Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 Asset Purchase Agreement 

by and among 

Adams Grayson Corporation, 
 LegalSource, LLC, 
 Paul Jeon, 

Caleb King, 

Peter Gronvall and 
 Huron Consulting Group Inc. 
 Dated as of June 25, 2012 

 Table of Contents 
  

							
	 ARTICLE I: CERTAIN MATTERS OF CONSTRUCTION AND DEFINITIONS
	  	 	1	  
	 1.1
	  	 Construction and Definitions
	  	 	1	  
		
	 ARTICLE II: PURCHASE AND SALE OF ACQUIRED ASSETS
	  	 	1	  
	 2.1
	  	 Purchase and Sale of Acquired Assets
	  	 	1	  
	 2.2
	  	 Excluded Assets
	  	 	3	  
	 2.3
	  	 Liabilities
	  	 	3	  
		
	 ARTICLE III: CLOSING; THE PURCHASE PRICE; ALLOCATION
	  	 	5	  
	 3.1
	  	 Closing
	  	 	5	  
	 3.2
	  	 Purchase Price
	  	 	5	  
	 3.3
	  	 Adjustments to Purchase Price
	  	 	6	  
	 3.4
	  	 Purchase Price Payment
	  	 	8	  
	 3.5
	  	 Allocation
	  	 	8	  
		
	 ARTICLE IV: REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	9	  
	 4.1
	  	 Organization and Qualification
	  	 	9	  
	 4.2
	  	 Authorization
	  	 	9	  
	 4.3
	  	 No Violations or Conflicts
	  	 	9	  
	 4.4
	  	 Consents and Approvals
	  	 	9	  
	 4.5
	  	 Ownership
	  	 	10	  
	 4.6
	  	 Capitalization
	  	 	10	  
	 4.7
	  	 Financial Statements
	  	 	10	  
	 4.8
	  	 Assets
	  	 	11	  
	 4.9
	  	 Accounts Receivable and WIP
	  	 	11	  
	 4.10
	  	 Undisclosed Liabilities; Solvency
	  	 	11	  
	 4.11
	  	 Absence of Certain Changes
	  	 	12	  
	 4.12
	  	 Customer Relations
	  	 	12	  
	 4.13
	  	 Contracts and Commitments
	  	 	13	  
	 4.14
	  	 Litigation
	  	 	13	  
	 4.15
	  	 Intellectual Property
	  	 	14	  
	 4.16
	  	 Compliance with Laws
	  	 	14	  
	 4.17
	  	 Properties
	  	 	14	  
	 4.18
	  	 Employee Benefit Plans; ERISA
	  	 	15	  
	 4.19
	  	 Insurance
	  	 	16	  
	 4.20
	  	 Employment Matters
	  	 	16	  
	 4.21
	  	 Taxes
	  	 	17	  
	 4.22
	  	 Relationships with Related Persons
	  	 	18	  
	 4.23
	  	 Permits
	  	 	18	  
	 4.24
	  	 Illegal Payments
	  	 	19	  
	 4.25
	  	 No Other Representations and Warranties
	  	 	19	  
	 4.26
	  	 Brokers and Finders
	  	 	19	  
	 4.27
	  	 Environmental, Health and Safety Matters
	  	 	19	  
	 4.28
	  	 No Separate Arrangement
	  	 	19	  
	 4.29
	  	 Unauthorized Practice of Law
	  	 	19	  
		
	 ARTICLE V: REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE STOCKHOLDERS
	  	 	20	  
	 5.1
	  	 Additional Representations, Warranties and Covenants of the Stockholders
	  	 	20	  

  
 i 

							
	 ARTICLE VI: REPRESENTATIONS AND WARRANTIES OF BUYER
	  	 	21	  
	 6.1
	  	 Organization and Qualification
	  	 	21	  
	 6.2
	  	 Authorization
	  	 	21	  
	 6.3
	  	 No Violations or Conflicts
	  	 	21	  
	 6.4
	  	 Consents and Approvals
	  	 	21	  
	 6.5
	  	 Brokers and Finders
	  	 	21	  
		
	 ARTICLE VII: COVENANTS
	  	 	22	  
	 7.1
	  	 Conduct of Business
	  	 	22	  
	 7.2
	  	 Access to Information
	  	 	23	  
	 7.3
	  	 Cessation of Business
	  	 	24	  
	 7.4
	  	 Performance of Excluded Liabilities
	  	 	24	  
	 7.5
	  	 Receipt of Property Relating to Acquired Assets
	  	 	24	  
	 7.6
	  	 WIP and Accounts Receivable
	  	 	24	  
	 7.7
	  	 Mutual Cooperation
	  	 	25	  
	 7.8
	  	 Insurance Tails
	  	 	25	  
	 7.9
	  	 Satisfaction of Conditions Precedent
	  	 	26	  
	 7.10
	  	 Employment of Personnel of Seller and Related Matters
	  	 	26	  
	 7.11
	  	 Certain Consents
	  	 	28	  
	 7.12
	  	 No Affiliation
	  	 	28	  
	 7.13
	  	 Tax Cooperation; Allocation of Taxes
	  	 	29	  
	 7.14
	  	 Additional Purchased Contracts
	  	 	30	  
	 7.15
	  	 Migration
	  	 	30	  
	 7.16
	  	 Further Assurances
	  	 	30	  
	 7.17
	  	 Distribution of Purchase Price
	  	 	30	  
		
	 ARTICLE VIII: CONDITIONS PRECEDENT
	  	 	31	  
	 8.1
	  	 Conditions to Each Party’s Obligations
	  	 	31	  
	 8.2
	  	 Conditions to Obligations of Buyer
	  	 	31	  
	 8.3
	  	 Conditions to Obligations of Seller
	  	 	34	  
		
	 ARTICLE IX: INDEMNIFICATION
	  	 	35	  
	 9.1
	  	 Survival
	  	 	35	  
	 9.2
	  	 Indemnification by Seller
	  	 	35	  
	 9.3
	  	 Indemnification by Buyer
	  	 	36	  
	 9.4
	  	 Indemnification Procedures
	  	 	36	  
	 9.5
	  	 Payment
	  	 	37	  
	 9.6
	  	 Limitations on Indemnification by Seller
	  	 	37	  
	 9.7
	  	 Additional Limitations
	  	 	38	  
	 9.8
	  	 Adjustment to Purchase Price
	  	 	38	  
	 9.9
	  	 Indemnification as Exclusive Remedy
	  	 	38	  
		
	 ARTICLE X: CERTAIN OTHER COVENANTS AND AGREEMENTS
	  	 	38	  
	 10.1
	  	 Certain Acknowledgements
	  	 	38	  
	 10.2
	  	 Business Proprietary Information, Confidential Records, Intellectual Property Rights
	  	 	39	  
	 10.3
	  	 Non-Competition
	  	 	40	  
	 10.4
	  	 Non-Solicitation, etc.
	  	 	40	  
	 10.5
	  	 No Hiring of Transferred Personnel
	  	 	41	  
	 10.6
	  	 Independence Rules and Regulations
	  	 	41	  
	 10.7
	  	 Specific Performance
	  	 	42	  

  
 ii 

							
	 ARTICLE XI: TERMINATION
	  	 	42	  
	 11.1
	  	 Termination
	  	 	42	  
	 11.2
	  	 Effect of Termination
	  	 	43	  
		
	 ARTICLE XII: GENERAL PROVISIONS
	  	 	43	  
	 12.1
	  	 Notices
	  	 	43	  
	 12.2
	  	 Entire Agreement; No Third-Party Beneficiaries
	  	 	44	  
	 12.3
	  	 Governing Law
	  	 	44	  
	 12.4
	  	 Waiver of Right to Trial by Jury
	  	 	45	  
	 12.5
	  	 Assignment
	  	 	45	  
	 12.6
	  	 Waiver; Amendment; Remedies Cumulative
	  	 	45	  
	 12.7
	  	 Fees and Expenses
	  	 	45	  
	 12.8
	  	 Public Announcements
	  	 	46	  
	 12.9
	  	 Right of Setoff
	  	 	46	  
	 12.10
	  	 Severability
	  	 	46	  
	 12.11
	  	 Representation by Counsel
	  	 	47	  
	 12.12
	  	 Acquisition Proposals
	  	 	47	  
	 12.13
	  	 Stockholder Representative
	  	 	47	  
	 12.14
	  	 Facsimile Signature; Counterparts
	  	 	47	  

 Exhibits and Schedules 
  

			
	 Schedule I
	  	 Certain Matters of Construction; Definitions

	 Exhibit A
	  	 Seller’s Wire Instructions

	 Exhibit B
	  	 Form of Assignment and Assumption Agreement

	 Exhibit C
	  	 Form of Bills of Sale

	 Exhibit D
	  	 Form of Domain Name Assignment Agreement

	 Exhibit E
	  	 Form of Trademark Assignment Agreement

	 Exhibit F
	  	 Form of License Agreement

	 Exhibit G
	  	 Purchase Price Allocation

		
	 Schedule 2.1(a)
	  	 Purchased Contracts

	 Schedule 2.1(c)
	  	 Intellectual Property

	 Schedule 2.1(l)
	  	 Restrictive Agreements Which are Not Assignable

	 Schedule 2.2(c)
	  	 Excluded Contracts

	 Schedule 2.2(e)
	  	 Excluded Equipment and Personal Property

	 Schedule 2.2(i)
	  	 Excluded Claims, Causes of Action and Choses in Action

	 Schedule 3.4
	  	 Percentage Ownership of Adams Grayson Corporation Stockholders

	 Schedule 4.1
	  	 List of Jurisdictions in Which Seller is Qualified to do Business

	 Schedule 4.4
	  	 Required Consents

	 Schedule 4.5(a)
	  	 Seller’s Ownership Interest in Other Entities

	 Schedule 4.5(b)
	  	 Seller’s Current and Former Subsidiaries

	 Schedule 4.6
	  	 Seller’s Capitalization

	 Schedule 4.7(a)(i)
	  	 Seller’s Financial Statements

	 Schedule 4.7(a)(ii)
	  	 Seller’s Interim Financial Statements

	 Schedule 4.8
	  	 Assets

	 Schedule 4.9
	  	 Accounts Receivable and WIP

	 Schedule 4.10
	  	 Undisclosed Liabilities; Loans, Lines of Credit and other Debt

  
 iii

			
	 Schedule 4.11
	  	 Absence of Certain Changes

	 Schedule 4.12(b)
	  	 Public Company Clients

	 Schedule 4.13(a)
	  	 Contracts

	 Schedule 4.13(b)
	  	 Contracts with Affiliates and Contracts with Restrictive Covenants

	 Schedule 4.13(c)
	  	 Contract Defaults by Seller or Other Party

	 Schedule 4.13(d)
	  	 List of Outstanding Proposals

	 Schedule 4.14
	  	 Litigation

	 Schedule 4.15
	  	 Intellectual Property

	 Schedule 4.15(a)
	  	 Intellectual Property Licenses

	 Schedule 4.15(b)
	  	 Rights of Third Parties to Seller’s Intellectual Property

	 Schedule 4.15(c)
	  	 Intellectual Property Infringement

	 Schedule 4.18(a)
	  	 Employee Benefit Plans

	 Schedule 4.18(c)
	  	 ERISA Issues

	 Schedule 4.18(d)
	  	 Seller’s Obligation to Provide Post-Termination Benefits to Former Personnel

	 Schedule 4.18(e)
	  	 Severance Pay and Acceleration of Vesting and Payments

	 Schedule 4.19
	  	 Insurance

	 Schedule 4.20(a)(i)
	  	 Seller’s Personnel

	 Schedule 4.20(a)(ii)
	  	 Former Personnel of Seller Receiving COBRA Benefits

	 Schedule 4.20(b)
	  	 Seller’s Consultants and Independent Contractors

	 Schedule 4.20(e)
	  	 Seller’s Liability for Classification of Personnel as Independent Contractor

	 Schedule 4.21
	  	 Taxes

	 Schedule 4.21(e)
	  	 Tax on Behalf of Other Persons

	 Schedule 4.22
	  	 Relationships with Related Persons

	 Schedule 4.23
	  	 Approvals, Permits, Certificates, Qualifications, Authorizations, Licenses, Franchises, Consents, Orders and
Registrations

	 Schedule 4.26
	  	 Brokers

	 Schedule 4.28
	  	 Closing Bonus Payments

	 Schedule 7.10(a)
	  	 Seller Personnel to be Offered Employment by Buyer

	 Schedule 8.2(e)
	  	 List of Contracts that Require Consent to Assignment

	 Schedule 8.2(f)
	  	 List of Leases that Require Consent to Assignment

	 Schedule 8.2(g)
	  	 Seller Personnel Required to be Employed by Buyer

	 Schedule 8.2(j)
	  	 Key Customers

  
 iv 

 ASSET PURCHASE AGREEMENT 

This ASSET PURCHASE AGREEMENT is made and entered into as of this 25th day of June, 2012 by and among Huron Consulting Group Inc., a
Delaware corporation (“Buyer”), Adams Grayson Corporation, a District of Columbia corporation, and its wholly-owned subsidiary LegalSource, LLC, a Delaware limited liability company (“Seller”), and Paul Jeon, Caleb
King and Peter Gronvall (each a “Stockholder” and, together, the “Stockholders”). 
 WHEREAS,
Seller is engaged in the business of providing support and managed solutions for law firms and other businesses in the areas of e-discovery and litigation and antitrust project management (the “Business”); and 

WHEREAS, Seller desires to sell and assign to Buyer, and Buyer desires to purchase and assume from Seller, certain assets, rights and
obligations related to the Business on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, the parties, intending legally to be bound, agree as follows:

 ARTICLE I: CERTAIN MATTERS OF CONSTRUCTION AND DEFINITIONS 

1.1 Construction and Definitions. Certain matters of construction of this Agreement and the definition of capitalized terms used
herein but not otherwise defined in Article I through Article XII are set forth on Schedule I. 
 ARTICLE
II: PURCHASE AND SALE OF ACQUIRED ASSETS 
 2.1 Purchase and Sale of Acquired Assets. Upon the terms and subject to the
conditions set forth in this Agreement, on the Closing Date, Seller agrees to sell, transfer, convey, assign and deliver to Buyer (or an Affiliate of Buyer designated by Buyer), and Buyer agrees to purchase and accept (directly or through an
Affiliate of Buyer designated by Buyer) from Seller, all of Seller’s right, title and interest in, to and under all of the assets, properties, rights and claims of every kind and description of Seller (other than the Excluded Assets), whether
real or personal, tangible or intangible, vested or unvested, contingent or otherwise, wherever located, and all goodwill associated therewith (collectively, the “Acquired Assets”), in each case, free and clear of all Liens other
than Permitted Liens, including (without limitation): 
 (a) Purchased Contracts. All of Seller’s right, title and
interest in, to, and under Contracts, including the Contracts set forth on Schedule 2.1(a) (the “Purchased Contracts”); 
 (b) Prepaid Expenses. All prepaid expenses of the Business as of the Closing Date; 

 (c) Intellectual Property. (i) All Intellectual Property, including the names
“ADAMSGRAYSON” and “LEGALSOURCE”, the logos associated therewith, and the other Intellectual Property set forth on Schedule 2.1(c), (ii) all documentation and media constituting, describing or relating to such
Intellectual Property, including memoranda, models, diagrams, manuals, technical specifications and other records wherever and whenever created, and (iii) the right to sue for past, present, or future infringement and to collect and retain all
damages and profits related to the foregoing; 
 (d) Accounts Receivable and WIP. All Accounts Receivable and WIP as of
the Closing Date. 
 (e) Goodwill. All goodwill and general intangibles (the “Goodwill”) associated with
the name, assets, properties and rights of Seller or the Business and all of Seller’s rights (both legal and equitable) to protect its rights and interests; 
 (f) Certain Equipment and Personal Property. Except as set forth on Schedule 2.2(e), all equipment and personal property, including, without limitation, all servers, data storage devices,
systems, networks and other computer assets, hardware, equipment, furniture, supplies, fixtures and other tangible personal property used in the Business, including laptop computers and all technology underlying or enabling Internet sites, systems
or networks; 
 (g) Permits. All Permits and applications therefor held by Seller that may legally be transferred to
Buyer; 
 (h) E-mail Addresses, Websites and Telephone Systems. All e-mail addresses, websites, telephone systems and
telephone numbers used in connection with the Business; 
 (i) Causes of Action, etc. All claims, causes of action and
choses in action, other than those described in Section 2.2(i); 
 (j) Business Proprietary Information. All
Business Proprietary Information, including, without limitation, one or more lists and / or databases of temporary employees and / or contractors identified as potential providers of services of the Business (the “Reviewer
Database”); 
 (k) Records and Documentation. All books, records (including financial and accounting records),
lists of Customers and prospective customers of the Business, files, working papers, analytical models, work product, correspondence, memoranda and other documentation related to the Business or otherwise related to the assets referred to in this
Section 2.1 or the Assumed Liabilities, including any Confidential Records and any item stored in electronic format, in computer or any other means or media; and 
 (l) Restrictive Covenant Agreements. To the extent assignable, all of Seller’s right, title and interest in, to and under any confidentiality, nondisclosure, noncompetition, nonsolicitation,
ownership of work product and other restrictive covenants made by any 

  
 2 

 
employee or service provider of Seller for the benefit of Seller. Schedule 2.1(l) sets forth a list of all confidentiality, nondisclosure, noncompetition, nonsolicitation, ownership of
work product and other restrictive covenants made by any employee or service provider of Seller for the benefit of Seller which are not assignable. 
 2.2 Excluded Assets. The purchase of the Acquired Assets by Buyer and sale of the Acquired Assets by Seller contemplated by this Agreement shall not include any of the following assets (which
assets shall be referred to as the “Excluded Assets” and shall not constitute part of the Acquired Assets for any purpose): 
 (a) Cash and Cash Equivalents. Any cash or cash equivalents of Seller; 

(b) Marketable Securities. Any marketable securities of Seller; 

(c) Certain Contracts. All Contracts set forth on Schedule 2.2(c) (the “Excluded Contracts”); 

(d) Employee Benefit Plans. Any rights, books or records in connection with, or assets of, any Employee Benefit Plans; 

(e) Certain Equipment and Personal Property. Any equipment, furniture, supplies, fixtures, or other tangible personal property
used in the Business and set forth on Schedule 2.2(e); 
 (f) Certain Claims. Any claims, causes of action and
choses in action to the extent (i) solely related to any asset described in Sections 2.2(a) through 2.2(e) above and necessary for Seller to get the benefit of such asset; (ii) available as a defense, counterclaim,
cross-claim, offset or third-party claim in connection with any Excluded Liability relating to events occurring prior to the Closing Date; (iii) related to work performed by Seller prior to the Closing Date under Excluded Contracts and not
related to any Accounts Receivable or WIP; or (iv) related to any rights of Seller under this Agreement and the Transaction Documents; 
 (g) Affiliates. Seller’s ownership interest in (i) Adams Grayson FRS LLC, a Delaware limited liability company, and (ii) Adams Grayson Enterprises, LLC, a Delaware limited liability
company; and 
 (h) Certain Receivables. Seller’s rights with respect to all amounts due and owing to Seller from
Dewey & LeBouef LLP. 
 2.3 Liabilities. 

(a) Assumed Liabilities. Upon the terms and subject to the conditions of this Agreement, Buyer agrees, effective as of the Closing,
to assume (i) all accounts payable of Seller as of the Closing Date which are related to the Acquired Assets and were incurred in the ordinary course of the Business, and (ii) all liabilities and obligations of Seller under any Purchased
Contract required to be performed after the Closing Date, to the extent that any such liabilities 

  
 3 

 
and obligations accrue and first arise after the close of business on the Closing Date for reasons other than any breach, violation, failure to perform or default by Seller (excluding Excluded
Liabilities and any liability relating to work performed prior to the close of business on the Closing Date or any other liability which arose or accrued on or prior to the close of business on the Closing Date) (the “Assumed
Liabilities”). 
 (b) Excluded Liabilities. Notwithstanding any provision in this Agreement or any other writing
to the contrary, Buyer is assuming only the Assumed Liabilities and is not assuming any other liability or obligation of whatever nature, whether presently in existence or arising hereafter, including any other liabilities of Seller (or any
predecessor of Seller or any current or prior owner of all or part of its businesses and assets) (all such liabilities and obligations not being assumed being herein referred to as the “Excluded Liabilities”). Without limiting the
generality of the foregoing and notwithstanding anything to the contrary in this Agreement, the term “Excluded Liabilities” includes: 
 (i) all liabilities or obligations of Seller owing to any Affiliates, Stockholders, directors, officers, employees, former employees, independent contractors, agents, representatives or other personnel of
Seller or its agents or representatives; 
 (ii) all liabilities or obligations relating to any compensation or benefits of, to
or with respect to any current or former director, officer, partner, principal, manager, employee, independent contractor, consultant, agent, representative or other personnel (hereinafter “personnel”) of Seller or any Employee
Benefit Plans, including in respect of worker’s compensation, wage and hour, independent contractor misclassification, civil rights, discrimination or other claims, charges or complaints brought by any Person (including any Governmental Entity)
in connection with labor and employment Laws or otherwise relating to employment by, or provision of services to, Seller, and including all retirement, severance, deferred compensation, incentive, stock option, vacation, bonus, commission,
unemployment, partnership or other payments, distributions or benefits payable to or accrued in favor of such Persons, whether or not pursuant to any Employee Benefit Plans and whether or not such Persons become Transferred Personnel or otherwise
obtain employment with Buyer or an Affiliate of Buyer; 
 (iii) all liabilities or obligations relating to any Excluded Asset;

 (iv) all liabilities or obligations relating to Seller’s issuance or endorsement of any check, note, draft or
instrument; 
 (v) all liabilities or obligations relating to any claim of any third party arising out of the ownership or
operation of the Business or the Acquired Assets prior to the Closing; 
 (vi) all liabilities or obligations of Seller or the
Stockholders for Taxes, including all liabilities or obligations of Seller or the Stockholders for Taxes of any Person (other than Seller or the Stockholders) under Treas. Reg. Section 1.1502-6 (or any similar provision of Law), as a transferee
or successor by contract, or otherwise; 

  
 4 

 (vii) all liabilities or obligations related to the Bank Debt; and 

(viii) all liabilities or obligations arising from or relating to the rights of the holders of any shares of capital stock or any other
equity interest of Seller or any phantom equity or any options, warrants, subscriptions or other rights, calls or commitments to issue, or any obligations or commitments to purchase, any capital stock or other equity interest of Seller or any
securities convertible into or exchangeable for any of the capital stock or other equity interest of Seller. 
 ARTICLE III:
CLOSING; THE PURCHASE PRICE; ALLOCATION 
 3.1 Closing. The closing of the sale and purchase of the Acquired Assets and
the assumption of the Assumed Liabilities (the “Closing”) shall take place at the offices of McDermott Will & Emery LLP, in Chicago, Illinois, or such other location as agreed to by Buyer and Seller, at a time and date to
be specified by Buyer and Seller, which shall be no later than the second Business Day after the satisfaction or waiver of the conditions set forth in Article VIII (other than conditions that by their nature are to be satisfied at the
Closing, but subject to the satisfaction or waiver of those conditions at Closing), or at such other time, date and location as Buyer and Seller agree in writing (the “Closing Date”). The Closing shall be effective as of 12:01 am on
the Closing Date. Seller and Buyer shall conduct the Closing in a way that shall not require personal attendance at the offices of McDermott Will & Emery LLP. 
 3.2 Purchase Price. 
 (a) Purchase Price. As consideration for the
purchase of the Acquired Assets, and in addition to assuming the Assumed Liabilities, subject to the terms and conditions hereof, Buyer shall pay to Seller, by wire transfer in immediately available funds to the account set forth in Exhibit A
or any other account communicated by Seller to Buyer in writing no later than two (2) Business Days prior to the applicable payment date, the amounts listed in (b) through (d) below (as adjusted in accordance with and subject to
Section 3.3, the “Purchase Price”). 
 (b) Closing Date Payment. On the Closing Date, Buyer
shall pay to Seller an initial amount (the “Closing Date Payment”) equal to: 
 (i) Twenty One Million Five
Hundred Thousand Dollars ($21,500,000) plus the Closing Adjustment Amount, if the Estimated Net Working Capital Amount is greater than the Net Working Capital Threshold; or 
 (ii) Twenty One Million Five Hundred Thousand Dollars ($21,500,000) minus the Closing Adjustment Amount, if the Estimated Net Working Capital Amount is less than the Net Working Capital Threshold; or

 (iii) Twenty One Million Five Hundred Thousand Dollars ($21,500,000), if the Estimated Net Working Capital Amount is equal
to the Net Working Capital Threshold. 

  
 5 

 For such purposes, the “Closing Adjustment Amount” shall equal the
difference (expressed as a positive number), if any, between the Net Working Capital Threshold and the Estimated Net Working Capital Amount. 
 (c) Closing First Anniversary Payment. On the first anniversary of the Closing Date, and subject to Buyer’s right of setoff pursuant to Section 12.9 hereof, Buyer shall pay to
Seller the amount of Five Million Dollars ($5,000,000) together with interest from the Closing Date until the date on which payment is due, which shall accrue from the Closing Date until the date of payment at an annual rate equal to the Prime Rate.
If the payment is not paid when due, then interest shall accrue on such unpaid amount at a rate per annum equal to twelve percent (12%). 
 (d) Closing Second Anniversary Payment. On the second anniversary of the Closing Date, and subject to Buyer’s right of setoff pursuant to Section 12.9 hereof, Buyer shall pay to
Seller the amount of Five Million Dollars ($5,000,000) together with interest from the Closing Date until the date on which payment is due, which shall accrue from the Closing Date until the date of payment at an annual rate equal to the Prime Rate.
If the payment is not paid when due, then interest shall accrue on such unpaid amount at a rate per annum equal to twelve percent (12%). 
 3.3 Adjustments to Purchase Price. 
 (a) Delivery of Closing
Statement. Seller shall prepare and deliver to Buyer not less than three (3) Business Days prior to the Closing Date a reasonable good faith estimate of the Net Working Capital Amount as of the Closing Date setting forth in reasonable
detail the basis for such determination (the “Closing Statement”). Such estimate shall be subject to reasonable approval by Buyer (such estimate, when so approved, the “Estimated Net Working Capital Amount”). Seller
shall provide to Buyer such additional back-up or supporting data relating to the preparation of the Closing Statement and the calculation of the Estimated Net Working Capital Amount as Buyer may reasonably request. 

(b) Delivery of Post-Closing Statement. In no event later than forty-five (45) days after the Closing Date, Buyer shall
prepare and deliver to Seller a statement of Buyer’s determination of the Net Working Capital Amount as of the Closing Date (the “Actual Net Working Capital Amount”), setting forth in reasonable detail the basis for such
determination (the “Post-Closing Statement”). Buyer shall provide to Seller such additional back-up or supporting data relating to the preparation of the Post-Closing Statement and the calculation of the Actual Net Working Capital
Amount reflected thereon as Seller may reasonably request. 
 (c) Acceptance Period; Delivery of Dispute Notice. Seller
may, within fifteen (15) days following receipt of the Post-Closing Statement, provide Buyer with written notice (a “Dispute Notice”) of its disagreement with the calculation of the Actual Net Working Capital Amount reflected
on the Post-Closing Statement. If no such notice is delivered to Buyer by Seller within such period, the Post-Closing Statement and the calculation of the Actual Net Working Capital Amount reflected thereon shall be binding upon the parties hereto.
A Dispute 

  
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Notice shall set forth Seller’s determination of the Actual Net Working Capital Amount and, in reasonable detail, the basis for such determination, and shall specify the specific areas of
Seller’s disagreement with the Post-Closing Statement and the reasons therefor. Any items set forth on the Post-Closing Statement that Seller does not specify in the Dispute Notice that it disagrees with shall be deemed final and shall be
binding upon the parties hereto. Buyer and Seller shall endeavor in good faith to resolve any such disagreement within fifteen (15) days (the “Negotiating Period”) following the delivery by Seller of such Dispute Notice. Any
resolution (including any partial resolution) of such a disagreement shall be set forth in a writing executed by Buyer and Seller, and any such resolution shall be binding on the parties hereto. 

(d) Determination of Disputes by Neutral Firm. If Buyer and Seller are unable to completely resolve any such disagreement within
the Negotiating Period, the unresolved issues (the “Working Capital Dispute”) shall be promptly submitted for resolution to Grant Thornton LLP or, if Grant Thornton LLP is unable or unwilling to serve in such capacity, a
recognizable, reputable and impartial certified public accounting firm that is mutually acceptable to Buyer and Seller (the “Neutral Firm”). If Buyer and Seller cannot agree upon a Neutral Firm within ten (10) days, the
Washington, DC office of the American Arbitration Association shall choose a recognized, reputable and impartial certified public accounting firm (other than a firm that has provided services within the past five (5) years to Buyer, Seller or
any of their respective Affiliates) to act as the Neutral Firm. The parties shall instruct the Neutral Firm to (A) promptly (and, to the extent practicable, no later than sixty (60) days after the Neutral Firm’s receipt of such
instructions) determine (it being understood that in making such determination, the Neutral Firm shall be functioning as an expert and not as an arbitrator), based solely on written submissions by Seller and Buyer, and not by independent review,
only those issues in dispute and (B) render a written report as to the resolution of the Working Capital Dispute which, absent manifest error, shall be conclusive and binding on the parties. In resolving any Working Capital Dispute, the Neutral
Firm (x) shall be instructed to comply with the provisions of this Section 3.3(d) and (y) may not assign a value to any item greater than the greatest value for such items claimed by either party or less than the smallest value
for such items claimed by either party. Neither Buyer nor Seller (or any of their respective Affiliates or representatives) shall have any ex parte communications or meetings with the Neutral Firm without reasonable prior notice (which notice shall
provide the other party a reasonable opportunity to participate in such communications or meetings), to Buyer (in the case of Seller) or Seller (in the case of Buyer). The fees and expenses of the Neutral Firm shall be borne one-half (1/2) by
Buyer, on the one hand, and one-half (1/2) by Seller, on the other hand. 
 (e) Post-Closing Reconciliation.

 (i) If the Estimated Net Working Capital Amount is greater than the Actual Net Working Capital Amount as finally determined
pursuant to Section 3.3(c) or Section 3.3(d), as the case may be, the Reconciliation Payment minus any Reimbursable Amounts shall be paid by Seller to Buyer. If the Estimated Net Working Capital Amount is less than the
Actual Net Working Capital Amount as finally determined pursuant to Section 3.3(c) or Section 3.3(d), as the case may be, the Reconciliation Payment plus any Reimbursable Amounts shall be paid by Buyer to Seller. If
the Actual Net Working Capital Amount as finally determined pursuant to Section 3.3(c) or Section 3.3(d), as the case may be, is equal to the Estimated Net Working 

  
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Capital Amount, unless there are Reimbursable Amounts owed by Buyer to Seller, no payment shall be required under this Section 3.3(e). In either event, payment of the Reconciliation
Payment shall be made by wire transfer of immediately available funds within five (5) days of the date in which the Actual Net Working Capital Amount is finally determined pursuant to Section 3.3(c) or Section 3.3(d), as
the case may be. The “Reconciliation Payment” shall be equal to the difference (expressed as a positive number), if any, between the Estimated Net Working Capital Amount and the Actual Net Working Capital Amount as finally
determined pursuant to Section 3.3(c) or Section 3.3(d), as the case may be. 
 (ii) If the
Reconciliation Payment is not paid when such amount is due, then interest shall accrue on such unpaid amount at a rate per annum equal to twelve percent (12%). The Reconciliation Payment shall be paid by wire transfer of immediately available funds
to such account(s) as the recipient designates by written notice at least two (2) days prior to the date such payment is due. 
 3.4 Purchase Price Payment. All payments of the Purchase Price to Seller (net of Seller’s costs, expenses and Taxes related to the sale of the Business) required to be made pursuant to
Section 3.2 or 3.3 hereof are to be allocated among and between each Stockholder based on such Stockholder’s relative percentage of ownership of Adams Grayson Corporation common stock as of the Closing Date, as set forth on
Schedule 3.4, 
 3.5 Allocation. Seller and Buyer hereby agree that the Purchase Price shall be allocated to the
Acquired Assets in accordance with Section 1060 of the Code and substantially in the manner set forth on Exhibit G (the “Allocation”). Buyer shall submit a proposed Allocation to Seller which may reflect post-Closing
third party valuation advice not more than thirty (30) days after the Closing, and such proposed Allocation shall be subject to consent from Seller, which consent shall not be unreasonably withheld. Seller shall have thirty (30) days from
notice of such proposed Allocation to object thereto. Any such objection shall be made by written notice and shall specify, in reasonable detail, the specific areas of Seller’s disagreement with Buyer’s proposed Allocation and the reasons
therefor. Any items of Buyer’s proposed Allocation that Seller does not timely object to in accordance with the preceding sentence shall be deemed final and shall be binding upon the parties hereto. Buyer and Seller shall report, act and file
Tax Returns (including, but not limited to Internal Revenue Service Form 8594) in all respects and for all purposes consistent with the Allocation. Upon payment of any amounts pursuant to Article IX (which shall be treated for Tax purposes as an
adjustment to the Purchase Price), Buyer and Seller shall allocate such amounts pursuant to Article IX in accordance with the Allocation, and the parties shall mutually prepare, file and deliver on a timely basis IRS Form 8594 consistent with such
Allocation. If any Tax authority challenges such allocation, the party receiving notice of such challenge shall give the other prompt written notice thereof and the parties shall use their commercially-reasonable efforts to preserve the
effectiveness of such Allocation. No party hereto shall take any position (whether in audits, Tax Returns or otherwise) that is inconsistent with the Allocation unless required to do so by applicable Law. Any dispute related to the Allocation shall
be decided in accordance with the procedures set forth in Section 3.3(d). 

  
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 ARTICLE IV: REPRESENTATIONS AND WARRANTIES OF SELLER 

Seller represents and warrants to Buyer as of the date hereof and as of the Closing that: 

4.1 Organization and Qualification. Seller is duly incorporated, validly existing and in good standing under the Laws of the
jurisdiction of its organization. Seller has delivered to Buyer true, complete and correct copies of its articles of incorporation and bylaws as in effect. Seller has all requisite corporate power and authority to conduct the Business as presently
conducted and to own and lease its properties and assets. Schedule 4.1 sets forth each jurisdiction in which the ownership or lease of property or the conduct of its business requires such qualification, and Seller is qualified to do business
as a foreign entity and is in good standing in each such jurisdiction. 
 4.2 Authorization. Seller has all requisite
power and authority to execute and deliver this Agreement and the Transaction Documents to which Seller is a party and to perform its obligations hereunder and thereunder. The execution, delivery and performance of this Agreement and the Transaction
Documents to which Seller is a party have been duly authorized and approved by the Stockholders and the board of directors or similar governing body of Seller, which constitute all necessary actions. This Agreement and the Transaction Documents to
which Seller is a party have been or will have been, as the case may be, duly executed and delivered by Seller, and (assuming that this Agreement and the Transaction Documents to which Buyer is a party have been duly authorized, executed and
delivered by Buyer) constitute or will constitute, as the case may be, legal, valid and binding obligations of Seller, enforceable against Seller in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or other Laws of general applicability affecting the rights of creditors and by general equitable principles (the “Enforceability Exception”). 

4.3 No Violations or Conflicts. Neither the execution and delivery of, or performance under, this Agreement or the Transaction
Documents by Seller nor the consummation by Seller of the transactions contemplated by this Agreement or the Transaction Documents does or will (i) violate any provision of its articles of incorporation or bylaws, (ii) result in a
violation or breach of, or constitute a failure to perform, default or an event of default under, or give rise to a right to terminate, accelerate or modify (any such violation, breach, failure to perform, default or event of default or other event
or circumstance giving rise to a right to terminate, accelerate or modify shall hereinafter be referred to as a “default”) any indenture, mortgage, bond, contract, license, lease, agreement, Permit, instrument or other obligation to which
it is a party or by which it is bound or to which any of its properties or any of the Acquired Assets is subject, (iii) violate any Law, writ, judgment, injunction or court decree to which it or its properties is subject, (iv) result in
the creation or imposition of any Lien on any Acquired Asset or (v) result in any party having the right to obtain an injunction barring the performance of any or all of the transactions contemplated by this Agreement or the Transaction
Documents. 
 4.4 Consents and Approvals. Except as otherwise set forth on Schedule 4.4, no consent, approval or
authorization of, or declaration, filing or registration with, any Governmental Entity or any other Person is required to be made or obtained by Seller in connection with the execution, delivery or performance of this Agreement or the applicable
Transaction Documents by Seller or the consummation of the transactions contemplated hereby and thereby. 

  
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 4.5 Ownership. Except as set forth on Schedule 4.5(a), Seller does not own, of
record or beneficially, directly or indirectly, any shares of capital stock or other comparable equity interest of any Person. Except as set forth on Schedule 4.5(b), Seller does not have, and has never had, any subsidiaries. Seller is not a
party to any agreement relating to the formation of any other Person, and Seller does not have any contractual right or obligation to acquire any direct or indirect equity or ownership interest in or provide financial support to any other Person.
LegalSource, LLC is a wholly-owned subsidiary of Adams Grayson Corporation. 
 4.6 Capitalization. Schedule 4.6
sets forth a true, correct and complete list, as of the date hereof, of (a) all of the stockholders of Seller including, if applicable, any holder of any beneficial interest in any stockholder of Seller, the number of shares of Seller’s
capital stock, by class, held by each stockholder, and the related ownership percentage of each such stockholder in Seller, and (b) all outstanding options, warrants, subscriptions or other rights, calls or commitments to issue, or any
obligation or commitments to purchase, any capital stock or other equity interest or any securities convertible into or exchangeable for any of the capital stock or other equity interest of Seller, including the names of holders of such rights and
the exercise prices and vesting thereof. 
 4.7 Financial Statements. 

(a) Seller has previously delivered to Buyer the Financial Statements and the Interim Financial Statements, which Financial Statements are
attached hereto as Schedule 4.7(a)(i) and which Interim Financial Statements are attached hereto as Schedule 4.7(a)(ii). The Financial Statements and the Interim Financial Statements have been prepared on a consistent basis (except, in
the case of Interim Financial Statements, for the absence of footnotes) and fairly present in all material respects the financial position, results of operations, cash flows and changes in stockholders’ equity of Seller as of the dates and for
the periods presented therein. 
 (b) Any projections provided by Seller to Buyer were prepared by Seller in good faith. Such
projections were prepared on the basis of the assumptions set forth therein, which Seller believes are fair and reasonable in light of the historical financial performance of Seller and of current and reasonably foreseeable business conditions.

 (c) All books, records and accounts of Seller are accurate and complete and are maintained in all material respects in
accordance with good business practice and all Laws. Seller maintains systems of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management’s general or
specific authorization; and (ii) transactions are recorded as necessary to permit the preparation of financial statements on a consistent basis and to maintain accountability for the Acquired Assets. 

  
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 4.8 Assets. 
 (a) Seller has good and marketable title to all of the Acquired Assets, free and clear of any Liens other than Permitted Liens, excepting leased or licensed assets, as to which Seller has good and
marketable title to the leasehold interest or license. The balance sheet included in the Interim Financial Statements (as of its date) accurately and completely reflects the Acquired Assets and the Assumed Liabilities. Upon consummation of the
transactions contemplated hereby, Buyer will have acquired good and marketable title in and to, or, in the case of assets which are leased or licensed pursuant to Purchased Contracts, a valid leasehold interest or license in, each of the Acquired
Assets, free and clear of all Liens other than the Assumed Liabilities. All tangible property included in the Acquired Assets is in good condition, ordinary wear and tear excepted, and is in adequate operating condition for the purposes for which it
is used by Seller in the Business. 
 (b) The Acquired Assets include all right, title and interest in, under and to all of the
assets that are used in or that are otherwise necessary to the operation of the Business, and are sufficient for the continued conduct of the Business after the Closing Date in the same manner as the Business is currently being conducted by Seller,
and as currently contemplated to be conducted by Seller. No part of the Business is operated by any Person other than Seller. Schedule 4.8 sets forth a list of substantially all equipment and personal property used in the conduct of the
Business. 
 4.9 Accounts Receivable and WIP. Set forth on Schedule 4.9 is a true, complete and correct list of
(i) all Accounts Receivable with respect to services rendered by the Business and billed for by Seller as of May 31, 2012 and the aging thereof and (ii) all WIP as of May 31, 2012. All Accounts Receivable and WIP have arisen in
connection with bona fide transactions and in respect of services performed in a professional manner in accordance with the terms of the relevant engagement. All Accounts Receivable and WIP have been recorded in the ordinary course of business
consistent with past practice. Seller has sent invoices to each Customer listed on Schedule 4.9 for the full amount of all Accounts Receivable listed thereon with respect to such Customer. There is no claim (or any basis for any claim) for
nonpayment or offset of any Accounts Receivable or portion thereof, and the Accounts Receivable are collectible in the ordinary course of business consistent with past practice. When any WIP is billed in the ordinary course of business there will be
no claim (or any basis for any claim) for nonpayment or offset of such WIP or any portion thereof, and all such WIP will be collectible in the ordinary course of business consistent with past practice. Except as expressly provided for in the
applicable Purchased Contract or as set forth on Schedule 4.9, Seller has not granted, or agreed to grant, any rebates, concessions, discounts, write-offs or allowances with respect to any Accounts Receivable, WIP or with respect to any
current Customer engagements or proposed engagements. 
 4.10 Undisclosed Liabilities; Solvency. Seller has no
liabilities (whether absolute, accrued, contingent, known or unknown or otherwise), claims, obligations or other Liens, except as disclosed on the balance sheet included in the Interim Financial Statements or on Schedule 4.10 and except for
immaterial liabilities (whether absolute, accrued, contingent or otherwise), claims, obligations or other Liens incurred in Seller’s ordinary course of business consistent with 

  
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past practice. Schedule 4.10 sets forth, separately, (a) a true, correct and complete list of all outstanding loans, lines of credit and other indebtedness incurred by Seller, the
repayment obligations for which are secured by any of Seller’s assets, (b) a true, correct and complete list of all other outstanding loans, lines of credit and other indebtedness incurred by Seller, and (c) with respect to each loan
described in the foregoing clauses (a) and (b), the amounts due thereunder. Seller is not a party to any bankruptcy proceedings, whether voluntary or involuntary or actual or threatened, and has not made an assignment of its assets for the
benefit of any creditor or otherwise. Seller is solvent, and immediately following the consummation of the transactions contemplated hereby, Seller will be solvent. 
 4.11 Absence of Certain Changes. Except as set forth on Schedule 4.11, since January 1, 2011, Seller has conducted its operations and affairs only in the ordinary course of business,
consistent with past practice, including with respect to billing and collection of fees, and has not (a) suffered any material adverse change in its business, operations, prospects or financial condition, (b) incurred any indebtedness
(whether material, immaterial, contingent or otherwise) for borrowed money or guaranteed, assumed or endorsed the obligations of any other Person, (c) except in the ordinary course of business consistent with past practice, sold, assigned,
leased, transferred or otherwise disposed of any assets, (d) except in the ordinary course of business consistent with past practice, sold, assigned, licensed or abandoned any Intellectual Property, (e) settled or compromised any action,
suit or proceeding, whether administrative, civil or criminal, in law or in equity, or before any Governmental Entity, (f) made any capital expenditures or commitments therefor outside the ordinary course of business consistent with past
practice in excess of Ten Thousand Dollars ($10,000) individually, or Twenty Thousand Dollars ($20,000) in the aggregate, (g) made any change in any method of accounting or accounting principle, method, estimate or practice, (h) amended or
modified its articles of incorporation or bylaws or any other charter documents, (i) increased the compensation payable or to become payable to any personnel of Seller, except in accordance with pre-existing contractual obligations,
(j) mortgaged, pledged or subjected to any Lien, other than Permitted Liens, any of the Acquired Assets, or any part thereof, (k) taken any other action that would have required the advance written consent of Buyer pursuant to
Section 7.1 had such action been taken after the date of this Agreement, or (l) agreed or committed to do any of the foregoing. 
 4.12 Customer Relations. 
 (a) To Seller’s knowledge, all relationships
between Seller and its Customers are, and will continue to be, good. All services and other work performed by Seller for its Customers has been done in accordance with the terms agreed to by Seller and the Customer, whether a Contract or commitment,
and whether oral or written. Seller has not received any notice (formal or informal, oral or written) from any Customer who is a Customer of Seller pursuant to any Purchased Contract of an intention to materially reduce or terminate its relationship
with Seller, and Seller has not engaged in any material renegotiation of the terms of any contract between Seller and any such Customer which terms are not yet reflected in the Purchased Contracts. To Seller’s knowledge, no investigation or
examination of any Account Receivable or performance of Seller is currently being conducted by any Person who at any time has been a Customer of Seller, and no such investigation or examination has been threatened. 

  
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 (b) Except as otherwise set forth on Schedule 4.12(b), Seller does not provide any
services to (i) any corporation, partnership, or limited liability company that has any class of equity securities that is traded on any stock exchange in the United States, or (ii) any Governmental Entity. 

4.13 Contracts and Commitments. Schedule 4.13(a) sets forth a true, complete and correct list of all Customer and vendor
contracts and subcontracts, contracts with independent contractors, co-marketing, alliance, joint venture or partnership agreements, real property and personal property leases and other contracts, whether written or oral, of the Business as of the
date hereof (as they may be amended or reformed, collectively, the “Contracts”), provided, that none of the following Contracts (other than Customer contracts, teaming, co-marketing, alliance, joint venture or partnership
agreements, agreements with subcontractors or personnel of Seller, real property leases and subleases) are required to be identified on Schedule 4.13(a): (1) any Contract that does not involve the payment or receipt of at least Five
Thousand Dollars ($5,000) annually or Ten Thousand Dollars ($10,000) in the aggregate; or (2) any Contract relating solely to an Excluded Asset. In the case of oral Contracts, Schedule 4.13(a) sets forth a true, complete and correct
summary in reasonable detail of the terms and conditions of all such Contracts. All Contracts (i) between Seller and any Affiliate of Seller, (ii) which contain exclusivity or referral fee provisions and/or (iii) which place
restrictions on Seller or any other Person (including restrictions on the ability to engage in any business in any place or to solicit customers or solicit Persons for employment or as independent contractors) are listed on Schedule 4.13(b)
and are identified as such, and in the case of the restrictions described in the foregoing clause (iii), such restrictions are summarized in reasonable detail on Schedule 4.13(b). Except as set forth on Schedule 4.13(c), Seller is not
in default or breach of any of the Contracts, and, to Seller’s knowledge, no other party to any of the Contracts is in default or breach of any Contract. Each Contract is in full force and effect. Seller has delivered to Buyer a true, complete
and correct copy of each written Contract and a written summary of each oral Contract. Seller has not assigned, delegated or otherwise transferred, or entered into any agreement to so assign, delegate or otherwise transfer, any of its rights or
obligations with respect to any Acquired Asset. Schedule 4.13(d) sets forth a true, complete and correct list and summary of each outstanding proposal by Seller to provide services to any third party. Except as set forth on Schedule
4.13(d), there have been no oral or written changes to any such proposal. 
 4.14 Litigation. Except as set forth on
Schedule 4.14, there has been, and there currently is, no civil, criminal or administrative action, suit, claim, hearing, investigation or proceeding pending or, to Seller’s knowledge, threatened, against Seller (or any Affiliate, or any
current or former personnel of Seller, relating to the business of Seller or its Affiliates), in any court, by any Governmental Entity or any other Person or before any arbitrator or other tribunal and, to Seller’s knowledge, there is no
reasonable basis for any such civil, criminal or administrative action, suit, claim, hearing, investigation or proceeding. Seller has not been and is not currently subject to any action, order, writ, judgment, injunction or decree of any
Governmental Entity and, to Seller’s knowledge, there is no reasonable basis for Seller to become subject to any such action, order, writ, judgment, injunction or decree by any Governmental Entity. 

  
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 4.15 Intellectual Property. Except as set forth on Schedule 4.15, Seller does
not own any (i) Patents, (ii) Marks, (iii) Copyrights, (iv) Domain Names, (v) unregistered Marks or (vi) Software. Where applicable, the following is provided for each item listed on Schedule 4.15: the
registration number, the serial number or other identification, the applicable jurisdiction, and the registration or application date. 
 (a) Schedule 4.15(a) contains a true, complete and correct list of all licenses, sublicenses or agreements or instruments involving the Intellectual Property of Seller, including (i) licenses
by Seller to any Person of any Intellectual Property, and (ii) all licenses by any other Person to Seller of any Intellectual Property (except with respect to generally available “off-the-shelf” software) (each a
“License”). Each such License is a valid and binding agreement enforceable in accordance with its terms. With respect to each License, there is no default (or event that with the giving of notice or passage of time could constitute
a default) by Seller or, to Seller’s knowledge, the other party thereto. There are no pending claims with respect to any License and, to Seller’s knowledge, no such claims have been threatened. 

(b) Except as set forth on Schedule 4.15(b), no Person other than Seller has any right or interest of any kind or nature in or
with respect to the Intellectual Property, or any portion thereof, or any rights to sell, license, lease, transfer or use or otherwise exploit the Intellectual Property or any portion thereof. 

(c) Except as disclosed on Schedule 4.15(c), none of Seller, the conduct of the Business by Seller, or the Intellectual Property
of Seller has been alleged to have, and none of Seller, the conduct of the Business by Seller, or the Intellectual Property of Seller has, infringed upon, misappropriated or otherwise violated any Intellectual Property or other proprietary
information or rights of another Person. There are no pending claims, actions or proceedings contesting or challenging the Intellectual Property or Seller’s use of any Intellectual Property that is owned by another Person and, to Seller’s
knowledge, no such claims, actions or proceedings have been threatened. To Seller’s knowledge, no Person, including any current or former personnel of Seller, is infringing upon, misappropriating, or otherwise violating Seller’s rights to
the Intellectual Property. 
 4.16 Compliance with Laws. Seller has been and continues to be in compliance with, and the
Business has been operated in compliance with, Seller’s articles of incorporation and bylaws, and in compliance with all Laws. Seller has not received notice from any Governmental Entity or other Person alleging that it is not in compliance
with, or that it is in violation of, any Law. Seller has not received notice from any Governmental Entity or other Person of the investigation by such Governmental Entity or other Person and, to Seller’s knowledge, no such investigation has
been commenced or is ongoing. 
 4.17 Properties. Seller does not own and has never owned any real property. The Leased
Premises constitute all of the real property necessary for the operation of the Business. Seller enjoys peaceful and undisturbed possession of such property, and such property is free and clear of all Liens other than Permitted Liens. To
Seller’s knowledge, the Leased Premises have no defects which could materially impair the day to day use thereof for the conduct of the Business as currently conducted by Seller. Neither Seller nor the landlords under the Leases are in default
thereunder, and no facts or circumstances exist which would constitute a default thereunder with the giving of any applicable notice and expiration of any applicable cure period. 

  
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 4.18 Employee Benefit Plans; ERISA. 

(a) Schedule 4.18(a) sets forth a true, complete and correct list of all plans, programs, policies, arrangements, agreements and
commitments, including any employee benefit plans (within the meaning of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended “ERISA”) that Seller maintains or has entered into or is obligated under with
respect to personnel of Seller that provides or promises compensation, bonuses or other forms of incentive pay, retirement benefits, deferred compensation, severance benefits, welfare benefits, fringe benefits, equity or equity-based compensation or
any other benefit or perquisite (collectively, the “Employee Benefit Plans”). 
 (b) With respect to each
Employee Benefit Plan, Seller has provided Buyer with a true and complete copy of the Employee Benefit Plan document and the summary plan description, if applicable, or, if no such document or summary exists, a written description of the Employee
Benefit Plan. 
 (c) Except as set forth on Schedule 4.18(c): (i) no Employee Benefit Plan is subject to Title IV of
ERISA; and (ii) Seller has no Employee Benefit Plans that are multiemployer plans within the meaning of Section 3(37) of ERISA. Each Employee Benefit Plan intended to be qualified under Section 401(a) of the Code (a “qualified
plan”) has received or applied for a favorable determination letter and nothing has occurred (or has failed to occur) since the date of the most recent such letter that could reasonably be expected to cause a loss of the qualified status of
any such Employee Benefit Plan. There has been no non-exempt prohibited transaction within the meaning of Section 406 of ERISA, or Section 4975 of the Code, with respect to any of the Employee Benefit Plans; each of the Employee Benefit
Plans has been operated in all material respects in accordance with both its terms and all applicable Laws; no personnel of Seller is liable for, or is reasonably expected to be liable for, Tax penalties (in the form of a twenty percent
(20%) excise Tax, early income recognition or both) for failure of any Employee Benefit Plan to satisfy in form or operation the applicable requirements of Section 409A of the Code; and there are no actions, claims (other than routine
claims for benefits), lawsuits or arbitrations pending or, to Seller’s knowledge, threatened with respect to any Employee Benefit Plan or, to Seller’s knowledge, against any fiduciary of any Employee Benefit Plan and, to Seller’s
knowledge, nothing has occurred (or failed to occur) that could reasonably be expected to give rise to any such claim, action, lawsuit or arbitration. 
 (d) Except as set forth on Schedule 4.18(d), Seller is not providing, and has no obligation to provide, post-termination health benefits or life insurance coverage to any former personnel of Seller
or any of their dependents, former dependents or beneficiaries. 
 (e) Except as expressly provided herein or as set forth on
Schedule 4.18(e), neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated herein will (i) entitle any personnel of Seller to severance pay, or any similar payment, or (ii) except to
the extent vesting resulting from a partial termination of a qualified plan occurs due to applicable Law, accelerate the time of payment or vesting or increase the amount of any compensation due under any Employee Benefit Plan. 

  
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 4.19 Insurance. Schedule 4.19 sets forth a true, complete and correct list,
and a summary description of the coverage provided thereby, of all liability insurance policies maintained by Seller or any other Person with respect to Seller, the Acquired Assets, the operations of the Business and its personnel. All of such
policies are in full force and effect, and Seller has not received notice of termination or non-renewal of such policies. All premiums due on such insurance policies have been paid. There are no pending claims with respect to Seller, the Acquired
Assets, the Business and its personnel under any such insurance policies, and there are no claims as to which the insurers have notified Seller that they intend to deny liability. Seller has not failed to pay any premiums when due with respect to,
or otherwise violated the terms of, nor is Seller in default under, any such insurance policy. 
 4.20 Employment
Matters. 
 (a) Schedule 4.20(a)(i) sets forth a true, complete and correct list of all personnel of Seller
(including, wherever applicable, the title, department, location and hire or retention date) and the total compensation (including salary, bonuses and incentive compensation) received with respect to the immediately preceding fiscal year of Seller,
current compensation and the number of years of continuous service of each such person and the value of vacation time accrued but not taken by each such individual as of May 31, 2012. None of the personnel of Seller is on a leave-of-absence.
Schedule 4.20(a)(ii) sets forth a true, complete and correct list of all former personnel of Seller currently receiving benefits through COBRA. 
 (b) Except as set forth on Schedule 4.20(b), Seller does not have any current engagement with any Person as a consultant or independent contractor, and Seller does not have any written or oral
agreement with any such consultant or independent contractor. 
 (c) Each personnel of Seller is retained or employed on an
at-will basis, and Seller does not have any written or oral agreement with any such personnel that would interfere with (i) Seller’s ability to discharge such personnel without payment of any severance or any other cost or expense or
adverse consequences, or (ii) if such personnel is contemplated to become Transferred Personnel, Buyer’s ability to hire such personnel, Seller has not promised or represented to any of its personnel that any of such personnel will be
employed or engaged by or receive any particular benefits from Buyer or any of its Affiliates or related entities on or after the Closing Date. 
 (d) There is no collective bargaining agreement or union contract binding on Seller which covers any personnel of Seller. Seller is under no obligation to negotiate any such agreement with respect to any
such individuals, no labor organization or group of personnel of Seller has made a pending demand for recognition or certification, and there are and have been no representation or certification proceedings or petitions seeking a representation
proceeding, with the National Labor Relations Board or any other labor relations tribunal or authority, nor have any such demands, proceedings or petitions been brought or filed or threatened to be brought or filed within the past three
(3) years. 

  
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 (e) Seller has complied with all Laws relating to the employment of labor to the extent
relating to the Business, including provisions thereof relating to wages, hours, equal opportunity, collective bargaining, workers’ compensation and the payment of social security and other Taxes and unlawful discrimination and harassment.
There are, and during the past three (3) years there have been, no unfair labor practice charges or complaints, minimum wage or overtime or equal pay charges or complaints, occupational safety and health charges or complaints, wrongful
discharge charges or complaints, employee grievances, discrimination claims or workers’ compensation claims pending against Seller, and, to Seller’s knowledge, none have been threatened. No notice has been received by Seller within the
past three (3) years of the intent of any federal, state, local or foreign agency responsible for the enforcement of labor or employment laws to conduct an investigation of Seller, and, to Seller’s knowledge, no such investigation is in
progress. Except as set forth on Schedule 4.20(e), Seller has not incurred any liability, and no facts exist that would be likely to give rise to any liability, in connection with the classification by Seller of any individual as an
independent contractor. 
 (f) There are no outstanding orders or charges against Seller under any occupational health or safety
legislation and, to Seller’s knowledge, none have been threatened. All material levies, assessments and penalties made against Seller related to the Business pursuant to all applicable workers compensation legislation as of the date hereof have
been paid by Seller, and Seller has not been reassessed under any such legislation. 
 (g) Each individual employed by Seller in
the United States has presented legal proof of his or her identity and authorization to work in the United States for Seller and is either (i) a U.S. citizen or lawful permanent resident or (ii) a nonimmigrant possessing a current, valid
authorization issued by U.S. Citizenship and Immigration Services permitting employment by Seller. 
 4.21 Taxes.

 (a) All Tax Returns required to be filed by or on behalf of Seller have been timely filed with the appropriate taxing
authorities, and all such Tax Returns are complete and accurate. All Taxes due from Seller, whether or not shown on any Tax Return, have been paid in full or an adequate provision has been made on the Financial Statements for any such Taxes which
are not yet due or which are being contested in good faith. Seller is not currently the beneficiary of, and has not requested, any extension of time within which to file any Tax Return which has not yet been filed. Schedule 4.21 contains a
true, complete and correct list of all jurisdictions in which Seller is required to file any Tax Return, and no claim has ever been made by any Governmental Entity in any jurisdiction where Seller does not file Tax Returns that Seller is or may be
subject to taxation by, or be required to file Tax Returns in, that jurisdiction. Seller has withheld and paid all Taxes required to have been withheld and paid in connection with amounts paid or owing to any personnel, creditor, stockholder or
other third party. 
 (b) There is no audit, examination, claim, assessment, deficiency, or refund litigation pending or
threatened with respect to any Taxes of or with respect to Seller. All Taxes due with respect to completed and settled examinations or concluded litigation relating to Seller 

  
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have been paid in full or adequate provision has been made for any such Taxes on the Financial Statements. Seller has not executed an extension or waiver of any statute of limitations on the
assessment or collection of any Tax that is currently in effect. No rulings or agreements in respect of any Tax are pending or have been issued by or entered into with any relevant Governmental Entity with respect to Seller. Seller is not a party to
or bound by any Tax allocation, Tax sharing or other similar agreement, and Seller has no liability for the Taxes of any other Person as a transferee or successor, by contract or otherwise. There are no Liens for Taxes on any of the Acquired Assets,
other than Liens for Taxes not yet due. 
 (c) Seller has delivered to Buyer correct and complete copies of all of the
following: (i) U.S. federal income Tax Returns filed by Seller for the years 2008, 2009, 2010 and 2011; (ii) state income Tax Returns filed by Seller for the years 2008, 2009, 2010 and 2011; (iii) all real and personal property Tax
Returns filed by Seller for the years 2008, 2009, 2010 and 2011; and (iv) payroll Tax Returns filed by Seller for the years 2008, 2009, 2010 and 2011. 
 (d) Seller has neither made nor is obligated (or is a party to any agreement under which it could be obligated) to make any payments that are or will not be deductible under Section 280G of the Code.

 (e) Except as set forth on Schedule 4.21(e), Seller has not been a member of an affiliated group filing a consolidated
U.S. federal income Tax Return during the past seven (7) years, and Seller does not have any liability for the Taxes of any Person (other than Seller) under Treas. Reg. Section 1.1502-6 (or any similar provision of any Law), as a
transferee or successor, by contract, or otherwise. 
 (f) Seller has not been and is not in violation (or with notice or lapse
of time or both, would be in violation) of any applicable law relating to the withholding, depositing or reporting of Taxes (including withholding of Taxes pursuant to Sections 1441, 1442, 3102, 3401 and 3406 of the Code or similar provisions under
any Law). Seller has duly and timely withheld from salaries, wages and other compensation and reported and deposited with the appropriate taxing authorities all amounts required to be so withheld, reported and/or deposited for all periods under
applicable Law. 
 4.22 Relationships with Related Persons. Except as set forth on Schedule 4.22, no Affiliate or
personnel of Seller, nor any spouse or child or other family member of any of them, or any Person associated with any of them (each of the foregoing, a “Related Person”), has any interest in any of the Acquired Assets. Except as set
forth on Schedule 4.22 and with respect to employment and compensation arrangements with personnel in the ordinary course of business consistent with past practice which are otherwise disclosed hereunder, no Related Person is a party to any
contract, agreement or arrangement with, or has any claim or right against, or owes any amounts to, Seller. All loans, payables and other amounts due to or from a Related Person, on the one hand, and Seller and/or its Affiliates, on the other hand,
are listed on Schedule 4.22. 
 4.23 Permits. Schedule 4.23 sets forth a true, complete and correct list of
all material approvals, permits, certificates, qualifications, authorizations, licenses, franchises, consents, orders and registrations of all Governmental Entities and any other Person which are necessary

  
 18 

 
for Seller to conduct the Business (collectively, the “Permits”). Except as set forth on Schedule 4.23, the Permits are valid and in full force and effect, and no Permits
will be terminated as a result of the transactions contemplated by this Agreement or the Transaction Documents. Seller is in compliance with the terms of the Permits and no material violations are or have been recorded in respect of any Permit. No
proceeding is pending or, to Seller’s knowledge, threatened to revoke, suspend, modify or limit any Permit. 
 4.24
Illegal Payments. Neither Seller nor, to Seller’s knowledge, any personnel of Seller, or any other Person on behalf of Seller, has made or authorized, directly or indirectly, any payment of funds of, or relating to, Seller which is
prohibited by any Law, including Laws relating to bribes, gratuities, kickbacks, lobbying expenditures, political contributions and contingent fee payments. 
 4.25 No Other Representations and Warranties. Except as expressly set forth in this Agreement, Buyer acknowledges that neither Seller nor the Stockholders, or any employee or agent acting on their
behalf, have made or are making, for the benefit of Buyer, any representations and warranties whatsoever regarding the subject matter of this Agreement, whether written or oral, expressed or implied, and that Buyer is not relying and has not relied
upon any such representations and warranties regarding the subject matter of this Agreement. 
 4.26 Brokers and Finders.
Except as set forth on Schedule 4.26, no broker or finder has acted for Seller or its Affiliates or personnel of Seller in connection with this Agreement or any Transaction Document or the transactions contemplated hereunder or thereunder,
and no broker or finder retained by Seller or its Affiliates or personnel of Seller is entitled to any brokerage or finder’s fee with respect to this Agreement or any Transaction Document or such transactions. 

4.27 Environmental, Health and Safety Matters. Seller has at all times complied and is in compliance with all Environmental,
Health and Safety Requirements. 
 4.28 No Separate Arrangement. Except as set forth on Schedule 4.28, neither
Seller nor any Stockholder has entered into any Contract or arrangement for the distribution of, does not intend to distribute, and represents and warrants that it will not distribute, any proceeds from that portion of the Purchase Price allocated
to such Seller or Stockholder or any adjustment thereto, directly or indirectly, to any employees of Seller or Buyer. 
 4.29
Unauthorized Practice of Law. To Seller’s knowledge, neither Seller nor any Stockholder has engaged in the unauthorized practice of law on Seller’s behalf (including, as defined in Rule 49 of the District of Columbia Court of
Appeals, as modified by Opinion 21-12 issued by the DC Court of Appeals Committee on the Unauthorized Practice of Law on January 12, 2012, the “Unauthorized Practice of Law”). 

  
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 ARTICLE V: REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE STOCKHOLDERS 

5.1 Additional Representations, Warranties and Covenants of the Stockholders. In furtherance of the covenants and agreements
contained herein, each Stockholder, severally and not jointly, hereby represents and warrants to Buyer that: (a) such Stockholder has all necessary power and authority to execute, deliver and perform such Stockholder’s obligations
hereunder; (b) this Agreement constitutes the legally valid and binding obligation of such Stockholder, subject to the Enforceability Exception; (c) neither the execution and delivery of, or performance under, this Agreement by such
Stockholder nor the consummation by such Stockholder of the transactions contemplated by this Agreement or the applicable Transaction Documents does or will (i) result in a violation or breach of, or constitute a default or an event of default
under, any mortgage, bond, contract, license, lease, agreement, permit, instrument or other obligation to which such Stockholder is a party or by which such Stockholder is bound or to which any properties of such Stockholder related to the Business
(if any) are bound, which violation, breach or default would impair the ability of such Stockholder to comply with such Stockholder’s obligations hereunder, or (ii) violate any Law, writ, judgment, injunction or court decree to which such
Stockholder or such Stockholder’s properties related to the Business (if any) are subject, which violation, breach or default would impair the ability of such Stockholder to comply with such Stockholder’s obligations hereunder; (d) no
consent, approval or authorization of, or declaration, filing or registration with, any Governmental Entity or any other Person is required to be made or obtained by such Stockholder in connection with the execution, delivery or performance of this
Agreement by such Stockholder, or the consummation by such Stockholder, as applicable, of the transactions contemplated by this Agreement, the absence of which would impair the ability of such Stockholder to comply with such Stockholder’s
obligations hereunder; (e) such Stockholder does not personally hold any right, title or interest of any kind in, to or under (i) any Acquired Asset or (ii) Intellectual Property or other asset of or used in the Business and of a type
contemplated under Section 2.1; and (f) Schedule 4.28 sets forth all transaction bonus or payments required or intended to be made in conjunction with the Closing of the transactions contemplated by this Agreement. To the
extent such Stockholder has or obtains any right, title or interest of any kind in, to or under (A) any Acquired Asset or (B) to the extent not otherwise an Acquired Asset hereunder, any Purchased Contract, Intellectual Property or other
asset of or used in the Business and of a type contemplated under Section 2.1, such Stockholder hereby conveys all such right, title and interest to Buyer, free and clear of all Liens other than Assumed Liabilities, as of the Closing
Date, and such Stockholder agrees to take any further action and execute, deliver, file and record any document as reasonably requested by Buyer or as may be reasonably necessary or desirable to effectuate such conveyance. For the avoidance of
doubt, any such right, title and interest shall be considered an “Acquired Asset” for all purposes under this Agreement. In the event that any Stockholder fails to take any action or execute, deliver, file or record any document as
reasonably requested by Buyer pursuant to this Section 5.1 within ten (10) days of notice from Buyer, Buyer may take such action or execute, deliver, file or record such document on behalf of such Stockholder, for which purpose such
Stockholder hereby irrevocably appoints Buyer as its attorney-in-fact, which appointment is coupled with an interest. Each Stockholder hereby further agrees (x) to cause Seller to comply with its covenants under this Agreement and (y) not
to take or fail to take any action that could reasonably be expected to result in the breach of any such covenant. 

  
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 ARTICLE VI: REPRESENTATIONS AND WARRANTIES OF BUYER 

Buyer represents and warrants to Seller as of the date hereof and the Closing Date that: 

6.1 Organization and Qualification. Buyer is a corporation duly organized, validly existing and in good standing under the Laws of
the State of Delaware. Buyer has all requisite power and authority to conduct its business as presently conducted and to own and lease its properties and assets. Buyer is qualified to do business as a foreign entity and is in good standing in each
jurisdiction in which the ownership or lease of property or the conduct of its business requires such qualification. 
 6.2
Authorization. Buyer has all requisite power and authority to execute and deliver this Agreement and the Transaction Documents to which Buyer is a party and to perform its obligations hereunder and thereunder. The execution, delivery and
performance of this Agreement and the Transaction Documents to which Buyer is a party have been duly authorized and approved by all necessary corporate action on the part of Buyer. This Agreement and the Transaction Documents to which Buyer is a
party have been or will have been, as the case may be, duly executed and delivered by Buyer and (assuming that this Agreement and the Transaction Documents to which Seller and each Stockholder is a party have been duly authorized, executed and
delivered by Seller and each such Stockholder) constitute or will constitute, as the case may be, legal, valid and binding obligations of Buyer, enforceable against Buyer in accordance with their terms, subject to the Enforceability Exception.

 6.3 No Violations or Conflicts. Neither the execution and delivery of, or performance under, this Agreement or the
Transaction Documents by Buyer nor the consummation by Buyer of the transactions contemplated by this Agreement or the Transaction Documents does or will (a) violate any provision of its organizational or governing documents, (b) result in
a violation or breach of, or constitute a default or an event of default under, any indenture, mortgage, bond, contract, license, lease, agreement, permit, instrument or other obligation to which it is a party or by which it is bound or to which any
of its assets is bound or (c) violate any Law, writ, judgment, injunction or court decree to which it or its properties is subject. 
 6.4 Consents and Approvals. No consent, approval or authorization of, or declaration, filing or registration with, any Governmental Entity or any other Person is required to be made or obtained by
Buyer in connection with the execution, delivery or performance of this Agreement or the applicable Transaction Documents by Seller and the Stockholders or the consummation of the transactions contemplated hereby and thereby. 

6.5 Brokers and Finders. No broker or finder has acted for Buyer or its Affiliates in connection with this Agreement or any
Transaction Documents or the transactions contemplated hereunder or thereunder and no broker or finder retained by Buyer or its Affiliates is entitled to any brokerage or finder’s fee with respect to this Agreement or any Transaction Documents
or such transactions. 

  
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 ARTICLE VII: COVENANTS 

7.1 Conduct of Business. From the date hereof until the earlier of the Closing and the termination of this Agreement pursuant to
Article XI, Seller shall conduct the Business only in the ordinary course consistent with past practice and in accordance with Law, including preserving intact the Acquired Assets, goodwill and relationships of Seller with all Customers,
personnel of Seller and other Persons having business relationships with Seller, and maintaining the books and records of Seller. Without limiting the foregoing, from the date hereof until the earlier of the Closing or the termination of this
Agreement pursuant to Article XI, Seller shall not do any of the following, except as required or expressly permitted pursuant to the terms hereof or as Buyer shall have consented to in writing in advance: 

(a) enter into (or terminate or amend, modify or waive any term of) any material transaction, or any Customer contract, subcontract
(whether as the prime contractor or subcontractor), teaming agreement, or any similar contract or arrangement, in each case other than in the ordinary course of business consistent with past practice and less than Fifty Thousand Dollars ($50,000);

 (b) renew, terminate, amend, modify or waive any term of the Leases; 

(c) mortgage, pledge or subject any of the Acquired Assets, or any part thereof, to any Lien or suffer such to exist other than Permitted
Liens; 
 (d) enter into any new (or terminate or amend, modify or waive the terms of any existing) employment, severance or
consulting agreement or any Employee Benefit Plan, grant any general increase in the compensation or benefits of personnel of Seller (including any such increase pursuant to any Employee Benefit Plan), grant any increase in the compensation or
benefits payable or to become payable to any personnel of Seller, or terminate any personnel of Seller or hire any new personnel of Seller, in each case other than in the ordinary course of business consistent with past practice; 

(e) commit to make any capital expenditure in excess of Ten Thousand Dollars ($10,000) individually, or Twenty Thousand Dollars ($20,000)
in the aggregate; 
 (f) incur, assume, prepay or guarantee any indebtedness (whether material, immaterial, contingent or
otherwise), other than in the ordinary course of business consistent with past practice; 
 (g) pay, lend, or advance any amount
to, or sell, transfer or lease any properties or assets to, or enter into any agreement, arrangement or transaction with, any of Seller’s Affiliates; 
 (h) fail to keep in full force and effect the insurance policies set forth on Schedule 4.19 or insurance that is comparable in amount, credit quality and scope of coverage to such policies;

  
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 (i) make any change in any method of accounting or accounting principle, method, estimate or
practice; 
 (j) make or change any Tax election, change any annual Tax accounting period, adopt or change any method of Tax
accounting, file any amended Tax Return, enter into any closing agreement relating to Taxes, settle any Tax claim or assessment, surrender any right to claim a Tax refund, or consent to any extension or waiver of the limitations period applicable to
any Tax claim or assessment, in each case relating to the Business; 
 (k) settle, compromise, release or forgive any claim,
cause of action, litigation or other proceeding, whether administrative, civil or criminal, in law or in equity, or before any Governmental Entity, or waive any right; 
 (l) sell, transfer or otherwise dispose of any of the Acquired Assets; 
 (m) sell,
assign, license or transfer any of the Intellectual Property; 
 (n) change banking or safe deposit arrangements; 

(o) change the methods of management or operation of the Business, including its Customer billing practices; 

(p) take any action that would result in, or be reasonably likely to result in, any of the conditions to the consummation of the
transactions contemplated by this Agreement set forth in Article VIII not being satisfied or any of the representations and warranties in Article IV being untrue; 

(q) (i) declare, set aside or pay any dividends on, or make any other distributions (whether in cash, cash equivalents, securities or
other property) in respect of, any of its capital stock, or (ii) purchase, redeem or otherwise acquire any shares of its capital stock or any securities or obligations convertible into or exchangeable for any shares of its capital stock or any
other of its securities or any rights, warrants or options to acquire any such shares or other securities; or 
 (r) agree or
commit to do any of the foregoing. 
 7.2 Access to Information. From the date hereof until the earlier of the Closing
and the termination of this Agreement pursuant to Article XI, Buyer shall be entitled, through its personnel and those of its Affiliates, to enter upon and make such reasonable investigation of the assets, properties, business and operations
of Seller and its Affiliates to the extent they relate to the Business or the Acquired Assets, and such examination of the books and records, financial condition and operations of the Business as Buyer may reasonably request and to discuss the
affairs, finances and accounts of the Business with the personnel of the Business. Any such investigation and examination shall be conducted at reasonable times upon reasonable prior notice to Seller. From the date hereof until the earlier of the
Closing and the termination of this Agreement pursuant to Article XI, Seller shall promptly inform Buyer of any and all matters (except for immaterial matters) that may arise affecting the business and operations of Seller. 

  
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 7.3 Cessation of Business. From and after the Closing, Seller shall cease to conduct
the Business. 
 7.4 Performance of Excluded Liabilities. Seller shall timely pay or perform when due the Excluded
Liabilities, including, without limitation, the management and payment of final payroll for all services rendered prior to the Closing Date (which, for the avoidance of doubt, shall include amounts owed to Seller’s employees with respect to
deferred compensation, bonuses, earned but unused vacation and other employee benefits which are Excluded Liabilities) and related tax withholding and payment and performing all other obligations with respect to its personnel in accordance with
Section 7.10. 
 7.5 Receipt of Property Relating to Acquired Assets. 

(a) If, after the Closing, Seller or any of its Affiliates or personnel of Seller, or any other Person acting for or in concert with any
of the foregoing Persons, shall receive any money, check, note, draft, instrument, payment or other property relating to or as proceeds of the Acquired Assets or the Assumed Liabilities or any part thereof, Seller shall cause such Person to receive
all such items in trust for, and as the sole and exclusive property of, Buyer and, promptly upon receipt thereof, Seller shall notify Buyer in writing of such receipt and shall remit the same (or cause the same to be remitted) in kind to Buyer in
the manner specified by Buyer. 
 (b) If Buyer or any of its Affiliates or personnel of Seller, or any other Person acting for
or in concert with any of the foregoing Persons, shall receive any money, check, note, draft, instrument, payment or other property relating to or as proceeds of the Excluded Assets or the Excluded Liabilities or any part thereof, Buyer shall cause
such Person to receive all such items in trust for, and as the sole and exclusive property of, Seller and, promptly upon receipt thereof, shall notify Seller in writing of such receipt and shall remit the same (or cause the same to be remitted) in
kind to Seller in the manner specified by Seller. For purposes of implementing this Section 7.5, if any check or other payment is received from a Person that references an invoice or exactly matches the amount owed under that invoice,
the payment will be applied to that invoice. If the payment does not reference or match an invoice, Buyer will contact the payor. If for any reason the payor does not give direction as to application of the payment, it will be applied to the oldest
outstanding invoice first, the next oldest outstanding invoice second, and so forth. 
 7.6 WIP and Accounts Receivable.

 (a) As soon as practicable following the Closing Date and in any event within five (5) days thereafter, Seller shall
deliver to Buyer: 
 (i) a list of all Accounts Receivable and copies of all invoices related thereto, organized by Customer,
reflected on the books and records of Seller as of the Closing Date with respect to services rendered and billed by Seller as of the Closing Date, and a 

  
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certificate signed by an executive officer of Seller, dated as of the date of delivery of such list, certifying that such list is true, complete and correct as of the Closing Date and that
(A) all Accounts Receivable of Seller reflected on such list were recorded in the ordinary course of business consistent with past practice and Seller is not aware of any claim (or any basis for any claim) for nonpayment of any such Account
Receivable, and (B) Seller has sent invoices to each Customer on the list of Accounts Receivable for the full amount of all Accounts Receivable with respect to such Customer; and 

(ii) a list of all WIP, organized by Customer, reflected on the books and records of Seller as of the Closing Date and attributable to
services provided by Seller, and a certificate signed by an executive officer of Seller, dated as of the date of delivery of such list, certifying that such list is true, complete and correct as of the Closing Date and that all WIP has been
performed in accordance with the terms of the relevant engagement. 
 (b) From and after the Closing, Buyer shall have the sole
authority to bill and collect WIP and Accounts Receivable and Seller shall not instigate or threaten to instigate any claims or litigation in connection with such collection efforts. 

7.7 Mutual Cooperation. After the date hereof, Seller will use its reasonable efforts to provide to Buyer, and Buyer will use its
reasonable efforts to provide to Seller (the party providing such records or information or making available such personnel, the “providing party,” and the party or parties requesting such records, information or personnel, the
“requesting party”) such records and information and to make available to the requesting party such personnel, in each case as may be reasonably requested in writing by the requesting party, for the purpose of reasonably assisting
the requesting party in responding to governmental or professional inquiries, making required governmental filings or defending or prosecuting any action or other proceeding relating to or arising out of the conduct of the Business prior to or after
the Closing Date, involving any Person; provided, however, that (a) the requesting party shall promptly reimburse the providing party for any reasonable out-of-pocket expenses incurred by the providing party in connection with the provision of
any such assistance (including reasonable legal fees and disbursements), but the requesting party shall not be responsible to reimburse the providing party for such party’s time spent in such cooperation or the salaries or costs of fringe
benefits or other similar expenses paid by the providing party to its Affiliates or related entities or their respective stockholders and personnel while such Persons are providing any such assistance, and (b) no providing party shall be
required to (i) provide information, records or personnel under circumstances which the providing party believes in its sole reasonable determination may expose it to liability to any Person or may prejudice any commercial, legal or other
interest of the providing party or (ii) take any action that, in the providing party’s sole determination, unreasonably interferes with its business. 
 7.8 Insurance Tails. Seller shall, as promptly as practicable, obtain a “tail” of not less than three (3) years, at Buyer’s expense, on Seller’s employment practices
liability insurance policy to cover claims or potential claims arising from acts or omissions occurring prior to the Closing Date. Such coverage shall be maintained until the third (3rd) anniversary of the Closing Date, on terms reasonably
acceptable to Buyer. Seller warrants that it is in compliance with policy terms and conditions and that there are not impediments to Seller’s ability to exercise the 

  
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extended reporting option under the employment practices liability insurance policy. Seller agrees to use best efforts to add Buyer as an additional insured to its general liability insurance
policy in order to provide coverage thereunder for claims or potential claims arising from acts or omissions occurring prior to the Closing Date. Seller further agrees to keep its professional and general liability insurance policies in full force
and effect, without any lapses in coverage, until the Closing Date. Seller shall maintain the same terms and conditions with respect to such professional and general liability insurance policies in order to provide coverage thereunder for claims or
potential claims arising from acts or omissions occurring prior to the Closing Date. Seller will immediately notify Buyer of any attempt by underwriters to modify, cancel or non-review the aforementioned policies prior to the Closing Date.

 7.9 Satisfaction of Conditions Precedent. During the period commencing on the date of this Agreement and ending on the
earlier of the Closing Date and the termination of this Agreement pursuant to Article XI, each of the parties hereto shall act in good faith to satisfy, or cause to be satisfied, all the conditions precedent to each party’s obligation to
consummate the transactions contemplated hereby and shall not take or fail to take any action that could reasonably be expected to result in the nonfulfillment of any such condition. 

7.10 Employment of Personnel of Seller and Related Matters. 

(a) Prior to the Closing Date, Buyer will, or will cause one of its Affiliates to, offer employment to the individuals listed on
Schedule 7.10(a) in accordance with the terms and conditions generally applicable to similarly situated personnel of Buyer and its Affiliates, which offers shall be subject to Buyer’s satisfaction with the results of pre-employment
procedures (including background checks), with such employment commencing the day after the Closing Date. Buyer’s or such Affiliate’s employment of any such personnel shall be on an “at-will” basis. Such offers of employment to
such personnel will be contingent upon their agreement to restrictive covenants, including with respect to non-solicitation, non-hire and confidentiality, that are consistent with such covenants as are generally applicable to Buyer’s or such
Affiliate’s personnel of a similar level of seniority (“Restrictive Covenants”). Such personnel who accept such offer, execute all required documents and begin employment with Buyer or one of its Affiliates as of the Closing
Date are referred to hereunder as “Transferred Personnel.” Prior to the Closing Date, Buyer and Seller shall reasonably cooperate to coordinate the employment of the Transferred Personnel by Buyer or one of its Affiliates and the
termination of any employment or other retention arrangement and any noncompetition or other employment restriction of each Transferred Personnel with Seller. 
 (b) With respect to each Transferred Personnel, Seller hereby waives and releases each such individual, for such period (and only such period) as such individual is employed by Buyer or an Affiliate or
permitted assign of Buyer, from any and all contractual, common law or other restrictions enforceable by Seller on the employment, activities or other conduct of such individuals after the termination of their employment or other retention
arrangements, as applicable, with Seller (other than any obligations arising under or relating to a Purchased Contract and any obligation not to disclose confidential information of Seller and its Customers to Persons other than Buyer and its
Affiliates). 

  
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 (c) Seller shall be solely responsible for any and all liabilities in respect of personnel
of Seller, including the Transferred Personnel and, in each case, their beneficiaries and dependents, relating to or arising out of or in connection with (i) the employment or retention or the actual or constructive termination of employment of
or retention arrangement with any personnel by Seller (including in connection with the consummation of the transactions contemplated by this Agreement), (ii) the participation in or accrual of benefits or compensation under or with respect to,
the failure to participate in or to accrue compensation under or with respect to, any Employee Benefit Plans and all other liabilities under and with respect to the Employee Benefit Plans, and (iii) accrued but unpaid salaries, wages, bonuses,
incentive compensation, commissions, retention payments, vacation or sick pay or other compensation or payroll items (including deferred compensation) as of the Closing. Seller shall be solely responsible for complying with, and hereby covenants to
comply with, and Buyer shall have no liability in respect of, any obligations with respect to Seller’s personnel under the Worker Adjustment and Retraining Notification Act of 1988, as amended, if applicable, and, except to the extent otherwise
specifically required by applicable Law, any obligations under Part 6 of Subtitle B of Title I of ERISA and Section 4980B of the Code (“COBRA”) in respect of each of Seller’s personnel who incur a “qualifying
event” on or before the Closing Date or as a result of the transactions contemplated hereby. Seller shall provide evidence satisfactory to Buyer that, as of the Closing Date, all obligations to personnel of Seller (including the Transferred
Personnel) for retirement, severance, deferred compensation, incentive, stock option, vacation, bonus, unemployment, partnership and other payments, distributions and benefits accrued up to and including the Closing Date (in each case as
applicable), and all contributions (voluntary or otherwise) to any payments under any Employee Benefit Plans (including a pro rata contribution for the current fiscal year through the Closing Date under Seller’s 401(k) Plan and a pro rata
matching contribution in respect of contribution made by Seller’s personnel under Seller’s 401(k) Plan through the Closing Date, to the extent such 401(k) Plan provides for matching contributions by Seller), have been duly paid by Seller.
Seller shall be solely responsible for any severance costs for personnel of Seller who do not accept Buyer’s offer of employment or are not otherwise employed by Buyer. 
 (d) Effective as of the Closing Date, Seller shall cause each of the Transferred Personnel to be fully vested in his or her account and benefits under all Employee Benefit Plans. 

(e) Through the last day of the calendar month in which the Closing occurs, Seller, at Seller’s expense (which amounts shall be
reimbursed by Buyer to the extent that the applicable Employee Benefit Plans do not otherwise provide for coverage through the end of the month in which the participant terminates employment) (such amounts, if any, the “Reimbursable
Amounts”), agrees to continue to provide coverage under any Employee Benefit Plans that are welfare benefit plans (as defined in section 3(1) of ERISA) to any Transferred Personnel who were covered under the applicable Employee Benefit
Plans immediately prior to the Closing. To the extent that such Employee Benefit Plans do not otherwise provide for coverage through the end of the month in which a participant terminates employment, Buyer shall reimburse Seller for the actual
out-of-pocket costs incurred by Seller with respect to such continued coverages. 

  
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 (f) Each of the Transferred Personnel shall be given credit for all service as an employee
under all employee benefit plans, programs and policies of Buyer in which such Transferred Personnel become eligible to participate for purposes of eligibility, vesting, benefit accrual and entitlement (but not for accrual of benefits under any
“defined benefit plan,” as defined in Section 3(35) of ERISA) and all other purposes; provided, however, that no Transferred Personnel shall be given any credit for service under any employee pension benefit plan, including any
defined benefit plan or any 401(k) plan. Buyer shall cause each employee benefit plan in which Transferred Personnel are eligible, to the extent permissible, to participate to (i) waive any preexisting condition limitations, waiting periods and
actively at work requirements under such plans and (ii) honor any deductible, co-payment and other out of pocket expenses incurred by such Transferred Personnel and their beneficiaries under the applicable medical, health or dental plans of
Seller during the portion of such calendar year preceding the hiring of such Transferred Personnel by Buyer. If any such Transferred Personnel become eligible to participate in a group term life insurance plan maintained by Buyer in the year in
which the Closing Date occurs, Buyer shall use its commercially reasonable efforts to cause such plan to waive any medical certification for such Transferred Personnel. 
 (g) Nothing in this Section 7.10, expressed or implied, shall confer upon any current or former personnel of Seller or its Affiliates (including the Transferred Personnel and other personnel
of the Business) any rights or remedies (including any right to employment or continued employment for any specified period) of any nature or kind whatsoever, under or by reason of this Section 7.10. No provision of this
Section 7.10 is intended, and shall not be interpreted as, an amendment of any Employee Benefit Plan or any employee benefit plan program, policy or arrangement of Buyer or any of its Affiliates. It is expressly agreed that the
provisions of this Section 7.10 are not intended to be for the benefit of, or otherwise be enforceable by, any third party, including any Transferred Personnel or any other personnel of the Business not party to this Agreement.

 7.11 Certain Consents. If any consent required hereunder is not obtained, or if an attempted assignment of an Acquired
Asset subject to any such consent would be ineffective or would adversely affect the rights of Seller thereunder so that Buyer would not in fact receive all such rights, then, without limiting any other rights Buyer may have hereunder in respect of
such failure, Seller and Buyer shall cooperate in a mutually agreeable arrangement, to the extent feasible, under which Buyer would obtain the benefits and assume the obligations thereunder in accordance with this Agreement, including
subcontracting, sublicensing, or sub-leasing to Buyer, or under which Seller would enforce for the benefit of Buyer, with Buyer assuming Seller’s obligations, any and all rights of Seller against a third party thereto, provided that any
liability or obligation that arises from the failure to obtain such required consent shall be an Excluded Liability hereunder. 

7.12 No Affiliation. Seller shall not, and shall not permit any of its Affiliates to, (a) hold itself, himself or herself, as
applicable, out as personnel of Buyer or any of its Affiliates or related entities (except, after the Closing, for any Transferred Personnel who obtain such positions, in each case for so long as such individual is associated with Buyer or any of
its Affiliates in such capacity) or (b) represent to any third party that any partnership, joint venture, fiduciary relationship or agency relationship exists with Buyer or any of its Affiliates or related entities, including, in each case of
the foregoing clauses (a) and (b), in connection with the transactions contemplated by this Agreement or any other agreement contemplated hereby. 

  
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 7.13 Tax Cooperation; Allocation of Taxes. 

(a) Buyer agrees to furnish or cause to be furnished to Seller and the Stockholders, and Seller and the Stockholders agree to furnish or
cause to be furnished to Buyer, in each case upon request, as promptly as practicable, such information and assistance relating to the Business and the Acquired Assets (including access to books and records) as is reasonably necessary for the filing
of all Tax Returns, the making of any election relating to Taxes, the preparation for any audit by any taxing authority, and the prosecution or defense of any claim, suit or proceeding relating to any Tax. Buyer and Seller and / or the Stockholders
(or their successors and assigns) shall retain all books and records with respect to Taxes pertaining to the Acquired Assets for a period of at least six (6) years following the Closing Date. At the end of such period, each party shall provide
the other with at least ten (10) days prior written notice before destroying any such books and records, during which period the party receiving such notice can elect to take possession, at its own expense, of such books and records. Seller and
the Stockholders shall cooperate with Buyer, and Buyer shall cooperate with Seller and the Stockholders, in the conduct of any audit or other proceeding relating to Taxes involving the Acquired Assets or the Business. 

(b) All real property Taxes, personal property Taxes and similar ad valorem obligations (including the District of Columbia Ballpark Tax)
levied with respect to any Acquired Assets for a taxable period which includes (but does not end on) the Closing Date, whether or not imposed or assessed before or after the Closing Date, shall be apportioned between Seller and Buyer based on the
number of days of such taxable period included in the Pre-Closing Tax Period and the number of days of such taxable period after the Closing Date (with respect to any such taxable period, the “Post-Closing Tax Period”). Seller and /
or the Stockholders shall be liable for the proportionate amount of such Taxes that is attributable to the Pre-Closing Tax Period, and Buyer shall be liable for the proportionate amount of such Taxes that is attributable to the Post-Closing Tax
Period. Upon receipt of any bill for such Taxes, Buyer or Seller, as applicable, shall present a statement to the other party setting forth the amount of reimbursement to which it shall be entitled under this Section 7.13(b) upon payment
of such bill, together with such supporting evidence as is reasonably necessary to calculate the amount of reimbursement. Payment of such reimbursement amount shall be made by the party owing it to the party to which it is owed within ten
(10) days after delivery of such statement. In the event that Seller or Buyer shall make any payment for which it is entitled to reimbursement under this Section 7.13(b), the other party shall make such reimbursement promptly, but
in no event later than ten (10) days after the presentation of a statement setting forth the amount of reimbursement to which the presenting party is entitled, along with such supporting evidence as is reasonably necessary to calculate the
amount of reimbursement. 
 (c) All excise, sales, use, value added, registration stamp, recording, documentary, conveyancing,
property, transfer, gains and similar Taxes, levies, charges and fees (collectively, “Transfer Taxes”) incurred in connection with the transactions contemplated by this Agreement shall be paid by Seller. Buyer shall cooperate with
Seller, and Seller shall 

  
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cooperate with Buyer, with respect to the provision of any appropriate resale exemption certifications and other similar documentation. Seller shall make the filings, reports, or returns with
respect to any applicable Transfer Taxes, and Buyer shall cooperate with respect thereto as necessary. 
 7.14 Additional
Purchased Contracts. Between the date hereof and the Closing, Buyer may, in its sole discretion and upon written notice to Seller, determine to amend Schedule 2.1(a) to add to Schedule 2.1(a) any Customer contract, including any
Customer contract entered into by Seller between the date hereof and the Closing pursuant to (and in accordance with) Section 7.1(a), and any such contract shall be deemed a “Contract” and a “Purchased Contract” for
all purposes under this Agreement. Similarly, between the date hereof and the Closing, Buyer may in its sole discretion and upon written notice to Seller, determine to amend Schedule 2.2(c) to add to Schedule 2.2(c) any Contract
entered into by Seller between the date hereof and the Closing, and any such Contract shall be deemed an “Excluded Contract” for all purposes under this Agreement. 
 7.15 Migration. Prior to the Closing Date, Seller shall cause any Intellectual Property, Business Proprietary Information, the Reviewer Database and any other electronic data not residing on
Acquired Assets or held by any third party to be migrated to such equipment of Buyer as Buyer may reasonably request. 
 7.16
Further Assurances. At the Closing and from time to time thereafter, Seller and the Stockholders shall, and shall cause their respective Affiliates and personnel (as applicable) to, execute, deliver, file and record any and all agreements,
instruments, certificates or other documents and take such other actions as reasonably requested by Buyer or as may be reasonably necessary or desirable to consummate or implement expeditiously the transactions contemplated by this Agreement.
Without limiting the foregoing, Seller shall promptly (a) execute and deliver such document and take such further actions as may be required to change the Company’s name and, subject to the License Agreement, terminate any and all of the
Company’s assumed name filings containing the names “Adams Grayson” or “LegalSource” or any derivative thereof, and (b) perform all other actions reasonably requested by Buyer to vest, establish and confirm ownership of
the Acquired Assets, including Accounts Receivable, WIP, Purchased Contracts and Intellectual Property, in Buyer (or an Affiliate of Buyer), and enable Buyer, or an Affiliate of Buyer, as the case may be, to enjoy the benefit of the Acquired Assets,
including providing cooperation and assistance in obtaining Patents, Copyrights and Marks in the United States and in foreign countries in connection with the Intellectual Property. In the event that Seller fails to take any action or execute,
deliver, file or record any document as requested by Buyer pursuant to this Section 7.16 within ten (10) days following notice from Buyer, Buyer may take such action or execute, deliver, file or record such document on behalf of
Seller, for which purpose Seller hereby irrevocably appoints Buyer as its attorney-in-fact, which appointment is coupled with an interest. 
 7.17 Distribution of Purchase Price. Seller and the Stockholders agree to complete a certification request sent by Buyer upon receipt and distribution of the Purchase Price, attesting to the
allocation and distribution as contemplated in Section 3.4 and Section 4.28 and shall provide Buyer with reasonable access to any and all books and records in order to verify such certification. 

  
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 ARTICLE VIII: CONDITIONS PRECEDENT 

8.1 Conditions to Each Party’s Obligations. The respective obligations of each party hereto to consummate the transactions
contemplated hereby shall be subject to no Law having been enacted, entered, promulgated or enforced by any Governmental Entity prior to the Closing that prohibits or prevents the consummation of the transactions contemplated hereby. 

8.2 Conditions to Obligations of Buyer. The obligations of Buyer to consummate the transactions contemplated hereby shall be
subject to the fulfillment on or prior to the Closing Date of the following conditions, any one or more of which may be waived by Buyer: 
 (a) Seller and each Stockholder shall have performed and complied with the covenants and obligations required to be performed by Seller or such Stockholder, as applicable, under this Agreement on or prior
to the Closing Date. 
 (b) The representations and warranties of Seller and each Stockholder contained in this Agreement and in
any Transaction Document which are qualified by materiality or material adverse effect shall be true in all respects as of the date hereof and at and as of the Closing Date, except for those representations and warranties that address matters as of
a specific date, which shall be true at and as of such date. All other representations and warranties of Seller and each Stockholder contained in this Agreement shall be true as of the date hereof and in all material respects at and as of the
Closing Date, except for those representations and warranties that address matters as of a specific date, which shall be true in all material respects as of such date. 
 (c) At the Closing, Seller shall have delivered to Buyer: 
 (i) a certificate, in
form and substance reasonably satisfactory to Buyer, signed by an executive officer of Seller, dated as of the Closing Date, certifying as to the matters set forth in Sections 8.2(a), 8.2(b), and 8.2(d) as of the Closing Date
(the “Seller’s Certificate”); 
 (ii) a certificate, in form and substance reasonably satisfactory to
Buyer, signed by the Secretary of Seller, dated as of the Closing Date (the “Secretary’s Certificate”): (1) certifying as to the following: (A) the resolutions (or written consent) of Seller’s board of directors
and all of the Stockholders authorizing and approving this Agreement and the Transaction Documents and the transactions contemplated hereby and thereby; (B) the articles of incorporation of Seller as in effect on the Closing Date; (C) the
bylaws of Seller as in effect on the Closing Date; and (D) the signatures and incumbency of the individual(s) signing this Agreement and the Transaction Documents on behalf of Seller; and (2) signed by an officer of Seller certifying the
signature and incumbency of the Secretary of Seller; 

  
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 (iii) a certificate issued by the District of Columbia Department of Consumer and
Regulatory Affairs as to the good standing of Seller as of a date no earlier than fifteen (15) days prior to the Closing Date; 
 (iv) the Bills of Sale, executed by Seller; 
 (v) the Assignment and Assumption
Agreement, executed by Seller; 
 (vi) an affidavit of non-foreign status of Seller that complies with Section 1445 of the
Code (the “FIRPTA Affidavit”); 
 (vii) a domain name assignment agreement substantially in the form of
Exhibit D hereto (the “Domain Name Assignment Agreement”), transferring the Domain Names of Seller to Buyer or an Affiliate of Buyer designated by Buyer, executed by Seller; 

(viii) a trademark assignment agreement substantially in the form of Exhibit E hereto (the “Trademark Assignment
Agreement”), transferring the Marks of Seller to Buyer or an Affiliate designated by Buyer, executed by Seller; 

(ix) a license agreement substantially in the form of Exhibit F hereto (the “License Agreement”), permitting
Adams Grayson FRS LLC, a Delaware limited liability company and Adams Grayson Enterprises LLC, a Delaware limited liability company (Affiliates of Seller) to use the “ADAMSGRAYSON” name and logo in connection with its business operations
for a period of three (3) years following the Closing Date; 
 (x) all other Transaction Documents to which Seller is a
party; 
 (xi) document evidencing the name change of Seller and its Affiliates in accordance with Section 7.16 (to
be filed promptly after Closing); 
 (xii) a certificate of good standing from the Office of Tax and Revenue showing that
Seller has no outstanding tax liability with the District of Columbia; 
 (xiii) deleted; 

(xiv) evidence (which shall be in the form of one or more payoff letters and shall include evidence, in the form of UCC-3 termination
statements or otherwise, that all Liens will, subject to payment in full, be released) that Seller has paid, will pay or will cause to be paid at the Closing, all amounts required to discharge in full the Bank Debt; 

(xv) evidence that Seller’s Affiliates have agreed to vacate the Leased Premises; 

(xvi) written acknowledgment by Peter Gronvall in his capacity as a current or former optionholder of Seller that he is not entitled to
any additional amounts, including, without limitation, proceeds from the Purchase Price (except as set forth on Schedule 4.28); and 

  
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 (xvii) such other documents or instruments as Buyer may reasonably request to carry out the
intent and purposes of this Agreement including such other deeds, endorsements, assignments and other good and sufficient instruments of conveyance and transfer as Buyer may request to vest in Buyer or an Affiliate of Buyer all the right, title and
interest of Seller, in, to or under any or all of the Acquired Assets. 
 (d) Since the date hereof, there shall have been no
material change in the Business and no occurrence of any events, set of circumstances or conditions that has had or is reasonably likely to result in a material adverse effect on the properties, assets, liabilities, business, condition or prospects
of Seller, the Business or the Acquired Assets, in each case taken as a whole. 
 (e) Consent to the assignment of each of the
Contracts listed on Schedule 8.2(e) shall have been obtained in form and substance satisfactory to Buyer, and copies of such consents shall have been delivered by Seller to Buyer. 

(f) Consent to the assignment of each of the Leases listed on Schedule 8.2(f) shall have been obtained in form and substance
satisfactory to Buyer, and copies of such consents shall have been delivered by Seller to Buyer. 
 (g) The individuals listed
on Schedule 8.2(g) shall have agreed to the terms of their respective employment with Buyer or its Affiliates and shall have accepted employment offers made by Buyer in accordance with the terms of this Agreement, including by executing and
delivering to Buyer the applicable Restrictive Covenants, and shall not have withdrawn or rescinded such acceptances, and shall have entered into the offer letters and any other written agreements in connection with such acceptances. 

(h) Each employment agreement between Seller and any Transferred Personnel shall have been terminated in accordance with
Section 7.10(b). To the extent any Transferred Personnel is not party to an employment agreement with Seller, such Person shall have been terminated by Seller. 
 (i) The existence of no civil, criminal or administrative action, suit, claim, hearing, investigation or proceedings pending or threatened against Seller (or any Affiliate or personnel of Seller), in any
court, by any Governmental Entity or other Person or before any arbitrator or other tribunal that would affect the consummation of the transactions contemplated by this Agreement or the Transaction Documents. 

(j) The Customers listed on Schedule 8.2(j) shall have met jointly with Seller and Buyer to discuss Buyer’s acquisition of
the Business and such Customer’s continued relationship with the Business, and such discussion shall have been deemed satisfactory by Buyer in its sole discretion. 

  
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 8.3 Conditions to Obligations of Seller. The obligations of Seller to consummate the
transactions contemplated hereby shall be subject to the fulfillment on or prior to the Closing Date of the following conditions, any one or more of which may be waived by Seller: 

(a) Buyer shall have performed and complied with the covenants and obligations required to be performed by Buyer under this Agreement on
or prior to the Closing Date. 
 (b) The representations and warranties of Buyer contained in this Agreement and in any
Transaction Document which are qualified by materiality or material adverse effect shall be true in all respects as of the date hereof and at and as of the Closing Date, except for those representations and warranties that address matters as of a
specific date, which shall be true at and as of such date. All other representations and warranties of Buyer contained in this Agreement shall be true as of the date hereof and in all material respects at and as of the Closing Date, except for those
representations and warranties that address matters as of a specific date, which shall be true in all material respects as of such date. 
 (c) At the Closing, Buyer shall have delivered to Seller: 
 (i) the Closing Date
Payment; 
 (ii) a certificate, in form and substance reasonably satisfactory to Seller, signed by a partner or principal of
Buyer, dated as of the Closing Date, certifying as to the matters set forth in Sections 8.3(a) and 8.3(b) as of the Closing Date (the “Buyer’s Certificate”); 

(iii) the Bills of Sale, executed by Buyer; 
 (iv) the Assignment and Assumption Agreement, executed by Buyer; 
 (v) to the
extent necessary to effect transfer of the Domain Names of Seller, the Domain Name Assignment Agreement, executed by Buyer; 

(vi) the Trademark Assignment Agreement, executed by Buyer; 
 (vii) The License Agreement, executed by Buyer; and 
 (viii) all other
Transaction Documents to which Buyer is a party. 
 (d) The existence of no civil, criminal or administrative action, suit,
claim, hearing, investigation or proceedings pending or threatened against Buyer (or any Affiliate or personnel of Buyer), in any court, by any Governmental Entity or other Person or before any arbitrator or other tribunal that would affect the
consummation of the transactions contemplated by this Agreement or the Transaction Documents. 
 (e) Consent to the assignment
of each of the Leases listed on Schedule 8.2(f) shall have been obtained in form and substance satisfactory to Seller, and Buyer shall have delivered cash or letters of credit to the landlords under the Leases to replace the security deposits
posted thereunder by Seller. 

  
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 ARTICLE IX: INDEMNIFICATION 

9.1 Survival. All representations, warranties, covenants and agreements contained in this Agreement or in any Transaction Document
shall survive the Closing and remain in full force and effect (a) until sixty (60) days after the expiration of the applicable statute of limitations, with respect to matters covered by Section 4.5 (Consents and Approvals),
Section 4.17 (Compliance With Laws), Section 4.19 (Employee Benefit Plans; ERISA), and Section 4.21 (Taxes), (b) indefinitely, with respect to matters covered by Section 4.1 (Organization and Qualification), Section 4.3
(Authorization), Section 4.4 (No Violations or Conflicts), Section 4.9 (Assets), Section 4.25 (Illegal Payments), and Section 4.27 (Brokers and Finders) (together with the representations and warranties referred to in the
foregoing clause (a), collectively, the “Special Representations”), (c) for a period of eighteen (18) months following the Closing Date, with respect to matters covered by each other representation or warranty contained in
this Agreement, and (d) with respect to each other covenant or agreement contained in this Agreement or any Transaction Document, until such covenant or agreement is fully performed. If written notice of a Claim has been given and received
before the expiration of the applicable period described in the preceding sentence, the representation and warranty relevant to such Claim shall survive as to such Claim until such Claim has been finally resolved. The right to indemnification,
payment of damages or other remedy based on such representations, warranties, covenants, and agreements of Seller or the Stockholders hereunder shall not be affected by any investigation conducted by Buyer or its representatives with respect to, or
any knowledge acquired (or capable of having been acquired) about, the accuracy or inaccuracy of or compliance with, any such representation, warranty, covenant or agreement 
 9.2 Indemnification by Seller and the Stockholders. Subject to the limitations set forth in Section 9.6, Seller and each Stockholder, jointly and severally, shall indemnify, defend,
reimburse and hold harmless Buyer and its Affiliates and their respective successors and assigns, and the personnel of any of them (collectively, the “Buyer Indemnified Parties”), from and against any and all claims, losses,
damages, liabilities, obligations, assessments, penalties and interest, demands, actions and expenses, whether direct or indirect, known or unknown, absolute or contingent (including settlement costs and any reasonable legal, accounting and other
expenses for investigating or defending any actions or threatened actions) (“Loss(es)”) incurred by any Buyer Indemnified Party, arising out of or in connection with (i) any misrepresentation or breach of warranty by Seller or
any Stockholder contained in this Agreement or in any Transaction Document, (ii) any breach by Seller or any Stockholder of any covenant or other agreement contained in this Agreement or in any Transaction Document, (iii) any Excluded
Liability, (iv) any failure by Seller to comply with any “bulk sales,” “bulk transfer” or similar Laws, (v) the Unauthorized Practice of Law; (vi) lack of full compliance with immigration Law in connection with
employees; (vii) any failure by Seller to appropriately file Form 1099 with the Internal Revenue Service; or (viii) any failure by Seller to deliver tax clearance certificates. Notwithstanding the foregoing, and subject to the limitations
set forth in Section 9.6, in no event shall Peter Gronvall be responsible for more than three percent (3%) of all Losses incurred by the Buyer Indemnified Parties. 

  
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 9.3 Indemnification by Buyer. Buyer shall indemnify, defend, reimburse and hold
harmless Seller, its Affiliates and their respective successors and assigns, and the personnel and stockholders of any of them (collectively, the “Seller Indemnified Parties”), from and against any and all Losses incurred by any
Seller Indemnified Party, arising out of or in connection with (a) any misrepresentation or breach of warranty by Buyer contained in this Agreement or in any Transaction Document, (b) any breach by Buyer of any covenant or other agreement
contained in this Agreement or in any Transaction Document, (c) any Assumed Liability, (d) any claim of any third party arising out of the operation of the Business after the Closing (other than an Excluded Liability) or (e) any
liability to any party on behalf of Buyer in respect of its acting as a broker or finder in connection with the transactions contemplated by this Agreement and the Transaction Documents. 

9.4 Indemnification Procedures. 
 (a) Notice. Whenever any claim, action, suit or proceeding shall arise for which indemnification may be sought under this Article IX (a “Claim”), the Person entitled to
indemnification (the “Indemnitee”) shall promptly give notice to the party obligated to provide indemnification (the “Indemnitor”) with respect to the Claim after the receipt by the Indemnitee of information as to
the facts constituting the basis for the Claim; but the failure to timely give such notice shall not relieve the Indemnitor from any obligation under this Agreement, except to the extent, if any, that the Indemnitor is materially prejudiced thereby.

 (b) Defense by Indemnitor. Upon receipt of notice from the Indemnitee of a Claim by a third party (a “Third
Party Claim”), the Indemnitor may elect to assume the defense of such Claim by providing counsel (such counsel subject to the reasonable approval of the Indemnitee) to defend the Indemnitee against the matter from which the Third Party
Claim arose, at the Indemnitor’s sole cost, risk and expense. The Indemnitee shall cooperate, in all reasonable respects and at the Indemnitor’s sole cost, risk and expense, with the Indemnitor in the investigation, trial, defense and any
appeal arising from the matter from which the Third Party Claim arose; provided, however, that the Indemnitee may (but shall not be obligated to) participate in (but not control) any such investigation, trial, defense and any appeal
arising in connection with the Third Party Claim at its sole cost, risk and expense. If the Indemnitee elects to so participate, the Indemnitor shall cooperate with the Indemnitee, and the Indemnitor shall deliver to the Indemnitee or its counsel
copies of all pleadings and other information within the Indemnitor’s knowledge or possession reasonably requested by the Indemnitee or its counsel that is relevant to the defense of such Third Party Claim and that will not prejudice the
Indemnitor’s position, claims or defenses. Any settlement will be subject to the consent of the Indemnitee, which shall not be unreasonably withheld or delayed. The Indemnitor may not admit any liability of the Indemnitee or waive any of the
Indemnitee’s rights without the Indemnitee’s prior written consent. If the subject of any Third Party Claim results in a judgment or settlement consistent with the terms of this Section 9.4(b) for which the Indemnitor is liable
hereunder, the Indemnitor shall promptly pay such judgment or settlement. 
 (c) Defense by Indemnitee. If the Indemnitor
elects not to assume the defense of any Third Party Claim in accordance with the terms of Section 9.4(b), or if the Indemnitor fails to prosecute such defense diligently, or if the Indemnitor has, in the Indemnitee’s reasonable

  
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judgment, a conflict of interest which prevents representation as provided in Section 9.4(b), or if the Indemnitor has, in the Indemnitee’s reasonable judgment, insufficient
resources with which to conduct an adequate defense, the Indemnitee may defend against the subject of the Third Party Claim, at the Indemnitor’s sole cost, risk and expense (but limited to all reasonable fees, costs and expenses of one separate
counsel and appropriate local counsel for the Indemnitee (or multiple Indemnitees)), in such manner and on such terms as the Indemnitee reasonably deems appropriate, including settling the subject of the Third Party Claim with the consent of the
Indemnitor, which consent shall not be unreasonably withheld or delayed. The Indemnitor shall not be liable for any settlement effected without its prior consent, which shall not be unreasonably withheld or delayed. If the Indemnitee defends the
subject of a Third Party Claim in accordance with this Section 9.4(c), the Indemnitor shall cooperate with the Indemnitee and its counsel, at the Indemnitor’s sole cost, risk and expense, in all reasonable respects, and shall
deliver to the Indemnitee or its counsel copies of all pleadings and other information within the Indemnitor’s knowledge or possession reasonably requested by the Indemnitee or its counsel that are relevant to the defense of the subject of any
such Third Party Claim and that will not prejudice the Indemnitor’s position, claims or defenses. The Indemnitee shall maintain confidentiality with respect to all such information consistent with the conduct of a defense hereunder. 

9.5 Payment. All payments owing under this Article IX shall be made promptly as indemnifiable Losses are incurred.

 9.6 Limitations on Indemnification by Seller and the Stockholders. 

(a) Basket. Subject to Section 9.6(c), a Buyer Indemnified Party shall not be entitled to make a claim for
indemnification for any Losses pursuant to Section 9.2(i) until the aggregate amount of all claims for Losses exceeds Two Hundred Thousand Dollars ($200,000) (the “Basket Amount”). For purposes of this
Section 9.6, any single Loss that is less than Ten Thousand Dollars ($10,000) shall be disregarded; provided, however, that any series of Losses arising out of the same occurrence shall be aggregated and treated as a single
Loss. For greater certainty, subject to the preceding sentence, a Buyer Indemnified Party shall be entitled to make a claim for indemnification for amounts less than the Basket Amount. In the event the aggregate amount of such Losses exceeds the
Threshold, then Seller and the Stockholders shall indemnify such Buyer Indemnified Party with respect to the amount of all Losses in excess of the Basket Amount, subject to the other limitations set forth in this Section 9.6. 

(b) Cap. Notwithstanding any provision of this Agreement or any Transaction Document to the contrary, except as provided in
Section 9.6(c), the aggregate liability of Seller and the Stockholders under this Article IX for all claims arising under Section 9.2(i) shall not exceed Four Million Eight Hundred Thousand Dollars ($4,800,000).

 (c) Exclusions. Notwithstanding anything to the contrary in this Agreement, the limitations set forth in Sections
9.6(a) and 9.6(b) shall not apply to Losses arising from: (i) the Excluded Liabilities; (ii) the Unauthorized Practice of Law; (iii) lack of full compliance with immigration Law in connection with employees; (iv) the
fraud of Seller; or (v) a breach by Seller of the Special Representations. 

  
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 9.7 Additional Limitations. Subject to the terms and conditions of this Article
IX, following the Closing, the indemnification provisions contained herein are intended solely for the benefit of the Persons expressly identified in this Article IX (and their permitted successors and assigns), and are in no way intended
to, nor shall they, constitute an agreement for the benefit of, or be enforceable by, any other Person. 
 9.8 Adjustment to
Purchase Price. Any indemnification payment made pursuant to this Article IX shall be treated as an adjustment to the Purchase Price for Tax purposes. 
 9.9 Indemnification as Exclusive Remedy. Except as otherwise set forth in this Agreement, Seller, Stockholders and Buyer each agree that Article IX constitutes the exclusive right and remedy
for breach or inaccuracy of any of the representations and warranties contained in this Agreement and will be in lieu of all other remedies available at law or in equity. Notwithstanding the foregoing, nothing in this Agreement will prevent any
party from bringing an action based upon fraud or willful misconduct by the other party in connection with this Agreement. 

ARTICLE X: CERTAIN OTHER COVENANTS AND AGREEMENTS 
 10.1 Certain Acknowledgements. 
 (a) The parties hereto have determined that
it is essential to realizing the value of the Acquired Assets, including the Goodwill, acquired pursuant to this Agreement, that Buyer obtain the agreements of Seller and the Stockholders (together, the “Restricted Persons” and
each, a “Restricted Person”) set forth in this Agreement, including undertakings of each Restricted Person to protect certain Business Proprietary Information and Confidential Records and not to engage in the solicitation of certain
personnel or Customers and of certain Restricted Persons not to engage in certain competitive activities, and as to certain other matters, all as provided in this Agreement. Accordingly, Buyer has required that the covenants and agreements contained
in this Article X be delivered in this Agreement as a condition to Buyer’s willingness to enter into the transactions contemplated by this Agreement, and each Restricted Person has agreed to do so. 

(b) Each Restricted Person acknowledges and agrees that it is fair, reasonable and necessary, for the protection of the value of the
business, operations, prestige, reputation and goodwill of the Business and of the Acquired Assets to be sold by Seller and purchased by Buyer hereunder, that each Restricted Person make the agreements and covenants contained in this Agreement
applicable to such Restricted Person. 
 (c) Each Restricted Person acknowledges that Buyer would not consummate the
transactions contemplated by this Agreement without the assurance that each Restricted Person will not engage in any of the activities prohibited by Sections 10.3, 10.4 and 10.5 applicable to such Restricted Person for the
periods set forth therein. Each Stockholder understands that the provisions of Sections 10.3, 10.4 and 10.5, as may be applicable, may limit such Stockholder’s ability to earn a livelihood in a business similar to the
Business, but 

  
 38 

 
nevertheless agrees and hereby acknowledges that the consideration provided under this Agreement is sufficient to justify the restrictions contained in such provisions. Each Restricted Person
agrees to restrict such Restricted Person’s actions as provided for in Sections 10.3, 10.4 and 10.5. Each Restricted Person further acknowledges that the scope and duration of the restrictions set forth in Sections
10.3, 10.4 and 10.5 are reasonable in light of the specific nature and duration of the transactions contemplated by this Agreement and the payments made under this Agreement to Seller, of which the Stockholders are the sole
stockholders. In consideration thereof, and in light of each such Stockholder’s education, skills and abilities, each Stockholder agrees not to assert in any forum that the provisions of Sections 10.3, 10.4 and 10.5
applicable to such Stockholder prevent such Stockholder from earning a living or otherwise are void or unenforceable or should be held void or unenforceable. 
 10.2 Business Proprietary Information, Confidential Records, Intellectual Property Rights. 
 (a) Confidentiality Agreement. The terms of the Confidentiality Agreement shall continue in full force and effect in accordance with its terms until the Closing, at which time Buyer’s
confidentiality obligations under the Confidentiality Agreement shall terminate to the extent they relate to the Acquired Assets and the Business that is the subject of the transactions contemplated by this Agreement and the Transaction Documents.

 (b) Confidential Information. Each Restricted Person covenants that neither such Restricted Person nor any of its
Affiliates shall at any time after the Closing, directly or indirectly, use for such Restricted Person’s or any of its Affiliates’ own purpose or for the benefit of any Person or disclose, any Business Proprietary Information to any
Person, unless such use or disclosure has been authorized in writing by Buyer. 
 (c) Confidentiality and Surrender of
Records. Each Restricted Person covenants that neither such Restricted Person nor any of such Restricted Person’s Affiliates shall at any time directly or indirectly publish, make known or in any fashion disclose any Confidential Records
to, or permit any inspection or copying of Confidential Records by, any Person other than Buyer or any of its Affiliates, nor shall any of them retain the same, and each of them will deliver promptly to Buyer any of the same upon the Closing, except
that this Section 10.2(c) shall not prohibit the retention of a copy of such Confidential Records by any Restricted Person, at such Restricted Person’s own cost and expense, as is reasonably necessary for such Restricted
Person’s and his, her or its Affiliates’ financial reporting and accounting matters, including the preparation of Tax Returns and other reports or filings or enforcement of its rights. For purposes hereof, “Confidential
Records” means all correspondence, memoranda, files, manuals, books, lists, financial, operating or marketing records, magnetic tape, or electronic or other media or equipment of any kind which may be in the possession of any Restricted
Person or any of such Restricted Person’s Affiliates or under any of their control or accessible to any of them which contain or relate to any Business Proprietary Information, the Acquired Assets or the Assumed Liabilities, and which relate to
the Business or belong to Seller or a Stockholder. All Confidential Records shall be and remain the sole property of Buyer from and after the Closing. 

  
 39 

 (d) Certain Permitted Disclosures and Uses. None of Section 10.2(a),
10.2(b) or 10.2(c) above shall prevent any disclosure required by Law or by order of a Governmental Entity; provided, that prior to any such disclosure, the Restricted Person proposing to make such disclosure shall give Buyer
prompt written notice of any such requirement and shall cooperate with Buyer in preventing such disclosure and/or in obtaining a protective order or other means of protecting the confidentiality of all Business Proprietary Information and
Confidential Records. 
 10.3 Non-Competition. 
 (a) Restriction. Except on behalf of Buyer as approved by Buyer in writing, during the Restricted Period, no Restricted Person shall, for himself, itself or any other Person, directly or indirectly
own, manage, operate, join, control, participate in, invest in, fund, advise or otherwise be connected or associated with, in any manner (including as an Affiliate, stockholder, partner, member, principal, manager, employee, independent contractor,
agent, representative, advisor, proprietor, trustee, owner or investor), any Competing Business located, operating or doing business in the Territory. 
 The restriction set forth in this Section 10.3(a) shall not prevent a Restricted Person from purchasing or otherwise acquiring less than one percent (1%) of any class of the securities of
any Competing Business (but may not otherwise participate in the activities of such Competing Business) if such securities are listed on any national or regional securities exchange or have been registered under Section 12(g) of the Securities
Exchange Act of 1934, as amended. 
 (b) Restricted Period. For purposes hereof, “Restricted Period”
means the period beginning on the Closing Date and continuing for a period of five (5) years thereafter; provided, however, that, notwithstanding the foregoing, if the Restricted Persons are not otherwise in breach of any material obligations
under this Agreement beyond any applicable cure period, the Restricted Period shall immediately terminate if Buyer fails to pay any amounts due under Sections 3.2(c) and 3.2(d) of this Agreement within ten (10) days after written
notice of nonpayment from Seller to Buyer. 
 (c) Competing Business. For purposes hereof, “Competing
Business” means any business or venture which is engaged in the Business or which competes, directly or indirectly, with the Business. 
 (d) Territory. For purposes hereof, “Territory” means the United States and any other jurisdiction in which the Business has been conducted by Seller. 

10.4 Non-Solicitation, etc. Except on behalf of Buyer as approved by Buyer, for a period ending on the fifth
(5th) anniversary of the Closing Date, no Restricted Person shall, for himself, herself, itself or any other Person, directly or indirectly: 
 (a) contact, solicit or do business with (i) any Customer or prospective Customer within the immediately two (2) years prior to the Closing, (ii) Buyer’s and its Affiliates’
customers and (iii) each such customer’s respective Affiliates (each of the foregoing, a “Restricted Customer”), in each case relating to any Competing Business; 

  
 40 

 (b) persuade or seek to persuade any Restricted Customer or any purchaser of services from
Seller, Buyer or any of Buyer’s Affiliates to cease to do business or to reduce the amount of business which it has customarily done with Seller, Buyer or any of Buyer’s Affiliates, as applicable, or contemplates doing with Buyer or any of
Buyer’s Affiliates, whether or not the relationship between Seller, Buyer or any of Buyer’s Affiliates and such Restricted Customer was originally established in whole or in part through the efforts of Seller; 

(c) take any action which is intended, or could reasonably be expected, to harm, disparage, defame, slander, or lead to unwanted or
unfavorable publicity to Buyer or any of its Affiliates, or otherwise take any action which might detrimentally affect the reputation, image, relationships or public view of Buyer or any of its Affiliates; or 

(d) attempt to do or do any of the foregoing, or assist, permit, entice, induce, encourage or allow any of such Restricted Person’s
Affiliates, members, stockholders, or personnel or any other Person to do or attempt to do any activity which, were it done by Seller, would violate any provision of this Section 10.4. 

10.5 No Hiring of Transferred Personnel. For a period ending on the fifth (5th) anniversary of the Closing Date, no
Restricted Person shall, for himself, herself, itself or any other Person, and each Restricted Person shall cause his, her or its Affiliates not to, directly or indirectly, recruit, solicit, or hire any Transferred Personnel, nor shall such
Restricted Person or his, her or its Affiliates encourage any Transferred Personnel to terminate his or her employment or relationship with Buyer or its Affiliates; provided that this Section 10.5 shall not prohibit such
Restricted Person from recruiting, soliciting or hiring any Transferred Personnel after such Transferred Personnel has been terminated by Buyer or its Affiliates (other than in connection with a transfer of such Transferred Personnel to Buyer or one
of its Affiliates), if such Restricted Person or his, her or its Affiliates did not directly or indirectly have any communications prior to such termination regarding the prospect of employment after the Closing with a Restricted Person or his, her
or its Affiliates with such Transferred Personnel. For the avoidance of doubt, for purposes of this Section 10.5, “Transferred Personnel” shall include all Persons listed in the Reviewer Database. 

10.6 Independence Rules and Regulations. Notwithstanding any provision of this Agreement or any Transaction Document to the
contrary, if performance of or compliance with any agreement or covenant of Buyer under this Agreement or any Transaction Document is determined in good faith by Buyer or its Affiliates to be inconsistent with or in violation of Buyer’s or any
such Affiliate’s obligations pursuant to the rules and regulations of any Governmental Entity or professional entity (including the Securities and Exchange Commission, the Public Company Accounting Oversight Board and the American Institute of
Certified Public Accountants) that are applicable to Buyer or its Affiliates, then Buyer (upon notice to Seller) shall not be obligated to perform or comply with such agreement or covenant, and Seller shall not be entitled to receive any benefit in
connection with such agreement or covenant. The parties hereto acknowledge and agree that Buyer shall not incur any liability to Seller as a result of any failure to so perform or comply pursuant to this Section 10.6. 

  
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 10.7 Specific Performance. Each Restricted Person acknowledges and agrees that, by
virtue of, among other things, the extraordinary value of the Business Proprietary Information and Confidential Records, his, her or its access to and use of such information and records, and his, her or its unique knowledge of and contacts relating
to the Business, any violation of the undertakings contained in this Article X would cause Buyer immediate, substantial and irreparable injury for which it has no adequate remedy at Law. Accordingly, in the event of any violation or
threatened violation of any undertaking contained in this Article X, without limiting any other remedy available to Buyer, each Restricted Person agrees and consents to the entry of an injunction or other equitable relief by a court of
competent jurisdiction. Each Restricted Person waives posting by Buyer of any bond or any proof of actual damages otherwise necessary to secure such injunction or other equitable relief. 

ARTICLE XI: TERMINATION 
 11.1 Termination. This Agreement may be terminated at any time prior to the Closing: 
 (a) by mutual written agreement of Seller and Buyer; 
 (b) by Seller if Buyer has
materially breached its obligations under this Agreement, or by Buyer if Seller or any Stockholder has materially breached its, his or her obligations under this Agreement, in each case if such breach remains uncured for a period of thirty
(30) days after written notice thereof has been given by the non-breaching party to the breaching party; 
 (c) by Seller
if (i) there shall have been a material breach of any representation or warranty by Buyer set forth in this Agreement or in any Transaction Document and such breach has not been waived in writing or cured by Buyer within thirty (30) days
following receipt of notice of such breach, or (ii) Seller reasonably determines that there shall have been an event, change, occurrence or circumstance that has had or reasonably would be expected to have a material adverse effect on the
ability of Buyer to consummate the transactions contemplated by this Agreement; 
 (d) by Buyer if (i) there shall have
been a material breach of any representation or warranty by Seller or any Stockholder set forth in this Agreement or in any Transaction Document and such breach has not been waived in writing or cured by Seller or such Stockholder within thirty
(30) days following receipt of notice of such breach, or (ii) Buyer reasonably determines that there shall have been an event, change, occurrence or circumstance that has had or reasonably would be expected to have a material adverse
effect on the ability of Seller or any Stockholder to consummate the transactions contemplated by this Agreement; 
 (e) by
either Seller or Buyer if the Closing shall not have occurred on or before the date which is ninety (90) days following the date hereof; provided, however, that the right to terminate this Agreement under this
Section 11.1(e) shall not be available to either party whose failure to take any action required hereunder to fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing
to occur prior to such date. The party desiring to terminate this Agreement pursuant to this Section 11.1(e) shall give notice of such termination to the other party; or 

  
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 (f) by either Buyer or Seller if a Governmental Entity shall have issued an order, decree or
ruling or taken any other action (which order, decree, ruling or action the parties hereto shall use their best efforts to lift or dissolve), in each case restraining, enjoining or otherwise prohibiting the purchase and sale of the Purchased Assets
or attempting to do the same. 
 11.2 Effect of Termination. If this Agreement is terminated as provided in
Section 11.1, this Agreement shall forthwith become void and the transactions contemplated by this Agreement shall be abandoned without further action by the parties. In the event this Agreement is validly terminated in accordance with
Section 11.1, then each of the parties shall be relieved of their duties and obligations arising under this Agreement after the date of such termination and such termination shall be without liability to Buyer, Seller or any Stockholder;
provided, that nothing in this Agreement shall relieve any party hereto from liability for breach of this Agreement. 

ARTICLE XII: GENERAL PROVISIONS 
 12.1 Notices. All notices, requests, demands, consents and other communications hereunder among the parties hereto shall be in writing and shall be deemed given: (i) upon personal delivery;
(ii) three (3) days after being mailed by certified or registered mail, postage prepaid, return receipt requested; (iii) the next Business Day after being sent via a nationally recognized overnight courier service; or (iv) upon
receipt of electronic or other confirmation of transmission if sent via facsimile to the parties hereto, their successors in interest or their assignees at the following addresses and facsimile numbers, or at such other addresses or facsimile
numbers as the parties may designate by written notice in accordance with this Section 12.1: 
 (a) if to Buyer, to:

 Huron Consulting Group Inc. 
 Attention: General Counsel 
 550 W. Van Buren Street 

Chicago, Illinois 60607 
 Fax: (312) 880-3250 
 with a copy (which shall not constitute notice) to:

 McDermott Will & Emery LLP 
 Attention: Helen R. Friedli, P.C. 
 227 West Monroe Street 

Chicago, IL 60606 
 Fax: (312) 984-7700 

  
 43 

 (b) if to Seller or the Stockholders, to: 

Adams Grayson Corporation. 
 Attn: Paul Jeon 
 1625 Eye Street, NW, Suite 600 

Washington, DC 20006 
 Fax: (202) 828-1100 
 with a copy (which shall not constitute notice) to:

 Sack & Harris, P.C. 
 Attn: Robert A. Harris IV, Esq. 
 8270 Greensboro Drive, Suite 810 

McLean VA 22102 

Fax: (703) 883-0108 
 12.2 Entire Agreement; No Third-Party Beneficiaries. This Agreement, the Transaction Documents, and the Confidentiality Agreement, constitutes the entire agreement and supersedes all other prior
and contemporaneous agreements and understandings, both written and oral, among any of the parties, or any of them, with respect to the subject matter herein and therein. Except for the rights of any Seller Indemnified Parties or Buyer Indemnified
Parties pursuant to Article IX, no provisions of this Agreement are intended, nor should they be interpreted, to provide or create any third party beneficiary rights or remedies, or any other rights or remedies, of any kind whatsoever under
or by reason of this Agreement in any Person, or the legal representatives of such Person, other than the parties to this Agreement. 
 12.3 Governing Law. 
 (a) This Agreement shall be governed, including as to
validity, interpretation and effect, by, and construed in accordance with, the internal Laws of the State of Illinois applicable to agreements made and fully performed within the State of Illinois. 

(b) Each of the parties hereto hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of
the County of Cook in the State of Illinois, and of the United States of America located in the State of Illinois, for any litigation arising out of or relating to this Agreement and the transactions contemplated hereby (and agrees not to commence
any litigation relating thereto except in such courts). Each of the parties hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any litigation arising out of this Agreement or the transactions contemplated
hereby in the courts of the County of Cook in the State of Illinois, or of the United States of America located in the State of Illinois, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court
that any such litigation brought in any such court has been brought in an inconvenient forum. The parties agree that a final judgment in any such litigation shall be conclusive and may be enforced in other jurisdictions by suits on the judgment or
in any other manner provided by Law. 

  
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 12.4 Waiver of Right to Trial by Jury. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) RELATING TO THIS AGREEMENT, ANY
TRANSACTION DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 12.5 Assignment. Except as expressly
provided herein, neither this Agreement nor any of the rights, interests and obligations under this Agreement may be assigned by Buyer, on the one hand, or Seller or any Stockholder, on the other hand, without the prior written consent of the other
party, and any attempt to make any such assignment without such consent shall be null and void; provided, however, that, without the consent of Seller or any Stockholder, Buyer may (in whole or in part) transfer, assign or delegate its
rights, interests and obligations under this Agreement to any one or more of its Affiliates; provided, further, that, after the Closing, without the consent of Seller or any Stockholder, Buyer may (in whole or in part) transfer, assign
or delegate its rights, interests and obligations under this Agreement to any Person. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. No transfer, assignment
or delegation of rights, interests and obligations under this Agreement by Buyer shall operate as a release of Buyer. 
 12.6
Waiver; Amendment; Remedies Cumulative. No waiver of any term, condition or obligation of this Agreement shall be valid unless in writing and signed by the waiving party. No failure or delay by any party hereto at any time to require the
other parties hereto to perform strictly in accordance with the terms hereof shall preclude any party hereto from requiring performance by the other parties hereto at any later time. No waiver of any one or several of the terms, conditions or
obligations of this Agreement, and no partial waiver thereof, shall be construed as a waiver of any of the other terms, conditions or obligations of this Agreement. This Agreement may not be amended, changed or modified in any fashion except by
written instrument signed by Buyer, Seller and the Stockholder Representative, on his own behalf and as representative of the other Stockholders pursuant to Section 12.13. All rights and remedies existing under this Agreement are
cumulative to, and not exclusive of, any rights or remedies otherwise available. 
 12.7 Fees and Expenses. All fees,
costs and expenses incurred in connection with the preparation, negotiation, execution, delivery or performance of this Agreement, the Transaction Documents and the transactions contemplated hereby or thereby shall be the responsibility of and paid
by the party incurring such fees, costs or expenses. Notwithstanding the preceding sentence, except as otherwise provided in Section 7.13(c), Seller shall bear and pay all U.S. federal, state and local Taxes that arise out of or as a
result of this Agreement or the consummation of the transactions contemplated hereby. 

  
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 12.8 Public Announcements. 

(a) No public announcement or similar publicity with respect to this Agreement, the Transaction Documents or the transactions contemplated
hereby or thereby will be issued by any Person, including any party hereto, without the prior written consent of Buyer and Seller; provided, however, that Buyer and Seller shall each be permitted, upon prior notice to and consultation
with the other party, to make such disclosures to the public or Governmental Entities as their respective counsels shall deem necessary to maintain compliance with, or to prevent violation of, any Laws. Subject to Section 7.2, neither
Buyer nor Seller shall contact the personnel of the other party (other than the personnel of Buyer or Seller working on the transactions contemplated by this Agreement) without the prior consent of the other party. 

(b) The Buyer and Seller shall prepare a provisional press release and other publicity materials for use in the event that the process of
soliciting the approval of the Seller’s Customers results in the transactions contemplated hereby becoming publicly known prior to the Closing, or in the event of trade, press or other media enquiries resulting therefrom. Such materials shall
not be used or publicly released without the prior written consent of Buyer and Seller. 
 12.9 Right of Setoff.

 (a) Notwithstanding any provision of this Agreement or any Transaction Document to the contrary, the parties hereto hereby
acknowledge and agree that, in addition to any other right of Buyer or any other Buyer Indemnified Party under this Agreement, under any Transaction Document or otherwise, Buyer shall be entitled from time to time to setoff against any amounts
otherwise required to be paid by Buyer to Seller or its designee pursuant to this Agreement, any Transaction Document, or otherwise, any amounts owed at such time by Seller or its designee to Buyer or any other Buyer Indemnified Party under this
Agreement or any Transaction Document. 
 (b) Buyer shall not effect any setoff hereunder unless it shall have given Seller and
the Stockholders not less than five (5) Business Days notice that it intends to effect such setoff, and shall have included in such notice all materially relevant details of the amount claimed by Buyer to be owed to it with respect to which it
claims setoff. Any dispute as to the right of Buyer to such amount shall be resolved pursuant to the provisions of Section 12.3. 
 (c) In the case of any such setoff by Buyer, Buyer’s obligation to make such payment (or any portion thereof) pursuant to this Agreement shall be deemed fully satisfied and discharged to the extent
of such setoff. 
 12.10 Severability. If any provision of this Agreement, including Article X or any part
thereof, or the application of any such provision to any Person or circumstances shall be determined by any court of competent jurisdiction to be invalid or unenforceable to any extent, the remainder of this Agreement, or the application of such
provision to such Person or circumstances other than those to which it is so determined to be invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be enforced to the fullest extent permitted by Law. If any
provision of this Agreement, including Article X, or any part thereof, is held to be invalid or unenforceable because of the scope or duration of or the area covered by such provision, the parties hereto agree that the court making such
determination shall reform the scope, duration and/or area of such provision (and shall substitute appropriate provisions for any 

  
 46 

 
such invalid or unenforceable provisions) in order to make such provision enforceable to the fullest extent permitted by Law and/or shall delete specific words and phrases, and such modified
provision shall then be enforceable and shall be enforced. 
 12.11 Representation by Counsel. Each party hereto
acknowledges that such party has been advised and represented by counsel in the negotiation, execution and delivery of this Agreement and accordingly agrees that if an ambiguity exists with respect to any provision of this Agreement, such provision
shall not be construed against any party because such party or such party’s representatives drafted such provision. 

12.12 Acquisition Proposals. Prior to the earlier of the Closing Date and the termination or expiration of this Agreement, Seller
will not, directly or indirectly, through any Stockholder, personnel, Affiliate, broker or advisor, or otherwise, (a) seek, solicit, initiate or encourage the submission of inquiries, proposals or offers from any Person (other than Buyer or its
representatives or agents) relating to any acquisition or purchase of the Business or the Acquired Assets, any other material assets or equity securities of Seller or any tender or exchange offer, merger, reverse merger, consolidation, business
combination, recapitalization, refinancing, spin- off, liquidation, dissolution or similar transaction seeking, directly or indirectly, to acquire the Acquired Assets, the Business, any material assets or Seller’s equity securities (each an
“Acquisition Proposal”), (b) enter into, continue or otherwise participate or cooperate in or consider or pursue, any discussions or negotiations regarding an Acquisition Proposal, (c) furnish to any Person information
concerning Seller or the operations of Seller for any Acquisition Proposal, (d) enter into an agreement, understanding or arrangement with respect to an Acquisition Proposal, or (e) otherwise solicit or cooperate in any way with, or
assist, or participate in, facilitate or encourage any effort or attempt by any Person to make or enter into an Acquisition Proposal. The Seller shall promptly notify Buyer upon such party or any personnel of Seller receiving or becoming aware of
any Acquisition Proposal and shall promptly provide Buyer with a copy of any such written Acquisition Proposal or a written summary of any such oral Acquisition Proposal. 
 12.13 Stockholder Representative. By executing this Agreement, each Stockholder hereby agrees that Buyer, Seller and the other Indemnified Parties shall be entitled (but shall not be required) to
deal exclusively with Paul Jeon (the “Stockholder Representative”) as the sole and exclusive representative and agent of the Stockholders in respect of this Agreement and the Transaction Documents and all matters arising under or
pertaining to this Agreement and the Transaction Documents, including any amendment or waiver of any term or provision hereof or thereof; provided, that if the Stockholder Representative is unavailable for any reason, any other individual so
designated by Seller can act as representative and agent for the Stockholders pursuant to this Section 12.13. 

12.14 Facsimile Signature; Counterparts. Facsimile or electronic transmission in portable document format of any signed original
document or retransmission of any signed facsimile or electronic transmission in portable document format will be deemed the same as delivery of an original. This Agreement may be executed in one or more counterparts, each of which when executed
shall be deemed to be an original, but all of which shall constitute but one and the same agreement. 
 [Signature pages
follow] 

  
 47 

 IN WITNESS WHEREOF, each party hereto has duly executed this Asset Purchase Agreement as of
the date first above written. 
  

					
	SELLER:
		
		 	ADAMS GRAYSON CORPORATION
			
		 	By:	 	 /s/ Paul Jeon

		 	Name:	 	
		 	Title:	 	
		
		 	LEGAL SOURCE, LLC
			
		 	By:	 	Adams Grayson Corporation, its sole member
			
		 	By:	 	 /s/ Paul Jeon

		 	Name:	 	
		 	Title:	 	
		
		 	STOCKHOLDERS :
		
		 	 /s/ Paul Jeon

		 	Paul Jeon
		
		 	 /s/ Caleb King

		 	Caleb King
		
		 	 /s/ Peter Gronvall

		 	Peter Gronvall

 [Buyer signature page follows] 

  
 48 

 
					
	BUYER:
		
		 	HURON CONSULTING GROUP INC.
			
		 	By:	 	 /s/ James K. Rojas

		 	Name:	 	
		 	Title:	 	

  
 49 

 Schedule I 
 Certain Matters of Construction; Definitions 
 I. Construction of this Agreement and Certain Terms
and Phrases. 
 (a) Unless the context of this Agreement clearly indicates otherwise, (i) words of any gender include each
other gender; (ii) words denoting the singular shall include the plural and vice versa; (iii) the terms “hereof,” “herein,” “hereby” and derivate or similar words refer to this entire Agreement and not to any
particular provision of this Agreement; and (iv) the terms “Article,” “Section,” “Schedule” and “Exhibit” without any reference to a specified document refer to the specified Article, Section, Schedule
and Exhibit, respectively, of this Agreement. 
 (b) The words “including,” “include” and
“includes” are not exclusive and shall be deemed to be followed by the words “without limitation”. 
 (c)
The word “or” shall be construed to mean “and/or” unless the context clearly prohibits that construction. 

(d) Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified.

 (e) All accounting terms used herein and not expressly defined shall have the meanings given to them under GAAP. 

(f) Any reference to any federal, state, local or foreign statute or law, including any one or more sections thereof, shall be deemed
also to refer to, unless the context requires otherwise, all rules and regulations promulgated thereunder, including Treasury Regulations. 
 (g) The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

II. Certain Defined Terms. 
 As
used in this Agreement, the following terms shall have the following meanings: 
 “Accounts Receivable” means all billed and unbilled
accounts receivable of the Business, including all trade accounts receivable, notes receivable from Customers, vendor credits and rebates, and all other obligations or rights to receive payment from vendors or Customers arising from or relating to
the Purchased Contracts. 
 “Affiliate” means, with respect to a specified Person, any other Person which controls, is controlled by
or is under common control with such specified Person. For such purposes, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise. For the avoidance of doubt, each Stockholder shall be deemed to be an Affiliate of Seller for all purposes hereunder. 

 “Agreement” means this Asset Purchase Agreement, together with all Exhibits and Schedules annexed
hereto, as the same may be amended, supplemented or modified from time to time. 
 “Assignment and Assumption Agreement” means the
Assignment and Assumption Agreement to be executed by Buyer and Seller at the Closing, substantially in the form of Exhibit B attached hereto. 
 “Bank Debt” means that certain line of credit from Bank of Georgetown to Seller having an outstanding balance of approximately One Million Two Hundred Thirty-three Thousand Eight Nine and 87/100
Dollars ($1,233,089.87) (including all obligations in respect of principal, accrued interest, prepayment fees, breakage fees and any unpaid fees, expenses or other monetary obligations in respect thereof) as of the date of this Agreement.

 “Bills of Sale” means the Bill of Sale to be executed by Buyer and Seller at the Closing, substantially in the form of Exhibit
C-1 attached hereto and the Intellectual Property Bill of Sale to be executed by Buyer and Seller at the Closing, substantially in the form of Exhibit C-2 attached hereto. 
 “Business Day” means any day other than Saturday, Sunday or any other day on which banks in 
 Chicago, Illinois are required or permitted by Law to close. 
 “Business Proprietary
Information” means confidential or proprietary information of the Business which is either marked as such or given the nature of the information or circumstances surrounding its disclosure, ought reasonably to be understood to be confidential
or proprietary information and shall include: (a) the name and address of any Customer or vendor of the Business and any information concerning the transactions or relations of any Customer or vendor of the Business with Seller or any of its
Affiliates or personnel; (b) any Intellectual Property, or any information concerning any Intellectual Property employed by Seller but not generally known to its Customers, vendors or competitors, or under development by or being tested by
Seller but not at the time offered generally to Customers or vendors; (c) any information relating to Software or computer systems used by Seller or Seller’s pricing or marketing methods, margins, capital structure, operating results, or
borrowing arrangements; (d) any information which is generally regarded as confidential or proprietary in any line of business engaged in by Seller; (e) any business plans, budgets, advertising or marketing plans relating to Seller or the
Business; (f) any information contained in any written or oral policies and procedures or employee manuals of Seller; (g) any information belonging to Customers or vendors of the Business or any other Person which Seller has agreed to hold
in confidence in connection with the Business; (h) the name and address of any employee, whether full time or temporary, who provides e-discovery or similar services or project management or supervisory services on behalf of Seller; and
(i) all written, graphic and other material relating to any of the foregoing. Information that is not novel or copyrighted or patented may nonetheless be Business Proprietary Information. 

“COBRA” means Section 4980B of the Code and Part 6 of Subtitle B of Title I of ERISA. 

“Code” means the Internal Revenue Code of 1986, as amended. 

 “Confidentiality Agreement” means the Confidentiality Agreement, dated as of February 2,
2012, between Huron Consulting and Seller. 
 “Copyrights” means all domestic and foreign copyright interests in any original work of
authorship, whether registered or unregistered, including all copyright registrations or foreign equivalent, all applications for registration or foreign equivalent, all moral rights, all common- law rights, and all rights to register and obtain
renewals and extensions of copyright registrations, together with all other copyright interests accruing by reason of international copyright convention. 
 “Customers” means all Persons who have received services in the operation of the Business or to whom proposals have been made for the provision of services in the operation of the Business,
including, without limitation, the Persons set forth on Schedule 13(a). 
 “Domain Names” means all domain name registrations.

 “Environmental, Health and Safety Requirements” means, to the extent enacted and in effect on or prior to the Closing Date, all
federal, state, local and non-U.S. statutes, regulations, ordinances and similar provisions having the force or effect of law, all judicial and administrative orders and determinations, and all common law concerning public health and safety, worker
health and safety, pollution, or protection of the environment, including, without limitation, all those relating to the presence, use, production, generation, handling, transportation, treatment, storage, disposal, distribution, labeling, testing,
processing, discharge, release, threatened release, control, exposure to, or cleanup of any hazardous materials, substances, wastes, chemical substances, mixtures, pesticides, pollutants, contaminants, toxic chemicals, petroleum products or
byproducts, asbestos, polychlorinated biphenyls, noise, odor, mold or radiation. 
 “Financial Statements” means (a) the balance
sheets of Seller as of December, 31 2009, 2010 and 2011, and (b) the related income statements, statements of cash flow and stockholders equity of Seller for each of the fiscal years ended December 31, 2009, 2010 and 2011. 

“GAAP” means United States’ generally accepted accounting principles, consistently applied. “Governmental Entity” means any
nation or government, supranational body, state or political 
 subdivision thereof (including the United States or any other country or
federal, state, local or municipal subdivision thereof), and any court or administrative agency or other regulatory body, instrumentality, authority or other entity or official thereof exercising executive, legislative, judicial, regulatory or
administrative functions thereof. 
 “Intellectual Property” means: (a) all works of authorship, methodologies, models, business
processes, Software, Marks, Domain Names, Inventions, Know How, Trade Secrets and other intellectual property (i) that is owned (wholly, jointly or in part) or licensed (as licensor or licensee) by Seller, (ii) that is or has been used in
any product, service, technology or process currently offered by Seller, (iii) that is used in the Business, or (iv) that is under development by or on behalf of Seller or the Business; and (b) all rights in the foregoing, including
Copyrights, Patents, moral rights and associated goodwill. 

 “Interim Financial Statements” means (i) the balance sheet of Seller as of March 31,
2012, and (ii) the statements of income, cash flow and stockholders equity of Seller for the period ending March 31, 2012. 

“Inventions” means novel devices, processes, compositions of matter, methods, techniques, observations, discoveries, apparatuses, machines,
designs, expressions, theories and ideas, whether or not patentable. 
 “Know How” means all scientific, engineering, mechanical,
electrical, financial, marketing or practical knowledge or experience useful in the operation of Seller. 
 “Law” means, with respect
to any Person, any U.S. federal, state or local, and any foreign national, state or local, law, statute, common law, ordinance, code, treaty, rule, regulation, order, ordinance, permit, license, writ, injunction, directive, determination, judgment
or decree or other requirement of any Governmental Entity or arbitrator, in each case, applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Leases” means (i) that certain Sublease dated August 22, 2006 by and between CRA International, Inc., as
sublandlord, and Seller, as subtenant, and (ii) that certain Office Lease dated 2011 by and between 15th and L Street, LLC, as landlord, and Legalsource, LLC, as tenant, together with all extensions, amendments and/or modifications thereof and all other documents related thereto. 

“Leased Premises” means the premises located at (i) 1625 Eye Street, NW, Washington, DC, (ii) 1100 15th Street, NW, Washington, DC, and (iii) 440 Louisiana Street,
Suite 900, Houston, TX 77002. 
 “Lien” means, with respect to any asset of any Person, any mortgage, lien, pledge, charge, interest,
condition, restriction, security interest, debt, Tax, claim, option, liability, obligation and/or encumbrance of any kind (whether matured or unmatured, contingent or not) in respect of such asset. 

“Marks” means all domestic and foreign trademarks, trade dress, service marks, trade names, business names, icons, logos, slogans, and any
other indicia of source or sponsorship of goods and services, designs and logotypes related to the above, in any and all forms, all trademark registrations and applications for registration related to such trademarks (including intent to use
applications), and all goodwill related to the foregoing. 
 “Net Working Capital Amount” means (a) the current tangible assets
of Seller, including Accounts Receivable and WIP but excluding cash and cash equivalents and marketable securities, less (b) the current liabilities of Seller which are Assumed Liabilities, determined in accordance with GAAP applied on a basis
consistent with Seller’s past practices; provided that no Excluded Assets or Excluded Liabilities should be taken into account in the determination of the Net Working Capital Amount. 
 “Net Working Capital Threshold” means Four Million Six Hundred Thousand Dollars ($4,600,000.00). 

 “Patents” means all domestic and foreign patents (including certificates of invention and other
patent equivalents), provisional applications, patent applications and patents issuing therefrom as well as any division, continuation or continuation in part, reissue, extension, reexamination, certification, revival or renewal of any patent, all
Inventions and subject matter related to such patents, in any and all forms. 
 “Permitted Lien” means any carrier’s,
warehouseman’s, mechanic’s, materialman’s, repairman’s, landlord’s or similar statutory or inchoate Lien incidental to the ordinary conduct of business which involves an obligation that is not yet due. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated
organization, governmental body or authority or any other entity. 
 “Pre-Closing Tax Period” means (a) any Tax period ending on
or before the Closing Date and (b) with respect to a Tax period that commences before but ends after the Closing Date, the portion of such period up to and including the Closing Date. 
 “Prime Rate” means, for any day, the rate of interest per annum (over a year of 360 days) announced by Citibank N.A. (or any successor thereto) from time to time, as its “base
rate” in effect on such date. 
 “Seller’s knowledge” means to the knowledge of each Stockholder assuming reasonable
enquiry. 
 “Software” means (a) any and all computer or software programs (including all software implementations of models,
algorithms and methodologies, and all source code, object code, firmware, programming development and design tools, applets, compilers and assemblers), (b) machine readable databases and compilations, including any and all data and collections
of data, (c) descriptions, flow charts, models, diagrams or other work product used to design, plan, organize or develop any of the foregoing, (d) the technology supporting, and all content, including audio/video displays, contained on,
Internet site(s) and (e) all documentation, other works of authorship and media, including user manuals and materials relating to or embodying any of the foregoing or on which any of the foregoing is recorded. 

“Taxes” means any and all taxes, however denominated, imposed by Law, which taxes shall include, but not be limited to, the District of
Columbia Ballpark Tax, all net income, gross income, gross receipts, franchise, excise, occupation, estimated, alternative minimum, add-on minimum, premium, windfall profit, profits, gains, net worth, paid up capital, capital stock, greenmail,
sales, use, ad valorem, value added, stamp, natural resources, environmental, real property, personal property, custom, duty, transfer, recording, escheat, registration, documentation, leasing, insurance, social security, employment, severance,
workers’ compensation, impact, hospital, health, unemployment, disability, payroll, license, service, service use, employee or other withholding, or other tax, of any kind whatsoever, including any interest, penalties, fees, charges, levies,
assessments, duties, tariffs, imposts or additions to Tax that may become payable in respect thereof, and any liability in respect of such amounts arising as a result of being a member of any affiliated, consolidated, combined, unitary or similar
group, as a successor to another person or by Contract or otherwise. 

 “Tax Return” means any returns, declarations, reports, statements, elections, estimates, claims
for refund, information returns or other documents (including any related or supporting schedules, statements or information, any amendment to the foregoing, and any sales and use and resale certificates) filed or required to be filed in connection
with the determination, assessment or collection of any Taxes of any party or the administration of any laws, regulations or administrative requirements relating to any Taxes. 
 “Trade Secrets” means any formula, design, device or compilation, or other information which is used or held for use by a business, which gives the holder thereof an advantage or opportunity for
advantage over competitors which do not have or use the same, and which is not generally known by the public, including formulas, algorithms, models, market surveys, market research studies, client lists, information contained on drawings, diagrams
and other documents, methodologies, and information relating to research, development or testing. 
 “Transaction Documents” means the
Seller’s Certificate, the Secretary’s Certificate, the Bills of Sale, the Assignment and Assumption Agreement, the Buyer’s Certificate, the FIRPTA Affidavit, any Domain Name Assignment Agreement(s), the Trademark Assignment Agreement,
and any other agreements, instruments, certificates or other documents delivered pursuant to or in connection with this Agreement or any other such agreement, instrument, certificate or other document. 

“WIP” means all work-in-process arising from or attributable to the Purchased Contracts. 

III. Other Definitions. The following terms shall have the respective meanings set forth in the Sections or other provisions of the Agreement indicated
below: 
  

			
	 “Acquired Assets”
	  	Section 2.1
	 “Acquisition Proposal”
	  	Section 12.12
	 “Actual Net Working Capital Amount
	  	Section 3.3(b)
	 “Allocation”
	  	Section 3.4
	 “Assumed Liabilities”
	  	Section 2.3(a)
	 “Basket Amount”
	  	Section 9.6(a)
	 “Business”
	  	Recitals
	 “Buyer”
	  	Preamble
	 “Buyer Indemnified Parties”
	  	Section 9.2
	 “Buyer’s Certificate”
	  	Section 8.3(c)(ii)
	 “Claim”
	  	Section 9.4(a)
	 “Closing”
	  	Section 3.1
	 “Closing Adjustment Amount”
	  	Section 3.2(b)
	 “Closing Date”
	  	Section 3.1
	 “Closing Date Payment”
	  	Section 3.2(b)
	 “Closing Statement”
	  	Section 3.3(a)
	 “Competing Business”
	  	Section 10.3(b)
	 “Confidential Records”
	  	Section 10.2(c)

			
	 “Contracts”
	  	Section 4.13
	 “Dispute”
	  	Section 12.3(b)
	 “Dispute Notice”
	  	Section 3.3(c)
	 “Domain Name Assignment Agreement”
	  	Section 8.2(c)(vii)
	 “Employee Benefit Plans”
	  	Section 4.18(a)
	 “Enforceability Exception”
	  	Section 4.2
	 “ERISA”
	  	Section 4.18(c)
	 “Estimated Net Working Capital Amount”
	  	Section 3.3 (a)
	 “Excluded Assets”
	  	Section 2.2
	 “Excluded Contract”
	  	Section 2.2(c)
	 “Excluded Liabilities”
	  	Section 2.3(b)
	 “FAA”
	  	Section 12.3(b)(ii)
	 “FIRPTA Affidavit”
	  	Section 8.2(c)(vi)
	 “Goodwill”
	  	Section 2.1(e)
	 “Indemnitee”
	  	Section 9.4(a)
	 “Indemnitor”
	  	Section 9.4(a)
	 “License”
	  	Section 4.15(a)
	 “License Agreement”
	  	Section 8.2(c)(ix)
	 “Loss(es)”
	  	Section 9.2
	 “Negotiating Period”
	  	Section 3.3(c)
	 “Neutral Firm”
	  	Section 3.3(d)
	 “Permits”
	  	Section 4.23
	 “personnel”
	  	Section 2.3(b)(ii)
	 “Post-Closing Statement
	  	Section 3.3(b)
	 “Post-Closing Tax Period”
	  	Section 7.13(b)
	 “providing party”
	  	Section 7.7
	 “Purchase Price”
	  	Section 3.2(a)
	 “Purchased Contracts”
	  	Section 2.1(a)
	 “qualified plan”
	  	Section 4.18(c)
	 “Reconciliation Payment”
	  	Section 3.3(e)(i)
	 “Reimbursable Amount”
	  	Section 7.10(e)
	 “Related Person”
	  	Section 4.22
	 “requesting party”
	  	Section 7.7
	 “Restricted Customer”
	  	Section 10.4(a)
	 “Restricted Person(s)”
	  	Section 10.1(a)
	 “Restrictive Covenants”
	  	Section 7.10(a)
	 “Reviewer Database”
	  	Section 2.1(j)
	 “Rules”
	  	Section 12.3(b)(ii)
	 “Secretary’s Certificate”
	  	Section 8.2(c)(ii)
	 “Seller”
	  	Preamble
	 “Seller Indemnified Parties”
	  	Section 9.3
	 “Seller’s Certificate”
	  	Section 8.2(c)(i)
	 “Special Representations”
	  	Section 9.1
	 “Stockholder(s)”
	  	Preamble
	 “Stockholder Representative”
	  	Section 12.13
	 “Territory”
	  	Section 10.3(c)

  

			
	 “Third Party Claim”
	  	Section 9.4(b)
	 “Trademark Assignment Agreement”
	  	Section 8.2(c)(viii)
	 “Transfer Taxes”
	  	Section 7.13(c)
	 “Transferred Personnel”
	  	Section 7.10(a)
	 “Unauthorized Practice of Law”
	  	Section 4.29
	 “Working Capital Dispute”
	  	Section 3.3(d)Series 2012-3 Indenture Supplement

 EXHIBIT 4.1 
 SERIES 2012-3 
 INDENTURE SUPPLEMENT 

BETWEEN 

ALLY MASTER OWNER TRUST 
 ISSUING ENTITY 
 AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION 
 INDENTURE TRUSTEE 
 DATED AS OF JULY 25, 2012 

SERIES 2012-3 ASSET BACKED NOTES, 
 CLASS A-1, CLASS A-2, CLASS B, CLASS C AND CLASS D 
 AND 

SERIES 2012-3 ASSET BACKED EQUITY NOTES 
 CLASS E 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I CREATION OF SERIES 2012-3 NOTES	  	 	2	  
	 SECTION 1.01
	 	Designation.	  	 	2	  
	 SECTION 1.02
	 	Reopening of Class or Tranche of Notes.	  	 	3	  
		
	ARTICLE II DEFINITIONS	  	 	3	  
	 SECTION 2.01
	 	Definitions.	  	 	3	  
	 SECTION 2.02
	 	Other Definitional Provisions.	  	 	21	  
		
	ARTICLE III SERVICING FEE	  	 	22	  
	 SECTION 3.01
	 	Servicing Compensation.	  	 	22	  
		
	ARTICLE IV RIGHTS OF SERIES 2012-3 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	  	 	22	  
	 SECTION 4.01
	 	Collections and Allocations.	  	 	22	  
	 SECTION 4.02
	 	Determination of Monthly Interest.	  	 	23	  
	 SECTION 4.03
	 	Determination of Monthly Principal Amount.	  	 	23	  
	 SECTION 4.04
	 	Application of Available Funds on Deposit in Note Defeasance Account, Collection Account and Other Sources.	  	 	24	  
	 SECTION 4.05
	 	Series Charge-Offs.	  	 	29	  
	 SECTION 4.06
	 	Reallocated Principal Collections.	  	 	30	  
	 SECTION 4.07
	 	Excess Interest Collections.	  	 	31	  
	 SECTION 4.08
	 	Shared Principal Collections.	  	 	32	  
	 SECTION 4.09
	 	Reinstatement of Invested Amount.	  	 	32	  
	 SECTION 4.10
	 	Note Distribution Account.	  	 	33	  
	 SECTION 4.11
	 	Reserve Fund.	  	 	34	  
	 SECTION 4.12
	 	Determination of LIBOR.	  	 	35	  
	 SECTION 4.13
	 	Accumulation Period Reserve Account.	  	 	36	  
	 SECTION 4.14
	 	Transfer Restrictions.	  	 	37	  
	 SECTION 4.15
	 	Note Defeasance Account.	  	 	39	  
		
	ARTICLE V DELIVERY OF SERIES 2012-3 NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2012-3 NOTEHOLDERS	  	 	41	  
	 SECTION 5.01
	 	Delivery and Payment for Series 2012-3 Notes.	  	 	41	  
	 SECTION 5.02
	 	Distributions.	  	 	41	  
	 SECTION 5.03
	 	Reports and Statements to Series 2012-3 Noteholders.	  	 	43	  
	 SECTION 5.04
	 	Other Information to be Provided by the Indenture Trustee and the Owner Trustee.	  	 	43	  
		
	ARTICLE VI SERIES 2012-3 EARLY AMORTIZATION EVENTS AND SERIES 2012-3 EVENTS OF DEFAULT	  	 	44	  
	 SECTION 6.01
	 	Series 2012-3 Early Amortization Events.	  	 	44	  
	 SECTION 6.02
	 	Series 2012-3 Events of Default.	  	 	46	  

  
 i 

							
	 SECTION 6.03
	 	Acceleration of Maturity; Rescission and Annulment	  	 	47	  
		
	ARTICLE VII REDEMPTION OF SERIES 2012-3 NOTES; SERIES LEGAL MATURITY; FINAL DISTRIBUTIONS	  	 	48	  
	 SECTION 7.01
	 	Optional Redemption of Series 2012-3 Notes.	  	 	48	  
	 SECTION 7.02
	 	Series Legal Maturity.	  	 	49	  
		
	ARTICLE VIII MISCELLANEOUS PROVISIONS	  	 	50	  
	 SECTION 8.01
	 	Ratification of Agreement.	  	 	50	  
	 SECTION 8.02
	 	Form of Delivery of Series 2012-3 Notes.	  	 	50	  
	 SECTION 8.03
	 	Counterparts.	  	 	50	  
	 SECTION 8.04
	 	Governing Law.	  	 	50	  
	 SECTION 8.05
	 	Effect of Headings and Table of Contents.	  	 	51	  
	 SECTION 8.06
	 	Notices.	  	 	51	  

  

					
	EXHIBIT A	  	Form of Note	  	A-1
	EXHIBIT B	  	Form of Monthly Statement	  	B-1

  
 ii 

 SERIES 2012-3 INDENTURE SUPPLEMENT, dated as of July 25, 2012, by and between ALLY
MASTER OWNER TRUST, a Delaware statutory trust, as Issuing Entity, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee. 
 RECITALS 
 A. Section 2.1 of the Indenture provides, among other
things, that the Issuing Entity and the Indenture Trustee may at any time and from time to time enter into an Indenture Supplement to authorize the issuance by the Issuing Entity of Notes in one or more Series. 

B. The parties to this Indenture Supplement, by executing and delivering this Indenture Supplement, are providing for the creation of the
Series 2012-3 Notes and specifying the Principal Terms thereof. 
 In consideration of the mutual covenants and agreements
contained in this Indenture Supplement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

GRANTING CLAUSES 
 In addition to the grant of the Indenture, the Issuing Entity hereby grants to the Indenture Trustee, for the exclusive benefit of the Holders of the Series 2012-3 Notes, all of the Issuing Entity’s
right, title and interest (whether now owned or hereafter acquired) in, to and under the following (collectively, the “Series Collateral”) with respect to the Series 2012-3: 

(i) all Collections on the Receivables allocated to the Series 2012-3 Notes; 

(ii) all Eligible Investments and all monies, instruments, securities, security entitlements, documents, certificates of
deposit and other property from time to time on deposit in or credited to the Series Accounts (including any subaccount thereof) and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any
accrued discount realized on liquidation of any investment purchased at a discount) other than Investment Proceeds with respect to the Note Defeasance Account; and 

(iii) all present and future claims, demands, causes of action and choses in action regarding any of the foregoing and all
payments on any of the foregoing and all proceeds of any nature whatsoever regarding any of the foregoing, including all proceeds of the voluntary or involuntary conversion thereof into cash or other liquid property and all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any kind and other forms of obligations and receivables, instruments and other property that at
any time constitute any part of or are included in the proceeds of any of the foregoing. 

 The foregoing grants are made in trust to secure (a) the Issuing Entity’s
obligations under the Series 2012-3 Notes equally and ratably without prejudice, priority or distinction between any Series 2012-3 Note and any other Series 2012-3 Notes, other than as expressly provided in this Indenture Supplement, (b) the
payment of all other sums payable under the Series 2012-3 Notes, the Indenture and this Indenture Supplement and (c) the compliance with the terms and conditions of the Series 2012-3 Notes, the Indenture and this Indenture Supplement, all as
provided herein or therein. 
 The Indenture Trustee, as indenture trustee on behalf of the Noteholders, hereby acknowledges the
foregoing grants, accepts the trusts under this Indenture Supplement in accordance with the provisions of this Indenture Supplement, and agrees to perform the duties herein required to the end that the interests of the Noteholders may be adequately
protected. 
 ARTICLE I 
 CREATION OF SERIES 2012-3 NOTES 
 SECTION 1.01 Designation.

 (a) There is hereby created a Series of Notes to be issued by the Issuing Entity on the Closing Date pursuant to the
Indenture and this Indenture Supplement to be known as the “Series 2012-3 Asset Backed Notes” or the “Series 2012-3 Notes.” The Series 2012-3 Notes shall be issued in five Classes, the first shall be known as the
“Series 2012-3 Asset Backed Notes, Class A,” the second shall be known as the “Series 2012-3 Floating Rate Asset Backed Notes, Class B,” the third shall be known as the “Series 2012-3 Floating Rate Asset
Backed Notes, Class C,” the fourth shall be known as the “Series 2012-3 Floating Rate Asset Backed Notes, Class D,” and the fifth shall be known as the “Series 2012-3 Asset Backed Equity Notes, Class E.”
The Series 2012-3 Asset Backed Notes, Class A, shall be issued in two Tranches. The first shall be known as the “Series 2012-3 Floating Rate Asset Backed Notes, Class A-1” and the second shall be known as the
“Series 2012-3 Fixed Rate Asset Backed Notes, Class A-2.” The Series 2012-3 Notes shall be due and payable on the Series 2012-3 Legal Maturity Date. 
 (b) Series 2012-3 shall be a Nonoverconcentration Series. Series 2012-3 shall be in Excess Interest Sharing Group One and in Principal Sharing Group One. Series 2012-3 shall not be a Shared Enhancement
Series or in an Interest Reallocation Group. Series 2012-3 shall not be subordinated to any other Series. 
 (c) The Series
2012-3 Notes are “Notes” and this Indenture Supplement is an “Indenture Supplement” for all purposes under the Indenture. If any provision of the Series 2012-3 Notes or this Indenture Supplement conflicts with or is inconsistent
with any provision of the Indenture, the provisions of the Series 2012-3 Notes or this Indenture Supplement, as the case may be, control. 
 (d) Each term defined in Section 2.01 of this Indenture Supplement relates only to Series 2012-3 and this Indenture Supplement and to no other Series or Indenture Supplements. 

  
 2 

 (e) Notwithstanding anything to the contrary in the Indenture, the Series 2012-3 Notes,
other than the Class E Note, shall be issued in fully registered form in minimum amounts of $100,000 and in integral multiples of $1,000 in excess thereof (except that one Note from each such class may be issued in a different amount so long as such
amount exceeds $1,000); provided that the minimum amounts of the Series 2012-3 Notes, other than the Class E Note, shall be subject to the restrictions set forth in Section 4.14. The Class E Note shall be issued in fully registered form
in a principal amount equal to the Class E Note Principal Balance. The Class E Note will be issuable in a minimum denomination of 100% of the Class E Note Principal Balance. 
 SECTION 1.02 Reopening of Class or Tranche of Notes. 
 The Depositor may
from time to time, with notice to the Rating Agencies but without notice to, or the consent of, the holders of a Class or Tranche of Series 2012-3 Notes, create and issue additional Series 2012-3 Notes equal in rank to any Class or Tranche of Series
2012-3 Notes previously offered in all respects or in all respects, except for the payment of interest accruing prior to the Issuance Date of such additional Series 2012-3 Notes in a Class or Tranche of Series 2012-3 Notes or except for the first
payment of interest following the Issuance Date of such additional Series 2012-3 Notes in a Class or Tranche of Series 2012-3 Notes. This is called a “reopening.” When issued, the additional Series 2012-3 Notes of a Class or Tranche
shall be equally and ratably entitled to the benefits of the Indenture and this Indenture Supplement applicable to those Series 2012-3 Notes with the other Outstanding Notes of that Class or Tranche without preference, priority or distinction. These
additional Series 2012-3 Notes may be consolidated and form a single Class or Tranche with the previously issued Series 2012-3 Notes and shall have the same terms as to status, redemption or otherwise as the previously issued Series 2012-3 Notes.

 ARTICLE II 
 DEFINITIONS 
 SECTION 2.01 Definitions. 

Whenever used in this Indenture Supplement, the following words and phrases have the following meanings, and the definitions of such
terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 Accumulation Period Factor: With respect to any Collection Period, a fraction: 
 (a) the numerator of which is equal to the sum of the invested amounts of all outstanding Series in Principal Sharing Group One (including the Invested Amount for Series 2012-3) as of the last day of the
Revolving Period; and 
 (b) the denominator of which is equal to the sum of (i) the Invested Amount as of
the last day of the Revolving Period, plus (ii) the invested amounts as of the last day of the Revolving Period of all outstanding Series in Principal Sharing Group One (other than the Invested Amount for Series 2012-3) that are expected to be
paying or accumulating principal during the period from such Collection Period to the Collection Period immediately preceding the Series 2012-3 Expected Maturity Date; 

  
 3 

 provided, however, that this definition may be changed at any time upon
receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such change shall not have an Adverse Effect. 
 Accumulation Period Length: Has the meaning specified in Section 4.04(h). 
 Accumulation Period Reserve Account: Has the meaning specified in Section 4.13(a). 
 Accumulation Period Reserve Account Available Amount: With respect to each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until termination of the
Accumulation Period Reserve Account pursuant to Section 4.13(e), the lesser of: 
 (a) the amounts on
deposit in the Accumulation Period Reserve Account on such Distribution Date (before giving effect to any (i) deposits made or to be made therein pursuant to Section 4.04(a)(xi) and Section 4.04(b)(i) on such
Distribution Date or (ii) any withdrawals made or to be made therefrom pursuant to Section 4.13(c) on such Distribution Date); and 
 (b) the Accumulation Period Reserve Account Required Amount for such Distribution Date. 
 Accumulation Period Reserve Account Deposit Amount: With respect to each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until termination of the
Accumulation Period Reserve Account pursuant to Section 4.13(e), the excess of (a) the Accumulation Period Reserve Account Required Amount for such Distribution Date, over (b) the Accumulation Period Reserve Account Available
Amount for such Distribution Date. 
 Accumulation Period Reserve Account Funding Date: The Distribution Date occurring
in the third Collection Period preceding the scheduled commencement of the Controlled Accumulation Period (or such earlier or later date as may be directed by the Servicer; provided, however, that, if the Accumulation Period Reserve
Account Funding Date occurs on a later date, the Servicer expects the Accumulation Period Reserve Account to be fully funded by the commencement of the Controlled Accumulation Period). 

Accumulation Period Reserve Account Required Amount: With respect to each Distribution Date beginning on the Accumulation Period
Reserve Account Funding Date and until the Accumulation Period Reserve Account is terminated pursuant to Section 4.13(e), an amount equal to the product of (a) 0.0% (or a lower percentage upon satisfaction of the Series 2012-3
Rating Agency Condition with respect to the Series 2012-3 Notes) and (b) the Investor Note Principal Balance of the Investor Notes as of the Accumulation Period Reserve Account Funding Date. 

  
 4 

 Accumulation Period Reserve Draw Amount: With respect to any Distribution Date
relating to the Controlled Accumulation Period or the first Distribution Date relating to the Early Amortization Period, the excess, if any, of (a) the Covered Amount determined as of such Distribution Date, over (b) the portion of the
Available Series Interest Collections for such Distribution Date constituting Investment Proceeds from the Note Distribution Account and the Accumulation Period Reserve Account. 

Additional Available Series Principal Collections: With respect to any Distribution Date and the related Collection Period, an
amount equal to the sum of (i) upon the termination of the Reserve Fund pursuant to Section 4.11(e), all remaining amounts on deposit in the Reserve Fund (excluding amounts representing Investment Proceeds and after giving effect to
Section 4.04(b)(ii)), plus (ii) any Available Series Interest Collections, Reserve Fund Available Amounts and Excess Interest Collections from other Series in the same Excess Interest Sharing Group as the Series 2012-3 Notes that,
as provided in Sections 4.04(a) and (b), are to be treated as Additional Available Series Principal Collections with respect to that Distribution Date. 
 Available Series Interest Collections: With respect to any Distribution Date, an amount equal to the sum of (a) the Series Interest Collections with respect to such Distribution Date, plus
(b) all interest and Investment Proceeds on Eligible Investments credited to the Reserve Fund, the Note Distribution Account and the Accumulation Period Reserve Account (net of losses and investment expenses) during the related Collection
Period, plus (c) all withdrawals from the Accumulation Period Reserve Account pursuant to Section 4.13(c), plus (d) on the termination of the Accumulation Period Reserve Account pursuant to Section 4.13(e), all
remaining amounts on deposit in the Accumulation Period Reserve Account (excluding amounts representing Investment Proceeds and after giving effect to Section 4.13(c)). 

Available Series Principal Collections: With respect to any date, an amount equal to the sum of (i) the Series Principal
Collections for such date, plus (ii) any Shared Principal Collections with respect to other Series in Principal Sharing Group One (including any amounts on deposit in the Excess Funding Account that are allocated to Series 2012-3 pursuant to
the Indenture for application as Shared Principal Collections) for such date, plus (iii) if such date is also a Distribution Date, the amount of any Additional Available Series Principal Collections remaining after application thereof pursuant
to Section 4.04(f) being treated as Available Series Principal Collections on such date plus (iv) the amounts, if any, withdrawn from the Excess Funding Account and applied pursuant to Section 4.04(g), minus (v) the
amount of any Series Principal Collections being treated as Reallocated Principal Collections pursuant to Section 4.06. 
 Average Class A-1 Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class A-1 Note Principal Balance for each day during that period
divided by (b) the number of days in that period. 

  
 5 

 Average Class A-2 Note Principal Balance: For any period, an amount equal to the
result of (a) the aggregate of the Class A-2 Note Principal Balance for each day during that period divided by (b) the number of days in that period. 
 Average Class B Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class B Note Principal Balance for each day during that period divided by
(b) the number of days in that period. 
 Average Class C Note Principal Balance: For any period, an amount equal to
the result of (a) the aggregate of the Class C Note Principal Balance for each day during that period divided by (b) the number of days in that period. 
 Average Class D Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class D Note Principal Balance for each day during that period divided by
(b) the number of days in that period. 
 Average Net Invested Amount: For any period, an amount equal to the result
of (a) Net Invested Amount for each day during that period divided by (b) the number of days in that period. 

Back-up Servicing Fee Rate: 0.009% per annum or such other percentage (not to exceed 0.009% without satisfaction of the
Series 2012-3 Rating Agency Condition) as may be specified as such in the Back-up Servicing Agreement. 
 Bloomberg Screen
BTMM Page: The display page currently so designated on the Bloomberg Screen BTMM Page (or such other page as may replace such page in that service for the purpose of displaying comparable rates or prices). 

Class A Invested Amount: As of any date, an amount equal to (a) the Class A Note Principal Balance as of such date,
minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class A Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of
reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class A Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series
Charge-Offs allocable to the Class A Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited
to an amount that would reduce the Class A Invested Amount to zero. 
 Class A Monthly Interest: With respect
to any Interest Period and the related Distribution Date, the sum of the Class A-1 Monthly Interest and the Class A-2 Monthly Interest for such Interest Period and Distribution Date. 

Class A Note: Any one of the Class A-1 Notes or the Class A-2 Notes. 

Class A Note Initial Principal Balance: $625,000,000. 

  
 6 

 Class A-1 Monthly Interest: Has the meaning specified in
Section 4.02(a). 
 Class A-1 Notes: Any one of the Series 2012-3 Floating Rate Asset Backed Notes,
Class A-1 executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class A-1 Note Initial Principal Balance: $225,000,000. 

Class A-1 Note Interest Rate: With respect to any Interest Period, LIBOR for such Interest Period plus 0.70% per annum.

 Class A-1 Note Principal Balance: As of any date, the Class A-1 Note Initial Principal Balance, minus the
aggregate amount of any principal payments made to the Class A-1 Noteholders on or prior to such date. 
 Class A-2
Monthly Interest: Has the meaning specified in Section 4.02(b). 
 Class A-2 Notes: Any one of the
Series 2012-3 Fixed Rate Asset Backed Notes, Class A-2 executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 

Class A-2 Note Initial Principal Balance: $400,000,000. 

Class A-2 Note Interest Rate: With respect to any Interest Period, 1.21% per annum. 

Class A-2 Note Principal Balance: As of any date, the Class A-2 Note Initial Principal Balance, minus the aggregate
amount of any principal payments made to the Class A-2 Noteholders on or prior to such date. 
 Class A Note
Principal Balance: As of any date, the sum of the Class A-1 Note Principal Balance as of such date and the Class A-2 Note Principal Balance as of such date. 
 Class A Noteholder: The Person in whose name a Class A Note is registered in the Note Register. 
 Class B Invested Amount: As of any date, an amount equal to (a) the Class B Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of
Reallocated Principal Collections allocable to the Class B Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date,
but limited to an amount that would reduce the Class B Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class B Notes immediately before such date pursuant to
Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class B Invested Amount to zero. 

  
 7 

 Class B Monthly Interest: Has the meaning specified in Section 4.02(c).

 Class B Note: Any one of the Series 2012-3 Floating Rate Asset Backed Notes, Class B executed by the Issuing Entity
and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class B Note
Initial Principal Balance: $46,769,000. 
 Class B Note Interest Rate: With respect to any Interest Period, LIBOR for
such Interest Period plus 1.35% per annum. 
 Class B Note Principal Balance: As of any date, the Class B Note
Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class B Noteholders on or prior to such date. 
 Class B Noteholder: The Person in whose name a Class B Note is registered in the Note Register. 
 Class C Invested Amount: As of any date, an amount equal to (a) the Class C Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of
Reallocated Principal Collections allocable to the Class C Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date,
but limited to an amount that would reduce the Class C Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class C Notes immediately before such date pursuant to
Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class C Invested Amount to zero. 

Class C Monthly Interest: Has the meaning specified in Section 4.02(d). 

Class C Note: Any one of the Series 2012-3 Floating Rate Asset Backed Notes, Class C executed by the Issuing Entity and
authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class C Note
Initial Principal Balance: $34,014,000. 
 Class C Note Interest Rate: With respect to any Interest Period, LIBOR for
such Interest Period plus 1.80% per annum. 
 Class C Note Principal Balance: As of any date, the Class C Note
Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class C Noteholders on or prior to such date. 
 Class C Noteholder: The Person in whose name a Class C Note is registered in the Note Register. 

  
 8 

 Class D Invested Amount: As of any date, an amount equal to (a) the Class D Note
Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class D Notes immediately before such date pursuant to Section 4.06 over
(ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class D Invested Amount to zero, minus (c) the excess, if any, of (i) the
cumulative amount of Series Charge-Offs allocable to the Class D Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before
that date, but limited to an amount that would reduce the Class D Invested Amount to zero. 
 Class D Monthly Interest:
Has the meaning specified in Section 4.02(e). 
 Class D Note: Any one of the Series 2012-3 Floating Rate
Asset Backed Notes, Class D executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class D Note Initial Principal Balance: $25,510,000. 
 Class D Note
Interest Rate: With respect to any Interest Period, LIBOR for such Interest Period plus 2.35% per annum. 
 Class D
Note Principal Balance: As of any date, the Class D Note Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class D Noteholders on or prior to such date. 

Class D Noteholder: The Person in whose name a Class D Note is registered in the Note Register. 

Class E Invested Amount: 
 (a) With respect to the Closing Date, $119,047,698, and 
 (b) with respect to any
subsequent date, an amount equal to 
 (i) the Class E Invested Amount determined as of the immediately preceding
Distribution Date (or, with respect to the initial Distribution Date, the Class E Invested Amount as of the Closing Date); 
 (ii) minus (A) the amount of Reallocated Principal Collections allocable to the Class E Notes pursuant to Section 4.06, if any, since the Distribution Date immediately preceding
such date, but limited to an amount that would reduce the Class E Invested Amount to zero, plus (B) the amount of reimbursements of Reallocated Principal Collections allocable to the Class E Notes pursuant to Section 4.09, if
any, since the Distribution Date immediately preceding such date; 

  
 9 

 (iii) minus (A) the amount of Series Charge-Offs allocable to
the Class E Notes pursuant to Section 4.05(b), if any, since the Distribution Date immediately preceding such date, but limited to an amount that would reduce the Class E Invested Amount to zero, plus (B) the amount of
reimbursements of Series Charge-Offs allocable to the Class E Notes pursuant to Section 4.09, if any, since the Distribution Date immediately preceding such date; 

(iv) minus an amount equal to the product of (A) the Subordination Percentage and (B) the increase, if
any, in the Series 2012-3 Excess Funding Amount since the Distribution Date immediately preceding such date; 

(v) plus an amount equal to the product of (A) the Subordination Percentage and (B) the decrease, if any,
in the Series 2012-3 Excess Funding Amount since the Distribution Date immediately preceding such date (to the extent that the Required Nonoverconcentration Pool Balance would not exceed the Nonoverconcentration Pool Balance, any such excess to
become Class E Invested Amount on the date and to the extent that such additions would not result in the Required Nonoverconcentration Pool Balance exceeding the Nonoverconcentration Pool Balance); 

(vi) plus an amount equal to the increase, if any, in the Required Class E Invested Amount as a result of a change
in the Subordination Factor since the Distribution Date immediately preceding such date (to the extent that the Required Nonoverconcentration Pool Balance would not exceed the Nonoverconcentration Pool Balance, any such excess to become Class E
Invested Amount on the date and to the extent that such additions would not result in the Required Nonoverconcentration Pool Balance exceeding the Nonoverconcentration Pool Balance); 

(vii) minus an amount equal to the decrease, if any, in the Required Class E Invested Amount as a result of a
change in the Subordination Factor since the Distribution Date immediately preceding such date; 
 (viii)
plus the amount of any Available Series Interest Collections treated as Additional Available Series Principal Collections on such date to ensure that the Class E Invested Amount as of such date is not less than the Required Class E Invested
Amount pursuant to Section 4.04(a)(ix); 
 (ix) minus the aggregate amount of any principal
payments made to the Class E Noteholders since the Distribution Date immediately preceding such date; 
 provided, however, that
in no event shall the Class E Invested Amount as of any date be more than the Required Class E Invested Amount as of such date; provided that the Depositor may at any time and from time to time increase the Class E Invested Amount by allocating a
portion of the Nonoverconcentration Certificate Interest thereto; provided such increase shall not cause the Required Nonoverconcentration Pool Balance to exceed the Nonoverconcentration Pool Balance

  
 10 

 
or cause the Nonoverconcentration Certificate Amount to be less than the Required Nonoverconcentration Certificate Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to
increase the Class E Invested Amount without satisfaction of the Series 2012-3 Rating Agency Condition with respect to each Class of Series 2012-3 Notes in connection therewith if such increase would result in the aggregate amount of all such
increase together with all amounts resulting from a discretionary increase in the Series 2012-3 Subordination Factor and the Reserve Fund exceeding 5.0% of the Note Principal Balance as of the date of such increase. 

Class E Note: Any one of the Series 2012-3 Asset Backed Equity Notes, Class E executed by the Issuing Entity and authenticated by
or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class E Note Initial Principal
Balance: $119,047,698. 
 Class E Note Principal Balance: As of any date, the Class E Note Initial Principal Balance,
minus the aggregate amount of any principal payments made to the Class E Noteholders before such date; provided, however, that the Depositor, at any time and from time to time, may (A) in connection with an increase in the Class E
Invested Amount increase the Class E Note Principal Balance, but not in excess of the increase in the Class E Invested Amount or (B) decrease the Class E Note Principal Balance upon satisfaction of the Series 2012-3 Rating Agency Condition and
obtaining written consent of all of the Class E Noteholders. 
 Class E Noteholder: The Person in whose name a Class E
Note is registered in the Note Register. 
 Closing Date: July 25, 2012. 

Consent Rating Agency: Has the meaning set forth in the Ratings Free Writing Prospectus. 

Controlled Accumulation Amount: The result of (a) the Note Principal Balance as of the last day of the Revolving Period (less
the aggregate amount, if any, already on deposit in the Note Distribution Account and the Note Defeasance Account to pay principal of the Series 2012-3 Notes as of the close of business on the last day of the Revolving Period) divided by
(b) the number of months in the Controlled Accumulation Period. 
 Controlled Accumulation Period: Unless an Early
Amortization Event has occurred prior thereto, the period beginning on the first day of the December 2014 Collection Period or such later date as is determined in accordance with Section 4.04(h) and ending on the earlier to occur of
(a) the close of business on the day immediately preceding the commencement of the Early Amortization Period and (b) the end of the Collection Period immediately preceding the Distribution Date on which the Note Principal Balance shall be
paid in full. 
 Controlled Deposit Amount: For any Collection Period with respect to the Controlled Accumulation Period,
an amount equal to the sum of (a) the Controlled Accumulation Amount for such Collection Period and (b) any Deficit Controlled Accumulation Amount for the immediately preceding Collection Period. 

  
 11 

 Covered Amount: As of any Distribution Date on which the Servicer calculates the
Accumulation Period Reserve Draw Amount pursuant to Section 4.13(c), an amount equal to the product of (a) (i) the actual number of days in the related Collection Period divided by (ii) 360, times, (b) the product of
(i) the aggregate amount on deposit in the Note Distribution Account and the Note Defeasance Account being accumulated to pay the principal on the Series 2012-3 Notes as of the immediately preceding Distribution Date (excluding amounts
representing Investment Proceeds and after giving effect to any deposit or withdrawals therein on such preceding Distribution Date), times (ii) 0.00% (or a lower percentage upon satisfaction of the Series 2012-3 Rating Agency Condition with
respect to the Series 2012-3 Notes). 
 Deficit Controlled Accumulation Amount: (a) for the Collection Period
immediately preceding the Controlled Accumulation Period, zero, and (b) for any Collection Period in the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such Collection Period over the aggregate amount
deposited into the Note Distribution Account or the Note Defeasance Account with respect to such Collection Period. 

Determination Date: The tenth day of each calendar month, or if such tenth day is not a Business Day, the next succeeding Business
Day. 
 Distribution Date: August 15, 2012, and the 15th day of each calendar month thereafter, or if such 15th day
is not a Business Day, the next succeeding Business Day. 
 Early Amortization Period: The period beginning on the first
day on which an Early Amortization Event with respect to Series 2012-3 occurs and ending on the earlier to occur of (a) the end of the Collection Period immediately preceding the Distribution Date on which the Note Principal Balance shall be
paid in full and (b) the Series 2012-3 Legal Maturity Date. 
 Excess Interest Collections: With respect to Series
2012-3, the meaning specified in Section 4.07. 
 Fixed Series Percentage: With respect to any date, the
percentage equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the Net Invested Amount as of such date or, if the Revolving Period is no longer in effect, as of the close of business on the last day of the Revolving
Period and (b) the denominator of which is the greater of (i) the Adjusted Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection Period (or, in the case of the first
Collection Period, the Closing Date) and (ii) the sum of the numerators used to calculate the applicable fixed series percentages for allocating Nonoverconcentration Principal Collections to all outstanding Series (including Series 2012-3) with
respect to such date. 

  
 12 

 Floating Series Percentage: With respect to any Collection Period, the percentage
equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the Average Net Invested Amount for that Collection Period and (b) the denominator of which is the greater of (i) the average of the Adjusted
Nonoverconcentration Pool Balance for each day during such Collection Period and (ii) the sum of the numerators used to calculate the applicable floating series percentages for allocating Nonoverconcentration Interest Collections to all
outstanding Series (including Series 2012-3) with respect to such Collection Period. 
 Indenture: The Indenture, dated
as of February 12, 2010, between the Issuing Entity and the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 
 Indenture Supplement: This Series 2012-3 Indenture Supplement, as the same may be amended, supplemented or otherwise modified from time to time. 

Initial Invested Amount: With respect to the Series 2012-3 Notes, the Initial Note Principal Balance. 

Initial Note Principal Balance: The sum of (a) the Class A Note Initial Principal Balance, plus (b) the Class B
Note Initial Principal Balance, plus (c) the Class C Note Initial Principal Balance, plus (d) the Class D Note Initial Principal Balance, plus (e) the Class E Note Initial Principal Balance. 

Insolvency Event of Default: With respect to the Series 2012-3, any Event of Default specified in Sections 6.02(e)
or (f). 
 Interest Collections Shortfall: Has, with respect to Series 2012-3, the meaning specified in
Section 4.07. 
 Interest Period: With respect to any Distribution Date, the period from and including the
Distribution Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date. 

Invested Amount: The sum of the Investor Invested Amount and the Class E Invested Amount. 

Investor Invested Amount: As of any date, the sum of the Class A Invested Amount, the Class B Invested Amount, the Class C
Invested Amount and the Class D Invested Amount, in each case, as of such date. 
 Investor Note Principal Balance: As of
any date of determination, the sum of the Class A Note Principal Balance, the Class B Note Principal Balance, the Class C Note Principal Balance and the Class D Note Principal Balance, in each case, as of such date. 

  
 13 

 Investor Notes: The Class A Notes, the Class B Notes, the Class C Notes and the
Class D Notes. 
 LIBOR: With respect to any Interest Period, the London interbank offered rate for one-month United
States dollar deposits determined by the Indenture Trustee for such Interest Period pursuant to Section 4.12. 

LIBOR Determination Date: With respect to any Interest Period, the second London Business Day before the commencement of such
Interest Period. 
 London Business Day: Any day other than a Saturday, Sunday or any other day on which banks in London
are required or authorized to be closed for business. 
 Majority of Manufacturers: Two or more Manufacturers that the
aggregate amount of all Eligible Principal Receivables held by the Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufactured by one of those Manufacturers is 50.0% or more of the Pool Balance.

 Monthly Back-up Servicing Fee: With respect to any Distribution Date on which the Back-up Servicing Agreement is in
effect, an amount equal to the greater of (a) one-twelfth (or, with respect to the first Distribution Date, 30/360) of the product of (i) the Back-up Servicing Fee Rate, (ii) the Floating Series Percentage for the related Collection
Period and (iii) the Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection Period and (b) $4,000. 
 Monthly Interest: With respect to any Distribution Date, the sum of (a) the Class A Monthly Interest for such Distribution Date, plus (b) the Class B Monthly Interest for such
Distribution Date, plus (c) the Class C Monthly Interest for such Distribution Date, plus (d) the Class D Monthly Interest for such Distribution Date. 
 Monthly Nonoverconcentration Defaulted Amount: With respect to any Collection Period, the aggregate of Nonoverconcentration Defaulted Amounts for each day in that Collection Period. 

Monthly Payment Rate: For any Collection Period, the percentage equivalent of a fraction (a) the numerator of which is
the Principal Collections for such Collection Period with respect to Principal Receivables arising under the Scheduled Accounts and (b) the denominator of which is the average daily aggregate principal balance of all Principal Receivables
arising under the Scheduled Accounts during such Collection Period.  
 Monthly Principal Amount: With respect to
any Collection Period, the aggregate amount required to be deposited into the Note Distribution Account or the Note Defeasance Account with respect to that Collection Period in respect of the Series 2012-3 Notes as determined pursuant to
Section 4.03. 

  
 14 

 Monthly Servicing Fee: With respect to any Distribution Date, an amount equal to
one-twelfth (or, with respect to the first Distribution Date, 30/360) of the product of (a) the Servicing Fee Rate, (b) the Floating Series Percentage for the related Collection Period and (c) the Nonoverconcentration Pool Balance as
of the close of business on the last day of the immediately preceding Collection Period. 
 Monthly Statement: Has the
meaning specified in Section 5.03(b). 
 Net Invested Amount: With respect to the Series 2012-3 Notes as of any date
of determination, the sum of (a) the Net Investor Invested Amount as of such date and (b) the excess, if any, of (i) the Class E Invested Amount as of such date over (ii) the sum of (1) the Note Distribution Account Amount
allocated to pay principal of the Class E Notes, if any, on such date and (2) the amount on deposit in the Note Defeasance Account (excluding amounts representing Investment Proceeds) on that date allocated to pay principal of the Class E
Notes, if any, on such date. 
 Net Investor Invested Amount: With respect to the Investor Notes as of any date of
determination, the excess, if any, of (i) the Investor Invested Amount as of such date over (ii) the sum of (1) Note Distribution Account Amount allocated to pay principal of the Investor Notes, if any, on such date and (2) the
amount on deposit in the Note Defeasance Account (excluding amounts representing Investment Proceeds) on that date allocated to pay principal of the Investor Notes, if any, on such date. 

Note Defeasance Account: Has the meaning specified in Section 4.15(a). 

Note Distribution Account: Has the meaning specified in Section 4.10(a). 

Note Distribution Account Amount: On any date, an amount equal to the sum of (a) the amount on deposit in the Note
Distribution Account (excluding amounts representing Investment Proceeds) on that date and (b) the aggregate amount of outstanding Permitted Delayed Remittances with respect to the Note Distribution Account. 

Note Principal Balance: As of any date of determination, the sum of the Investor Note Principal Balance on such date and the Class
E Note Principal Balance on such date. 
 Notice Rating Agency: Has the meaning set forth in the Ratings Free Writing
Prospectus. 
 Principal Sharing Group One: Series 2012-3 and each other Series specified in the related Indenture
Supplements to be included in Principal Sharing Group One. 
 Principal Shortfall: With respect to Series 2012-3, the
meaning specified in Section 4.08. 
 Rating Agency: Has the meaning set forth in the Ratings Free Writing
Prospectus. 

  
 15 

 Ratings Free Writing Prospectus: The issuer free writing prospectus, as defined in
Rule 433 of the Securities Act, filed by the Depositor on July 16, 2012, relating to the Series 2012-3 Notes. 

Reallocated Principal Collections: With respect to any Distribution Date, the amounts applied in accordance with
Section 4.06 in an amount not to exceed: 
 (a) with respect to amounts to be applied to pay Monthly
Servicing Fees, Monthly Back-up Servicing Fees, and Class A Monthly Interest, the sum of the Class A Invested Amount, the Class B Invested Amount, Class C Invested Amount, Class D Invested Amount and Class E Invested Amount for that
Distribution Date (in each case, after giving effect to any change in that amount on that date); 
 (b) with
respect to amounts to be applied to pay Class B Monthly Interest, the sum of the Class B Invested Amount, the Class C Invested Amount, the Class D Invested Amount and the Class E Invested Amount (in each case, after giving effect to any change in
that amount on that date, including clause (a) above); 
 (c) with respect to amounts to be applied to pay
Class C Monthly Interest, the sum of the Class C Invested Amount, the Class D Invested Amount and the Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clauses (a) and
(b) above); and 
 (d) with respect to amounts to be applied to pay Class D Monthly Interest, the sum of the
Class D Invested Amount and the Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clauses (a), (b) and (c) above). 

Reassignment Amount: With respect to any Distribution Date, after giving effect to any deposits and distributions otherwise to be
made on such Distribution Date, the sum of (a) the Note Principal Balance on such Distribution Date, plus (b) the Monthly Interest for such Distribution Date, together with any Monthly Interest previously due but not paid to the Series
2012-3 Noteholders on prior Distribution Dates. 
 Required Accumulation Factor Number: A fraction, rounded upwards to
the nearest whole number, the numerator of which is one and the denominator of which is equal to the lowest Monthly Payment Rate on the Accounts, expressed as a decimal, for the 12 months preceding the date of such calculation; provided,
however, that this definition may be changed at any time upon receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such change shall not have an Adverse Effect. 

Required Class E Invested Amount: As of any Distribution Date, the product of (i) the Subordination Percentage and
(ii) the excess, if any, of (A) (1) with respect to any Distribution Date occurring during the Controlled Accumulation Period or the Early Amortization Period, the 

  
 16 

 
Net Investor Invested Amount as of the last day of the Revolving Period, and (2) with respect to any Distribution Date occurring during the Revolving Period, the Net Investor Invested Amount
as of such Distribution Date, over (B) the Series 2012-3 Excess Funding Amount on such date (after giving effect to any changes in such amount on such date). 
 Required Pool Percentage: 102%, except that the Depositor may reduce this percentage so long as the Series 2012-3 Rating Agency Condition is satisfied with respect to the Series 2012-3 Notes, but
without the consent of any Noteholder or any other Person. 
 Reserve Fund: Has the meaning specified in
Section 4.11(a). 
 Reserve Fund Available Amount: With respect to any Distribution Date, the lesser of
(a) the amount on deposit in the Reserve Fund on such date (excluding any Investment Proceeds on amounts on deposit therein and before giving effect to any (i) deposit made or to be made therein pursuant to Section 4.04(a) on
such date or (ii) any withdrawal made or to be made therefrom pursuant to Section 4.04(b)(ii) on such date) and (b) the Reserve Fund Required Amount for such Distribution Date. 

Reserve Fund Deposit Amount: With respect to any Distribution Date, the excess, if any, of (a) the Reserve Fund Required
Amount for such Distribution Date, over (b) the Reserve Fund Available Amount for such Distribution Date. 
 Reserve
Fund Initial Amount: $8,503,407. 
 Reserve Fund Required Amount: With respect to any Distribution Date, an amount
equal to the product of Reserve Fund Required Percentage and the Invested Amount as of such Distribution Date (after giving effect to any changes therein on such Distribution Date); provided, however, that the Depositor may, in its
discretion, increase or, upon satisfaction of the Series 2012-3 Rating Agency Condition, decrease the Reserve Fund Required Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Reserve Fund Required Amount in
its discretion without satisfaction of the Series 2012-3 Rating Agency Condition if such increase would result in the aggregate amount of all such increases together with all amounts added to the Class E Invested Amount and all amount resulting from
a discretionary increase in the Class E Invested Amount or in the Subordination Factor exceeding 5.0% of the Note Principal Balance as of the date of such increase. 
 Reserve Fund Required Percentage: As of any date, 1.00%; provided, however, that in the event the Subordination Factor would otherwise be required to increase as a result of a decrease in the
Monthly Payment Rate in accordance with the definition of Subordination Factor, the Depositor may by delivering an Officer’s Certificate to the Indenture Trustee and the Rating Agencies prior to the date such increase was to become effective,
elect to increase the Reserve Fund Required Percentage in an amount in percentage points equal to (i) an additional 2.20% rather than increasing the Subordination Factor by 2.57% pursuant to clause (i) of the first proviso of the
definition of Subordination Factor, (ii) an additional 2.40% rather than increasing 

  
 17 

 
the Subordination Factor by 2.81% pursuant to clause (ii) of the first proviso of the definition of Subordination Factor or (iii) an additional 2.65% rather than increasing the
Subordination Factor by 3.10% pursuant to clause (iii) of the first proviso of the definition of Subordination Factor. In the event that the Depositor shall elect to so increase the Reserve Fund Required Percentage rather than the Subordination
Factor, any increase in the Monthly Payment Rate that otherwise would have resulted in a decrease in the Subordination Factor will alternatively result in corresponding decrease in the Reserve Fund Required Percentage to the extent that the Reserve
Fund Required Percentage had been increased rather than making the corresponding increase in the Subordination Factor. The election of the Depositor to increase the Reserve Fund Required Percentage rather than increasing the Subordination Factor
shall be deemed not to be a discretionary increase. 
 Reserve Fund Trigger Amount: As of any date, an amount equal to
the product of 1.00% and the Invested Amount on such date (after giving effect to any changes therein on such date); provided, however, that, if the Reserve Fund Required Amount has been increased solely as a result of the decrease in the Three
Month Average Payment Rate, then with respect to that Distribution Date and each Distribution Date thereafter until the amount on deposit in the Reserve Fund equals the Reserve Fund Required Amount, the Reserve Fund Trigger Amount will equal $0.

 Revolving Period: The period beginning on the Closing Date and ending on the earlier of the close of business on the
day immediately preceding the date on which the Controlled Accumulation Period or the Early Amortization Period commences. 

Series 2012-3: The Series of Notes, the Principal Terms of which are specified in this Indenture Supplement. 

Series 2012-3 Early Amortization Event: Has the meaning specified in Section 6.01. 

Series 2012-3 Excess Funding Amount: As of any date of determination, the product of (a) the amount on deposit in the Excess
Funding Account (excluding amounts representing Investment Proceeds) on such date, times (b) a fraction (i) the numerator of which is the Net Invested Amount as of such date and (ii) the denominator of which is the sum of the net
invested amounts of each outstanding Nonoverconcentration Series (including Series 2012-3) being allocated a portion of the funds on deposit in the Excess Funding Account. 
 Series 2012-3 Event of Default: Has the meaning specified in Section 6.02. 
 Series 2012-3 Expected Maturity Date: The June 2015 Distribution Date. 

Series 2012-3 Insolvency Event of Default: The Series 2012-3 Events of Default set forth in clauses (e) or
(f) of Section 6.02. 
 Series 2012-3 Issuing Entity Insolvency Event of Default: The Series
2012-3 Event of Default set forth in clause (f) of Section 6.02. 

  
 18 

 Series 2012-3 Legal Maturity Date: The June 2017 Distribution Date. 

Series 2012-3 Note: A Class A Note, a Class B Note, a Class C Note, a Class D Note or a Class E Note. 

Series 2012-3 Noteholder: A Class A Noteholder, a Class B Noteholder, a Class C Noteholder, a Class D Noteholder or a Class E
Noteholder. 
 Series 2012-3 Noteholders’ Collateral: The Noteholders’ Collateral for the Series 2012-3.

 Series 2012-3 Private Notes: The Series 2012-3 Class B Notes, the Series 2012-3 Class C Notes, the Series 2012-3 Class
D Notes and the Series 2012-3 Class E Notes. 
 Series 2012-3 Rating Agency Condition: The condition that each of the
Consent Rating Agencies with respect to the Series 2012-3 Notes shall have notified the Depositor, the Servicer and the Issuing Entity in writing that such action shall not result in a downgrade, suspension or withdrawal of the then current rating
of the Series 2012-3 Notes then rated by such Rating Agency; provided, however, that with respect to each Notice Rating Agency, it shall be sufficient that such Notice Rating Agency shall be given prior written notice thereof. 

Series Accounts: With respect to Series 2012-3, the Note Distribution Account, the Note Defeasance Account, the Reserve Fund and
the Accumulation Period Reserve Account. 
 Series Charge-Offs: Has the meaning specified in Section 4.05.

 Series Collateral: Has the meaning specified in the granting clauses of this Indenture Supplement. 

Series Cut-Off Date: The close of business on July 1, 2012. 

Series Defaulted Amount: With respect to any Distribution Date, the amount of the Nonoverconcentration Defaulted Amount for the
related Collection Period allocated to the Series 2012-3 pursuant to Section 4.01(d). 
 Series Defaulted
Percentage: With respect to any Collection Period, the Floating Series Percentage. 
 Series Interest Collections:
With respect to any Distribution Date, the amount of Nonoverconcentration Interest Collections for the related Collection Period (and, in the case of the initial Distribution Date, the prior Collection Period) allocated to the Series 2012-3 pursuant
to Section 4.01(b). 
 Series Interest Percentage: With respect to any Collection Period, the Floating Series
Percentage. 

  
 19 

 Series Principal Collections: With respect to any date, the amount of the
Nonoverconcentration Principal Collections for that date allocated to the Series 2012-3 pursuant to Section 4.01(c). 
 Series Principal Percentage: For any date, the Fixed Series Percentage. 

Series Required Certificate Amount: On any date, the product of (a) the excess, if any, of (i) the Required Pool
Percentage over (ii) 100% and (b) the Net Invested Amount on that date. 
 Shared Principal Collections: With
respect to Series 2012-3, has the meaning specified in Section 4.08. 
 Significant Manufacturer: As of any
date, a Manufacturer that the aggregate amount of all Eligible Principal Receivables held by the Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufacturer by such Manufacturer is 35.0% (or, in the
case of Chrysler, 25.0%) or more of the Pool Balance. 
 Special Pass-Through Entity: A grantor trust, S corporation, or
partnership where more than 50% of the value of a beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Class B Note, Class C Note, and/or Class D Note, as applicable.

 Subordination Factor: As of any date, 14.00%; provided, however, that if on any Distribution Date, the
Three Month Average Payment Rate is (i) less than 25.00% but greater than or equal to 22.50%, (ii) less than 22.50% but greater than or equal to 20.00%, or (iii) less than 20.00%, then on the next Distribution Date, the Subordination
Factor shall be increased by (i) 2.57% over what it would have been had the Three Month Average Payment Rate been greater than or equal to 25.00%, (ii) 2.81% over what it would have been had the Three Month Average Payment Rate been less
than 25.00% but greater than or equal to 22.50%, or (iii) 3.10% over what it would have been had the Three Month Average Payment Rate been less than 22.50% but greater that or equal 20.00%, respectively; provided, however, that if
after any such increase in the Subordination Factor, on any Distribution Date the Three Month Average Payment Rate as of Distribution Date is, and the Three Month Average Payment Date with respect to each of the two prior Distribution Dates was,
(i) greater than or equal 20.00% but less than 22.50%, (ii) greater than or equal to 22.50% but less than 25.00% or (iii) greater than or equal to 25.00%, then on the next Distribution Date, the Subordination Factor shall be decreased
by (i) 3.10% over what it would have been had the Three Month Average Payment Rate been less than 20.00%, (ii) 2.81% over what it would have been had the Three Month Average Payment Rate been less than 22.50% but greater than or equal to
20.00% or (iii) 2.57% over what it would have been had the Three Month Average Payment Rate been less than 25.00% but greater than or equal to 22.50%, respectively; provided, further, that the Depositor may, by delivering an
Officer’s Certificate to the Indenture Trustee and the Rating Agencies prior to the date such increase was to become effective, elect to increase the Reserve Fund Required Percentage by an additional amount in percentage points equal to 2.20%,
2.40%, or 2.65%, as 

  
 20 

 
applicable, pursuant to the proviso in the definition of “Reserve Fund Required Percentage” rather than increasing the Subordination Factor by an additional 2.57%, 2.81%, or 3.10%,
respectively. In addition, the Depositor may (a) in its discretion increase the Subordination Factor, increasing the Subordination Percentage and thereby increasing the Class E Invested Amount and the Class E Principal Amount by an amount equal
to the product of (i) the increase in the Subordination Percentage and (ii) the excess, if any, of (A) the Net Invested Amount over (B) the Series 2012-3 Excess Funding Amount on such date (after giving effect to any changes in
such amount on such date); provided such increase shall not cause the Required Nonoverconcentration Pool Balance to exceed the Nonoverconcentration Pool Balance or cause the Nonoverconcentration Certificate Amount to be less than the Required
Nonoverconcentration Certificate Amount or (b) upon satisfaction of the Series 2012-3 Rating Agency Condition with respect to each Class of Series 2012-3 Notes in connection therewith, decrease the Subordination Factor, with corresponding
decreases in the Subordination Percentage, the Class E Invested Amount and the Class E Principal Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Subordination Factor in its discretion without satisfaction
of the Series 2012-3 Rating Agency Condition with respect to each Class of Series 2012-3 Notes in connection therewith if such increase would result in the aggregate amount of all such increases together with discretionary increases in the Class E
Invested Amount and the Reserve Fund exceeding 5.0% of the Note Principal Balance as of the date of such increase. 

Subordination Percentage: As of any date, an amount (expressed as a percentage) equal to (a) the Subordination Factor divided
by (b) the result of 100% minus the Subordination Factor. 
 Three Month Average Payment Rate: As of any
Distribution Date, the arithmetic average of the Monthly Payment Rate determined with respect to each of the three Collection Periods immediately preceding such Distribution Date. 

SECTION 2.02 Other Definitional Provisions. 
 (a) Certain capitalized terms used but not otherwise defined in this Indenture Supplement shall have the respective meanings assigned to them in Part I of the Appendix A to the Trust Sale
and Servicing Agreement, dated as of February 12, 2010 (the “Trust Sale and Servicing Agreement”), among Ally Master Owner Trust, Ally Wholesale Enterprises LLC, Ally Bank, and Ally Financial Inc. (formerly GMAC Inc.)
(including any successors or assigns thereto, “Ally Financial”), as amended, supplemented, restated or otherwise modified from time to time. 
 (b) All references herein to “this Indenture Supplement” are to this Indenture Supplement as it may be amended, supplemented or modified from time to time, and all references herein to Articles,
Sections, subsections and exhibits are to Articles, Sections, subsections and exhibits of this Indenture Supplement unless otherwise specified. 
 (c) All terms defined in this Indenture Supplement shall have the defined meanings when used in any certificate, notice, Note or other document made or delivered pursuant hereto unless otherwise defined
therein. 

  
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 (d) The rules of construction set forth in Part II of Appendix A to the Trust
Sale and Servicing Agreement shall be applicable to this Indenture Supplement. 
 ARTICLE III 

SERVICING FEE 
 SECTION
3.01 Servicing Compensation. 
 The share of the Servicing Fee and the Back-up Servicing Fee, respectively, allocable to
the Series 2012-3 Noteholders with respect to any Distribution Date is equal to the Monthly Servicing Fee and the Monthly Back-up Servicing Fee, respectively. The portion of the Servicing Fee and Back-up Servicing Fee that is not allocable to the
Series 2012-3 Noteholders shall be paid by the holders of the Certificate Interest or the Noteholders of other Series (as provided in the related Indenture Supplements) and in no event shall the Issuing Entity, the Indenture Trustee or the Series
2012-3 Noteholders be liable for the share of the Servicing Fee or the Back-up Servicing Fee to be paid by the holders of the Certificate Interest or the Noteholders of any other Series. 

ARTICLE IV 

RIGHTS OF SERIES 2012-3 NOTEHOLDERS 
 AND ALLOCATION AND APPLICATION OF COLLECTIONS 
 SECTION 4.01 Collections
and Allocations. 
 (a) Allocations to Series 2012-3. As provided in Section 8.4(a) of the Indenture,
Nonoverconcentration Interest Collections, Nonoverconcentration Principal Collections and Nonoverconcentration Defaulted Amounts shall be allocated to Series 2012-3 and then applied in accordance with this Article IV. No Overconcentration
Interest Collections, Overconcentration Principal Collections or Overconcentration Defaulted Amounts shall be allocated to the Series 2012-3. 
 (b) On each Determination Date beginning on the Determination Date in August 2012, the Servicer shall allocate to the Series 2012-3 an amount of Nonoverconcentration Interest Collections for the related
Collection Period (and, in the case of the initial Distribution Date, the prior Collection Period) equal to the product of (i) the Series Interest Percentage for the related Collection Period, and (ii) the Nonoverconcentration Interest
Collections for such Collection Period; provided, however, that for purposes of calculating the Series Interest Percentage for this Section 4.01(b), the Series 2012-3 Notes shall be deemed to have been outstanding since the
Series Cut-Off Date. 
 (c) On each Business Day beginning on the Closing Date, the Servicer shall allocate to the Series 2012-3
an amount of Nonoverconcentration Principal Collections for that date equal to the product of (i) the Series Principal Percentage for that date and (ii) the Nonoverconcentration Principal Collections for such that date. 

  
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 (d) On each Determination Date beginning on the Determination Date in August 2012, the
Servicer shall allocate to the Series 2012-3 an amount of the Nonoverconcentration Defaulted Amount for the related Collection Period equal to the product of (i) the Series Defaulted Percentage for the related Collection Period and
(ii) the Monthly Nonoverconcentration Defaulted Amount for the related Collection Period. 
 SECTION 4.02 Determination
of Monthly Interest. 
 (a) The amount of monthly interest due with respect to the Class A-1 Notes for any Distribution
Date and the related Interest Period (the “Class A-1 Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in
the related Interest Period and the denominator of which is 360, times (ii) the Class A-1 Note Interest Rate, times (iii) the Average Class A-1 Note Principal Balance for the related Interest Period. 

(b) The amount of monthly interest due with respect to the Class A-2 Notes for any Distribution Date and the related Interest Period
(the “Class A-2 Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) one-twelfth (or, in the case of the August 2012 Distribution Date, a fraction, the numerator of which is
20 and the denominator of which is 360), times (ii) the Class A-2 Note Interest Rate, times (iii) the Average Class A-2 Note Principal Balance for the related Interest Period. 

(c) The amount of monthly interest due with respect to the Class B Notes for any Distribution Date and the related Interest Period (the
“Class B Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the
denominator of which is 360, times (ii) the Class B Note Interest Rate, times (iii) the Average Class B Note Principal Balance for the related Interest Period. 
 (d) The amount of monthly interest due with respect to the Class C Notes for any Distribution Date and the related Interest Period (the “Class C Monthly Interest”) shall be calculated by
the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (ii) the Class C Note Interest Rate,
times (iii) the Average Class C Note Principal Balance for the related Interest Period. 
 (e) The amount of monthly
interest due with respect to the Class D Notes for any Distribution Date and the related Interest Period (the “Class D Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) a
fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (ii) the Class D Note Interest Rate, times (iii) the Average Class D Note Principal Balance for the
related Interest Period. 
 SECTION 4.03 Determination of Monthly Principal Amount. 

The aggregate amount of monthly principal to be deposited into the Note Defeasance Account or the Note Distribution Account with respect
to any Collection Period in the Controlled 

  
 23 

 
Accumulation Period or, if earlier, any Collection Period or portion thereof in the Early Amortization Period (the “Monthly Principal Amount”), shall be equal to the least of
(a) the sum of (i) the Available Series Principal Collections for each Business Day during such Collection Period, (ii) Additional Available Series Principal Collections for the related Distribution Date and (iii) any Series
2012-3 Excess Funding Amount with respect to such period, (b) for each Collection Period with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Collection Period, and (c) the Net Invested Amount (after
taking into account any adjustments to be made on the related Distribution Date pursuant to Sections 4.05 and 4.06). 
 SECTION 4.04 Application of Available Funds on Deposit in Note Defeasance Account, Collection Account and Other Sources. 
 (a) On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series Interest Collections with respect to
such Distribution Date, (x) on deposit in the Collection Account, and (y) solely to make the allocations, distributions or deposits specified in clauses (ii) through (v) below, in the manner and order set forth therein, on
deposit in the Note Defeasance Account (excluding amounts representing Investment Proceeds), in the following priority: 
 (i) first, an amount equal to the Monthly Servicing Fee for such Distribution Date, together with any Monthly Servicing Fees previously due but not paid to the Servicer on prior Distribution Dates, shall
be distributed to the Servicer (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4 of the Indenture); second, pro rata, an amount equal to the accrued and unpaid fees, expenses
and indemnities owed to the Indenture Trustee, the Owner Trustee, the Administrator and any other fees or expenses of the Issuing Entity payable by the Servicer or the Administrator (to the extent not paid by the Servicer or the Administrator) shall
be distributed to the Indenture Trustee, the Owner Trustee, the Administrator, or the Person to whom such payment is owed, as applicable, provided that the amount distributed pursuant to this clause second shall not exceed $150,000 in any
calendar year; third, an amount equal to the Monthly Back-up Servicing Fee for such Distribution Date, together with any Monthly Back-up Servicing Fees previously due but not paid to the Back-up Servicer on prior Distribution Dates, shall be
distributed to the Back-up Servicer; 
 (ii) an amount equal to the Class A Monthly Interest for such
Distribution Date, together with any Class A Monthly Interest previously due but not paid to the Class A Noteholders on prior Distribution Dates, shall be allocated and set aside from such funds in the Note Defeasance Account and, to the
extent such funds are not sufficient, the remainder shall be deposited into the Note Distribution Account from the Collection Account, for payment to the Class A Noteholders, pro rata, between the Class A-1 Noteholders and the
Class A-2 Noteholders; 

  
 24 

 (iii) an amount equal to the Class B Monthly Interest for such Distribution
Date, together with any Class B Monthly Interest previously due but not paid to the Class B Noteholders on prior Distribution Dates, shall be allocated and set aside from such funds in the Note Defeasance Account and, to the extent such funds are
not sufficient, the remainder shall be deposited into the Note Distribution Account from the Collection Account, for payment to the Class B Noteholders; 
 (iv) an amount equal to the Class C Monthly Interest for such Distribution Date, together with any Class C Monthly Interest previously due but not paid to the Class C Noteholders on prior Distribution
Dates, shall be allocated and set aside from such funds in the Note Defeasance Account and, to the extent such funds are not sufficient, the remainder shall be deposited into the Note Distribution Account from the Collection Account, for payment to
the Class C Noteholders; 
 (v) an amount equal to the Class D Monthly Interest for such Distribution Date,
together with any Class D Monthly Interest previously due but not paid to the Class D Noteholders on prior Distribution Dates, shall be allocated and set aside from such funds in the Note Defeasance Account and, to the extent such funds are not
sufficient, the remainder shall be deposited into the Note Distribution Account from the Collection Account, for payment to the Class D Noteholders; 
 (vi) an amount equal to the Series Defaulted Amount for such Distribution Date shall be treated as Additional Available Series Principal Collections for such Distribution Date; 

(vii) an amount equal to the sum of Series Charge-Offs that have not been previously reimbursed shall be treated as
Additional Available Series Principal Collections for such Distribution Date; 
 (viii) the amount equal to the
sum of Reallocated Principal Collections that have not been previously reimbursed shall be treated as Additional Available Series Principal Collections for such Distribution Date; 

(ix) the amount necessary to cause the Class E Invested Amount to not be less than the Required Class E Invested Amount
shall be treated as Additional Available Series Principal Collections for such Distribution Date; 
 (x) an
amount equal to the Reserve Fund Deposit Amount for such Distribution Date shall be deposited into the Reserve Fund; 
 (xi) beginning on the Accumulation Period Reserve Account Funding Date, an amount equal to the Accumulation Period Reserve Account Deposit Amount for such Distribution Date shall be deposited into the
Accumulation Period Reserve Account; 

  
 25 

 (xii) the amount required to repay the Servicer for all outstanding Servicer
Advances made in respect of the Series 2012-3 Notes shall be distributed to the Servicer (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4 of the Indenture); 

(xiii) pro rata, the amounts required to pay any remaining fees, expenses, indemnities or other amounts required to be
paid pursuant to clause second of subsection (i) above but not paid as a result of the proviso thereto, the amount required to reimburse the Back-up Servicer for all unpaid Servicer Transition Costs in excess of the amounts reimbursed by funds
from the Servicer Termination Costs Reserve Account and the amount required to reimburse the Back-up Servicer for all unpaid amounts due to the Back-up Servicer pursuant to the Back-up Servicing Agreement shall be distributed to the applicable
person; 
 (xiv) an amount equal to the Interest Collections Shortfalls for other outstanding Series in Excess
Interest Sharing Group One shall be treated as Excess Interest Collections available from Series 2012-3 and applied to cover the Interest Collections Shortfalls for other outstanding Series in Excess Interest Sharing Group One; and 

(xv) all remaining Available Series Interest Collections for such Distribution Date shall be deposited in the Certificate
Distribution Account for distribution to the holders of the Certificate in accordance with the Trust Agreement (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4 of the
Indenture), but only to the extent that such remaining amount is not otherwise required to be deposited into the Excess Funding Account or the Cash Collateral Account pursuant to Section 8.3 of the Indenture. 

(b) If Available Series Interest Collections with respect to any Distribution Date are insufficient to distribute or deposit the full
amounts required under Section 4.04(a), the Servicer shall apply, or direct the Indenture Trustee to apply by written instructions to the Indenture Trustee, on such Distribution Date available funds from the following sources in the
following order to make up any such shortfalls to the extent provided below: 
 (i) first, from Excess Interest
Collections available from other outstanding Series in Excess Interest Sharing Group One, but only to cover shortfalls in the distributions and deposits required under clauses (i) through (xii) of Section 4.04(a)
in that order; 
 (ii) second, from the Reserve Fund Available Amount, but only to cover shortfalls in the
distributions and deposits required under clauses (i) through (viii) of Section 4.04(a) in that order; 
 (iii) third, from the Reallocated Principal Collections for such Distribution Date, but only to cover shortfalls in the distributions required under clauses (i) through (v) of
Section 4.04(a) in that order; and 

  
 26 

 (iv) fourth, from the Servicer to the extent that the Servicer, in its sole
discretion, decides to make an advance, but only to cover shortfalls in the distributions and deposits required under clauses (i) through (xi) of Section 4.04(a) in that order, and only to the extent that the
Servicer expects to recover such advances (each, a “Servicer Advance”) pursuant to Section 4.04(a)(xii) on subsequent Distribution Dates. 
 (c) On each Business Day with respect to the Revolving Period, the Servicer shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series
Principal Collections for such date as Shared Principal Collections with respect to Principal Sharing Group One and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 

(d) On each Business Day with respect to the Controlled Accumulation Period, the Servicer shall apply, or direct the Indenture Trustee to
apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date to make the following distributions or deposits in the following priority: 

(i) first, an amount equal to the excess, if any, of (A) the Monthly Principal Amount for the related Collection
Period over (B) the amount previously deposited during that Collection Period for the payment of principal to the Noteholders shall be deposited into the Note Distribution Account or, if elected pursuant to Section 4.04(k), the Note
Defeasance Account, for payment of principal to the Noteholders; and 
 (ii) second, any remaining amounts shall
be treated as Shared Principal Collections with respect to Principal Sharing Group One and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 

(e) On each Business Day with respect to the Early Amortization Period, the Servicer shall apply, or direct the Indenture Trustee to
apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date to make the following distributions or deposits in the following priority: 

(i) first, the amount necessary to reduce the Note Principal Balance to zero, but not more than the amount that would
reduce the Invested Amount to zero, shall be deposited into the Note Distribution Account or, if elected pursuant to Section 4.04(k), the Note Defeasance Account, for payment of principal to the Noteholders in accordance with
Section 5.02(b); and 
 (ii) second, any remaining amounts shall be treated as Shared Principal
Collections with respect to Principal Sharing Group One and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 
 (f) On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee to apply by written instructions to the Indenture Trustee, Additional Available Series Principal Collections, if
any, (i) first, to make the applications of Additional Available Series Principal Collections required pursuant to Section 4.06, (ii) second, to make the deposits and 

  
 27 

 
distributions required to be made during the related Collection Period pursuant to Sections 4.04(c), (d) and (e) that have not otherwise been made as of such Distribution
Date, and (iii) third, any remaining Additional Available Series Principal Collections shall be treated as Available Series Principal Collections for such date. 
 (g) On the first Business Day of the earlier to occur of the Controlled Accumulation Period and the Early Amortization Period, the Indenture Trustee, acting in accordance with written instructions from
the Servicer, shall withdraw from the Excess Funding Account and apply in accordance with Sections 4.04(d) or (e), as applicable, an amount equal to the lesser of (i) the Series 2012-3 Excess Funding Amount for such date and
(ii) the amount required to be deposited or distributed on that date pursuant to Section 4.04(d)(i) or 4.04(e)(i), as applicable that was not previously deposited or distributed on that date. 

(h) The Controlled Accumulation Period is scheduled to commence on the first day of the December 2014 Collection Period; provided,
however, that, if the Accumulation Period Length (determined as described below) is less than six Collection Periods, the date on which the Controlled Accumulation Period actually commences shall be delayed to the first day of the Collection
Period that is the number of whole Collection Periods before the Series 2012-3 Expected Maturity Date at least equal to the Accumulation Period Length and, as a result, the number of Collection Periods in the Controlled Accumulation Period shall at
least equal the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the November 2014 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer shall determine the
“Accumulation Period Length” as of such Determination Date, which shall equal the number of whole Collection Periods such that the sum of the Accumulation Period Factors for each Collection Period during such period shall be equal
to or greater than the Required Accumulation Factor Number; provided, however, that the Accumulation Period Length shall not be determined to be less than one Collection Period. If the number of whole Collection Periods remaining after
such Determination Date and before the Series 2012-3 Expected Maturity Date is less than or equal to the Accumulation Period Length calculated as of such Determination Date, the Controlled Accumulation Period shall commence on the first day of the
following Collection Period; provided, however, if such number of Collection Periods is greater than such Accumulation Period Length, the commencement of the Controlled Accumulation Period shall be delayed until at least the next
Determination Date, at which time the Accumulation Period Length shall be recalculated as described above. 
 (i) All
distributions that are deposited by the Indenture Trustee into the Certificate Distribution Account for distribution to the holders of the Certificate pursuant to this Indenture Supplement shall be made in accordance with such written remittance
instructions as may be provided to the Indenture Trustee by the Depositor from time to time. 
 (j) Notwithstanding any other
provision of this Indenture Supplement or the Indenture, if any amount is required to be deposited into any Series Account or other account pursuant to this Indenture Supplement and all or part of the amount of such deposit is to be deposited into
another account or otherwise distributed on that date, such amount may be deposited directly into the applicable subsequent account or distributed directly to the applicable recipient without first being deposited into the initial Series Account or
account. 

  
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 (k) Note Defeasance Account. With respect to each Collection Period, no later than 10:00 am
Central time on any Business Day of such Collection Period, including pursuant to Section 4.04(d) and (e), the Servicer, at the direction of the Depositor, shall and, the Servicer may (if Ally Financial or an Affiliate of Ally
Financial is the Servicer), in its discretion, specify to the Indenture Trustee an amount of Available Series Interest Collections and Available Series Principal Collections to be withdrawn from the Collection Account or, with respect to any amounts
on deposit in the Note Distribution Account constituting Available Series Principal Collections, the Note Distribution Account, and deposited into the Note Defeasance Account. With respect to any Collection Period, the aggregate of such amounts
deposited into the Note Defeasance Account, as reasonably calculated by the Servicer (i) with respect to each Collection Period (or portion thereof) that does not occur during a Controlled Accumulation Period or Early Amortization Period, shall
not be in excess of the lesser of (1) Available Series Interest Collections for such Collection Period plus Reallocated Principal Collections for the related Distribution Date less the Monthly Servicing Fee for such Collection Period and
(2) the aggregate amount necessary to make the allocations and distributions required by clauses (ii) through (v) of Section 4.04(a) and (ii) with respect to each Collection Period (or portion thereof) that occurs
during a Controlled Accumulation Period or Early Amortization Period, shall not be in excess of the lesser of (1) the aggregate of the Available Series Interest Collections for such Collection Period, plus the Available Series Principal
Collections for such Collection Period, less the Monthly Servicing Fee for such Collection Period and (2) the aggregate amount necessary to make the allocations and distributions required by (x) clauses (ii) through (v) of
Section 4.04(a) and (y) Section 4.04(d) or 4.04(e), as applicable, during such Collection Period. The Servicer shall not have any liability for any such calculation made in good faith. Any amount on deposit in the
Note Defeasance Account on any Distribution Date (after giving effect to all deposits therein or withdrawals therefrom on such Distribution Date) shall remain on deposit in the Note Defeasance Account for distribution on the next Distribution Date
in accordance with this Indenture Supplement. 
 (l) No later than 10:00 am Central time on each Business Day on which amounts
are to be withdrawn from the Collection Account or the Note Distribution Account and deposited into the Note Defeasance Account pursuant to Section 4.04(k), the Servicer shall notify the Indenture Trustee of the sources and amounts to be
deposited in the Note Defeasance Account on such Business Day and the Indenture Trustee shall transfer such amount from the Collection Account or the Note Distribution Account, as applicable, to the Note Defeasance Account. 

(m) If an increase in the Subordination Factor is to occur on the next Distribution Date, the Required Nonoverconcentration Pool Balance
for purposes of Section 8.3 of the Indenture as of such Distribution Date and on each subsequent date until the Distribution Date on which such increase takes effect shall be calculated as if the increase in the Subordination Factor has
already occurred. 
 SECTION 4.05 Series Charge-Offs. 

(a) On each Determination Date, the Servicer shall calculate the Series Defaulted Amount, if any, for the related Distribution Date. If
the Series Defaulted Amount for any Distribution Date exceeds the sum of: 

  
 29 

 (i) the Available Series Interest Collections for such Distribution Date
applied to fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi); 
 (ii) the Excess
Interest Collections available from other outstanding Series in Excess Interest Sharing Group One for such Distribution Date applied to fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi) in accordance with
Section 4.04(b)(i); 
 (iii) the Reserve Fund Available Amount for such Distribution Date applied to
fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi) in accordance with Section 4.04(b)(ii) (after giving effect to the application of such amounts to items (i) through (v) in
Section 4.04(a)); and; 
 (iv) the amount of Servicer Advances for such Distribution Date applied to
fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi) in accordance with Section 4.04(b)(iv); 
 then, a
“Series Charge-Off” in the amount of such excess shall exist for such Distribution Date and shall reduce the Invested Amount. 
 (b) The reduction in the Invested Amount for such Distribution Date due to such Series Charge-Off shall be allocated as follows: 

(i) first, the Class E Invested Amount shall be reduced by the amount of such reduction until the Class E Invested Amount
is reduced to zero; then 
 (ii) second, the Class D Invested Amount shall be reduced by any remaining amount
until the Class D Invested Amount is reduced to zero; then 
 (iii) third, the Class C Invested Amount shall be
reduced by any remaining amount until the Class C Invested Amount is reduced to zero; then 
 (iv) fourth, the
Class B Invested Amount shall be reduced by any remaining amount until the Class B Invested Amount is reduced to zero; and then 
 (v) fifth, the Class A Invested Amount shall be reduced by any remaining amount until the Class A Invested Amount is reduced to zero. 

SECTION 4.06 Reallocated Principal Collections. 
 On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee by written instruction to the Indenture Trustee to apply the portion of Reallocated Principal Collections specified in
Section 4.04(b)(iii) from the following sources and in the following order of priority, (i) first, Additional Available Series Principal Collections for that Distribution Date available in accordance with
Section 4.04(f), (ii) second, Series Principal Collections for that date, (iii) third, amounts on deposit in the Note Defeasance Account (to the extent such 

  
 30 

 
funds are used to cover shortfalls in the distributions required under clauses (ii) through (v) of Section 4.04(a)), and (iv) fourth, amounts on deposit in the Note
Distribution Account for the payment of principal (first for the Class E Notes, then for the Class D Notes, then for the Class C Notes, then for the Class B Notes and then for the Class A Notes), but not in excess of the amounts specified in
the definition of “Reallocated Principal Collections,” in accordance with Section 4.04(b)(iii). If, on any Distribution Date, Reallocated Principal Collections for such Distribution Date are so applied, then, the Invested
Amount shall be reduced by the amount of such application and, if such amounts are from withdrawals from the Note Distribution Account or the Note Defeasance Account, those amounts shall be deemed not to have been allocated or deposited into the
Note Distribution Account or the Note Defeasance Account, as applicable, for purposes of this Indenture Supplement. The reduction in the Invested Amount for such Distribution Date due to the application of such Reallocated Principal Collections
shall be allocated as follows: 
 (a) first, the Class E Invested Amount shall be reduced by the amount of such reduction until
the Class E Invested Amount is reduced to zero; then 
 (b) second, the Class D Invested Amount shall be reduced by any remaining
amount until the Class D Invested Amount is reduced to zero; then 
 (c) third, the Class C Invested Amount shall be reduced by
any remaining amount until the Class C Invested Amount is reduced to zero; then 
 (d) fourth, the Class B Invested Amount shall
be reduced by any remaining amount until the Class B Invested Amount is reduced to zero; and then 
 (e) fifth, the Class A
Invested Amount shall be reduced by any remaining amount until the Class A Invested Amount is reduced to zero. 
 SECTION
4.07 Excess Interest Collections. 
 Subject to Section 8.05(b) of the Indenture, Excess Interest Collections
with respect to the Excess Interest Sharing Series in Excess Interest Sharing Group One for any Distribution Date shall be allocated to Series 2012-3 in an amount equal to the product of (i) the aggregate amount of Excess Interest Collections
with respect to all the Excess Interest Sharing Series in Excess Interest Sharing Group One for such Distribution Date and (ii) a fraction, the numerator of which is the Interest Collections Shortfall for Series 2012-3 for such Distribution
Date and the denominator of which is the aggregate amount of Interest Collections Shortfalls for all the Excess Interest Sharing Series in Excess Interest Sharing Group One for such Distribution Date. The “Interest Collections
Shortfall” for Series 2012-3 for any Distribution Date shall equal the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to clauses (i) through (xii) of
Section 4.04(a) on such Distribution Date, over (b) the Available Series Interest Collections for such Distribution Date. The maximum amount of “Excess Interest Collections” with respect to Series 2012-3 for any
Distribution Date available for other Series in Excess Sharing Group One shall equal the excess, if any, of (a) the Available Series Interest 

  
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Collections for such Distribution Date over (b) the full amount required to be distributed, without duplication, pursuant to clauses (i) through (xii) of
Section 4.04(a) on such Distribution Date. 
 SECTION 4.08 Shared Principal Collections. 

Subject to Section 8.5(c) of the Indenture, the aggregate amount of Shared Principal Collections with respect to the
Principal Sharing Series in Principal Sharing Group One for any date shall be allocated to Series 2012-3 in an amount equal to the product of (i) the aggregate amount of Shared Principal Collections, times (ii) a fraction, the numerator of
which is the Principal Shortfall for Series 2012-3 for such date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Principal Sharing Series in Principal Sharing Group One for such date. The “Principal
Shortfall” for Series 2012-3 shall equal (a) for any date in the Revolving Period, zero, (b) for any date in the Controlled Accumulation Period, the amount to be deposited or distributed pursuant to Sections 4.04(d) over
the amount previously deposited or distributed pursuant to that subsection, and (c) for any date in the Early Amortization Period, the amount to be deposited or distributed pursuant to Section 4.04(e) over the amount previously
deposited or distributed pursuant to that subsection. The “Shared Principal Collections” with respect to Series 2012-3 for any date shall equal the excess, if any, of (a) the Available Series Principal Collections for such date
(without giving effect to clause (ii) of the definition thereof) over (b) the full amount required to be deposited or distributed, without duplication, pursuant to Sections 4.04(c), (d) or (e) on such
date. 
 SECTION 4.09 Reinstatement of Invested Amount. 

(a) The Invested Amount shall be reinstated on any Distribution Date by the amount of any Available Series Interest Collections that are
applied pursuant to Section 4.04(a)(vi), (vii), (viii) and (ix). This amount shall be applied as follows: 
 (i) first, if the Class A Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class A Invested Amount until it equals the Class A Note Principal Balance
minus the aggregate amount on deposit in the Note Distribution Account and the Note Defeasance Account (excluding, in each case, amounts representing Investment Proceeds) allocated to it; then 

(ii) second, if the Class B Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class
B Invested Amount until it equals the Class B Note Principal Balance minus the aggregate amount on deposit in the Note Distribution Account and the Note Defeasance Account (excluding amounts representing Investment Proceeds) allocated to it; then

 (iii) third, if the Class C Invested Amount has been reduced pursuant to Sections 4.05 or 4.06,
to the Class C Invested Amount until it equals the Class C Note Principal Balance minus the aggregate amount on deposit in the Note Distribution Account and the Note Defeasance Account (excluding, in each case, amounts representing Investment
Proceeds) allocated to it; then 

  
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 (iv) fourth, if the Class D Invested Amount has been reduced pursuant to
Sections 4.05 or 4.06, to the Class D Invested Amount until it equals the Class D Note Principal Balance minus the aggregate amount on deposit in the Note Distribution Account and the Note Defeasance Account (excluding, in each case,
amounts representing Investment Proceeds) allocated to it; and then 
 (v) fifth, if the Class E Invested Amount
has been reduced pursuant to Sections 4.05 or 4.06, to the Class E Invested Amount until it equals the Required Class E Invested Amount. 
 SECTION 4.10 Note Distribution Account. 
 (a) The Servicer, for the benefit
of the Noteholders, shall establish and maintain with the Indenture Trustee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Note Distribution Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible
Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Note Distribution Account and in all Investment Proceeds
with respect thereto (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in this Indenture Supplement and the Trust Sale and Servicing
Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Note Distribution Account for any amount owed to it by the Indenture
Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the written direction of the Servicer, shall make deposits and withdrawals from the Note Distribution Account from time to time, in the amounts and for the
purposes set forth in this Indenture Supplement. 
 (b) Funds on deposit in the Note Distribution Account shall, at the written
direction of the Servicer, be invested by the Indenture Trustee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the
benefit of the Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including a securities intermediary) and shall be credited to the Note Distribution Account. Funds on deposit in the Note Distribution
Account shall be invested in Eligible Investments. On each Distribution Date, all Investment Proceeds on deposit in the Note Distribution Account shall be treated as Available Series Interest Collections with respect to the related Collection
Period. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.10(b) nor for the selection of Eligible Investments in
accordance with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 

  
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 SECTION 4.11 Reserve Fund. 

(a) The Servicer, for the benefit of the Series 2012-3 Noteholders, shall establish and maintain with the Indenture Trustee or its
nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for
the benefit of the Series 2012-3 Noteholders (the “Reserve Fund”). The Indenture Trustee shall possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities entitlements,
documents, certificates of deposit and other property from time to time on deposit in or credited to the Reserve Fund and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount
realized on liquidation of any investment purchased at a discount) for the benefit of the Series 2012-3 Noteholders. Except as expressly provided in this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it
has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Reserve Fund for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series
Enhancer. The Indenture Trustee, at the written direction of the Servicer, shall make deposits to and withdrawals from the Reserve Fund from time to time in the amounts and for the purposes set forth in this Indenture Supplement. 

(b) Funds on deposit in the Reserve Fund shall, at the written direction of the Servicer, be invested by the Indenture Trustee or its
nominee (including the Securities Intermediary) in Eligible Investments. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Series 2012-3 Noteholders. The Indenture Trustee shall cause each
Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and shall be credited to the Reserve Fund. Funds on deposit in the Reserve Fund shall be invested in Eligible Investments. On each Distribution Date, all
Investment Proceeds on deposit in the Reserve Fund shall be treated as Available Series Interest Collections for such Distribution Date. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or
reinvestment of any funds in accordance with this Section 4.11(b) nor for the selection of Eligible Investments in accordance with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement.

 (c) The Reserve Fund initially shall be funded by the Depositor on the Closing Date in the amount of the Reserve Fund Initial
Amount. After the Closing Date, funds shall be deposited into the Reserve Fund as provided in Section 4.04(a)(x). The Depositor may at any time and from time to time make additional deposits into the Reserve Fund; provided,
however, the Depositor shall not be permitted to make any such discretionary deposit without satisfaction of the Series 2012-3 Rating Agency Condition with respect to each Class of Series 2012-3 Notes in connection therewith if such deposit
together with any discretionary increases in the Subordination Factor and the Class E Invested Amount would result in the aggregate amount of all such deposits and increases exceeding 5.0% of the Note Principal Balance as of the date of such
deposit. 

  
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 (d) If on any Distribution Date, after giving effect to all withdrawals from and deposits to
the Reserve Fund, the amount on deposit in the Reserve Fund (excluding amounts representing Investment Proceeds) exceeds the Reserve Fund Required Amount then in effect, the Indenture Trustee shall, at the written direction of the Servicer,
distribute such excess to the Owner Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement. 
 (e) Upon the earlier to occur of the date on which the Series 2012-3 Notes are paid in full and the Series 2012-3 Legal Maturity Date, any funds remaining in the Reserve Fund, after giving effect to any
deposits and withdrawals made therefrom on such date, shall be treated as Additional Available Series Principal Collections. The Reserve Fund shall thereafter be deemed to have terminated for purposes of this Indenture Supplement. 

SECTION 4.12 Determination of LIBOR. 
 (a) On each LIBOR Determination Date, the Indenture Trustee shall determine LIBOR on the basis of the rate for deposits in United States dollars for a one-month period which appears on Bloomberg Screen
BTMM Page under the heading “LIBOR FIX BBAM” as of 11:00 a.m., London time, on such date. If such rate does not appear on such page (or such other page as may replace that page on that service, or if such service is no longer offered, such
other service for displaying LIBOR or comparable rates as may be selected by the Indenture Trustee after consultation with the Depositor), the rate shall be the One Month Reference Bank Rate. The “One Month Reference Bank Rate”
shall be determined on the basis of the rates at which deposits in U.S. dollars are offered by the reference banks (which shall be four major banks that are engaged in transactions in the London interbank market, selected by the Indenture Trustee
after consultation with the Depositor) as of 11:00 a.m., London time, on the applicable LIBOR Determination Date to prime banks in the London interbank market for a period of one month commencing on such preceding Distribution Date in amounts
approximately equal to the principal balance of the Series 2012-3 Notes. The Indenture Trustee shall request the principal London office of each of the reference banks to provide a quotation of its rate. If at least two such quotations are provided,
the rate shall be the arithmetic mean of the quotations, rounded upwards to the nearest one-sixteenth of one percent. If on any such date fewer than two quotations are provided as requested, the rate shall be the arithmetic mean, rounded upwards to
the nearest one-sixteenth of one percent, of the rates quoted by one or more major banks in New York, selected by the Indenture Trustee after consultation with the Depositor, as of 11:00 a.m., New York time, on such date to leading European banks
for U.S. dollar deposits for a period of one month commencing on such applicable date in amounts approximately equal to the then outstanding principal balance of the Series 2012-3 Notes. If no such quotation can be obtained, the rate shall be
LIBOR for the prior Distribution Date. 
 (b) On each LIBOR Determination Date, the Indenture Trustee shall send to the
Servicer, the Issuing Entity and the Administrator by facsimile or email transmission, notification of LIBOR for the following Interest Period. 

  
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 (c) The Servicer shall provide, in the Monthly Statement, the Class A-1 Note Interest
Rate, the Class A-2 Note Interest Rate, the Class B Note Interest Rate, the Class C Note Interest Rate and the Class D Note Interest Rate applicable to each Distribution Date. 

(d) Other than the determination of LIBOR as provided for herein, all other determinations and calculations provided for in this
Indenture Supplement shall be made by the Servicer. 
 SECTION 4.13 Accumulation Period Reserve Account. 

(a) If the Accumulation Period Reserve Account Required Amount is greater than zero ($0), the Servicer, for the benefit of the
Noteholders, shall establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Accumulation Period Reserve Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible
Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Accumulation Period Reserve Account and in all Investment
Proceeds with respect thereto (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in this Indenture Supplement and the Trust Sale and
Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Accumulation Period Reserve Account for any amount owed to it by
the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the direction of the Servicer, shall make deposits and withdrawals from the Accumulation Period Reserve Account from time to time, in the
amounts and for the purposes set forth in this Indenture Supplement. 
 (b) Funds on deposit in the Accumulation Period Reserve
Account shall, at the written direction of the Servicer, be invested by the Indenture Trustee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Indenture
Trustee or its nominee for the benefit of the Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including a securities intermediary) and shall be credited to the Accumulation Period Reserve Account. Funds
on deposit in the Accumulation Period Reserve Account shall be invested in Eligible Investments. On each Distribution Date, all Investment Proceeds on deposit in the Accumulation Period Reserve Account shall be treated as Available Series Interest
Collections with respect to the related Collection Period. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.13(b) nor
for the selection of Eligible Investments in accordance with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 
 (c) On or before each Distribution Date with respect to the Controlled Accumulation Period and on or before the first Distribution Date with respect to the Early Amortization Period beginning after the
commencement of the Controlled Accumulation Period, the Servicer shall calculate the Accumulation Period Reserve Draw Amount; provided, however, that such amount 

  
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shall be reduced to the extent that funds otherwise would be available for deposit into the Accumulation Period Reserve Account pursuant to Sections 4.04(a)(xi) and
Section 4.04(b)(i) on such Distribution Date. If for any Distribution Date, the Accumulation Period Reserve Draw Amount is greater than zero, the Accumulation Period Reserve Draw Amount, up to the Available Accumulation Period Reserve
Account Amount, shall be withdrawn from the Accumulation Period Reserve Account on such Distribution Date by the Indenture Trustee (acting in accordance with the written instructions of the Servicer) and deposited into the Collection Account for
application as Available Series Interest Collections. 
 (d) If on any Distribution Date, after giving effect to all withdrawals
from and deposits to the Accumulation Period Reserve Account, the amount on deposit in the Accumulation Period Reserve Account exceeds the Accumulation Period Reserve Account Required Amount then in effect, the Indenture Trustee shall, at the
written direction of the Servicer, distribute such excess to the Owner Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement. 

(e) Upon the earliest to occur of (i) the payment in full of the Series 2012-3 Notes, (ii) the first Distribution Date relating
to the Early Amortization Period and (iii) the Series 2012-3 Legal Maturity Date, any funds remaining in the Accumulation Period Reserve Account, after withdrawal of funds therefrom on such date in accordance with Section 4.13(c),
shall be treated as Available Series Interest Collections. The Accumulation Period Reserve Account shall thereafter be deemed to have terminated for purposes of this Indenture Supplement. 

SECTION 4.14 Transfer Restrictions. 
 (a) The Class E Notes (or interests therein) may not be acquired by or for the account of (i) a Benefit Plan other than an insurance company general account (as defined in Prohibited Transaction
Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% “plan assets” and for which the purchase and holding of the Class E Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or
(ii) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any
applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code. By accepting and holding a Class E Note (or interest therein), the Holder thereof and any related Note Owner shall each be deemed to have represented
and warranted that it is not, nor is it acquiring the Note for the account of either, (i) a Benefit Plan other than an insurance company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose
underlying assets include less than 25% “plan assets” and for which the purchase and holding of the Class E Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or (ii) an employee benefit plan or plan that
is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially similar to
Title I of ERISA or Section 4975 of the Code. By accepting and holding a Class A Note, Class B Note, Class C Note or Class D Note (or interest therein), the Holder thereof and any related Note Owner shall be deemed to have represented and
warranted that either (i) it is not, nor is it acquiring the Note for the account of, a Benefit Plan or any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or
(ii) the acquisition and holding of the 

  
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Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a non-exempt violation of substantially similar law. In
addition, Benefit Plans may not acquire (i) a Class A Note, Class B Note, Class C Note, or Class D Note at any time that such Note would not be treated as indebtedness without substantial equity features, or (ii) a Class B Note, Class
C Note or Class D Note at any time that the ratings on such Note are below investment grade. By accepting and holding a Class A Note, Class B Note, Class C Note or Class D Note (or interest therein), the Holder thereof and any related Note
Owner shall each be deemed to have represented and warranted that its acquisition of such note is in compliance with the foregoing restriction. 
 (b) The Series 2012-3 Private Notes will not be registered under the Securities Act or the securities or blue sky laws of any other jurisdiction. Consequently, the Series 2012-3 Private Notes are not
transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions specified herein. No sale, pledge or other transfer of the Series 2012-3 Private Notes (or
interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made to or by the Depositor, (ii) so long as the Series 2012-3 Private Notes are eligible for resale pursuant to Rule 144A under the
Securities Act, such sale, pledge or other transfer is made to a person whom the transferor “reasonably believes” within the meaning of Rule 144A under the Securities Act is a “qualified institutional buyer” within the meaning of
Rule 144A under the Securities Act (a “Qualified Institutional Buyer”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Qualified Institutional Buyers) to
whom notice is given that the sale, pledge or transfer is being made in reliance on Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration requirements of
the Securities Act, in which case (A) the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer,
which certification shall be in form and substance satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee shall require a written opinion of counsel (which will not be at the expense of the Issuing Entity, the
Seller, the Depositor, the Servicer or the Indenture Trustee) satisfactory to the Depositor and the Indenture Trustee to the effect that such transfer will not violate the Securities Act. Neither the Depositor nor the Indenture Trustee shall be
obligated to register the Series 2012-3 Private Notes under the Securities Act, qualify the Series 2012-3 Private Notes under the securities laws of any state or provide registration rights to any purchaser or holder thereof. 

(c) Transfer of a Class E Note may only be made to a Person who is a United States Person (within the meaning of Section 7701(a)(30)
of the Internal Revenue Code). Any Person acquiring a Class E Note or an interest therein (i) shall not be deemed to have made the representations set forth in Section 2.14 of the Indenture and (ii) other than the Depositor
shall not acquire or hold such Class E Note or interest therein in the form of a Book Entry Note. 
 (d) No sale, pledge or
other transfer may be made to any one person of a Class E Note with a face amount of less than the amount determined in accordance with Section 1.01(E) hereof (in order to prevent the Issuing Entity from being treated as a “publicly
traded partnership” under Section 7704 of the Code), and, in the case of any Person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act)

  
 38 

 
acting in its fiduciary capacity), for a Class E Note with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding
restriction will be void ab initio and the purported transferor will continue to be treated as the owner of the Class E Notes for all purposes. No Class E Note may be transferred unless the transferor provides to the Indenture Trustee an
opinion of independent counsel that the transfer will not cause the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes. 

(e) (i) A sale, pledge, or transfer of a Class B Note or a Class C Note may only be made to a Person who is a United State Person (within
the meaning of Section 7701(a)(30) of the Internal Revenue Code). A Person other than the Depositor acquiring a Class B Note or a Class C Note or an interest therein shall be deemed to have made the representations set forth in
Section 2.14 of the Indenture; and (ii) no sale, pledge, or transfer of a Class B Note or a Class C Note shall be made (x) to any one person with a face amount of less than 100% of the Class B Note Principal Balance or Class C
Note Principal Balance, as applicable, or (y) to a Special Pass-Through Entity, in each case, unless (A) an opinion of counsel satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause the
Trust to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes shall have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall have provided prior
written approval; provided, however, that the restrictions in this Section 4.14(e) shall not apply in the event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an opinion to the effect that the
Class B Note or Class C Note, as applicable, to be sold, pledged, or transferred will be characterized as indebtedness for federal income tax purposes. Any attempted transfer in contravention of this Section 4.14(e) will be void ab
initio and the purported transferor will continue to be treated as the owner of, as applicable, the Class B Note or the Class C Note for all purposes. 
 SECTION 4.15 Note Defeasance Account. 
 (a) The Indenture Trustee, for the
benefit of the Series 2012-3 Noteholders, shall establish and maintain in the name of the Indenture Trustee, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property
credited thereto are held for the benefit of the Series 2012-3 Noteholders (the “Note Defeasance Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible Investments and all monies, cash,
instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Note Defeasance Account for the benefit of the Series 2012-3 Noteholders (other than
Investment Proceeds, which shall be for the benefit of the Indenture Trustee). Except as expressly provided in this Indenture Supplement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise
deduct from, any funds and other property held in the Note Defeasance Account for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the written direction of the
Servicer, shall make deposits and withdrawals from the Note Defeasance Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. 

  
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 (b) Funds on deposit in the Note Defeasance Account shall, at the direction or election of
the Indenture Trustee, be invested by the Indenture Trustee (including the Securities Intermediary) in Eligible Investments that mature prior to the next Distribution Date selected by the Indenture Trustee. All such Eligible Investments shall be
held by the Indenture Trustee or its nominee for the benefit of the Series 2012-3 Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including a securities intermediary) and shall be credited to the Note
Defeasance Account. Notwithstanding anything to the contrary in the Indenture, the Indenture Trustee shall be entitled to receive all Investment Proceeds on the Note Defeasance Account when and as paid without any obligation to the Owner Trustee,
the Servicer or the Depositor in respect thereof. The Indenture Trustee will have no obligation to deposit any such amount in any account established hereunder or the Indenture. Notwithstanding Sections 6.1(f) and 8.3(f) of the
Indenture, the Indenture Trustee shall be liable for any investment losses with respect to funds on deposit in the Note Defeasance Account. 
 (c) All payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Note Defeasance Account pursuant to this Indenture Supplement shall be made by the
Indenture Trustee or by another Paying Agent from available funds on deposit in the Note Defeasance Account. 
 (d) Upon the
irrevocable deposit of any amount into the Note Defeasance Account pursuant to this Indenture Supplement, the Issuing Entity shall have no further liability for, and shall be deemed to be discharged and released from its obligations with respect to,
the Series 2012-3 Notes to the extent of the amount so deposited as such amounts are to be applied to the payments of interest on and principal of the Series 2012-3 Notes in accordance with the priorities specified in this Indenture Supplement, and
the Holders of the Series 2012-3 Notes shall have recourse and shall look solely to the Note Defeasance Account for the payment of such amounts. 
 (e) All monies deposited with the Indenture Trustee in the Note Defeasance Account pursuant to this Indenture Supplement shall be held in trust in a segregated trust account and (except for Investment
Proceeds thereon) applied by the Indenture Trustee, in accordance with the provisions of the Series 2012-3 Notes and this Indenture Supplement, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to
the Holders of Series 2012-3 Notes for payment on or redemption of the Series 2012-3 Notes, and no amounts so withdrawn from the Note Defeasance Account for payments of Notes shall be paid over to the Issuing Entity. 

(f) The Indenture Trustee may, at such time as there are no Notes Outstanding, notify the Issuing Entity thereof in writing and withdraw
and retain any funds then on deposit in the Note Defeasance Account. 
 (g) Sections 8.3(f) and (g) of the
Indenture shall not apply to the Note Defeasance Account. 
 (h) The Note Defeasance Account shall constitute a “Note
Distribution Account” solely for purposes of Sections 2.7, 3.1, 3.3(b), and 10.1 of the Indenture. 

  
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 ARTICLE V 
 DELIVERY OF SERIES 2012-3 NOTES; 
 DISTRIBUTIONS; REPORTS TO SERIES 2012-3
NOTEHOLDERS 
 SECTION 5.01 Delivery and Payment for Series 2012-3 Notes. 

The Indenture Trustee shall authenticate the Series 2012-3 Notes in accordance with Section 2.2 of the Indenture. The
Indenture Trustee shall deliver the Series 2012-3 Notes to the Issuing Entity when so authenticated. 
 SECTION 5.02
Distributions. 
 (a) On each Distribution Date, based solely on the information contained in the Monthly Statement, the
Indenture Trustee shall distribute to each Class A-1 Noteholder, Class A-2 Noteholder, Class B Noteholder, Class C Noteholder and Class D Noteholder of record on the related Record Date (other than as provided in Section 11.2
of the Indenture) such Class A-1 Noteholder’s, Class A-2 Noteholder’s, Class B Noteholder’s, Class C Noteholder’s and Class D Noteholder’s, respectively, pro rata share of the amounts allocated and available in the
Note Distribution Account and the Note Defeasance Account on such Distribution Date to pay interest on the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes and the Class D Notes, respectively, pursuant to this
Indenture Supplement. 
 (b) On the Series 2012-3 Expected Maturity Date and on each Distribution Date with respect to the Early
Amortization Period, based solely on the information contained in the Monthly Statement, from the amounts allocated during the related or any prior Collection Period or, with respect to Additional Available Series Principal Collections, on such or
any prior Distribution Date and available in the Note Distribution Account and the Note Defeasance Account on such Distribution Date to pay principal of the Series 2012-3 Notes pursuant to this Indenture Supplement, the Indenture Trustee shall
distribute: 
 (i) first, pro rata to each Class A-1 Noteholder of record and Class A-2 Noteholder of
record, as applicable, on the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class A Notes (allocated pro rata between the Class A-1 Notes and the Class A-2 Notes), until
the Class A Notes have been paid in full, 
 (ii) second, pro rata to each Class B Noteholder of record on
the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class B Notes until the Class B Notes have been paid in full, provided, however, that in no event shall any amount be paid
as principal with respect to the Class B Notes unless the Class A Principal Balance is zero, 
 (iii) third,
pro rata to each Class C Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class C Notes until the Class C Notes have been paid in full, provided,
however, that in no event shall any amount be paid as principal with respect to the Class C Notes unless the Class A Principal Balance and the Class B Principal Balance are zero, 

  
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 (iv) fourth, pro rata to each Class D Noteholder of record on the related
Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class D Notes until the Class D Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal
with respect to the Class D Notes unless the Class A Principal Balance, the Class B Principal Balance and the Class C Principal Balance are zero, and 
 (v) fifth, pro rata to each Class E Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class E Notes until the Class E
Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal with respect to the Class E Notes unless the Class A Principal Balance, the Class B Principal Balance, the Class C Principal
Balance and the Class D Principal Balance are zero. 
 (c) The distributions to be made pursuant to this Section are subject to
the provisions of Sections 2.5 of the Trust Sale and Servicing Agreement, Section 11.2 of the Indenture and Section 7.01 of this Indenture Supplement. 

(d) Except as provided in Section 11.2 of the Indenture with respect to a final distribution, distributions to Series 2012-3
Noteholders hereunder shall be made by (i) wire transfer (to the account specified by the applicable Noteholder) or check mailed first class, postage prepaid to each Series 2012-3 Noteholder (at such Noteholder’s address as it appears in
the Note Register), except that with respect to any Series 2012-3 Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds and (ii) without presentation or surrender of any
Series 2012-3 Note or the making of any notation thereon. 
 (e) The amount of all distributions and deposits that are required
to be made by the Indenture Trustee on each Distribution Date pursuant to this Section 5.02 shall be set forth in written instructions (which may be in the form of the Monthly Statement) provided by the Servicer to the Indenture Trustee
no later than the second Business Day prior to the related Distribution Date. 
 (f) Except with respect to the reimbursement of
investment losses pursuant to Section 4.15(b), the Indenture Trustee shall have no duty to make any deposits or distributions or any other payments under this Indenture Supplement unless and until it has sufficient cash to make such
payments and it has received written instructions from the Servicer as to such deposits, distributions and payments. 

  
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 SECTION 5.03 Reports and Statements to Series 2012-3 Noteholders. 

(a) The Indenture Trustee will make available each month to each Series 2012-3 Noteholder the statements referred to in
Section 5.03(b) below (and certain other documents, reports and information regarding the Receivables provided by the Servicer form time to time) via the Indenture Trustee’s internet website, with the use of a password provided by
the Indenture Trustee. The Indenture Trustee’s internet website will be located at www.CTSLink.com or at such other address as the Indenture Trustee shall notify the Series 2012-3 Noteholders from time to time. For assistance with regard to
this service, the Series 2012-3 Noteholders can call the Indenture Trustee’s Corporate Trust Office at (866) 846-4526. The Indenture Trustee shall have the right to change the way the statements referred to in Section 5.03(b)
below are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements so long as such statements are only provided to the then current Series 2012-3 Noteholders. The
Indenture Trustee shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.4, Section 12.5 or Section 12.6 of the Indenture, as
appropriate. 
 (b) No later than the second Business Day preceding each Distribution Date, the Servicer shall deliver to the
Owner Trustee, the Indenture Trustee and, if Ally Financial or an Affiliate of Ally Financial is the Servicer, each Rating Agency (or, if Ally Financial or an Affiliate of Ally Financial is not the Servicer, to the Depositor, who shall promptly
provide such Monthly Statement to each Rating Agency) a statement substantially in the form of Exhibit B (the “Monthly Statement”) prepared by the Servicer; provided that the Servicer may amend the form of Exhibit B
from time to time. 
 (c) A copy of each statement or certificate provided pursuant to Section 5.03(a) or
(b) may be obtained by any Series 2012-3 Noteholder by a request in writing to the Servicer. 
 (d) Within the
prescribed period of time for tax reporting purposes after the end of each calendar year during the term of this Indenture Supplement, the Indenture Trustee and the Administrator shall furnish (or cause to be furnished), to each Person who at any
time during such calendar year shall have been a holder of record of Series 2012-3 Notes, and received any payment thereon, a statement containing such information as may be required by the Code and applicable Treasury Regulations to enable such
Noteholder to prepare its federal income tax returns. 
 SECTION 5.04 Other Information to be Provided by the Indenture
Trustee and the Owner Trustee. 
 (a) The Indenture Trustee agrees to cooperate in good faith with any reasonable request by
the Depositor for information regarding the Indenture Trustee which is required in order to enable the Depositor to comply with the provisions of Items 1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the
Indenture Trustee or to the Indenture Trustee’s obligations under this Indenture Supplement and the Indenture; provided that with respect to Rule 15Ga-1, and Items 1121(c) and 1104(e), the Indenture Trustee shall not be deemed a
“securitizer” or an “issuer” under Regulation AB or under the Exchange Act. 
 (b) The Indenture Trustee
shall provide the Depositor with notification, as soon as practicable and in any event within five Business Days, of all demands communicated to the Indenture Trustee for the repurchase or replacement of any Receivable pursuant to
Section 3.04(c), 4.01(c) or 4.02(c) of the Pooling and Servicing Agreement or Section 2.5 or 3.1(c) of the Trust Sale and Servicing Agreement, as applicable. 

  
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 (c) The Owner Trustee agrees to cooperate in good faith with any reasonable request by the
Depositor for information regarding the Owner Trustee which is required in order to enable the Depositor to comply with the provisions of Items 1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the Owner
Trustee or to the Owner Trustee’s obligations under the Trust Agreement; provided that with respect to Rule 15Ga-1, and Items 1121(c) and 1104(e), the Owner Trustee shall not be deemed a “securitizer” or an “issuer”
under Regulation AB or under the Exchange Act; and provided further, that any such request shall be limited to information reasonably available to the Responsible Officers of the Owner Trustee. 

(d) The Owner Trustee shall provide the Depositor with notification, as soon as practicable and in any event within five Business Days,
of all demands communicated to a Responsible Officer of the Owner Trustee for the repurchase or replacement of any Receivable pursuant to Section 3.04(c), 4.01(c) or 4.02(c) of the Pooling and Servicing Agreement or
Section 2.5 or 3.1(c) of the Trust Sale and Servicing Agreement, as applicable; provided that any such request shall be limited to information reasonably available to the Responsible Officers of the Owner Trustee. 

ARTICLE VI SERIES 2012-3 EARLY AMORTIZATION EVENTS AND SERIES 2012-3 EVENTS OF DEFAULT 

SECTION 6.01 Series 2012-3 Early Amortization Events. 
 If any one of the following events occurs with respect to the Series 2012-3 Notes: 

(a) failure on the part of the Depositor, the Servicer or the Seller, as applicable, to duly observe or perform in any material respect
any other covenants or agreements of the Depositor, the Servicer or the Seller, as the case may be, set forth in the Trust Sale and Servicing Agreement or the Pooling and Servicing Agreement, which failure 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 by the Indenture Trustee or the Owner Trustee to the Depositor, provided, however, that no Early Amortization Event
shall be deemed to occur if such failure results in the creation of Warranty Receivables or Administrative Receivables and such Warranty Receivables or Administrative Receivables are purchased by the Seller, the Depositor or the Servicer in
accordance with the Basic Documents; 
 (b) any representation or warranty made by the Seller in the Pooling and Servicing
Agreement or the Depositor in the Trust Sale and Servicing Agreement or any information contained on the Schedule of Accounts, (i) shall prove to have been incorrect in any material respect when made or when delivered, and shall continue 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 Depositor by the Indenture Trustee or the Owner Trustee and
(ii) as a result of such incorrectness the interests of the Noteholders are materially and adversely affected, provided, however, that no Early Amortization Event shall be deemed to

  
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occur if such failure results in the creation of Warranty Receivables or Administrative Receivables and such Warranty Receivables or Administrative Receivables are purchased by the Seller, the
Depositor or the Servicer in accordance with the Basic Documents; 
 (c) failure on the part of the Depositor, the Servicer or
the Seller, as applicable, to pay (or set aside for payment) all amounts required to be paid as principal on any Series 2012-3 Notes on the Series 2012-3 Expected Maturity Date; 

(d) on any Distribution Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 17.50%;

 (e) on any three consecutive Distribution Dates, the amount on deposit in the Reserve Fund is less than the Reserve Fund
Required Amount; 
 (f) on any Distribution Date, the Reserve Fund Required Amount for such Distribution Date exceeds the amount
on deposit in the Reserve Fund by more than the Reserve Fund Trigger Amount; 
 (g) the unpaid principal amount of Outstanding
Series 2012-3 Notes (together with accrued and unpaid interest thereon) shall have become immediately due and payable as a result of an Event of Default pursuant to Section 6.03 of this Indenture Supplement; 

(h) an Insolvency Event with respect to the Seller, the Depositor or the Servicer (or Ally Financial, if Ally Financial is not the
Servicer); 
 (i) on any Distribution Date, the amount on deposit in the Excess Funding Account exceed 30.0% of the sum of the
Net Invested Amounts of all outstanding Series (including Series 2012-3), being determined as the average over the six Collection Periods immediately preceding the Distribution Date, or, if shorter, the period from the initial issuance date through
and including the last day of the immediately preceding Collection Period); 
 (j) the Issuing Entity or the Depositor is
required to register under the Investment Company Act; 
 (k) a Liquidation Event occurs with respect to a Significant
Manufacturer or with respect to a Majority of Manufacturers; 
 (l) on any Distribution Date, the Required Class E Invested
Amount for such Distribution Date exceeds the Class E Invested Amount; 
 (m) a failure by the Depositor to transfer to the
Issuing Entity Receivables arising in connection with Additional Accounts within 15 Business Days after the date on which the Depositor is required to convey such Receivables pursuant to Section 2.7(a) of the Trust Sale and Servicing
Agreement; or 
 (n) on the first Distribution Date related to the Controlled Accumulation Period, the amount on deposit in the
Accumulation Period Reserve Account is less than the Accumulation Period Reserve Account Required Amount; 

  
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 then, (i) in the case of any event described in clauses (a) or
(b) above, after any applicable grace period, either the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of Series 2012-3 Notes by notice then given in writing to the Depositor and the Servicer (and to the
Indenture Trustee if given by the Series 2012-3 Noteholders) may declare that an Early Amortization Event with respect to the Series 2012-3 Notes (a “Series 2012-3 Early Amortization Event”) has occurred as of the date of such
notice, and (ii) in the case of any event described in clauses (c) through (n) above, immediately and without any notice or other action on the part of the Indenture Trustee or the Series 2012-3 Noteholders, a Series
2012-3 Early Amortization Event shall be deemed to have occurred.  
 SECTION 6.02 Series 2012-3 Events of
Default. 
 For the purposes of this Indenture Supplement, “Event of Default” wherever used herein, means
any one of the following events: 
 (a) failure to pay any interest on any Investor Note as and when the same becomes due and
payable, and such default shall continue unremedied for a period of thirty-five (35) days; or 
 (b) except as set forth in
Section 6.02(c) below, failure to pay any instalment of the principal of any Investor Note as and when the same becomes due and payable, and such default continues unremedied for a period of thirty (30) days after there shall have
been given, by registered or certified mail, written notice thereof to the Issuing Entity and the Servicer by the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of not less than 25% of the
Outstanding Amount of such Notes, a written notice specifying such default and demanding that it be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(c) failure to pay in full the Outstanding Amount attributable to the Series 2012-3 Notes on or prior to the Series 2012-3 Legal Maturity
Date for such Notes; 
 (d) default in the observance or performance in any material respect of any covenant or agreement of the
Issuing Entity made in the Indenture or this Indenture Supplement in respect of the Series 2012-3 Notes (other than a covenant or agreement in respect of the Series 2012-3 Notes a default in the observance or performance which is specifically dealt
with elsewhere in this Section 6.02), which failure materially and adversely affects the rights of the Noteholders, and such default shall continue or not be cured for a period of 30 days after there shall have been given, by registered
or certified mail, to the Issuing Entity and the Servicer by the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Series 2012-3 Notes, a written notice
specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 
 (e) the filing of an order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial part of the Trust Estate in an involuntary case under the
Bankruptcy Code, and such order shall have continued undischarged or unstayed for a 

  
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period of 90 days; or the filing of a decree or order by a court having jurisdiction in the premises approving as properly filed a petition seeking reorganization, arrangement, adjustment or
composition of the Issuing Entity under any other Insolvency Law, and such decree or order shall have continued undischarged or unstayed for a period of 90 days; or the filing of a decree or order of a court having jurisdiction in the premises
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuing Entity’s affairs,
and such decree or order shall have continued undischarged and unstayed for a period of 90 consecutive days; or 
 (f) the
commencement by the Issuing Entity of a voluntary case under the Bankruptcy Code; or the filing of a petition or answer or consent by the Issuing Entity seeking reorganization, arrangement, adjustment or composition under any other Insolvency Law,
or consent to the filing of any such petition, answer or consent; or the consent by the Issuing Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing
Entity or for any substantial part of the Trust Estate, or the making by the Issuing Entity of an assignment for the benefit of creditors, or the admission in writing of its inability to pay its debts generally as such debts become due. 

The Issuing Entity shall deliver to the Indenture Trustee within five Business Days after learning of the occurrence thereof, written
notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under Section 6.02(d), its status and what action the Issuing Entity is taking or
proposes to take with respect thereto. 
 SECTION 6.03 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default, other than an Event of Default as a result of an Insolvency Event with respect to the Issuing Entity, should
occur and is continuing, then the Indenture Trustee may, or shall, at the direction of the Holders of at least a majority of the Outstanding Amount of the Series 2012-3 Notes, declare all the Series 2012-3 Notes to be immediately due and payable, by
a notice in writing to the Issuing Entity and the Servicer (and to the Indenture Trustee if declared by such Noteholders) setting forth the Event or Events of Default. If an Insolvency Event of Default occurs and is continuing, then the Series
2012-3 Notes shall be immediately and without further action become due and payable, and the Indenture Trustee shall give a notice to such effect in writing to the Issuing Entity (although failure to give such notice shall not affect the immediate
acceleration of maturity). Upon any such declaration or automatic occurrence, the Revolving Period or the Controlled Accumulation Period, as applicable, with respect to the Series 2012-3 Notes shall terminate, an Early Amortization Period shall
commence and the unpaid principal amount of such Series 2012-3 Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

(b) At any time after such acceleration of maturity has occurred pursuant to Section 6.03(a) and before a judgment or decree
for payment of the money due has been obtained by the Indenture Trustee as provided in Article V of the Indenture, the Holders of at least a majority of the Outstanding Amount of the Series 2012-3 Notes, by written notice to the Issuing
Entity, the Servicer and the Indenture Trustee, may rescind and annul such acceleration and its 

  
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consequences with respect to the Series 2012-3 Notes. No such rescission and annulment shall extend to or affect any subsequent Event of Default or impair any right consequent thereto; and
provided, further, that if the Indenture Trustee shall have proceeded to enforce any right under the Indenture and such proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other
reason, or shall have been determined adversely to the Indenture Trustee, then and in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored to their respective former positions and
rights hereunder and under the Indenture, and all rights, remedies and powers of the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall continue as though no such proceedings had been commenced. 

(c) If the Series 2012-3 Notes shall have been accelerated following an Event of Default, the Indenture Trustee may exercise the remedies
available to it as set forth in Article V the Indenture. 
 (d) Any money or property collected by the Indenture Trustee
pursuant to this Section 6.03 following the acceleration of the maturities of the Series 2012-3 Notes (so long as such acceleration has not been rescinded or annulled) shall be paid out or allocated in accordance with
Section 5.4(b) of the Indenture. 
 ARTICLE VII 

REDEMPTION OF SERIES 2012-3 NOTES; SERIES LEGAL MATURITY; FINAL 

DISTRIBUTIONS 
 SECTION 7.01 Optional Redemption of Series 2012-3 Notes. 
 (a) On any day
occurring on or after the date on which the Note Principal Balance is reduced to 10% or less of the Initial Note Principal Balance, the Servicer (if Ally Financial or an Affiliate of Ally Financial is the Servicer) shall have the option to purchase
the Series 2012-3 Noteholders’ Collateral and thereby cause a redemption of the Series 2012-3 Notes, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if
such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. 
 (b) Upon any such
election, the Servicer shall give the Depositor, the Indenture Trustee, the Issuing Entity and, if applicable, other holders of the Certificate Interest at least 30 days prior written notice of the date on which the Servicer intends to exercise such
optional redemption as well as the Reassignment Amount and the Indenture Trustee shall provide notice to Holders of the Series 2012-3 Notes that it has received such notice from the Servicer. No later than 11:00 a.m. (New York City time) on such day
the Servicer shall deposit the Reassignment Amount into the Collection Account or, at the direction of the Depositor or election of the Servicer in an amount not to exceed the interest and principal to be paid with respect to the Series 2012-3
Notes, the Note Defeasance Account, in immediately available funds. Such redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the Collection Amount or the Note Defeasance Account, as applicable, in
accordance with the foregoing, the Invested Amount of the Series 2012-3 Notes shall be deemed 

  
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reduced to zero and the Series 2012-3 Noteholders shall be deemed to have no further interest in the Receivables. The Reassignment Amount shall be distributed as set forth in
Section 7.02. 
 SECTION 7.02 Series Legal Maturity. 
 (a) The amount to be paid by the Depositor with respect to Series 2012-3 in connection with a reassignment of the Noteholders’ Collateral pursuant to Section 2.5 of the Trust Sale and
Servicing Agreement shall be the Reassignment Amount for the first Distribution Date following the Collection Period in which the reassignment obligation arises under the Trust Sale and Servicing Agreement. With respect to the Reassignment Amount
deposited into the Collection Account or the Note Defeasance Account, as applicable, pursuant to Section 2.5 of the Trust Sale and Servicing Agreement or pursuant to Section 7.01 of this Indenture Supplement or the proceeds
from any Foreclosure Remedy pursuant to Section 5.4 of the Indenture, the Indenture Trustee shall, in accordance with the written direction of the Servicer, no later than 11:00 a.m. (New York City time) on the related Distribution Date,
make deposits or distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any deposits and distributions otherwise to be made on such date) in immediately available funds first, from amounts on
deposit in the Note Defeasance Account and, to the extent the amounts on deposit in the Note Defeasance Account are insufficient to make such allocations, second, from available funds on deposit in the Collection Account, to make the following
distributions or deposits in the following priority: 
 (i) (A) the Class A Note Principal Balance on such
Distribution Date shall be distributed to the Indenture Trustee for payment to the Class A Noteholders, pro rata, between the Class A-1 Noteholders and the Class A-2 Noteholders, and (B) an amount equal to the sum of (1) the
Class A Monthly Interest for such Distribution Date and (2) any Class A Monthly Interest previously due but not paid to the Class A Noteholders on prior Distribution Dates, shall be distributed to the Indenture Trustee for
payment to the Class A Noteholders, pro rata on the basis of the amount of Class A Monthly Interest owed, between the Class A-1 Noteholders and the Class A-2 Noteholders, on such Distribution Date; 

(ii) (A) the Class B Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for
payment to the Class B Noteholders and (B) an amount equal to the sum of (1) the Class B Monthly Interest for such Distribution Date and (2) any Class B Monthly Interest previously due but not paid to the Class B Noteholders on prior
Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class B Noteholders on such Distribution Date; 
 (iii) (A) the Class C Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for payment to the Class C Noteholders and (B) an amount equal to the sum of
(1) the Class C Monthly Interest for such Distribution Date and (2) any Class C Monthly Interest previously due but not paid to the Class C Noteholders on prior Distribution Dates, shall be distributed to the Indenture Trustee for payment
to the Class C Noteholders on such Distribution Date; 

  
 49 

 (iv) (A) the Class D Note Principal Balance on such Distribution Date shall
be distributed to the Indenture Trustee for payment to the Class D Noteholders and (B) an amount equal to the sum of (1) the Class D Monthly Interest for such Distribution Date and (2) any Class D Monthly Interest previously due but
not paid to the Class D Noteholders on prior Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class D Noteholders on such Distribution Date; and 

(v) the Class E Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for payment
to the Class E Noteholders on such Distribution Date. 
 (b) Notwithstanding anything to the contrary in this Indenture
Supplement, the Indenture or the Trust Sale and Servicing Agreement, (i) all amounts distributed to the Indenture Trustee pursuant to Section 7.02(a) for payment to the Series 2012-3 Noteholders shall be deemed distributed in full
to the Series 2012-3 Noteholders on the date on which such funds are distributed to the Indenture Trustee pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 11.2 of the Indenture and (ii) in
the event that the amounts available for final distribution to the Series 2012-3 Noteholders and to the Noteholders of any other Series on any Distribution Date are less than the full amount required to be so distributed, the available amounts shall
be allocated to each Series based on the respective amounts required to be distributed to each such Series (including Series 2012-3) on such Distribution Date. 
 ARTICLE VIII 
 MISCELLANEOUS PROVISIONS 

SECTION 8.01 Ratification of Agreement. 
 As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement is to be read, taken and construed
as one and the same instrument. 
 SECTION 8.02 Form of Delivery of Series 2012-3 Notes. 

The Series 2012-3 Notes shall be delivered as Registered Notes as provided in Section 2.2 of the Indenture. 

SECTION 8.03 Counterparts. 
 This Indenture Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all counterparts shall together constitute one and the same
instrument. 
 SECTION 8.04 Governing Law. 
 THIS INDENTURE SUPPLEMENT AND EACH SERIES 2012-3 NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS 

  
 50 

 
OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 8.05 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 8.06 Notices. 
 (a) The Issuing Entity (or the Servicer or Administrator on its behalf) shall deliver all notices, requests, consents or other communications delivered to the Rating Agencies hereunder to
Standard & Poor’s concurrently with the delivery thereof to the Rating Agencies. 
 (b) All notices, requests,
reports, consents or other communications deliverable to the Rating Agencies hereunder or under any other Basic Document by the Owner Trustee, the Issuing Entity or the Indenture Trustee shall instead be delivered to the Depositor, which shall
promptly deliver such document to the Rating Agencies (which may be delivered by posting such document to the website maintained by the Depositor for notifications to nationally recognized statistical rating organizations). 

  
 51 

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

			
	ALLY MASTER OWNER TRUST, as Issuing Entity
	
	By HSBC Bank USA, National Association, not in its individual capacity, but solely as Owner Trustee
		
	By	 	/s/ Nina Nassar
		 	Name: Nina Nassar
		 	Title: Assistant Vice President

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee and Securities Intermediary
		
	By	 	/s/ Marianna C. Shershic
		 	Name: Marianna C. Stershic
		 	Title: Vice President

  

			
	Acknowledged and Agreed, solely for purposes of Sections 5.04(c) and (d)
	
	HSBC BANK USA, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee
		
	By	 	/s/ Nina Nassar
	Name: Nina Nassar
	Title: Assistant Vice President

  
 52 

 EXHIBIT A 
 FORM OF CLASS [A-1][A-2][B][C][D][E] NOTE 
 [Unless this Class [A-1][A-2][B][C][D]
Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of
DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 

[This Class [B][C][D][E] Note has not and will not be registered under the United States Securities Act of 1933, as amended (the
“Securities Act”), or under the securities or blue sky laws of any State in the United States or any foreign securities laws. By its acceptance of this Class [B][C][D][E] Note (or interest therein), the Holder of this Class
[B][C][D][E] Note (or such interest), if other than the Depositor, is deemed to represent and warrant to the Depositor and the Indenture Trustee that it is a “Qualified Institutional Buyer” as defined in Rule 144A under the Securities Act
and is acquiring this Class [B][C][D][E] Note (or interest therein) for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Qualified Institutional Buyers) or has otherwise acquired an
interest in the Class [B][C][D][E] Note in a transaction that is exempt from the registration requirements of the Securities Act.] 
 [No sale, pledge or other transfer of this Class [B][C][D][E] Note (or interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made by or to the
Depositor, (ii) at the time of such sale, pledge or other transfer, (A) this Class [B][C][D][E] Note is eligible for resale pursuant to Rule 144A under the Securities Act, and such sale, pledge or other transfer is made to a person whom
the transferor “reasonably believes” within the meaning of Rule 144A under the Securities Act is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a “Qualified Institutional
Buyer”) acting for its own account or the accounts of other Qualified Institutional Buyers, and (B) the transferee is aware that the transferor of this Class [B][C][D][E] Note intends to rely on the exemption from the registration
requirements of the Securities Act provided by Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in which case
(A) the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form
and substance satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee shall require a written opinion of 

  
 Ex. A-1

 
counsel (which will not be at the expense of the Seller, the Depositor, the Administrator the Issuing Entity, the Servicer or the Indenture Trustee) satisfactory to the Depositor and the
Indenture Trustee to the effect that such transfer will not violate the Securities Act and satisfaction of certain other provisions specified herein.] 
 Each Noteholder or Note Owner, by acceptance of this Note (or interest therein), hereby covenant and agree that by accepting the benefits of the Indenture such Noteholder or Note Owner shall not, prior to
the date which is one year and one day after the termination of the Indenture with respect to the Issuing Entity and, with respect to the Depositor, the Securities issued by each other trust formed by and each other financing by the Depositor,
acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor or the Issuing Entity under any
Insolvency Law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or
liquidation of the affairs of the Depositor or the Issuing Entity. 
 Each Noteholder, by acceptance of this Note (or interest
therein), covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other
writing delivered in connection herewith or therewith, against: 
 (i) the Indenture Trustee or the Owner Trustee
in its individual capacity; 
 (ii) the Depositor or any other owner of a beneficial interest in the Issuing
Entity; or 
 (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Except as expressly provided in the Basic Documents, none of the Seller, the Depositor, the Servicer, the Indenture Trustee nor the Owner
Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of 

  
 Ex. A-2

 
their respective partners, owners, beneficiaries, agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of [or interest on], or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations
and indemnifications have been made solely by the Issuing Entity. Each Noteholder by accepting this Note (or any interest therein) acknowledges that such Noteholder’s Note (or interest therein) represents beneficial interests in the Issuing
Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof (other than the Issuing Entity) and no recourse, either directly or
indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by the acceptance of a Note (or beneficial interest therein) agrees that except as expressly
provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Notes, it shall have no claim against any of Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in the Notes. 
 If any of the foregoing covenants of a Noteholder is prohibited by,
or declared illegal or otherwise unenforceable against or with respect to any Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of
the Depositor or any Affiliate of the Depositor other than the Issuing Entity (“other assets”), each Noteholder or Note Owner by the acceptance of this Note (or beneficial interest therein), agrees that (i) its claim against any such
other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted (“entitled Persons”), including to the payment in full of all
amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code.

 [The holder of this Note, by acceptance of this Note, and each holder of a beneficial interest therein, unless otherwise
required by the appropriate taxing authorities, agree to treat this Note as indebtedness of the Issuing Entity for applicable United States federal, state and local income and franchise tax purposes and any other taxes imposed upon, measured by or
based upon gross or net income.] 
 [Any holder of this Class [A-1][A-2][B][C][D] Note, by its acceptance of this Class
[A-1][A-2][B][C][D] Note, shall be deemed to have represented that either (a) it is not acquiring the Class [A-1][A-2][B][C][D] Note with the assets of (i) an employee benefit plan (as defined in Section 3(3) of the Employee
Retirement Income Security Act 

  
 Ex. A-3

 
of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986,
as amended (the “Code”) which is subject to Section 4975 of the Code, (iii) an entity whose underlying assets are treated under regulations issued by the U.S. Department of Labor, as modified by Section 3(42) of
ERISA, to include plan assets by reason of investment by an employee benefit plan or a plan in such entity or (iv) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code; or
(b) the acquisition and holding of the Class [A-1][A-2][B][C][D] Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a non-exempt violation of any substantially
similar applicable law. Employee benefit plans subject to the provisions of Title I of ERISA, plans subject to Section 4975 of the Code and entities whose underlying assets include plan assets by reason of an employee benefit plan’s or
plan’s investment in such entity may not acquire this Class [A-1][A-2][B][C][D] Note at any time that this Class [A][B][C][D] Note would not be treated as indebtedness without substantial equity features [or the ratings on this Class [B][C][D]
Note are below investment grade]. [Any holder of this Class [E] Note, by its acceptance of this Class [E] Note, shall be deemed to have represented that (a) it is not acquiring the Class [E] Note with the plan assets of (i) an employee
benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1)
of the Internal Revenue Code of 1986, as amended (the “Code”) which is subject to Section 4975 of the Code, (iii) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or
a plan in such entity other than an insurance company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% “plan assets” and for which the purchase
and holding of the Class [E] Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or (iv) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if
such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code.] 

[Transfer of this Class E Note may only be made to a Person who is a United States Person (within the meaning of Section 7701(a)(30)
of the Internal Revenue Code). Any Person acquiring this Class E Note or an interest therein (i) shall not be deemed to have made the representations set forth in Section 2.14 of the Indenture and (ii) other than the Depositor shall
not acquire or hold this Class E Note or interest herein in the form of a Book Entry Note.] 
 [No sale, pledge or other
transfer may be made to any one person of a Class E Note with a face amount of less than the amount determined in accordance with Section 1.01(f) of the Indenture Supplement (in order to prevent the Issuing Entity from being treated as a
“publicly traded partnership” under Section 7704 of the Code, and, in the case 

  
 Ex. A-4

 
of any Person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for a Class E Note
with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding restriction will be void ab initio and the purported transferor will continue to be treated as the
owner of the Class E Notes for all purposes. No Class E Note may be transferred unless the transferor provides to the Indenture Trustee an opinion of independent counsel that the transfer will not cause the Issuing Entity to be treated as an
association (or publicly traded partnership) taxable as a corporation for federal income tax purposes.] 

  
 Ex. A-5

			
	Registered	  	$                    1
	No. R-            	  	CUSIP No.                    
		  	ISIN No.                     
		  	Common Code                     

 ALLY MASTER OWNER TRUST 
 SERIES 2012-3 [FLOATING][FIXED] RATE ASSET BACKED NOTE, CLASS [A-1][A-2][B][C][D][E] 
 Ally Master Owner Trust (herein referred to as the “Issuing Entity”), a Delaware statutory trust governed by the Trust Agreement, dated as of February 12, 2010, for value received,
hereby promises to pay to                     , or registered assigns, subject to the following provisions, the principal sum of
                    DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture and the Indenture
Supplement (each referred to herein), on the June 2017 Distribution Date (the “Series 2012-3 Legal Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement. Beginning on August 15,
2012, and on each Distribution Date thereafter until the principal amount of this Note is paid in full, the Issuing Entity shall pay interest on the unpaid principal amount of this Note at an annual rate equal to the Class [A-1][A-2][B][C][D] Note
Interest Rate, as determined pursuant to the Indenture Supplement. Interest on this Note shall begin accruing from July 25, 2012 (the “Closing Date”) and shall be payable in arrears on each Distribution Date, [computed on the
basis of a 360-day year and the actual number of days elapsed][computed on the basis of a 360-day year and twelve 30-day months]. The principal of this Note shall be paid in the manner specified on the reverse hereof. 

The principal of [and interest] on this Note are payable in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the
certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof,
or be valid for any purpose. 
  

	1 	 [This Class [A-1][A-2][B][C][D] Note may be issued in denominations of $100,000 and integral multiples of $1,000 in excess thereof.][This Class E Note
may be issued only in denominations equal to the Class E Note Principal Balance.] 

  
 Ex. A-6

 IN WITNESS WHEREOF, the Issuing Entity has caused this Note to be duly executed. 

 

			
	ALLY MASTER OWNER TRUST, as Issuing Entity
	
	By HSBC Bank USA, National Association, not in its individual capacity, but solely as Owner Trustee
		
	By	 	 
		 	 Name:

Title:

 Dated: 
 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes
described in the within-mentioned Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee
		
	By	 	 
		 	Authorized Officer

  
 Ex. A-7

 ALLY MASTER OWNER TRUST 

SERIES 2012-3 [FLOATING][FIXED] RATE ASSET BACKED NOTES, CLASS 
 [A-1][A-2][B][C][D][E] 
 Summary of Terms and Conditions 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as the Series 2012-3 [Floating][Fixed] Rate Asset
Backed Notes (the “Notes”), issued under the Indenture, dated as of February 12, 2010 (the “Indenture”), between the Issuing Entity and Wells Fargo Bank, National Association, as indenture trustee (the
“Indenture Trustee”), as supplemented by the Series 2012-3 Indenture Supplement, dated as of July 25, 2012 (the “Indenture Supplement” and, together with the Indenture, the “Series Agreement”),
and representing the right to receive certain payments from the Issuing Entity. The Notes are subject to all of the terms of the Series Agreement. All terms used in this Note that are defined in the Series Agreement have the meanings assigned to
them in or pursuant to the Series Agreement. In the event of any conflict or inconsistency between the Series Agreement and this Note, the Series Agreement controls. 
 The [Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Note] with initial principal amounts of
$[            ], $[ ], $[ ], $[ ], and $[ ], respectively, shall also be issued under the Series Agreement. [The rights of the holders of the [Class A Notes, the Class B Notes, the Class C
Notes, and the Class D Notes] to receive payments on [the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes] are senior to the rights of the holders of the Class [B][C][D][E] Notes to receive payments as specified in the
Series Agreement.] [The rights of the holders of [the Class B Notes, the Class C Notes, the Class D Notes, and the Class E Notes] to receive payments on [the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes] are subordinate
to the rights of the holders of the Class [A][B][C][D] Notes to receive payments as specified in the Series Agreement.] 
 The
Noteholder, by its acceptance of this Note, agrees that it shall look solely to the property of the Issuing Entity allocated to the payment of the Notes for payment hereunder and under the Series Agreement and that the Indenture Trustee is not
liable to the Noteholders for any amount payable under the Notes or the Series Agreement or, except as expressly provided in the Series Agreement, subject to any liability under the Series Agreement. 

This Note does not purport to summarize the Series Agreement and reference is made to the Series Agreement for the interests, rights and
limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

  
 Ex. A-8

 The Class [A-1][A-2][B][C][D][E] Note Initial Principal Balance is
$[                    ]. The Class [A-1][A-2][B][C][D][E] Note Principal Balance on any date of determination shall be an amount equal to the
Class [A-1][A-2][B][C][D][E] Note Initial Principal Balance minus the aggregate amount of any principal payments made to the Class [A-1][A-2][B][C][D][E] Noteholders before such date. 

The Series 2012-3 Expected Maturity Date is the June 2015 Distribution Date, but principal with respect to the Class
[A-1][A-2][B][C][D][E] Notes may be paid earlier or later under certain circumstances described in the Series Agreement. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to deposit the Controlled
Deposit Amount into the Note Distribution Account or, to the extent permitted by the Indenture Supplement, the Note Defeasance Account, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the
Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of the Notes shall occur later than the Series 2012-3 Expected Maturity Date. Payments of principal of the Notes shall be payable in accordance with the
provisions of the Series Agreement. 
 Subject to the terms and conditions of the Series Agreement, the Depositor may, from time
to time, direct the Owner Trustee, on behalf of the Issuing Entity, to issue one or more new Series of notes. 
 On each
Distribution Date, the Indenture Trustee shall distribute to each Class [A-1][A-2][B][C][D][E] Noteholder of record on the related Record Date (except for the final distribution in respect of this Note) such Class [A-1][A-2][B][C][D][E]
Noteholder’s pro rata share of the amounts held by the Indenture Trustee that are allocated and available on such Distribution Date to pay [interest and] principal on the Class [A-1][A-2][B][C][D][E] Notes pursuant to the Indenture Supplement.
Except as provided in the Series Agreement with respect to a final distribution, distributions to the Noteholders shall be made by (a) wire transfer (to the account specified by the applicable Noteholder) or check mailed to the applicable
Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect to any Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds and
(b) without presentation or surrender of any Note or the making of any notation thereon. Final payment of this Note shall be made only upon presentation and surrender of this Note at the office or agency specified in the notice of final
distribution delivered by the Indenture Trustee to the Noteholders in accordance with the Series Agreement. 
 On any day
occurring on or after the date on which the Note Principal Balance is reduced to 10% or less of the Initial Note Principal Balance, the Servicer (if Ally Financial or an Affiliate of Ally Financial is the Servicer) shall have the option to redeem
the Notes, at a purchase price equal to (a) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following
such day. 

  
 Ex. A-9

 This Note does not represent an obligation of, or an interest in, Ally Bank, Ally Financial,
Ally Wholesale Enterprises LLC, the Indenture Trustee, the Owner Trustee or any Affiliate of any of them (other than the Issuing Entity) and is not insured or guaranteed by any governmental agency or instrumentality. 

The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate subject to the rights of the
Indenture Trustee and the Noteholders. 
 [Except as otherwise provided in the Indenture Supplement, the Class
[A-1][A-2][B][C][D] Notes are issuable only in minimum denominations of $100,000 and integral multiples of $1,000.][Except as otherwise provided in the Indenture Supplement, the Class E Notes are issuable only in a minimum denomination of 100% of
the Class E Note Principal Balance] The transfer of this Note shall be registered in the Note Register upon surrender of this Note for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a
written instrument of transfer, in a form satisfactory to the Indenture Trustee or the Transfer Agent and Registrar, duly executed by the Noteholder or such Noteholder’s attorney, and duly authorized in writing with such signature guaranteed,
and thereupon one or more new Class [A-1][A-2][B][C][D][E] Notes in any authorized denominations of like aggregate principal amount shall be issued to the designated transferee or transferees. 

As provided in the Series Agreement and subject to certain limitations therein set forth, Class [A-1][A-2][B][C][D][E] Notes are
exchangeable for new Class [A-1][A-2][B][C][D][E] Notes in any authorized denominations and of like aggregate principal amount, upon surrender of such Notes to be exchanged at the office or agency of the Transfer Agent and Registrar. No service
charge may be imposed for any such exchange but the Issuing Entity or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

The Issuing Entity, the Depositor, the Indenture Trustee and any agent of the Issuing Entity, the Depositor or the Indenture Trustee
shall treat the person in whose name this Note is registered as the owner hereof for all purposes, and none of the Issuing Entity, the Depositor, the Indenture Trustee or any agent of the Issuing Entity, the Depositor or the Indenture Trustee shall
be affected by notice to the contrary. 
 This Note is to be construed in accordance with the laws of the State of New York,
without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder are to be determined in accordance with such laws. 

  
 Ex. A-10

 ASSIGNMENT 
 Social Security or other identifying number of assignee                     

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

 
  

 
  

 
  

 
  

(name and address of assignee) 

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

 

			
	Dated:                            
                            	  	                             
                                         
                                         
          2
		
		  	Signature Guaranteed:
		  	                             
                                         
                                         
           

  

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

  
 Ex. A-11

 EXHIBIT B 
 FORM OF MONTHLY STATEMENT 
  

 
 ALLY MASTER
OWNER TRUST 
 SERIES 2012-3 ASSET BACKED NOTES 

 
  

  
 Ex. B

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