Document:

Series 2004-MC Supplement to the PSA

 Exhibit 4.2 
  

MELLON PREMIUM FINANCE LOAN OWNER TRUST 
  
 Transferor 
  
 AFCO CREDIT CORPORATION 
  
 Servicer 
  
 AFCO ACCEPTANCE
CORPORATION 
  
 Servicer 
  
 PREMIUM FINANCING SPECIALISTS, INC. 
  
 Back-up Servicer 
  
 PREMIUM FINANCING SPECIALISTS OF CALIFORNIA, INC. 
  
 Back-up Servicer 
  
 And 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 Trustee 
  
 on behalf of the Series 2004-MC Holders 
  

  
 SERIES 2004-MC SUPPLEMENT 
  
 Dated as of June 24, 2004 
  
 To

  
 AMENDED AND RESTATED 
 POOLING AND SERVICING AGREEMENT 
  
 Dated as of June 15, 2001 
  

  
 MELLON BANK PREMIUM FINANCE LOAN MASTER TRUST 

 
 Series 2004-MC 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

			
	 SECTION 1.
	  	 Designation
	  	1
			
	 SECTION 2.
	  	 Definitions
	  	1
			
	 SECTION 3.
	  	 Servicing Compensation.
	  	8
			
	 SECTION 4
	  	 Delivery of the Series 2004-MC Certificate
	  	9
			
	 SECTION 5.
	  	 Article IV of the Agreement
	  	9
			
	 SECTION 6.
	  	 Article V of the Agreement
	  	14
			
	 SECTION 7.
	  	 Series 2004-MC Pay Out Events
	  	15
			
	 SECTION 8.
	  	 Series 2004-MC Termination
	  	16
			
	 SECTION 9.
	  	 Application of Proceeds of Issuance of Series 2004-MC
	  	16
			
	 SECTION 10.
	  	 Counterparts
	  	16
			
	 SECTION 11.
	  	 Governing Law
	  	16
			
	 SECTION 12.
	  	 Additional Notices
	  	17
			
	 SECTION 13.
	  	 Additional Representations and Warranties of Servicer
	  	17
			
	 SECTION 14.
	  	 No Petition
	  	17
			
	 SECTION 15.
	  	 Amendments
	  	17
			
	 SECTION 16.
	  	 No Liability of Owner Trustee
	  	18
			
	 SECTION 17.
	  	 Treatment of Noteholders
	  	18
			
	 SECTION 18.
	  	 Transfer of the Series 2004-MC Certificate
	  	18
			
	 SECTION 19.
	  	 Certain Commercial Law Representations and Warranties
	  	19

  

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 EXHIBITS 
  

			
	EXHIBIT A	  	Form of Certificate
		
	EXHIBIT B	  	Form of Monthly Payment Instructions and Notification to Trustee
		
	EXHIBIT C	  	Form of Monthly Series 2004-MC Holders’ Statement

  

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 SERIES 2004-MC SUPPLEMENT, dated as of June 24, 2004 (this “Series Supplement”), by and
among MELLON PREMIUM FINANCE LOAN OWNER TRUST, a Delaware business trust, as Transferor, AFCO CREDIT CORPORATION, a New York corporation, as Servicer, AFCO ACCEPTANCE CORPORATION, a California corporation, as Servicer, PREMIUM FINANCING SPECIALISTS,
INC., a Missouri corporation, as Back-up Servicer, PREMIUM FINANCING SPECIALISTS OF CALIFORNIA, INC., a California corporation, as Back-up Servicer, and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Bank Minnesota,
National Association), a national banking association, as Trustee under the Amended and Restated Pooling and Servicing Agreement, dated as of June 15, 2001 (the “Agreement”), by and among each Servicer, each Back-up Servicer, the
Transferor and the Trustee, as amended by Amendment No. 1 thereto, dated June 24, 2004. 
  
 Section 6.9 of the Agreement provides, among other things, that the Transferor and the Trustee may at any time and from time to time enter into a supplement to the Agreement for the purpose of authorizing the delivery
by the Trustee to the Transferor for the execution and redelivery to the Trustee for authentication of one or more Series of Certificates. 
  
 Pursuant to this Series Supplement, the Transferor and the Trust shall create a new Series of Investor Certificates and shall specify the Principal Terms
thereof. 
  
 SECTION 1. Designation. (a) There is hereby
created a Series consisting of an Investor Certificate to be issued pursuant to the Agreement and this Series Supplement and to be known as the “Series 2004-MC Certificate.” Such Investor Certificate shall be issued in one Class and shall
be designated the Asset Backed Certificate, Series 2004-MC (the “Series 2004-MC Certificate”). The Series 2004-MC Certificate shall be issued as one definitive certificate substantially in the form of Exhibit A hereto.

  
 (b) Series 2004-MC shall be included in Group One (as defined
below). Series 2004-MC shall not be subordinated to any other Series. 
  
 (c) Except as expressly provided herein, the provisions of Section 3.7 of the Agreement shall not apply to cause the Series 2004-MC Certificate to be treated as debt for federal, state and local income and franchise tax purposes, but rather
the Transferor intends and, together with the Series 2004-MC Certificateholders, agrees to treat the Series 2004-MC Certificate for federal, state and local income and franchise tax purposes as representing an equity interest in the assets of the
Trust. 
  
 (d) This Series Supplement is the Series 2004-MC
Supplement referred to in the Amended and Restated Trust Agreement of the Mellon Bank PFL Master Note Trust dated as of June 24, 2004, between Mellon Premium Finance Loan Owner Trust as depositor, Mellon Bank, National Association, as administrator,
and Chase Manhattan Bank USA, National Association, as owner trustee. 
  
 SECTION 2. Definitions. If any term or provision contained herein shall conflict with or be inconsistent with any provision contained in the Agreement, the terms and provisions of this Series Supplement shall govern. References to
any Article or Section are 

  

 
references to Articles or Sections of the Agreement, except as otherwise expressly provided. All capitalized terms not otherwise defined herein are defined
in the Agreement, and the interpretive provisions set out in Section 1.2 of the Agreement apply to this Series Supplement. Each capitalized term defined herein relates only to the Series 2004-MC Certificate and no other Series of Certificates issued
by the Trust. 
  
 “Adjusted Outstanding Dollar Principal
Amount” has the meaning specified in the Indenture. 
  
 “Aggregate Targeted Interest Deposit Amount” means the sum of the Targeted Interest Deposit Amounts (as such term is defined in each of the related Indenture Supplements) for each outstanding series of Notes. 
  
 “Available Funds” means, with respect to any Monthly Period,
an amount equal to the sum of (i) Collections of Finance Charge Receivables allocated to the Series 2004-MC Certificate and deposited in the Finance Charge Account for such Monthly Period (or to be deposited in the Finance Charge Account on
the related Transfer Date with respect to the preceding Monthly Period pursuant to the third paragraph of Section 4.3(a) of the Agreement), plus (ii) Excess Funding Account Earnings with respect to such Monthly Period, plus (iii) the
amount of Excess Finance Charge Collections with respect to Group One that are allocated to Series 2004-MC in accordance with Section 4.5 of the Agreement. 
  
 “Available Investor Principal Collections” means, for any Monthly Period, an amount equal to (a) the Investor Principal Collections for
such Monthly Period plus (b) the amount of Shared Principal Collections with respect to Group One that are allocated to Series 2004-MC in accordance with Section 4.4 of the Agreement. 
  
 “Beginning of Month Principal Receivables” means, with respect to the Receivables and any Monthly Period,
an amount equal to the Aggregate Receivables as of the first day of such Monthly Period (or, in the case of the Monthly Period commencing June 1, 2004, as of the Closing Date) minus Finance Change Receivables as of such date. 
  
 “Business Day” means any day other than a Saturday, a Sunday
or a day on which banking institutions in New York, New York, Minneapolis, Minnesota or Pittsburgh, Pennsylvania are authorized or obligated by law or executive order to be closed. 
  
 “Certificate Representative” means (a) if there is one Holder of the Series 2004-MC Certificate, such
Holder or the designee of such Holder, and (b) if there is more than one Holder of the Series 2004-MC Certificate, the designee of the Holders of a majority of the outstanding principal Balance of the Series 2004-MC Certificate. 
  
 “Closing Date” means June 24, 2004. 
  
 “Distribution Date” means July 15, 2004 and the fifteenth
day of each calendar month thereafter, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  

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 “Excess Aggregate Tier 3 Insurer Concentration Amount” means, as of any date of
determination, Aggregate Receivables relating to the financing of the insurance premiums of Tier 3 Insurers in excess of 30% of Aggregate Receivables as of that date of determination. 
  
 “Excess Aggregate Tier 4 Insurer Concentration Amount” means, as of any date of determination, Aggregate
Receivables relating to the financing of the insurance premiums of Tier 4 Insurers in excess of 5% of Aggregate Receivables as of that date of determination. 
  
 “Excess Finance Charge Collections” means, as the context requires, either (a) the amount allocated to the Series 2004-MC Certificate
that may be applied to the Series Finance Charge Shortfall with respect to other outstanding Series in Group One or (b) the amounts allocated to the investor certificates of other Series in Group One that the applicable Supplements for such Series
specify are to be treated as “Excess Finance Charge Collections” and that may be applied to cover the Series Finance Charge Shortfall with respect to the Series 2004-MC Certificate. 
  
 “Excess Funding Account Earnings” means, with respect to any
Monthly Period and the related Transfer Date, the investment earnings on Unallocated Principal Collections on deposit in the Excess Funding Account (net of investment expenses and losses) for the period from and including the immediately preceding
Transfer Date to but excluding such Transfer Date. 
  
 “Excess Insurer Concentration Amount” means, as of any date of determination, an amount equal to the sum of (i) with respect to Lloyd’s of London, if Lloyd’s of London has a financial strength or corporate debt
rating from Standard and Poor’s of at least A-, the amount by which Aggregate Receivables relating to the financing of insurance premiums of Lloyd’s of London, as a percentage of Aggregate Receivables, exceeds 15%, or if such ratings of
Lloyd’s of London are below such levels, 5%; (ii) with respect to American International Group, Inc. and its Affiliates and subsidiaries, if American International Group, Inc., has (a) a financial strength rating, or if not available, a
corporate debt rating, from Standard and Poor’s of at least AA- and (b) a financial strength rating, or if not available, corporate debt rating, from Moody’s of at least Aa3, the amount by which Aggregate Receivables relating to the
financing of insurance premiums of American International Group, Inc. and its Affiliates and subsidiaries, as a percentage of Aggregate Receivables, exceeds 35%, or if such ratings of American International Group, Inc., are below such levels, as
determined pursuant to the applicable following clause; (iii) with respect to each Tier 1 Insurer, the amount by which Aggregate Receivables relating to the financing of insurance premiums of such Tier 1 Insurer, as a percentage of Aggregate
Receivables, exceeds 20%; (iv) with respect to each Tier 2 Insurer, the amount by which Aggregate Receivables relating to the financing of insurance premiums of such Tier 2 Insurer, as a percentage of Aggregate Receivables, exceeds 10%; (v) with
respect to each Tier 3 Insurer, the amount by which Aggregate Receivables relating to the financing of insurance premiums of such Tier 3 Insurer, as a percentage of Aggregate Receivables, exceeds 5% of Aggregate Receivables; (vi) with respect to
each Tier 4 Insurer, the amount by which aggregate receivables relating to the financing of insurance premiums of such Tier 4 Insurer, as a percentage of aggregate receivables, exceeds 3% of Aggregate Receivables; for the avoidance of 

  

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doubt, if more than one clause (i)-(vi) above is applicable with respect to an insurer, the portion of the Excess Insurer Concentration Amount with respect
to such insurer shall be determined pursuant to the first applicable clause, in such order as set forth above; provided, however, that notwithstanding anything to the contrary contained in Section 13.1 of the Agreement, the percentages
herein may be increased at any time by the Servicer, and the Transferor with the consent of any Credit Enhancement Provider, but without the consent of the Holders, if the Rating Agency Condition has been satisfied with respect to such increase.

  
 “Fee Agreement” means that agreement dated as
of the Closing Date, between the Transferor, AFCO Credit and the Trustee. 
  
 “Fixed Investor Percentage” means, with respect to any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the Principal Allocation Amount as of the close of
business on the last day of the preceding Monthly Period, and the denominator of which is the greater of (a) the aggregate amount of Beginning of Month Principal Receivables for such Monthly Period and (b) the sum of the numerators
used to calculate the Investor Percentages (as such term is defined in the Agreement) for allocations with respect to Principal Receivables for all outstanding Series for such Monthly Period; provided that with respect to any Monthly Period
in which a Reset Date occurs, the denominator determined pursuant to clause (a) shall be (i) the aggregate amount of Beginning of Month Principal Receivables for such Monthly Period for the period from and including the first day of such Monthly
Period to but excluding the Reset Date and (ii) the aggregate amount of Principal Receivables in the Trust as of the beginning of the day on the Reset Date (after adjusting for the aggregate amount of Principal Receivables added to or removed from
the Trust on the Reset Date, if applicable), for the period from and including the Reset Date to and including the last day of such Monthly Period. 
  
 “Floating Allocation Investor Interest” means, on any date of determination during any Monthly Period, an amount equal to the aggregate
Available Funds Allocation Amount (as defined in the Indenture) for all series of Notes. 
  
 “Floating Investor Percentage” means, with respect to any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the aggregate Nominal Liquidation Amount for all
Notes issued by the Issuer as of the close of business on the last day of the preceding Monthly Period (or with respect to the first Monthly Period, the Initial Notes) and the denominator of which is the greater of (a) the aggregate
amount of Beginning of Month Principal Receivables for the related Monthly Period, and (b) the sum of the numerators used to calculate the Investor Percentages (as such term is defined in the Agreement) for allocations with respect to Finance Charge
Receivables or, Default Amounts, as applicable, for all outstanding Series on such date of determination; provided that with respect to any Monthly Period in which a Reset Date occurs, the denominator determined pursuant to clause (a) shall
be (i) the aggregate amount of Principal Receivables in the Trust as of the beginning of the day on the Reset Date for the period from and including the first day of such Monthly Period (or in the case of the first Monthly Period, the Closing Date)
to but excluding the Reset Date and (ii) the aggregate amount of Principal Receivables in the Trust as of the beginning of the day on the Reset Date (after adjusting for the aggregate amount of Principal Receivables added to or removed from the
Trust on the Reset Date, if applicable), for the period from and including the Reset Date to and including the last day of such Monthly Period. 
  

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 “Group One” means Series 2004-MC and each other Series specified in the related
Supplement to be included in Group One. 
  
 “Indenture” means the Indenture, dated as of June 24, 2004, between Mellon Bank PFL Master Note Trust, as Issuer, and Wells Fargo Bank, National Association, as indenture trustee, as amended and supplemented from time to
time. 
  
 “Indenture Supplement” has the meaning
specified in the Indenture. 
  
 “Initial Investor
Interest” shall mean, when used in the Agreement, this Series Supplement or any other Supplement with respect to Series 2004-MC and with respect to any Monthly Period, the Initial Dollar Principal Amount (as defined in the Indenture) of any
Outstanding series or class of Notes. 
  
 “Initial
Notes” means the Mellon Bank PFL Master Note Trust Asset-Backed Notes, Series 2004-1, Class A, Class B, Class C and Class D. 
  
 “Investor Default Amount” means, for any Monthly Period, an amount equal to the product of (a) the Default Amount and (b) the
Floating Investor Percentage, in each case for such Monthly Period. 
  
 “Investor Interest” means, on any date of determination, an amount equal to the sum of the Nominal Liquidation Amounts for each class of Notes Outstanding as of such date of determination. 
  
 “Investor Percentage” means, for any Monthly Period, (a)
with respect to Finance Charge Receivables, Finance Charge Collections and Default Amounts at any time, the Floating Investor Percentage and (b) with respect to Principal Receivables and Principal Collections, the Fixed Investor Percentage.

  
 “Investor Principal Collections” means, with
respect to any Monthly Period, the sum of (a) the aggregate amount deposited or required to be deposited (before giving effect to any permitted netting) into the Principal Account for such Monthly Period pursuant to Section 4.7(a)(ii) or
4.7(b)(ii), in each case, as applicable to such Monthly Period and (b) the aggregate amount of Unallocated Principal Collections deposited or required to be deposited on the related Transfer Date (before giving effect to any permitted netting) into
the Principal Account pursuant to Section 4.7(c). 
  
 “Investor Servicing Fee” is defined in Section 3 of this Series Supplement. 
  
 “Issuer” means the Mellon Bank PFL Master Note Trust, a Delaware statutory trust. 
  
 “Legal Maturity Date” has, with respect to any class of
Notes, the meaning specified in the Indenture. 
  
 “Mellon
Bank” means Mellon Bank, N.A., a national banking association. 
  

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 “Minimum Transferor Interest” means as of any date of determination, an amount equal to
3% of the aggregate amount of Principal Receivables as of such date of determination; provided that the Transferor may increase or reduce the percentage used to determine the Minimum Transferor Interest (but not below 2%) upon (a) 30 day’s
prior written notice to the Trustee, each Rating Agency and any Credit Enhancement Provider, (b) satisfaction of the Rating Agency Condition, and (c) delivery to the Trustee and each such Credit Enhancement Provider of an Officer’s Certificate
stating that the Transferor reasonably believes that such reduction will not, based on the facts known to such officer at the time of such certification, then or thereafter cause a Pay Out Event to occur with respect to any Series. 
  
 “Monthly Payment Rate” means, in respect of any Monthly
Period, a fraction (expressed as a percentage), the numerator of which shall equal the aggregate Collections received by the Servicer during such Monthly Period and the denominator of which shall equal the aggregate amount of Principal Receivables
as of the close of business on the fifteenth day of such Monthly Period (or, if such day is not a Business Day, the immediately succeeding Business Day). 
  
 “Monthly Period” is defined in the Agreement, except that, with respect to Principal Collections, the first Monthly Period for the
Investor Certificates begins on and includes the Closing Date and ends on and includes June 30, 2004. 
  
 “Nominal Liquidation Amount” has, with respect to any series of Notes, the meaning specified in the Indenture. 
  
 “Note” has the meaning specified in the Indenture.

  
 “Note Trust Finance Charge Shortfall
Percentage” means a fraction, the numerator of which is the Series Finance Charge Shortfall and the denominator of which is the aggregate amount of all Finance Charge Shortfalls for all Series in Group One. 
  
 “Note Trust Principal Shortfall Percentage” means a
fraction, the numerator of which is the Series Principal Shortfall and the denominator of which is the aggregate amount of all Principal Shortfalls for all Series in Group One. 
  
 “Noteholder” has the meaning specified in the Indenture. 
  
 “Pay Out Commencement Date” means the date on which a Trust
Pay Out Event is deemed to occur pursuant to Section 9.1 of the Agreement or a Series 2004-MC Pay Out Event is deemed to occur pursuant to Section 7 of this Series Supplement. 
  
 “Principal Account” is defined in Section 4.10(a). 
  
 “Principal Allocation Amount” means, on any date during any
month for any class or series of Notes (exclusive of (x) any Notes within such class or series of Notes which will be paid in full during such month and (y) any Notes which will have a Nominal Liquidation Amount of zero during such month), an amount
equal to the sum of (a) for any class or series of Notes in a Note Amortization Period (as such term is defined in the Indenture), the sum of the Nominal Liquidation Amounts for such Notes as of the close of business on the day prior to the

  

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commencement of the most recent Note Amortization Period (as such term is defined in the Indenture) for such Notes, and (b) for all other Notes, the sum of
the Nominal Liquidation Amounts for such notes as of the close of business on the last day of the immediately preceding month (or, with respect to the first month for any such Notes, the initial dollar principal amount of such Notes). 
  
 “Rapid Amortization Period” means the period commencing on
the Pay Out Commencement Date and ending on the Series 2004-MC Termination Date. 
  
 “Rating Agency” means, so long as any series of Notes is rated by Moody’s, Moody’s, so long as any series of Notes is rated by Standard & Poor’s, Standard & Poor’s and, so
long as any series of Notes is rated by Fitch, Fitch. 
  
 “Rating Agency Condition” means the notification in writing by each Rating Agency to the Transferor, the Servicer and the Trustee that an action will not result in any Rating Agency reducing or withdrawing its then existing
rating of the Investor Certificates (as defined in the Agreement) of any outstanding Series or class of a Series with respect to which it is a Rating Agency. 
  
 “Reset Date” means (a) any date on which Receivables are removed from the Trust pursuant to Section 2.6 of the Agreement or any date on
which, if any Series has been paid in full, Principal Receivables in an aggregate amount approximately equal to the Initial Investor Interest of such Series are removed from the Trust or (b) any date on which there is an increase in the Investor
Interest under any Variable Interest issued by the Trust. 
  
 “Revolving Period” means the period from and including the Closing Date, to but not including the Pay Out Commencement Date. 
  
 “Series 2004-MC” means the Series of the Mellon Bank Premium Finance Loan Master Trust represented by the Series 2004-MC Certificates.

  
 “Series 2004-MC Holders” means the holders of
record of the Series 2004-MC Certificate. 
  
 “Series
2004-MC Monthly Principal Payment” means, with respect to any Monthly Period, an amount equal to the aggregate Monthly Principal Payments (as defined in the Indenture) for each Series of Notes for such Monthly Period. 
  
 “Series 2004-MC Pay Out Event” is defined in Section 7 of
this Series Supplement. 
  
 “Series 2004-MC Termination
Date” means the earlier to occur of (a) the date designated by the Transferor following the last Legal Maturity Date of any series or class of Notes, and (b) the Trust Termination Date. 
  
 “Series Finance Charge Shortfall” means, with respect to any
Transfer Date, an amount equal to the excess, if any, of (a) the Aggregate Targeted Interest Deposit Amount for such Transfer Date over (b) the amount available to be distributed under Section 4.8(a)(iii). 
  

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 “Series Principal Shortfall” means, with respect to any Transfer Date, an amount equal
to the excess, if any, of (a) the Series 2004-MC Monthly Principal Payment for such Transfer Date over (b) the amount available to be distributed under Section 4.8(b)(i). 
  
 “Series Servicing Fee Percentage” means 0.50%. 
  
 “Shared Principal Collections” means, as the context
requires, either (a) the amount allocated to the Series 2004-MC Certificate that may be applied to the Series Principal Shortfall with respect to other outstanding Series in Group One or (b) the amounts allocated to the investor certificates of
other Series in Group One that the applicable Supplements for such Series specify are to be treated as “Shared Principal Collections” and that may be applied to cover the Series Principal Shortfall with respect to the Series 2004-MC
Certificate. 
  
 “Split Rating Determination
Methodology” means, for purposes of determining whether an insurance carrier is a Tier 1 Insurer, a Tier 2 Insurer, a Tier 3 Insurer or a Tier 4 Insurer, in the event that (i) an insurance carrier has a split rating from Moody’s and
Standard & Poor’s, such insurance carrier will be considered to have a single rating equal to the lower of the two ratings and (ii) in the event that an insurance carrier (other than Lloyd’s of London) is rated by one but not both
rating agencies, that rating will be reduced by one full rating category. 
  
 “Tier 3 Insurer” means, as of any date of determination (applying, if applicable, the Split Rating Determination Methodology), (i) an insurance carrier (that is not a foreign carrier, except for
Lloyd’s of London) that has a then current (a) claims-paying ability rating, if available, or otherwise unsecured rating, of below investment grade (investment grade being a rating in one of the top four generic rating categories, irrespective
of any plus or minus) from Standard & Poor’s and/or (b) insurance financial strength rating, if available, or otherwise unsecured rating, of below investment grade (investment grade being a rating in one of the top four generic rating
categories, irrespective of any plus or minus) by Moody’s or (ii) an insurance carrier (that is not a foreign carrier, except for Lloyd’s of London) that has been rated by neither Standard & Poor’s nor Moody’s. 
  
 “Tier 4 Insurer” means, as of any date of determination, a
foreign insurance carrier (other than Lloyd’s of London) that would otherwise be a Tier 3 Insurer. 
  
 “Trustee Fee” means, to the extent not paid pursuant to the Fee Agreement, for any Transfer Date, an amount equal to one twelfth of the
Trustee’s annual fee of $3,500, plus additional expenses of the Trustee, not to exceed an aggregate fee of $53,500 per annum. 
  
 “Unallocated Principal Collections” is defined in Section 4.7(c). 
  
 “Weighted Average Floating Allocation Investor Interest” means, with respect to any Monthly Period, the
sum of the Floating Allocation Investor Interests as of the close of business on each day during such Monthly Period divided by the actual number of days in such Monthly Period. 
  
 SECTION 3. Servicing Compensation. The share of the Servicing Fee
allocable to the Series 2004-MC Certificate with respect to any Transfer Date (the “Investor Servicing Fee”) shall be equal to one-twelfth of the product of (i) the Series Servicing Fee 

  

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Percentage and (ii) the Weighted Average Floating Allocation Investor Interest as of the last day of the Monthly Period preceding such Transfer Date. Except
as specifically provided above, the Servicing Fee shall be paid by the cash flows from the Trust allocated to the Transferor or the certificateholders of other Series (as provided in the related Supplements) and in no event shall the Trust, the
Trustee or the Series 2004-MC Holders be liable therefor. The Investor Servicing Fee shall be payable solely to the extent amounts are available for distribution in respect thereof pursuant to subsection 4.8(a)(ii). 
  
 SECTION 4. Delivery of the Series 2004-MC Certificate. 
  
 (a) The Transferor shall execute and deliver the Series 2004-MC Certificate
to the Trustee for authentication in accordance with Section 6.1 of the Agreement. The Trustee shall deliver such Certificate when authenticated in accordance with Section 6.2 of the Agreement. 
  
 (b) The Series 2004-MC Certificate shall be delivered as a Registered
Certificate as provided in Section 6.1 of the Agreement. 
  
 (c)
The Series 2004-MC Certificate shall constitute a “security” within the meaning of (i) Article 8 of the Uniform Commercial Code (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Minnesota and (ii) the
Uniform Commercial Code of any other applicable jurisdiction that presently or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform
State Laws and approved by the American Bar Association on February 14, 1995. 
  
 (d) When issued and sold in accordance with the terms of the Agreement, including when duly executed and authenticated by the Trustee in accordance with the terms of the Agreement and when issued and delivered against
payment therefore, the Series 2004-MC Certificate will be duly and validly issued and outstanding, fully paid, non-assessable, and entitled to the benefits of the Agreement. 
  
 SECTION 5. Article IV of the Agreement. 
  
 Sections 4.1 through 4.5 shall read in their entirety as provided in the Agreement. Article IV (except for Sections 4.1
through 4.5 thereof) shall be read in its entirety as follows and shall be applicable only to the Investor Certificates: 
  
 ARTICLE IV 
 RIGHTS OF HOLDERS AND ALLOCATION
AND 
 APPLICATION OF COLLECTIONS 
  
 SECTION 4.6 Rights of Series 2004-MC Certificateholders. The Series 2004-MC Certificate shall represent undivided interests in the Trust,
consisting of the right to receive, to the extent necessary to make the required payments with respect to the Series 2004-MC Certificate at the times and in the amounts specified in this Agreement, (a) the Floating Investor Percentage and Fixed
Investor Percentage (as applicable from time to time) of Collections received with respect to the Receivables and (b) funds on deposit in the Collection Account, the 

  

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Excess Funding Account, the Finance Charge Account, the Principal Account and the Distribution Account. The Transferor shall not have any interest in the
Collection Account, the Excess Funding Account, the Finance Charge Account, the Principal Account or the Distribution Account, except as specifically provided in this Article IV. 
  
 SECTION 4.7 Allocations. 
  
 (a) Allocations During the Revolving Period. During the Revolving Period, the Servicer shall, prior to the close of business on the day any
Collections are deposited in the Collection Account, allocate to the Series 2004-MC Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below (subject to Section 4.3): 
  
 (i) Allocate to the Series 2004-MC Certificateholders and deposit into the
Finance Charge Account an amount equal to the product of (A) the Floating Investor Percentage on the Date of Processing of such Collections and (B) the Finance Charge Collections on such Date of Processing, to be applied in accordance with
Section 4.8. 
  
 (ii) Allocate to the Series 2004-MC
Certificateholders and deposit into the Principal Account an amount equal to the product of (1) the Fixed Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Principal Collections on such Date of
Processing. 
  
 (b) Allocations During the Rapid Amortization
Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Series 2004-MC Certificateholders or the Transferor and pay or
deposit from the Collection Account the following amounts as set forth below (subject to Section 4.3): 
  
 (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Floating Investor Percentage on the Date of Processing of
such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing, to be applied in accordance with Section 4.8. 
  
 (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Fixed Investor Percentage on
the Date of Processing of such Collections and (2) the aggregate amount of Principal Collections on such Date of Processing, provided that the aggregate amount deposited into the Principal Account pursuant to this Section 4.7(b)(ii)(A) shall
not exceed the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any
adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period), and (B) pay to the Transferor an amount equal to the excess, if any, identified in the proviso to clause (A) above, provided
that the amount to be paid to the Transferor pursuant to this Section 4.7(b)(ii)(B) with respect to any Date of Processing shall be paid to 

  

 -10- 

 
the Transferor only to the extent that the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving
effect to the inclusion in the Trust of all Receivables transferred to the Trust on or prior to such Date of Processing and the application of payments referred to in Section 4.3(b)) and otherwise shall be deposited into the Excess Funding Account
in accordance with Section 4.7(c). 
  
 (c) Excess Funding
Account. Any Principal Collections not allocated and paid to the Transferor because of the limitation contained in Section 4.7(b)(ii)(B) or 4.8(b)(iii) and any amounts allocable to the Investor Certificates deposited in the Principal Account
pursuant to Section 2.4(d)(iii) of the Agreement (“Unallocated Principal Collections”) shall be held in the Excess Funding Account and, prior to the commencement of the Rapid Amortization Period shall be paid to the Transferor when,
and only to the extent that, the Transferor Interest is greater than the Minimum Transferor Interest. For each Transfer Date with respect to the Rapid Amortization Period, any such Unallocated Principal Collections held in the Excess Funding,
Account on such Transfer Date shall be included in the Investor Principal Collections which, to the extent available, shall be distributed as Available Investor Principal Collections to be applied pursuant to Section 4.8 on such Transfer Date.
Notwithstanding Section 4.2(e) of the Agreement, Excess Funding Account Earnings shall constitute part of the Trust, shall constitute Available Funds and shall not be turned over to the Transferor. 
  
 With respect to the Investor Certificates, and notwithstanding anything in
the Agreement or this Series Supplement to the contrary, if at any time the Servicer is required to make daily deposits from the Collection Account into the Finance Charge Account or the Principal Account pursuant to Sections 4.7(a) and 4.7(b) with
respect to any Monthly Period: 
  
 (i) on or after the related
Determination Date, the Servicer may withdraw from the Finance Charge Account and the Principal Account any portion of the principal balance held in each such account in excess of the aggregate amount that will be required to be distributed to
Series 2004-MC Certificateholders or distributed in accordance with the Indenture (directly or after deposit into the Distribution Account) on the related Distribution Date and transfer such funds to the Transferor (except that any such excess
amount held in the Principal Account and any portion of such excess amount held in the Finance Charge Account that would have been treated as a portion of Investor Principal Collections on the related Transfer Date shall be transferred to the
Transferor only to the extent that the Transferor Interest on the date of transfer is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables transferred to the Trust on or prior to such
date and the application of payments referred to in Section 4.3(b)) and otherwise shall be deposited into the Excess Funding Account in accordance with the first paragraph of this Section 4.7(c); and 
  
 (ii) on any date, the Servicer may withdraw from the Collection Account, the
Finance Charge Account or the Principal Account any amounts inadvertently deposited in such account that should not have been so deposited. 
  
 SECTION 4.8 Monthly Payments. On or before the second Business Day prior to each Transfer Date, the Servicer shall instruct the Trustee in writing
(which writing shall be 

  

 -11- 

 
substantially in the form of Exhibit B) to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or
the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account and the Principal Account as follows: 
  
 (a) An amount equal to the Available Funds for the related Monthly Period shall be distributed or deposited on each Transfer
Date, to the extent available, in the following priority: 
  
 (i)
an amount equal to the Trustee Fee shall be distributed to the Trustee; 
  
 (ii) an amount equal to the Investor Servicing Fee for such Transfer Date, plus any Investor Servicing Fee due but not paid to the Servicer on any prior Transfer Date shall be distributed to the Servicer; 

 
 (iii) an amount equal to the lesser of (A) the Available Funds for
such Transfer Date and (B) an amount equal to the Aggregate Targeted Interest Deposit Amount for the related Monthly Period shall be paid on each Transfer Date to the Certificate Representative in accordance with Section 5.1; and 
  
 (iv) the balance shall be treated as Excess Finance Charge Collections and
applied in accordance with Section 4.5 of the Agreement; provided that the Note Trust Finance Charge Shortfall Percentage of such remaining amounts shall be distributed to the Certificate Representative in accordance with Section 5.1;
provided further that if the amounts available under this clause (i) exceed the aggregate Finance Charge Shortfalls for all Series in Group One, the Investor Percentage of such excess shall be distributed to the Certificate Representative in
accordance with Section 5.1. 
  
 (b) During the Revolving Period,
an amount equal to the Available Investor Principal Collections for the related Monthly Period shall be distributed on each Transfer Date, to the extent available, in the following priority: 
  
 (i) an amount equal to the lesser of (A) the Available Investor
Principal Collections for such Transfer Date and (B) an amount equal to the Series 2004-MC Monthly Principal Payment for the related Monthly Period shall be paid on each Transfer Date to the Certificate Representative in accordance with Section 5.1;

  
 (ii) the balance shall be treated as Shared Principal
Collections and applied in accordance with Section 4.4 of the Agreement; provided that the Note Trust Principal Shortfall Percentage of such remaining amounts, in an amount not to exceed the Series Principal Shortfall, shall be distributed to
the Certificate Representative in accordance with Section 5.1; and 
  
 (iii) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections for such Transfer Date over (B) the applications specified in Sections 4.8(b)(i) and (ii) above shall be paid to the Transferor,
provided that the 

  

 -12- 

 
amount to be paid to the Transferor pursuant to this Section 4.8(b)(iii) with respect to such Transfer Date shall be paid to the Transferor only to the
extent that the Transferor Interest on such Transfer Date is greater than the Minimum Transfer Interest (after giving effect to the inclusion in the Trust of all Receivables transferred to the Trust on or prior to such Transfer Date and the
application of payments referred to in Section 4.3(b)) and otherwise shall be deposited into the Excess Funding Account in accordance with Section 4.7(c). 
  
 (c) During the Rapid Amortization Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period shall be
distributed on each Transfer Date, to the extent available, in the following priority: 
  
 (i) an amount equal to the Investor Interest shall be paid to the Series 2004-MC Certificateholders in accordance with Section 5.1; and 
  
 (ii) the balance shall be paid to the Transferor. 
  
 SECTION 4.9 Shared Principal Collections and Excess Finance Charge Collections. Solely for the purpose of determining
the amount of Available Investor Principal Collections to be treated as Shared Principal Collections and Available Funds to be treated as Excess Finance Charge Collections on any Transfer Date allocable to other Series in Group One, on each
Determination Date, the Servicer shall determine the amount of Shared Principal Collections and Excess Finance Charge Collections with respect to Series 2004-MC as of such Determination Date for the following Transfer Date. 
  
 SECTION 4.10 Principal Account. (a) The Trustee shall establish and
maintain in the name of the Trust, on behalf of the Trust, for the benefit of the Investor Holders, a segregated trust account (the “Principal Account”) bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Investor Holders, or establish and maintain the Principal Account with a Qualified Institution. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Principal Account
and in all proceeds thereof. The Principal Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Holders. If at any time a Qualified Institution holding the Principal Account ceases to be a Qualified
Institution, the Transferor shall notify the Trustee, and the Trustee upon being notified (or the Servicer on its behalf) shall, within 10 Business Days, establish a new Principal Account meeting the conditions specified above, and shall transfer
any cash or any investments to such new Principal Account. The Trustee, at the direction of the Servicer, shall make withdrawals from the Principal Account from time to time in the amounts and for the purpose set forth in this Series Supplement).

  
 (b) Funds on deposit in the Principal Account shall be
invested pursuant to the written direction of the Servicer by the Trustee in Permitted Investments. The Trustee shall maintain for the benefit of the Investor Holders possession of the negotiable instruments or securities, if any, evidencing such
Permitted Investments. No Permitted Investment shall be disposed of prior to its maturity. 
  
 SECTION 4.11 [Reserved.] 
  

 -13- 

 SECTION 4.12 Transferor’s or Servicer’s Failure to Make a Deposit or Payment. If the
Servicer or the Transferor fails to make, or give instructions to make, any payment or deposit (other than as required by Section 2.4(d) and (e) and 12.2(a) or Section 10.2 and 12.1) required to be made or given by the Servicer or the Transferor,
respectively, at the time specified in the Agreement or this Series Supplement (including applicable grace periods), the Trustee shall make such payment or deposit from the applicable Investor Account without instruction from the Servicer or the
Transferor. The Trustee shall be required to make any such payment, deposit, or withdrawal hereunder only to the extent that the Trustee has sufficient information to allow it to determine the amounts thereof; provided, however, that
absent appropriate instructions from the Servicer or the Transferor, as applicable, the Trustee shall in all cases only be deemed to have sufficient information to determine the amount thereof. The Trustee shall, promptly following failure by either
the Servicer or the Transferor to provide any such instructions within the time specified pursuant to the Agreement or this Series Supplement (including applicable grace periods), use its reasonable efforts to contact the Servicer or the Transferor,
as applicable, to request receipt of any such instructions. The Servicer shall, upon request of the Trustee, promptly provide the Trustee with all information necessary to allow the Trustee to make such payment, deposit or withdrawal. Such funds or
the proceeds of such withdrawal shall be applied by the Trustee in the manner in which such payment or deposit should have been made by the Transferor or the Servicer, as the case may be. 
  
 SECTION 6. Article V of the Agreement. Article V of the Agreement shall read in its entirety as follows and shall be
applicable only to the Series 2004-MC Certificateholders: 
  
 ARTICLE V 
 DISTRIBUTIONS AND REPORTS TO INVESTOR HOLDERS 
  
 SECTION 5.1 Distributions. (a) On each Payment Date, the Trustee shall distribute (in accordance with the certificate
delivered on or before the related Transfer Date by the Servicer to the Trustee pursuant to Section 3.4(b)) to the Certificate Representative the aggregate amount payable to the Series 2004-MC Certificateholders pursuant to Section 4.08 to the
account of the Certificate Representative, as specified in writing by the Certificate Representative, in immediately available funds. 
  
 SECTION 5.2 Monthly Series Certificateholders’ Statement. (a) On or before each Distribution Date, the Trustee shall forward to each Series
2004-MC Holder and each Rating Agency or, with the prior consent of any such party, make available electronically to such consenting party a statement substantially in the form of Exhibit C prepared by the Servicer and delivered to the Trustee;
provided, however, that the Trustee shall have no obligation to provide such statement until it has received the requisite statement from the Servicer. 
  
 (b) The Trustee may make available to each Series 2004-MC Holder and each Rating Agency, via the Trustee’s Internet
Website, the statements referred to in Section 5.2(a) hereof on or before the date such statement is required thereunder and, with the consent or at the direction of the Transferor, such other information regarding the Series 2004-MC Certificates
and/or the Receivables as the Trustee may have in its possession; provided, however, that without the prior consent of such party, the availability of such website shall not release the 

  

 -14- 

 
Trustee from its obligation pursuant to Section 5.2(a) hereof to provide such information directly to such party. The Trustee will make no representation or
warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor. 
  
 The Trustee’s Internet Website shall be initially located at “www.ctslink.com” or at such other address as shall be specified by the
Trustee from time to time in writing to each Series 2004-MC Holder and each Rating Agency. In connection with providing access to the Trustee’s Internet Website, the Trustee may require registration and the acceptance of a disclaimer.

  
 SECTION 7. Series 2004-MC Pay Out Events. If any one of
the following events shall occur with respect to the Investor Certificates: 
  
 (a) failure on the part of the Transferor (i) to make any payment or deposit required by the terms of (A) the Agreement or (B) this Series Supplement, on or before the date occurring five days after the date such
payment or deposit is required to be made herein or (ii) duly to observe or perform in any material respect any covenants or agreements of the Transferor set forth in the Agreement or this Series Supplement, which failure has a material adverse
effect on the Series 2004-MC Holders and which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Trustee, or to the
Transferor and the Trustee by the Holders of Investor Certificates evidencing Undivided Interests aggregating not less than 50% of the Investor Interest, and continues to affect materially and adversely the interests of the Series 2004-MC Holders
for such period; 
  
 (b) any representation or warranty made by
the Transferor in the Agreement or this Series Supplement, or any information contained in a Receivables Schedule required to be delivered by the Transferor pursuant to Section 2.1, (i) shall prove to have been incorrect in any material respect when
made or when delivered, which continues to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the
Trustee, or to the Transferor and the Trustee by the Holders of Investor Certificates evidencing Undivided Interests aggregating not less than 50% of the Investor Interest, and (ii) as a result of which the interests of the Series 2004-MC Holders
are materially and adversely affected and continue to be materially and adversely affected for such period, provided that a Series 2004-MC Pay Out Event pursuant to this Section 7(b) shall not be deemed to have occurred hereunder if the
Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Agreement; 
  
 (c) [ Reserved. ] 
  
 (d) an Originator shall fail to convey Additional Receivables to Mellon Bank as required by the First Tier Receivables Purchase Agreement, Mellon Bank
shall fail to convey Additional Receivables to the Transferor as required by the Second Tier Receivables Purchase Agreement or the Transferor shall fail to convey Additional Receivables to the Trust as required by Section 2.1(b); 
  

 -15- 

 (e) any Servicer Default shall occur that would have a material adverse effect on the Series 2004-MC
Holders; 
  
 (f) the Monthly Payment Rate averaged for three
consecutive Monthly Periods is less than 12%; or 
  
 (g) for a
period of three consecutive Determination Dates, (i) there exists an Excess Obligor Concentration Amount, (ii) there exists an Excess Insurer Concentration Amount, (iii) there exists an Excess Aggregate Tier 4 Insurer Concentration Amount, (iv)
there exists an Excess Aggregate Tier 3 Insurer Concentration Amount, (v) the Aggregate Top Tier 3 Insurer Percentage is greater than the Maximum Aggregate Top Tier 3 Insurer Percentage or (vi) the Aggregate Top Tier 2 Insurer Percentage is greater
than the Maximum Top Tier 2 Insurer Percentage. 
  
 then, in the case of any event
described in Section 7(a), (b) or (e) hereof, after the applicable grace period, if any, set forth in such Sections, either the Trustee or Holders of Series 2004-MC Certificates evidencing Undivided Interests aggregating not less than 50% of the
Investor Interest of this Series 2004-MC by notice then given in writing to the Transferor and the Servicer (and to the Trustee if given by the Holders) may declare that a pay out event (a “Series 2004-MC Pay Out Event”) has
occurred as of the date of such notice, and in the case of any event described in Section 7(c), (d),(f) or (g) hereof, a Series 2004-MC Pay Out Event shall occur without any notice or other action on the part of the Trustee or the Investor Holders
immediately upon the occurrence of such event. The Series 2004-MC Pay Out Events described in Section 7(g) may be amended by the Transferor, the Trustee and the Servicer at any time, but without the consent of the Holders, if the Rating Agency
Condition has been satisfied with respect to such amendment. 
  
 SECTION 8. Series 2004-MC Termination. The right of the Investor Holders to receive payments from the Trust will terminate on the first Business Day following the Series 2004-MC Termination Date. 
  
 SECTION 9. Application of Proceeds of Issuance of Series 2004-MC. On
the Closing Date, the Trustee shall deposit the proceeds of the issuance of the Series 2004-MC Certificate into the Collection Account for application by the Trustee to the purchase of Additional Receivables pursuant to the Second Tier Receivables
Purchase Agreement. 
  
 SECTION 10. Counterparts. This
Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
  
 SECTION 11. Governing Law. THIS SERIES SUPPLEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 -16- 

 SECTION 12. Additional Notices. The Transferor shall notify the Rating Agencies promptly after
becoming aware of any Lien on any Receivable other than the conveyances under the Agreement. The Transferor shall notify the Indenture Trustee of any merger, consolidation, assumption or transfer referred to in Section 7.2. 
  
 SECTION 13. Additional Representations and Warranties of Servicer.
AFCO Acceptance and AFCO Credit, as initial Servicer, hereby makes, and any Successor Servicer by its appointment under the Agreement shall make the following representations and warranties: 
  
 (a) All Consents. All authorizations, consents, orders or approvals of or
registrations or declarations with any Governmental Authority required to be obtained, effected or given by the Servicer in connection with the execution and delivery of this Series Supplement by the Servicer and the performance of the transactions
contemplated by this Series Supplement by the Servicer, have been duly obtained, effected or given and are in full force and effect. 
  
 (b) Rescission or Cancellation. The Servicer shall not permit any rescission or cancellation of any Receivable except as ordered by a court of competent
jurisdiction or other Governmental Authority or in accordance with the normal operating procedures of the Servicer. 
  
 SECTION 14. No Petition. The Transferor (with respect to the Trust), the Servicer, the Back-up Servicer and the Trustee by entering into this
Series Supplement, and each Series 2004-MC Holder by accepting a Series 2004-MC Certificate, hereby covenant and agree that they will not, for one year and one day following the Trust Termination Date, institute against the Trust or the Transferor,
or join in any institution against the Trust or the Transferor of, any bankruptcy proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Investor Holders, the Agreement or
this Series Supplement. 
  
 SECTION 15. Amendments. Subject
to Sections 7 and 17, this Series Supplement may be amended pursuant to Section 13.1 of the Agreement. This Series Supplement also may be amended by the Transferor without the consent of the Servicer, the Back-up Servicer, the Trustee or any
Investor Holder if the Transferor provides the Trustee with: (i) an Opinion of Counsel to the effect that such amendment or modification (I) would (A) reduce the risk that the Trust would be treated as taxable as a publicly traded partnership
pursuant to Internal Revenue Code section 7704 or (B) permit the Trust or a relevant portion thereof to be treated as a “financial asset securitization investment trust” and (C) in either case, (1) would not cause the Trust to be
classified, for Federal income tax purposes, as an association (or publicly traded partnership) taxable as a corporation and (2) would not cause or constitute an event in which gain or loss would be recognized by any Investor Holder, and (II)
complies with all requirements of the Agreement; and (ii) a certificate that such amendment or modification would not materially and adversely affect any Investor Holder, provided that no such amendment shall be deemed effective without the
Trustee’s consent if the Trustee’s rights, duties and obligations hereunder are thereby modified. Promptly after the execution of any such amendment (other than an amendment pursuant to Section 13.1(a) of the Agreement), the Trustee shall
furnish notification of the substance of such amendment to each Rating Agency. Notwithstanding anything to the contrary contained in this Section 15, the provisions of this 

  

 -17- 

 
Series Supplement that affect the rights or obligations of the Back-up Servicer may only be amended with the further written consent of the Back-up Servicer.

  
 SECTION 16. No Liability of Owner Trustee. It is
expressly understood and agreed by the parties hereto that (i) this Series Supplement has been executed and delivered on behalf of the Transferor by Chase Manhattan Bank USA, National Association, not in its individual capacity, but solely as owner
trustee of the Transferor, in the exercise of the powers and authority vested in it pursuant to the Trust Agreement, (ii) each of the representations, undertakings and agreements made herein by the Transferor is not made or intended as a personal
representation, undertaking or agreement by Chase Manhattan Bank USA, National Association, but is made and intended for the purpose of binding only the Transferor and (iii) under no circumstances shall Chase Manhattan Bank USA, National Association
be liable for the payment of any indebtedness or expenses of the Transferor or for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Transferor under this Series Supplement, the Agreement, any
other Supplement or the Second Tier Receivables Purchase Agreement. 
  
 SECTION 17. Treatment of Noteholders. For purposes of any provision of the Agreement or this Series Supplement requiring or permitting actions with the consent of, or at the direction of, Series 2004-MC Certificateholders holding a
specified percentage of the aggregate unpaid principal amount of 2004-MC Certificates (a) each Noteholder shall be deemed to be a Series 2004-MC Certificateholder; (b) each Noteholder shall be deemed to be the Holder of an aggregate unpaid principal
amount of the Series 2004-MC Certificate equal to the Adjusted Outstanding Dollar Principal Amount of such Noteholder’s Notes; (c) each series of Notes under the Indenture shall be deemed to be a separate Series of Investor Certificates and the
Holder of a Note of such series will be deemed to be the Holder of an aggregate unpaid principal amount of such Series of Investor Certificates equal to the Adjusted Outstanding Dollar Principal Amount of such Noteholder’s Notes of such series;
(d) each class of Notes under the Indenture shall be deemed to be a separate Class of Investor Certificates and the Holder of a Note of such class shall be deemed to be the Holder of an aggregate unpaid principal amount of such Class of Investor
Certificates equal to the Adjusted Outstanding Dollar Principal Amount of such Noteholder’s Notes of such Class and (e) any Notes owned by the Mellon Bank PFL Master Note Trust, the Transferor, the Servicer, any holder of the Transferor
Interest or any Affiliate thereof shall be deemed not to be outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such consent or direction, only Notes that the Trustee knows to be so owned shall be so
disregarded. Notes so owned that have been pledged in good faith shall not be disregarded and may be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes
and that the pledgee is not the Transferor, the Servicer, any holder of the 2004-MC Interest or any Affiliate thereof. 
  
 SECTION 18. Transfer of the Series 2004-MC Certificate. After the Closing Date, the Series 2004-MC Certificate may not be sold, participated,
transferred, assigned, exchanged or otherwise pledged or conveyed in whole or in part except upon the prior delivery to the Trustee and the Owner Trustee (as defined in the Indenture) of a Master Trust Tax Opinion (as defined in the Indenture) and
an Issuer Tax Opinion (as defined in the Indenture), respectively, with respect thereto. 
  

 -18- 

 SECTION 19. Certain Commercial Law Representations and Warranties. The Transferor hereby makes the
following representations and warranties. Such representations and warranties shall survive until the termination of this Agreement. Such representations and warranties speak of the date that the Receivables are transferred to the Trust, but shall
not be waived by any of the parties to this Agreement unless each Rating Agency shall have notified the Transferor, the Servicer and the Owner Trustee in writing that such waiver will not result in a reduction or withdrawal of the rating of any
outstanding Series or Class to which it is a Rating Agency. 
  
 (a) The Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in favor of the Trust in the Receivables described in Section 2.1 of the Agreement, security interest is prior to all other liens, and is
enforceable as such against creditors of and purchasers from the Transferor. 
  
 (b) The Receivables constitute “general intangibles” within the meaning of the applicable UCC. 
  
 (c) At the time of its grant of any security interest in the Receivables pursuant to the Agreement, the Transferor owned and had good and marketable title
to the Receivables free and clear of any lien, claim or encumbrance of any Person. 
  
 (d) The Transferor has caused or will have caused, within ten (10) days of the initial execution of the Agreement and each transfer of Additional Receivables, 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 Trust pursuant to the Agreement. 
  
 (e) Other than the security interest granted to the Trust pursuant to the Agreement, the Transferor has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed the Receivables. The Transferor has not authorized the filing of and is not aware of any financing statements against the Transferor that include a description of the Receivables
other than any financing statement relating to the security interest granted to the Trust and the Indenture Trustee pursuant to the Agreement or the Indenture, as applicable, or that has been terminated. The Transferor is not aware of any judgment
or tax lien filings against the Transferor. 
  

 -19- 

 IN WITNESS WHEREOF, the Transferor, the Servicer, the Back-up Servicer and the Trustee have caused this
Series 2004-MC Supplement to be duly executed by their respective officers as of the day and year first above written. 
  

			
	 MELLON PREMIUM FINANCE LOAN OWNER TRUST, Transferor

		
	By:	 	 MELLON BANK, N.A., not in its individual capacity, but solely as administrator

	 	 	 
		
	By:	 	/s/    LEO Y. AU        
	 Name:
	 	Leo Y. Au
	 Title:
	 	Attorney-in-fact
	
	 AFCO CREDIT CORPORATION, Servicer

		
	By:	 	/s/    DARYL J. ZUPAN        
	 Name:
	 	Daryl J. Zupan
	 Title:
	 	President and CEO
	
	 AFCO ACCEPTANCE CORPORATION, Servicer

		
	By:	 	/s/    DARYL J. ZUPAN        
	 Name:
	 	Daryl J. Zupan
	 Title:
	 	President and CEO
	
	 PREMIUM FINANCING SPECIALISTS, INC. Back-up Servicer

		
	By:	 	/s/    BRYAN J. ANDRES        
	 Name:
	 	Bryan J. Andres
	 Title:
	 	Exec. VP, CFO
	
	 PREMIUM FINANCING SPECIALISTS OF CALIFORNIA, INC., Back-up Servicer

		
	By:	 	/s/    BRYAN J. ANDRES        
	 Name:
	 	Bryan J. Andres
	 Title:
	 	Sr. VP, Treasurer

  

 -20- 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, Trustee

		
	By:	 	/s/    JOE NARDI        
	 Name:
	 	Joe Nardi
	 Title:
	 	Vice President

  

 -21-Indenture

 Exhibit 4.3 

  
 MELLON BANK PFL MASTER NOTE TRUST 
  
 as Issuer 
  
 and 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
  
 as Indenture Trustee 
  

  
 INDENTURE 
  
 dated as of June 24, 2004 
  

  

 TABLE OF CONTENTS 
  
 GRANTING CLAUSE 
  

					
	 ARTICLE I
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

			
	 Section 1.01.
	  	 Definitions
	  	2
	 Section 1.02.
	  	 Compliance Certificates and Opinions
	  	16
	 Section 1.03.
	  	 Form of Documents Delivered to Indenture Trustee
	  	17
	 Section 1.04.
	  	 Acts of Noteholders
	  	17
	 Section 1.05.
	  	 Notices, etc., to Indenture Trustee and Issuer
	  	18
	 Section 1.06.
	  	 Notices to Noteholders, Waiver
	  	18
	 Section 1.07.
	  	 Conflict with Trust Indenture Act
	  	19
	 Section 1.08.
	  	 Effect of Headings and Table of Contents
	  	19
	 Section 1.09.
	  	 Successors and Assigns
	  	19
	 Section 1.10.
	  	 Separability
	  	19
	 Section 1.11.
	  	 Benefits of Indenture
	  	19
	 Section 1.12.
	  	 Governing Law
	  	20
	 Section 1.13.
	  	 Counterparts
	  	20
	 Section 1.14.
	  	 Indenture Referred to in the Trust Agreement
	  	20
	 Section 1.15.
	  	 Legal Holidays
	  	20
	
	 ARTICLE II
 NOTE FORMS

			
	 Section 2.01.
	  	 Forms Generally
	  	21
	 Section 2.02.
	  	 Forms of Notes
	  	21
	 Section 2.03.
	  	 Form of Indenture Trustee’s Certificate of Authentication
	  	21
	 Section 2.04.
	  	 Notes Issuable in the Form of a Global Note
	  	22
	 Section 2.05.
	  	 Temporary Global Notes and Permanent Global Notes
	  	24
	 Section 2.06.
	  	 Beneficial Ownership of Global Notes
	  	25
	 Section 2.07.
	  	 Notices to Depository
	  	26
	
	 ARTICLE III
 THE NOTES

			
	 Section 3.01.
	  	 General Title; General Limitations; Issuable in Series; Terms of a Series or class
	  	27
	 Section 3.02.
	  	 Denominations
	  	30
	 Section 3.03.
	  	 Execution, Authentication and Delivery and Dating
	  	30
	 Section 3.04.
	  	 Temporary Notes
	  	31
	 Section 3.05.
	  	 Registration, Transfer and Exchange
	  	31
	 Section 3.06.
	  	 Mutilated, Destroyed, Lost and Stolen Notes
	  	33
	 Section 3.07.
	  	 Payment of Interest; Interest Rights Preserved
	  	34
	 Section 3.08.
	  	 Persons Deemed Owners
	  	34
	 Section 3.09.
	  	 Cancellation
	  	34

  

 i 

					
	 Section 3.10.
	  	 New Issuances of Notes
	  	34
	 Section 3.11.
	  	 Specification of Required Subordinated Amount and other Terms with Respect to each Class
	  	36
	 Section 3.12.
	  	 Shared Note Trust Excess Available Funds
	  	36
	 Section 3.13.
	  	 Shared Note Trust Principal Collections
	  	36
	
	 ARTICLE IV
 ACCOUNTS AND INVESTMENTS

			
	 Section 4.01.
	  	 Collections
	  	37
	 Section 4.02.
	  	 Accounts
	  	37
	 Section 4.03.
	  	 Investment of Funds in the Accounts
	  	37
	
	 ARTICLE V
 ALLOCATIONS DEPOSITS AND PAYMENTS

			
	 Section 5.01.
	  	 Allocations of Available Funds
	  	40
	 Section 5.02.
	  	 Allocations of Available Principal Amounts
	  	40
	 Section 5.03.
	  	 Final Payment
	  	40
	 Section 5.04.
	  	 Payments within a Series or Class
	  	40
	
	 ARTICLE VI
 SATISFACTION AND DISCHARGE

			
	 Section 6.01.
	  	 Satisfaction and Discharge of Indenture
	  	41
	 Section 6.02.
	  	 Application of Trust Money
	  	41
	 Section 6.03.
	  	 Cancellation of Notes Held by the Issuer or Transferor
	  	41
	
	 ARTICLE VII
 EVENTS OF DEFAULT AND REMEDIES

			
	 Section 7.01.
	  	 Events of Default
	  	43
	 Section 7.02.
	  	 Acceleration of Maturity, Rescission and Annulment
	  	44
	 Section 7.03.
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	45
	 Section 7.04.
	  	 Indenture Trustee May File Proofs of Claim
	  	46
	 Section 7.05.
	  	 Indenture Trustee May Enforce Claims Without Possession of Notes
	  	46
	 Section 7.06.
	  	 Application of Money Collected
	  	47
	 Section 7.07.
	  	 Indenture Trustee May Elect to Hold the Collateral Certificate
	  	47
	 Section 7.08.
	  	 Sale of Collateral Certificate for Accelerated Notes
	  	47
	 Section 7.09.
	  	 Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture
Trustee
	  	48
	 Section 7.10.
	  	 Limitation on Suits
	  	48
	 Section 7.11.
	  	 Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse
	  	49
	 Section 7.12.
	  	 Restoration of Rights and Remedies
	  	49
	 Section 7.13.
	  	 Rights and Remedies Cumulative
	  	49
	 Section 7.14.
	  	 Delay or Omission Not Waiver
	  	49

  

 ii 

					
	 Section 7.15.
	  	 Control by Noteholders
	  	49
	 Section 7.16.
	  	 Waiver of Past Defaults
	  	50
	 Section 7.17.
	  	 Undertaking for Costs
	  	50
	 Section 7.18.
	  	 Waiver of Stay or Extension Laws
	  	50
	
	 ARTICLE VIII
 THE INDENTURE TRUSTEE

			
	 Section 8.01.
	  	 Certain Duties and Responsibilities
	  	51
	 Section 8.02.
	  	 Notice of Defaults
	  	52
	 Section 8.03.
	  	 Certain Rights of Indenture Trustee
	  	52
	 Section 8.04.
	  	 Not Responsible for Recitals or Issuance of Notes
	  	53
	 Section 8.05.
	  	 May Hold Notes
	  	53
	 Section 8.06.
	  	 Money Held in Trust
	  	53
	 Section 8.07.
	  	 Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity
	  	53
	 Section 8.08.
	  	 Disqualification; Conflicting Interests
	  	54
	 Section 8.09.
	  	 Corporate Indenture Trustee Required; Eligibility
	  	54
	 Section 8.10.
	  	 Resignation and Removal; Appointment of Successor
	  	55
	 Section 8.11.
	  	 Acceptance of Appointment by Successor
	  	56
	 Section 8.12.
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	57
	 Section 8.13.
	  	 Preferential Collection of Claims Against Issuer
	  	57
	 Section 8.14.
	  	 Appointment of Authenticating Agent
	  	57
	 Section 8.15.
	  	 Tax Returns
	  	59
	 Section 8.16.
	  	 Representations and Covenants of the Indenture Trustee
	  	59
	 Section 8.17.
	  	 Custody of the Collateral
	  	59
	 Section 8.18.
	  	 Indenture Trustee’s Application for Instructions from the Issuer
	  	60
	
	 ARTICLE IX
 NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUER AND ADMINISTRATOR

			
	 Section 9.01.
	  	 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders
	  	61
	 Section 9.02.
	  	 Preservation of Information; Communications to Noteholders
	  	61
	 Section 9.03.
	  	 Reports by Indenture Trustee
	  	62
	 Section 9.04.
	  	 Meetings of Noteholders; Amendments and Waivers
	  	63
	 Section 9.05.
	  	 Reports by Issuer to the Commission
	  	64
	 Section 9.06.
	  	 Reports by Indenture Trustee
	  	64
	 Section 9.07.
	  	 Monthly Noteholders’ Statement
	  	64
	 Section 9.08.
	  	 Payment Instruction to Master Trust
	  	65
	
	 ARTICLE X
 INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND SERVICING AGREEMENT AND AMENDMENTS TO THE TRUST AGREEMENT

			
	 Section 10.01.
	  	 Supplemental Indentures Without Consent of Noteholders
	  	66
	 Section 10.02.
	  	 Supplemental Indentures with Consent of Noteholders
	  	67
	 Section 10.03.
	  	 Execution of Indenture Supplements
	  	68

  

 iii 

					
	 Section 10.04.
	  	 Effect of Indenture Supplements
	  	69
	 Section 10.05.
	  	 Conformity with Trust Indenture Act
	  	69
	 Section 10.06.
	  	 Reference in Notes to Indenture Supplements
	  	69
	 Section 10.07.
	  	 Amendments to the Pooling and Servicing Agreement
	  	69
	 Section 10.08.
	  	 Amendments to the Trust Agreement
	  	70
	 Section 10.09.
	  	 Notice
	  	70
	
	 ARTICLE XI
 REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER

			
	 Section 11.01.
	  	 Payment of Principal and Interest
	  	72
	 Section 11.02.
	  	 Maintenance of Office or Agency
	  	72
	 Section 11.03.
	  	 Money for Note Payments to be Held in Trust
	  	72
	 Section 11.04.
	  	 Statement as to Compliance
	  	74
	 Section 11.05.
	  	 Legal Existence
	  	74
	 Section 11.06.
	  	 Further Instruments and Acts
	  	74
	 Section 11.07.
	  	 Compliance with Laws
	  	74
	 Section 11.08.
	  	 Notice of Events of Default
	  	74
	 Section 11.09.
	  	 Certain Negative Covenants
	  	74
	 Section 11.10.
	  	 No Other Business
	  	75
	 Section 11.11.
	  	 No Borrowing
	  	75
	 Section 11.12.
	  	 Rule 144A Information
	  	75
	 Section 11.13.
	  	 Performance of Obligations; Servicing of Receivables
	  	75
	 Section 11.14.
	  	 Issuer May Consolidate, Etc., Only on Certain Terms
	  	76
	 Section 11.15.
	  	 Successor Substituted
	  	78
	 Section 11.16.
	  	 Guarantees, Loans, Advances and Other Liabilities
	  	78
	 Section 11.17.
	  	 Capital Expenditures
	  	78
	 Section 11.18.
	  	 Restricted Payments
	  	78
	
	 ARTICLE XII
 EARLY REDEMPTION OF NOTES

			
	 Section 12.01.
	  	 Applicability of Article
	  	80
	 Section 12.02.
	  	 Optional Repurchase
	  	80
	 Section 12.03.
	  	 Notice
	  	81
	
	 ARTICLE XIII
 COLLATERAL

			
	 Section 13.01.
	  	 Recording, Etc.
	  	82
	 Section 13.02.
	  	 Trust Indenture Act Requirements
	  	83
	 Section 13.03.
	  	 Suits To Protect the Collateral
	  	83
	 Section 13.04.
	  	 Purchaser Protected
	  	84
	 Section 13.05.
	  	 Powers Exercisable by Receiver or Indenture Trustee
	  	84
	 Section 13.06.
	  	 Determinations Relating to Collateral
	  	84
	 Section 13.07.
	  	 Release of Collateral
	  	85
	 Section 13.08.
	  	 Certain Actions by Indenture Trustee
	  	85
	 Section 13.09.
	  	 Delegation of Duties
	  	85

  

 iv 

					
	 ARTICLE XIV
 MISCELLANEOUS

			
	 Section 14.01.
	  	 No Petition
	  	86
	 Section 14.02.
	  	 Trust Obligations
	  	86
	 Section 14.03.
	  	 Limitations on Liability
	  	86
	 Section 14.04.
	  	 Tax Treatment
	  	87
	 Section 14.05.
	  	 Actions Taken by the Issuer
	  	87
	 Section 14.06.
	  	 Alternate Payment Provisions
	  	87
	 Section 14.07.
	  	 Termination of Issuer
	  	87
	 Section 14.08.
	  	 Final Distribution
	  	87
	 Section 14.09.
	  	 Termination Distributions
	  	88
	 Section 14.10.
	  	 Derivative Counterpart as Third-Party Administrator
	  	88

  

 v 

 EXHIBITS 
  

			
	EXHIBIT A	  	[FORM OF] PAYMENT INSTRUCTIONS
		
	EXHIBIT B	  	[FORM OF] MONTHLY NOTEHOLDERS’ STATEMENT
		
	EXHIBIT C	  	[FORM OF] INVESTMENT LETTER
		
	EXHIBIT D-1	  	[FORM OF] CLEARANCE SYSTEM CERTIFICATE TO BE GIVEN TO THE TRUSTEE BY EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A TEMPORARY GLOBAL
NOTE
		
	EXHIBIT D-2	  	[FORM OF] CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED INSTITUTIONAL BUYERS
		
	EXHIBIT D-3	  	[FORM OF] CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG BY A BENEFICIAL OWNER OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER

  

 vi 

  
 RECONCILIATION AND TIE BETWEEN TRUST INDENTURE 
 ACT OF 1939 AND INDENTURE PROVISIONS* 
  

					
	 Trust Indenture
Act Section

	 	 	  	Indenture Section

	 310(a)(1)
	 	 	  	6.11
	       (a)(2)
	 	 	  	6.11
	       (a)(3)
	 	 	  	6.10
	       (a)(4)
	 	 	  	Not Applicable
	       (a)(5)
	 	 	  	6.11
	       (b)
	 	 	  	6.08, 6.11
	       (c)
	 	 	  	Not Applicable
	 311(a)
	 	 	  	6.12
	       (b)
	 	 	  	6.12
	       (c)
	 	 	  	Not Applicable
	 312(a)
	 	 	  	7.01, 7.02(a)
	       (b)
	 	 	  	7.02(b)
	       (c)
	 	 	  	7/02(c)
	 313(a)
	 	 	  	7.04
	       (b)
	 	 	  	7.04
	       (c)
	 	 	  	7.03, 7.04
	       (d)
	 	 	  	7.04
	 314(a)
	 	 	  	3.09, 7.03(a)
	       (b)
	 	 	  	3.06
	       (c)(1)
	 	 	  	2.11, 8.09(c), 12.01(a)
	       (c)(2)
	 	 	  	2.11, 8.09(c), 12.01(a)
	       (c)(3)
	 	 	  	2.11, 8.09(c), 12.01(a)
	       (d)(1)
	 	 	  	2.11, 8.09(c), 12.01(b)
	       (d)(2)
	 	 	  	Not Applicable
	       (d)(3)
	 	 	  	Not Applicable
	       (e)
	 	 	  	12.01(a)
	 315(a)
	 	 	  	6.01(b)
	       (b)
	 	 	  	6.02
	       (c)
	 	 	  	6.01(c)
	       (d)
	 	 	  	6.01(d)
	       (d)(1)
	 	 	  	6.01(d)
	       (d)(2)
	 	 	  	6.01(d)
	       (d)(3)
	 	 	  	6.01(d)
	       (e)
	 	 	  	5.14
	 316(a)(1)(A)
	 	 	  	5.12
	 316(a)(1)(B)
	 	 	  	5.13
	 316(a)(2)
	 	 	  	Not Applicable
	 316(b)
	 	 	  	5.08
	 317(a)(1)
	 	 	  	5.04
	 317(a)(2)
	 	 	  	5.04(d)
	 317(b)
	 	 	  	5.04(a)
	 318(a)
	 	 	  	12.07

	*	This reconcilation and tie shall not, for any purpose be part of the within indenture. 

  

 vii 

 THIS INDENTURE between MELLON BANK PFL MASTER NOTE TRUST, a statutory trust organized under the laws of
the State of Delaware (the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, in its capacity as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of June
24, 2004. 
  
 RECITALS OF THE ISSUER 
  
 The Issuer has duly authorized the execution and delivery of this Indenture
to provide for the issuance of its notes to be issued in one or more fully registered series or classes. 
  
 All things necessary to make this Indenture a valid agreement of the Issuer, in accordance with its terms, have been done. 
  
 GRANTING CLAUSE 
  
 The Issuer hereby grants to the Indenture Trustee for the benefit and
security of (a) the Noteholders, (b) each Derivative Counterparty to a Derivative Agreement entered into in connection with issuance of a class of Notes that expressly states that such Derivative Counterparty is entitled to the benefit of the
Collateral, and (c) the Indenture Trustee, in its individual capacity (the “Secured Party”), a security interest in all of its right, title and interest, whether now owned or hereafter acquired, in and to: 
  

	 	(i)	the Collateral Certificate; 

  

	 	(ii)	the Collection Account; 

  

	 	(iii)	any Supplemental Account; 

  

	 	(iv)	all sub-Accounts in the Collection Account or any Supplemental Account; 

  

	 	(v)	all investment property, money and other property held in or through the Collection Account, any Supplemental Account or any sub-Account thereof; 

  

	 	(vi)	all rights, benefits and powers under any Derivative Agreement relating to any class of Notes; 

  

	 	(vii)	all rights of enforcement against any of the representations and warranties made by the Administrator pursuant to the Trust Agreement; 

  

	 	(viii)	all present and future claims, demands, causes of and choses in action in respect of any of the foregoing and all interest, principal, payments and distributions of any nature or
type on any of the foregoing; 

  

	 	(ix)	all accounts, general intangibles, chattel paper, instruments, documents, goods, money, investment property, deposit accounts, certificates of deposit, letters of credit,
letter-of-credit rights and advices of credit consisting of, arising from, or relating to any of the foregoing; and 

  

	 	(x)	all proceeds of the foregoing. 

  
 The collateral described above is referred to as the “Collateral.” The Security Interest in the Collateral is granted to secure the Notes
(and, to the extent specified in the applicable Indenture Supplement or Derivative Agreement, the obligations under any applicable Derivative Agreements) equally and ratably without prejudice, priority or distinction between any Note and any other
Note by reason of difference in time of issuance or otherwise, except as otherwise expressly provided in this Indenture, or in the Indenture Supplement which establishes any class of Notes, and to secure (i) the payment of all amounts due on such
Notes (and, to the extent so specified, the obligations under any applicable Derivative Agreements) in accordance with their terms, (ii) the payment of all other sums payable by the Issuer under this Indenture or any Indenture Supplement and (iii)
compliance by the Issuer with the provisions of this Indenture or any Indenture Supplement. This Indenture is a security agreement within the meaning of the UCC. 
  
 The Indenture Trustee acknowledges the grant of such Security Interest, and accepts the Collateral in trust hereunder in
accordance with the provisions hereof and agrees to perform the duties herein to the end that the interests of the Noteholders may be adequately and effectively protected. 
  
 Particular Notes and Derivative Agreements will benefit from the Security Interest to the extent (and only to the extent)
proceeds of and distributions on the Collateral are allocated for their benefit pursuant to this Indenture and the applicable Indenture Supplement. 
  
 AGREEMENTS OF THE PARTIES 
  
 To set forth or to provide for the establishment of the terms and conditions upon which the Notes are and are to be authenticated, issued and delivered,
and in consideration of the premises and the purchase of Notes by the Holders thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders of the Notes or of a series or class thereof, as the case
may be: 
  
 LIMITED RECOURSE 
  
 The obligation of the Issuer to make payments of principal, interest and
other amounts on the Notes and to make payments on Derivative Agreements is limited in recourse as set forth in Section 7.11. 
  
 ARTICLE I 
  
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  
 Section 1.01. Definitions. For all purposes of this Indenture and of any Indenture Supplement, except as otherwise expressly provided or unless the
context otherwise requires: 
  
 (1) the terms defined in this
Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
  

 2 

 (2) all other terms used herein which are defined in the Trust Indenture Act or by Commission rule under
the Trust Indenture Act or in the Series 2004-MC Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
  
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and,
except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United
States of America at the date of such computation; 
  
 (4) all
references in this Indenture to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Indenture as originally executed. The words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 
  
 (5) “including” and words of similar import shall be deemed to be followed by “without limitation.”

  
 “Accounts” means, collectively, the
Collection Account and any Supplemental Account, in each case including any sub-Accounts therein. 
  
 “Act” when used with respect to any Noteholder, is defined in Section 1.04(a). 
  
 “action,” when used with respect to any Noteholder, is
defined in Section 1.04(a). 
  
 “Adjusted
Outstanding Dollar Principal Amount” means at any time with respect to any series or class of Notes, the Outstanding Dollar Principal Amount of all Outstanding Notes of such series or class at such time, less any funds on deposit in the
Principal Funding Account or the related sub-Account, as applicable, for such series or class at such time. 
  
 “Administrator” means Mellon Bank, N.A., as administrator of the Issuer. 
  
 “Adverse Effect” means, whenever used in this Indenture with respect to any series or class of Notes with
respect to any action, that such action will (a) at the time of its occurrence or at any future date result in the occurrence of an Early Redemption Event or Event of Default relating to such series or class, as applicable, (b) adversely affect the
amount of funds available to be distributed to the Noteholders of any such series or class pursuant to this Indenture or the timing of such distributions, or (c) adversely affect the security interest of the Indenture Trustee in the Collateral.

  
 “AFCO Acceptance” means AFCO Acceptance
Corporation, a California corporation. 
  
 “AFCO
Credit” means AFCO Credit Corporation, a New York corporation. 
  
 “Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such 

  

 3 

 
specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
  
 “Authenticating Agent” means any
Person authorized by the Indenture Trustee to authenticate Notes under Section 8.14. 
  
 “Available Funds” (i) with respect to all series of Notes, means the amount of Available Funds (as defined in the Series 2004-MC Supplement) which are payable to the Issuer pursuant to Section
4.8(a) of the Pooling and Servicing Agreement as supplemented by the Series 2004-MC Supplement plus any amounts to be treated as Available Funds pursuant to Section 4.03(d) and (ii) with respect to any series of Notes, has the meaning
specified in the related Indenture Supplement. 
  
 “Available Funds Allocation Amount” means, on any date of determination during any Monthly Period for any class or series of Notes (exclusive of (a) any Notes within such class or series that will be paid in full during
such Monthly Period, and (b) any Notes that will have a Nominal Liquidation Amount of zero during such Monthly Period), an amount equal to the sum of (i) the Nominal Liquidation Amount for such class or series, as applicable, as of the last day of
the preceding Monthly Period, plus (ii) the aggregate amount of any increases in the Nominal Liquidation Amount of such class or series, as applicable, as a result of the accretion of principal on Discount Notes of such class or series, as
applicable during such Monthly Period. 
  
 “Available
Principal Amounts” (i) with respect to all series of Notes, means the amount of Available Investor Principal Collections (as defined in the Series 2004-MC Supplement) which are payable to the Issuer pursuant to Section 4.11(b)(i) or
Section 4.11(c)(i) of the Pooling and Servicing Agreement as supplemented by the Series 2004-MC Supplement and (ii) with respect to any series of Notes, has the meaning specified in the related Indenture Supplement. 
  
 “Business Day,” unless otherwise specified in the Indenture
Supplement for any class of Notes, means any day other than (a) a Saturday or Sunday or (b) any other day on which national banking associations or state banking institutions in New York, New York, Minneapolis, Minnesota or Pittsburgh, Pennsylvania,
are authorized or obligated by law, executive order or governmental decree to be closed. 
  
 “class” means, with respect to any Note, the class specified in the applicable Indenture Supplement. 
  
 “Collateral” is defined in the Granting Clause. 
  

“Collateral Certificate” means the Series 2004-MC Certificate issued pursuant to the Pooling and Servicing Agreement and the Series
2004-MC Supplement, as amended, supplemented, restated or otherwise modified from time to time. 
  
 “Collection Account” is defined in Section 4.02(a). 
  

 4 

 “Collections” is defined in Section 4.01. 
  
 “Commission” means the Securities and Exchange Commission,
as from time to time constituted, created under the Securities Exchange Act, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then
the body performing such duties on such date. 
  
 “Corporate Trust Office” means the principal office of the Indenture Trustee in Minneapolis, Minnesota at which at any particular time its corporate trust business will be principally administered, which office at the date
hereof is located at Sixth Street and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services. 
  
 “Daily Principal Amount” means, for any day during any Monthly Period on which Collections of Principal Receivables are processed
pursuant to Section 4.7 of the Series 2004-MC Supplement for any series or class of Notes, an amount equal to the product of (a) the aggregate amount allocated to the Investor Certificateholders (as defined in the Series 2004-MC Supplement)
pursuant to Section 4.7(a)(ii) or 4.7(b)(ii) of the Pooling and Servicing Agreement as supplemented by the Series 2004-MC Supplement and (b) the percentage equivalent of a fraction, the numerator of which is the Principal Allocation
Amount for such series or class of Notes for such day and the denominator of which is the Principal Allocation Amount for all series of Notes for such day. 
  
 “Depository” means a U.S. Depository or a Foreign Depository, as the case may be. 
  
 “Derivative Agreement” means any currency, interest rate or
other swap, cap, collar, guaranteed investment contract or other derivative agreement. 
  
 “Derivative Counterparty” means any party to any Derivative Agreement other than the Issuer or the Indenture Trustee. 
  
 “Discount Note” means a Note that provides for an amount less than the Stated Principal Amount (but
not less than the Initial Dollar Principal Amount) thereof to be due and payable upon the occurrence of an Early Redemption Event or other optional or mandatory redemption or the occurrence of an Event of Default and the acceleration of such Note,
in each case before the Expected Principal Payment Date of the applicable Note. 
  
 “Dollar” means (a) United States dollars, or (b) denominated in United States dollars. 
  
 “Early Redemption Event” is defined in Section 12.01. 
  
 “Effective Date” means the date on which this Indenture is executed and delivered by the parties hereto.

  
 “Entity” means any Person other than an
individual or government (including any agency or political subdivision thereof). 
  

 5 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as the same may be
amended from time to time. 
  
 “Event of Default”
is defined in Section 7.01. 
  
 “Exchange
Date” means, with respect to any class of Notes, the latest of: 
  
 (a) any date that is after the related issuance date; and 
  
 (b) the earliest date on which such an exchange of a beneficial interest in a Temporary Global Note for a beneficial interest in a Permanent Global Note is permitted by applicable law. 
  
 “Expected Principal Payment Date” means, with respect to any
series or class of Notes, the scheduled due date of any payment of principal on such Notes, as specified in the related Indenture Supplement, or if such day is not a Business Day, the next following Business Day. 
  
 “FDIC” means the Federal Deposit Insurance Corporation or
any successor thereto. 
  
 “Federal Bankruptcy
Code” means Title 11 of the United States Code, as amended from time to time. 
  
 “Fitch” means Fitch, Inc., or any successor thereto. 
  
 “Foreign Depository” means the Person specified in the applicable Indenture Supplement, in its capacity as depository for the accounts of
any clearing agencies located outside the United States. 
  
 “Global Note” means any Note issued pursuant to Section 2.04. 
  
 “group” means any one or more series of Notes which are specified as belonging to a common group (including any group established by an Indenture Supplement) in the applicable Indenture Supplement. A
particular series may be included in more than one group if the Indenture Supplement for such series so provides. 
  
 “Holder,” when used with respect to any Note, means a Noteholder. 
  
 “Indenture” or “this Indenture” means this Indenture as originally executed and as
amended, supplemented, restated or otherwise modified from time to time by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and will include the terms of particular series or classes of Notes
created as contemplated by Section 3.01. 
  
 “Indenture Supplement” means, with respect to any series of Notes, a supplement to this Indenture, executed and delivered in conjunction with the issuance of such Notes pursuant to Section 10.01, together with any
applicable terms document related to such Indenture 

  

 6 

 
Supplement and any amendment to the Indenture Supplement executed pursuant to Section 10.01 or 10.02, and, in either case, including all
amendments thereof and supplements thereto. 
  
 “Indenture
Trustee” means the Person named as the Indenture Trustee in the first paragraph of this Indenture until a successor Indenture Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Indenture Trustee” means and includes each Person who is then an Indenture Trustee hereunder. If at any time there is more than one such Person, “Indenture Trustee” as used with respect to the Notes of any series
or class means the Indenture Trustee with respect to Notes of that series or class. 
  
 “Indenture Trustee Authorized Officer”, when used with respect to the Indenture Trustee, means any vice president, any assistant vice president, the treasurer, any assistant treasurer, any senior
trust officer or trust officer, or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
  
 “Initial Dollar Principal Amount” means (a) unless otherwise specified in the applicable Indenture Supplement, with respect to classes of
Dollar Interest-bearing Notes, the aggregate initial principal amount of the Outstanding Notes of such class, and (b) with respect to classes of Discount Notes, the amount specified in the applicable Indenture Supplement as the Initial Dollar
Principal Amount thereof. 
  
 “Interest-bearing
Note” means a Note that bears interest at a stated or computed rate on the principal amount thereof. A Note may be both an Interest-bearing Note and a Discount Note. 
  
 “Interest Payment Date” means, with respect to any series or class of Notes, the scheduled due date of any
payment of interest on such Notes, as specified in the applicable Indenture Supplement, or if such day is not a Business Day, the next following Business Day. 
  

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Investor Certificate” is defined in the Pooling and
Servicing Agreement. 
  
 “Investor
Certificateholder” is defined in the Pooling and Servicing Agreement. 
  
 “Investor Interest” is defined in the Series 2004-MC Supplement. 
  
 “Investment Company Act” means the Investment Company Act of 1940, as amended. 
  
 “Issuer” is defined in the first paragraph of this
Indenture. 
  
 “Issuer Authorized Officer” means
(a) an authorized signatory of the Owner Trustee, or (b) the chairman or vice-chairman of the board of directors, chairman or 

  

 7 

 
vice-chairman of the executive committee of the board of directors, the president, any vice-president, the secretary, any assistant secretary, the treasurer,
or any assistant treasurer, in each case of the Administrator, or any other officer or employee of the Administrator who is authorized to act on behalf of the Issuer. 
  
 “Issuer Certificate” means a certificate (including an Officer’s Certificate) signed in the name of an
Issuer Authorized Officer or the Issuer by an Issuer Authorized Officer and, in each case delivered to the Indenture Trustee relating to, among other things, the issuance of a new class of Notes. Wherever this Indenture requires that an Issuer
Certificate be signed also by an accountant or other expert, such accountant or other expert (except as otherwise expressly provided in this Indenture) may be in the employ of the Administrator. 
  
 “Issuer Tax Opinion” means, with respect to any action, an
Opinion of Counsel to the effect that, for Federal income tax purposes, (a) such action will not adversely affect the tax characterization as debt of any Outstanding series or class of Notes that were characterized as debt at the time of their
issuance, (b) following such action the Issuer will not be treated as an association (or publicly traded partnership) taxable as a corporation, (c) such action will not cause or constitute an event in which gain or loss would be recognized by any
Holder of any such Notes and (d) except as provided in the related Indenture Supplement, where such action is the issuance of a series or class of Notes, following such action such series or class of Notes will be properly characterized as debt.

  
 “Legal Maturity Date” means, with respect to
a series or class of Notes, the date specified in the Indenture Supplement, for such Note as the fixed date on which the principal of such series or class of Notes is due and payable. 
  
 “Majority Holders” means, with respect to any series or class of Notes or all Outstanding Notes, the
Holders of a majority in Outstanding Dollar Principal Amount of the Outstanding Notes of that series or class or of all Outstanding Notes, as the case may be. 
  

“Master Trust” means Mellon Bank Premium Finance Loan Master Trust, established pursuant to the Pooling and Servicing Agreement.

  
 “Master Trust Trustee” shall have the meaning
set forth in the Pooling and Servicing Agreement. 
  
 “Master Trust Tax Opinion” means, with respect to any action, an Opinion of Counsel to the effect that, for Federal income tax purposes, (a) such action will not adversely affect the tax characterization as debt of the
Investor Certificates, as defined in the Pooling and Servicing Agreement, of any outstanding series or class under the Master Trust that were characterized as debt at the time of their issuance, (b) following such action the Master Trust will not be
treated as an association (or publicly traded partnership) taxable as a corporation and (c) such action will not cause or constitute an event in which gain or loss would be recognized by any Investor Certificateholder, as defined in the Pooling and
Servicing Agreement. 
  
 “Mellon Bank” means
Mellon Bank, N.A., a national banking association and its successors and assigns. 
  

 8 

 “Monthly Noteholders’ Statement” means a report substantially in the form of
Exhibit B, as the same may be supplemented as set forth in the related Indenture Supplement. 
  
 “Monthly Period” has the meaning specified in the Series 2004-MC Supplement. 
  
 “Monthly Principal Payment” means, with respect to any
series of Notes, an amount, not less than zero, equal to (a) the Targeted Principal Deposit Amount plus (b) the Reallocated Principal Amount minus (c) Reallocated Available Funds, each with respect to such series of Notes for such
Monthly Period; provided that the Monthly Principal Payment for such series of Notes shall not exceed the amount set forth in clause (a) of the definition of Series Available Principal Amounts for such series of Notes. 
  
 “Moody’s” means Moody’s Investors Service, Inc.,
or any successor thereto. 
  
 “Nominal Liquidation
Amount” means, with respect to any Outstanding class of Notes, an amount determined in accordance with the applicable Indenture Supplement. The Nominal Liquidation Amount for a series of Notes will be the sum of the Nominal Liquidation
Amounts of all of the classes of Notes of that series. 
  
 “non-Performing,” with respect to a Derivative Agreement, means not Performing. 
  
 “Note” or “Notes” means any note or notes of any series or class authenticated and delivered from time to time under
this Indenture. 
  
 “Note Amortization Period”
means, with respect to any series or class of Notes, the period commencing on the first day of the Monthly Period for which there is a Targeted Principal Deposit Amount with respect to such series or class of Notes and ending on the last day of the
Monthly Period preceding the next following Monthly Period for which there is no Targeted Principal Deposit Amount with respect to such series or class of Notes; provided, however, that, with respect to any class of Notes that has been
accelerated following an event of default, has had an early redemption event or will be partially redeemed during a partial or limited amortization, the related Note Amortization Period will commence on the effective date of such acceleration, early
redemption event or partial or limited amortization period. 
  
 “Note Owner” means the beneficial owner of an interest in a Global Note. 
  
 “Note Rating Agency” means, with respect to any Outstanding series or class of Notes, each statistical Note Rating Agency selected by the
Issuer to rate such Notes. 
  
 “Note Register” is
defined in Section 3.05. 
  
 “Note
Registrar” means the Person who keeps the Note Register specified in Section 3.05. 
  
 “Noteholder” means a Person in whose name a Note is registered in the Note Register. 
  

 9 

 “Officer’s Certificate” means a certificate signed by the Administrator or the
Owner Trustee and delivered to the Indenture Trustee. Wherever this Indenture requires that an Officer’s Certificate be signed also by an accountant or other expert, such accountant or other expert (except as otherwise expressly provided in
this Indenture) may be in the employ of the Administrator. 
  
 “Opinion of Counsel” means a written opinion of counsel acceptable to the Indenture Trustee, who may, without limitation, and except as otherwise expressly provided in this Indenture, be an employee of or of counsel to the
Issuer, the Administrator or any of their Affiliates. 
  
 “Outstanding,” when used with respect to a Note or with respect to Notes of any series or class means, as of the date of determination, all such Notes theretofore authenticated and delivered under this Indenture, except:

  
 (a) any Notes theretofore canceled by the Indenture Trustee or
delivered to the Indenture Trustee for cancellation pursuant to Section 3.09; 
  
 (b) any Notes for whose full payment (including principal and interest) or redemption money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the
Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given if required pursuant to this Indenture, the related Indenture Supplement, or provision therefor satisfactory to the
Indenture Trustee has been made; 
  
 (c) any Notes that are deemed
to have been paid in full pursuant to Section 5.03; and 
  
 (d) any such Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, or which will have been paid pursuant to the terms of Section 3.06, (except with respect to any such
Note as to which proof satisfactory to the Indenture Trustee is presented that such Note is held by a person in whose hands such Note is a legal, valid and binding obligation of the Issuer). 
  
 For purposes of determining the amounts of deposits, allocations, reallocations or payments
to be made, unless the context clearly requires otherwise, references to “Notes” will be deemed to be references to “Outstanding Notes.” In determining whether the Holders of the requisite principal amount of such Outstanding
Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder, and for purposes of Section 9.04, Notes beneficially owned by the Issuer, AFCO Acceptance, AFCO Credit, Mellon Bank or the Transferor or any
Affiliate of the Issuer, AFCO Acceptance, AFCO Credit, Mellon Bank or the Transferor will be disregarded and deemed not to be Outstanding. In determining whether the Indenture Trustee will be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes that an Indenture Trustee Authorized Officer knows to be owned by the Issuer, AFCO Acceptance, AFCO Credit, Mellon Bank or the Transferor or any Affiliate of the Issuer, AFCO
Acceptance, AFCO Credit, Mellon Bank or the Transferor will be so disregarded. Notes so owned which have been pledged in good faith may be regarded as 

  

 10 

 
Outstanding if the pledgee creates to the satisfaction of the Indenture Trustee the pledgee’s right to act as owner with respect to such Notes and that
the pledgee is not the Issuer, AFCO Acceptance, AFCO Credit, Mellon Bank or the Transferor or any other obligor upon the Notes or any Affiliate of the Issuer, AFCO Acceptance, AFCO Credit, Mellon Bank or the Transferor or such other obligor.

  
 “Outstanding Dollar Principal Amount” means
at any time, 
  
 (a) with respect to any series or class of
non-Discount Notes, the aggregate Initial Dollar Principal Amount of the Outstanding Notes of such series or class at such time, less the amount of any withdrawals from the Principal Funding sub-Account for such class of Notes for payment of
principal to the Holders of such class or the applicable Derivative Counterparty pursuant to the related Indenture Supplement, and 
  
 (b) with respect to any series or class of Discount Notes, an amount of the Outstanding Notes of such series or class calculated by reference to the
applicable formula set forth in the applicable Indenture Supplement, taking into account the amount and timing of payments of principal made to the Holders of such series or class or to the applicable Derivative Counterparty and accretions of
principal, each pursuant to the related Indenture Supplement. 
  
 “Owner Trustee” means Chase Manhattan Bank USA, National Association, not in its individual capacity but solely as owner trustee of the Issuer, and each of its successors and assigns. 
  
 “Paired Series” means (a) each series which has been paired
with another series (which series may be prefunded or partially prefunded), such that the reduction of the Nominal Liquidation Amount of such series as a result of a deposit to the Principal Funding Account for such series results in a corresponding
increase of the Nominal Liquidation Amount of such other series, as described in the related Indenture Supplements, and (b) such other series. 
  
 “Paying Agent” means any Person authorized by the Issuer to pay the principal of or interest on any Notes on behalf of the Issuer, which
shall initially be the Indenture Trustee. 
  
 “Payment
Date” means, with respect to any series or class of Notes, the applicable Principal Payment Date or Interest Payment Date. 
  
 “Payment Instruction” means an instruction substantially in the form of Exhibit A, or such other form as the Issuer may determine,
as the same may be supplemented as set forth in the related Indenture Supplement. 
  
 “Performing” means, with respect to any Derivative Agreement, no payment default or repudiation of performance by a Derivative Counterparty has occurred, and such Derivative Agreement has not been
terminated. 
  
 “Permanent Global Note” is
defined in Section 2.05. 
  

 11 

 “Permitted Investments” means, unless otherwise provided in the Indenture Supplement
with respect to any series of Notes: 
  
 (a) instruments,
investment property or other property consisting of 
  
 (i) obligations of or fully guaranteed by the United States of America; 
  
 (ii) time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United
States of America or any state thereof (or domestic branches of foreign depository institutions or trust companies) and subject to supervision and examination by federal or state banking or depository institution authorities; provided,
however, that at the time of the Indenture Trustee’s investment or contractual commitment to invest therein, the certificates of deposit or short-term deposits of such depository institution or trust company shall have a credit rating
from Moody’s and Standard & Poor’s of P-1 and A-l+, respectively, and, if rated by Fitch, Fl+ from Fitch; 
  
 (iii) commercial paper (including but not limited to asset backed commercial paper) having, at the time of the Indenture Trustee’s
investment or contractual commitment to invest therein, a rating from Moody’s and Standard & Poor’s of P-I and A-1+, respectively, and, if rated by Fitch, F1+ from Fitch; 
  
 (iv) bankers’ acceptances issued by any depository institution or trust company described in clause
(a)(ii) above; and 
  
 (v) investments in money
market funds rated AAA-m or AAA-mg by Standard & Poor’s and Aaa by Moody’s or otherwise approved in writing by each Note Rating Agency; 
  
 (b) demand deposits in the name of the Indenture Trustee in any depository institution or trust company referred to in clause (a)(ii) above; 

 
 (c) uncertificated securities that are registered in the name of the
Indenture Trustee upon books maintained for that purpose by the issuer thereof and identified on books maintained for that purpose by the Indenture Trustee as held for the benefit of the Noteholders, and consisting of shares of an open end
diversified investment company which is registered under the Investment Company Act, and which (i) invests its assets exclusively in obligations of or guaranteed by the United States of America or any instrumentality or agency thereof having in each
instance a final maturity date of less than one year from their date of purchase or other Permitted Investments, (ii) seeks to maintain a constant net asset value per share, (iii) has aggregate net assets of not less than $100,000,000 on the date of
purchase of such shares and (iv) with respect to which each Note Rating Agency confirms in writing that such investment will not cause a Ratings Effect; and 
  
 (d) any other investment if each Note Rating Agency confirms in writing that such investment will not cause a Ratings Effect. 
  
 Permitted Investments may include investments for which the Trustee or an Affiliate receives
compensation as advisor or otherwise. 
  

 12 

 “Person” means any individual, corporation, estate, partnership, limited liability
company, limited liability partnership, joint venture, association, joint-stock company, business trust, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Place of Payment” means, with respect to any class of Notes
issued hereunder, the city or political subdivision so designated with respect to such class of Notes in accordance with the provisions of Section 3.01. 
  

“Pooling and Servicing Agreement” means the Amended and Restated Pooling and Servicing Agreement, dated as of June 15, 2001, between
the Transferor, AFCO Acceptance and AFCO Credit as servicers, Premium Financing Specialists, Inc., and Premium Financing Specialists of California, Inc., as back-up servicers and Wells Fargo Bank, National Association, as successor to Wells Fargo
Bank Minnesota, National Association, as trustee, as amended, restated and supplemented by Amendment No. 1 thereto and from time to time. 
  
 “Predecessor Notes” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 3.06 in lieu of a mutilated, lost, destroyed or stolen Note will be deemed to evidence the same debt as the mutilated, lost,
destroyed or stolen Note. 
  
 “Principal Allocation
Amount” shall mean, on any date of determination during any Monthly Period for any class or series of Notes (exclusive of (x) any Notes within such class or series that will be paid in full during such Monthly Period and (y) any notes that
will have a Nominal Liquidation Amount of zero during such Monthly Period), an amount equal to the sum of (a) for any Notes within such class or series of Notes in a Note Amortization Period, the sum of the Nominal Liquidation Amounts for such Notes
as of the close of business on the day prior to the commencement of the most recent Note Amortization Period for such Notes, and (b) for all other Notes Outstanding within such class or series of Notes, (i) the sum of the Nominal Liquidation Amounts
for such Notes, each as of the close of business on the last day of the immediately preceding Monthly Period (or, with respect to the first Monthly Period for any such series or class of Notes, the Initial Dollar Principal Amount of such Notes),
plus (ii) the aggregate amount of any increases in the Nominal Liquidation Amount of such Notes as a result of the accretion of principal on Discount Notes of such class or series, as applicable, during such Monthly Period on or prior to such
date. 
  
 “Principal Payment Date” means, with
respect to any series or class of Notes, the 15th day (or if such day is not a Business Day, the next succeeding
Business Day) of each month in which there is a Targeted Principal Deposit Amount. 
  
 “Principal Shortfall” means, for any series of Notes, with respect to any Monthly Period, the excess, if any, of (a) an amount equal to the Targeted Principal Deposit Amount for the related
Monthly Period for such series, over (b) the sum of the Daily Principal Amounts for each day during such Monthly Period for such series of Notes plus Reallocated Available Funds for the related Monthly Period for such series minus
Reallocated Principal Amounts for the related Monthly Period for such series; provided, however, that if the Rapid Amortization Period 

  

 13 

 
(as defined in the Series 2004-MC Supplement) has commenced, the amount computed pursuant to clause (a) shall be the Nominal Liquidation Amount of such
series of Notes. 
  
 “Qualified Account” means
either (a) a segregated account (including a securities account) with a Qualified Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America
or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository
institution shall have a credit rating from each Note Rating Agency in one of its generic rating categories which signifies investment grade. 
  
 “Qualified Institution” means (a) a depository institution, which may include the Trustee (as defined in the Pooling and Servicing
Agreement), Indenture Trustee, or the Owner Trustee (so long as it is a paying agent under the Indenture), organized under the laws of the United States of America or any one of the States thereof or the District of Columbia, the deposits in which
are insured by the FDIC and which at all times has a short-term unsecured debt rating in the applicable investment category of each Note Rating Agency or (b) a depository institution acceptable to each Note Rating Agency. 
  
 “Ratings Effect” means a reduction, qualification or
withdrawal of any then current rating of the Notes. 
  
 “Reallocated Available Funds” means, with respect to any series of Notes for any Monthly Period, the aggregate amount of series Available Funds to be deposited into a principal funding account, paid to noteholders or
otherwise treated as series Available Principal Amounts on the related Transfer Date pursuant to the related Indenture Supplement. 
  
 “Reallocated Principal Amount” means, with respect to any series of Notes for any Monthly Period, the aggregate amount of series
Available Principal Amounts to be deposited into an interest funding account, paid to the Servicer as a portion of the Servicing Fee or otherwise treated as series Available Funds on the related Transfer Date pursuant to the related Indenture
Supplement. 
  
 “Receivables” is defined in the
Pooling and Servicing Agreement. 
  
 “Record
Date” for the interest or principal payable on any Note on any applicable Payment Date means the Business Day prior to the related Interest Payment Date or Principal Payment Date, as applicable, unless otherwise specified in the applicable
Indenture Supplement. 
  
 “Registered Note” means
a Note issued in registered form. 
  
 “Registered
Noteholder” means a holder of a Registered Note. 
  
 “Required Subordinated Amount” means, with respect to any class of a senior class of Notes, the amount specified in the related Indenture Supplement. 
  
 “Secured Party” is defined in the Granting Clause. 
  

 14 

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

  
 “Securities Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time. 
  
 “Security Interest” means the security interest granted pursuant to the Granting Clause. 
  
 “senior class,” with respect to a class of Notes of any series, has the meaning specified in the related Indenture Supplement.

  
 “series” means, with respect to any Note, the
series specified in the applicable Indenture Supplement. 
  
 “Series 2004-MC Supplement” means the Series 2004-MC Supplement to the Pooling and Servicing Agreement dated as of June 24, 2004, as amended, supplemented, restated or otherwise modified from time to time. 
  
 “Servicer” is defined in the Pooling and Servicing
Agreement. 
  
 “Standard & Poor’s” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor thereto. 
  
 “Stated Principal Amount,” with respect to any Note, has the meaning specified in the related Indenture Supplement. 
  
 “sub-Account” means each portion of an Account designated as
such pursuant to this Indenture or the related Indenture Supplement. 
  
 “subordinated class,” with respect to a class of Notes of any series, has the meaning specified in the related Indenture Supplement. 
  

“subordinated Notes” means Notes of a subordinated class of a series. 
  
 “Supplemental Account” means the trust account or accounts designated as such and established pursuant to
Section 4.02(a). 
  
 “Targeted Principal Deposit
Amount,” for each series or class of Notes, is defined in the related Indenture Supplement 
  
 “Temporary Global Note” is defined in Section 2.05. 
  
 “Transfer Date” is defined in the Pooling and Servicing Agreement. 
  
 “Transferor” means Mellon Premium Finance Loan Owner Trust,
a Delaware business trust, and its successors, as transferor under the Pooling and Servicing Agreement. 
  
 “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of June 24, 2004, between Mellon Bank, N.A., as Administrator,
and Chase Manhattan Bank 

  

 15 

 
USA, National Association, as Owner Trustee, as amended, supplemented, restated or supplemented from time to time. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939,
as amended by the Trust Indenture Reform Act of 1990, as in force at the date as of which this Indenture was executed except as provided in Section 10.05. 
  
 “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the
relevant jurisdiction. 
  
 “U.S. Depository”
means, unless otherwise specified by the Issuer pursuant to either Section 2.04, 2.06, or 3.01, with respect to Notes of any class issuable or issued as Global Note within the United States, The Depository Trust Company, New
York, New York, or any successor thereto registered as a clearing agency under the Securities Exchange Act, or other applicable statute regulation. 
  
 “Weighted Average Principal Allocation Amount” means, with respect to any period for any class or series of Notes, the sum of the
Principal Allocation Amounts for such class or series, as applicable, as of the close of business on each day during such period divided by the actual number of days in such period. 
  
 Section 1.02. Compliance Certificates and Opinions. Upon any application or request by the Issuer to the Indenture
Trustee to take any action under any provision of this Indenture, the Issuer will 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 and (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, 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 relating to such particular application or request, no additional certificate or opinion need be furnished. 
  
 Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (except for the written statement required by Section 11.04) will include: 
  
 (a) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

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

 16 

 Section 1.03. Form of Documents Delivered to Indenture Trustee. In any case where several matters
are required to be certified by, or covered by an opinion of, one or more specified Persons, one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to the other matters, and any such Person
may certify or give an opinion as to such matters in one or several documents. 
  
 Any certificate or opinion of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless the Issuer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations are erroneous. Any such certificate or opinion of, or representation by, counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, the Issuer stating that the information with respect to such factual matters is in the possession of the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations are erroneous. 
  
 Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 Section 1.04. Acts of Noteholders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or
other action (collectively, “action”) provided by this Indenture to be given or taken by Noteholders of any series or class may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Noteholders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is
hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof
of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 8.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the
manner provided in this Section. 
  
 (b) The fact and date of the
execution by any Person of any such instrument or writing may be proved by the affidavit of a witness to such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that
the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Indenture
Trustee deems sufficient. 
  
 (c) The ownership of Registered
Notes shall be proved by the Note Register. 
  

 17 

 (d) If the Issuer shall solicit from the Holders any action, the Issuer may, at its option, by an
Officer’s Certificate, fix in advance a record date for the determination of Holders entitled to give such action, but the Issuer shall have no obligation to do so. If the Issuer does not so fix a record date, such record date shall be the
later of thirty (30) days before the first solicitation of such action or the date of the most recent list of Noteholders furnished to the Indenture Trustee pursuant to Section 9.01 before such solicitation. Such action may be given before or
after the record date, but only the Holders of record at the close of business on the record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Notes Outstanding have authorized or
agreed or consented to such action, and for that purpose the Notes Outstanding shall be computed as of the record date; provided that no such authorization, agreement or consent by the Holders on the record date shall be deemed effective
unless it will become effective pursuant to the provisions of this Indenture not later than six months after the record date. 
  
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind the Holder of every Note
issued upon the transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon whether or not notation of such action is made upon such Note.

  
 Section 1.05. Notices, etc., to Indenture Trustee and
Issuer. Any action of Noteholders or other document 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 Issuer 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 Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder (except as provided in Section 7.01(c)) if in writing and mailed, first-class postage prepaid, to the Issuer addressed to it
at the address of its principal office specified in the first paragraph of this Indenture or at any other address previously furnished in writing to the Indenture Trustee by the Issuer. 
  
 Section 1.06. Notices to Noteholders, Waiver. 
  
 (a) Where this Indenture, any Indenture Supplement or any Registered Note provides for notice to Registered Noteholders of
any event, such notice shall be sufficiently given (unless otherwise herein, in such Indenture Supplement or in such Registered Note expressly provided) if in writing and mailed, first-class postage prepaid, sent by facsimile, sent by electronic
transmission or personally delivered to each Holder of Registered Note affected by such event, at such Noteholder’s address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice. In any case where notice to Registered Noteholders is given by mail, facsimile, electronic transmission or delivery neither the failure to mail, send by facsimile, electronic transmission or deliver such notice, nor
any defect in any notice so mailed, to any particular Noteholders shall affect the sufficiency of such notice with respect to other Noteholders and any notice that is mailed, sent by 

  

 18 

 
facsimile, electronic transmission or delivered in the manner herein provided shall conclusively have been presumed to have been duly given. 
  
 Where this Indenture, any Indenture Supplement or any Registered Note
provides for notice in any manner, such notice may be waived in writing by the 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 Registered
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 waiver. 
  
 (b) In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it
shall be impractical to mail notice of any event to any Holder of a Registered Note when such notice is required to be given pursuant to any provision of this Indenture, then any method of notification as shall be satisfactory to the Indenture
Trustee and the Issuer shall be deemed to be a sufficient giving of such notice. 
  
 (c) With respect to any class of Notes, the applicable Indenture Supplement may specify different or additional means of giving notice to the Holders of the Notes of such class. 
  
 (d) Where this Indenture provides for notice to any Note Rating Agency,
failure to give such notice shall not affect any other rights or obligations created hereunder and shall not under any circumstance constitute an Adverse Effect. 
  
 Section 1.07. Conflict with Trust Indenture Act. If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318, inclusive, of the Trust Indenture Act, such imposed duties or
incorporated provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or excluded, as the case may be. 
  
 Section 1.08.
Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  
 Section 1.09. Successors and Assigns. All covenants and agreements in this Indenture by the Issuer shall bind its
successors and assigns, whether so expressed or not. All covenants and agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents of the Indenture Trustee. 
  
 Section 1.10. Separability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 1.11. Benefits of Indenture. Nothing in this Indenture or in any Notes, express or implied, shall give to any
Person, other than the parties hereto and the Owner Trustee and their successors hereunder, any Authenticating Agent or Paying Agent, the Note Registrar, 

  

 19 

 
Derivative Counterparties (to the extent specified in the applicable Derivative Agreement) and the Holders of Notes (or such of them as may be affected
thereby), any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 Section 1.12. Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION
5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.13. 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 1.14. Indenture Referred to in the Trust Agreement. This is the Indenture referred to in the Trust Agreement. 
  
 Section 1.15. Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the
period from and after any such nominal date. 
  
 [END OF ARTICLE I]

  

 20 

 ARTICLE II 
  

NOTE FORMS 
  
 Section 2.01. Forms Generally. The Notes shall have such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture or the applicable Indenture Supplement and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required to comply with applicable laws or regulations
or with the rules of any securities exchange, or as may, consistently herewith, be determined by the Issuer, as evidenced by the Issuer’s execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with
an appropriate reference thereto on the face of the Note. 
  
 The
definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders) or may be produced in any other manner, all as determined by the Issuer, as evidenced
by the Issuer’s execution of such Notes, subject, with respect to the Notes of any series or class, to the rules of any securities exchange on which such Notes are listed. 
  
 Section 2.02. Forms of Notes. Each Note shall be in one of the forms approved from time to time by or pursuant to an
Indenture Supplement. Before the delivery of a Note to the Indenture Trustee for authentication in any form approved by or pursuant to an Issuer Certificate, the Issuer shall deliver to the Indenture Trustee the Issuer Certificate by or pursuant to
which such form of Note has been approved, which Issuer Certificate shall have attached thereto a true and correct copy of the form of Note which has been approved thereby or, if an Issuer Certificate authorizes a specific officer or officers of the
Administrator to approve a form of Note, a certificate of such officer or officers approving the form of Note attached thereto. Any form of Note approved by or pursuant to an Issuer Certificate must be acceptable as to form to the Indenture Trustee,
such acceptance to be evidenced by the Indenture Trustee’s authentication of Notes in that form or a certificate signed by an Indenture Trustee Authorized Officer and delivered to the Issuer. 
  

 21 

 Section 2.03. Form of Indenture Trustee’s Certificate of Authentication. The form of
Indenture Trustee’s Certificate of Authentication for any Note issued pursuant to this Indenture shall be substantially as follows: 
  
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes of the series or class designated therein referred to in the within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,

	 as Indenture Trustee,

		
	 By:
	 	 
	 	 	Authorized Signatory
		
	 Dated:
	 	 

  
 Section 2.04.
Notes Issuable in the Form of a Global Note. 
  
 (a) If the
Issuer establishes pursuant to Sections 2.02 and 3.01 that the Notes of a particular series or class are to be issued in whole or in part in the form of one or more Global Notes, then the Issuer shall execute and the Indenture Trustee
or its agent shall, in accordance with Section 3.03 and the Issuer Certificate delivered to the Indenture Trustee or its agent thereunder, authenticate and deliver, such Global Note or Notes, which, unless otherwise provided in the applicable
Indenture Supplement (i) shall represent, and shall be denominated in an amount equal to the aggregate Stated Principal Amount (or in the case of Discount Notes, the aggregate Stated Principal Amount at the Expected Principal Payment Date of such
Notes) of the Outstanding Notes of such series or class to be represented by such Global Note or Notes, or such portion thereof as the Issuer shall specify in an Issuer Certificate, (ii) in the case of Registered Notes, shall be registered in the
name of the Depository for such Global Note or Notes or its nominee, (iii) shall be delivered by the Indenture Trustee or its agent to the Depository or pursuant to the Depository’s instruction, (iv) if applicable, shall bear a legend
substantially to the following effect: “Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange
or payment, and any note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein” and (v) may bear such other
legend as the Issuer, upon advice of counsel, deems to be applicable. 
  
 (b) Notwithstanding any other provisions of this Section 2.04 or of Section 3.05, and subject to the provisions of paragraph (c) below, unless the terms of a Global Note or the applicable Indenture Supplement expressly permit
such Global Note to be exchanged in whole or in part for individual Notes, a Global Note may be transferred, in whole but not in part and in the manner provided in Section 3.05, only to a nominee of the Depository for such Global Note, or to
the Depository, or a successor Depository for such Global Note selected or approved by the Issuer, or to a nominee of such successor Depository. 
  

 22 

 (c) With respect to Notes issued within the United States, unless otherwise specified in the applicable
Indenture Supplement, or with respect to Notes issued outside the United States, if specified in the applicable Indenture Supplement: 
  
 (i) If at any time the Depository for a Global Note notifies the Issuer that it is unwilling or unable to continue as Depository for such
Global Note or if at any time the Depository for the Notes for such series or class ceases to be a clearing agency registered under the Securities Exchange Act, or other applicable statute or regulation, the Issuer shall appoint a successor
Depository with respect to such Global Note. If a successor Depository for such Global Note is not appointed by the Issuer within ninety (90) days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer shall
execute, and the Indenture Trustee or its agent, upon receipt of an Issuer Certificate requesting the authentication and delivery of individual Notes of such series or class in exchange for such Global Note, shall authenticate and deliver,
individual Notes of such series or class of like tenor and terms in an aggregate Stated Principal Amount equal to the Stated Principal Amount of the Global Note in exchange for such Global Note. 
  
 (ii) If specified by the Issuer pursuant to Sections
2.02 and 3.01 with respect to Notes issued or issuable in the form of a Global Note, the Depository for such Global Note may surrender such Global Note in exchange in whole or in part for individual Notes of such series or class of like
tenor and terms in definitive form on such terms as are acceptable to the Issuer and such Depository. Thereupon the Issuer shall execute, and the Indenture Trustee or its agent shall authenticate and deliver, without service charge, (A) to each
Person specified by such Depository a new Note or Notes of the same series or class of like tenor and terms and of any authorized denomination as requested by such Person in aggregate Stated Principal Amount equal to and in exchange for such
Person’s beneficial interest in the Global Note; and (B) to such Depository a new Global Note of like tenor and terms and in an authorized denomination equal to the difference, if any, between the Stated Principal Amount of the surrendered
Global Note and the aggregate Stated Principal Amount of Notes delivered to the Holders thereof. 
  
 (iii) If any Event of Default has occurred with respect to such Global Notes, and Holders of Notes evidencing not less than 50% of the
unpaid Outstanding Dollar Principal Amount of the Global Notes of that class advise the Indenture Trustee and the Depository that a Global Note is no longer in the best interest of the Noteholders, the Holders of Global Notes of that class may
exchange such Notes for individual Notes. 
  
 (iv) In any exchange provided for in any of the preceding three paragraphs, the Issuer shall execute and the Indenture Trustee or its agent shall authenticate and deliver individual Notes in definitive registered form in authorized
denominations. Upon the exchange of the entire Stated Principal Amount of a Global Note for individual Notes, such Global Note shall be 

  

 23 

 
canceled by the Indenture Trustee or its agent. Except as provided in the preceding paragraphs, Notes issued in exchange for a Global Note pursuant to this
Section shall be registered in such names and in such authorized denominations as the Depository for such Global Note, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Indenture Trustee or the Note
Registrar. The Indenture Trustee or the Note Registrar shall deliver such Notes to the Persons in whose names such Notes are so registered. 
  
 Section 2.05. Temporary Global Notes and Permanent Global Notes. 
  
 (a) If specified in the applicable Indenture Supplement for any class, all or any portion of a Global Note initially may be
issued in the form of a single temporary Global Registered Note (the “Temporary Global Note”), without interest coupons, in the denomination of the entire aggregate principal amount of such class and substantially in the form set forth in
the exhibit with respect thereto attached to the applicable Indenture Supplement. The Temporary Global Note shall be authenticated by the Indenture Trustee upon the same conditions, in substantially the same manner and with the same effect as the
Notes in definitive form. The Temporary Global Note may be exchanged as described below or in the applicable Indenture Supplement for permanent Registered Notes (the “Permanent Global Notes”). 
  
 (b) Unless otherwise provided in the applicable Indenture Supplement,
exchanges of beneficial interests in Temporary Global Notes for beneficial interests in Permanent Global Notes shall be made as provided in this clause. The Issuer shall, upon its determination of the date of completion of the distribution of the
Notes of such class, so advise the Indenture Trustee, the Foreign Depository, and each foreign clearing agency forthwith. Without unnecessary delay, but in any event not prior to the Exchange Date, the Issuer shall execute and deliver to the
Indenture Trustee at its London office or its designated agent outside the United States Permanent Global Notes in registered form in an aggregate principal amount equal to the entire aggregate principal amount of such class. The Temporary Global
Note may be exchanged for an equal aggregate principal amount of Permanent Global Notes only on or after the Exchange Date. A United States Person may exchange the portion of the Temporary Global Note beneficially owned by it only for an equal
aggregate principal amount of Permanent Global Notes in registered form bearing the applicable legend set forth in the form of Registered Note attached to the applicable Indenture Supplement and having a minimum denomination of $500,000, which may
be in temporary form if the Issuer so elects. The Issuer may waive the $500,000 minimum denomination requirement if it so elects. Upon any demand for exchange for Permanent Global Notes in accordance with this clause, the Issuer shall cause the
Indenture Trustee to authenticate and deliver the Permanent Global Notes to the Holder according to the instructions of the Holder, in the case of Registered Notes, but in either case only upon presentation to the Indenture Trustee of a written
statement substantially in the form of Exhibit D-1 (or such other form as the Issuer may determine) with respect to the Temporary Global Note, or portion thereof being exchanged, signed by a foreign clearing agency and dated on the Exchange
Date or a subsequent date, to the effect that it has received in writing or by tested telex a certification substantially in the form of (i) in the case of beneficial ownership of the Temporary Global Note, or a portion thereof being exchanged, by a
United States institutional investor pursuant to this clause, the certificate in the form of Exhibit D-2 (or such other form as the Issuer may determine) signed by the Administrator which sold the relevant Notes or (ii) in all 

  

 24 

 
other cases, the certificate in the form of Exhibit D-3 (or such other form as the Issuer may determine), the certificate referred to in this clause
(ii) being dated on the earlier of the first payment of interest in respect of such Note and the date of the delivery of such Note in definitive form. Upon receipt of such certification, the Indenture Trustee shall cause the Temporary Global Note to
be endorsed in accordance with clause (d). Any exchange as provided in this Section shall be made free of charge to the Holders and the beneficial owners of the Temporary Global Note and to the beneficial owners of the Permanent Global Note issued
in exchange, except that a person receiving the Permanent Global Note must bear the cost of insurance, postage, transportation and the like in the event that such Person does not receive such Permanent Global Note in person at the offices of a
foreign clearing agency. 
  
 (c) The delivery to the Indenture
Trustee by a foreign clearing agency of any written statement referred to above may be relied upon by the Issuer and the Indenture Trustee as conclusive evidence that a corresponding certification or certifications has or have been delivered to such
foreign clearing agency pursuant to the terms of this Indenture. 
  
 (d) Upon any such exchange of all or a portion of the Temporary Global Note for a Permanent Global Note or Notes, such Temporary Global Note shall be endorsed by or on behalf of the Indenture Trustee to reflect the reduction of its
principal amount by an amount equal to the aggregate principal amount of such Permanent Global Note or Notes. Until so exchanged in full, such Temporary Global Note shall in all respects be entitled to the same benefits under this Indenture as
Permanent Global Notes authenticated and delivered hereunder except that the beneficial owners of such Temporary Global Note shall not be entitled to receive payments of interests on the Notes until they have exchanged their beneficial interests in
such Temporary Global Note for Permanent Global Notes. 
  
 Section
2.06. Beneficial Ownership of Global Notes. Until definitive Notes have been issued to the applicable Noteholders pursuant to Section 2.04 or as otherwise specified in any applicable Indenture Supplement: 
  
 (a) the Issuer and the Indenture Trustee may deal with the applicable
clearing agency and the clearing agency’s participants for all purposes (including the making of distributions) as the authorized representatives of the respective Note Owners; and 
  
 (b) the rights of the respective Note Owners shall be exercised only through the applicable clearing agency and the clearing
agency’s participants and shall be limited to those established by law and agreements between such Note Owners and the clearing agency and/or the clearing agency’s participants. Pursuant to the operating rules of the applicable clearing
agency, unless and until Notes in definitive form are issued pursuant to Section 2.04, the clearing agency shall make book-entry transfers among the clearing agency’s participants and receive and transmit distributions of principal and
interest on the related Notes to such clearing agency’s participants. 
  
 For purposes of any provision of this Indenture requiring or permitting actions with the consent of, or at the direction of, Noteholders evidencing a specified percentage of the aggregate unpaid principal amount of
Outstanding Notes, such direction or consent may be given 

  

 25 

 
by Note Owners (acting through the clearing agency and the clearing agency’s participants) owning interests in Notes evidencing the requisite percentage
of principal amount of Notes. 
  
 Section 2.07. Notices to
Depository. Whenever any notice or other communication is required to be given to Noteholders with respect to which book-entry Notes have been issued, unless and until Notes in definitive form shall have been issued to the related Note Owners,
the Indenture Trustee shall give all such notices and communications to the applicable Depository. 
  
 [END OF ARTICLE II] 
  

 26 

 ARTICLE III 
  
 THE NOTES 
  
 Section 3.01. General Title; General Limitations; Issuable in Series; Terms of a Series or class. 
  
 (a) The aggregate Stated Principal Amount of Notes which may be authenticated
and delivered and Outstanding under this Indenture is not limited. 
  
 (b) The Notes may be issued in one or more series or classes up to an aggregate Stated Principal Amount of Notes as from time to time may be authorized by the Issuer. All Notes of each series or class under this Indenture shall in all
respects be equally and ratably entitled to the benefits hereof with respect to such series or class without preference, priority or distinction on account of the actual time of the authentication and delivery or Expected Principal Payment Date or
Legal Maturity Date of the Notes of such series or class, except as specified in the applicable Indenture Supplement for such series or class. 
  
 (c) Each Note issued must be part of a series and class of Notes for purposes of allocations pursuant to Article V. A series of Notes is created
pursuant to an Indenture Supplement. A class of Notes is created pursuant to an Indenture Supplement or pursuant to an Issuer Certificate or terms document, each related to the Indenture Supplement for the applicable series. 
  
 (d) Each series of Notes may be assigned to a group or groups of Notes for
purposes of allocations pursuant to Article V. The related Indenture Supplement shall identify the group or groups, if any, to which a series of Notes has been assigned and the manner and extent to which series in the same group shall share
amounts. Any Series of Notes may be designated as a Paired Series. 
  
 (e) Each series of Notes may, but need not be, subdivided into multiple classes. Notes belonging to a class in any series may be entitled to specified payment priorities over other classes of Notes in that series. 
  
 (f) There shall also be established in or pursuant to an Indenture Supplement
or pursuant to an Issuer Certificate or terms document related to the applicable Indenture Supplement before the initial issuance of Notes of each such series or class, provision for: 
  
 (i) the series designation; 
  
 (ii) the Stated Principal Amount of the Notes; 
  
 (iii) whether such series belongs to any group or groups;

  
 (iv) whether such Notes are of a particular
class of Notes; 
  
 (v) the Required Subordinated
Amount (if any) for such class of Notes; 
  

 27 

 (vi) the currency or currencies in which such Notes will be denominated and in which
payments of principal of, and interest on, such Notes will or may be payable; 
  
 (vii) if the principal of or interest, if any, on such Notes are to be payable, at the election of the Issuer or a Holder thereof, in a currency or currencies other than that in which the Notes are stated to be
payable, the period or periods within which, and the terms and conditions upon which, such election may be made; 
  
 (viii) if the amount of payments of principal of or interest, if any, on such Notes may be determined with reference to an index based on
(A) a currency or currencies other than that in which the Notes are stated to be payable, (B) changes in the prices of one or more other securities or groups or indexes of securities or (C) changes in the prices of one or more commodities or groups
or indexes of commodities, or any combination of the foregoing, the manner in which such amounts will be determined; 
  
 (ix) the price or prices at which the Notes will be issued; 
  
 (x) the times at which such Notes may, pursuant to any optional or mandatory redemption provisions, be
redeemed, and the other terms and provisions of any such redemption provisions; 
  
 (xi) the rate per annum at which such Notes will bear interest, if any, or the formula or index on which such rate will be determined,
including all relevant definitions, and the date from which interest will accrue; 
  
 (xii) each Interest Payment Date, Expected Principal Payment Date and Legal Maturity Date for such Notes; 
  
 (xiii) the Initial Dollar Principal Amount of such Notes,
and the means for calculating the Outstanding Dollar Principal Amount of such Notes; 
  
 (xiv) whether or not application will be made to list such Notes on any securities exchange; 
  
 (xv) any Events of Default or Early Redemption Events with
respect to such Notes, if not set forth herein and any additions, deletions or other changes to the Events of Default or Early Redemption Events set forth herein that shall be applicable to such Notes (including a provision making any Event of
Default or Early Redemption Event set forth herein inapplicable to the Notes of that series or class); 
  
 (xvi) the appointment by the Indenture Trustee of an Authenticating Agent in one or more places other than the location of the office of
the Indenture Trustee with power to act on behalf of the Indenture Trustee and subject to its direction in the authentication and delivery of such Notes in connection with such 

  

 28 

 
transactions as will be specified in the provisions of this Indenture or in or pursuant to the applicable Indenture Supplement creating such series or class;

  
 (xvii) if such Notes will be issued in whole
or in part in the form of a Global Note or Global Notes, the terms and conditions, if any, upon which such Global Note or Global Notes may be exchanged in whole or in part for other individual Notes; and the Depository for such Global Note or Global
Notes (if other than the Depository specified in Section 1.01); 
  
 (xviii) the subordination of such Notes to any other indebtedness of the Issuer, including without limitation, the Notes of any other series or class; 
  
 (xix) if such Notes are to have the benefit of any Derivative Agreement, the terms and provisions of such
agreement; 
  
 (xx) the Record Date for any
Payment Date of such Notes, if different from the last day of the month before the related Payment Date; 
  
 (xxi) the controlled accumulation amount, if any, the controlled amortization amount, if any, or other principal amortization amount, if
any, scheduled for such Notes; 
  
 (xxii) whether
such series will be a Paired Series; and 
  
 (xxiii) any other terms of such Notes which will not be inconsistent with the provisions of this Indenture; 
  
 all upon such terms as may be determined in or pursuant to an Indenture Supplement with respect to such series or class. 
  
 (g) The form of the Notes of each series or class shall be established
pursuant to the provisions of this Indenture and the related Indenture Supplement creating such series or class. The Notes of each series or class shall be distinguished from the Notes of each other series or class in such manner, reasonably
satisfactory to the Indenture Trustee, as the Issuer may determine. 
  
 (h) Unless otherwise provided with respect to Notes of a particular series or class, the Notes of any particular series or class shall be issued in registered form, without coupons. 
  
 (i) Any terms or provisions in respect of the Notes of any series or class
issued under this Indenture may be determined pursuant to this Section by providing in the applicable Indenture Supplement for the method by which such terms or provisions shall be determined. 
  
 (j) The Notes of each series or class may have such Expected Principal
Payment Date or Dates or Legal Maturity Date or Dates, be issuable at such premium over or discount from their face value, bear interest at such rate or rates (which may be fixed or floating), 

  

 29 

 
from such date or dates, payable in such installments and on such dates and at such place or places to the Holders of Notes registered as such on such Record
Dates, or may bear no interest, and have such terms, all as shall be provided for in or pursuant to the applicable Indenture Supplement. 
  
 Section 3.02. Denominations. The Notes of each class shall be issuable in such denominations and currency as shall be provided in the provisions of
this Indenture or in or pursuant to the applicable Indenture Supplement. In the absence of any such provisions with respect to the Registered Notes of any class, the Registered Notes of that class shall be issued in denominations of $1,000 and
multiples thereof. 
  
 Section 3.03. Execution, Authentication
and Delivery and Dating. 
  
 (a) The Notes shall be executed
on behalf of the Issuer by an Issuer Authorized Officer. The signature of any officer of the Administrator or the Owner Trustee on the Notes may be manual or facsimile. 
  
 (b) Notes bearing the manual or facsimile signatures of individuals who were at any time an Issuer Authorized Officer shall
bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices before the authentication and delivery of such Notes or did not hold such offices at the date of issuance of such Notes. 
  
 (c) At any time and from time to time after the execution and delivery of
this Indenture, the Issuer may deliver Notes executed by the Issuer to the Indenture Trustee for authentication; and the Indenture Trustee shall, upon request by an Officer’s Certificate, authenticate and deliver such Notes as in this Indenture
provided and not otherwise. 
  
 (d) Before any such authentication
and delivery, the Indenture Trustee shall be entitled to receive, in addition to any Officer’s Certificate and Opinion of Counsel required to be furnished to the Indenture Trustee pursuant to Section 1.02, the Issuer Certificate and any
other opinion or certificate relating to the issuance of the class of Notes required to be furnished pursuant to Section 2.02 or Section 3.10. 
  
 (e) The Indenture Trustee shall not be required to authenticate such Notes if the issue thereof shall adversely affect the Indenture Trustee’s own
rights, duties or immunities under the Notes and this Indenture. 
  
 (f) Unless otherwise provided in the form of Note for any class, all Notes shall be dated the date of their authentication. 
  
 (g) No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature of an authorized signatory, and such certificate upon any Note shall be conclusive evidence, and the only evidence,
that such Note has been duly authenticated and delivered hereunder. 
  

 30 

 Section 3.04. Temporary Notes. 
  
 (a) Pending the preparation of definitive Notes of any class, the Issuer may execute, and, upon receipt of the documents
required by Section 3.03, together with an Officer’s Certificate, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Issuer may determine, as evidenced by the Issuer’s
execution of such Notes. 
  
 (b) If temporary Notes of any class
are issued, the Issuer shall cause definitive Notes of such class to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes of such class shall be exchangeable for definitive Notes of such class upon
surrender of the temporary Notes of such class at the office or agency of the Issuer in a Place of Payment, without charge to the Holder; and upon surrender for cancellation of any one or more temporary Notes the Issuer shall execute and the
Indenture Trustee shall authenticate and deliver in exchange therefor a like Stated Principal Amount of definitive Notes of such class of authorized denominations and of like tenor and terms. Until so exchanged the temporary Notes of such class
shall in all respects be entitled to the same benefits under this Indenture as definitive Notes of such class. 
  
 Section 3.05. Registration, Transfer and Exchange. 
  
 (a) The Issuer shall keep or cause to be kept a register (herein sometimes referred to as the “Note Register”) in which, subject to such
reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Registered Notes, or of Registered Notes of a particular class, and for transfers of Registered Notes or of Registered Notes of such class. Any such
register shall be in written form or in any other form capable of being converted into written form within a reasonable time. At all reasonable times the information contained in such register or registers shall be available for inspection by the
Indenture Trustee at the office or agency to be maintained by the Issuer as provided in Section 11.02. 
  
 (b) Subject to Section 2.04, upon surrender for transfer of any Registered Note of any class at the office or agency of the Issuer in a Place of
Payment, if the requirements of Section 8-401 (a) of the UCC are met, the Issuer shall execute, and, upon receipt of such surrendered note, the Indenture Trustee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Registered Notes of such class of any authorized denominations, of a like aggregate Stated Principal Amount, Expected Principal Payment Date and Legal Maturity Date and of like terms. 
  
 (c) Subject to Section 2.04, at the option of the Holder, Notes of any
class may be exchanged for other Notes of such class of any authorized denominations, of a like aggregate Stated Principal Amount, Expected Principal Payment Date and Legal Maturity Date and of like terms, upon surrender of the Notes to be exchanged
at such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Notes which the Noteholders making the exchange are entitled to receive. 
  

 31 

 (d) All Notes issued upon any transfer or exchange of Notes shall be the valid and legally binding
obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange. 
  
 (e) Every Note presented or surrendered for transfer or exchange shall (if so required by the Issuer or the Indenture
Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Note Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
  
 (f) Unless otherwise provided in the Note to be transferred or exchanged, no
service charge shall be made on any Noteholder for any transfer or exchange of Notes, but the Issuer may (unless otherwise provided in such Note) require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any transfer or exchange of Notes, other than exchanges pursuant to Section 3.04 or 10.06 not involving any transfer. 
  
 (g) None of the Issuer, the Indenture Trustee, any agent of the Indenture Trustee, any Paying Agent or the Note Registrar shall have any responsibility or
liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

 
 (h) The Issuer initially appoints Wells Fargo Bank, National Association,
to act as Note Registrar for the Registered Notes on its behalf. The Issuer may at any time and from time to time authorize any Person to act as Note Registrar in place of the Indenture Trustee with respect to any class of Notes issued under this
Indenture. 
  
 (i) Registration of transfer of Notes containing
the following legend or to which the following legend is applicable: 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE
SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE
REFERRED TO HEREIN.” 
  
 shall be effected only if such transfer is made
pursuant to an effective registration statement under the Securities Act, or is exempt from the registration requirements under the Securities Act. In the event that registration of a transfer is to be made in reliance upon an exemption from the
registration requirements under the Securities Act other than Rule 144A under the Securities Act or Rule 903 or Rule 904 of Regulation S under the Securities Act, the transferor or the transferee shall deliver, at its expense, to the Issuer and the
Indenture Trustee, an investment letter from the transferee, substantially in the form of the investment letter attached hereto as 

  

 32 

 
Exhibit C or such other form as the Issuer may determine, and no registration of transfer shall be made until such letter is so delivered. 
  
 Notes issued upon registration or transfer of, or Notes issued in exchange
for, Notes bearing the legend referred to above shall also bear such legend unless the Issuer, the Trustee and the Note Registrar receive an Opinion of Counsel, satisfactory to each of them, to the effect that such legend may be removed. 

 
 Whenever a Note containing the legend referred to above is presented to
the Note Registrar for registration of transfer, the Note Registrar shall promptly seek instructions from the Issuer regarding such transfer and shall be entitled to receive an Issuer Certificate prior to registering any such transfer. The Issuer
hereby agrees to indemnify the Note Registrar and the Indenture Trustee and to hold each of them harmless against any loss, liability or expense incurred without negligence or bad faith on their part arising out of or in connection with actions
taken or omitted by them in relation to any such instructions furnished pursuant to this clause. 
  
 Section 3.06. Mutilated, Destroyed, Lost and Stolen Notes. 
  

(a) If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Issuer and the Indenture Trustee receive evidence to their satisfaction
of the destruction, loss or theft of any Note, and (ii) there is delivered to the Issuer and the Indenture Trustee such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer or
the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer shall execute and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Note, a new Note of like tenor, series or class, Expected Principal Payment Date, Legal Maturity Date and Stated Principal Amount, bearing a number not contemporaneously Outstanding. 
  
 (b) In case any such mutilated, destroyed, lost or stolen Note has become or
is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 
  
 (c) Upon the issuance of any new Note under this Section, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 
  
 (d) Every new Note issued pursuant to this Section in lieu of any destroyed, lost or stolen Note shall constitute an original additional contractual
obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes of the same
series or class duly issued hereunder. 
  
 (e) The provisions of
this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  

 33 

 Section 3.07. Payment of Interest; Interest Rights Preserved. 
  
 (a) Unless otherwise provided with respect to such Note pursuant to
Section 3.01, interest payable on any Registered Note shall be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the most recent Record Date. 
  
 (b) Subject to clause (a), each Note delivered under this Indenture upon
transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued or principal accreted and unpaid, and to accrue or accrete, which were carried by such other Note. 
  
 Section 3.08. Persons Deemed Owners. The Issuer, the Indenture
Trustee, the Owner Trustee, the Administrator and any agent of the Issuer, the Indenture Trustee, the Owner Trustee, or the Administrator may treat the Person who is proved to be the owner of such Note pursuant to Section 1.04(c) as the owner
of such Note for the purpose of receiving payment of principal of and (subject to Section 3.07) interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee,
the Owner Trustee, nor any agent of the Issuer, the Indenture Trustee, the Owner Trustee, or the Administrator shall be affected by notice to the contrary. 
  
 Section 3.09. Cancellation. All Notes surrendered for payment, redemption, transfer, conversion or exchange shall, if surrendered to any Person
other than the Indenture Trustee, be delivered to the Indenture Trustee and, if not already canceled, shall be promptly canceled by it. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated
and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Note shall be authenticated in lieu of or in exchange for any Notes canceled as
provided in this Section, except as expressly permitted by this Indenture. The Indenture Trustee shall dispose of all canceled Notes in accordance with its customary procedures and shall deliver a certificate of such disposition to the Issuer.

  
 Section 3.10. New Issuances of Notes. 
  
 (a) The Issuer may issue new Notes of any series or class, so long as the
following conditions precedent are satisfied: 
  
 (i) on or before the third Business Day before the date that the new issuance is to occur, the Issuer gives the Indenture Trustee and the Note Rating Agencies written notice of the issuance; 
  
 (ii) on or prior to the date that the new issuance is to
occur, the Issuer delivers to the Indenture Trustee and each Note Rating Agency an Issuer Certificate to the effect that: 
  
 (A) the Issuer reasonably believes that the new issuance shall not at the time of its occurrence or at a future date cause an Adverse
Effect on any Outstanding Notes; 
  

 34 

 (B) all instruments furnished to the Indenture Trustee conform to the requirements of
this Indenture and constitute sufficient authority hereunder for the Indenture Trustee to authenticate and deliver such Notes; 
  
 (C) the form and terms of such Notes have been established in conformity with the provisions of this Indenture; and 
  
 (D) all laws and requirements with respect to the execution
and delivery by the Issuer of such Notes have been complied with, the Issuer has the trust power and authority to issue such Notes and such Notes have been duly authorized and delivered by the Issuer and, assuming due authentication and delivery by
the Indenture Trustee, constitute legal, valid and binding obligations of the Issuer enforceable in accordance with their terms (subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws
and legal principles affecting creditors’ rights generally from time to time in effect and to general equitable principles, whether applied in an action at law or in equity) and entitled to the benefits of this Indenture, equally and ratably
with all other Notes, if any, of such series or class Outstanding, subject to the terms of this Indenture and each Indenture Supplement; 
  
 (iii) on or before the date that the new issuance is to occur, the Issuer shall have delivered to the Indenture Trustee and the Note
Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance; 
  
 (iv) on or before the date that the new issuance is to occur, the Issuer shall have delivered to the Trustee an Indenture Supplement and,
if applicable, the Issuer Certificate or terms document relating to the applicable series and class of Notes; 
  
 (v) no Trust Pay Out Event as defined in the Pooling and Servicing Agreement or Series 2004-MC Pay Out Event as defined in the Series
2004-MC Supplement shall have occurred and be continuing as of the date of the new issuance; 
  
 (vi) on the issuance date, after giving effect to such issuance, the Transferor Interest (as defined in the Pooling and Servicing
Agreement) will at least equal the Minimum Transferor Interest (as defined in the Series 2004-MC Supplement). 
  
 (vii) the Note Rating Agencies have provided written confirmation that such issuance shall not have a Ratings Effect; 
  
 (viii) the conditions specified herein or in Section
3.11 are satisfied; and 
  
 (ix) any other
conditions specified herein in the applicable Indenture Supplement; 
  

 35 

 provided, however, that any one of the aforementioned conditions (other than clauses (iii) and (iv)) may be
eliminated or modified as a condition precedent to any new issuance of a series or class of Notes if the Issuer has obtained written confirmation from each Note Rating Agency that there will be no Ratings Effect with respect to any Outstanding Notes
as a result of a new issuance of Notes. 
  
 (b) The Issuer and the
Indenture Trustee shall not be required to obtain the consent of any Noteholder of any Outstanding series or class to issue any additional Notes of any series or class. 
  
 Section 3.11. Specification of Required Subordinated Amount and other Terms with Respect to each Class. The
applicable Indenture Supplement for each class of Notes shall specify a Required Subordinated Amount of each subordinated class of Notes, if any. 
  
 Section 3.12. Shared Note Trust Excess Available Funds. On each Transfer Date, at the direction of the Servicer, (a) the Indenture Trustee shall
apply for all outstanding series of Notes the aggregate amounts which the related Indenture Supplements specify are to be treated as “Shared Note Trust Excess Available Funds” for such Transfer Date, pro rata,
in proportion to the Note Trust Available Funds Shortfalls, if any, with respect to each such series of Notes, and (b) the Indenture Trustee shall pay to the Issuer an amount equal to the excess, if any, of (x) for all outstanding series of Notes,
the aggregate amounts which the related Indenture Supplements specify are to be treated as “Shared Note Trust Excess Available Funds” for such Transfer Date over (y) for all outstanding series of Notes, the aggregate amounts
which the related Indenture Supplements specify are “Note Trust Available Funds Shortfalls” for such Transfer Date. 
  
 Section 3.13. Shared Note Trust Principal Collections. On each Transfer Date, at the direction of the Servicer, (a) the Indenture Trustee shall
apply for all outstanding series of Notes the aggregate amounts which the related Indenture Supplements specify are to be treated as “Shared Note Trust Principal Collections” for such Transfer Date, pro rata, in
proportion to the Note Trust Principal Shortfalls, if any, with respect to each such series of Notes, and (b) the Indenture Trustee shall pay to the Issuer for reinvestment in the Investor Interest of the Collateral Certificate an amount equal to
the excess, if any, of (x) for all outstanding series of Notes, the aggregate amounts which the related Indenture Supplements specify are to be treated as “Shared Note Trust Principal Collections” for such Transfer Date over
(y) for all outstanding series of Notes, the aggregate amounts which the related Indenture Supplements specify are “Note Trust Principal Shortfalls” for such Transfer Date. 
  
 [END OF ARTICLE III] 
  

 36 

 ARTICLE IV 
  

ACCOUNTS AND INVESTMENTS 
  
 Section 4.01. Collections. 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 from any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture including, without
limitation, all funds and other property payable to the Indenture Trustee in connection with the Collateral (collectively, the “Collections”). The Indenture Trustee shall hold all such money and property received by it as part of
the Collateral and shall apply it as provided in this Indenture. 
  
 Section 4.02. Accounts. 
  
 (a) Accounts;
Deposits to and Distributions from Accounts. On or before the Effective Date, the Issuer shall cause to be established and maintained one or more Qualified Accounts (collectively, the “Collection Account”) in the name of the
Indenture Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty. All collections received from the Master
Trust pursuant to Section 5.01 and 5.02 of the Pooling and Servicing Agreement as supplemented by the Series 2004-MC Supplement shall be deposited into the Collection Account. From time to time in connection with the issuance of a
series or class of Notes, the Indenture Trustee may establish one or more Qualified Accounts denominated as “Supplemental Accounts” in the name of the Indenture Trustee. The Collection Account shall be under the sole dominion and
control of the Indenture Trustee for the benefit of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty. If, at any time, the institution holding the Collection Account ceases to be a Qualified Institution, the Issuer
shall within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Note Rating Agency may consent in writing) establish a new Collection Account that is a Qualified Account and shall transfer any
cash and/or investments to such new Collection Account. From the date such new Collection Account is established, it shall be the “Collection Account.” Supplemental Accounts shall be created as specified in the applicable Indenture
Supplement. Any Supplemental Account shall receive deposits as set forth in the applicable Indenture Supplement. 
  
 (b) All payments to be made from time to time by or on behalf of the Indenture Trustee to Noteholders out of funds in the Accounts pursuant to this
Indenture shall be made by or on behalf of the Indenture Trustee to the Paying Agent not later than 12:00 noon (central time) on the applicable Payment Date or earlier, if necessary, or as otherwise provided in Article V hereof or the
applicable Indenture Supplement but only to the extent of available funds in the applicable Supplemental Account or sub-Account. 
  
 Section 4.03. Investment of Funds in the Accounts. 
  
 (a) Funds on deposit in the Accounts shall be invested and reinvested by the Indenture Trustee at the written direction of the Issuer in one or more
Permitted Investments. 
  

 37 

 The Issuer may authorize the Indenture Trustee to make specific investments pursuant to written instructions, in such
amounts as the Issuer shall specify. Notwithstanding the foregoing, funds held by the Indenture Trustee in any of the Accounts shall be invested in Permitted Investments that will mature in each case no later than one day prior to the date on which
such funds in the Accounts are scheduled to be transferred or distributed by the Indenture Trustee pursuant to this Indenture (or as necessary to provide for timely payment of principal or interest on the applicable Principal Payment Date or
Interest Payment Date). 
  
 (b) All funds deposited from time to
time in the Accounts pursuant to this Indenture and all investments made with such funds shall be held by the Indenture Trustee in the Accounts as part of the Collateral as herein provided, subject to withdrawal by the Indenture Trustee for the
purposes set forth herein. 
  
 (c) Funds and other property in any
of the Accounts shall not be commingled with any other funds or property of the Issuer or the Indenture Trustee. The Indenture Trustee shall: 
  
 (i) hold each Permitted Investment (other than those described in clause (c) of the definition thereof) that constitutes investment
property through a securities intermediary, which securities intermediary shall agree with the Indenture Trustee that (A) such investment property at all times shall be credited to a securities account of the Indenture Trustee, (B) all property
credited to such securities account shall be treated as a financial asset, (C) such securities intermediary shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account,
(D) such securities intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any other person or entity, (E) such securities intermediary shall not agree with any person or entity other
than the Indenture Trustee to comply with entitlement orders originated by any person or entity other than the Indenture Trustee, (F) such securities account and all property credited thereto shall not be subject to any lien, security interest,
right of set-off, or encumbrance in favor of such securities intermediary or anyone claiming through such securities intermediary (other than the Indenture Trustee), and (G) such agreement between such securities intermediary and the Indenture
Trustee shall be governed by the laws of the State of Minnesota; 
  
 (ii) maintain possession of each other Permitted Investment not described in clause (i) above (other than those described in clause (c) of the definition thereof) in the State of Minnesota separate and apart from all
other property held by the Indenture Trustee; and 
  
 (iii) cause each Permitted Investment described in clause (c) of the definition thereof to be registered in the name of the Indenture Trustee by the issuer thereof; 
  
 provided, that, other than following an Event of Default and acceleration pursuant to Section 7.02, no
Permitted Investment shall be disposed of prior to its maturity. 
  

 38 

 Notwithstanding any other provision of this Indenture, the Indenture Trustee shall not hold any Permitted Investment
through an agent except as expressly permitted by this Section 4.03(c). Each term used in this Section 4.03(c) and defined in the New York UCC shall have the meaning set forth in the New York UCC. 
  
 (d) On each Transfer Date, all interest and earnings (net of losses and
investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Collection Account shall be treated as Available Funds and applied pursuant to Section 5.01 for such Transfer Date. Unless otherwise stated in the related
Indenture Supplement, for purposes of determining the availability of funds or the balance in the Accounts for any reason under this Indenture or any Indenture Supplement, investment earnings on such funds shall be deemed not to be available or on
deposit. 
  
 Subject to Section 8.01(c), the Indenture
Trustee shall not in any way be held liable by reason of any insufficiency in such Accounts resulting from any loss on any Permitted Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments
on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity, in accordance with their terms. 
  
 (e) Funds on deposit in the Accounts shall be invested and reinvested by the Indenture Trustee to the fullest extent practicable, in such manner as the
Indenture Trustee shall from time to time determine, but only in one or more Permitted Investments, upon the occurrence of any of the following events: 
  
 (i) the Issuer shall have failed to give investment directions to the Indenture Trustee; or 
  
 (ii) an Event of Default shall have occurred and is
continuing but no Notes have been declared due and payable pursuant to Section 7.02. 
  
 [END OF ARTICLE IV] 
  

 39 

 ARTICLE V 
  

ALLOCATIONS DEPOSITS AND PAYMENTS 
  
 Section 5.01. Allocations of Available Funds. With respect to each Monthly Period, the Servicer shall allocate to each series of Notes its portion
of Available Funds based on its Nominal Liquidation Amount. 
  
 Section 5.02. Allocations of Available Principal Amounts. With respect to each Monthly Period, the Servicer shall allocate all Available Principal Amounts to each series of Notes with a Monthly Principal Payment for such Monthly
Period in an amount equal to its Monthly Principal Payment; provided, however, that in the event that Available Principal Amounts for any Monthly Period are less than the aggregate Monthly Principal Payments for all series of Notes,
Available Principal Amounts shall be allocated to each series of Notes with a Monthly Principal Payment for such Monthly Period in an amount equal to the lesser of (a) the sum of the Daily Principal Amounts for each day during such Monthly Period
for such series of Notes and (b) the Monthly Principal Payment for such series of Notes for such Monthly Period for application in accordance with the related Indenture Supplement; provided further, however, that any excess
Available Principal Amounts identified in the application of clause (a) of the preceding proviso, or in the application of this proviso, shall be allocated to each series of Notes that has not been allocated sufficient Available Principal Amounts to
cover its full Monthly Principal Payment up to the amount of such insufficiency pro rata (based on the ratio of the Weighted Average Principal Allocation Amount for such series of Notes for such Monthly Period to the Weighted Average
Principal Allocation Amount for all series of Notes with an unpaid Monthly Principal Payment for such Monthly Period) for application in accordance with the related Indenture Supplement. 
  
 Section 5.03. Final Payment. Each class of Notes shall be considered to be paid in full, the Holders of such class of
Notes shall have no further right or claim, and the Issuer shall have no further obligation or liability with respect to such class of Notes, on the earliest to occur of: 
  
 (a) the date of the payment in full of the Stated Principal Amount of and all accrued interest on that class of Notes;

  
 (b) the date on which the Outstanding Dollar Principal Amount
of such Notes, after giving effect to all deposits, allocations, reallocations, sales of Receivables and payments to be made on such date, is reduced to zero, and all accrued interest on such Notes is paid in full; or 
  
 (c) on the Legal Maturity Date of such Notes, after giving effect to all
deposits, allocations, reallocations, sales of Receivables and payments to be made on such date. 
  
 Section 5.04. Payments within a Series or Class. All payments of principal, interest or other amounts to Holders of the Notes of a series or class
shall be made in accordance with the related Indenture Supplement. 
  
 [END OF ARTICLE V] 
  

 40 

 ARTICLE VI 
  

SATISFACTION AND DISCHARGE 
  
 Section 6.01. Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to any series or class of
Notes (except as to any surviving rights of transfer or exchange of Notes of that series or class expressly provided for herein or in the form of Note for that series or class), and the Indenture Trustee, on demand of and at the expense of the
Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to that series or class, when: 
  
 (a) all Notes of that series or class theretofore authenticated and delivered (other than (A) Notes of that series or class which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 3.06, and (B) Notes of that series or class for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and
thereafter repaid to the Issuer or discharged from that trust, as provided in Section 11.03) have been delivered to the Indenture Trustee canceled or for cancellation; 
  
 (b) the Issuer has paid or caused to be paid all other sums payable hereunder (including payments to the Indenture Trustee
pursuant to Section 8.07) by the Issuer with respect to the Notes of that series or class; and 
  
 (c) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Notes of that series or class have been complied with. 
  
 Notwithstanding the satisfaction and discharge of this Indenture with respect to any series or class of Notes, the obligations of the Issuer to the Indenture Trustee with
respect to that series or class under Section 8.07 and the obligations of the Indenture Trustee under Sections 6.02 and 11.03 shall survive such satisfaction and discharge. 
  
 Section 6.02. Application of Trust Money. All money and obligations
deposited with the Indenture Trustee pursuant to Section 6.01 or Section 6.03 and all money received by the Indenture Trustee in respect of such obligations shall be held in trust and applied by it, in accordance with the provisions of
the series or class of Notes in respect of which it was deposited and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Indenture Trustee may determine, to the
Persons entitled thereto, of the principal and interest for whose payment that money and obligations have been deposited with or received by the Indenture Trustee; but that money and obligations need not be segregated from other funds held by the
Indenture Trustee except to the extent required by law. 
  
 Section 6.03. Cancellation of Notes Held by the Issuer or Transferor. If the Issuer, the Transferor or any of their Affiliates holds any Notes, that Holder may, subject to any provisions of a related Indenture Supplement limiting the
repayment of subordinated classes of Notes, by notice from that Holder to the Indenture Trustee cause that Note to be canceled, 

  

 41 

 
whereupon (a) the Note shall no longer be Outstanding, and (b) the Issuer shall cause the Investor Interest of the Collateral Certificate to be reduced by an
amount equal to the Nominal Liquidation Amount of that cancelled Note. 
  
 [END OF ARTICLE VI] 
  

 42 

 ARTICLE VII 
  
 EVENTS OF DEFAULT AND REMEDIES 
  
 Section 7.01. Events of Default. “Event of Default,” wherever used herein, means with respect to any series
or class of Notes any one of the following events (whatever the reason for such Event of Default and whether it will be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body), unless such event is either expressly stated to be inapplicable to a particular series or class or specifically deleted or modified in the applicable Indenture Supplement
creating such series or class of Notes or in the form of Note for such series or class: 
  
 (a) with respect to any class of Notes, a default by the Issuer in the payment of any interest on such Notes when such interest becomes due and payable, and continuance of such default for a period of thirty-five (35)
days following the date on which such interest became due and payable; 
  
 (b) with respect to any class of Notes, a default by the Issuer in the payment of the principal amount of such Notes at the applicable Legal Maturity Date; 
  
 (c) a default in the performance, or breach, of any covenant or warranty of the Issuer in this Indenture in respect of the
Notes of such series or class (other than a covenant or warranty in respect of the Notes of such series or class a default in the performance of which or the breach of which is elsewhere in this Section specifically dealt with), all of such
covenants and warranties in this Indenture which are not expressly stated to be for the benefit of a particular series and class of Notes being deemed to be in respect of the Notes of all series or classes for this purpose, and continuance of such
default or breach for a period of sixty (60) days after there has been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least 25% in Outstanding Dollar
Principal Amount of the Outstanding Notes of such series or class, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder and, as a result of such
default, the interests of the Holders of the Notes of such series or class are materially and adversely affected and continue to be materially and adversely affected during the sixty (60) day period; 
  
 (d) the entry of an order for relief against the Issuer under the Federal
Bankruptcy Code by a court having jurisdiction in the premises or a decree or order by a court having jurisdiction in the premises adjudging the Issuer a bankrupt or insolvent under any other applicable Federal or State law, or the entry of a decree
or order approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer under the Federal Bankruptcy Code or any other applicable Federal or State law, or appointing a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and
in effect for a period of ninety (90) consecutive days; 
  

 43 

 (e) the consent by the Issuer to the institution of bankruptcy or insolvency proceedings against it, or
the filing by it of a petition or answer or consent seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable Federal or State law, or the consent by it to the filing of any such petition or to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuer or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its
inability to pay its debts generally as they become due, or the taking of corporate action by the Issuer in furtherance of any such action; or 
  
 (f) with respect to any series or class, any additional Event of Default specified in the Indenture Supplement for such series or class as applying to
such series or class, or specified in the form of Note for such series or class. 
  
 Section 7.02. Acceleration of Maturity, Rescission and Annulment. 
  
 (a) If an Event of Default described in clause (a), (b), (c) or (f) (if the Event of Default under clause (c) or (f) is with respect to less than all
series and classes of Notes then Outstanding) of Section 7.01, occurs and is continuing with respect to any series or class, then and in each and every such case, unless the principal of all the Notes of such series or class shall have
already become due and payable, the Indenture Trustee may, and shall, at the direction of the Majority Holders of the Notes of such series or class then Outstanding hereunder (each such series or class acting as a separate class), by notice in
writing to the Issuer (and to the Indenture Trustee if given by Holders), may declare the Outstanding principal amount of all the Notes of such series or class then Outstanding and all interest accrued or principal accreted and unpaid (if any)
thereon to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture, the related Indenture Supplement or in the Notes of such series or class to the
contrary notwithstanding. Such payments are subject to Article V and the allocation, deposits and payment sections of the related Indenture Supplement. 
  

(b) If an Event of Default described in clause (c) or (f) (if the Event of Default under clause (c) or (f) is with respect to all series and classes of
Notes then Outstanding) of Section 7.01 occurs and is continuing, then and in each and every such case, unless the principal of all the Notes shall have already become due and payable, the Indenture Trustee may, and shall, at the direction of
the Majority Holders of all the Notes then Outstanding hereunder (treated as one class), by notice in writing to the Issuer (and to the Indenture Trustee if given by Holders), may declare the Outstanding principal amount of all the Notes then
Outstanding and all interest accrued or principal accreted and unpaid (if any) thereon to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, notwithstanding anything in this
Indenture, the related Indenture Supplements or the Notes to the contrary. 
  
 (c) If an Event of Default described in clause (d) or (e) of Section 7.01 occurs and is continuing, then the Notes of all series and classes shall automatically be and become immediately due and payable by the
Issuer, without notice or demand to any Person, and the Issuer shall automatically and immediately be obligated to pay off the Notes. 
  

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 At any time after such a declaration of acceleration has been made with respect to the Notes of any series or class and
before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article VII, provided, the Majority Holders of such series or classes, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences if: 
  
 (a) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (i) all overdue installments of interest on the Notes of such series or class, (ii) the principal of any Notes of such series or
class which have become due otherwise than by such declaration of acceleration, and interest thereon at the rate or rates prescribed therefor by the terms of the Notes of such series or class, to the extent that payment of such interest is lawful,
(iii) interest upon overdue installments of interest at the rate or rates prescribed therefor by the terms of the Notes of such series or class to the extent that payment of such interest is lawful, and (iv) all sums paid by the Indenture Trustee
hereunder and the reasonable compensation, expenses and disbursements of the Indenture Trustee, its agents and counsel and all other amounts due the Indenture Trustee under Section 8.07; and 
  
 (b) all Events of Default with respect to such series or class of Notes,
other than the nonpayment of the principal of the Notes of such series or class which has become due solely by such acceleration, have been cured or waived as provided in Section 7.16. 
  
 No such rescission shall affect any subsequent default or impair any right
consequent thereon. 
  
 Section 7.03. Collection of
Indebtedness and Suits for Enforcement by Indenture Trustee. The Issuer covenants that if: 
  
 (a) the Issuer defaults in the payment of interest on any series or class of Notes when such interest becomes due and payable and such default continues for a period of thirty-five (35) days following the date on
which such interest became due and payable, or 
  
 (b) the Issuer
defaults in the payment of the principal of any series or class of Notes at the Legal Maturity Date thereof; 
  
 and any such default continues beyond any specified grace period provided with respect to such series or class of Notes, the Issuer shall, upon demand of the Indenture Trustee, pay (subject to the allocation provided
in Article V, this Article VII and any related Indenture Supplement) to the Indenture Trustee, for the benefit of the Holders of any such Notes of the affected series or class, the whole amount then due and payable on any such Notes
for principal and interest, with interest, to the extent that payment of such interest will be legally enforceable, upon the overdue principal and upon overdue installments of interest, (i) in the case of Interest-bearing Notes, at the rate of
interest applicable to the stated principal amount thereof, unless otherwise specified in the applicable Indenture Supplement; and (ii) in the case of Discount Notes, as specified in the applicable Indenture Supplement, and in addition thereto,
shall pay such further amount as will be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel and all other amounts due
the Indenture Trustee under Section 8.07. 
  

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 If the Issuer fails to pay such amounts forthwith upon such demand, the Indenture Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Issuer or any other
obligor upon the Notes of such series or class and collect the money adjudged or decreed to be payable in the manner provided by law out of the Collateral or any other obligor upon such Notes, wherever situated. 
  
 Section 7.04. Indenture Trustee May File Proofs of Claim. In case of
the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Issuer or any other obligor upon the Notes or the property of the Issuer or of
such other obligor or their creditors, the Indenture Trustee (irrespective of whether the principal of the 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 on the Issuer for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceedings or otherwise, 
  
 (i) to file and prove a claim 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 and advisable in order to have the claims of the Indenture Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee, its agents and counsel and all other amounts due the Indenture Trustee under Section 8.07) and of the Noteholders allowed in such judicial proceeding, and 
  
 (ii) to collect and receive any funds or other property payable or deliverable on any such claims and to
distribute the same; 
  
 and any receiver, assignee, trustee, liquidator,
sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Noteholder to make such payment to the Indenture Trustee and in the event that the Indenture Trustee shall consent to the making of such payments
directly to the Noteholders, to pay to the Indenture Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel, and any other amounts due the Indenture Trustee
under Section 8.07. 
  
 Nothing herein contained shall be
deemed to authorize the Indenture Trustee to authorize or consent to or accept or adopt on behalf of any Noteholder any plan or 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. 
  
 Section 7.05. Indenture Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or the Notes
of any series or class may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes of such series or class 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 trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the 

  

 46 

 
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agent and counsel, be for the ratable benefit of the Holders of
the Notes of the series or class in respect of which such judgment has been recovered. 
  
 Section 7.06. Application of Money Collected. Any money or other property collected by the Indenture Trustee with respect to a series or class of Notes pursuant to this Article VII shall be applied in
the following order, at the date or dates fixed by the Indenture Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Notes of such series or class and the notation thereon of the
payment if only partially paid and upon surrender thereof if fully paid: 
  
 (a) first, to the payment of all amounts due the Indenture Trustee under Section 8.07(a), subject to any limitations with respect to payments of such amounts set forth in any Indenture Supplement, and to the
payment of all amounts due to the Owner Trustee and not otherwise paid pursuant to Section 8.02 of the Trust Agreement, such Owner Trustee payment not to exceed $25,000; 
  
 (b) second, to the payment of the amounts then due and unpaid upon the Notes of that series or class for principal and
interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind (but subject to the allocation provided in Article V of this Indenture and the related Indenture
Supplements), according to the amounts due and payable on such Notes for principal and interest, respectively; and 
  
 (c) third, to the Issuer. 
  
 Section 7.07. Indenture Trustee May Elect to Hold the Collateral Certificate. Following an acceleration of any series or class of Notes, the
Indenture Trustee may elect to continue to hold the Collateral Certificate and apply distributions on the Collateral Certificate in accordance with the regular distribution provisions pursuant to Article V of this Indenture, except that
principal shall be paid on the accelerated class of Notes to the extent funds are received from the Master Trust and allocated to the accelerated class, and payment is permitted by the subordination provisions of the accelerated class. 

 
 Section 7.08. Sale of Collateral Certificate for Accelerated Notes.
In the case of a series of Notes that has been accelerated following an Event of Default, the Indenture Trustee may, and at the direction of the Majority Holders of that series of Notes shall, cause the Master Trust to sell the Collateral
Certificate, to the extent of the Notes’ pro rata portion, in an amount up to the Nominal Liquidation Amount of such series of Notes plus any accrued, past due and additional interest on such series or class, but only if at least one of
the following conditions is met: 
  
 (i) the
Holders of 100% of the aggregate Outstanding Dollar Principal Amount of such accelerated series of Notes shall have consented thereto; or 
  
 (ii) the net proceeds of such sale (plus amounts on deposit in the applicable sub-Accounts) would be sufficient to pay all outstanding
amounts due on such accelerated series of Notes; or 
  

 47 

 (iii) if the Indenture Trustee shall have determined that the funds to be allocated to
the accelerated series of Notes may not be sufficient on an ongoing basis to make all payments on such Notes as such payments would have become due if such series of Notes had not been declared due and payable, and the Holders of not less that
66-2/3% of the aggregate Outstanding Dollar Principal Amount of each class of Notes of such accelerated series, as applicable, consent to such sale. 
  
 Section 7.09. Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture
Trustee. The Majority Holders of any accelerated series or class of Notes 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. This right may be exercised only if the direction provided by the Noteholders does not conflict with applicable law or this Indenture and does not have a substantial likelihood of involving the Indenture Trustee
in personal liability. 
  
 Section 7.10. Limitation on
Suits. No Holder of any Note of any series or class 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 with respect to Notes of such series or class; 
  
 (b) the Holders of not less than 25% in Outstanding Dollar Principal Amount of the Outstanding Notes of such series or class have made written request to
the Indenture Trustee to institute proceedings 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 indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be
incurred in compliance 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 any such proceeding; and 
  
 (e) no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the Majority Holders
of such series or class; 
  
 it being understood and intended that no one or more
Holders of Notes of such series or class 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 of such series or class,
or to obtain or to seek to obtain priority or preference over any other such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and proportionate benefit of all the Holders of all Notes of
such series or class. 
  

 48 

 Section 7.11. Unconditional Right of Noteholders to Receive Principal and Interest; Limited
Recourse. 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 the Legal Maturity Date
expressed in the related Indenture Supplement and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder; provided, however, that notwithstanding any other
provision of this Indenture to the contrary, the obligation to pay principal of or interest on the Notes or any other amount payable to any Noteholder shall be without recourse to the Transferor, AFCO Acceptance, AFCO Credit, the Indenture Trustee,
the Owner Trustee or any affiliate, officer, employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on the Notes or any other amount payable to any Noteholder shall be subject to Article V and
the allocation and payment provisions of the Indenture Supplements. 
  
 Section 7.12. 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, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all
rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such proceeding had been instituted. 
  
 Section 7.13. 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 7.14. Delay or Omission Not Waiver. No delay or omission of
the Indenture Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
  
 Section 7.15. Control by Noteholders. The Majority Holders of any
series or 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 with respect to the Notes of
such series or class, provided that: 
  
 (a) 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 would conflict with this Indenture or if the Indenture Trustee in
good faith shall, by an Indenture Trustee Authorized Officer, determine that the 

  

 49 

 
proceedings so directed would involve it in personal liability or be unjustly prejudicial to the Holders not taking part in such direction, and 

 
 (b) the Indenture Trustee may take any other action permitted hereunder
deemed proper by the Indenture Trustee which is not inconsistent with such direction. 
  
 Section 7.16. Waiver of Past Defaults. The Majority Holders of any series or class may on behalf of the Holders of all the Notes of such series or class waive any past default hereunder or under the related
Indenture Supplement with respect to such series or class and its consequences, except a default not theretofore cured: 
  
 (a) in the payment of the principal of or interest on any Note of such series or class, or 
  
 (b) in respect of a covenant or provision hereof which under Article X cannot be modified or amended without the
consent of the Holder of each Outstanding Note of such series or class. 
  
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default
or impair any right consequent thereon. 
  
 Section 7.17.
Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but
the provisions of this Section shall not apply to any suit instituted by the Indenture Trustee, to any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than 25% in Outstanding Dollar Principal Amount of the
Outstanding Notes of any series or class to which the suit relates, or to any suit instituted by any Noteholders for the enforcement of the payment of the principal of or interest on any Note on or after the applicable Legal Maturity Date expressed
in such Note. 
  
 Section 7.18. Waiver of Stay or Extension
Laws. The Issuer covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or
at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it
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. 
  
 [END OF ARTICLE VII] 
  

 50 

 ARTICLE VIII 
  
 THE INDENTURE TRUSTEE 
  
 Section 8.01. Certain Duties and Responsibilities. 
  
 (a) The Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to the Notes
of any series or classes, and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee. 
  
 (b) In the absence of bad faith on its part, the Indenture Trustee may, with respect to Notes of any series or class, 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; but in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture but need
not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein. 
  
 (c) In case an Event of Default with respect to any series or class of Notes has occurred and is continuing, the Indenture Trustee shall exercise with
respect to the Notes of such series or class such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a fiduciary would exercise or use under the circumstances in the conduct of
such person’s own affairs. 
  
 (d) No provision of this
Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  
 (i) clause (d) shall not be construed to limit the effect of clause (a) of this Section; 
  
 (ii) the Indenture Trustee shall not be liable for any error
of judgment made in good faith by an Indenture Trustee Authorized Officer, unless it shall be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; 
  
 (iii) the Indenture Trustee shall not be liable with respect to any action taken or omitted to be taken by
it in good faith in accordance with the direction of the Majority Holders of any series or class relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power
conferred upon the Indenture Trustee, under this Indenture with respect to the Notes of such series or class; and 
  
 (iv) no provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights 

  

 51 

 
or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to the Indenture Trustee against such
risk or liability is not reasonably assured to it. 
  
 (e) Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section. 
  
 Section 8.02. Notice of Defaults. Within ninety (90) days after the
occurrence of any default hereunder with respect to Notes of any series or class, 
  
 (a) the Indenture Trustee shall transmit by mail to all Registered Noteholders of such series or class, as their names and addresses appear in the Note Register, notice of such default hereunder known to the Indenture
Trustee, and 
  
 (b) the Indenture Trustee shall give prompt
written notification thereof to the Note Rating Agencies, unless such default shall have been cured or waived; 
  
 provided, however, that, except in the case of a default in the payment of the principal of or interest on any Note of such series or class, the Indenture Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Indenture Trustee Authorized Officers of the Indenture Trustee in good faith determine that the withholding of such notice is in the
interests of the Noteholders of such series or class. For the purpose of this Section, the term “default,” with respect to Notes of any series or class, means any event which is, or after notice or lapse of time or both would become, an
Event of Default with respect to Notes of such series or class. 
  
 Section 8.03. Certain Rights of Indenture Trustee. Except as otherwise provided in Section 8.01: 
  
 (a) the Indenture Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or
parties; 
  
 (b) any request or direction of the Issuer mentioned
herein shall be sufficiently evidenced by an Officer’s Certificate; 
  
 (c) whenever in the administration of this Indenture the Indenture Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Indenture
Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 
  
 (d) the Indenture Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
  

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 (e) 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 Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction; 
  
 (f) 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 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, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney; 
  
 (g) 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 and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;
and 
  
 (h) the Indenture Trustee shall not be responsible for
filing any financing statements or continuation statements in connection with the Notes, but shall cooperate with the Issuer in connection with the filing of such financing statements or continuation statements. 
  
 Section 8.04. Not Responsible for Recitals or Issuance of Notes. The
recitals contained herein and in the Notes, except the certificates of authentication, shall be taken as the statements of the Issuer, and the Indenture Trustee assumes no responsibility for their correctness. The Indenture Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Notes. The Indenture Trustee shall not be accountable for the use or application by the Issuer of Notes or the proceeds thereof. 
  
 Section 8.05. May Hold Notes. The Indenture Trustee, any Paying Agent,
the Note Registrar or any other agent of the Issuer, in its individual or any other capacity, may, become the owner or pledgee of Notes and, subject to Sections 8.08 and 8.13, may otherwise deal with the Issuer with the same rights it
would have if it were not Indenture Trustee, Paying Agent, Note Registrar or such other agent. 
  
 Section 8.06. Money Held in Trust. Money held by the Indenture Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Indenture Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise agreed with the Issuer. 
  
 Section 8.07. Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity. 
  
 (a) The Issuer agrees 
  
 (i) to pay to the Indenture Trustee from time to time
reasonable compensation for all services rendered by it hereunder (which compensation shall 

  

 53 

 
not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
  
 (ii) except as otherwise expressly provided herein, to
reimburse the Indenture Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the
reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
  
 (iii) to indemnify the Indenture Trustee for, and to hold it harmless against, any and all loss, liability
or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim or liability (whether
asserted by the Issuer, the Servicer, any Holder or any other Person) in connection with the exercise or performance of any of its powers or duties hereunder. 
  

The Indenture Trustee shall have no recourse to any asset of the Issuer other than funds available pursuant to Section 7.06 or to any Person other than the
Servicer or the Issuer. 
  
 (b) This Section shall survive the
termination of this Indenture and the resignation or replacement of the Indenture Trustee under Section 8.10. 
  
 Section 8.08. Disqualification; Conflicting Interests. If the Indenture Trustee has or shall acquire a conflicting interest within the meaning of
the Trust Indenture Act, the Indenture Trustee shall, if so required by the Trust Indenture Act, either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and
this Indenture. Nothing herein shall prevent the Indenture Trustee from filing with the Commission the application referred to in the second to last paragraph of Section 3.10(b) of the Trust Indenture Act. 
  
 Section 8.09. Corporate Indenture Trustee Required; Eligibility. There
shall at all times be an Indenture Trustee hereunder with respect to each series or class of Notes, which shall be a corporation organized and doing business under the laws of the United States of America or of any State, authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal or State authority, and having a rating of at least BBB- by Standard & Poor’s. If such
corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Issuer may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the
Issuer, serve as Indenture Trustee. If at any time the Indenture Trustee with respect to any series or class of Notes shall cease to be eligible in accordance with the provisions 

  

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of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
  
 Section 8.10. Resignation and Removal; Appointment of Successor.

  
 (a) No resignation or removal of the Indenture Trustee and no
appointment of a successor Indenture Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Indenture Trustee under Section 8.11. 
  
 (b) The Indenture Trustee may resign with respect to any series or class of
Notes at any time by giving written notice thereof to the Issuer. If an instrument of acceptance by a successor Indenture Trustee shall not have been delivered to the Indenture Trustee within thirty (30) days after the giving of such notice of
resignation, the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
  
 (c) The Indenture Trustee may be removed with respect to any series or class of Notes at any time by Act of the Majority Holders of that series or class,
delivered to the Indenture Trustee and to the Issuer. 
  
 (d) If
at any time: 
  
 (i) the Indenture Trustee fails
to comply with Section 3.10(b) of the Trust Indenture Act with respect to any series or class of Notes after written request therefor by the Issuer or by any Noteholder who has been a bona fide Holder of a Note of that series or class for at least
six (6) months, or 
  
 (ii) the Indenture Trustee
ceases to be eligible under Section 8.09 with respect to any series or class of Notes and fails to resign after written request therefor by the Issuer or by any such Noteholder, or 
  
 (iii) the Indenture Trustee becomes incapable of acting with
respect to any series or class of Notes, or 
  
 (iv) the Indenture Trustee is adjudged bankrupt or insolvent or a receiver of the Indenture Trustee or of its property is appointed or any public officer takes charge or control of the Indenture Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, 
  
 then, in any such
case, (A) the Issuer may remove the Indenture Trustee, with respect to the series or class, or in the case of clause (iv), with respect to all series or classes, or (B) subject to Section 7.17, any Noteholder who has been a bona fide Holder
of a Note of such series and class for at least six (6) months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Indenture Trustee with respect to such series or class and
the appointment of a successor Indenture Trustee with respect to the series or class, or, in the case of clause (iv), with respect to all series and classes. 
  

 55 

 (e) If the Indenture Trustee resigns, is removed or becomes incapable of acting with respect to any
series or class of Notes, or if a vacancy shall occur in the office of the Indenture Trustee with respect to any series or class of Notes for any cause, the Issuer shall promptly appoint a successor Indenture Trustee for that series or class of
Notes. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Indenture Trustee with respect to such series or class of Notes is appointed by Act of the Majority Holders of such series or
class delivered to the Issuer and the retiring Indenture Trustee, the successor Indenture Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Indenture Trustee with respect to such series or class and
supersede the successor Indenture Trustee appointed by the Issuer with respect to such series or class. If no successor Indenture Trustee with respect to such series or class shall have been so appointed by the Issuer or the Noteholders of such
series or class and accepted appointment in the manner hereinafter provided, any Noteholder who has been a bona fide Holder of a Note of that series or class for at least six (6) months may, on behalf of itself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee with respect to such series or class. 
  
 (f) The Issuer shall give written notice of each resignation and each removal of the Indenture Trustee with respect to any series or class and each
appointment of a successor Indenture Trustee with respect to any series or class to each Noteholder as provided in Section 1.06 and to each Note Rating Agency. Each notice shall include the name of the successor Indenture Trustee and the
address of its principal Corporate Trust Office. 
  
 Section 8.11.
Acceptance of Appointment by Successor. Every successor Indenture Trustee appointed hereunder shall execute, acknowledge and deliver to the Issuer and to the predecessor Indenture Trustee an instrument accepting such appointment, with a copy
to the Note Rating Agencies, and thereupon the resignation or removal of the predecessor Indenture Trustee shall become effective with respect to any series or class as to which it is resigning or being removed as Indenture Trustee, and such
successor Indenture Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the predecessor Indenture Trustee with respect to any such series or class; but, on request of the Issuer
or the successor Indenture Trustee, such predecessor Indenture Trustee shall, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor Indenture Trustee all the rights, powers and trusts of the
predecessor Indenture Trustee, and shall duly assign, transfer and deliver to such successor Indenture Trustee all property and money held by such predecessor Indenture Trustee hereunder with respect to all or any such series or class, subject
nevertheless to its lien, if any, provided for in Section 8.07. Upon request of any such successor Indenture Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor
Indenture Trustee all such rights, powers and trusts. 
  
 In case
of the appointment hereunder of a successor Indenture Trustee with respect to the Notes of one or more (but not all) series or classes, the Issuer, the predecessor Indenture Trustee and each successor Indenture Trustee with respect to the Notes of
any applicable series or class shall execute and deliver an Indenture Supplement which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Indenture
Trustee with respect to the Notes of any series or 

  

 56 

 
class as to which the predecessor Indenture Trustee is not being succeeded shall continue to be vested in the predecessor Indenture Trustee, and shall add to
or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Indenture Trustee, it being understood that nothing herein or in such Indenture
Supplement shall constitute such Indenture Trustees co-trustees of the same trust and that each such Indenture Trustee shall be Indenture Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by
any other such Indenture Trustee. 
  
 No successor Indenture
Trustee with respect to any series or class of Notes shall accept its appointment unless at the time of such acceptance such successor Indenture Trustee shall be qualified and eligible with respect to that series or class under this Article.

  
 Section 8.12. Merger, Conversion, Consolidation or
Succession to Business. Any corporation into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Indenture Trustee
shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee hereunder, provided such corporation shall be otherwise qualified
and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. The Issuer shall give prompt written notice of such merger, conversion, consolidation or succession to the
Note Rating Agencies. In case any Notes shall have been authenticated, but not delivered, by the Indenture Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Indenture Trustee may adopt such
authentication and deliver the Notes so authenticated with the same effect as if such successor Indenture Trustee had itself authenticated such Notes. 
  
 Section 8.13. Preferential Collection of Claims Against Issuer. If and when the Indenture Trustee shall be or become a creditor of the Issuer (or
any other obligor upon the Notes), the Indenture Trustee shall be subject to the provisions of Section 311 of the Trust Indenture Act. An Indenture Trustee who has resigned or been removed shall be subject to Section 311 (a) of the Trust Indenture
Act to the extent provided therein. 
  
 Section 8.14.
Appointment of Authenticating Agent. At any time when any of the Notes remain Outstanding the Indenture Trustee, with the approval of the Issuer, may appoint an Authenticating Agent or Agents with respect to one or more series or classes of
Notes that shall be authorized to act on behalf of the Indenture Trustee to authenticate Notes of such series or classes issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and Notes so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Indenture Trustee hereunder. Wherever reference is made in this Indenture to the authentication and
delivery of Notes by the Indenture Trustee or the Indenture Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Indenture Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Indenture Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Issuer and shall at all times be a corporation organized and doing business under the laws of
the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as an Authenticating Agent, having a combined capital and surplus of not less 

  

 57 

 
than $50,000,000 and, if other than the Issuer itself, subject to supervision or examination by Federal or State authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent
shall resign immediately in the manner and with the effect specified in this Section. The initial Authenticating Agent for the Notes of all series and classes shall be Wells Fargo Bank, National Association. 
  
 Any corporation into which an Authenticating Agent may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of
an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Indenture Trustee or
the Authenticating Agent. 
  
 An Authenticating Agent may resign
at any time by giving written notice thereof to the Indenture Trustee and to the Issuer. The Indenture Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the
Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Indenture Trustee, with the approval
of the Issuer, may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and shall give notice to each Noteholder as provided in Section 1.06. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section. 
  
 The Indenture Trustee agrees to
pay to each Authenticating Agent (other than an Authenticating Agent appointed at the request of the Issuer from time to time) reasonable compensation for its services under this Section, and the Indenture Trustee shall be entitled to be reimbursed
for such payments, subject to the provisions of Section 8.07. 
  
 If an appointment with respect to one or more series or classes is made pursuant to this Section, the Notes of such series or classes may have endorsed thereon, in addition to the Indenture Trustee’s certificate of authentication, an
alternate certificate of authentication in the following form: 
  
 This is one of the Notes of the series or classes 
 designated therein referred to in the within- 
 mentioned Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee
		
	By:	 	 
	 	 	 As Authenticating Agent

		
	By:	 	 
	 	 	 Authorized Signatory

  

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 Section 8.15. Tax Returns. In the event the Issuer shall be required to file tax returns, the
Servicer shall prepare or shall cause to be prepared such tax returns and shall provide such tax returns to the Owner Trustee or the Administrator for signature at least five (5) days before such tax returns are due to be filed. The Issuer, in
accordance with the terms of each Indenture Supplement, shall also prepare or shall cause to be prepared all tax information required by law to be distributed to Noteholders and shall deliver such information to the Indenture Trustee at least five
(5) days prior to the date it is required by law to be distributed to Noteholders. The Indenture Trustee, upon written request, shall furnish the Servicer with all such information known to the Indenture Trustee as may be reasonably requested and
required in connection with the preparation of all tax returns of the Issuer, and shall, upon request, execute such returns. In no event shall the Indenture Trustee or the Owner Trustee be personally liable for any liabilities, costs or expenses of
the Issuer or any Noteholder arising under any tax law, including without limitation, federal, state or local income or excise taxes or any other tax imposed on or measured by income (or any interest or penalty with respect thereto arising from a
failure to comply therewith). 
  
 Section 8.16. Representations
and Covenants of the Indenture Trustee. The Indenture Trustee represents, warrants and covenants that: 
  
 (i) The Indenture Trustee is a national banking association duly organized and validly existing under the federal laws of the Unites
States; 
  
 (ii) The Indenture Trustee has full
power and authority to deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and other documents to which it is a party; and 
  
 (iii) Each of this Indenture and other documents to which it
is a party has been duly executed and delivered by the Indenture Trustee and constitutes its legal, valid and binding obligation in accordance with its terms. 
  

Section 8.17. Custody of the Collateral. The Collateral Certificate shall be registered in the name of the Indenture Trustee and shall be
delivered to and held by the Indenture Trustee in the State of Minnesota separate and apart from all other property held by the Indenture Trustee. The Indenture Trustee shall hold such of the Collateral as constitutes a Permitted Investment in
accordance with Section 4.03(c). All other Collateral that is not described in the preceding two sentences (i) that constitutes investment property shall be held by 

  

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the Indenture Trustee through a securities intermediary, which securities intermediary shall agree with the Indenture Trustee that (A) such investment
property at all times shall be credited to a securities account of the Indenture Trustee, (B) all property credited to such securities account shall be treated as a financial asset, (C) such securities intermediary shall treat the Indenture Trustee
as entitled to exercise the rights that comprise each financial asset credited to such securities account, (D) such securities intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any
other person or entity, (E) such securities intermediary shall not agree with any person or entity other than the Indenture Trustee to comply with entitlement orders originated by any person or entity other than the Indenture Trustee, (F) such
securities account and all property credited thereto shall not be subject to any lien, security interest, right of set-off, or encumbrance in favor of such securities intermediary or anyone claiming through such securities intermediary (other than
the Indenture Trustee), and (G) such agreement between such securities intermediary and the Indenture Trustee shall be governed by the laws of the State of New York; and (ii) not described in clause (i) above shall be held by the Indenture Trustee
in the State of New York separate and apart from all other property held by the Indenture Trustee. Notwithstanding any other provision of this Indenture, the Indenture Trustee shall not hold any Collateral through an agent except as expressly
permitted by this Section 8.17 and Section 4.03(c). Each term used in this Section 8.17 and defined in the New York UCC shall have the meaning set forth in the New York UCC. 
  
 Section 8.18. Indenture Trustee’s Application for Instructions from
the Issuer. Any application by the Indenture Trustee for written instructions from the Issuer may, at the option of the Indenture Trustee, set forth in writing any action proposed to be taken or omitted by the Indenture Trustee under and in
accordance with this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective, provided that such application shall make specific reference to this Section 8.18. The Indenture Trustee shall
not be liable for any action taken by, or omission of, the Indenture Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than five (5) Business Days
after the date any officer of the Issuer actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the
Indenture Trustee shall have received written instructions in response to such application specifying the action be taken or omitted. 
  
 [END OF ARTICLE VIII] 
  

 60 

 ARTICLE IX 
  

NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, 
 ISSUER AND ADMINISTRATOR 
  
 Section 9.01. Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuer shall furnish or cause to be furnished to the Indenture Trustee: 
  
 (a) not more than fifteen (15) days after each Record Date, in each year in such form as the Indenture Trustee may
reasonably require, a list of the names and addresses of the Registered Noteholders of such series or classes as of such date, and 
  
 (b) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after the receipt by the Issuer of any such request, a
list of similar form and content as of a date not more than fifteen (15) days before the time such list is furnished; 
  
 provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 
  
 Section 9.02. Preservation of Information; Communications to
Noteholders. 
  
 (a) The Indenture Trustee shall preserve, in
as current a form as is reasonably practicable, the names and addresses of Registered Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 9.01 and the names and addresses of Registered
Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in Section 9.01 upon receipt of a new list so furnished. 
  
 (b) If three (3) or more Holders of Notes of any series or class (hereinafter
referred to as “applicants”) apply in writing to the Indenture Trustee, and furnish to the Indenture Trustee reasonable proof that each such applicant has owned a Note of such series or class for a period of at least six (6) months
preceding the date of such application, and such application states that the applicants desire to communicate with other Holders of Notes of such series or class or with the Holders of all Notes with respect to their rights under this Indenture or
under such Notes and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Indenture Trustee shall, within five (5) Business Days after the receipt of such application, at its
election, either 
  
 (i) afford such applicants
access to the information preserved at the time by the Indenture Trustee in accordance with Section 9.02(a), or 
  
 (ii) inform such applicants as to the approximate number of Holders of Notes of such series or class or all Notes, as the case may be,
whose names and addresses appear in the information preserved at the time by the Indenture Trustee in accordance with Section 9.02(a), and as to the approximate cost of mailing to such Noteholders the form of proxy or other communication, if
any, specified in such application. 
  

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 If the Indenture Trustee shall elect not to afford such applicants access to such information, the
Indenture Trustee shall, upon the written request of such applicants, mail to each Holder of a Registered Note of such series or class or to all Registered Noteholders, as the case may be, whose names and addresses appear in the information
preserved at the time by the Indenture Trustee in accordance with Section 9.02(a), a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Indenture Trustee of
the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless, within five (5) days after such tender, the Indenture Trustee shall mail to such applicants and file with the Commission, together
with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Indenture Trustee, such mailing would be contrary to the best interests of the Holders of Notes of such series or class or all Noteholders, as
the case may be, or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall
enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have
been met and shall enter an order so declaring, the Indenture Trustee shall mail copies of such material to all Registered Noteholders of such series or class or all Registered Noteholders, as the case may be, with reasonable promptness after the
entry of such order and the renewal of such tender; otherwise the Indenture Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 
  
 (c) Every Holder of Notes, by receiving and holding the same, agrees with the Issuer and the Indenture Trustee that neither
the Issuer nor the Indenture Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Notes in accordance with Section 9.02(b), regardless of the source from which
such information was derived, and that the Indenture Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 9.02(b). 
  
 Section 9.03. Reports by Indenture Trustee. 
  
 (a) The term “reporting date” as used in this Section means March 31. Within sixty (60) days after the reporting
date in each year, beginning in 2005, the Indenture Trustee shall transmit to Noteholders, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, a brief report dated as of such reporting date if required by Section
313 (a) of the Trust Indenture Act. 
  
 (b) To the extent required
by the Trust Indenture Act, the Indenture Trustee shall mail each year to all Registered Noteholders, with a copy to the Note Rating Agencies a report concerning: 
  
 (i) Its eligibility and qualifications to continue as trustee under this Indenture; 
  
 (ii) any amounts advanced by the Indenture Trustee under
this Indenture. 
  

 62 

 (iii) the amount, interest rate and maturity date of indebtedness owing by the Issuer to
the Indenture Trustee in the Indenture Trustee’s individual capacity; 
  
 (iv) the property and funds physically held by the Indenture Trustee as Indenture Trustee; 
  
 (v) any release or release and substitution of Collateral subject to the lien of this Indenture which has not previously been reported;
and 
  
 (vi) any action taken by the Indenture
Trustee that materially affects the Notes and that has not previously been reported. 
  
 (c) The Indenture Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act. 
  
 (d) A copy of each such report shall, at the time of such transmission to Noteholders, be filed by the Indenture Trustee with each stock exchange upon
which the Notes are listed, and also with the Commission. The Issuer shall notify the Indenture Trustee when the Notes are admitted to trading on any stock exchange. 
  
 Section 9.04. Meetings of Noteholders; Amendments and Waivers. 
  
 (a) The Indenture Trustee may call a meeting of the Noteholders of a series
or class at any time. The Indenture Trustee shall call a meeting upon request of the Issuer or the Holders of at least 10% in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of such series or class. In any case, a meeting
shall be called after notice is given to the Noteholders pursuant to Section 1.06. 
  
 (b) Except for any consent that must be given by the Holders of each Outstanding Note affected or any action to be taken by the Issuer as holder of the Collateral Certificate, any resolution presented at any meeting
at which a quorum is present may be adopted by the affirmative vote of the Majority Holders of that series or class, as the case may be. For any vote, request, demand, authorization, direction, notice, consent, waiver or other action provided by the
Series 2004-MC Supplement to be given or taken by the holder of the Collateral Certificate, any resolution presented at any meeting at which the Majority Holders of all Outstanding Notes is present may be adopted by the affirmative vote of the
Majority Holders of all Outstanding Notes. However, any resolution with respect to any consent, waiver, request, demand, notice, authorization, direction or other action which may be given by the Holders of not less than a specified percentage in
aggregate Outstanding Dollar Principal Amount of Outstanding Notes of a series or class or all Notes may be adopted at any meeting at which a quorum is present only by the affirmative vote of the Holders of not less than the specified percentage in
aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of that series or class or all Outstanding Notes, as the case may be. Any resolution passed or decision taken at any meeting of Noteholders duly held in accordance with this
Indenture shall be binding on all Noteholders of the affected series or class. 
  

 63 

 (c) The quorum at any meeting shall be persons holding or representing the Majority Holders of a series
or class or all Notes, as the case may be; provided, however, that if any action is to be taken at that meeting concerning a consent, waiver, request, demand, notice, authorization, direction or other action that may be given by the
Holders of not less than a specified percentage in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of a series or class or all Notes, as applicable, the persons holding or representing such specified percentage in aggregate
Outstanding Dollar Principal Amount of the Outstanding Notes of such series or class or all Notes shall constitute a quorum. 
  
 (d) The ownership of Registered Notes shall be proved by the Note Register. 
  
 (e) The Issuer may make reasonable rules for other matters relating to action by or a meeting of Noteholders not otherwise
covered by this Section. 
  
 Section 9.05. Reports by Issuer to
the Commission. The Issuer shall: 
  
 (a) file with the
Indenture Trustee, within fifteen (15) days after the Issuer 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 Issuer may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act; or, if the Issuer is not required to file
information, documents or reports pursuant to either of said Sections, then it shall file with the Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Securities Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time
to time in such rules and regulations; 
  
 (b) file with the
Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and
covenants of this Indenture as may be required from time to time by such rules and regulations; and 
  
 (c) transmit by mail to all Registered Noteholders, as their names and addresses appear in the Note Register, within thirty (30) days after the filing
thereof with the Indenture Trustee, such summaries of any information, documents and reports required to be filed by the Issuer pursuant to paragraphs (a) and (b) of this Section as may be required by rules and regulations prescribed from time to
time by the Commission. 
  
 Section 9.06. Reports by Indenture
Trustee. The Indenture Trustee shall report to the Issuer with respect to the amount on deposit in the Accounts, and the identity of the investments included therein, as the Issuer may from time to time reasonably request which, absent the
occurrence of an Event of Default hereunder, shall not occur more often than monthly. 
  
 Section 9.07. Monthly Noteholders’ Statement. On each Transfer Date the Issuer shall, in cooperation with the Servicer of the Master Trust, complete and deliver to the Indenture 

  

 64 

 
Trustee and the Master Trust Trustee (with a copy to each Note Rating Agency) a Monthly Noteholders’ Statement. 
  
 Section 9.08. Payment Instruction to Master Trust. 
  
 (a) Promptly after the receipt by the Issuer of each Monthly Servicer’s
Certificate under the Series 2004-MC Supplement, the Issuer shall, in cooperation with the Servicer of the Master Trust, complete the Payment Instruction and deliver a copy thereof to the Indenture Trustee and the Master Trust Trustee. 

 
 (b) From time to time, the Issuer shall notify the Servicer under the
Series 2004-MC Supplement of the information necessary to be provided by the Issuer under Section 5.2 of the Pooling and Servicing Agreement as supplemented by the Series 2004-MC Supplement to calculate the Investor Interest and the Principal
Allocation Investor Interest of the Collateral Certificate. 
  
 [END OF ARTICLE IX] 
  

 65 

 ARTICLE X 
  

INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND 
 SERVICING AGREEMENT AND AMENDMENTS TO THE TRUST AGREEMENT 
  
 Section 10.01. Supplemental Indentures Without Consent of Noteholders. Without the consent of the Holders of any Notes but with prior notice to
each Note Rating Agency, the Issuer and the Indenture Trustee, at any time and from time to time, upon delivery of a Master Trust Tax Opinion and an Issuer Tax Opinion and upon delivery by the Issuer to the Indenture Trustee of an Officer’s
Certificate to the effect that the Issuer reasonably believes that such amendment shall not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future, may amend this Indenture or any Indenture
Supplement or enter into one or more Indenture Supplements, in form satisfactory to the Indenture Trustee, for any of the following purposes: 
  
 (a) to evidence the succession of another Entity to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the
Notes; or 
  
 (b) to add to the covenants of the Issuer, or to
surrender any right or power herein conferred upon the Issuer by the Issuer, for the benefit of the Holders of the Notes of any or all series or classes (and if such covenants or the surrender of such right or power are to be for the benefit of less
than all series or classes of Notes, stating that such covenants are expressly being included or such surrenders are expressly being made solely for the benefit of one or more specified series or classes); or 
  
 (c) to cure any ambiguity, to correct or supplement any provision herein
which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; or 
  

(d) to add to this Indenture such provisions as may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to
in Section 316(a)(2) of the Trust Indenture Act as in effect at the date as of which this Indenture was executed or any corresponding provision in any similar federal statute hereafter enacted; or 
  
 (e) to establish any form of Note, as provided in Article II, and to
provide for the issuance of any series or class of Notes as provided in Article III and to set forth the terms thereof, and/or to add to the rights of the Holders of the Notes of any series or class; or 
  
 (f) to evidence and provide for the acceptance of appointment by another
corporation as a successor Indenture Trustee hereunder with respect to one or more series or classes of Notes and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Indenture Trustee, pursuant to Section 8.11; or 
  
 (g) to add any additional Early Redemption Events or Events of Default in respect of the Notes of any or all series or classes (and if such additional Events of Default are to be in respect of less than all series or
classes of Notes, stating that such Events of Default are expressly being included solely for the benefit of one or more specified series or classes); or 
  

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 (h) to provide for the consolidation of the Master Trust and the Issuer into a single Entity or the
transfer of assets in the Master Trust to the Issuer after the termination of all series of Investor Certificates (other than the Collateral Certificate); or 
  
 (i) if one or more additional Sellers under the Pooling and Servicing Agreement are added to, or replaced under, the Pooling and Servicing Agreement, or
one or more additional Administrators under the Trust Agreement are added to, or replaced under, the Trust Agreement, to make any necessary changes to the Indenture or any other related document; or 
  
 (j) to provide for the inclusion in the Owner Trust of additional collateral
(in addition to the Collateral Certificate) and the issuance of Notes backed by any such additional collateral; 
  
 (k) to provide for additional or alternative credit enhancement for any class of Notes; or 
  
 (l) to qualify for sale treatment under generally accepted accounting principles. 
  
 Additionally, notwithstanding any provision of this Article X to the
contrary, this Indenture or any Indenture Supplement may be amended without the consent of the Indenture Trustee or any of the Noteholders, upon delivery of a Master Trust Tax Opinion and an Issuer Tax Opinion for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or any Indenture Supplement or of modifying in any manner the rights of the Holders of the Notes under this Indenture or any Indenture Supplement;
provided, however, that (i) the Issuer shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment shall not have an Adverse Effect
and is not reasonably expected to have an Adverse Effect at any time in the future and (ii) the Note Rating Agencies have provided written confirmation that such amendment shall not have a Ratings Effect. 
  
 Section 10.02. Supplemental Indentures with Consent of Noteholders.
With prior notice to each applicable Note Rating Agency and the consent of not less than 66 2/3% in Outstanding Dollar Principal Amount of each class affected by such amendment of this Indenture or any Indenture Supplement by Act of said Holders
delivered to the Issuer and the Indenture Trustee, the Issuer and the Indenture Trustee, upon delivery of a Master Trust Tax Opinion and an Issuer Tax Opinion, may enter into an amendment of this Indenture or such Indenture Supplement for the
purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or any Indenture Supplement or of modifying in any manner the rights of the Holders of the Notes of each such series or class
under this Indenture or any Indenture Supplement; provided, however, that no such amendment or Indenture Supplement shall, without the consent of the Holder of each Outstanding Note affected thereby: 
  
 (a) change the scheduled payment date of any payment of interest on any Note,
or change an Expected Principal Payment Date or Legal Maturity Date of any Note; 
  

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 (b) reduce the Stated Principal Amount of, or the interest rate on any Note, or change the method of
computing the Outstanding Dollar Principal Amount, the Adjusted Outstanding Dollar Principal Amount or the Nominal Liquidation Amount in a manner that is adverse to the Holder of any Note; 
  
 (c) reduce the amount of a Discount Note payable upon the occurrence of an
Early Redemption Event or other optional or mandatory redemption or upon the acceleration of its maturity; 
  
 (d) impair the right to institute suit for the enforcement of any payment on any Note; 
  
 (e) reduce the percentage in Outstanding Dollar Principal Amount of the Outstanding Notes of any series or class, the
consent of whose Holders is required for any such Indenture Supplement, or the consent of whose Holders is required for any waiver of compliance with the provisions of this Indenture or of defaults hereunder and their consequences, provided for in
this Indenture; 
  
 (f) modify any of the provisions of this
Section or Section 7.18, except to increase any percentage of Holders required to consent to any such amendment or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Note affected thereby; 
  
 (g) permit the creation of
any lien or other encumbrance on the Collateral that secures any class of Notes that is prior to the lien in favor of the Holders of the Notes of such class; 
  
 (h) change any Place of Payment where any principal of, or interest on, any Note is payable, unless otherwise provided in the applicable Indenture
Supplement; 
  
 (i) change the method of computing the amount of
principal of, or interest on, any Note on any date; or 
  
 (j)
make any other amendment not permitted by Section 10.01. 
  
 An amendment of this Indenture or an Indenture Supplement which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series or class of
Notes, or which modifies the rights of the Holders of Notes of such series or class with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Notes of any other series or class.

  
 It shall not be necessary for any Act of Noteholders under
this Section to approve the particular form of any proposed amendment or Indenture Supplement, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 Section 10.03. Execution of Indenture Supplements. In executing or accepting the additional trusts created by any
amendment of this Indenture or Indenture Supplement 

  

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permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall receive, and (subject to
Section 8.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or Indenture Supplement is authorized or permitted by this Indenture and that all conditions precedent thereto have
been satisfied. The Indenture Trustee may, but shall not (except to the extent required in the case of an amendment or Indenture Supplement entered into under Section 10.01(d) or 10.01(f )) be obligated to, enter into any such
Indenture Supplement which affects the Indenture Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
  
 Section 10.04. Effect of Indenture Supplements. Upon the execution of any amendment of this Indenture or Indenture Supplement under this Article,
this Indenture shall be modified in accordance therewith with respect to each series or class of Notes affected thereby, or all Notes, as the case may be, and such amendment or Indenture Supplement shall form a part of this Indenture for all
purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby to the extent provided therein. 
  
 Section 10.05. Conformity with Trust Indenture Act. Every amendment of this Indenture or Indenture Supplement executed pursuant to this Article
shall conform to the requirements of the Trust Indenture Act as then in effect. 
  
 Section 10.06. Reference in Notes to Indenture Supplements. Notes authenticated and delivered after the execution of any amendment of this Indenture or Indenture Supplement pursuant to this Article may, and
shall if required by the Indenture Trustee, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such amendment or Indenture Supplement. If the Issuer shall so determine, new Notes so modified as to conform, in
the opinion of the Indenture Trustee and the Issuer, to any such amendment or Indenture Supplement may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
  
 Section 10.07. Amendments to the Pooling and Servicing Agreement. By
their acceptance of a Note, the Noteholders acknowledge that the Seller and the Master Trust Trustee may amend the Pooling and Servicing Agreement and any supplement thereto without the consent of the Holders of any Investor Certificates (including
the Issuer) or any Noteholder, so long as such amendment or supplement would not materially adversely affect the interest of the Holders of any Investor Certificates. 
  
 For purposes of any vote or consent under the Pooling and Servicing Agreement or any supplement thereto: 
  
 (i) that requires the consent or vote of each Investor
Certificateholder, each Noteholder shall be treated as an Investor Certificateholder under the Pooling and Servicing Agreement and any related supplement thereto; 
  
 (ii) that requires the consent or vote of any series of Investor Certificates, each series of Notes shall be
treated as a series of Investor Certificates under the Pooling and Servicing Agreement and any related supplement thereto; and 
  

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 (iii) that requires the consent or vote of any class of Investor Certificates, each class
of Notes shall be treated as a class of Investor Certificates under the Pooling and Servicing Agreement and any related supplement thereto. 
  
 By their acceptance of a Note, each Noteholder shall be deemed to have consented to any amendment to the Pooling and Servicing Agreement, the Series
2004-MC Supplement, the Trust Agreement and any other document or agreement relating to any of the foregoing for the purpose of providing for the transfer of Receivables from the Transferor (or any additional seller under the Pooling and Servicing
Agreement) to a bankruptcy remote special purpose entity and from such entity to the Master Trust and the substitution of a bankruptcy remote special purpose entity as the Administrator of the Issuer. 
  
 Section 10.08. Amendments to the Trust Agreement. 
  
 (a) Subject to the provisions of the Trust Agreement, without the consent of
the Holders of any Notes or the Indenture Trustee, the Transferor, the Owner Trustee (at the written direction of the Administrator) and the Administrator may amend the Trust Agreement so long as such amendment shall not have an Adverse Effect and
is not reasonably expected to have an Adverse Effect at any time in the future. 
  
 (b) Subject to the provisions of the Trust Agreement, (A) in the case of a significant change in the permitted activities of the Issuer which is not materially adverse to Holders of the Notes, with the consent of the
Majority Holders of each class of Notes affected by such change, and (B) in all other cases, with the consent of the Holders of not less than 66 2/3% in Outstanding Dollar Principal Amount of the Outstanding Notes affected by such amendment, by Act of said Holders delivered to the Master Trust Trustee, the Transferor and the Owner Trustee (at the
written direction of the Administrator) and the Administrator may amend the Trust Agreement for the purpose of adding, changing or eliminating any provisions of the Trust Agreement or of modifying the rights of those Noteholders. 

 
 Section 10.09. Notice. If the Issuer, as holder of the Collateral
Certificate for the benefit of the Noteholders, receives a request for a consent to any amendment, modification, waiver or supplement under this Indenture, the Pooling and Servicing Agreement, the Trust Agreement or other document contemplated
herein, the Issuer shall forthwith provide notice of such proposed amendment, modification, waiver or supplement, as provided in Section 1.06, to each Noteholder as of such date that is entitled to vote on a consent to such matter and to each
Note Rating Agency. The Issuer shall request from such Noteholders directions as to (i) whether or not the Issuer should take or refrain from taking any action which the holder of the Collateral Certificate has the option to direct, (ii) whether or
not to give or execute any waivers, consents, amendments, modifications or supplements as a holder of such Collateral Certificate and (iii) the casting of any vote with respect to the Collateral Certificate or the Noteholders of a series or class if
a vote has been called for with respect thereto; provided, that, in directing any action or casting any vote or giving any consent as the holder of the Collateral Certificate, the Owner Trustee on behalf of the Issuer shall vote or consent
with respect to such Collateral Certificate the applicable series or class, as the case may be, in the same proportion as the Notes were actually voted by Holders thereof as notified by such Noteholders to the Owner Trustee on 

  

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behalf of the Issuer at least two (2) Business Days before the Owner Trustee on behalf of the Issuer takes such action or casts such vote or gives such
consent. 
  
 [END OF ARTICLE X] 
  

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 ARTICLE XI 
  

REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER 
  
 Section 11.01. Payment of Principal and Interest. With respect to each series or class of Notes, the Issuer shall duly and punctually pay the
principal of and interest on such Notes in accordance with their terms and this Indenture, and shall duly comply with all the other terms, agreements and conditions contained in, or made in this Indenture for the benefit of, the Notes of such series
or class. 
  
 Section 11.02. Maintenance of Office or
Agency. The Issuer shall maintain an office, agency or Paying Agent in each Place of Payment where Notes may be presented or surrendered for payment, where Notes may be surrendered for transfer or exchange and where notices and demands to or
upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of such office or agency. If at any time the Issuer
shall fail to maintain such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee,
and the Issuer hereby appoints the Indenture Trustee its agent to receive all such presentations, surrenders, notices and demands. 
  
 Section 11.03. Money for Note Payments to be Held in Trust. The Paying Agent, on behalf of the Indenture Trustee, shall make distributions to
Noteholders from the Collection Account or other applicable Account pursuant to the provisions of Article V of this Indenture or any Indenture Supplement and shall report the amounts of such distributions to the Indenture Trustee. Any Paying
Agent shall have the revocable power to withdraw funds from the Collection Account or other applicable Account for the purpose of making the distributions referred to above. The Indenture Trustee may revoke such power and remove the Paying Agent if
the Indenture Trustee determines in its sole discretion that the Paying Agent has failed to perform its obligations under this Indenture or any Indenture Supplement in any material respect. The Paying Agent upon removal shall return all funds in its
possession to the Indenture Trustee. 
  
 The Issuer shall cause
each Paying Agent (other than the Indenture Trustee) for any series or class of Notes 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 so agrees), subject to the provisions of this Section, that such Paying Agent shall: 
  
 (a) hold all sums held by it for the payment of principal of or interest on Notes of such series or class 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; 
  
 (b) if such Paying Agent is not the Indenture Trustee, give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes
of such series or class) in the making of any such payment of principal or interest on the Notes of such series or class; 
  

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 (c) if such Paying Agent is not the Indenture Trustee, 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; 
  
 (d) immediately resign as a Paying Agent and, if such Paying Agent is not the Indenture Trustee, 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 described in this Section required to be met by a Paying Agent at the time of its appointment; and 
  
 (e) comply with all requirements of the Internal Revenue Code with respect to the withholding from any payments made by it
on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
  
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture with respect to any series or class of Notes or
for any other purpose, pay, or by an Officer’s Certificate direct any Paying Agent to pay, to the Indenture Trustee all sums held in trust by the Issuer or such Paying Agent in respect of each and every series or class of Notes as to which it
seeks to discharge this Indenture or, if for any other purpose, all sums so held in trust by the Issuer in respect of all Notes, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by the Issuer
or 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. 
  
 Any money deposited with the Indenture Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of
the principal of or interest on any Note of any series or class and remaining unclaimed for two years after such principal or interest has become due and payable shall be paid to the Issuer upon request in an Officer’s Certificate, or (if then
held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Indenture Trustee or such Paying Agent
with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease. The Indenture Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer give notice
to the Holders of the Notes as to which the money to be repaid was held in trust, as provided in Section 1.06, a notice that such funds remain unclaimed and that, after a date specified in the notice, which shall not be less than thirty (30)
days from the date on which the notice was first mailed or published to the Holders of the Notes as to which the money to be repaid was held in trust, any unclaimed balance of such funds then remaining shall be paid to the Issuer free of the trust
formerly impressed upon it. 
  
 The Issuer initially authorizes
Wells Fargo Bank, National Association to act as Paying Agent for the Notes on its behalf. The Issuer may at any time and from time to time authorize one or more Persons (including the Indenture Trustee) to act as Paying Agent in addition to or in
place of the Indenture Trustee with respect to any series or class of Notes issued under this Indenture. 
  

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 Each Paying Agent shall at all times have a combined capital and surplus of at least $50,000,000 and be
subject to supervision or examination by a United States Federal or State authority or be regulated by or subject to the supervision or examination of a governmental authority of a nation that is member of the Organization for Economic Co-operation
and Development. If such Paying Agent publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such Paying Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition as so published. 
  
 Section 11.04. Statement as to Compliance. The Issuer shall deliver to the Indenture Trustee and the Note Rating Agencies, on or before March 31 of
each year, beginning in 2005, a written statement signed by an Issuer Authorized Officer stating that: 
  
 (a) a review of the activities of the Issuer during the prior year and of the Issuer’s performance under this Indenture and under the terms of the
Notes has been made under such Issuer Authorized Officer’s supervision; and 
  
 (b) to the best of such Issuer Authorized Officer’s knowledge, based on such review, the Issuer has complied in all material respects with all conditions and covenants under this Indenture throughout such year,
or, if there has been a default in the fulfillment of any such condition or covenant (without regard to any grace period or requirement of notice), specifying each such default known to such Issuer Authorized Officer and the nature and status
thereof. 
  
 Section 11.05. Legal Existence. The Issuer
shall do or cause to be done all things necessary to preserve and keep in full force and effect its legal existence. 
  
 Section 11.06. Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer 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. 
  
 Section 11.07. Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the noncompliance with which would,
individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes or this Indenture. 
  
 Section 11.08. Notice of Events of Default. The Issuer agrees to give the Indenture Trustee and the Note Rating Agencies prompt written notice of
each Event of Default hereunder and each default on the part of the Master Trust or the Seller of its respective obligations under the Pooling and Servicing Agreement and any default of a Derivative Counterparty. 
  
 Section 11.09. Certain Negative Covenants. The Issuer shall not:

  
 (a) claim any credit on, or make any deduction from the
principal or interest payable in respect of, the Notes (other than amounts withheld in good faith from such payments under the Internal Revenue Code or other applicable tax law); 
  

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 (b) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of
the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations
with respect to the Notes under this Indenture except as may be expressly permitted hereby; 
  
 (c) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien in favor of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty created
by this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof or any interest therein or the proceeds thereof, or 
  
 (d) permit the lien in favor of the Indenture Trustee, the Noteholders and any applicable Derivative Counterparty created by
this Indenture not to constitute a valid first priority security interest in the Collateral; or 
  
 (e) voluntarily dissolve or liquidate. 
  
 Section 11.10. No Other Business. The Issuer shall not engage in any business other than as permitted under the Trust Agreement. 
  
 Section 11.11. No Borrowing. The Issuer shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness for borrowed money except for the Notes. 
  
 Section 11.12. Rule 144A Information. For so long as any of the Notes of any series or class are “restricted securities” within the
meaning of Rule 144(a)(3) under the Securities Exchange Act, the Issuer agrees to provide to any Noteholder of such series or class and to any prospective purchaser of Notes designated by such Noteholder, upon the request of such Noteholder or
prospective purchaser, any information required to be provided to such Holder or prospective purchaser to satisfy the conditions set forth in Rule 144A(d)(4) under the Securities Exchange Act. 
  
 Section 11.13. Performance of Obligations; Servicing of Receivables.

  
 (a) The Issuer shall not take any action and shall use its
best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Trust Agreement or such other instrument or
agreement. 
  
 (b) The Issuer shall punctually perform and observe
all of its obligations and agreements contained in this Indenture, any Indenture Supplement, the Trust Agreement and in the instruments and agreements relating to the Collateral, including but not limited to filing or causing to be filed all UCC
financing statements and continuation statements required to be filed by the terms of this Indenture and the Trust Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided
herein or 

  

 75 

 
therein, the Issuer shall not waive, amend, modify, supplement or terminate this Indenture, any Indenture Supplement or the Trust Agreement or any provision
thereof without the consent of the Holders of a majority of the Outstanding Amount of the Notes of each adversely affected series or class. 
  
 (c) 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 Issuer agrees (i) that it shall not, without the prior written consent of the Indenture Trustee and a majority in Outstanding Amount of the Notes of each affected series or class, amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral (except to the extent otherwise provided in this Indenture or the Trust Agreement), or waive timely performance or
observance by the Servicer of its obligations under the Pooling and Servicing Agreement; and (ii) that any such amendment, modification, waiver, supplement, termination or surrender shall not (A) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on the Receivables or distributions that are required to be made for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the Notes that is required to consent to any
such amendment, modification, waiver, supplement, termination or surrender without the consent of the Holders of all the Outstanding Notes. If any such amendment, modification, waiver, supplement, termination or surrender shall be so consented to by
the Indenture Trustee and such Noteholders, the Issuer agrees to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as are necessary or appropriate in the circumstances.

  
 Section 11.14. Issuer May Consolidate, Etc., Only on
Certain Terms. 
  
 (a) The Issuer shall not consolidate or
merge with or into any other Person, unless: 
  
 (1) the Person (if other than the Issuer) formed by or surviving such consolidation or merger (i) shall be a Person organized and existing under the laws of the United States of America or any state or the District of Columbia, (ii) shall
not be subject to regulation as an “investment company” under the Investment Company Act and (iii) shall expressly assume, by an Indenture Supplement, executed and delivered to the Indenture Trustee, in a form satisfactory to the Indenture
Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance of every covenant of this Indenture on the part of the Issuer to be performed or observed; 
  
 (2) immediately after giving effect to such transaction, no
Event of Default or Pay Out Event shall have occurred and be continuing; 
  
 (3) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that (i) such consolidation or merger and such Indenture Supplement comply with this
Section 11.14, (ii) all conditions precedent in this Section 11.14 relating to such transaction have been complied with (including any filing required by the Securities Exchange Act), and (iii) such Indenture 

  

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Supplement is duly authorized, executed and delivered and is valid, binding and enforceable against such person; 
  
 (4) the Issuer shall have received written confirmation from
each Note Rating Agency that there will be no Ratings Effect with respect to any Outstanding Notes as a result of such consolidation or merger; 
  
 (5) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse tax consequence to any Noteholder; and 
  
 (6) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

  
 (7) such action shall not be contrary to the
status of the Issuer as a qualified special purpose entity under existing accounting literature. 
  
 (b) The Issuer shall not convey or transfer any of its properties or assets, including those included in the Collateral, substantially as an entirety to
any Person, unless: 
  
 (1) the Person that
acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of
America or any state, or the District of Columbia, (B) expressly assume, by an Indenture Supplement, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and
interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such Indenture Supplement that
all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such Indenture Supplement, expressly agree to indemnify, defend and hold harmless the
Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes, (E) expressly agree by means of such Indenture Supplement 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 Securities Exchange Act in connection with the Notes and (F) not be an “investment company” as defined in the Investment Company Act; 
  
 (2) immediately after giving effect to such transaction, no
Event of Default or Pay Out Event shall have occurred and be continuing; 
  
 (3) the Issuer shall have received written confirmation from each Note Rating Agency that there will be no Ratings Effect with respect to any Outstanding Notes as a result of such conveyance or transfer; 

 
 (4) the Issuer shall have received an Opinion of Counsel
(and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to any Noteholder; 
  

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 (5) any action that is necessary to maintain the lien and security interest created by
this Indenture shall have been taken; and 
  
 (6)
the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such Indenture Supplement comply with this Section 11.14 and that all
conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Securities Exchange Act). 
  
 Section 11.15. Successor Substituted. Upon any consolidation or merger, or any conveyance or transfer of the properties and assets of the Issuer
substantially as an entirety in accordance with Section 11.14 hereof, the Person formed by or surviving such consolidation or merger (if other than the Issuer) or the Person to which such conveyance or transfer is made shall succeed to, and
be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein. In the event of any such conveyance or transfer, the Person named as the
Issuer in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Section 11.15 shall be released from its obligations under this Indenture as issued immediately upon
the effectiveness of such conveyance or transfer, provided that the Issuer shall not be released from any obligations or liabilities to the Indenture Trustee or the Noteholders arising prior to such effectiveness. 
  
 Section 11.16. Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by this Indenture or the Trust Agreement, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance
on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
  
 Section 11.17. Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty). 
  
 Section 11.18. Restricted
Payments. The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a
beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or
security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, (x) distributions as contemplated by, and to the extent funds are available for such purpose
under, the Trust Agreement and (y) payments to the Indenture Trustee pursuant to Section 8.07 hereof. The Issuer shall not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this
Indenture or any Indenture Supplement. 
  

 78 

 [END OF ARTICLE XI) 
  

 79 

 ARTICLE XII 
  
 EARLY REDEMPTION OF NOTES 
  
 Section 12.01. Applicability of Article. Unless otherwise specified in the applicable Indenture Supplement related to a series or class of Notes,
pursuant to the terms of this Article, the Issuer shall redeem and pay, provided that funds are available, each affected series or class of Notes upon the occurrence of any Early Redemption Event. Unless otherwise specified in the applicable
Indenture Supplement relating to a series or class of Notes, or in the form of Notes for such series or class, the following are “Early Redemption Events”: 
  
 (a) with respect to any class of Notes, the occurrence of the Expected Principal Payment Date of such Note; 
  
 (b) the occurrence of any Pay Out Event as defined in the Pooling and
Servicing Agreement or any Series 2004-MC Pay Out Event as described in the Series 2004-MC Supplement; 
  
 (c) with respect to any series or class of notes, the occurrence of an Event of Default with respect to such series or class; 
  
 (d) the Issuer becomes an investment company within the meaning of the
Investment Company Act; or 
  
 (e) with respect to any series or
class of Notes, any additional Early Redemption Event specified in the Indenture Supplement for such series or class as applying to such series or class. 
  
 The redemption price of a class of Notes so redeemed shall equal the Outstanding principal amount of such class, plus interest accrued and unpaid
to but excluding the date of redemption, the payment of which shall be subject to Article V, Article VII and the allocations, deposits and payments sections of the related Indenture Supplement. 
  
 If the Issuer is unable to pay the redemption price in full on the Principal
Payment Date following the end of the Monthly Period in which the Early Redemption Event occurs, monthly payments on such class of Notes shall thereafter be made on each following Principal Payment Date until the Outstanding principal amount of such
class, plus all accrued and unpaid interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to Article V, Article VII and the allocations, deposits and payments sections of the related Indenture
Supplement. Any funds in any Supplemental Account for a redeemed class shall be applied to make the principal and interest payments on that class on the redemption date, subject to Article V, Article VII and the allocations, deposits
and payments sections of the related Indenture Supplement. Principal payments on redeemed classes shall be made first to the senior-most Notes until paid in full, then to the subordinated Notes until paid in full. 
  
 Section 12.02. Optional Repurchase. Unless otherwise provided in the
applicable Indenture Supplement for a series or class of Notes, the Servicer has the right, but not the obligation, to redeem a series of Notes in whole but not in part on any day on or after the day on 

  

 80 

 
which the aggregate Nominal Liquidation Amount of such series or class is reduced to less than 10% of its Initial Dollar Principal Amount. The redemption
price of a series or class so redeemed shall equal the Outstanding principal amount of such class, plus interest accrued and unpaid or principal accreted and unpaid on such class to but excluding the date of redemption, the payment of which shall be
subject to Article V, Article VII and the allocations, deposits and payments sections of the related Indenture Supplement. 
  
 If the Issuer is unable to pay the redemption price in full on the redemption date, monthly payments on such class of Notes shall thereafter be made until
the Outstanding principal amount of such class, plus all accrued and unpaid interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to Article V, Article VII and the allocations, deposits and payments
sections of the related Indenture Supplement. Any funds in any Supplemental Account for a redeemed class shall be applied to make the principal and interest payments on that class on the redemption date in accordance with the related Indenture
Supplement. Principal payments on redeemed classes shall be made in accordance with the related Indenture Supplement. 
  
 Section 12.03. Notice. Promptly after the occurrence of any Early Redemption Event or a redemption pursuant to Section 12.02, the Issuer
shall notify the Indenture Trustee and the Note Rating Agencies in writing of the identity, Stated Principal Amount and Outstanding Dollar Principal Amount of the affected series or class of Notes to be redeemed. Notice of redemption shall promptly
be given as provided in Section 1.06. All notices of redemption shall state (a) the date on which the redemption of the applicable series or class of Notes pursuant to this Article shall begin, which will be the Principal Payment Date next
following the end of the Monthly Period in which the applicable Early Redemption Event or redemption pursuant to Section 12.02, occurs, (b) the redemption price for such series or class of Notes, which will be equal to the Outstanding
principal amount of such series or class plus interest accrued or principal accreted and unpaid (if any), the payment of which will be subject to Article V, Article VII and the allocations, deposits and payments sections of the related
Indenture Supplement and (c) the series or class of Notes to be redeemed pursuant to this Article. 
  
 [END OF ARTICLE XII] 
  

 81 

 ARTICLE XIII 
  
 COLLATERAL 
  
 Section 13.01. Recording, Etc. 
  
 (a) The Issuer intends the Security Interest granted pursuant to this Indenture in favor of the Indenture Trustee to be prior to all other liens in
respect of the Collateral. Subject to Section 13.03, the Issuer shall take all actions necessary to obtain and maintain a perfected lien on and security interest in the Collateral in favor of the Indenture Trustee. The Issuer shall from time
to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Issuer, and shall take such other
action necessary or advisable to: 
  
 (i) grant a
Security Interest more effectively in all or any portion of the Collateral; 
  
 (ii) maintain or preserve the Security Interest (and the priority thereof) created by this Indenture or carry out more effectively the purposes hereof; 
  
 (iii) perfect, publish notice of or protect the validity of any grant made or to be made by this Indenture;

  
 (iv) enforce the Collateral Certificate, the
Derivative Agreements and each other instrument or agreement included in the Collateral; 
  
 (v) preserve and defend title to the Collateral and the rights of the Indenture Trustee in such Collateral against the claims of all
persons and parties; or 
  
 (vi) pay all taxes or
assessments levied or assessed upon the Collateral when due. 
  
 (b) The Issuer shall from time to time promptly pay and discharge all financing and continuation statement recording and/or filing fees, charges and taxes relating to this Indenture, any amendments thereto and any other instruments of
further assurance. The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute upon the Issuer’s failure to do so, any financing statement, continuation statement or other instrument required by the Indenture
Trustee pursuant to this Section. 
  
 (c) Without limiting the
generality of clauses (a)(ii) or (a)(iii): 
  
 (i) The Issuer shall cause this Indenture, all amendments and supplements hereto and/or all financing statements and continuation statements and any other necessary documents covering the Indenture Trustee’s right, title and interest
to the Collateral to be promptly recorded, registered and filed, and at all times to be kept, recorded, registered and filed, all in such manner and in such 

  

 82 

 
places as may be required by law fully to preserve and protect the right, title and interest of the Indenture Trustee to all property comprising the
Collateral. The Issuer shall deliver to the Indenture Trustee file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing.

  
 (ii) Within 30 days after the Issuer makes
any change in its name, identity or corporate structure which would make any financing statement or continuation statement filed in accordance with paragraph (d)(i) seriously misleading within the meaning of Section 9-402(7) (or any comparable
provision) of the UCC, the Issuer shall give the Indenture Trustee notice of any such change and shall file such financing statements or amendments as may be necessary to continue the perfection of the Indenture Trustee’s security interest in
the Collateral. 
  
 (d) The Issuer shall give the Indenture
Trustee prompt notice of any relocation of its chief executive office, place of business or State of location, and any change in the jurisdiction of its organization, and whether, as a result of such relocation or change, the applicable provision of
the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall file such financing statements or amendments as may be necessary to perfect or to continue the
perfection of the Indenture Trustee’s security interest in the Collateral. The Issuer shall at all times maintain its chief executive office within the United States. 
  
 (e) The duty of the Indenture Trustee to execute any instrument required pursuant to this Section shall arise only if the
Indenture Trustee has knowledge of the type described in Section 7.01(c) of any default of the Issuer in complying with the provisions of this Section. 
  

Section 13.02. Trust Indenture Act Requirements. The release of any Collateral from the lien created by this Indenture or the release of, in
whole or in part, such liens, shall not be deemed to impair the Security Interests in contravention of the provisions hereof if and to the extent the Collateral or liens are released pursuant to the terms hereof. The Indenture Trustee and each of
the Noteholders and any applicable Derivative Counterparty acknowledge that a release of Collateral or liens strictly in accordance with the terms hereof shall not be deemed for any purpose to be an impairment of the Security Interests in
contravention of the terms of this Indenture. To the extent applicable, without limitation, the Issuer and each other obligor on the Notes shall cause Trust Indenture Act Section 3.14(d) relating to the release of property or securities from the
liens hereof to be complied with. Any certificate or opinion required by Trust Indenture Act Section 3.14(d) may be made by an officer of the appropriate obligor, except in cases in which Trust Indenture Act Section 3.14(d) requires that such
certificate or opinion be made by an independent person. 
  
 Section 13.03. Suits To Protect the Collateral. Subject to the provisions of this Indenture, the Indenture Trustee shall have power to institute and to maintain such suits and proceedings as it may deem expedient to prevent any
impairment of the Collateral by any acts which may be unlawful or in violation of this Indenture, and such suits and proceedings as the 

  

 83 

 
Indenture Trustee may deem expedient to preserve or protect the interests of the Noteholders and any applicable Derivative Counterparty and the interests of
the Indenture Trustee and the Holders of the Notes in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order
that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the Security Interests or be prejudicial to the interests of the Holders of the Notes or the Indenture Trustee).
No counterparties to a Derivative Agreement may direct the Indenture Trustee to enforce the Security Interest. Each Derivative Counterparty’s rights consist solely of the right to receive collections allocated for its benefit pursuant to the
related Indenture Supplement. 
  
 Section 13.04. Purchaser
Protected. In no event shall any purchaser in good faith of any property purported to be released hereunder be bound to ascertain the authority of the Indenture Trustee to execute the release or to inquire as to the satisfaction of any
conditions required by the provisions hereof for the exercise of such authority or to see to the application of any consideration given by such purchaser or other transferee; nor shall any purchaser or other transferee of any property or rights
permitted by this Article to be sold be under any obligation to ascertain or inquire into the authority of the Issuer or any other obligor, as applicable, to make any such sale or other transfer. 
  
 Section 13.05. Powers Exercisable by Receiver or Indenture Trustee. In
case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article upon the Issuer or any other obligor, as applicable, with respect to the release, sale or other disposition of such
property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Issuer or any other obligor, as applicable, or of any officer or officers
thereof required by the provisions of this Article. 
  
 Section
13.06. Determinations Relating to Collateral. In the event (i) the Indenture Trustee shall receive any written request from the Issuer or any other obligor for consent or approval with respect to any matter or thing relating to any Collateral
or the Issuer’s or any other obligor’s obligations with respect thereto or (ii) there shall be due to or from the Indenture Trustee under the provisions hereof any performance or the delivery of any instrument or (iii) the Indenture
Trustee shall become aware of any nonperformance by the Issuer or any other obligor of any covenant or any breach of any representation or warranty of the Issuer or any other obligor set forth in this Indenture, then, in each such event, the
Indenture Trustee shall be entitled to hire experts, consultants, agents and attorneys to advise the Indenture Trustee on the manner in which the Indenture Trustee should respond to such request or render any requested performance or response to
such nonperformance or breach (the expenses of which shall be reimbursed to the Agent and the Indenture Trustee pursuant to Section 8.07). The Indenture Trustee shall be fully protected in the taking of any action recommended or approved by
any such expert, consultant, agent or attorney or agreed to by the Majority Holders of the Outstanding Notes. 
  

 84 

 Section 13.07. Release of Collateral. 
  
 (a) Subject to the payment of its fees and expenses pursuant to Section
8.07, the Indenture Trustee shall, at the request of the Issuer or when otherwise required by the provisions of this Indenture, 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 which are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain
the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any funds. 
  
 (b) Upon delivery of an Officer’s Certificate certifying that the Issuer’s obligations under this Indenture have been satisfied and discharged
by complying with the provisions of this Article, the Indenture Trustee shall (i) execute and deliver such releases, termination statements and other instruments (in recordable form, where appropriate) as the Issuer or any other obligor, as
applicable, may reasonably request evidencing the termination of the Security Interests created by this Indenture and (ii) not to be deemed to hold the Security Interests for the benefit of the Indenture Trustee, the Noteholders and any applicable
Derivative Counterparty. 
  
 (c) The Transferor and the
Noteholders shall be entitled to receive at least ten (10) days written notice when the Indenture Trustee proposes to take any action pursuant to clause (a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also be
entitled to require, as a condition to such action, an Opinion of Counsel, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have
been complied with. 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.

  
 Section 13.08. Certain Actions by Indenture Trustee.
Any action taken by the Indenture Trustee pursuant to this Article in respect of the release of Collateral shall be taken by the Indenture Trustee as its interest in such Collateral may appear, and no provision of this Article is intended to, or
shall, excuse compliance with any provision hereof. 
  
 Section
13.09. Delegation of Duties. The Issuer may contract with or appoint other Persons (including the Transferor and its Affiliates) to assist it in performing its duties under this Indenture, and any performance of such duties by a Person
identified to the Indenture Trustee in an Officer’s Certificate shall be deemed to be action taken by the Issuer. 
  
 [END OF ARTICLE XIII] 
  

 85 

 ARTICLE XIV 
  
 MISCELLANEOUS 
  
 Section 14.01. No Petition. The Indenture Trustee, by entering into this Indenture, each Derivative Counterparty, by designating that the
obligations of the Issuer pursuant to the applicable Derivative Agreement are secured by the Collateral, and each Noteholder, by accepting a Note, agrees that it will not at any time institute against the Transferor, the Master Trust or the Issuer,
or join in any institution against the Transferor, the Master Trust or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, this Indenture or any Derivative Agreement. 
  
 Section 14.02. Trust Obligations. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or
under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
Administrator, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or the Owner Trustee or of any successor or assign of the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). 
  

Section 14.03. Limitations on Liability. 
  
 (a) It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by the Administrator not individually or
personally but solely as Administrator on behalf of the Issuer, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and
intended not as a personal representation, undertaking or agreement by the Administrator but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on the
Administrator individually or personally, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties to this Indenture and by any Person claiming by, through
or under them and (iv) under no circumstances shall the Administrator be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the Issuer under this Indenture or any related documents. 
  
 (b) None of the Indenture Trustee, the Owner Trustee, the Transferor or any other Administrator of the Issuer or any of their respective officers, directors, employers or agents shall have any liability with respect
to this Indenture, and recourse may be had solely to the Collateral pledged to secure the Notes issued by Mellon Bank PFL Master Note Trust. 
  

 86 

 Section 14.04. Tax Treatment. The Issuer and the Noteholders agree that the Notes are intended to
be debt of the Transferor for federal, state and local income and franchise tax purposes and agree to treat the Notes accordingly for all such purposes, unless otherwise required by a taxing authority. 
  
 Section 14.05. Actions Taken by the Issuer. Any and all actions that
are to be taken by the Issuer may be taken by either the Administrator or the Owner Trustee on behalf of the Issuer. 
  
 Section 14.06. Alternate Payment Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer, with
the written consent of the Indenture Trustee, may enter into any agreement with any Holder of a Note providing for a method of payment or notice that is different from the methods provided for in this Indenture for such payments or notices. The
Issuer shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall cause payments or notices, as applicable, to be made in accordance with such agreements. 
  
 Section 14.07. Termination of Issuer. The Issuer and the respective
obligations and responsibilities of the Indenture Trustee created hereby (other than the obligation of the Indenture Trustee to make payments to Noteholders as hereinafter set forth) shall terminate, except with respect to the duties described in
Section 14.08(b), as provided in the Trust Agreement. 
  
 Section 14.08. Final Distribution. 
  
 (a) The
Servicer shall give the Indenture Trustee at least thirty (30) days prior written notice of the Payment Date on which the Noteholders of any series or class may surrender their Notes for payment of the final distribution on and cancellation of such
Notes. Not later than the fifth day of the month in which the final distribution in respect of such Series or Class is payable to Noteholders, the Indenture Trustee shall provide notice to Noteholders of such series or class specifying (i) the date
upon which final payment of such series or class will be made upon presentation and surrender of Notes of such series or class at the office or offices therein designated, (ii) the amount of any such final payment and (iii) that the Record Date
otherwise applicable to such payment date is not applicable, payments being made only upon presentation and surrender of such Notes at the office or offices therein specified. The Indenture Trustee shall give such notice to the Note Registrar and
the Paying Agent at the time such notice is given to Noteholders. 
  
 (b) Notwithstanding a final distribution to the Noteholders of any series or class (or the termination of the Issuer), except as otherwise provided in this paragraph, all funds then on deposit in any Account allocated to such Noteholders
shall continue to be held in trust for the benefit of such Noteholders, and the Paying Agent or the Indenture Trustee shall pay such funds to such Noteholders upon surrender of their Notes, if certificated. In the event that all such Noteholders
shall not surrender their Notes for cancellation within six (6) months after the date specified in the notice from the Indenture Trustee described in paragraph (a), the Indenture Trustee shall give a second notice to the remaining such Noteholders
to surrender their Notes for cancellation and receive the final distribution with respect thereto. If within one year after the 

  

 87 

 
second notice all such Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint an agent to
take appropriate steps, to contact the remaining such Noteholders concerning surrender of their Notes, and the cost thereof shall be paid out of the funds in the Collection Account or any Supplemental Account held for the benefit of such
Noteholders. The Indenture Trustee and the Paying Agent shall pay to the Issuer any monies held by them for the payment of principal or interest that remains unclaimed for two (2) years. After payment to the Issuer, Noteholders entitled to the money
must look to the Issuer for payment as general creditors unless an applicable abandoned property law designates another Person. 
  
 Section 14.09. Termination Distributions. Upon the termination of the Issuer pursuant to the terms of the Trust Agreement, the Indenture Trustee
shall release, assign and convey to the Administrator or any of its designees, without recourse, representation or warranty, all of its right, title and interest in the Collateral, whether then existing or thereafter created, all monies due or to
become due and all amounts received or receivable with respect thereto (including all moneys then held in any Account) and all proceeds thereof, except for amounts held by the Indenture Trustee pursuant to Section 14.08(b). The Indenture
Trustee shall execute and deliver such instruments of transfer and assignment as shall be provided to it, in each case without recourse, as shall be reasonably requested by the Administrator to vest in the Administrator or any of its designees all
right, title and interest which the Indenture Trustee had in the Collateral and such other property. 
  
 Section 14.10. Derivative Counterpart as Third-Party Administrator. Each Derivative Counterparty is a third-party Administrator of this Indenture
to the extent specified in the applicable Derivative Agreement or Indenture Supplement. 
  
 [END OF ARTICLE XIV] 
  

 88 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and
year first above written. 
  

			
	MELLON BANK PFL MASTER NOTE TRUST 
		
	By:	 	 Mellon Bank, N.A., as Administrator

		
	By:	 	/s/    LEO Y. AU         
	 Name:
	 	Leo Y. Au
	 Title:
	 	Attorney-in-fact

  

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as Indenture Trustee and not in its
 individual capacity

		
	By:	 	/s/    JOE NARDI         
	 Name:
	 	Joe Nardi
	 Title:
	 	Vice President

  

			
	Acknowledged and Accepted:
	
	 AFCO ACCEPTANCE CORPORATION, as
 Servicer

		
	By:	 	/s/    DARYL J. ZUPAN         
	 Name:
	 	Daryl J. Zupan
	 Title:
	 	President and CEO

  

			
	 AFCO CREDIT CORPORATION, as Servicer

		
	By:	 	/s/    DARYL J. ZUPAN         
	 Name:
	 	Daryl J. Zupan
	 Title:
	 	President and CEO

  

 89 

			
	 STATE OF
[                    ]
	  	)
	 	  	)ss:
	 COUNTY OF [                    ]
	  	)

  
 On [ ], [ ], before me
personally came                         , to me known, who, being by me duly sworn, did depose and say he is a
                         of
[                        ], acting not in its individual capacity but solely as Administrator of the Mellon Bank PFL
Master Note Trust, one of the parties described in and which executed the above instrument; that he knows the corporate seal of the Administrator; that the seal affixed to that instrument is such corporate seal; that it was affixed by authority of
the board of directors of the corporation; and that he signed his name thereto by like authority. 
  

	
	
	  
	 Name

	
	  
	 [Notarial Seal]

  

 90 

			
	 STATE OF NEW YORK
	  	)
	 	  	)ss:
	 COUNTY OF NEW YORK
	  	)

  
 On [ ], [ ], before me
personally came [ ], to me known, who, being by me duly sworn, did depose and say that he is [ ] of Wells Fargo Bank, National Association, one of the parties described in and which executed the above instrument; that he knows the
corporate seal of said corporation; that the seal affixed to that instrument is such corporate seal; that it was affixed by authority of the board of directors of the corporation; and that he signed his name thereto by like authority. 
  

	
	
	  
	 Name

	
	  
	 [Notarial Seal]

  

 91 

 EXHIBIT A 
  
 [FORM OF] PAYMENT INSTRUCTION 
  

  
 MELLON BANK PFL MASTER NOTE
TRUST 
  

  
 Unless otherwise indicated, capitalized terms used in this Payment Instruction have their respective meanings set forth in the Indenture; provided, that the
“preceding Monthly Period” shall mean the Monthly Period immediately preceding the calendar month in which this Payment Instruction is delivered. This Payment Instruction is delivered pursuant to Section 9.08, of the Indenture.

  
 The date of this Payment Instruction is a Transfer Date under the Pooling and
Servicing Agreement. 
  

							
	 I.
	  	Allocations of Available Funds:	  	 	 	 
	 	  	A. Available Funds paid to Series [        ]	  	$	________	 
	 	  	[B. Available Funds paid to Series [        ]	  	$	________	 
	 	  	C. Available Funds paid to Series [        ]	  	$	________	 
	 	  	 Total
	  	$	________	]

  

							
	 II.
	  	Locations of Available Principal Amounts	  	 	 	 
	 	  	A. Available Principal Amounts paid to Series [        ]	  	$	________	 
	 	  	[B. Available Principal Amounts paid to Series [        ]	  	$	________	 
	 	  	C. Available Principal Amounts paid to Series [        ]	  	$	________	 
	 	  	 Total
	  	$	________	]

  

 A-1 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Payment Instruction this
             day of                         ,
            . 
  

			
	 [_____________________],
 as Administrator of the Mellon Bank PFL Master
 Note Trust

		
	By:	 	 
	 Name:
	 	 
	Title:	 	 

  

 A-2 

 Schedule to Payment Instruction * 
  

  
 MELLON BANK PFL MASTER NOTE TRUST 
  

	*	A separate schedule is to be attached for each series, with appropriate changes and additions to reflect the specifics of the related Indenture Supplement. 

 

 A-3 

 EXHIBIT B 
  
 [FORM OF] MONTHLY NOTEHOLDERS’ STATEMENT 
  
 Date:             
    ,              
  
 MELLON BANK PFL MASTER NOTE TRUST 
 MONTHLY PERIOD ENDING
                 ,              
  
 Reference is made to the Series 2004-MC Supplement (the “Series 2004-MC
Supplement”), dated as of June 24, 2004, between Mellon Premium Finance Loan Owner Trust as transferor (the “Transferor”), AFCO Credit Corporation as servicer, AFCO Acceptance Corporation as servicer, Premium Financing Specialists,
Inc. as back-up servicer, Premium Financing Specialists of California, Inc., as back-up servicer and Wells Fargo Bank, National Association, as Trustee, and the Indenture (the “Indenture”), dated as of May _, 2001, between Mellon Bank PFL
Master Note Trust, as Issuer, and Wells Fargo Bank, National Association, as Indenture Trustee. Terms used herein and not defined herein have the meanings ascribed to them in the Series 2004-MC Supplement, the Indenture and the related Indenture
Supplements, as applicable. 
  
 The following computations are
prepared with respect to the Transfer Date of                  ,              and with
respect to the performance of the Trust during the related Monthly Period. 
  

	A.	Reductions of and Increases to Nominal Liquidation Amount: 

  

																	
	 Series

	  	 Nominal
 Liquidation
 Amount for
 prior
 Monthly
 Period

	  	 Increases
 from
 accretions
 on Principal
 for Discount
 Notes

	  	 Increases
 from
amounts
withdrawn
from the
Principal
Funding
 sub-Account
 in respect of
 Prefunding
Excess
Amount

	  	 Reimburse-
 ments from
Available
Funds

	  	Reductions
due to
reallocations
of Available
Principal
Amounts

	  	Reductions
due to
Investor
Charge-Offs

	  	Reductions
due to
amounts on
deposit in
the Principal
Funding
sub-Account

	  	Current
Nominal
Liquidation
Amount

	 [Series [        ]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 [Series [        ]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Total:]
	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 

  

 B-1 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Monthly Noteholders’
Statement this     th day of                     ,     . 
  

			
	[                                      
  ],
	 as Administrator of the Mellon Bank PFL Master
 Note Trust

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 B-2 

 Schedule to Payment Instruction* 
  

  
 MELLON BANK PFL MASTER NOTE TRUST 
  

  

	*	A separate schedule is to be attached for each series, with appropriate changes and additions to reflect the specifics of the related Indenture Supplement. 

 

 B-3 

 EXHIBIT C 
  
 [FORM OF] INVESTMENT LETTER 
  
 [Date] 
  
 Wells Fargo Bank, National Association as Indenture Trustee, 
 [address] 
 Attention: Corporate Trust Department 
  
 Mellon Bank PFL Master Note Trust 
  
 c/o [                    ], as Administrator 
 [address] 
 Attention:
[                    ] 
  

	 	Re:	Purchase of $                    * principal amount of Mellon Bank PFL
Master Note Trust, Series [-], Class [-] Notes 

  
 Ladies and
Gentlemen: 
  
 In connection with our purchase of the above Notes
(the “Notes”) we confirm that: 
  
 (1)
We understand that the Notes are not being registered under the Securities Act of 1933, as amended (the “Securities Act”), and are being sold to us in a transaction that is exempt from the registration requirements of the Securities Act.

  
 (2) Any information we desire concerning the
Notes or any other matter relevant to our decision to purchase the Notes is or has been made available to us. 
  
 (3) We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an
investment in the Notes, and we (and any account for which we are purchasing under paragraph (iv) below) are able to bear the economic risk of an investment in the Notes. We (and any account for which we are purchasing under paragraph (iv) below)
are an “accredited investor” (as such term is defined in Rule 501(a)(1), (2) or (3) of Regulation D under the Securities Act). 
  
 (4) We are acquiring the Notes for our own account or for accounts as to which we exercise sole investment discretion and not with a view
to any distribution of the Notes, subject, nevertheless, to the understanding that the disposition of our property shall at all times be and remain within our control; 
  
 (5) We agree that the Notes must be held indefinitely by us unless subsequently registered under the
Securities Act or an exemption from any registration requirements of the Securities Act and any applicable state securities law is available; 

	*	Not less than $250,000 minimum principal amount. 

  

 C-1 

 (6) We agree that in the event that at some future time we wish to dispose of or exchange
any of the Notes (such disposition or exchange not being currently foreseen or contemplated), we will not transfer or exchange any of the Notes unless: 
  
 (a)(i) the sale is of at least U.S. $250,000 principal amount of Notes to an Eligible Purchaser (as defined below), (ii) a letter to
substantially the same effect as paragraphs (1), (2), (3), (4), (5) and (6) of this letter is executed promptly by the purchaser and (3) all offers or solicitations in connection with the sale, whether directly or through any agent acting on our
behalf, are limited only to Eligible Purchasers and are not made by means of any form of general solicitation or general advertising whatsoever; or 
  
 (b) the Notes are transferred pursuant to Rule 144 under the Securities Act by us after we have held them for more than three years; or

  
 (c) the Notes are sold in any other
transaction that does not require registration under the Securities Act and, if the Issuer, the Servicer, the Trustee or the Note Registrar so requests, we theretofore have furnished to such party an opinion of counsel satisfactory to such party, in
form and substance satisfactory to such party, to such effect; or 
  
 (d) the Notes are transferred pursuant to an exception from the registration requirements of the Securities Act under Rule 144A under the Securities Act; and 
  
 (7) We understand that the Notes will bear a legend to
substantially the following effect: 
  
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH
THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH
IN THE INDENTURE REFERRED TO HEREIN.” 
  
 This legend may be
removed if the Issuer, the Trustee and the Note Registrar have received an opinion of counsel satisfactory to them, in form and substance satisfactory to them, to the effect that the legend may be removed. 
  
 “Eligible Purchaser” means either an Eligible Dealer or a
corporation, partnership or other entity which we have reasonable grounds to believe and do believe can make representations with respect to itself to substantially the same effect as the representations set forth herein. “Eligible Dealer”
means any corporation or other entity the principal business of which is acting as a broker and/or dealer in securities. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Indenture dated as of
June[    ], 2004, 

  

 C-2 

 
between Mellon Bank PFL Master Note Trust and Wells Fargo Bank, National Association, as indenture trustee. 
  

			
	 Very truly yours,

	
	 
	 (Name of Purchaser)

		
	By	 	 
	 	 	 (Authorized officer)

  

 C-3 

 EXHIBIT D-1 
  
 [FORM OF] CLEARANCE SYSTEM CERTIFICATE 
 TO BE GIVEN TO THE TRUSTEE BY 
 EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR 
 DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A 
 TEMPORARY GLOBAL NOTE 
  
 MELLON
BANK PFL MASTER NOTE TRUST, 
 Series [•], Class [•] Notes 
 [Insert title or sufficient description of Notes to be delivered] 
  
 We refer to that portion of the Temporary Global Note in respect of the Mellon Bank PFL Master Note Trustee Asset Backed Notes, Series
[            ], Class [    ] Notes to be exchanged for definitive Notes (the “Submitted Portion”) pursuant to this certificate (the
“Notes”) as provided in the Indenture dated as of June 24, 2004, (as amended and supplemented, the “Indenture”) in respect of such issue. This is to certify that (i) we have received a certificate or certificates, in writing or
by tested telex, with respect to each of the persons appearing in our records as being entitled to a beneficial interest in the Submitted Portion and with respect to such person’s beneficial interest either (a) from such person, substantially
in the form of Exhibit D-2 to the Indenture Supplement, or (b) from                          ,
            , substantially in the form of Exhibit D-3 to the Indenture Supplement, and (ii) the Submitted Portion includes no part of the Temporary Global Note excepted in such
certificates. 
  
 We further certify that as of the date hereof we
have not received any notification from any of the persons giving such certificates to the effect that the statements made by them with respect to any part of the Submitted Portion are no longer true and cannot be relied on as of the date hereof.

  
 We understand that this certificate is required in connection
with certain securities and tax laws in the United States of America. If administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this
certificate or a copy hereof to any interested party in such proceedings. 
  

									
	 Dated:
                         ,
            ,*
	 	 	 	 [                                      
                                  

	 	 	 	 	 as operator of the Euroclear System]
 [Clearstream, Luxembourg]

					
	 	 	 	 	 	 	 By
	 	 

	*	To be dated on the date of the proposed exchange. 

  

 D-1-1 

 EXHIBIT D-2 
  
 [FORM OF] CERTIFICATE TO BE DELIVERED TO 
 EUROCLEAR OR CLEARSTREAM, LUXEMBOURG 
 BY [•] WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED

 INSTITUTIONAL BUYERS 
  
 MELLON BANK PFL MASTER NOTE TRUST, 
 Series
[•], Class [•] Notes 
  
 In connection with the initial
issuance and placement of the Series [•], Class [•] Notes (the “Notes”), an institutional investor in the United States (an “institutional investor”) is purchasing [U.S.$/(pound)/(U)/SF] aggregate principal amount of
the Notes hold in our account at
[                                        
            , as operator of the Euroclear System] [Clearstream, Luxembourg] on behalf of such investor. 
  
 We reasonably believe that such institutional investor is a qualified institutional buyer as such term is defined under Rule
144A of the Securities Act of 1933, as amended. 
  
 [We understand
that this certificate is required in connection with United States laws. We irrevocably authorize you to produce this certificate or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to
the matters covered by this certificate.] 
  
 The Definitive Notes
in respect of this certificate are to be issued in registered form in the minimum denomination of [U.S.$/(pound)/(U)/SF] and such Definitive Notes (and, unless the Indenture or terms document relating to the Notes otherwise provides, any Notes
issued in exchange or substitution for or on registration of transfer of Notes) shall bear the following legend: 
  
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933. NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE
OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (EACH AS DEFINED HEREIN), EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF SUCH ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE
TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 
  

									
	 Dated:
                         ,
            ,*
	 	 	 	 
	 	 	 	 	 [                    ]

					
	 	 	 	 	 	 	 By
	 	 
	 	 	 	 	 	 	 	 	 Authorized officer

	*	To be dated on the date of the proposed exchange. 

  

 D-2-1 

 EXHIBIT D-3 
  
 [FORM OF] CERTIFICATE TO BE DELIVERED 
 TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG 
 BY A BENEFICIAL OWNER 
 OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER 
  
 MELLON BANK PFL MASTER NOTE TRUST, 
 Series
[•], Class [•] Notes 
  
 This is to certify that as of
the date hereof and except as provided in the third paragraph hereof, the Series [•], Class [•] Notes held by you for our account (the “Notes”) (i) are owned by a person that is a United States person, or (ii) are owned by a
United States person that is (A) the foreign branch of a United States financial institution (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (a “financial institution”) purchasing for its own account or for resale, or
(B) a United States person who acquired the Notes through the foreign branch of a financial institution and who holds the Notes through the financial institution on the date hereof (and in either case (A) or (B), the financial institution hereby
agrees to comply with the requirements of Section 165(i)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by a financial institution for purposes of resale during the Restricted
Period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)). In addition, financial institutions described in clause (iii) of the preceding sentence (whether or not also described in clause (i) or (ii)) certify that they have not
acquired the Notes for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 
  
 This certificate excepts and does not relate to [U.S.$/(pound)/(U)/SF] principal amount of Notes held by you for our account, as to which we are not yet
able to certify beneficial ownership. We understand that delivery of Definitive Notes in such principal amount cannot be made until we are able to so certify. 
  

We understand that this certificate is required in connection with certain securities and tax laws in the United States of America. If administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy hereof to any interested party in such proceedings. As used
herein, “United States” means the United States of America, including the States and the District of Columbia, its territories, its possessions and other areas subject to its jurisdiction; and “United States Person” means a
citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, or any political subdivision thereof, or an estate or trust the income of which is subject to United
States federal income taxation regardless of its source. 
  

									
				
	 Dated:
                         ,
            *
	 	 	 	 By
	 	 
	 	 	 	 	 	 	 Name:
	 	 

	*	This certificate must be dated on the earlier of the date of the first payment of interest in respect of the Notes and the date of the Notes in definitive form.

  

 D-3-1 

 As, or as agent for, the beneficial owner(s) of the interest in the Notes to which this certificate
relates. 
  

 D-3-2

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