N392SW	  	Sep-94	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.2	  	  	 	3.7	  
										
	49	  	737-300	  	27380	  	N394SW	  	Sep-94	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.2	  	  	 	3.7	  
										
	50	  	737-300	  	27689	  	N395SW	  	Nov-94	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.3	  	  	 	3.8	  
										
	51	  	737-300	  	27696	  	N610WN	  	Aug-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.7	  	  	 	4.0	  
										
	52	  	737-300	  	27697	  	N611SW	  	Sep-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.7	  	  	 	4.0	  
										
	53	  	737-300	  	27698	  	N615SW	  	Oct-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.8	  	  	 	4.0	  

																									
	54	  	737-300	  	27699	  	N616SW	  	Oct-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.8	  	  	 	4.0	  
										
	55	  	737-300	  	27700	  	N617SW	  	Oct-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.8	  	  	 	4.0	  
										
	56	  	737-300	  	27704	  	N629SW	  	Jun-96	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.0	  	  	 	4.2	  
										
	57	  	737-300	  	27705	  	N630WN	  	Jun-96	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.0	  	  	 	4.2	  
										
	58	  	737-300	  	27706	  	N631SW	  	Jun-96	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.0	  	  	 	4.2	  
										
	59	  	737-300	  	27710	  	N637SW	  	Oct-96	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.3	  	  	 	4.3	  
										
	60	  	737-300	  	27711	  	N638SW	  	Oct-96	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.3	  	  	 	4.3	  
										
	61	  	737-300	  	27712	  	N639SW	  	Oct-96	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.3	  	  	 	4.3	  
										
	62	  	737-300	  	27713	  	N640SW	  	Dec-96	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.3	  	  	 	4.3	  
										
	63	  	737-300	  	27714	  	N641SW	  	Dec-96	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.3	  	  	 	4.3	  
										
	64	  	737-300	  	27715	  	N642WN	  	Jan-97	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.4	  	  	 	4.4	  
										
	65	  	737-300	  	27716	  	N643SW	  	Jan-97	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.4	  	  	 	4.4	  
										
	66	  	737-300	  	27926	  	N606SW	  	Jul-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.7	  	  	 	4.0	  
										
	67	  	737-300	  	27927	  	N607SW	  	Jul-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.7	  	  	 	4.0	  
										
	68	  	737-300	  	27928	  	N608SW	  	Jul-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.7	  	  	 	4.0	  
										
	69	  	737-300	  	27929	  	N609SW	  	Aug-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.7	  	  	 	4.0	  
										
	70	  	737-300	  	27930	  	N612SW	  	Sep-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.7	  	  	 	4.0	  
										
	71	  	737-300	  	27931	  	N613SW	  	Sep-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.7	  	  	 	4.0	  
										
	72	  	737-300	  	27934	  	N624SW	  	Mar-96	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.9	  	  	 	4.1	  
										
	73	  	737-300	  	27936	  	N633SW	  	Jul-96	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.2	  	  	 	4.2	  
										
	74	  	737-300	  	27937	  	N634SW	  	Aug-96	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.2	  	  	 	4.2	  
										
	75	  	737-300	  	28033	  	N614SW	  	Sep-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.7	  	  	 	4.0	  
										
	76	  	737-300	  	28034	  	N618WN	  	Nov-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.8	  	  	 	4.0	  
										
	77	  	737-300	  	28035	  	N619SW	  	Nov-95	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	6.8	  	  	 	4.0	  
										
	78	  	737-300	  	28329	  	N644SW	  	Mar-97	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.4	  	  	 	4.4	  
										
	79	  	737-300	  	28330	  	N645SW	  	Apr-97	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.6	  	  	 	4.5	  
										
	80	  	737-300	  	28331	  	N646SW	  	Apr-97	  	Winglets	  	CFM56-3B1	  	 	130,000	  	  	 	7.6	  	  	 	4.5	  
										
	81	  	737-500	  	24178	  	N501SW	  	Sep-90	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.5	  	  	 	2.9	  
										
	82	  	737-500	  	24180	  	N503SW	  	Feb-90	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.3	  	  	 	2.8	  

																									
	83	  	737-500	  	24181	  	N504SW	  	Mar-90	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.3	  	  	 	2.8	  
										
	84	  	737-500	  	24182	  	N505SW	  	Apr-90	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.4	  	  	 	2.8	  
										
	85	  	737-500	  	24189	  	N512SW	  	May-91	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.7	  	  	 	3.0	  
										
	86	  	737-500	  	24190	  	N513SW	  	Jun-91	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.7	  	  	 	3.0	  
										
	87	  	737-500	  	25318	  	N519SW	  	Sep-91	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.8	  	  	 	3.1	  
										
	88	  	737-500	  	25319	  	N520SW	  	Oct-91	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.9	  	  	 	3.1	  
										
	89	  	737-500	  	25320	  	N521SW	  	Oct-91	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.9	  	  	 	3.1	  
										
	90	  	737-500	  	26564	  	N522SW	  	Jan-92	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.9	  	  	 	3.2	  
										
	91	  	737-500	  	26565	  	N523SW	  	Jan-92	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.9	  	  	 	3.2	  
										
	92	  	737-500	  	26566	  	N524SW	  	Feb-92	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	4.9	  	  	 	3.2	  
										
	93	  	737-500	  	26567	  	N525SW	  	May-92	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	5.0	  	  	 	3.2	  
										
	94	  	737-500	  	26568	  	N526SW	  	May-92	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	5.0	  	  	 	3.2	  
										
	95	  	737-500	  	26569	  	N527SW	  	May-92	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	5.0	  	  	 	3.2	  
										
	96	  	737-500	  	26570	  	N528SW	  	May-92	  	-	  	CFM56-3B1	  	 	122,000	  	  	 	5.0	  	  	 	3.2	  
										
	97	  	737-700	  	27835	  	N700GS	  	Feb-97	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	15.6	  	  	 	13.7	  
										
	98	  	737-700	  	27836	  	N701GS	  	Apr-97	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	15.9	  	  	 	14.0	  
										
	99	  	737-700	  	27837	  	N703SW	  	Jul-97	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	16.2	  	  	 	14.2	  
										
	100	  	737-700	  	27838	  	N704SW	  	Aug-97	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	16.2	  	  	 	14.2	  
										
	101	  	737-700	  	27844	  	N710SW	  	Jan-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	16.8	  	  	 	14.8	  
										
	102	  	737-700	  	27839	  	N705SW	  	Sep-97	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	16.2	  	  	 	14.2	  
										
	103	  	737-700	  	27845	  	N711HK	  	Feb-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	16.8	  	  	 	14.8	  
										
	104	  	737-700	  	28436	  	N798SW	  	Mar-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	16.8	  	  	 	14.8	  
										
	105	  	737-700	  	27840	  	N706SW	  	Oct-97	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	16.5	  	  	 	14.5	  
										
	106	  	737-700	  	27846	  	N712SW	  	Apr-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	17.1	  	  	 	15.0	  
										
	107	  	737-700	  	27847	  	N713SW	  	Apr-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	17.1	  	  	 	15.0	  
										
	108	  	737-700	  	27848	  	N714CB	  	May-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	17.1	  	  	 	15.0	  
										
	109	  	737-700	  	27849	  	N715SW	  	May-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	17.1	  	  	 	15.0	  
										
	110	  	737-700	  	27839	  	N705SW	  	Mar-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	16.8	  	  	 	14.8	  
										
	111	  	737-700	  	27842	  	N708SW	  	Dec-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	17.7	  	  	 	15.6	  

																									
	112	  	737-700	  	27843	  	N709SW	  	Oct-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	17.7	  	  	 	15.6	  
										
	113	  	737-700	  	27850	  	N716SW	  	Jun-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	17.1	  	  	 	15.0	  
										
	114	  	737-700	  	27852	  	N718SW	  	Jul-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	17.4	  	  	 	15.3	  
										
	115	  	737-700	  	27853	  	N719SW	  	Aug-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	17.4	  	  	 	15.3	  
										
	116	  	737-700	  	27854	  	N720SW	  	Sep-98	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	17.4	  	  	 	15.3	  
										
	117	  	737-700	  	27855	  	N723SW	  	Feb-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.0	  	  	 	15.8	  
										
	118	  	737-700	  	27856	  	N724SW	  	Feb-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.0	  	  	 	15.8	  
										
	119	  	737-700	  	27857	  	N725SW	  	Feb-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.0	  	  	 	15.8	  
										
	120	  	737-700	  	27858	  	N726SW	  	Feb-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.0	  	  	 	15.8	  
										
	121	  	737-700	  	27860	  	N728SW	  	May-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.3	  	  	 	16.1	  
										
	122	  	737-700	  	27861	  	N729SW	  	May-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.3	  	  	 	16.1	  
										
	123	  	737-700	  	27862	  	N730SW	  	May-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.3	  	  	 	16.1	  
										
	124	  	737-700	  	27863	  	N731SW	  	Jul-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.7	  	  	 	16.4	  
										
	125	  	737-700	  	27864	  	N732SW	  	Jul-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.7	  	  	 	16.4	  
										
	126	  	737-700	  	27865	  	N733SA	  	Jul-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.7	  	  	 	16.4	  
										
	127	  	737-700	  	27866	  	N734SA	  	Jul-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.7	  	  	 	16.4	  
										
	128	  	737-700	  	27867	  	N735SW	  	Aug-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.7	  	  	 	16.4	  
										
	129	  	737-700	  	27868	  	N736SA	  	Aug-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.7	  	  	 	16.4	  
										
	130	  	737-700	  	27869	  	N737JW	  	Aug-99	  	-	  	CFM56-7B22	  	 	153,000	  	  	 	18.7	  	  	 	16.4	  
										
	131	  	737-700	  	27870	  	N738CB	  	Aug-99	  	-	  	CFM56-7B22	  	 	154,500	  	  	 	18.7	  	  	 	16.4	  
										
	132	  	737-700	  	29275	  	N739GB	  	Oct-98	  	-	  	CFM56-7B22	  	 	154,500	  	  	 	17.7	  	  	 	15.6	  
										
	133	  	737-700	  	29276	  	N740SW	  	Oct-98	  	-	  	CFM56-7B22	  	 	154,500	  	  	 	17.7	  	  	 	15.6	  
										
	134	  	737-700	  	29277	  	N741SA	  	Oct-98	  	-	  	CFM56-7B22	  	 	154,500	  	  	 	17.7	  	  	 	15.6	  
										
	135	  	737-700	  	29490	  	N744SW	  	Feb-99	  	-	  	CFM56-7B22	  	 	154,500	  	  	 	18.0	  	  	 	15.8	  
										
	136	  	737-700	  	29798	  	N746SW	  	May-99	  	-	  	CFM56-7B22	  	 	154,500	  	  	 	18.3	  	  	 	16.1	  
										
	137	  	737-700	  	29800	  	N748SW	  	Jun-99	  	-	  	CFM56-7B22	  	 	154,500	  	  	 	18.3	  	  	 	16.1	  
										
	138	  	737-700	  	29801	  	N749SW	  	Jul-99	  	-	  	CFM56-7B22	  	 	154,500	  	  	 	18.7	  	  	 	16.4	  
										
	139	  	737-700	  	29802	  	N750SA	  	Aug-99	  	-	  	CFM56-7B22	  	 	154,500	  	  	 	18.7	  	  	 	16.4	  
										
	140	  	737-700	  	29804	  	N752SW	  	Sep-99	  	-	  	CFM56-7B22	  	 	154,500	  	  	 	18.7	  	  	 	16.4	  

																													
	141	  	737-700	  	29848	  	N753SW	  	Sep-99	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	18.7	  	  	 	16.4	  
										
	142	  	737-700	  	29849	  	N754SW	  	Oct-99	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.0	  	  	 	16.7	  
										
	143	  	737-700	  	27871	  	N755SA	  	Oct-99	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.0	  	  	 	16.7	  
										
	144	  	737-700	  	27872	  	N756SW	  	Oct-99	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.0	  	  	 	16.7	  
										
	145	  	737-700	  	30544	  	N759GS	  	Nov-99	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.0	  	  	 	16.7	  
										
	146	  	737-700	  	27874	  	N760SW	  	Dec-99	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.0	  	  	 	16.7	  
										
	147	  	737-700	  	27875	  	N761RR	  	Jan-00	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.3	  	  	 	17.0	  
										
	148	  	737-700	  	27876	  	N762SW	  	Feb-00	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.3	  	  	 	17.0	  
										
	149	  	737-700	  	27877	  	N763SW	  	Mar-00	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.3	  	  	 	17.0	  
										
	150	  	737-700	  	27878	  	N764SW	  	Mar-00	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.3	  	  	 	17.0	  
										
	151	  	737-700	  	29806	  	N766SW	  	Mar-00	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.3	  	  	 	17.0	  
										
	152	  	737-700	  	29807	  	N767SW	  	Mar-00	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.3	  	  	 	17.0	  
										
	153	  	737-700	  	30587	  	N767SW	  	May-00	  	 	-	  	  	 	CFM56-7B22	  	  	 	154,500	  	  	 	19.7	  	  	 	17.0	  
						
	Grand Total	  				  				  				  	$	1,530.4	  	  	$	1,200.6	  

 All 737-700 are assumed to
have winglets installed. 

 EXHIBIT A 
 FORM OF NOTICE OF COMMITTED BORROWING 

                      
           ,          
 JPMorgan
Chase Bank, N.A., 
     as Administrative Agent under the 
     Credit Agreement referred to below 
 1111 Fannin, 10th Floor 

Houston, Texas 77002 
 Attention:
                                        

 Dear Sirs: 

Reference is made to the $800,000,000 Revolving Credit Facility Agreement dated as of April 28, 2011 (as amended, modified,
supplemented, renewed, or extended from time to time, the “Credit Agreement”), among Southwest Airlines Co., the Banks parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, and
Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., as Documentation Agents. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms
in the Credit Agreement. The undersigned hereby (check whichever is applicable): 
  

							
	  
	 	1.	  	Gives you notice pursuant to Section 2.2 of the Credit Agreement that it requests a Committed Borrowing under the Credit Agreement, and in that connection sets forth
below the terms on which such Committed Borrowing is requested to be made:
				
		 		  	 (A)     Borrowing Date of Committed Borrowing (a Business Day)
	 	  

		 		  	 (B)      Principal Amount of Committed Borrowing1
	 	  

		 		  	 (C)      Interest rate basis2
	 	  

		 		  	 (D)     Interest Period and the last day thereof3
	 	  

			
	  
	 	2.	  	Gives you notice pursuant to Section 2.3(b) that it requests the conversion of Committed Loans that are Eurodollar Loans into Alternate Base Loans in the amount of
$                .4
			
	  
	 	3.	  	Gives you notice pursuant to Section 2.3(b) of the Credit Agreement that it requests the conversion of Committed Loans that are Alternate Base Loans into Eurodollar
Loans in the amount of $                 4, having an Interest Period of
                
months3.
			
	  
	 	4.	  	Gives you notice pursuant to Section 2.3(b) of the Credit Agreement that it requests the continuation of Eurodollar Loans in the amount of
$                     4 to another Interest Period of
                
months3.

 

	1 	 Not less than $10,000,000 or greater than the unused Total Commitment and in integral multiples of $1,000,000. 

	2 	 Eurodollar Loan or Alternate Base Loan. 

	3 	 Applicable only to Eurodollar Loans. Interest Periods shall have a duration of one, two, three, six, nine, or twelve months and shall end not later
than the Termination Date. 

	4 	 Not less than $10,000,000 and in integral multiples of $1,000,000. 

 
					
	Very truly yours,
	
	SOUTHWEST AIRLINES CO.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 A–2

 EXHIBIT B 
 FORM OF NOTE 
  

			
	$                    	  	                           
 , 2011

 FOR VALUE RECEIVED, the undersigned, SOUTHWEST AIRLINES CO., a Texas corporation (the
“Company”), hereby promises to pay to the order of
                                        
(the “Bank”) on or before the Termination Date the lesser of (i) the amount of the Bank’s Commitment and (ii) the aggregate amount of Committed Loans made by the Bank to the Company and outstanding on the Termination
Date. 
 The Company promises to pay interest on the unpaid principal amount of each Committed Loan from the date of such
Committed Loan until such principal amount is paid in full, at such interest rates, and payable at such dates and times, as are specified in the $800,000,000 Revolving Credit Facility Agreement dated as of April 28, 2011 (as amended, modified,
supplemented, renewed, or extended from time to time, the “Credit Agreement,” the terms defined therein and not otherwise defined herein being used herein as therein defined), among the Company, the Bank, certain other banks party
thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, and Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., as Documentation Agents.

 Both principal and interest are payable in immediately available funds in lawful money of the United States of America to
JPMorgan Chase Bank, N.A., as Administrative Agent, at its Principal Office. The amount and type of each Committed Loan made by the Bank to the Company and the maturity thereof, the rate of interest applicable thereto and all payments made on
account of principal and interest hereof shall be recorded by the Bank and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this promissory note; provided, however, any failure by the holder hereof
to make any such endorsement shall not limit or otherwise affect the Company’s obligations hereunder. 
 This promissory
note may be held by the Bank for the account of its Domestic Lending Office or its Eurodollar Lending Office and may be transferred from one to the other from time to time as the Bank may determine. 

This promissory note is one of the Committed Notes referred to in, and is entitled to the benefits of, the Credit Agreement. The Credit
Agreement, among other things, (i) provides for the making of Committed Loans and Competitive Loans by the Bank to the Company from time to time, the indebtedness of the Company resulting from each such Committed Loan being evidenced by this
promissory note, and (ii) provisions for acceleration of the maturity hereof upon the happening of certain stated events, also for prepayment on account of principal hereof prior to the maturity hereof upon the terms and conditions therein
specified. 
 Except as expressly provided in the Credit Agreement, the Company and any and all endorsers, guarantors and
sureties severally waive demand, presentment for payment notice of dishonor or default or intent to accelerate, protest and notice of protest and diligence in collecting and bringing of suit against any party hereto, and agree to all renewals,
extensions. or partial payments hereon and to any release or substitution of security herefor, in whole or in part, with or without notice, before or after maturity. 
 THIS PROMISSORY NOTE AND THE RIGHTS AND OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

 
			
	SOUTHWEST AIRLINES CO.
		
	By:	 	  

		 	Name:
		 	Title:

  
 B–2

 SCHEDULE TO NOTE DATED
                         
 OF SOUTHWEST AIRLINES CO. TO [BANK] 
  

															
	 Date
	  	 Loan
	  	 Type
	  	 Maturity
	  	 Interest
Rate
	  	 Principal
Repayment
	  	 Interest
Payments
	  	 Balance

								
	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

	  
	  	 $
	  	  
	  	  
	  	  
	  	 $
	  	 $
	  	 $

  
 B–3

 EXHIBIT C–1 

FORM OF COMPANY’S INTERNAL COUNSEL OPINION 
  

					
		  		  	April     , 2011

The Banks and the Agents 
 Referred to Below

 c/o JPMorgan Chase Bank, N.A., 

      as Administrative Agent 
 1111 Fannin, 10th Floor 
 Houston, Texas 77002 

 

	RE:	Loans to Southwest Airlines Co. 

 Ladies and
Gentlemen: 
 This opinion is furnished pursuant to Section 4.1(a)(iv) of the $800,000,000 Revolving Credit Facility
Agreement dated as of April 28, 2011 (as amended, modified, supplemented, renewed, or extended from time to time, the “Credit Agreement”), among Southwest Airlines Co., the Banks parties thereto, JPMorgan Chase Bank, N.A., as
Administrative Agent, Citibank, N.A., as Syndication Agent, and Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., as Documentation Agents. Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
 I am Associate General
Counsel of the Company and solely in such capacity have examined, either personally or through attorneys under my supervision, originals, or copies certified to my satisfaction, of the Credit Agreement, each Note executed on or as of the date
hereof, if any (collectively, the “Notes”) and such other corporate records, certificates of corporate officials as to certain matters of fact, and instruments and documents as I have deemed necessary or advisable as a basis for the
opinions set forth herein. 
 In such examination, I have assumed (i) the genuineness of all signatures (other than the
signatures of Persons signing on behalf of the Company), the authenticity and completeness of all documents, certificates, instruments and records submitted to me as originals and the conformity to the original instruments of all documents submitted
to me as copies, and the authenticity and completeness of the originals of such copies, (ii) the due authorization, execution and delivery by each of the Agents and the Banks of the Credit Agreement, (iii) that each of the Agents and the
Banks has all requisite power and authority to execute, deliver and perform the Credit Agreement and (iv) the enforceability of the Credit Agreement against each of the Banks. 

In addition, in rendering this opinion, I have relied upon, as to certain matters of fact, certificates of officers of the Company and
certificates of public officials, without any independent investigation of such matters. 

 Based upon the foregoing, and relying upon the correctness of all statements of fact
contained in the documents, certificates and records that I have examined either personally or through attorneys under my supervision, I am of the opinion that: 
  

	 	1.	The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the state of its incorporation, and is duly qualified to do
business in each jurisdiction in which the character or location of its properties or the nature or conduct of its business makes such qualification necessary, except for those jurisdictions where the failure to be so qualified would not have a
material adverse effect on the consolidated financial condition of the Company and its Subsidiaries, taken as a whole. The Company has the corporate power to own its properties and to carry on its businesses as now conducted.

  

	 	2.	The execution, delivery and performance by the Company of the Credit Agreement and the Notes are within its corporate powers, have been duly authorized by all necessary
corporate action, and do not conflict with or constitute a default under (i) any law, rule, regulation, order or judgment known to me or contractual restriction of the Company known to me, the violation of which would have a Material Adverse
Effect, or (ii) the Articles of Incorporation or the Bylaws, as amended, of the Company. 

  

	 	3.	No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required by the laws of the State of
Texas, or the federal laws of the United States of America for the due execution, delivery and performance by the Company of the Credit Agreement other than routine filings of copies of the Credit Agreement and the Notes with the Securities and
Exchange Commission. 

  

	 	4.	To my knowledge, except as set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, there are no legal or governmental
proceedings or investigations pending or threatened against the Company or any Subsidiary or any property of the Company or any Subsidiary which individually or, to the extent involving related claims, in the aggregate. involve a material risk of a
material adverse effect on (i) the financial condition of the Company and its Subsidiaries considered as a whole, or (ii) the ability of the Company to perform its obligations under the Credit Agreement or the Notes.

 This opinion is for the sole benefit of the Agents and the Banks and may not be relied upon by any other Person without the
express prior written consent of the undersigned. 
 I am licensed to practice law only in the State of Texas and I express no
opinion as to matters not governed by the laws of the United States of America or the laws of the State of Texas (except for the usury laws and choice-of-laws provisions of the State of Texas, as to which I express no opinion). 

Very truly yours, 

  
 C1–2

 EXHIBIT C–2 

FORM OF COMPANY’S OUTSIDE COUNSEL OPINION 
  

					
		  		  	April     , 2011

To the Banks and the Agents 
 referred to below

 c/o JPMorgan Chase Bank, N.A., 

      as Administrative Agent 
 1111 Fannin, 10th Floor 
 Houston, Texas 77002 

 

	 	Re:	Southwest Airlines Co. $800,000,000 

 Revolving Credit Facility 
 Ladies and Gentlemen: 

This opinion is furnished pursuant to Section 4.1(a)(iv) of the $800,000,000 Revolving Credit Facility Agreement dated as of
April 28, 2011 (the “Credit Agreement”), among Southwest Airlines Co. (the “Company”), the Banks parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, and
Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., as Documentation Agents. For convenience of reference, terms defined in the Credit Agreement are used herein with the same meanings.

 We have acted as special New York counsel of the Company in connection with the negotiation, documentation and consummation
of the financing as contemplated by the Credit Agreement, and in this connection, we have examined, among other things, the following documents: 
  

	 	(i)	an executed copy of the Credit Agreement; and 

  

	 	(ii)	an executed copy of each Note executed on or as of the date hereof, if any (collectively, the “Notes”). 

We have also reviewed such other documents and certificates and such matters of law as we have considered relevant hereto. We have assumed, for purposes
of our opinion hereinafter set forth (i) that each of the Credit Agreement and the Notes has been duly authorized, executed and delivered by each of the parties thereto and that, except as expressly made the subject of our opinions in
paragraphs (a) and (b) below, each of the Credit Agreement and the Notes constitutes the legal, valid, binding and enforceable obligation of each of the parties thereto. As to any other facts material to our opinions expressed herein, we
have relied upon the representations and warranties contained in the Credit Agreement and related documents and certificates and upon originals or copies, certified or otherwise identified to our satisfaction, of such corporate records, documents,
certificates and other instruments as in our judgment are necessary or appropriate to enable us to render this opinion. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the
conformity with the authentic originals of all documents submitted to us as copies. 

 Based upon and subject to the foregoing and having regard to legal considerations which we
deem relevant, and subject to the comments and qualifications set forth below, we are of the opinion that: 
 (a)
the Credit Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms; and 
 (b) the Notes delivered today (assuming execution and delivery thereof for value) constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms; 
 except that no opinion is expressed herein as to (A) whether a court outside of the State of New York would give effect to the
choice of New York law provided for in the Credit Agreement or the Notes, (B) any provision in any of the Credit Agreement or the Notes relating to the severability of provisions in such documents, (C) any provision of any of the Credit
Agreement or the Notes that requires any amendment or waiver thereof to be in writing, (D) the effect of any provision of the Credit Agreement imposing penalties or forfeitures, (E) Section 2.16 of the Credit Agreement,
(F) Section 9.8 of the Credit Agreement insofar as it relates to submission to the jurisdiction of United States Federal Courts or (G) Section 9.17 of the Credit Agreement. Further, we wish to point out that provisions of any
Note or the Credit Agreement that permit any party thereto to make determinations or to take actions may be subject to a requirement that such determinations be made, and that such actions be taken, on a reasonable basis in good faith. 

The opinions above are subject to: 
 (i) the application of general principles of equity (regardless of whether considered in a proceeding of equity or at law), including, without limitation, (x) the possible unavailability of specific
performance, injunctive relief or any other equitable remedy and (y) concepts of materiality, reasonableness, good faith and fair dealing; 
 (ii) all applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws, decrees or regulations affecting the enforcement of creditors’ rights generally; and

 (iii) with respect to indemnity provisions contained in the Credit Agreement, limitations based upon public
policy considerations. 
 We are members of the bar of the State of New York and we do not herein express any opinion as to
matters governed by any laws other than the law of the State of New York and the Federal law of the United States of America. Further, we express no opinion as to the Company’s interest in any Pool Assets or any security interest, or grant
thereof, in any property. 
 Very truly yours, 

 EXHIBIT C–3 

FORM OF AGENTS’ COUNSEL OPINION 
 APRIL     , 2011 
 JPMorgan Chase Bank, N.A., as
Administrative Agent under 
     the Credit Agreement, as hereinafter 

    defined (the “Administrative Agent”) 

    and 

The Banks listed on Schedule I hereto 
     which are parties to the Credit Agreement 

    on the date hereof 
  

			
	Re:	  	$800,000,000 Revolving Credit Facility Agreement, dated as of April 28, 2011, among Southwest Airlines Co. (the “Company”), Citibank, N.A., as Syndication Agent, and
Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., as Documentation Agents (the “Credit Agreement”), the lending institutions identified in the Credit Agreement (the
“Banks”) and the Administrative Agent

 Ladies and Gentlemen: 

We have acted as counsel to the Administrative Agent in connection with the preparation, execution and delivery of the Credit Agreement.

 Unless otherwise indicated, capitalized terms used but not defined herein shall have the respective meanings set forth in the
Credit Agreement. This opinion is furnished to you pursuant to Section 4.1(a)(iv) of the Credit Agreement. 
 In connection
with this opinion, we have examined the Credit Agreement, signed by the Company and by the Administrative Agent and certain of the Banks. 
 We also have examined the originals, or duplicates or certified or conformed copies, of such records, agreements, instruments and other documents and have made such other investigations as we have deemed
relevant and necessary in connection with the opinions expressed herein. As to questions of fact material to this opinion, we have relied upon certificates of public officials and of officers and representatives of Company. In addition, we have
examined, and have relied as to matters of fact upon, the representations made in the Credit Agreement. 
 In rendering the
opinion set forth below, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us
as duplicates or certified or conformed copies, and the authenticity of the originals of such latter documents. 

 In rendering the opinion set forth below we have assumed that (1) the Credit Agreement
is a valid and legally binding obligation of each party thereto other than the Company, (2) (a) the Company is validly existing and in good standing under the laws of its jurisdiction of organization and has duly authorized, executed and
delivered the Credit Agreement in accordance with its Certificate of Incorporation and By-Laws or other organizational documents, (b) execution, delivery and performance by the Company of the Credit Agreement does not violate the laws of the
State of Texas or any other applicable laws and (c) the execution, delivery and performance by the Company of the Credit Agreement does not constitute a breach or violation of any agreement or instrument which is binding upon the Company and
(3) the Company is not “investment company” within the meaning of and subject to regulation under the Investment Company Act of 1940. 
 Based upon and subject to the foregoing, and subject to the qualifications and limitations set forth herein, we are of the opinion that the Credit Agreement constitutes the valid and legally binding
obligation of the Company enforceable against the Company in accordance with its terms. 
 Our opinion set forth above is
subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles (whether considered
in a proceeding in equity or at law) and (iii) an implied covenant of good faith and fair dealing. 
 We express no opinion
with respect to: 
 (A) the effect of any provision of the Credit Agreement which is intended to permit modification thereof
only by means of an agreement in writing by the parties thereto; 
 (B) the effect of any provision of the Credit Agreement
insofar as it provides that any Person purchasing a participation from a Bank or other Person may exercise set-off or similar rights with respect to such participation or that any Bank or other Person may exercise set-off or similar rights other
than in accordance with applicable law; 
 (C) the effect of any provision of the Credit Agreement imposing penalties or
forfeitures; 
 (D) the enforceability of any provision of the Credit Agreement to the extent that such provision constitutes a
waiver of illegality as a defense to performance of contract obligations; 
 (E) the effect of any provision of the Credit
Agreement relating to indemnification or exculpation in connection with violations of any securities laws or relating to indemnification, contribution or exculpation in connection with willful, reckless or criminal acts or gross negligence of the
indemnified or exculpated Person or the Person receiving contribution. 
 In connection with the provisions of the Agreement
whereby the parties submit to the jurisdiction of the courts of the United States of America located in the State of New York, we note the limitations of 28 U.S.C. §§ 1331 and 1332 on subject matter jurisdiction of the Federal courts. In
connection with the provisions of the Agreement which relate to forum selection (including, without limitation, any waiver of any objection to venue or any objection that a court is an inconvenient forum), we note that under NYCPLR § 510 a New
York State court may have discretion to transfer the place of trial, and under 28 U.S.C. § 1404(a) a United States District Court has discretion to transfer an action from one Federal court to another. 

We do not express any opinion herein concerning any law other than the law of the State of New York. 

 This opinion letter is rendered to you in connection with the above described transactions.
This opinion letter may not be relied upon by you for any other purpose, or relied upon by, or furnished to, any other person, firm or corporation without our prior written consent. 

 

	
	Very truly yours,
	
	SIMPSON THACHER & BARTLETT LLP

					
		 	THE BANKS	 	SCHEDULE I

 EXHIBIT D 
 FINANCIAL REPORT CERTIFICATE 

FOR                      
       ENDED                     ,          

 

			
	ADMINISTRATIVE AGENT:	  	JPMorgan Chase Bank, N.A.,
	BORROWER:	  	Southwest Airlines Co.
	RE:	  	$800,000,000 Revolving Credit Facility Agreement
	DATE:	  	                            ,
        

 This certificate is delivered pursuant to
Section 6.10 of the $800,000,000 Revolving Credit Facility Agreement dated as of April 28, 2011 (as amended. modified, supplemented, renewed, or extended from time to time, the “Credit Agreement”), among Southwest Airlines
Co. (the “Company”), the Banks parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, and Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Morgan
Stanley Senior Funding, Inc., as Documentation Agents. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

I certify to the Agents and the Banks that I am the
                                        
(president, chief financial officer, treasurer, or assistant treasurer) of the Company on the date hereof and that: 
 1. The
Financial Statements attached hereto were prepared in accordance with GAAP, and present fairly the consolidated and consolidating financial condition and results of operations of the Company and its Subsidiaries as of, and for the
                             ending on
                    ,          (the “Subject Period”). 

2. A review of the activities of the Company and its Subsidiaries during the Subject Period has been made under my supervision with a
view to determining whether, during the Subject Period, each such entity has kept, observed, performed, and fulfilled all of its obligations under the Loan Papers, and during the Subject Period, to my knowledge, each such entity kept, observed,
performed, and fulfilled each and every covenant and condition of the Loan Papers (except for any deviations set forth on the attached schedule). 
 3. During the Subject Period, no Default or Event of Default has occurred which has not been cured or waived (except for any Defaults or Events of Default set forth on the attached schedule). 

4. The status of compliance by the Company with Section 6.9 of the Credit Agreement as of the last day of the Subject Period is set
forth on the attached schedule. 
 5. This certificate is being delivered on behalf of the Company. No person or entity other
than the Agents and the Banks (collectively, the “Subject Recipients”) shall be entitled to receive or rely upon this certificate for any purpose. The Subject Recipients agree by their acceptance hereof that (a) they shall look
solely to the Company for any loss, cost, damage, expense, claim, demand, suit, or cause of action arising out of or relating in any way to this certificate or its preparation and delivery, and (b) the undersigned shall not under any
circumstances have any personal liability whatsoever for the preparation or execution of this certificate. 
  

	
	  

	Name:
	Title

 The status of compliance by the Company with Section 6.9 of the Credit Agreement as of
the last day of the Subject Period is set forth below: 
 Section 6.9 — Coverage Ratio: 

 

			
	 Consolidated Adjusted Pre-Tax Income*
	  	$            (1)
		
	 Aircraft Rentals*
	  	$            (2)
		
	 Net Interest Expense*
	  	$            (3)
		
	 Depreciation and amortization*
	  	$            (4)
		
	 Cash dividends paid*
	  	$            (5)
		
	 Sum of lines (1), (2), (3), and (4), minus line (5)
	  	$            (6)
		
	 Net Interest Expense*
	  	$            (7)
		
	 Aircraft Rentals*
	  	$            (8)
		
	 Sum of lines (7) and (8)
	  	$            (9)
		
	 Ratio of line (6) to line (9)
	  	             to           
  
		
	 Minimum Ratio
	  	1.25 to 1.00

  

	*	For four fiscal quarter period ending on last day of Subject Period. 

  
 D-2

 EXHIBIT E 
 FORM OF ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (the
“Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into between the Assignor named below (the “Assignor”) and the Assignee named below (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.
The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent below (i) all of the Assignor’s rights and
obligations in its capacity as a Bank under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and
obligations of the Assignor under the respective facilities identified below (including any letters of credit included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action
and any other right of the Assignor (in its capacity as a Bank) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan
transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold
and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and
assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

					
	1.	  	Assignor:	  	______________________________
			
	2.	  	Assignee:	  	______________________________
		  		  	[and is an Affiliate/Approved Fund of [identify Bank]5]
			
	3.	  	Borrower:	  	Southwest Airlines Co.
			
	4.	  	Administrative Agent:	  	JPMorgan Chase Bank, N.A., as administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The Credit Agreement dated as of April 28, 2011 among Southwest Airlines Co., the Banks parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents
parties thereto

  

	5 	 Select as applicable. 

					
	6.	  	Assigned Interest:

  

									
	 Aggregate Amount of
Commitment/Loans for
all
Banks
	 	Amount of
Commitment/Loans
Assigned	 	 	Percentage Assigned of
Commitment/Loans6	 
	$        	 	$	        	  	 	 	        	% 
	$        	 	$	        	  	 	 	        	% 
	$        	 	$	        	  	 	 	        	% 

 Effective Date:
                            , 20         [TO BE
INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The Assignee
agrees to deliver to the Administrative Agent a completed administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the
Borrower, the Loan Parties and their Affiliates or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state
securities laws. 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	  

	NAME OF ASSIGNOR
		
	By:	 	  

		 	Title:
	
	ASSIGNEE
	
	  

	NAME OF ASSIGNEE
		
	By:	 	  

		 	Title:

  

	6 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Banks. 

  
 2 

			
	Consented to and Accepted:
	
	 JPMORGAN CHASE BANK, N.A., as

  Administrative Agent

		
	By	 	  

		 	Title:
	
	Consented to:
	
	SOUTHWEST AIRLINES CO.
		
	By	 	  

		 	Title:

  
 3 

 ANNEX 1 
 Credit Agreement dated as of April 28, 2011 among Southwest Airlines Co., the Banks parties thereto, 
 JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents parties thereto 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and
(b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or
(iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Bank under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit
Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Bank, (iii) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant
to Section 6.10 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which
it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Bank and (iv) if it is a Foreign Bank, attached to the Assignment and Assumption is any documentation required to be delivered by
it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Bank, and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a Bank and (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Bank thereunder and, to the extent
of the Assigned Interest, shall have the obligations of a Bank thereunder. 
 2. Payments. From and after the Effective
Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to
the Assignee for amounts which have accrued from and after the Effective Date. 
 3. General Provisions. This Assignment
and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment 

 
and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by email or telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New
York. 

 EXHIBIT F 
 FORM OF APPRAISAL OF POOL ASSETS 
 [Date] 

JPMorgan Chase Bank, N.A., 
 as Administrative
Agent 
 1111 Fannin, 10th Floor 

Houston, Texas 77002 
 Attention:
                             

 

	Re:	$800,000,000 Revolving Credit Facility Agreement 

 for Southwest Airlines Co. 
 Ladies and Gentlemen: 

The undersigned has been requested to provide an opinion as to the current half-time Current Market Value (“CMV”) of the 737
type aircraft or engines, or both, currently operated by Southwest Airlines Co. that are listed on Figure 1. 
 Based upon our
knowledge of the Boeing 737 type of aircraft, its capabilities and the uses to which it has been put in various areas of the world; the current supply and demand for aircraft: our knowledge of the marketing of new and used transport aircraft and the
factors affecting the current market values thereof, and our familiarity with the aviation industry generally, it is our opinion as of the date of this letter that the CMV of each aircraft and engine listed in Figure 1 is as stated therein.

 In giving our opinion, we have assumed that each aircraft and engine is in good airworthy condition, is clean by normal
scheduled airline standards, is at half-time between major maintenance events and is in a typical mid-time condition with respect to all maintenance time-controlled components. 

According to the International Society of Transport Aircraft Trading’s (“ISTAT”) definition of Current Market Value, to
which we subscribe, the Current Market Value is the appraiser’s opinion of the most likely trading price that may be generated for an aircraft under the market circumstances that are perceived to exist at the time in question. The Current
Market Value assumes that the aircraft is valued for its highest, best use, that the parties to the hypothetical sale transaction are willing, able prudent and knowledgeable, and under no unusual pressure for a prompt sale, and that the transaction
would be negotiated in an open and unrestricted market on an arm’s length basis, for cash or equivalent consideration, and given an adequate amount of time for effective exposure to prospective buyers, which we consider to be three to six
months. 
 [Use and describe the most appropriate methodology: for example, sales of comparable aircraft; replacement cost less an allowance for
usage; or models based on historical data, adjusted for perceived current market conditions, or a combination of the foregoing.] 
 We have no present or contemplated future interest in the appraised aircraft, nor any interest that would preclude our making a fair and unbiased estimate. This appraisal is prepared for the use of the
addressee and the present and future lenders for which it is Administrative Agent. 
  

	
	Sincerely,
	
	[Name of Appraiser]

 Figure 1 
 Aircraft Current Half-Time Current Market Values 
  

																	
	 No.
	 	Aircraft	 	 	Registration	 	Mfg.
Serial No.	 	Date of
Mfgr.	 	Engine	 	 	CMV ($Mils.)
							
	1)	 	 	B737-            	  	 	N                    	 	__________	 	            ,         	 	 	CFM56-        	  	 	__________

 EXHIBIT G-1 
 FORM OF 
 U.S. TAX CERTIFICATE 

(For Foreign Banks That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of April 28, 2011 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Southwest Airlines Co., the Banks parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, and Barclays Bank PLC, Deutsche Bank Securities Inc.,
Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., as Documentation Agents. 
 Pursuant to the provisions of
Section 2.18 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this
certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a
controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or
business. 
 The undersigned has furnished the Administrative Agent and the Company with a certificate of its
non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Company and the
Administrative Agent and (2) the undersigned shall have at all times furnished the Company and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF BANK]
		
	By:	 	  

		 	Name:
		 	Title:
	Date:	 	                         ,
20[    ]

 EXHIBIT G-2 
 FORM OF 
 U.S. TAX CERTIFICATE 

(For Foreign Banks That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of April 28, 2011 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Southwest Airlines Co., the Banks parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, and Barclays Bank PLC, Deutsche Bank Securities Inc.,
Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., as Documentation Agents. 
 Pursuant to the provisions of
Section 2.18 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its
partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement, neither the undersigned nor any of its
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten
percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code,
and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 

The undersigned has furnished the Administrative Agent and the Company with IRS Form W-8IMY accompanied by an IRS Form W-8BEN
from each of its partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the
Company and the Administrative Agent and (2) the undersigned shall have at all times furnished the Company and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise
defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF BANK]
		
	By:	 	  

		 	Name:
		 	Title:
	Date:	 	                         ,
20[    ]

 EXHIBIT G-3 
 FORM OF 
 U.S. TAX CERTIFICATE 

(For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of April 28, 2011 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Southwest Airlines Co., the Banks parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, and Barclays Bank PLC, Deutsche Bank Securities Inc.,
Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., as Documentation Agents. 
 Pursuant to the provisions of
Section 2.18 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the
meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Company
as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 

The undersigned has furnished its participating Bank with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Bank in writing and (2) the undersigned shall have at all times furnished
such Bank with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:
	Date:	 	                         ,
20[    ]

 EXHIBIT G-4 
 FORM OF 
 U.S. TAX CERTIFICATE 

(For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of [ ] (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among Southwest Airlines Co., the Banks parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, and Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs
Bank USA and Morgan Stanley Senior Funding, Inc., as Documentation Agents. 
 Pursuant to the provisions of Section 2.18 of
the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such
participation, (iii) with respect such participation, neither the undersigned nor any of its partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled
foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a
U.S. trade or business. 
 The undersigned has furnished its participating Bank with IRS Form W-8IMY accompanied by an
IRS Form W-8BEN from each of its partners/members claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Bank and (2) the undersigned shall have at all times furnished such Bank with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:
                         , 20[    ]Indenture

 Exhibit 4.1 

 
  
 ALLY AUTO RECEIVABLES TRUST 2011-2 
 Class A-1 0.25414% Asset Backed
Notes 
 Class A-2 0.67% Asset Backed Notes 
 Class A-3 1.18% Asset Backed Notes 
 Class A-4 1.98% Asset Backed Notes

 Class B 2.59% Asset Backed Notes 
 Class C 2.83% Asset Backed Notes 
 Class D 3.38% Asset Backed Notes

  
  

INDENTURE 

Dated as of May 5, 2011 
  

 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS 
 Indenture Trustee 

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	2	  
			
	 SECTION 1.1
	  	DEFINITIONS.	  	 	2	  
	 SECTION 1.2
	  	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.	  	 	2	  
		
	ARTICLE II THE NOTES	  	 	3	  
			
	 SECTION 2.1
	  	FORM.	  	 	3	  
	 SECTION 2.2
	  	EXECUTION, AUTHENTICATION AND DELIVERY.	  	 	3	  
	 SECTION 2.3
	  	TEMPORARY NOTES.	  	 	4	  
	 SECTION 2.4
	  	REGISTRATION OF NOTES; REGISTRATION OF TRANSFER AND
EXCHANGE OF NOTES.	  	 	5	  
	 SECTION 2.5
	  	MUTILATED, DESTROYED, LOST OR STOLEN NOTES.	  	 	7	  
	 SECTION 2.6
	  	PERSONS DEEMED NOTEHOLDERS	  	 	8	  
	 SECTION 2.7
	  	PAYMENT OF PRINCIPAL AND INTEREST.	  	 	8	  
	 SECTION 2.8
	  	CANCELLATION OF NOTES	  	 	10	  
	 SECTION 2.9
	  	RELEASE OF COLLATERAL	  	 	11	  
	 SECTION 2.10
	  	BOOK-ENTRY NOTES	  	 	11	  
	 SECTION 2.11
	  	NOTICES TO CLEARING AGENCY	  	 	12	  
	 SECTION 2.12
	  	DEFINITIVE NOTES	  	 	12	  
	 SECTION 2.13
	  	DEPOSITOR AS NOTEHOLDER	  	 	12	  
	 SECTION 2.14
	  	TAX TREATMENT	  	 	12	  
	 SECTION 2.15
	  	SPECIAL TERMS APPLICABLE TO THE PRIVATE NOTES.	  	 	13	  
		
	 ARTICLE III COVENANTS
	  	 	13	  
			
	 SECTION 3.1
	  	PAYMENT OF PRINCIPAL AND INTEREST	  	 	13	  
	 SECTION 3.2
	  	MAINTENANCE OF AGENCY OFFICE	  	 	13	  
	 SECTION 3.3
	  	MONEY FOR PAYMENTS TO BE HELD IN TRUST.	  	 	14	  
	 SECTION 3.4
	  	EXISTENCE	  	 	15	  
	 SECTION 3.5
	  	PROTECTION OF TRUST ESTATE; ACKNOWLEDGMENT OF PLEDGE.	  	 	15	  
	 SECTION 3.6
	  	OPINIONS AS TO TRUST ESTATE.	  	 	16	  
	 SECTION 3.7
	  	PERFORMANCE OF OBLIGATIONS; SERVICING OF RECEIVABLES.	  	 	17	  
	 SECTION 3.8
	  	NEGATIVE COVENANTS	  	 	18	  
	 SECTION 3.9
	  	ANNUAL STATEMENT AS TO COMPLIANCE	  	 	19	  
	 SECTION 3.10
	  	CONSOLIDATION, MERGER, ETC., OF ISSUING ENTITY; DISPOSITION
OF TRUST ASSETS.	  	 	19	  
	 SECTION 3.11
	  	SUCCESSOR OR TRANSFEREE.	  	 	21	  
	 SECTION 3.12
	  	NO OTHER BUSINESS	  	 	21	  
	 SECTION 3.13
	  	NO BORROWING	  	 	21	  
	 SECTION 3.14
	  	GUARANTEES, LOANS, ADVANCES AND OTHER LIABILITIES	  	 	21	  
	 SECTION 3.15
	  	SERVICER’S OBLIGATIONS	  	 	22	  
	 SECTION 3.16
	  	CAPITAL EXPENDITURES	  	 	22	  
	 SECTION 3.17
	  	REMOVAL OF ADMINISTRATOR	  	 	22	  
	 SECTION 3.18
	  	RESTRICTED PAYMENTS	  	 	22	  
	 SECTION 3.19
	  	NOTICE OF EVENTS OF DEFAULT	  	 	22	  
	 SECTION 3.20
	  	FURTHER INSTRUMENTS AND ACTS	  	 	22	  
	 SECTION 3.21
	  	INDENTURE TRUSTEE’S ASSIGNMENT OF ADMINISTRATIVE RECEIVABLES
AND WARRANTY RECEIVABLES	  	 	23	  
	 SECTION 3.22
	  	REPRESENTATIONS AND WARRANTIES BY THE ISSUING ENTITY TO
THE INDENTURE TRUSTEE	  	 	23	  
		
	ARTICLE IV SATISFACTION AND DISCHARGE	  	 	24	  
			
	 SECTION 4.1
	  	SATISFACTION AND DISCHARGE OF INDENTURE	  	 	24	  
	 SECTION 4.2
	  	APPLICATION OF TRUST MONEY	  	 	25	  

  
 i 

							
	 SECTION 4.3
	  	REPAYMENT OF MONIES HELD BY PAYING AGENT	  	 	25	  
	 SECTION 4.4
	  	DURATION OF POSITION OF INDENTURE TRUSTEE	  	 	25	  
		
	ARTICLE V DEFAULT AND REMEDIES	  	 	25	  
			
	 SECTION 5.1
	  	EVENTS OF DEFAULT	  	 	25	  
	 SECTION 5.2
	  	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.	  	 	26	  
	 SECTION 5.3
	  	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE.	  	 	27	  
	 SECTION 5.4
	  	REMEDIES; PRIORITIES	  	 	29	  
	 SECTION 5.5
	  	OPTIONAL PRESERVATION OF THE RECEIVABLES	  	 	30	  
	 SECTION 5.6
	  	LIMITATION OF SUITS	  	 	31	  
	 SECTION 5.7
	  	UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL
AND INTEREST	  	 	31	  
	 SECTION 5.8
	  	RESTORATION OF RIGHTS AND REMEDIES	  	 	32	  
	 SECTION 5.9
	  	RIGHTS AND REMEDIES CUMULATIVE	  	 	32	  
	 SECTION 5.10
	  	DELAY OR OMISSION NOT A WAIVER	  	 	32	  
	 SECTION 5.11
	  	CONTROL BY NOTEHOLDERS	  	 	32	  
	 SECTION 5.12
	  	WAIVER OF PAST DEFAULTS.	  	 	33	  
	 SECTION 5.13
	  	UNDERTAKING FOR COSTS	  	 	33	  
	 SECTION 5.14
	  	WAIVER OF STAY OR EXTENSION LAWS	  	 	33	  
	 SECTION 5.15
	  	ACTION ON NOTES	  	 	34	  
	 SECTION 5.16
	  	PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS.	  	 	34	  
		
	ARTICLE VI THE INDENTURE TRUSTEE	  	 	35	  
			
	 SECTION 6.1
	  	DUTIES OF INDENTURE TRUSTEE.	  	 	35	  
	 SECTION 6.2
	  	RIGHTS OF INDENTURE TRUSTEE.	  	 	36	  
	 SECTION 6.3
	  	INDENTURE TRUSTEE MAY OWN NOTES	  	 	37	  
	 SECTION 6.4
	  	INDENTURE TRUSTEE’S DISCLAIMER	  	 	37	  
	 SECTION 6.5
	  	NOTICE OF DEFAULTS	  	 	37	  
	 SECTION 6.6
	  	REPORTS BY INDENTURE TRUSTEE	  	 	38	  
	 SECTION 6.7
	  	COMPENSATION; INDEMNITY.	  	 	39	  
	 SECTION 6.8
	  	REPLACEMENT OF INDENTURE TRUSTEE.	  	 	39	  
	 SECTION 6.9
	  	MERGER OR CONSOLIDATION OF INDENTURE TRUSTEE.	  	 	40	  
	 SECTION 6.10
	  	APPOINTMENT OF CO-INDENTURE TRUSTEE OR SEPARATE INDENTURE
TRUSTEE.	  	 	40	  
	 SECTION 6.11
	  	ELIGIBILITY; DISQUALIFICATION	  	 	42	  
	 SECTION 6.12
	  	PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUING
ENTITY	  	 	42	  
	 SECTION 6.13
	  	REPRESENTATIONS AND WARRANTIES OF INDENTURE TRUSTEE	  	 	42	  
	 SECTION 6.14
	  	INDENTURE TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
NOTES	  	 	43	  
	 SECTION 6.15
	  	SUIT FOR ENFORCEMENT	  	 	43	  
	 SECTION 6.16
	  	RIGHTS OF NOTEHOLDERS TO DIRECT INDENTURE TRUSTEE	  	 	43	  
		
	ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS	  	 	43	  
			
	 SECTION 7.1
	  	ISSUING ENTITY TO FURNISH INDENTURE TRUSTEE NAMES AND
ADDRESSES OF NOTEHOLDERS	  	 	43	  
	 SECTION 7.2
	  	PRESERVATION OF INFORMATION, COMMUNICATIONS TO NOTEHOLDERS.	  	 	44	  
	 SECTION 7.3
	  	REPORTS BY THE ISSUING ENTITY.	  	 	44	  
	 SECTION 7.4
	  	REPORTS BY TRUSTEE	  	 	44	  
		
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	  	 	45	  
			
	 SECTION 8.1
	  	COLLECTION OF MONEY	  	 	45	  
	 SECTION 8.2
	  	DESIGNATED ACCOUNTS; PAYMENTS.	  	 	45	  
	 SECTION 8.3
	  	GENERAL PROVISIONS REGARDING ACCOUNTS.	  	 	47	  
	 SECTION 8.4
	  	RELEASE OF TRUST ESTATE.	  	 	47	  
	 SECTION 8.5
	  	OPINION OF COUNSEL	  	 	48	  

  
 ii 

							
		
	ARTICLE IX SUPPLEMENTAL INDENTURES	  	 	48	  
			
	 SECTION 9.1
	  	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.	  	 	48	  
	 SECTION 9.2
	  	SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS.	  	 	49	  
	 SECTION 9.3
	  	EXECUTION OF SUPPLEMENTAL INDENTURES	  	 	51	  
	 SECTION 9.4
	  	EFFECT OF SUPPLEMENTAL INDENTURE	  	 	51	  
	 SECTION 9.5
	  	CONFORMITY WITH THE TRUST INDENTURE ACT	  	 	51	  
	 SECTION 9.6
	  	REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES	  	 	51	  
		
	ARTICLE X REDEMPTION OF NOTES	  	 	51	  
			
	 SECTION 10.1
	  	REDEMPTION	  	 	51	  
	 SECTION 10.2
	  	FORM OF REDEMPTION NOTICE.	  	 	52	  
	 SECTION 10.3
	  	NOTES PAYABLE ON REDEMPTION DATE	  	 	52	  
		
	ARTICLE XI MISCELLANEOUS	  	 	52	  
			
	 SECTION 11.1
	  	COMPLIANCE CERTIFICATES AND OPINIONS, ETC.	  	 	52	  
	 SECTION 11.2
	  	FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE.	  	 	54	  
	 SECTION 11.3
	  	ACTS OF NOTEHOLDERS.	  	 	55	  
	 SECTION 11.4
	  	NOTICES, ETC., TO INDENTURE TRUSTEE, ISSUING ENTITY AND
RATING AGENCIES	  	 	55	  
	 SECTION 11.5
	  	NOTICES TO NOTEHOLDERS; WAIVER.	  	 	56	  
	 SECTION 11.6
	  	ALTERNATE PAYMENT AND NOTICE PROVISIONS	  	 	56	  
	 SECTION 11.7
	  	CONFLICT WITH THE TRUST INDENTURE ACT.	  	 	57	  
	 SECTION 11.8
	  	EFFECT OF HEADINGS AND TABLE OF CONTENTS	  	 	57	  
	 SECTION 11.9
	  	SUCCESSORS AND ASSIGNS.	  	 	57	  
	 SECTION 11.10
	  	SEVERABILITY	  	 	57	  
	 SECTION 11.11
	  	BENEFITS OF INDENTURE	  	 	57	  
	 SECTION 11.12
	  	LEGAL HOLIDAYS	  	 	57	  
	 SECTION 11.13
	  	GOVERNING LAW	  	 	57	  
	 SECTION 11.14
	  	COUNTERPARTS	  	 	58	  
	 SECTION 11.15
	  	RECORDING OF INDENTURE	  	 	58	  
	 SECTION 11.16
	  	NO RECOURSE	  	 	58	  
	 SECTION 11.17
	  	NO PETITION	  	 	58	  
	 SECTION 11.18
	  	INSPECTION	  	 	59	  
	 SECTION 11.19
	  	INDEMNIFICATION BY AND REIMBURSEMENT OF SERVICER	  	 	59	  
	 SECTION 11.20
	  	SUBORDINATION	  	 	59	  
	 SECTION 11.21
	  	COMPLIANCE WITH APPLICABLE ANTI-TERRORISM AND ANTI-MONEY
LAUNDERING REGULATIONS	  	 	59	  
		
	ARTICLE XII COMPLIANCE WITH THE FDIC RULE	  	 	60	  
			
	 SECTION 12.1
	  	PURPOSE.	  	 	60	  
	 SECTION 12.2
	  	REQUIREMENTS OF FDIC RULE	  	 	60	  
	 SECTION 12.3
	  	PERFORMANCE	  	 	62	  
	 SECTION 12.4
	  	EFFECT OF SECTION 941 RULES	  	 	62	  
	 SECTION 12.5
	  	ACTIONS UPON REPUDIATION	  	 	62	  
	 SECTION 12.6
	  	NOTICE	  	 	64	  
	 SECTION 12.7
	  	RESERVATION OF RIGHTS	  	 	64	  
			
	EXHIBIT A	  	LOCATIONS OF SCHEDULE OF RECEIVABLES	  	 	Ex. A	  
	EXHIBIT B	  	Note Depository Agreement for the Notes	  	 	Ex. B	  
	EXHIBIT C-1	  	FORM OF CLASS A-1 Fixed Rate Asset Backed Notes	  	 	Ex. C-1-1	  
	EXHIBIT C-2	  	FORM OF CLASS A-2, CLASS A-3 AND CLASS A-4 Fixed Rate Asset Backed Notes	  	 	Ex. C-2-1	  
	EXHIBIT C-3	  	FORM OF CLASS B Fixed Rate Asset Backed Notes	  	 	Ex. C-3-1	  
	EXHIBIT C-4	  	FORM OF CLASS C Fixed Rate Asset Backed Notes	  	 	Ex. C-4-1	  
	EXHIBIT C-5	  	FORM OF CLASS D Fixed Rate Asset Backed Notes	  	 	Ex. C-5-1	  

  
 iii

							
	EXHIBIT D	  	SERVICING CRITERIA TO BE ADDRESSED IN INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE	  	 	Ex. D-1	  
	EXHIBIT E	  	FORM OF CERTIFICATION	  	 	Ex. E-1	  
			
	APPENDIX A	  	ADDITIONAL REPRESENTATIONS AND WARRANTIES	  	 	App. A	  

  

  
 iv 

 INDENTURE, dated as of May 5, 2011, between ALLY AUTO RECEIVABLES TRUST 2011-2, a
Delaware statutory trust (the “Issuing Entity”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as trustee and not in its individual capacity (the “Indenture Trustee”). 

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

The Issuing Entity hereby Grants to the Indenture Trustee at the Closing Date, as trustee for the benefit of the Secured Parties (only to
the extent expressly provided herein): 
 (a) all right, title and interest of the Issuing Entity in, to and under the
Receivables listed on the Schedule of Receivables and all monies received thereon on and after the Cutoff Date, exclusive of any amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the
Servicer, covering any related Financed Vehicle; 
 (b) the interest of the Issuing Entity in the security interests in the
Financed Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; 

(c) the interest of the Issuing Entity in any proceeds from claims on any physical damage, credit life, credit disability or other
insurance policies covering Financed Vehicles or Obligors; 
 (d) the interest of the Issuing Entity in any proceeds from
recourse against Dealers on the Receivables; 
 (e) all right, title and interest of the Issuing Entity in, to and under the
First Step Receivables Assignment; 
 (f) all right, title and interest of the Issuing Entity in, to and under the Second Step
Receivables Assignment; 
 (g) all right, title and interest in the Reserve Account Property and all other funds on deposit from
time to time in the Collection Account and the Note Distribution Account; 
 (h) all right, title and interest of the Issuing
Entity in, to and under the Trust Sale Agreement and any other Further Transfer Agreements, including all rights of the “Depositor” under the Pooling Agreement, the Servicing Agreement and the Custodian Agreement assigned to the Issuing
Entity pursuant to the Trust Sale Agreement; and 
 (i) all present and future claims, demands, causes and choses in action in
respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or
involuntary, into cash or other liquid 

 
property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles,
general intangibles, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of
the foregoing (collectively, the “Collateral”). 
 The foregoing Grant is made in trust to secure the Secured
Obligations, equally and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. This Indenture constitutes a security agreement under the UCC.

 The foregoing Grant includes all rights, powers and options (but none of the obligations, if any) of the Issuing Entity under
any agreement or instrument included in the Collateral, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Receivables included in the Collateral and all
other monies payable under the Collateral, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Issuing Entity or otherwise and
generally to do and receive anything that the Issuing Entity is or may be entitled to do or receive under or with respect to the Collateral. 
 The Indenture Trustee, as trustee on behalf of the Secured Parties and (only to the extent expressly provided herein) the Certificateholders, acknowledges such Grant and accepts the trusts under this
Indenture in accordance with the provisions of this Indenture. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.1 Definitions. Certain capitalized terms used in this Indenture shall have the respective meanings assigned to them in Part I of Appendix A to the Servicing Agreement, dated
as of the date hereof (as amended from time to time, the “Servicing Agreement”), among the Issuing Entity, Ally Auto Assets LLC and Ally Financial Inc. All references in this Indenture to Articles, Sections, subsections and Exhibits
are to the same contained in or attached to this Indenture unless otherwise specified. All terms defined in this Indenture shall have the defined meanings when used in any certificate, notice, Note or other document made or delivered pursuant hereto
unless otherwise defined therein. The rules of construction set forth in Part II of Appendix A to the Servicing Agreement shall be applicable to this Indenture. 
 SECTION 1.2 Incorporation by Reference of Trust Indenture Act. 
 Whenever
this Indenture refers to a provision of the TIA, such 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. 

  
 2 

 “indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” means the Indenture Trustee. 
 “obligor” on the indenture securities means the Issuing Entity and any other obligor on the indenture securities. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by reference to another statute or defined by a Commission rule have the respective meanings assigned to them by such
definitions. 
 ARTICLE II 
 THE NOTES 
 SECTION 2.1 Form. 

(a) Each of the Class A-1 Notes, together, with the Indenture Trustee’s certificate of authentication, shall be substantially in
the form set forth in Exhibit C-1, each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes together, in each case, with the Indenture Trustee’s certificate of authentication, shall be substantially in the
form set forth in Exhibit C-2, each of the Class B Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit C-3, each of the Class C Notes, together with
the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit C-4, and each of the Class D Notes, together with the Indenture Trustee’s certificate of authentication, shall be
substantially in the form set forth in Exhibit C-5, in each case with such appropriate insertions, omissions, substitutions and other variations as are permitted or required by this Indenture and each such Note may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may
be set forth on the reverse thereof with an appropriate reference thereto on the face of the Note. 
 (b) The 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.

 (c) The terms of each class of Notes as provided for in Exhibits C-1, C-2, C-3, C-4 and
C-5 hereto are part of the terms of this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery.

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

  
 3 

 (b) The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized
Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 (c) Notes bearing the manual
or facsimile signature of individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals or any of them have ceased to hold such office prior to the authentication and
delivery of such Notes or did not hold such office at the date of such Notes. 
 (d) The Indenture Trustee, in exchange for the
Grant of the Receivables and the other components of the Trust Estate, simultaneously with the Grant to the Indenture Trustee of the Receivables and the constructive delivery to the Indenture Trustee of the Receivables Files and the other assets and
components of the Trust Estate, shall cause to be authenticated and delivered to or upon the order of the Issuing Entity Notes for original issue in the aggregate principal amount of $802,000,000 comprised of (i) Class A-1 Notes in the
aggregate principal amount of $140,000,000 (ii) Class A-2 Notes in the aggregate principal amount of $225,000,000, (iii) Class A-3 Notes in the aggregate principal amount of $240,000,000, (iv) Class A-4 Notes in the
aggregate principal amount of $142,760,000, (v) Class B Notes in the aggregate principal amount of $21,700,000, (vi) Class C Notes in the aggregate principal amount of $22,500,000 and (vii) Class D Notes in the aggregate principal
amount of $10,040,000. The aggregate principal amount of all Notes outstanding at any time may not exceed $802,000,000, except as provided in Section 2.5. 
 (e) No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form set
forth in Exhibit C-1, C-2, C-3, C-4 and C-5, as applicable, executed by the Indenture Trustee by the manual signature of one of its Authorized Officers; such certificate upon any Note shall be conclusive evidence,
and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.3 Temporary
Notes. 
 (a) Pending the preparation of Definitive Notes, if any, the Issuing Entity may execute, and upon receipt of an
Issuing Entity Order the Indenture Trustee shall authenticate and deliver, such Temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued
and with such variations as are consistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 
 (b) If Temporary Notes are issued, the Issuing Entity shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the Temporary Notes shall be
exchangeable for Definitive Notes upon surrender of the Temporary Notes at the Agency Office of the Issuing Entity to be maintained as provided in Section 3.2, without charge to the Noteholder. Upon surrender for cancellation of any one
or more Temporary Notes, the Issuing Entity shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so delivered in exchange, the
Temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

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

 (a) The Issuing Entity shall cause to be kept the Note Register, comprising separate registers for each class of Notes, in
which, subject to such reasonable regulations as the Issuing Entity may prescribe, the Issuing Entity shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes. The Indenture Trustee shall initially
be the Note Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor Note Registrar or, if it elects not to
make such an appointment, assume the duties of the Note Registrar. 
 (b) If a Person other than the Indenture Trustee is
appointed by the Issuing Entity as Note Registrar, the Issuing Entity will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register. The
Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof. The Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive
Officer thereof as to the names and addresses of the Noteholders and the principal amounts and number of such Notes. 
 (c) Upon
surrender for registration of transfer of any Note at the Corporate Trust Office of the Indenture Trustee or the Agency Office of the Issuing Entity (and following the delivery, in the former case, of such Notes to the Issuing Entity by the
Indenture Trustee), the Issuing Entity shall execute, 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 a like aggregate principal amount. 
 (d) At the option of the Noteholder, Notes may be exchanged
for other Notes of the same class in any authorized denominations, of a like aggregate principal amount; and upon surrender of such Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee or the Agency Office of the Issuing
Entity (and following the delivery, in the former case, of such Notes to the Issuing Entity by the Indenture Trustee), the Issuing Entity shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture
Trustee, such Notes which the Noteholder making the exchange is entitled to receive. 
 (e) All Notes issued upon any
registration of transfer or exchange of other Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer
or exchange. 
 (f) Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or
be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee and the Note Registrar duly executed by, the Holder thereof 

  
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or such Holder’s attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in The City of New York
or the city in which the Corporate Trust Office of the Indenture Trustee is located, or by a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require. 

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

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

SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. 
 (a) If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there
is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuing Entity and the Indenture Trustee harmless, then, in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture
Trustee that such Note has been acquired by a protected purchaser, the Issuing Entity shall execute and upon the Issuing Entity’s request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of a like class and aggregate principal amount; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven
(7) days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuing Entity may make payment to the Holder of such destroyed, lost or stolen Note when so due or payable or upon the
Redemption Date, if applicable, without surrender thereof. 
 (b) If, after the delivery of a replacement Note or payment in
respect of a destroyed, lost or stolen Note pursuant to subsection (a), a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture
Trustee shall be entitled to recover such replacement Note (or such payment) from (i) any Person to whom it was delivered, (ii) the Person taking such replacement Note from the Person to whom such replacement Note was delivered, or
(iii) any assignee of such Person, except a protected purchaser, and the Issuing Entity and the Indenture Trustee shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuing Entity or the Indenture Trustee in connection therewith. 
 (c) In connection with the issuance of any
replacement Note under this Section 2.5, the Issuing Entity may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including all fees and expenses of the Indenture Trustee) connected therewith. 
 (d) Any duplicate Note
issued pursuant to this Section 2.5 in replacement for any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or
stolen Note shall be found at any time or be enforced by any Person, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

  
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 (e) The provisions of this Section 2.5 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.6 Persons Deemed Noteholders. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the
Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the Noteholder for the purpose of receiving payments of principal of and interest on such Note and for all other purposes whatsoever,
whether or not such Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary. 

SECTION 2.7 Payment of Principal and Interest. 
 (a) Interest on each class of Notes shall accrue in the manner set forth in Exhibit C-1, C-2, C-3, C-4 and C-5, as applicable for such class, at the applicable Interest
Rate for such class and will be due and payable on each Distribution Date in accordance with the priorities set forth in Section 8.2(c). Any installment of interest payable on any Note shall be punctually paid or duly provided for by a
deposit by or at the direction of the Issuing Entity into the Note Distribution Account on the applicable Distribution Date and shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the applicable
Record Date, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided, however, that, unless and until Definitive Notes have been issued pursuant to
Section 2.12, with respect to Notes registered on the applicable Record Date in the name of the Note Depository (initially, Cede & Co.), payment shall be made by wire transfer in immediately available funds to the account
designated by the Note Depository; provided, further, that with respect to any Private Notes (other than Private Notes registered on the applicable Record Date in the name of the Note Depository), upon written request of the Holder
thereof, payment shall be made by wire transfer of immediately available funds to the account designated by such Holder until further written notice from such Holder. 
 (b) Prior to the occurrence of an Event of Default and a declaration in accordance with Section 5.2(a) that the Notes have become immediately due and payable, the principal of each class of
Notes shall be payable in full on the Final Scheduled Distribution Date for such class and, to the extent of funds available therefor, in installments on the Distribution Dates (if any) preceding the Final Scheduled Distribution Date for such class,
in the amounts and in accordance with the priorities set forth in Section 8.2(c)(ii) or 8.2(c)(iii), as applicable. All principal payments on each class of Notes on any Distribution Date shall be made pro rata to the Noteholders
of such class entitled thereto. Any installment of principal payable on any Note shall be punctually paid or duly provided for by a deposit by or at the direction of the Issuing Entity into the Note Distribution Account on the applicable
Distribution Date and shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the applicable Record Date, by check mailed first-class, postage prepaid to such Person’s address as it appears on the
Note Register on such Record Date; provided, however, that (A), unless and until Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered

  
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on the Record Date in the name of the Note Depository, payment shall be made by wire transfer in immediately available funds to the account designated by the Note Depository and (B) with
respect to any Private Notes (other than Private Notes registered on the applicable Record Date in the name of the Note Depository), upon written request of the Holder thereof, payment shall be made by wire transfer of immediately available funds to
the account designated by such Holder until further written notice from such Holder, each case, except for: (i) the final installment of principal on any Note; and (ii) the Redemption Price for the Notes redeemed pursuant to
Section 10.1, which, in each case, shall be payable as provided herein. The funds represented by any such checks in respect of interest or principal returned undelivered shall be held in accordance with Section 3.3.

 (c) From and after the occurrence of an Event of Default and a declaration in accordance with Section 5.2(a) that
the Notes have become immediately due and payable, until such time as all Events of Default have been cured or waived as provided in Section 5.2(b), all interest and principal payments shall be allocated: 

(i) first, an amount equal to the Aggregate Class A Interest Distributable Amount for payment of interest on the Class A
Notes; and 
 (ii) second, an amount equal to the Note Principal Balance of the Class A Notes (after giving effect to the
reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of principal on the Class A Notes, sequentially by class, as
follows: 
 (A) to the Class A-1 Notes, until the Outstanding Amount of the Class A-1 Notes is reduced to zero;

 (B) to the Class A-2 Notes, until the Outstanding Amount of the Class A-2 Notes is reduced to zero; 

(C) to the Class A-3 Notes, until the Outstanding Amount of the Class A-3 Notes is reduced to zero; and 

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

(iii) third, an amount equal to the Aggregate Class B Interest Distributable Amount for payment of interest on the Class B Notes;

 (iv) fourth, an amount equal to the Note Principal Balance of the Class B Notes (after giving effect to the reduction in the
Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of principal on the Class B Notes; 

(v) fifth, an amount equal to the Aggregate Class C Interest Distributable Amount for payment of interest on the Class C Notes;

  
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 (vi) sixth, an amount equal to the Note Principal Balance of the Class C Notes (after
giving effect to the reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of principal on the Class C Notes; 

(vii) seventh, an amount equal to the Aggregate Class D Interest Distributable Amount for payment of interest on the Class D Notes; and

 (viii) eighth, an amount equal to the Note Principal Balance of the Class D Notes (after giving effect to the reduction in
the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of principal on the Class D Notes. 

(d) With respect to any Distribution Date on which the final installment of principal and interest on a class of Notes is to be paid, the
Indenture Trustee on behalf of the Issuing Entity shall notify each Noteholder of record of such class as of the Record Date for such Distribution Date of the fact that the final installment of principal of and interest on such Note is to be paid on
such Distribution Date. With respect to any such class of Notes, such notice shall be sent (i) on such Record Date by facsimile, if Book-Entry Notes are outstanding; or (ii) not later than three (3) Business Days after such Record
Date in accordance with Section 11.5(a) if Definitive Notes are outstanding, and shall specify that such final installment shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may
be presented and surrendered for payment of such installment and the manner in which such payment shall be made. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. Within sixty
(60) days of the surrender pursuant to this Section 2.7(d) or cancellation pursuant to Section 2.8 of all of the Notes of a particular class, the Indenture Trustee if requested shall provide to the Depositor, who shall
promptly deliver to each of the Rating Agencies, written notice stating that all Notes of such class have been surrendered or canceled. 
 SECTION 2.8 Cancellation of Notes. All Notes surrendered for payment, redemption, exchange or registration of transfer shall, if surrendered to any Person other than the Indenture Trustee, be
delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the
Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this
Section 2.8, except as expressly permitted by this Indenture. All canceled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuing
Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it; provided, however, that such Issuing Entity Order is timely and the Notes have not been previously disposed of by the Indenture Trustee. The
Indenture Trustee shall certify to the Issuing Entity upon request that surrendered Notes have been duly canceled and retained or destroyed, as the case may be. 

  
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 SECTION 2.9 Release of Collateral. The Indenture Trustee shall not release property
from the Lien of this Indenture other than as permitted by Sections 3.21, 8.2, 8.4 and 11.1, and then only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel (to
the extent required by the TIA) and Independent Certificates in accordance with TIA §§314(c) and 314(d)(1). 
 SECTION
2.10 Book-Entry Notes. The Notes, upon original issuance, shall be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, as the initial Clearing Agency, or its
custodian, by or on behalf of the Issuing Entity, or in the case of the Retained Notes, at the Depositor’s option, as Definitive Notes delivered to the Depositor or its representative. Such Note or Notes shall be registered on the Note Register
in the name of the Note Depository, and no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until the Definitive Notes have been issued
to Note Owners pursuant to Section 2.12: 
 (a) the provisions of this Section 2.10 shall be in full
force and effect; 
 (b) the Note Registrar and the 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 such Notes and the giving of instructions or directions hereunder) as the sole Holder of such Notes and shall have no obligation to the Note Owners; 

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

  
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 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to
the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to
be given to Noteholders to the Clearing Agency and shall have no other obligation to the Note Owners. 
 SECTION 2.12
Definitive Notes. If (i) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes and the Issuing Entity is
unable to locate a qualified successor; (ii) the Administrator, at its option, advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency; or (iii) after the occurrence of an
Event of Default or a Servicer Default, Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Controlling Class advise the Clearing Agency in writing that the continuation of a book-entry
system through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes
to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuing Entity shall execute and the
Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 

SECTION 2.13 Depositor as Noteholder. The Depositor in its individual or any other capacity may become the owner or pledgee of
Notes of any class and may otherwise deal with the Issuing Entity or its affiliates with the same rights it would have if it were not the Depositor. 
 SECTION 2.14 Tax Treatment. The Depositor and the Indenture Trustee, by entering into this Indenture, and the Noteholders, by acquiring any Note or interest therein (except a Note or interest
therein acquired by the Depositor or other person considered for federal income tax purposes the issuer of such Note), (i) express their intention that the Notes qualify under applicable tax law as indebtedness secured by the Collateral, and
(ii) unless otherwise required by appropriate taxing authorities, agree to treat the Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, state and local income and franchise taxes, and any other taxes
imposed upon, measured by or based upon gross or net income. 

  
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 SECTION 2.15 Special Terms Applicable to the Private Notes. 

(a) None of the Private Notes has been or will be registered under the Securities Act or the securities laws of any other jurisdiction.
Consequently, the Private Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions specified herein. 

(b) No sale, pledge or other transfer of the Private Notes or an interest in the Private Notes may be made by any person other than to a
person who the transferor reasonably believes is a “qualified institutional buyer” (“QIB”) as defined in Rule 144A under the Securities Act (“Rule 144A”) and is purchasing for its own account (and not for
the account of others) or as a fiduciary or agent for others (which others also are “QIBs”) and is aware that the sale to it is being made in reliance on Rule 144A. 
 (c) Each Private Note shall bear a legend to the effect set forth in subsection (b) above. 
 (d) The Retained Notes shall initially be issued as Definitive Notes at the Depositor’s option. Upon the subsequent request of the Depositor, the Retained Notes shall be issued as Book-Entry Notes,
to be delivered to The Depository Trust Company. 
 ARTICLE III 

COVENANTS 

SECTION 3.1 Payment of Principal and Interest. The Issuing Entity shall duly and punctually pay the principal of and interest on
the Notes in accordance with the terms of the Notes and this Indenture. On each Distribution Date and on the Redemption Date (if applicable), the Issuing Entity shall cause amounts on deposit in the Note Distribution Account to be distributed to the
Noteholders in accordance with Sections 2.7 and 8.2, less amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal. Any amounts so withheld shall be considered as having been
paid by the Issuing Entity to such Noteholder for all purposes of this Indenture. 
 SECTION 3.2 Maintenance of Agency
Office. As long as any of the Notes remains outstanding, the Issuing Entity shall maintain in the Borough of Manhattan, The City of New York, an office (the “Agency Office”), being an office or agency where Notes may be
surrendered to the Issuing Entity for registration of transfer or exchange, and where notices and demands to or upon the Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially appoints the
Indenture Trustee to serve as its agent for the foregoing purposes. The Issuing Entity shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of the Agency Office. If at any time the Issuing
Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee, and
the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

  
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 SECTION 3.3 Money for Payments To Be Held in Trust. 

(a) As provided in Sections 8.2(a) and 8.2(b), all payments of amounts due and payable with respect to any Notes that are to
be made from amounts withdrawn from the Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the Note
Distribution Account for payments of Notes shall be paid over to the Issuing Entity except as provided in this Section 3.3. 
 (b) On or before each Distribution Date or the Redemption Date (if applicable), the Issuing Entity shall deposit or cause to be deposited in the Note Distribution Account pursuant to Section 4.06 of
the Servicing Agreement an aggregate sum sufficient to pay the amounts then becoming due with respect to the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto. 

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

 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the
Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 
 (ii) give the Indenture Trustee notice of any default by the Issuing Entity (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with
respect to the Notes; 
 (iii) at any time during the continuance of any such default, upon the written request of the
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 in effect at the time of determination; and

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

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

(e) Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for
the payment of any amount due with respect to any Note and remaining unclaimed for one year after such amount has become due and payable shall be discharged from such trust and be paid to the Issuing Entity on Issuing Entity Request; and the Holder
of such Note shall thereafter, as a general unsecured creditor, look only to the Issuing Entity for payment thereof (but only to the extent of the amounts so paid to the Issuing Entity), and all liability of the 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, may at the expense of the Issuing Entity cause to be
published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuing Entity. The Indenture Trustee may also adopt and employ, at the expense of the Issuing
Entity, any other reasonable means of notification of such payment (including, but not limited to, mailing notice of such payment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in
monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 
 SECTION 3.4 Existence. The Issuing Entity shall keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any
successor Issuing Entity hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuing Entity shall keep in full effect its existence, rights and franchises under the laws of such
other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and
each other instrument or agreement included in the Trust Estate. 
 SECTION 3.5 Protection of Trust Estate; Acknowledgment of
Pledge. 
 (a) The Issuing Entity shall from time to time execute and deliver all such supplements and amendments hereto and
authorize or execute, as applicable, and prepare, deliver and file all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or advisable to:

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

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

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

 (iii) enforce the rights of the Indenture Trustee and the Noteholders in any of the Collateral; or 

(iv) preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Secured Parties in such Trust Estate
against the claims of all persons and parties, 
 and the Issuing Entity hereby designates the Indenture Trustee its agent and attorney-in-fact
to authorize and/or execute any financing statement, continuation statement or other instrument required by the Indenture Trustee pursuant to this Section 3.5. 
 (b) The Indenture Trustee acknowledges the pledge by the Issuing Entity to the Indenture Trustee, pursuant to the Granting Clause of this Indenture, of all the Issuing Entity’s right, title
and interest in and to the Reserve Account Property in order to provide for the payment to the Securityholders and the Servicer in accordance with Sections 4.06(c) and 4.06(d) of the Servicing Agreement, to assure availability of the amounts
maintained in the Reserve Account for the benefit of the Securityholders and the Servicer, and as security for the performance by the Depositor of its obligations under the Trust Sale Agreement. 

(c) The Issuing Entity hereby authorizes the Indenture Trustee to file all financing statements naming the Issuing Entity as debtor that
are necessary or advisable to perfect, make effective or continue the lien and security interest of this Indenture, and authorizes the Indenture Trustee to take any such action without its signature, it being understood that the Indenture Trustee
has no obligation to effect any filings of financing or continuation statements. 
 SECTION 3.6 Opinions as to Trust
Estate. 
 (a) On the Closing Date, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the authorization,
execution and filing of any financing statements and continuation statements as are necessary to perfect and make effective the Lien of this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such
action is necessary to make such Lien effective. 

  
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 (b) On or before March 15 (and, if such date is not a Business Day, the next succeeding
Business Day) in each calendar year, beginning March 15, 2012, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the
recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization, execution and filing of any financing statements and continuation statements
as is necessary to maintain the Lien created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the Lien created by this Indenture. 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 authorization, execution and filing of any financing statements and continuation
statements that will, in the opinion of such counsel, be required to maintain the Lien of this Indenture until March 15 in the following calendar year. 
 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 
 (a) The
Issuing Entity shall not take any action and shall use all reasonable efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or
agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as otherwise expressly
provided in this Indenture, the Servicing Agreement, the Trust Sale Agreement, the Pooling Agreement, the Administration Agreement or such other instrument or agreement. 
 (b) The Issuing Entity may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in the
Basic Documents or an Officer’s Certificate of the Issuing Entity shall be deemed to be action taken by the Issuing Entity. Initially, the Issuing Entity has contracted with the Servicer and the Administrator to assist the Issuing Entity in
performing its duties under this Indenture. 
 (c) The Issuing Entity shall punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Basic Documents and in the instruments and agreements included in the Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture, the Trust Sale Agreement, the Servicing Agreement and the Pooling Agreement in accordance with and within the time periods provided for herein and therein. 

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

  
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 (e) Without derogating from the absolute nature of the assignment granted to the Indenture
Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuing Entity agrees that, except as permitted by the Basic Documents, it shall not, without the prior written consent of the Indenture Trustee or acting at the
direction of the Holders of at least a majority in Outstanding Amount of the Controlling Class, as applicable in accordance with the terms of this Indenture, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment,
modification, supplement, termination, waiver or surrender of, the terms of any Collateral or any of the Basic Documents, or waive timely performance or observance by the Servicer under the Servicing Agreement, the Depositor under the Servicing
Agreement, the Trust Sale Agreement, the Custodian Agreement or the Pooling Agreement, the Administrator under the Administration Agreement or the Seller under the Pooling Agreement. 

SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuing Entity shall not: 

(a) sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuing Entity, except as permitted in
Section 3.10(b) and except the Issuing Entity may cause the Servicer to (i) collect, liquidate, sell or otherwise dispose of Receivables (including Warranty Receivables, Administrative Receivables and Liquidating Receivables),
(ii) make cash payments out of the Designated Accounts and the Certificate Distribution Account and (iii) take other actions, in each case as permitted by the Basic Documents; 

(b) claim any credit on, or make any deduction from the principal or interest payable in respect of the Notes (other than amounts
properly withheld from such payments under the Code or applicable 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; 

(c) voluntarily commence any insolvency, readjustment of debt, marshaling of assets and liabilities or other proceeding, or apply for an
order by a court or agency or supervisory authority for the winding-up or liquidation of its affairs or any other event specified in Section 5.1(f); or 
 (d) either (i) permit the validity or effectiveness of this Indenture or any other Basic Document 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 the Lien of this
Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of
law, in each case on a Financed Vehicle and arising solely as a result of an action or omission of the related Obligor), or (iii) permit the Lien of this Indenture not to constitute a valid first priority security interest in the Trust Estate
(other than with respect to any such tax, mechanics’ or other lien). 

  
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 SECTION 3.9 Annual Statement as to Compliance. The Issuing Entity shall deliver to
the Indenture Trustee on or before March 15 (and, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning March 15, 2012, an Officer’s Certificate signed by an Authorized Officer, dated as of
December 31 of the immediately preceding year, in each case stating that: 
 (a) a review of the activities of the Issuing
Entity during the preceding 12-month period (or, with respect to the first such Officer’s Certificate, such period as shall have elapsed since the Closing Date) and of performance under this Indenture has been made under such Authorized
Officer’s supervision; and 
 (b) to the best of such Authorized Officer’s knowledge, based on such review, the
Issuing Entity has fulfilled all of its obligations under this Indenture throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such Authorized Officer and the nature
and status thereof. A copy of such certificate may be obtained by any Noteholder by a request in writing to the Issuing Entity addressed to the Corporate Trust Office of the Indenture Trustee. 

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

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

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

(ii) immediately after giving effect to such merger or consolidation, no Default or Event of Default shall have occurred and be
continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and such Person;

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

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

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

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

(D) expressly agrees that such Person (or if a group of Persons, then one specified Person) shall make all filings with
the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 
 (ii)
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 

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

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

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

  
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 (B) such sale, conveyance, exchange, transfer or disposition and such
supplemental indenture have no material adverse tax consequence to the Trust or to any Financial Parties; and 

(C) all conditions precedent herein provided for in this Section 3.10 have been complied with, which shall
include any filing required by the Exchange Act. 
 SECTION 3.11 Successor or Transferee. 

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

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

SECTION 3.13 No Borrowing. The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become liable, directly or
indirectly, for any indebtedness for money borrowed other than indebtedness for money borrowed in respect of the Notes or otherwise in accordance with the Basic Documents. 
 SECTION 3.14 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture or the other Basic Documents, the Issuing Entity shall not make any loan or advance or
credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable,
directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person. 

  
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 SECTION 3.15 Servicer’s Obligations. The Issuing Entity shall use its best
efforts to cause the Servicer to comply with its obligations under Sections 2.09, 4.01 and 4.02 of the Servicing Agreement. 

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

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

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

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

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

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

SECTION 3.19 Notice of Events of Default. The Issuing Entity agrees to give the Indenture Trustee and the Rating Agencies prompt
written notice of each Event of Default hereunder, each Servicer Default, each default on the part of the Depositor of its obligations under the Trust Sale Agreement, each default on the part of the Seller under the Pooling Agreement and each
default on the part of the Issuing Entity under Article XII. 
 SECTION 3.20 Further Instruments and Acts. Upon
request of the Indenture Trustee, the Issuing Entity shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

  
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 SECTION 3.21 Indenture Trustee’s Assignment of Administrative Receivables and
Warranty Receivables. Upon receipt of the Administrative Purchase Payment, the Warranty Payment or the Liquidation Proceeds with respect to an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable, as the case may be, the
Servicer, the Warranty Purchaser, or the purchaser and assignee of the Liquidating Receivable, as applicable, shall thereupon own such purchased or repurchased Receivable, all monies due thereon, the security interest in the related Financed
Vehicle, proceeds from any Insurance Policies, proceeds from recourse against the Dealer on such Receivable and the interests in certain rebates of premiums and other amounts relating to the Insurance Policies and any documents relating thereto. Any
such Administrative Receivable, Warranty Receivable or Liquidating Receivable shall be deemed to be automatically released from the Lien of this Indenture without any action being taken by the Indenture Trustee upon payment of the Administrative
Purchase Payment or Warranty Payment or upon receipt of the Liquidation Proceeds, as applicable, and the Servicer, Warranty Purchaser, or purchaser or assignee of the Liquidating Receivable, as applicable, shall own, such Administrative Receivable,
Warranty Receivable, or Liquidating Receivable, as applicable, and all such security and documents, free of any further obligation to the Indenture Trustee, the Noteholders or the Certificateholders with respect thereto. If in any enforcement suit
or legal proceeding it is held that the Servicer or other purchaser of an Administrative Receivable, Warranty Receivable or Liquidating Receivable may not enforce a Receivable on the ground that it is not a real party in interest or a holder
entitled to enforce the Receivable, the Indenture Trustee shall, at the Servicer’s, Warranty Purchaser’s or such other purchaser’s or assignee’s expense, as applicable, take such steps as the Servicer, Warranty Purchaser or such
other purchaser or assignee deems necessary to enforce the Receivable, including bringing suit in the Indenture Trustee’s name or the names of the Noteholders or, pursuant to Section 4.4, the Certificateholders. 

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

  
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 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: (i) rights of registration of transfer and exchange; (ii) substitution of mutilated, destroyed, lost or stolen Notes;
(iii) rights of Noteholders to receive payments of principal thereof and interest thereon; (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.19 and 3.21; (v) the
rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Sections 4.2 and 4.4); and
(vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuing Entity, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, if: 
 (a)
either: 
 (i) all Notes theretofore authenticated and delivered (other than (A) Notes that have been destroyed, lost or
stolen and that have been replaced or paid as provided in Section 2.5 and (B) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity and thereafter repaid to the
Issuing Entity or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 
 (ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation: 
 (A) have become due and payable, 
 (B) will be due and payable on
their respective Final Scheduled Distribution Dates within one year, or 
 (C) are to be called for redemption
within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuing Entity or such Notes have been redeemed in accordance with
Section 10.1, 
 and the Issuing Entity, in the case of clauses (A), (B) or (C) of subsection
4.1(a)(ii) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such
amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire unpaid principal and accrued interest on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due on the Final
Scheduled Distribution Date for such Notes or the Redemption Date for such Notes (if such Notes have been called for redemption pursuant to Section 10.1), as the case may be; and 

  
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 (b) the Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate
of the Issuing Entity, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee to the extent the Notes are not paid in full) an Independent Certificate from a firm of certified public accountants, each meeting the applicable
requirements of Section 11.1(a) and each stating that all conditions precedent set forth in this Section 4.1 relating to the satisfaction and discharge of this Indenture have been complied with. The Indenture Trustee shall
provide confirmation to the Issuing Entity that the Noteholders have been paid in full. 
 SECTION 4.2 Application of Trust
Money. All monies deposited with the 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, to the payment, either directly or through
any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for
principal and interest and to payment of any other Secured Party of all sums, if any, due or to become due to any other Secured Party under and in accordance with this Indenture; but such monies need not be segregated from other funds except to the
extent required herein, in the Servicing Agreement, or as required by law. 
 SECTION 4.3 Repayment of Monies Held by Paying
Agent. In connection with the satisfaction and discharge of this 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 Issuing Entity, 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.

 SECTION 4.4 Duration of Position of Indenture Trustee. Notwithstanding the earlier payment in full of all principal
and interest due to the Noteholders under the terms of the Notes and the cancellation of the Notes pursuant to Section 3.1, the Indenture Trustee shall continue to act in the capacity as Indenture Trustee hereunder for the benefit of the
Certificateholders, for purposes of compliance with, and the Indenture Trustee shall comply with, its obligations under Sections 5.01(a), 7.02 and 7.03 of the Servicing Agreement, as appropriate, until such time as all distributions due to the
Certificateholders have been paid in full and in such capacity the Indenture Trustee shall have the rights, benefits and immunities set forth in Article VI hereof. 
 ARTICLE V 
 DEFAULT AND REMEDIES 

SECTION 5.1 Events of Default. For the purposes of this Indenture, “Event of Default” wherever used herein, means any
one of the following events: 
 (a) failure to pay the full Note Class Interest Distributable Amount to the Controlling Class on
any Distribution Date, and such default shall continue for a period of five (5) days; or 
 (b) except as set forth in
Section 5.1(c), failure to pay any installment of the principal of any Note as and when the same becomes due and payable pursuant to Section 4.06(c) of the Servicing Agreement, and such default continues unremedied for a period of
thirty (30) days after there shall have been given, by registered or certified mail, to the Servicer by the Indenture Trustee or to the Servicer and the Indenture Trustee by the Holders of not less than

  
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25% of the Outstanding Amount of the Controlling Class, a written notice specifying such default and demanding that it be remedied and stating that such notice is a “Notice of
Default” hereunder; or 
 (c) failure to pay in full the outstanding principal balance of any class of Notes by the
Final Scheduled Distribution Date for such class; or 
 (d) default in the observance or performance in any material respect of
any covenant or agreement of the Issuing Entity made in this Indenture (other than (i) a covenant or agreement, a default in the observance or performance of which is elsewhere specifically dealt with in this Section 5.1 or
(ii) Section 12.2) which failure materially and adversely affects the rights of the Noteholders, and such default shall continue or not be cured, for a period of thirty (30) days after there shall have been given, by registered
or certified mail, to the Issuing Entity and the Depositor (or the Servicer, as applicable) by the Indenture Trustee or to the Issuing Entity and the Depositor (or the Servicer, as applicable) and the Indenture Trustee by the Holders of at least 25%
of the Outstanding Amount of the Controlling Class, a written notice specifying such default, demanding that it be remedied and stating that such notice is a “Notice of Default” hereunder; or 

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

The Issuing Entity shall deliver to the Indenture Trustee, within five (5) Business Days after learning of the occurrence thereof,
written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under Section 5.1(d), its status and what action the Issuing Entity is taking
or proposes to take with respect thereto. 
 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default should occur and be continuing, then and in every such case, unless the principal amount of the Notes shall
have already become due and payable, either 

  
 26 

 
the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class may declare all the Notes to be immediately due and payable,
by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given by the Noteholders) setting forth the Event or Events of Default, and upon any such declaration the unpaid principal amount of such Notes, together with accrued and
unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
 (b) At any time after
such declaration of acceleration of maturity of the Notes has been made and before a judgment or decree for payment of the money due thereunder has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Holders
of Notes representing a majority of the Outstanding Amount of the Controlling Class, by written notice to the Issuing Entity and the Indenture Trustee, may waive all Defaults set forth in the notice delivered pursuant to Section 5.2(a),
and rescind and annul such declaration and its consequences; provided, that no such rescission and annulment shall extend to or affect any other Default or impair any right consequent thereto; and provided further, that if the
Indenture Trustee shall have proceeded to enforce any right under this Indenture and such Proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason, or such Proceedings shall have been
determined adversely to the Indenture Trustee, then and in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored respectively to their former positions and rights hereunder, and all
rights, remedies and powers of the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall continue as though no such Proceedings had been commenced. 

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

(a) The Issuing Entity covenants that if an Event of Default occurs and such Event of Default has not been waived pursuant to
Section 5.12 (or rescinded pursuant to Section 5.2(b)), the Issuing Entity shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the ratable benefit of the Noteholders in accordance with their
respective outstanding principal amounts, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, at the rate borne by the Notes and in addition thereto such further amount as shall
be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

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

(c) If an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.4,
in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture 

  
 27 

 
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 applicable law. 
 (d) If there shall be pending, relative to the Issuing Entity or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of
the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuing Entity or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuing Entity or other obligor upon the Notes, or to the creditors or
property of the Issuing Entity or such other obligor, the 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 5.3, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i) to file and prove a claim or claims for the whole amount of principal and interest 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 trustee, and their respective
agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor trustee, except as a result of negligence or bad faith) and of the Noteholders
allowed in such Proceedings; 
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of
Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 
 (iii)
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

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

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to
make payments to the Indenture Trustee for application in accordance with the priorities set forth in the Basic Documents, and, if 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 trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances
made, by the Indenture Trustee and each predecessor trustee except as a result of negligence or bad faith. 

  
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 (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 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 Trustee and their respective agents and attorneys, shall be for the benefit of the Secured Parties in accordance with the priorities set forth in the Basic
Documents. 
 (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 and the Notes have been accelerated under Section 5.2(a), the Indenture Trustee may do one or more of the following (subject to
Sections 5.3 and 5.5): 
 (i) institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then due and payable on the Notes or under this Indenture with respect thereto, whether by declaration of acceleration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity and any other obligor
upon such Notes monies adjudged due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of
this Indenture with respect to the Trust Estate; 
 (iii) exercise any remedies of a secured party under the UCC and take any
other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and
conducted in any manner permitted by law or elect to have the Issuing Entity maintain possession of the Receivables and continue to apply collections on such Receivables as if there had been no declaration of acceleration;

  
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provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default and acceleration of the Notes, unless
(i) (A) the Holders of all of the aggregate Outstanding Amount of the Notes consent thereto or (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full the principal of and the
accrued interest on the Notes, at the date of such sale or liquidation or (C) (x) there has been an Event of Default under Section 5.1(a), 5.1(b) or 5.1(c) or otherwise arising from a failure to make a required
payment of principal on any Notes, (y) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as and when they would have become due if the
Notes had not been declared due and payable, and (z) the Indenture Trustee obtains the consent of Holders of 66 2/3% of the Outstanding Amount of the Controlling Class and (ii) ten (10) days’ prior written notice of sale or
liquidation has been given to the Rating Agencies by the Depositor, provided, however, that the Depositor shall have received such notice from the Indenture Trustee at least two Business Days’ prior thereto. In determining such
sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose; 
 provided, however, that
prior to the exercise of the right to sell all or any portion of the Trust Estate as provided herein, the Indenture Trustee shall provide a notice in writing to the Issuing Entity (with a copy to the Depositor and the Owner Trustee) (the
“Event of Default Sale Notice”) of its intention to sell all or any portion of the Trust Estate (the part to be sold being the “Subject Estate”), and if the Subject Estate is less than all of the Trust Estate, the
portion of the Trust Estate to be sold. The Indenture Trustee shall not consummate any sale until at least seven Business Days after the Event of Default Sale Notice has been given to the Issuing Entity (with a copy to the Depositor). 

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

SECOND: to the Collection Account, for distribution pursuant to Sections 8.01(b) and 8.01(e) of the Servicing Agreement.

 SECTION 5.5 Optional Preservation of the Receivables. If the Notes have been declared to be due and payable under
Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled in accordance with Section 5.2(b), the Indenture Trustee may, but need not, elect to take and maintain
possession of the Trust Estate. It is the desire of the parties hereto and the Secured Parties that there be at all times sufficient funds for the payment of the Secured Obligations to the Secured Parties and the Indenture Trustee shall take such
desire into account when determining whether or not to take 

  
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and maintain possession of the Trust Estate. In determining whether to take and maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion
of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 

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

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

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

(e) no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by
the Holders of a majority of the Outstanding Amount of the Controlling Class; 
 it being understood and intended that no one or more Holders of
Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over
any other Holders of Notes or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable (on the basis of the respective aggregate amount of principal and interest, respectively, due and unpaid on the
Notes held by each Noteholder) and common benefit of all holders of Notes. For the protection and enforcement of the provisions of this Section 5.6, each and every Noteholder shall be entitled to such relief as can be given either at law
or in equity. 
 If the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more
groups of Holders of Notes, each representing less than a majority of the Outstanding Amount of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture. 
 SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest 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, if applicable, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of
such Holder. 

  
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 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 Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally to their respective former positions hereunder, and thereafter all rights and remedies
of the 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. The Holders of a
majority of the Outstanding Amount of the Controlling Class shall, subject to provision being made for indemnification against costs, expenses and liabilities in a form satisfactory to the Indenture Trustee, have the right to direct in writing the
time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, however, 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 Section 5.4, any direction to the Indenture Trustee to sell or liquidate the Trust Estate
shall be by the Holders of Notes representing not less than 100% of the Outstanding Amount of the Notes; 
 (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 Section 5.5, then any direction to the Indenture Trustee by Holders of Notes representing less
than 100% of the Outstanding Amount of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and 

  
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 (d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee
that is not inconsistent with such direction; 
 provided, however, that, subject to Section 6.1, the Indenture
Trustee need not take any action that it determines might cause it to incur any liability or might materially adversely affect the rights of any Noteholders not consenting to such action. 

SECTION 5.12 Waiver of Past Defaults. 
 (a) Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2, the Holders of not less than a majority of the Outstanding Amount of the Controlling
Class may waive any past Default or Event of Default and its consequences except a Default (i) in the payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof which cannot be modified or
amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuing Entity, the Indenture Trustee and the Noteholders shall be restored to their respective former positions and rights hereunder; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereto. 
 (b) Upon any such waiver, such
Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
 SECTION 5.13
Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the
enforcement of any right or remedy under this Indenture, or in any Proceeding against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking
to pay the costs of such Proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such Proceeding, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 5.13 shall not apply to: 
 (a)
any Proceeding instituted by the Indenture Trustee; 
 (b) any Proceeding instituted by any Noteholder, or group of Noteholders,
in each case holding in the aggregate more than 10% of the Outstanding Amount of the Controlling Class; or 
 (c) any Proceeding
instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date). 
 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuing Entity covenants (to the extent that it may lawfully
do so) that it shall not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law 

  
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wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture. The Issuing Entity (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but shall suffer and permit the execution of every such power as
though no such law had been enacted. 
 SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the
Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the
assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 
 SECTION 5.16 Performance and Enforcement of Certain Obligations. 
 (a)
Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuing Entity agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and
observance by the Depositor and the Servicer of their respective obligations to the Issuing Entity under or in connection with the Trust Sale Agreement and the Servicing Agreement or by the Seller of its obligations under or in connection with the
Pooling Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with the Servicing Agreement, the Trust Sale Agreement and
the Pooling Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller, the Depositor or the Servicer and the institution of legal or administrative actions
or proceedings to compel or secure performance by the Seller, the Depositor or the Servicer of their respective obligations under the Servicing Agreement, the Trust Sale Agreement and the Pooling Agreement, as applicable. 

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

  
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shall, exercise all rights, remedies, powers, privileges and claims of the Depositor against each of the Seller and the Servicer under or in connection with the Pooling Agreement and the
Servicing Agreement, as applicable, including the right or power to take any action to compel or secure performance or observance by each of the Seller and the Servicer of its obligations to the Depositor thereunder and to give any consent, request,
notice, direction, approval, extension or waiver under the Servicing Agreement and the Pooling Agreement, as applicable, and any right of the Depositor to take such action shall be suspended. 

ARTICLE VI 

THE INDENTURE TRUSTEE 
 SECTION 6.1 Duties of Indenture Trustee. 
 (a) If an Event of Default has
occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs. 
 (b) Except during the continuance of 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, the
Servicing Agreement and the Trust Sale Agreement and no implied covenants or obligations shall be read into this Indenture, the Servicing Agreement, the Trust Sale Agreement or any other Basic Document against the Indenture Trustee; and 

(ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; provided, however, that the Indenture Trustee shall examine the
certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Indenture
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) this Section 6.1(c) does not limit the effect of Section 6.1(b); 
 (ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the
pertinent facts; and 
 (iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in
good faith in accordance with a direction received by it pursuant to any provision of this Indenture or any other Basic Document. 
 (d) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuing Entity. 

  
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 (e) 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, the Servicing Agreement or the Trust Agreement. 
 (f) No
provision of this Indenture or any other Basic 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 in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(g) Every provision of this Indenture and each other Basic Document relating to the Indenture Trustee shall be subject to the provisions
of this Section 6.1 and to the provisions of the TIA . 
 (h) The Indenture Trustee shall have no liability or
responsibility for the acts or omissions of any other party to any of the Basic Documents. 
 (i) In no event shall the
Indenture Trustee be liable for any damages in the nature of special, indirect or consequential damages, however styled, including lost profits. 
 (j) If and for so long as Certificates representing in the aggregate a 100% beneficial interest in the Trust are held by the Depositor, the Indenture Trustee shall make distributions to the Depositor,
rather than the Certificate Distribution Account, under the circumstances described in Section 5.2 of the Trust Agreement. 

SECTION 6.2 Rights of Indenture Trustee. 
 (a) The Indenture Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter
stated in the document. 
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s
Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due
care by it hereunder. 
 (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

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

(h) The Indenture Trustee shall not be deemed to have notice of any Default, Event of Default or Servicer 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 Corporate Trust Office of the Indenture Trustee, and such notice
references the Securities and this Indenture. 
 (i) The rights, privileges, protections, immunities and benefits given to the
Indenture Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, including its capacity under Section 4.4 hereof, and in connection with
the performance of any of its duties or obligations under any of the Basic Documents. 
 SECTION 6.3 Indenture Trustee May
Own Notes. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuing Entity, the Servicer or any of their respective Affiliates with the same rights it would
have if it were not Indenture Trustee; provided, however, that the Indenture Trustee shall comply with Sections 6.10 and 6.11. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like
rights. 
 SECTION 6.4 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes
no representation as to the validity or adequacy of any Basic Document, including this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from the Notes, and it shall not be responsible for any
statement of the Issuing Entity in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication. 

SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within the later of (a) ninety (90) days after it occurs or (b) 

  
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ten (10) days after it is known to a Responsible Officer of the Indenture Trustee. Except in the case of a Default in payment of principal of or interest on any Note, the Indenture Trustee
may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 
 SECTION 6.6 Reports by Indenture Trustee. 
 (a) The Indenture Trustee shall
deliver to each Noteholder the documents and information set forth in Article VII and, in addition, all such information with respect to the Notes as may be required to enable such Holder to prepare its federal and state income tax returns.

 (b) The Indenture Trustee shall: 
 (i) deliver to the Depositor, the Owner Trustee and the Servicer a report of its assessment of compliance with the Servicing Criteria set forth in Exhibit D, including disclosure of any material
instance of non-compliance identified by the Indenture Trustee, as required by Rule 13a-18 and Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB under the Securities Act; 

(ii) cause a firm of registered public accountants that is qualified and independent within the meaning of Rule 2-01 of Regulation S-X
under the Securities Act to deliver to the Depositor, the Owner Trustee and the Servicer an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange Act, as applicable, on the assessment of compliance with
Servicing Criteria with respect to the prior calendar year for inclusion in the Issuing Entity’s 10-K filing; such attestation report shall be in accordance with Rule 1-02(a)(3) and Rule 2-02(g) of Regulation S-X under the Securities Act and
the Exchange Act; and 
 (iii) deliver to the Depositor and any other Person that will be responsible for signing the
certification (a “Sarbanes Certification”) required by Rule 13a-14(d) and Rule 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of the Issuing Entity or the Depositor with
respect to this securitization transaction a certification substantially in the form attached hereto as Exhibit E or such form as mutually agreed upon by the Depositor and the Indenture Trustee; the Indenture Trustee acknowledges that the
parties identified in this clause (iii) may rely on the certification provided by the Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 

(c) The reports referred to in Section 6.6(b) shall be delivered on or before March 15 of each year that a 10-K filing
is required to be filed by the Issuing Entity, beginning March 15, 2012 (and if such date is not a Business Day, the next succeeding Business Day), unless the Issuing Entity is not required to file periodic reports under the Exchange Act or any
other law, in which case such reports may be delivered on or before April 30 of each calendar year, beginning April 30, 2013. 

  
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 SECTION 6.7 Compensation; Indemnity. 

(a) The Issuing Entity shall cause the Servicer pursuant to Section 2.08 of the Servicing Agreement to pay to the Indenture Trustee
from time to time reasonable compensation for its services. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall cause the Servicer pursuant to
Section 2.08 of the Servicing Agreement to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall
include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, external counsel, accountants and experts. The Issuing Entity shall cause the Servicer to indemnify the Indenture Trustee in
accordance with Section 6.01 of the Servicing Agreement. 
 (b) The Issuing Entity’s obligations to the Indenture
Trustee pursuant to this Section 6.7 shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(e) or 5.1(f) with respect to the
Issuing Entity, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

SECTION 6.8 Replacement of Indenture Trustee. 
 (a) The Indenture Trustee may at any time give notice of its intent to resign by so notifying the Issuing Entity; provided, however, that no such resignation shall become effective and the
Indenture Trustee shall not resign prior to the time set forth in Section 6.8(c). The Holders of a majority in Outstanding Amount of the Controlling Class may remove the Indenture Trustee by so notifying the Indenture Trustee and may
appoint a successor Indenture Trustee. Such resignation or removal shall become effective in accordance with Section 6.8(c). The Issuing Entity shall remove the Indenture Trustee if: 

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

(ii) the Indenture Trustee is adjudged bankrupt or insolvent; 
 (iii) a receiver or other public officer takes charge of the Indenture Trustee or its property; or 
 (iv) the Indenture Trustee otherwise becomes incapable of acting. 
 (b) If the
Indenture Trustee gives notice of its intent to resign 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
Issuing Entity shall promptly appoint and designate a successor Indenture Trustee. 
 (c) A successor Indenture Trustee shall
deliver a written acceptance of its appointment and designation to the retiring Indenture Trustee and to the Issuing Entity. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture
Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all
property held by it as Indenture Trustee to the successor Indenture Trustee. 

  
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 (d) If a successor Indenture Trustee does not take office within sixty (60) days after
the Indenture Trustee gives notice of its intent to resign or is removed, the retiring Trustee, the Issuing Entity or the Holders of a majority of the Outstanding Amount of the Controlling Class may petition any court of competent jurisdiction for
the appointment and designation of a successor Indenture Trustee. 
 (e) 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. 

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

SECTION 6.9 Merger or Consolidation of Indenture Trustee. 
 (a) Any corporation into which the Indenture Trustee may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Indenture Trustee shall
be a party, or any corporation succeeding to the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee under this Indenture; provided, however, that such corporation shall be eligible under
the provisions of Section 6.11, without the execution or filing of any instrument or any further act on the part of any of the parties to this Indenture, anything in this Indenture to the contrary notwithstanding. 

(b) If at the time such successor or successors by merger 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. In all
such cases such certificate of authentication shall have the same full force as is provided anywhere in the Notes or herein with respect to the certificate of authentication of the 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, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Trust Estate or any Financed Vehicle may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons 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 Secured Parties (only to the extent expressly provided herein), such
title to the Trust Estate, or any part 

  
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hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No
co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required
under Section 6.8. 
 (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 understood that such separate trustee or co-trustee is not authorized
to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to
perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate
trustee or co-trustee, but solely at the direction of the Indenture Trustee; 
 (ii) no trustee hereunder shall be personally
liable by reason of any act or omission of any other trustee hereunder; and 
 (iii) the Indenture Trustee may at any time
accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the
Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this 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. 
 (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. 

  
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 SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times
satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and (unless waived by
Standard & Poor’s Ratings Services and Fitch, Inc., if rated by Fitch, Inc.) it shall have a long term unsecured debt rating that falls within an investment grade category by Standard & Poor’s Ratings Services and Fitch,
Inc., if rated by Fitch, Inc. The Indenture Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of
the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met 

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

SECTION 6.13 Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants as of the Closing
Date that: 
 (a) the Indenture Trustee (i) is a New York banking corporation duly organized, validly existing and in good
standing under the laws of the United States of America and (ii) satisfies the eligibility criteria set forth in Section 6.11; 
 (b) the Indenture Trustee has full power, authority and legal right to execute, deliver and perform this Indenture, and has taken all necessary action to authorize the execution, delivery and performance
by it of this Indenture; 
 (c) the execution, delivery and performance by the Indenture Trustee of this Indenture
(i) shall not violate any provision of any law or regulation governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator, or governmental authority applicable to the Indenture
Trustee or any of its assets, (ii) shall not violate any provision of the corporate charter or by-laws of the Indenture Trustee, or (iii) shall not violate any provision of, or constitute, with or without notice or lapse of time, a default
under, or result in the creation or imposition of any Lien on any properties included in the Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation,
default or Lien could reasonably be expected to have a materially adverse effect on the Indenture Trustee’s performance or ability to perform its duties under this Indenture or on the transactions contemplated in this Indenture; 

(d) the execution, delivery and performance by the Indenture Trustee of this Indenture shall not require the authorization, consent or
approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental authority or agency regulating the banking and corporate trust activities of the Indenture Trustee; and

 (e) this Indenture has been duly executed and delivered by the Indenture Trustee and constitutes the legal, valid and binding
agreement of the Indenture Trustee, enforceable in accordance with its terms. 

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

SECTION 6.15 Suit for Enforcement. If an Event of Default shall occur and be continuing, the Indenture Trustee, in its discretion
may, subject to the provisions of Section 6.1, proceed to protect and enforce its rights and the rights of the Noteholders under this Indenture by Proceeding whether for the specific performance of any covenant or agreement contained in
this Indenture or in aid of the execution of any power granted in this Indenture or for the enforcement of any other legal, equitable or other remedy as the Indenture Trustee, being advised by counsel, shall deem most effectual to protect and
enforce any of the rights of the Indenture Trustee or the Noteholders. 
 SECTION 6.16 Rights of Noteholders to Direct
Indenture Trustee. Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the
Indenture Trustee or exercising any trust or power conferred on the Indenture Trustee; provided, however, that subject to Section 6.1, the Indenture Trustee shall have the right to decline to follow any such direction if
the Indenture Trustee being advised by counsel determines that the action so directed may not lawfully be taken, or if the Indenture Trustee in good faith shall, by a Responsible Officer, determine that the proceedings so directed would be illegal
or subject it to personal liability or be unduly prejudicial to the rights of Noteholders not parties to such direction; and provided, further, that nothing in this Indenture shall impair the right of the Indenture Trustee to take any
action deemed proper by the Indenture Trustee and which is not inconsistent with such direction by the Noteholders. 
 ARTICLE
VII 
 NOTEHOLDERS’ LISTS AND REPORTS 
 SECTION 7.1 Issuing Entity To Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuing Entity shall furnish or cause to be furnished by the Servicer to the Indenture Trustee
(a) not more than five (5) days before each Distribution Date a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Notes as of the close of business on the related Record Date,
and (b) at such other times as the Indenture Trustee may request in writing, within fourteen (14) days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than ten
(10) days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 

  
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 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 Holders of
Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture
Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 
 (b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 

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

SECTION 7.3 Reports by the Issuing Entity. 
 (a) The Issuing Entity shall: 
 (i) file with the Indenture Trustee, within
fifteen (15) days after the Issuing Entity is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission
may from time to time by rules and regulations prescribe) which the Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or Item 1122 of Regulation AB; 

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

(iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA
§ 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations
prescribed from time to time by the Commission. 
 (b) Unless the Issuing Entity otherwise determines, the fiscal year of the
Issuing Entity shall end on December 31 of such year. 
 SECTION 7.4 Reports by Trustee. 

(a) If required by TIA § 313(a), within sixty (60) days after each April 15, beginning with April 15, 2012, the
Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b). A copy of any
report delivered pursuant to this Section 7.4(a) shall, at the time of its mailing to Noteholders, be filed by the Indenture 

  
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Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing Entity shall notify the Indenture Trustee if and when the Notes are listed on any stock
exchange. 
 (b) On each Distribution Date the Indenture Trustee shall include with each payment to each Noteholder a copy of
the statement for the related Monthly Period or Periods applicable to such Distribution Date as required pursuant to Section 4.09 of the Servicing 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 and the
Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any
agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action
shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 
 SECTION 8.2 Designated Accounts; Payments. 
 (a) On or prior to the Closing
Date, the Issuing Entity shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee for the benefit of the Financial Parties (and with respect to the Reserve Account, for the benefit of the Noteholders) the Designated
Accounts as provided in Articles IV and V of the Servicing Agreement. 
 (b) On or before each Distribution Date,
(i) amounts shall be deposited in the Collection Account as provided in Section 4.06 of the Servicing Agreement and (ii) the Aggregate Noteholders’ Interest Distributable Amount and the Aggregate Noteholders’ Principal
Distributable Amount shall be transferred from the Collection Account to the Note Distribution Account as and to the extent provided in Section 4.06 of the Servicing Agreement. 

(c) On each Distribution Date in accordance with the Servicer’s Accounting, the Indenture Trustee shall notify the Account Holder to
apply and, as required, distribute to the Noteholders all amounts on deposit in the Note Distribution Account (subject to the Servicer’s rights under Section 5.03 of the Servicing Agreement to Investment Earnings) in the following order of
priority and in the amounts determined as described below: 
 (i) On each Distribution Date, except as otherwise provided in
clause (iii) below, the amount deposited in the Note Distribution Account in respect of interest on the Notes shall be applied in the following order of priority, to the extent of remaining funds after all earlier priorities have been
satisfied, and any amount so applied shall be paid on such Distribution Date to the holders of Notes of each applicable Class: 

  
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 (A) the Aggregate Class A Interest Distributable Amount shall be paid
to the holders of the Class A Notes; 
 (B) the Aggregate Class B Interest Distributable Amount shall be
paid to the holders of the Class B Notes; 
 (C) the Aggregate Class C Interest Distributable Amount shall be
paid to the holders of the Class C Notes; and 
 (D) the Aggregate Class D Interest Distributable Amount shall
be paid to the holders of the Class D Notes; 
 provided however, if there are not sufficient funds to so pay the entire amount specified
in any of the foregoing priorities for a particular class of Notes, then the amount available for such class of Notes shall be paid to the Holders thereof ratably on the basis of the total amount of accrued and unpaid interest owing to each such
Holder. 
 (ii) Unless otherwise provided in clause (iii) below, (A) an amount equal to the Aggregate
Noteholders’ Principal Distributable Amount shall be applied to each class of Notes in the following amounts and in the following order of priority and any amount so applied shall be paid on such Distribution Date to the Holders of such class
of Notes: 
 (1) to the Class A-1 Notes, until the Outstanding Amount of the Class A-1 Notes is
reduced to zero; 
 (2) to the Class A-2 Notes, until the Outstanding Amount of the Class A-2 Notes is
reduced to zero; 
 (3) to the Class A-3 Notes, until the Outstanding Amount of the Class A-3 Notes is
reduced to zero; 
 (4) to the Class A-4 Notes, until the Outstanding Amount of the Class A-4 Notes is
reduced to zero; 
 (5) to the Class B Notes, until the Outstanding Amount of the Class B Notes is reduced to
zero; 
 (6) to the Class C Notes, until the Outstanding Amount of the Class C Notes is reduced to zero; and

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

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

  
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 SECTION 8.3 General Provisions Regarding Accounts. 

(a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Designated
Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee upon Issuing Entity Order, subject to the provisions of Section 5.01(b) of the Servicing Agreement. The Issuing Entity shall not direct the Indenture
Trustee to make any investment of any funds or to sell any investment held in any of the Designated Accounts unless the security interest granted and perfected in such account shall continue to be perfected in such investment or the proceeds of such
sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuing Entity shall deliver to the
Indenture Trustee an Opinion of Counsel acceptable to the Indenture Trustee, to such effect. 
 (b) Subject to
Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Designated Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable
to the Indenture Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(c) If (i) the Issuing Entity shall have failed to give investment directions for any funds on deposit in the Designated Accounts to
the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Issuing Entity and the 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, if such Notes shall have been declared due and payable following an Event of Default, but amounts collected or receivable from
the Trust Estate are being applied in accordance with Section 5.5 as if there had not been such a declaration; then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Designated Accounts in
one or more Eligible Investments selected by the Indenture Trustee or alternatively, in accordance with the last instructions received by the Indenture Trustee. 
 SECTION 8.4 Release of Trust Estate. 
 (a) Subject to the payment of its
fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture
Trustee’s interest in the same, in a manner and under circumstances that are consistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall
be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 

  
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 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums
due to the Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes and the other Secured Obligations from the Lien of this Indenture and release to the Issuing
Entity or any other Person entitled thereto any funds then on deposit in the Designated Accounts. The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this Section 8.4(b) only upon receipt by it of an
Issuing Entity Request and an Officer’s Certificate, an Opinion of Counsel meeting the applicable requirements of Section 11.1 and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.1. 
 SECTION 8.5 Opinion of Counsel. The
Indenture Trustee shall receive at least seven (7) days’ notice when requested by the Issuing Entity to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that
all conditions precedent to the taking of such action have been complied with and such action shall not materially and adversely impair the security for the Secured Obligations or the rights of the Secured Parties in contravention of the provisions
of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on
the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 
 ARTICLE IX 
 SUPPLEMENTAL INDENTURES 

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes but with prior notice by the Issuing Entity to the Rating Agencies, the Issuing Entity
and the Indenture Trustee, when authorized by an Issuing Entity Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the
date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
 (i) to
correct or amplify the description of any property at any time subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture,
or to subject to additional property to the Lien of this Indenture; 
 (ii) to evidence the succession, in compliance with
Section 3.10 and the applicable provisions hereof, of another Person to the Issuing Entity, and the assumption by any such successor of the covenants of the Issuing Entity contained herein and in the Notes contained; 

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

  
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 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture
Trustee; 
 (v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may
be inconsistent with any other provision herein or in any supplemental indenture or in any other Basic Document; 
 (vi) to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such
other provisions as may be expressly required by the TIA, and the Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein
contained; 
 (vii) to evidence and provide for the acceptance of the appointment hereunder by a successor or additional
trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article
VI; or 
 (viii) to modify, eliminate or add to the provisions of this Indenture as permitted pursuant to
Section 12.1(b) or Section 12.4. 
 (b) The Issuing Entity and the Indenture Trustee, when authorized by
an Issuing Entity Order, may, also without the consent of any of the Noteholders but with prior notice by the Issuing Entity to the Rating Agencies, at any time and from time to time enter into one or more indentures supplemental hereto for the
purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder. 

SECTION 9.2 Supplemental Indentures With Consent of Noteholders. 

(a) The Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, also may, with prior notice by the Issuing
Entity to each of the Rating Agencies, and with the consent of the Holders of not less than a majority of the Outstanding Amount of the Controlling Class, by Act of such Holders delivered to the Issuing Entity and the Indenture Trustee, enter into
an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this
Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 
 (i) change the due date of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate applicable thereto, or the Redemption Price with respect
thereto, change any place of payment where, or the coin or currency in which, any Note or any interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of
funds 

  
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available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after
the Redemption Date); 
 (ii) reduce the percentage of the Outstanding Amount of the Controlling Class, the consent of the
Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences as
provided for in this Indenture; 
 (iii) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”; 
 (iv) reduce the percentage of the Outstanding Amount of the Notes required to direct the
Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the principal amount of and accrued but unpaid interest on the Outstanding Notes; 

(v) modify any provision of this Section 9.2 to decrease the required minimum percentage necessary to approve any amendments
to any provisions of this Indenture or any of the Basic Documents; 
 (vi) modify any of the provisions of this Indenture in
such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Distribution Date (including the calculation of any of the individual components of such calculation), or modify or alter the
provisions of the Indenture regarding the voting of Notes held by the Issuing Entity, the Depositor or any Affiliate of either of them; or 
 (vii) permit the creation of any Lien ranking prior to or on a parity with the Lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein,
terminate the Lien of this Indenture on any property at any time subject thereto or deprive the Holder of any Note of the security afforded by the Lien of this Indenture. 
 (b) The Indenture Trustee may in its discretion determine whether or not any Notes would be affected (such that the consent of each Noteholder would be required) by any supplemental indenture proposed
pursuant to this Section 9.2 and any such determination shall be binding upon the Holders of all Notes, whether authenticated and delivered thereunder before or after the date upon which such supplemental indenture becomes effective. The
Indenture Trustee shall not be liable for any such determination made in good faith. 
 (c) It shall be sufficient if an Act of
Noteholders approves the substance, but not the form, of any proposed supplemental indenture. 
 (d) Promptly after the
execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant to this Section 9.2, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice
setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture. 

  
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 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 Issuing Entity and the Noteholders
shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes. 
 SECTION 9.5 Conformity with the 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 TIA as then in effect so long as this Indenture shall then be qualified under the TIA. 

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

 REDEMPTION OF NOTES 
 SECTION 10.1 Redemption. The Notes are subject to redemption in whole, but not in part, upon the exercise by the Servicer (or the Holder of all the Certificates that is not the Depositor or any
Affiliate thereof) of its option to purchase the Receivables pursuant to Section 8.01 of the Servicing Agreement. The date on which such redemption shall occur is the Distribution Date following the Optional Purchase Date identified by Servicer
in its notice of exercise of such purchase option (the “Redemption Date”). The purchase price for the Notes shall be equal to the applicable Redemption Price. The Servicer or the Issuing Entity shall furnish the Rating Agencies
notice of such redemption. If the Notes are to be redeemed pursuant 

  
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to this Section 10.1, the Servicer or the Issuing Entity shall furnish notice thereof to the Indenture Trustee not later than twenty-five (25) days prior to the Redemption Date
and the Indenture Trustee (based on such notice) shall withdraw from the Collection Account and deposit into the Note Distribution Account, on the Redemption Date, the aggregate Redemption Price of the Notes, whereupon all such Notes shall be due
and payable on the Redemption Date. 
 SECTION 10.2 Form of Redemption Notice. Notice of redemption of the Notes under
Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed not less than five (5) days prior to the applicable Redemption Date to each Noteholder of record at such Noteholder’s address
appearing in the Note Register. 
 (a) All notices of redemption shall state: 

(i) the Redemption Date; 
 (ii) the applicable Redemption Price; and 
 (iii) the place where Notes are to be
surrendered for payment of the Redemption Price (which shall be the Agency Office of the Issuing Entity to be maintained as provided in Section 3.2). 
 (b) Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption, or any defect therein, to any
Holder of any Note shall not impair or affect the validity of the redemption of any other Note. 
 SECTION 10.3 Notes Payable
on Redemption Date. The Notes shall, following notice of redemption as required by Section 10.2, on the Redemption Date cease to be Outstanding for purposes of this Indenture and shall thereafter represent only the right to receive
the applicable Redemption Price and (unless the Issuing Entity shall default in the payment of such Redemption Price) no interest shall accrue on such Redemption Price for any period after the date to which accrued interest is calculated for
purposes of calculating such Redemption Price. 
 ARTICLE XI 

MISCELLANEOUS 
 SECTION 11.1 Compliance Certificates and Opinions, etc. 
 (a) Upon any
application or request by the Issuing Entity to the Indenture Trustee to take any action under any provision of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee: (i) an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been
complied with, and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section 11.1, except that, in the case of any such application or
request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or 

  
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 opinion need be furnished. Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory of such certificate
or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
 (ii) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the judgment of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to
whether or not such covenant or condition has been complied with; and 
 (iv) a statement as to whether, in the opinion of each
such signatory, such condition or covenant has been complied with. 
 (b)(i) Prior to the deposit with the Indenture Trustee of
any Collateral or other property or securities that is to be made the basis for the release of any property or securities subject to the Lien of this Indenture, the Issuing Entity 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 (within ninety (90) days
of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited. 
 (ii) Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (b)(i) above, the Issuing Entity shall also deliver to the
Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuing Entity of the securities to be so deposited and of all other such securities made on the basis of any such withdrawal or release since the
commencement of the then current fiscal year of the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause (b)(ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate
need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the
Notes. 
 (iii) Other than with respect to the release of any Warranty Receivables, Administrative Receivables or Liquidating
Receivables, whenever any property or securities are to be released from the Lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person
signing such certificate as to the fair value (within 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. 

  
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 (iv) Whenever the Issuing Entity is required to furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in clause (b)(iii) above, the Issuing Entity shall also furnish to the Indenture Trustee an Independent Certificate as to the same
matters if the fair value of the property or securities and of all other property, other than Warranty Receivables, Administrative Receivables and Liquidating Receivables or Receivables valued at their Receivables Principal Balance, 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 (b)(iii) above and this clause (b)(iv), equals 10% or more of the Outstanding Amount of the Notes,
but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding
Amount of the Notes. 
 (v) Notwithstanding Section 2.9 or any other provision of this Section 11.1,
the Issuing Entity may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents, (B) make cash payments out of the Designated Accounts and the Certificate
Distribution Account as and to the extent permitted or required by the Basic Documents and (C) take any other action not inconsistent with the TIA. 
 SECTION 11.2 Form of Documents Delivered to Indenture Trustee. 
 (a) In any
case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters
in one or several documents. 
 (b) Any certificate or opinion of an Authorized Officer of the Issuing Entity may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that any certificate, opinion or representation with respect to
the matters upon which his certificate or opinion is based is erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Servicer, the Depositor, the Issuing Entity or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Depositor, the Issuing Entity or the
Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

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

  
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 (d) Whenever in this Indenture, in connection with any application or certificate or report
to the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’s compliance with any term hereof, it is intended that the
truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the
right of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any
statement or opinion contained in any such document as provided in Article VI. 
 SECTION 11.3 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 or a class of Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and
except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this
Section 11.3. 
 (b) The fact and date of the execution by any person of any such instrument or writing may be
proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note
Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any
Notes (or any one or more Predecessor Notes) shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or
the Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 
 SECTION 11.4
Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon,
given or furnished to or filed with: 
 (a) the Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient
for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office, or 
 (b) the Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to
follow via first class mail) or mailed, by certified mail, return receipt requested to the Issuing Entity and the Owner Trustee each at the address specified in Appendix B to the Servicing Agreement. 

  
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 The Issuing Entity shall promptly transmit any notice received by it from the Noteholders to
the Indenture Trustee. The Indenture Trustee shall likewise promptly transmit any notice received by it from the Noteholders to the Issuing Entity. 
 (c) Notices required to be given to the Rating Agencies by the Issuing Entity and the Indenture Trustee or the Owner Trustee shall be delivered as specified in Appendix B to the Servicing
Agreement. 
 SECTION 11.5 Notices to Noteholders; Waiver. 

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

(b) Where this 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. 
 (c) In case, by reason of the suspension of regular mail service as a result of
a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event of Noteholders when such notice is required to be given pursuant to any provision of this 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. 
 (d) 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 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 Issuing Entity may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this
Indenture for such payments or notices. The Issuing Entity shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall cause payments to be made and notices to be given in accordance with such agreements.

  
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 SECTION 11.7 Conflict with the Trust Indenture Act. 

(a) 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 TIA, such required provision shall control. 
 (b) The provisions of TIA §§ 310
through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this 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. 

(a) All covenants and agreements in this Indenture and the Notes by the Issuing Entity shall bind its successors and assigns, whether so
expressed or not. 
 (b) All covenants and agreements of the Indenture Trustee in this Indenture shall bind its successors and
assigns, whether so expressed or not. 
 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 the parties hereto and their successors hereunder, and to
the extent expressly provided herein, the Noteholders, the Certificateholders, any other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture. 
 SECTION 11.12 Legal Holidays. If the date on which any payment is due shall not be a
Business Day, then (notwithstanding any other provision of the Notes or this 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 GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
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 SECTION 11.14 Counterparts. This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuing Entity and at its
expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the
Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
 SECTION 11.16 No Recourse. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under
this Indenture or any certificate or other writing delivered in connection herewith or therewith, against: 
 (a) the Indenture
Trustee or the Owner Trustee in its individual capacity; 
 (b) the Depositor or any other owner of a beneficial interest in the
Issuing Entity; or 
 (c) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee
or the Owner Trustee in its individual capacity, the Depositor or any other holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee
in its individual capacity (or any of their successors or assigns), except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.
For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the
Trust Agreement. 
 SECTION 11.17 No Petition. The Indenture Trustee, by entering into this Indenture, and each
Noteholder and Note Owner, by accepting a Note (or interest therein) issued hereunder, hereby covenant and agree that they shall not, prior to the date which is one year and one day after the termination of this Indenture with respect to the Issuing
Entity pursuant to Section 4.1, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against
the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or
any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy or insolvency proceeding. 

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

SECTION 11.19 Indemnification by and Reimbursement of Servicer. The Indenture Trustee acknowledges and agrees to reimburse
(i) the Servicer and its directors, officers, employees and agents in accordance with Section 6.03(b) of the Servicing Agreement and (ii) the Depositor and its directors, officers, employees and agents in accordance with
Section 3.04 of the Trust Sale Agreement. The Indenture Trustee further acknowledges and accepts the conditions and limitations with respect to the Servicer’s obligation to indemnify, defend and hold the Indenture Trustee harmless as set
forth in Section 6.01(a)(iv) of the Servicing Agreement. 
 SECTION 11.20 Subordination. Each Note represents
beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly
or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect
to the Notes, each Noteholder shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the
covenants above of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed
to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all
respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause
(i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 SECTION 11.21 Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations. In order to comply with laws, rules and regulations applicable to banking institutions, including
those relating to the funding of terrorist activities and money laundering, the Indenture Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the
Indenture Trustee. Accordingly, the Issuing Entity agrees to provide, and agrees to cause the Administrator and the Servicer to provide, to the Indenture Trustee upon its request from time to 

  
 59 

 
time such identifying information and documentation as may be reasonably available to such party without undue expense in order to enable the Indenture Trustee to comply with applicable law.

 ARTICLE XII 
 COMPLIANCE WITH THE FDIC RULE 
 SECTION 12.1 Purpose. 

(a) Each of the Noteholders, the Ally Parties and the Indenture Trustee acknowledges and agrees that the purpose of this Article
XII is to facilitate compliance by the Ally Parties with the provisions of the FDIC Rule. Each of the Noteholders, the Ally Parties and the Indenture 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 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 Issuing Entity determines that an amendment to this Article XII is necessary or desirable, then the Issuing Entity and the Indenture Trustee shall be authorized and entitled to amend this Article XII in
accordance with such FDIC Rule amendment or guidance, provided that the Issuing Entity delivers to the Indenture Trustee an Officer’s Certificate to the effect that (i) such amendment will not have a material adverse effect on the
Noteholders or (ii) 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. 

(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 Seller, (ii) the “issuing entity” shall mean, collectively, the Depositor and the Issuing Entity (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
(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) The Issuing Entity believes that the transactions and actions contemplated by the Basic Documents and the Prospectus comply with the
requirements of Section 12.2. 
 SECTION 12.2 Requirements of 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 issuing entity 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. 

  
 60 

 (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 registered; provided, however, that information that is unknown or not available to
the sponsor or the issuing entity after reasonable investigation may be omitted if the issuing entity 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) 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) Prior to the effective date of regulations
required 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”), 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.

  
 61 

 
This retained interest may be either in the form of an interest of not less than five (5) percent in each of the credit tranches sold or transferred to the investors or in 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 a wholly-owned subsidiary consolidated for accounting and capital purposes with the sponsor) or insider of the sponsor. 
 (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, 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 issuing entity. 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 comingle 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 Issuing Entity agrees to (i) perform the covenants set forth in
Section 12.2, except to the extent any such obligation is specifically imposed exclusively on the servicer or the sponsor and (ii) facilitate compliance with this Article XII by all Ally Parties. 

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 Section 941 Effective Date and thereafter, the sponsor shall be
entitled to adjust the amount of credit risk that it retains, or the terms under which such credit risk is retained, to the greatest extent elected by the sponsor, so long as the sponsor’s retention shall be in compliance with then Applicable
Law. 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 each of the Indenture Trustee and the Ally Parties is authorized and
entitled to amend Section 12.2(c), in accordance with and to the extent the Issuing Entity 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 Seller becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for the Seller exercises its right of repudiation as contemplated by paragraph
(d)(4)(ii) of the FDIC Rule, the Servicer shall determine 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, so notify the Indenture Trustee. 

  
 62 

 (b) Upon receipt of the notice specified in Section 12.5(a), the Indenture
Trustee shall determine the date (the “applicable distribution date”) for making a distribution to Noteholders of such damages, which date shall be the earlier of (i) the next Distribution Date on which such damages could be
distributed and (ii) the earliest practicable date by which the Indenture 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. The Indenture Trustee is authorized and instructed to retain possession and control of the Reserve Account and the Collection Account and all amounts on deposit therein. 

(c) When the applicable distribution date is determined, the Servicer 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 Distribution 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 Distribution 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 Distribution Date
divided by (y) 30. The Servicer shall notify the Indenture Trustee 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 Indenture 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 and (iii) deliver notice to the Noteholders of such special distribution date and special distribution. 

(e) Following payment by the FDIC of such damages, 
 (i) such damages shall be deposited into the Note Distribution Account; 
 (ii)
the Servicer 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 to be withdrawn from available funds in the Reserve Account (and, if necessary, the
Collection Account) and transferred to the Note Distribution Account so that the amount on deposit in the Note Distribution Account shall equal the aggregate amount to be distributed as specified in Section 12.5(c), and
(ii) promptly inform the Indenture Trustee of such computations; 
 (iii) on the applicable distribution date, the
Indenture Trustee shall, based on the computations in Section 12.5(e), first, withdraw from monies on deposit in the Reserve Account and, if necessary, monies on deposit in the Collection Account the amount so computed and cause
such amount to be deposited into the Note Distribution Account and second, cause all amounts deposited in the Note Distribution Account pursuant to this Section 12.5 to be applied in accordance with Section 2.7(c), to
the extent of the amounts available for application pursuant thereto (but distributing to each class the amount of interest computed by the Servicer pursuant to Section 12.5(c), rather than the amount specified in
Section 2.7(c)); and 

  
 63 

 (f) Any funds remaining in the Collection Account and the Reserve Account shall be
distributed on the following Distribution Date (or on such applicable distribution date, if it is a Distribution Date), such distributions to be made in accordance with the applicable provisions of the Basic Documents, with the Servicer to adjust
the amounts of such distributions in the Servicer’s Accounting to take into account the amounts distributed on the applicable distribution date. 
 SECTION 12.6 Notice. 
 (a) In the event that the Seller 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
Ally Parties and the Indenture Trustee. 
 (b) If the FDIC (i) is appointed as a conservator or receiver of the Seller and
(ii) is in default in the payment of principal or interest when due following the expiration of any cure period hereunder or under the other Basic Documents, the Indenture Trustee at the direction of the Holders of at least 25% of the
Outstanding Amount of the Controlling Class, the Servicer or a Noteholder shall be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder and under the other Basic Documents. 

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 Ally Bank, a receiver or conservator will have
any rights with respect to the Trust Estate. 

*    *    *    *    * 

  
 64 

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

			
	ALLY AUTO RECEIVABLES TRUST 2011-2
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DEUTSCHE BANK NATIONAL TRUST COMPANY for DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 EXHIBIT A 
 LOCATIONS OF SCHEDULE OF RECEIVABLES 
 The Schedule of Receivables is on file at
the offices of: 
  

	1.	The Indenture Trustee 

  

	2.	The Owner Trustee 

  

	3.	The Servicer 

  

	4.	The Seller 

  

	5.	The Depositor 

  
 Ex. A

 EXHIBIT B 
 NOTE DEPOSITORY AGREEMENT FOR THE NOTES 

  
 Ex. B

 EXHIBIT C-1 
 FORM OF CLASS A-1 FIXED RATE ASSET BACKED NOTES 

			
	REGISTERED	 	$140,000,000
		
	NO. R-	 	

  
 SEE REVERSE FOR CERTAIN
DEFINITIONS 
 CUSIP NO. 02005V AA0 
 EACH HOLDER OF A CLASS A-1 NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN
SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY
SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW. 
 EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE
CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE
CLASS A-1 NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A
BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE
ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH
PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 

  
 Ex. C-1-1

 EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE
CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS A-1 NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH CLASS A-1 NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE
TERMINATION OF THE INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR
SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE
DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY
PROCEEDING. 
 EACH CLASS A-1 NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE
(OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF
AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE BASIC DOCUMENTS. EACH CLASS A-1 NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR BENEFICIAL
INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE BASIC DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER
TRUSTEE, THE INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH CLASS
A-1 NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A CLASS A-1 NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE
ISSUING ENTITY, EACH CLASS A-1 NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN
EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE 

  
 Ex. C-1-2

 
COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE.

 EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A CLASS A-1 NOTE, EXPRESSES ITS INTENTION THAT THIS CLASS A-1 NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS
A-1 NOTES AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME. 

EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A
CLASS A-1 NOTE, ACKNOWLEDGES AND AGREES THAT THE PURPOSE OF ARTICLE XII OF THE INDENTURE IS TO FACILITATE COMPLIANCE WITH THE FDIC RULE BY ALLY BANK, THE DEPOSITOR, THE SERVICER AND THE ISSUING ENTITY AND 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 THAT THE PROVISIONS SET
FORTH IN ARTICLE XII OF THE INDENTURE 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. 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE
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. 
 ALLY AUTO RECEIVABLES TRUST 2011-2 
 CLASS A-1 0.25414% ASSET BACKED NOTES

  
 Ex. C-1-3

 ALLY AUTO RECEIVABLES TRUST 2011-2, a statutory trust organized and existing under the laws
of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ONE HUNDRED FORTY MILLION DOLLARS ($140,000,000)
or such lesser outstanding amount as may be payable in accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction, the
numerator of which is the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for such Class A-1 Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note
Distribution Account in respect of principal on the Class A-1 Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on May 15, 2012 (the “Final Scheduled Distribution Date”) unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the
Redemption Date. The Issuing Entity shall pay interest on this Class A-1 Note at the rate per annum shown above on each Distribution Date until the principal of this Class A-1 Note is paid or made available for payment on the principal
amount of this Class A-1 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on
the Closing Date)). Interest on the Class A-1 Notes will accrue from and including the Closing Date and will be payable on each Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for
the Class A-1 Notes. Interest will be computed on the basis of actual number of days elapsed from and including the prior Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding
the current Distribution Date and a 360-day year. Such principal of and interest on this Class A-1 Note shall be paid in the manner specified on the reverse hereof. All interest payments on each class of Notes on any Distribution Date shall be
made pro rata to the Noteholders of such class entitled thereto. 
 The principal of and interest on this Class A-1 Note
are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Class A-1 Note shall be
applied first to interest due and payable on this Class A-1 Note as provided above and then to the unpaid principal of this Class A-1 Note. 
 Reference is made to the further provisions of this Class A-1 Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Class A-1 Note.

 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual
signature, this Class A-1 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. 

  
 Ex. C-1-4

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer. 
 Dated: May 5, 2011 
 ALLY AUTO RECEIVABLES TRUST 2011-2 

			
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	DEUTSCHE BANK NATIONAL TRUST COMPANY for DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. C-1-5

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class A-1 0.25414% Asset Backed Notes
(herein called the “Class A-1 Notes”), all issued under an indenture, dated as of May 5, 2011 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and
Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class A-1 Notes are one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the
Indenture (collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the
Holder of this Class A-1 Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class A-1 Note that are defined in the Indenture shall have the meanings
assigned to them in or pursuant to the Indenture. 
 The Class A-1 Notes and all other Notes issued pursuant to the
Indenture are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 
 Each Noteholder or Note Owner of a Class A-1 Note will be deemed to represent and warrant that either (i) it is not acquiring the Note with the assets of (a) an “employee benefit
plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason
of investment by an employee benefit plan or plan in such entity or (d) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the
Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 

Each Noteholder or Note Owner, by acceptance of a Class A-1 Note or, in the case of a Note Owner, a beneficial interest in a
Class A-1 Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) the Depositor or any other owner of a beneficial interest in the Issuing Entity or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully
liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

  
 Ex. C-1-6

 Each Noteholder or Note Owner, by acceptance of a Class A-1 Note or, in the case of a
Note Owner, a beneficial interest in a Class A-1 Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the
Indenture with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against
the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or
any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy or insolvency proceeding. 

Each Noteholder by accepting a Class A-1 Note (or any interest therein) acknowledges that such Person’s Class A-1 Note (or
interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and
no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by the acceptance of a Class A-1 Note (or beneficial
interest therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Class A-1 Notes, it shall have no claim against any of the Depositor, the Servicer, the
Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise
unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor
other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been
expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and
subject to, Section 510(a) of the Bankruptcy Code. 
 Each Noteholder, by acceptance of a Class A-1 Note or, in the
case of a Note Owner, a beneficial interest in a Class A-1 Note, expresses its intention that this Class A-1 Note qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate
taxing authorities, agrees to treat the Class A-1 Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon
gross or net income. 
 Prior to the due presentment for registration of transfer of this Class A-1 Note, the Issuing
Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Class A-1 Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

  
 Ex. C-1-7

 Each Class A-1 Noteholder or Note Owner, by acceptance of a Class A-1 Note or, in
the case of a Note Owner, a beneficial interest in a Class A-1 Note, acknowledges and agrees that the purpose of Article XII of the Indenture is to facilitate compliance with the FDIC Rule by Ally Bank, the Depositor, the Servicer and the
Issuing Entity and 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 that the provisions set forth in Article XII of the Indenture 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. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding
Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all Class A-1 Notes, to
waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class A-1 Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class A-1 Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this Class A-1 Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 

The term “Issuing Entity” as used in this Class A-1 Note includes any successor to the Issuing Entity under the
Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to
the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This Class A-1
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, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Class A-1 Note or of the
Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Class A-1 Note at the times, place and rate, and in the coin or currency herein prescribed.

  
 Ex. C-1-8

 Anything herein to the contrary notwithstanding, except as expressly provided in the Basic
Documents, neither the Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Class A-1 Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in
the assets of the Issuing Entity. The Holder of this Class A-1 Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-1 Note. 

  
 Ex. C-1-9

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

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

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

							
	Dated:                            
                                         
                 	 		 	 	 	1
		 		 	  
 Signature Guaranteed:
	 	
		 		 		 	
		 		 		 	
	 	 		 	 	 	

  
  

 

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

  
 Ex. C-1-10

 EXHIBIT C-2 
 FORM OF CLASS A-2, CLASS A-3 AND CLASS A-4 FIXED RATE ASSET BACKED 

NOTES 
  

					
	REGISTERED	 		 	$            
			
	NO. R-	 		 	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO.          
 EACH HOLDER OF
A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE
I OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR
APPLICABLE LAW. 
 EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS A-2] [CLASS A-3]
[CLASS A-4] NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY,
THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN
THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE
IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT
AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED 

  
 Ex. C-2-1

 
AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR
FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 
 EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER OR NOTE
OWNER, BY ITS ACCEPTANCE OF A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH
[CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE
DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR
LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR
LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 
 EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER BY ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE
ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD
AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET FORTH OR CONTEMPLATED IN THE BASIC DOCUMENTS. EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS
EXPRESSLY PROVIDED IN THE BASIC DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY
AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH [CLASS
A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A RESULT, A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR
OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING ENTITY, EACH [CLASS A-2] [CLASS A-

  
 Ex. C-2-2

 
3] [CLASS A-4] NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS, SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM
RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION
AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 
 EACH [CLASS A-2] [CLASS
A-3] [CLASS A-4] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE, EXPRESSES ITS INTENTION THAT THIS [CLASS
A-2] [CLASS A-3] [CLASS A-4] NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTES AS
INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME. 

EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE OR, IN THE
CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE, ACKNOWLEDGES AND AGREES THAT THE PURPOSE OF ARTICLE XII OF THE INDENTURE IS TO FACILITATE COMPLIANCE WITH THE FDIC RULE BY ALLY BANK, THE DEPOSITOR, THE
SERVICER AND THE ISSUING ENTITY AND 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 THAT THE PROVISIONS SET FORTH IN ARTICLE XII OF THE INDENTURE 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. 
 Unless this Note is presented by an authorized representative of The Depository
Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

  
 Ex. C-2-3

 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 ALLY AUTO
RECEIVABLES TRUST 2011-2 
 [CLASS A-2] [CLASS A-3] [CLASS
A-4]             % ASSET BACKED NOTES 
 ALLY AUTO
RECEIVABLES TRUST 2011-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of                     DOLLARS
($            ) or such lesser outstanding amount as may be payable in accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution Date, in
an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for such [Class A-2] [Class A-3] [Class
A-4] Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of principal on the [Class A-2] [Class A-3] [Class A-4] Notes pursuant to Sections 2.7, 3.1 and
8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
                                        
(the “Final Scheduled Distribution Date”) unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing
Entity shall pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note outstanding on the preceding Distribution
Date (after giving effect to all payments of principal made on the preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the [Class A-2] [Class A-3] [Class A-4] Notes
will accrue from and including the Closing Date and will be payable on each Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the [Class A-2] [Class A-3] [Class A-4] Notes. Interest
will be computed on the basis of a 360-day year of twelve 30-day months (or, in the case of the initial Distribution Date, a 40 day period). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All
interest payments on each class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All
payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

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

  
 Ex. C-2-4

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer. 
 Dated: May 5, 2011 

 

			
	 ALLY AUTO RECEIVABLES TRUST 2011-2
  

	By:	 	 BNY MELLON TRUST OF DELAWARE,
 not in its individual capacity
 but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	 DEUTSCHE BANK NATIONAL TRUST COMPANY for

DEUTSCHE BANK TRUST COMPANY AMERICAS,
 not in its individual capacity but solely as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. C-2-5

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as [Class A-2] [Class A-3] [Class
A-4]             % Asset Backed Notes (herein called the “[Class A-2] [Class A-3] [Class A-4] Notes”), all issued under an indenture, dated as of May 5, 2011
(such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Noteholders. The [Class A-2] [Class A-3] [Class A-4] Notes are one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the Indenture (collectively, as to all Notes of all such classes, the “Notes”).
The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of this [Class A-2] [Class A-3] [Class A-4] Note by virtue of acceptance hereof assents
and by which such Holder is bound. All capitalized terms used and not otherwise defined in this [Class A-2] [Class A-3] [Class A-4] Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.

 The [Class A-2] [Class A-3] [Class A-4] Notes and all other Notes issued pursuant to the Indenture are and will be equally
and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 
 Each Noteholder or Note
Owner of a [Class A-2] [Class A-3] [Class A-4] Note will be deemed to represent and warrant that either (i) it is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA
that is subject to the provisions of Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan
in such entity or (d) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 
 Each Noteholder or Note Owner, by acceptance of a [Class A-2] [Class A-3] [Class A-4] Note or, in the case of a Note Owner, a beneficial interest in a [Class A-2] [Class A-3] [Class A-4] Note, covenants
and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) the Depositor or any other owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor
or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

  
 Ex. C-2-6

 Each Noteholder or Note Owner, by acceptance of a [Class A-2] [Class A-3] [Class A-4] Note
or, in the case of a Note Owner, a beneficial interest in a [Class A-2] [Class A-3] [Class A-4] Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year
and one day after the termination of the Indenture with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Depositor or the Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or state bankruptcy or insolvency
proceeding. 
 Each Noteholder by accepting a [Class A-2] [Class A-3] [Class A-4] Note (or any interest therein) acknowledges
that such Person’s [Class A-2] [Class A-3] [Class A-4] Note (or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator,
the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each
Noteholder by the acceptance of a [Class A-2] [Class A-3] [Class A-4] Note (or beneficial interest therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the [Class A-2]
[Class A-3] [Class A-4] Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the
foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is
deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate
in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding
clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 Each Noteholder, by acceptance of a [Class A-2] [Class A-3] [Class A-4] Note or, in the case of a Note Owner, a beneficial interest in a [Class A-2] [Class A-3] [Class A-4] Note, expresses its intention
that this [Class A-2] [Class A-3] [Class A-4] Note qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat the [Class A-2] [Class A-3] [Class A-4]
Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 

Each [Class A-2] [Class A-3] [Class A-4] Noteholder or Note Owner, by acceptance of a [Class A-2] [Class A-3] [Class A-4] Note or, in the
case of a Note Owner, a beneficial interest in a [Class A-2] [Class A-3] [Class A-4] Note, acknowledges and agrees that 

  
 Ex. C-2-7

 
the purpose of Article XII of the Indenture is to facilitate compliance with the FDIC Rule by Ally Bank, the Depositor, the Servicer and the Issuing Entity and 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 that the
provisions set forth in Article XII of the Indenture 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. 

Prior to the due presentment for registration of transfer of this [Class A-2] [Class A-3] [Class A-4] Note, the Issuing Entity, the
Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this [Class A-2] [Class A-3] [Class A-4] Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this [Class A-2] [Class A-3] [Class A-4] Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the
contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of
the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling
Class. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the [Class A-2] [Class A-3] [Class A-4] Notes, to
waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this [Class A-2] [Class A-3] [Class A-4] Note (or any
one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this [Class A-2] [Class A-3] [Class A-4] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof whether or not notation of such consent or waiver is made upon this [Class A-2] [Class A-3] [Class A-4] Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture
without the consent of the Noteholders. 
 The term “Issuing Entity” as used in this [Class A-2] [Class A-3]
[Class A-4] Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the
Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

This [Class A-2] [Class A-3] [Class A-4] 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, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

  
 Ex. C-2-8

 No reference herein to the Indenture and no provision of this [Class A-2] [Class A-3] [Class
A-4] Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this [Class A-2] [Class A-3] [Class A-4] Note at the times, place and rate, and in
the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the
Basic Documents, neither the Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any
of the covenants, obligations or indemnifications contained in this [Class A-2] [Class A-3] [Class A-4] Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee
solely as the Owner Trustee in the assets of the Issuing Entity. The Holder of this [Class A-2] [Class A-3] [Class A-4] Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this [Class A-2] [Class A-3] [Class A-4] Note. 

  
 Ex. C-2-9

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

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

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

							
	Dated:                            
                                         
                 	 		 	 	 	1
		 		 	  
 Signature Guaranteed:
	 	
		 		 		 	
		 		 		 	
	 	 		 	 	 	

  
  

 

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

  
 Ex. C-2-10

 EXHIBIT C-3 
 FORM OF CLASS B FIXED RATE ASSET BACKED NOTES 
  

					
	REGISTERED	 		 	$21,700,000
			
	NO. R-1	 		 	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 02005V AE2 
 THIS RULE 144A GLOBAL CLASS B NOTE HAS NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS
RULE 144A GLOBAL CLASS B NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS RULE 144A GLOBAL CLASS B NOTE (OR SUCH INTEREST) IF, OTHER THAN THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE
THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL CLASS B NOTE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A
FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS). 
 NO SALE, PLEDGE OR OTHER TRANSFER OF
THIS RULE 144A GLOBAL CLASS B NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM
THE TRANSFEROR REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED
INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE U.S. SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS
SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE
OF THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE 

  
 Ex. C-3-1

 
INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT. 

EACH HOLDER OF A CLASS B NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE WITH THE ASSETS
OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN”
SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR
(D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 
 EACH CLASS B NOTEHOLDER
OR NOTE OWNER, BY ACCEPTANCE OF A CLASS B NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS B NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING
ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE CLASS B NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL
CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR
INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY
SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY
INSTALLMENT OR CALL OWING TO SUCH ENTITY. 
 EACH CLASS B NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS B NOTE OR, IN
THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS B NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF THE INDENTURE SUCH CLASS B NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE
TERMINATION OF THE INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE 

  
 Ex. C-3-2

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

EACH CLASS B NOTEHOLDER OR NOTE OWNER (EXCEPT A CLASS B NOTEHOLDER WHICH IS CONSIDERED FOR FEDERAL INCOME TAX PURPOSES THE ISSUER OF THE
CLASS B NOTE (OR IS DISREGARDED AS AN ENTITY SEPARATE FROM SUCH ISSUER)), BY ACCEPTANCE OF A CLASS B NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS B NOTE, EXPRESSES ITS INTENTION THAT THIS CLASS B NOTE QUALIFIES UNDER
APPLICABLE TAX LAW 

  
 Ex. C-3-3

 
AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS B NOTES AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE
PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME. 
 EACH CLASS B NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS B NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS B NOTE, ACKNOWLEDGES AND AGREES THAT THE PURPOSE OF ARTICLE XII OF
THE INDENTURE IS TO FACILITATE COMPLIANCE WITH THE FDIC RULE BY ALLY BANK, THE DEPOSITOR, THE SERVICER AND THE ISSUING ENTITY AND 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 THAT THE PROVISIONS SET FORTH IN ARTICLE XII OF THE INDENTURE 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. 
 Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of
transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity
as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 THE PRINCIPAL OF THIS NOTE IS PAYABLE 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. 
 ALLY AUTO RECEIVABLES TRUST 2011-2 

CLASS B 2.59% ASSET BACKED NOTES 
 ALLY AUTO RECEIVABLES TRUST 2011-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of TWENTY-ONE MILLION SEVEN HUNDRED THOUSAND DOLLARS ($21,700,000) or such lesser outstanding amount as may be payable in accordance with the Indenture (as
defined on the reverse side of this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial principal amount hereof and the denominator of which is the
aggregate initial principal amount for such Class B 

  
 Ex. C-3-4

 
Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of principal on the Class B Notes pursuant to Sections 2.7,
3.1 and 8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on July 15, 2016 (the “Final Scheduled Distribution Date”) unless the
Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest on this Note at the rate per annum shown above on
each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding
Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the Class B Notes will accrue from and including the Closing Date and will be payable on each Distribution Date in an
amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the Class B Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in the case of the initial Distribution Date, a 40
day period). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class
entitled thereto. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of
America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and
then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any
purpose. 

  
 Ex. C-3-5

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer. 
 Dated: May 5, 2011 

 

			
	ALLY AUTO RECEIVABLES TRUST 2011-2
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	DEUTSCHE BANK NATIONAL TRUST COMPANY for DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. C-3-6

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as Class B 2.59% Asset Backed Notes (herein called
the “Class B Notes”), all issued under an indenture, dated as of May 5, 2011 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and Deutsche Bank Trust
Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class B Notes are one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the Indenture
(collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of
this Class B Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class B Note that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture. 
 The Class B Notes and all other Notes issued pursuant to the Indenture are and will be equally and
ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 
 Each Noteholder or Note Owner of
a Class B Note will be deemed to represent and warrant that either (i) it is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of
Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) any other
plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 
 Each Noteholder or Note
Owner, by acceptance of a Class B Note or, in the case of a Note Owner, a beneficial interest in a Class B Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the
Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities,
(ii) the Depositor or any other owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual
capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. 

  
 Ex. C-3-7

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

Each Noteholder by accepting a Class B Note (or any interest therein) acknowledges that such Person’s Class B Note (or interest
therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no
recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by the acceptance of a Class B Note (or beneficial interest
therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Class B Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such
Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity,
each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to
the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of
the Bankruptcy Code. 
 Except a Noteholder which is considered for federal income tax purposes the issuer of the Class B Note
(or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of a Class B Note or, in the case of a Note Owner, a beneficial interest in a Class B Note, expresses its intention that this Class B Note qualifies under
applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat the Class B Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, state
and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 
 Each
Class B Noteholder or Note Owner, by acceptance of a Class B Note or, in the case of a Note Owner, a beneficial interest in a Class B Note, acknowledges and agrees that the purpose of Article XII of the Indenture is to facilitate compliance with the
FDIC Rule by Ally Bank, the Depositor, the Servicer and the Issuing Entity and that the interpretations of the requirements of the FDIC Rule may change over time, whether due to interpretive guidance

  
 Ex. C-3-8

 
provided by the FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set forth in Article XII of
the Indenture 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. 

Prior to the due presentment for registration of transfer of this Class B Note, the Issuing Entity, the Indenture Trustee and any agent
of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Class B Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Class B Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under
the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Class B Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Class B Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class B Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class B Note. The Indenture also permits the Indenture Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of the Noteholders. 
 The term “Issuing
Entity” as used in this Class B Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing
Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set
forth. 
 This Class B 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, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Class B Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the
principal of and interest on this Class B Note at the times, place and rate, and in the coin or currency herein prescribed. 

  
 Ex. C-3-9

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

  
 Ex. C-3-10

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
                                         
                                         
                                         
                             
                                  
                                         
                                         
                                         
                 
 (name and address of
assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        ,
as attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

							
	Dated:                            
                                         
                 	 		 	 	 	1
				
		 		 	 Signature Guaranteed:
	 	
		 		 		 	
		 		 		 	
	 	 		 	 	 	

  
  

 

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

  
 Ex. C-3-11

 EXHIBIT C-4 
 FORM OF CLASS C FIXED RATE ASSET BACKED NOTES 
  

	 REGISTERED 
	 $22,500,000 

NO. R-1 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 CUSIP NO. 02005V AF9 
 THIS RULE 144A GLOBAL CLASS C NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE
SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS RULE 144A GLOBAL CLASS C NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS RULE 144A GLOBAL CLASS C NOTE (OR SUCH INTEREST) IF, OTHER THAN THE DEPOSITOR
OR ANY AFFILIATE OF THE DEPOSITOR, IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL
CLASS C NOTE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS). 

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS RULE 144A GLOBAL CLASS C NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER
(i) SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN
RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL
REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE
INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE 

  
 Ex. C-4-1

 
DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE
THE U.S. SECURITIES ACT. 
 EACH HOLDER OF A CLASS C NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT
ACQUIRING THE NOTE WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF
ERISA, (B) A “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR
PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH CLASS C NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS
C NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE CLASS C NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR
OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY
PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE OR
OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY LIABLE, TO THE EXTENT
PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 
 EACH CLASS C NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS C NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF
THE INDENTURE SUCH CLASS C NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE 

  
 Ex. C-4-2

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

  
 Ex. C-4-3

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

 EACH CLASS C NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST
IN A CLASS C NOTE, ACKNOWLEDGES AND AGREES THAT THE PURPOSE OF ARTICLE XII OF THE INDENTURE IS TO FACILITATE COMPLIANCE WITH THE FDIC RULE BY ALLY BANK, THE DEPOSITOR, THE SERVICER AND THE ISSUING ENTITY AND 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 THAT THE
PROVISIONS SET FORTH IN ARTICLE XII OF THE INDENTURE 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. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 ALLY AUTO RECEIVABLES TRUST 2011-2 

CLASS C 2.83% ASSET BACKED NOTES 
 ALLY AUTO RECEIVABLES TRUST 2011-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received,
hereby promises to pay to Ally Auto Assets LLC the principal sum of TWENTY-TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($22,500,000) or such lesser outstanding amount as may be payable in accordance with the Indenture (as defined on the reverse side
of this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial principal amount hereof and the denominator of which is the aggregate initial principal
amount for such Class C Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of principal on the Class C Notes pursuant to Sections 2.7, 3.1 and 8.2(c)
of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on November 15, 2016 (the “Final Scheduled Distribution Date”) unless the Note is

  
 Ex. C-4-4

 
earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest on
this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to
all payments of principal made on the preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the Class C Notes will accrue from and including the Closing Date and will
be payable on each Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the Class C Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in the
case of the initial Distribution Date, a 40 day period). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each class of Notes on any Distribution Date shall be made pro
rata to the Noteholders of such class entitled thereto. 
 The principal of and interest on this Note are payable in such coin
or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

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

  
 Ex. C-4-5

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer. 
 Dated: May 5, 2011 

 

			
	ALLY AUTO RECEIVABLES TRUST 2011-2
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	DEUTSCHE BANK NATIONAL TRUST COMPANY for DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 Ex. C-4-6

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as Class C 2.83% Asset Backed Notes (herein called
the “Class C Notes”), all issued under an indenture, dated as of May 5, 2011 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and Deutsche Bank Trust
Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class C Notes are one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the Indenture
(collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of
this Class C Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class C Note that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture. 
 The Class C Notes and all other Notes issued pursuant to the Indenture are and will be equally and
ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 
 Each Noteholder or Note Owner of
a Class C Note will be deemed to represent and warrant that either (i) it is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of
Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) any other
plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 
 Each Noteholder or Note
Owner, by acceptance of a Class C Note or, in the case of a Note Owner, a beneficial interest in a Class C Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the
Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities,
(ii) the Depositor or any other owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual
capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. 

  
 Ex. C-4-7

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

Each Noteholder by accepting a Class C Note (or any interest therein) acknowledges that such Person’s Class C Note (or interest
therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no
recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by the acceptance of a Class C Note (or beneficial interest
therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Class C Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such
Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity,
each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to
the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of
the Bankruptcy Code. 
 Except a Noteholder which is considered for federal income tax purposes the issuer of the Class C Note
(or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of a Class C Note or, in the case of a Note Owner, a beneficial interest in a Class C Note, expresses its intention that this Class C Note qualifies under
applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat the Class C Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, state
and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 
 Each
Class C Noteholder or Note Owner, by acceptance of a Class C Note or, in the case of a Note Owner, a beneficial interest in a Class C Note, acknowledges and agrees that the purpose of Article XII of the Indenture is to facilitate compliance with the
FDIC Rule by Ally Bank, the Depositor, the Servicer and the Issuing Entity and that the interpretations of the requirements of the FDIC Rule may change over time, whether due to interpretive guidance

  
 Ex. C-4-8

 
provided by the FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set forth in Article XII of
the Indenture 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. 

Prior to the due presentment for registration of transfer of this Class C Note, the Issuing Entity, the Indenture Trustee and any agent
of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Class C Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Class C Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under
the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Class C Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Class C Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class C Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class C Note. The Indenture also permits the Indenture Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of the Noteholders. 
 The term “Issuing
Entity” as used in this Class C Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing
Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set
forth. 
 This Class C 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, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Class C Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the
principal of and interest on this Class C Note at the times, place and rate, and in the coin or currency herein prescribed. 

  
 Ex. C-4-9

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

  
 Ex. C-4-10

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

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

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

							
	Dated:                            
                                         
                 	 		 	 	 	1
		 		 	  
 Signature Guaranteed:
	 	
		 		 		 	
		 		 		 	
	 	 		 	 	 	

  
  

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

  
 Ex. C-4-11

 EXHIBIT C-5 
 FORM OF CLASS D FIXED RATE ASSET BACKED NOTES 
  

	 REGISTERED 
	 $10,040,000 

NO. R-1 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 CUSIP NO. 02005V AG7 
 THIS RULE 144A GLOBAL CLASS D NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE
SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS RULE 144A GLOBAL CLASS D NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS RULE 144A GLOBAL CLASS D NOTE (OR SUCH INTEREST) IF, OTHER THAN THE DEPOSITOR
OR ANY AFFILIATE OF THE DEPOSITOR, IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL
CLASS D NOTE (OR INTEREST THEREIN) FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS). 

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS RULE 144A GLOBAL CLASS D NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER
(i) SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN
RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL
REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE
INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE 

  
 Ex. C-5-1

 
DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE
THE U.S. SECURITIES ACT. 
 EACH HOLDER OF A CLASS D NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT
ACQUIRING THE NOTE WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF
ERISA, (B) A “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR
PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH CLASS D NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS D NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS
D NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE CLASS D NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR
OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY
PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE OR
OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY LIABLE, TO THE EXTENT
PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 
 EACH CLASS D NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS D NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS D NOTE, COVENANTS AND AGREES THAT BY ACCEPTING THE BENEFITS OF
THE INDENTURE SUCH CLASS D NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE 

  
 Ex. C-5-2

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

  
 Ex. C-5-3

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

 EACH CLASS D NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS D NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST
IN A CLASS D NOTE, ACKNOWLEDGES AND AGREES THAT THE PURPOSE OF ARTICLE XII OF THE INDENTURE IS TO FACILITATE COMPLIANCE WITH THE FDIC RULE BY ALLY BANK, THE DEPOSITOR, THE SERVICER AND THE ISSUING ENTITY AND 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 THAT THE
PROVISIONS SET FORTH IN ARTICLE XII OF THE INDENTURE 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. 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS
NOTE IS PAYABLE 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. 
 ALLY AUTO RECEIVABLES TRUST 2011-2 
 CLASS D 3.38% ASSET BACKED NOTES 

ALLY AUTO RECEIVABLES TRUST 2011-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to
as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of TEN MILLION FORTY THOUSAND DOLLARS ($10,040,000) or such lesser outstanding amount as may be
payable in accordance with the Indenture (as defined on the reverse side of 

  
 Ex. C-5-4

 
this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial principal amount hereof and the
denominator of which is the aggregate initial principal amount for such Class D Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of principal on the Class D Notes
pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on September 15, 2017 (the “Final Scheduled
Distribution Date”) unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest on this
Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the Class D Notes will accrue from and including the Closing Date and will be
payable on each Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the Class D Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in the case
of the initial Distribution Date, a 40 day period). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each class of Notes on any Distribution Date shall be made pro rata
to the Noteholders of such class entitled thereto. 
 The principal of and interest on this Note are payable in such coin or
currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

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

  
 Ex. C-5-5

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer. 
 Dated: May 5, 2011 

 

			
	ALLY AUTO RECEIVABLES TRUST 2011-2
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	DEUTSCHE BANK NATIONAL TRUST COMPANY for DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Ex. C-5-6

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as Class D 3.38% Asset Backed Notes (herein called
the “Class D Notes”), all issued under an indenture, dated as of May 5, 2011 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and Deutsche Bank Trust
Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class D Notes are one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the Indenture
(collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of
this Class D Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class D Note that are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture. 
 The Class D Notes and all other Notes issued pursuant to the Indenture are and will be equally and
ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 
 Each Noteholder or Note Owner of
a Class D Note will be deemed to represent and warrant that either (i) it is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of
Title I of ERISA, (b) a “plan” subject to Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) any other
plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code or a violation of any substantially similar applicable law. 
 Each Noteholder or Note
Owner, by acceptance of a Class D Note or, in the case of a Note Owner, a beneficial interest in a Class D Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the
Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities,
(ii) the Depositor or any other owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual
capacities, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. 

  
 Ex. C-5-7

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

Each Noteholder by accepting a Class D Note (or any interest therein) acknowledges that such Person’s Class D Note (or interest
therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no
recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by the acceptance of a Class D Note (or beneficial interest
therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Class D Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such
Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity,
each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to
the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of
the Bankruptcy Code. 
 Except a Noteholder which is considered for federal income tax purposes the issuer of the Class D Note
(or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of a Class D Note or, in the case of a Note Owner, a beneficial interest in a Class D Note, expresses its intention that this Class D Note qualifies under
applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat the Class D Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, state
and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 
 Each
Class D Noteholder or Note Owner, by acceptance of a Class D Note or, in the case of a Note Owner, a beneficial interest in a Class D Note, acknowledges and agrees that the purpose of Article XII of the Indenture is to facilitate compliance with the
FDIC Rule by Ally Bank, the Depositor, the Servicer and the Issuing Entity and that the interpretations of the requirements of the FDIC Rule may change over time, whether due to interpretive guidance

  
 Ex. C-5-8

 
provided by the FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set forth in Article XII of
the Indenture 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. 

Prior to the due presentment for registration of transfer of this Class D Note, the Issuing Entity, the Indenture Trustee and any agent
of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Class D Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Class D Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under
the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Class D Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Class D Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class D Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class D Note. The Indenture also permits the Indenture Trustee to amend or waive certain
terms and conditions set forth in the Indenture without the consent of the Noteholders. 
 The term “Issuing
Entity” as used in this Class D Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing
Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set
forth. 
 This Class D 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, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Class D Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the
principal of and interest on this Class D Note at the times, place and rate, and in the coin or currency herein prescribed. 

  
 Ex. C-5-9

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

  
 Ex. C-5-10

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

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

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

							
	Dated:                            
                                         
                 	 		 	 	 	1
		 		 	  
 Signature Guaranteed:
	 	
		 		 		 	
		 		 		 	
	 	 		 	 	 	

  
  

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

  
 Ex. C-5-11

 EXHIBIT D 
 SERVICING CRITERIA TO BE ADDRESSED IN 
 INDENTURE TRUSTEE’S
ASSESSMENT OF COMPLIANCE 
 The assessment of compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria
identified as below as “Applicable Servicing Criteria”: 
  

					
	  	  	 Servicing Criteria
	  	
Applicable Servicing
Criteria

	 Reference
	  	 Criteria
	  	 
			
		  	General Servicing Considerations	  	
			
	 1122(d)(1)(i)
	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	
			
	 1122(d)(1)(ii)
	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such
servicing activities.	  	
			
	 1122(d)(1)(iii)
	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	
			
	 1122(d)(1)(iv)
	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required
by and otherwise in accordance with the terms of the transaction agreements.	  	
			
		  	Cash Collection and Administration	  	
			
	 1122(d)(2)(i)
	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other
number of days specified in the transaction agreements.	  	
			
	 1122(d)(2)(ii)
	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	ü
			
	 1122(d)(2)(iii)
	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as
specified in the transaction agreements.	  	
			
	 1122(d)(2)(iv)
	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to
commingling of cash) as set forth in the transaction agreements.(1)	  	ü
			
	 1122(d)(2)(v)
	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally
insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. (1)	  	ü
			
	 1122(d)(2)(vi)
	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	

  
  

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

  
 Ex. D-1

							
	  	  	 Servicing Criteria
	  	Applicable Servicing
Criteria	 
	 Reference
	  	 Criteria
	  	 	 
			
	 1122(d)(2)(vii)
	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These
reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the
person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	  			
			
		  	Investor Remittances and Reporting	  			
			
	 1122(d)(3)(i)
	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.
Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed
with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	  			
			
	 1122(d)(3)(ii)
	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. 1	  	 	ü	  
			
	 1122(d)(3)(iii)
	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction
agreements.	  	 	ü	  
			
	 1122(d)(3)(iv)
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	 	ü	  
			
		  	Pool Asset Administration	  			
			
	 1122(d)(4)(i)
	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  			
			
	 1122(d)(4)(ii)
	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  			
			
	 1122(d)(4)(iii)
	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction
agreements.	  			
			
	 1122(d)(4)(iv)
	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than
two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  			
			
	 1122(d)(4)(v)
	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  			
			
	 1122(d)(4)(vi)
	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in
accordance with the transaction agreements and related pool asset documents.	  			
			
	 1122(d)(4)(vii)
	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted
and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	  			

  

	1 	 In accordance with the Servicer's Accounting as set forth in the Basic Documents, as applicable. 

  
 Ex. D-2

					
	  	  	 Servicing Criteria
	  	
Applicable Servicing
Criteria

	 Reference
	  	 Criteria
	  	 
			
	 1122(d)(4)(viii)
	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at
least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases
where delinquency is deemed temporary (e.g., illness or unemployment).	  	
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	  	
			
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an
annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor
within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or
notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the
late payment was due to the obligor’s error or omission.	  	
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in
the transaction agreements.	  	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction
agreements.	  	

  
 Ex. D-3

 EXHIBIT E 
 FORM OF CERTIFICATION 
 Re: the
                                         
                                        dated as of
            , 20     (the “Agreement”), 
 among
                                         
                                       .

 I,
                                         
                                       , the
                                         
                                        of Deutsche
Bank Trust Company Americas (the “Company”), certify to Ally Auto Assets LLC (the “Depositor”), and its officers, with the knowledge and intent that they will rely upon this certification, that: 

(1) I have reviewed the report on assessment of the Company’s compliance provided in accordance with Rules 13a-18 and 15d-18 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Report on Assessment”), and the registered public accounting firm’s attestation report provided in
accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB that were delivered by the Company to the Depositor pursuant to the Agreement (collectively, the “Company Information”);

 (2) To the best of my knowledge, the Report on Assessment, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Report on Assessment; and

 (3) To the best of my knowledge, all of the Company Information required to be provided by the Company under the Agreement
has been provided to the Depositor. 
  

			
	Dated:	 	  

		
	By:	 	 DEUTSCHE BANK NATIONAL TRUST

COMPANY for DEUTSCHE BANK
 TRUST COMPANY
AMERICAS, not in its
 individual capacity but solely as Indenture
 Trustee

		
	Name:	 	  

	Title:	 	  

  
 Ex. E

 APPENDIX A 
 Additional Representations and Warranties 
  

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

  

	2.	All steps necessary to perfect the Issuing Entity’s security interest against each Obligor in the property securing the Receivables have been taken.

  

	3.	The Receivables constitute “tangible chattel paper” within the meaning of the applicable UCC. 

 

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

 

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

 

	6.	Other than the security interest granted to the Indenture Trustee under the Indenture, the Issuing Entity has not pledged, assigned, sold, granted a security interest
in, or otherwise conveyed any of the Receivables. The Issuing Entity has not authorized the filing of, nor is the Issuing Entity aware of, any financing statements against the Seller, the Depositor or the Issuing Entity that include a description of
collateral covering the Receivables other than the financing statements relating to the security interests granted to the Depositor, the Issuing Entity and the Indenture Trustee under the Basic Documents or any financing statement that has been
terminated. The Issuing Entity is not aware of any judgment or tax lien filings against the Seller, the Depositor or the Issuing Entity. 

  

	7.	The Custodian has in its possession or with other third party vendors all original copies of the Receivables Files and other documents that constitute or evidence the
Receivables. The Receivables Files and other documents that constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Depositor.

  
 App. A

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