Document:

Origination Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 ORIGINATION AGREEMENT 

between 

NATIONAL COMMERCIAL BANK JAMAICA LIMITED 
 and 
 JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY 

Dated as of March 22, 2006 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1
	 	 Definitions
	  	 	1	  
	 SECTION 1.2 
	 	 Rules of Construction
	  	 	13	  
		
	 ARTICLE II SALE OF PURCHASED DIVERSIFIED PAYMENT RIGHTS AND RELATED ASSETS
	  	 	13	  
			
	 SECTION 2.1 
	 	 Sale of Purchased Diversified Payment Rights and Related Assets
	  	 	13	  
	 SECTION 2.2 
	 	 Purchase Price
	  	 	15	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	16	  
			
	 SECTION 3.1 
	 	 Representations and Warranties of the Bank Regarding the Bank
	  	 	16	  
	 SECTION 3.2 
	 	 Representations and Warranties of the Bank Relating to the Purchased Diversified Payment Rights
	  	 	19	  
	 SECTION 3.3 
	 	 Representations and Warranties of the SPC
	  	 	21	  
	 SECTION 3.4 
	 	 UCC Representations
	  	 	21	  
		
	 ARTICLE IV COVENANTS OF THE BANK
	  	 	21	  
			
	 SECTION 4.1 
	 	 No Transfers of Purchased Diversified Payment Rights, Related Assets or Originator Note
	  	 	21	  
	 SECTION 4.2 
	 	 Further Action
	  	 	22	  
	 SECTION 4.3 
	 	 Payment to MT Beneficiaries and Remittance Beneficiaries
	  	 	22	  
	 SECTION 4.4 
	 	 Instructions to Designated Depositary Banks
	  	 	22	  
	 SECTION 4.5 
	 	 Collections; Enforceable Acknowledgements
	  	 	22	  
	 SECTION 4.6 
	 	 Compliance with Laws
	  	 	23	  
	 SECTION 4.7 
	 	 Mergers, Consolidations, Asset Sales
	  	 	23	  
	 SECTION 4.8 
	 	 Books and Records
	  	 	24	  
	 SECTION 4.9 
	 	 Maintenance of Properties
	  	 	24	  
	 SECTION 4.10
	 	 Insurance
	  	 	25	  
	 SECTION 4.11
	 	 Notice of Certain Events
	  	 	25	  
	 SECTION 4.12
	 	 Monitoring Fees of Rating Agencies
	  	 	25	  
	 SECTION 4.13
	 	 Audit
	  	 	25	  
	 SECTION 4.14
	 	 Financial Statements
	  	 	25	  
	 SECTION 4.15
	 	 Compliance Certificate
	  	 	26	  
	 SECTION 4.16
	 	 Rule 144A Information
	  	 	26	  
	 SECTION 4.17
	 	 Capital Ratio
	  	 	26	  
	 SECTION 4.18
	 	 UCC Filings
	  	 	26	  
	 SECTION 4.19
	 	 Cooperation with Servicer
	  	 	26	  
	 SECTION 4.20
	 	 Change in Business
	  	 	27	  
	 SECTION 4.21
	 	 No Impairment
	  	 	27	  
	 SECTION 4.22
	 	 Deposit of Payments
	  	 	27	  
	 SECTION 4.23
	 	 Separation from SPC
	  	 	27	  
	 SECTION 4.24
	 	 Taxes; Payments of Additional Amounts
	  	 	27	  

  
 i 

							
	 SECTION 4.25 
	 	 Use of Proceeds
	  	 	30	  
	 SECTION 4.26 
	 	 Make-Whole Premium
	  	 	30	  
	 SECTION 4.27 
	 	 The Bank’s Indemnity of the Indenture Trustee
	  	 	31	  
	 SECTION 4.28
	 	 Collections to be Held in Trust
	  	 	31	  
	 SECTION 4.29
	 	 Servicing of Unrelated Diversified Payment Rights
	  	 	31	  
		
	 ARTICLE V OPTIONAL REDEMPTION OF SERIES
	  	 	32	  
			
	 SECTION 5.1 
	 	 Optional Redemption
	  	 	32	  
	 SECTION 5.2 
	 	 Tax Repurchase
	  	 	32	  
	 SECTION 5.3
	 	 Notice
	  	 	32	  
	 SECTION 5.4 
	 	 Payment of Repurchase Price
	  	 	33	  
	 SECTION 5.5 
	 	 Optional Redemptions during the Existence of an Early Amortization Period
	  	 	33	  
		
	 ARTICLE VI DEFAULTS
	  	 	33	  
			
	 SECTION 6.1 
	 	 Mandatory Redemption
	  	 	33	  
	 SECTION 6.2
	 	 Defaults
	  	 	34	  
	 SECTION 6.3 
	 	 Effect of Payment of Repurchase Price
	  	 	38	  
		
	 ARTICLE VII INDEMNIFICATION
	  	 	38	  
			
	 SECTION 7.1 
	 	 Indemnification
	  	 	38	  
	 SECTION 7.2 
	 	 Tax Matters
	  	 	39	  
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	39	  
			
	 SECTION 8.1 
	 	 Payments; Currency Indemnity
	  	 	39	  
	 SECTION 8.2 
	 	 Absolute Obligations
	  	 	40	  
	 SECTION 8.3 
	 	 Successors and Assigns
	  	 	40	  
	 SECTION 8.4 
	 	 Third Party Beneficiary
	  	 	41	  
	 SECTION 8.5 
	 	 Governing Law
	  	 	41	  
	 SECTION 8.6 
	 	 No Waiver; Cumulative Remedies
	  	 	41	  
	 SECTION 8.7 
	 	 Modification of Agreement
	  	 	41	  
	 SECTION 8.8 
	 	 Severability
	  	 	42	  
	 SECTION 8.9
	 	 Notices
	  	 	42	  
	 SECTION 8.10 
	 	 Counterparts
	  	 	43	  
	 SECTION 8.11 
	 	 Entire Agreement
	  	 	43	  
	 SECTION 8.12 
	 	 Waivers of Jury Trial
	  	 	43	  
	 SECTION 8.13 
	 	 Submission to Jurisdiction; Waivers
	  	 	43	  
	 SECTION 8.14
	 	 No Petition Covenant
	  	 	45	  
	 SECTION 8.15 
	 	 Limited Recourse
	  	 	45	  
	 SECTION 8.16 
	 	 Headings and Table of Contents
	  	 	45	  
	 SECTION 8.17 
	 	 Use of English Language
	  	 	46	  

 EXHIBITS 
  

			
	Exhibit A	  	Form of Acknowledgment
	Exhibit B	  	Form of Deed of Assignment
	Exhibit C	  	Form of Originator Note
	Exhibit D	  	Form of Quarterly Officer’s Certificate

  
 ii 

 ORIGINATION AGREEMENT, dated as of March 22, 2006, between NATIONAL COMMERCIAL BANK
JAMAICA LIMITED, a commercial bank organized and existing under the laws of Jamaica (the “Bank”), and JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY, an exempted limited liability company incorporated under the laws of the Cayman
Islands (the “SPC”). 
 W I T N E S S E T H: 

WHEREAS, on the Closing Date the SPC desires to purchase, and the Bank desires to sell, all of the Bank’s right, title and interest
in and to (but none of its obligations under) all of the Purchased Diversified Payment Rights and all Related Assets, whether existing on the Closing Date or generated thereafter through and including the Sale Termination Date; and 

WHEREAS, pursuant to an Indenture, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the
“Indenture”), between the SPC and The Bank of New York, as indenture trustee (together with its successors in such capacity, the “Indenture Trustee”), the SPC intends to issue and sell a series of
Dollar-denominated, floating-rate notes (the “Series 2006-1 Notes”), and may issue and sell additional Dollar or other currency notes (together with the Series 2006-1 Notes, the “Notes”) pursuant to the Indenture
and, for each Note (or series of Notes), an Indenture Supplement, the proceeds of which will be used to make any Additional Payments to the Bank in respect of the Purchased Diversified Payment Rights. 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:

 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1 Definitions. As used in this Agreement, terms
defined in the Indenture and not otherwise defined herein shall have the meanings ascribed to them in (including by reference in) the Indenture, and the following terms, as used herein, shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined): 
 “Acknowledgment” shall mean each
Acknowledgment (substantially in the form of Exhibit A) among the Bank, the Indenture Trustee, the SPC and a Depositary Bank, as the same may be amended, supplemented or otherwise modified from time to time pursuant to the terms thereof.

 “Actual Knowledge” shall mean, with respect to any Person, actual knowledge of any officer of such Person
responsible for the administration of the transactions effected by the Transaction Documents. 

 “Additional Amounts” shall have the meaning specified in
Section 4.24(a). 
 “Additional Payment” shall mean each payment made by the SPC to the Bank from the
proceeds of the issuance of an Additional Series. 
 “Additional Series” shall mean any Note (or series of
Notes) (and any related series of Certificates) other than the Series 2006-1 Notes. 
 “Affiliate” shall
mean, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person
shall mean the right or power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling”
and “controlled” shall have meanings correlative to the foregoing. 
 “Agreement” shall mean this
Origination Agreement, as the same may be amended, supplemented or otherwise modified from time to time pursuant to the terms hereof. 
 “Applicable Currency” shall have the meaning specified in Section 8.1(b). 
 “Applicable Law” shall mean, as to any Person: (a) the certificate of incorporation, charter, by-laws, memorandum of association, articles of association or other organizational or
governing documents of such Person and (b) any law, executive order, decree, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person and/or
any of its property, revenues and/or rights or to which such Person and/or any of its property, revenues and/or rights is subject. 
 “Authorized Officer” shall mean (a) in the case of the SPC, the Bank or the Servicer, the individual(s) (whom may include directors of the SPC, the Bank or the Servicer, as the case
may be) specified by the SPC, the Bank or the Servicer, as the case may be, as such in an Officer’s Certificate delivered on the Closing Date or in an Officer’s Certificate delivered from time to time thereafter to the Indenture Trustee,
or (b) in the case of any other Person, the chairman of the board, chief executive officer, chief financial or accounting officer, any vice president or any corporate trust officer of such Person responsible for the administration of the
transactions effected by the Transaction Documents. 
 “Bank” shall have the meaning specified in the preamble
to this Agreement. 
 “Beneficial Owner” shall mean a holder of a beneficial interest in a Certificate or a
Note. 
 “Business Day” shall mean any day other than a Saturday, Sunday or other day on which banking
institutions in New York, New York or Kingston, Jamaica are 

  
 2 

 
permitted or required by Applicable Law to remain closed; provided that, with respect to any actions taken or to be taken by any Designated Depositary Bank, such term shall mean a day in
the jurisdiction of such Designated Depositary Bank other than a Saturday, Sunday or other day on which such Designated Depositary Bank is permitted or required by Applicable Law to remain closed. 

“Central Bank” shall mean the Bank of Jamaica. 
 “Certificateholder” shall mean the registered owner of a Certificate. 
 “Certificates” shall mean each certificate issued under a Trust Agreement. 
 “Closing Date” shall mean the date of the initial issuance of the Series 2006-1 Notes. 
 “Collateral Account” shall mean a segregated non-interest bearing trust account held by the Indenture Trustee (as of the Closing Date, held at The Bank of New York (ABA
No. 021 000 018; GLA#111/565; account #264076, ref: Jamaica Diversified Payment Rights Company Collateral Account)) for the benefit of the Investors and the other Persons (other than the Bank and the SPC and their respective
Affiliates) owed amounts under the Transaction Documents, over which account the Indenture Trustee shall, subject to the terms of the Indenture, have sole and exclusive dominion and control and sole and exclusive right of withdrawal. The Collateral
Account shall be an Eligible Account. 
 “Collections” shall mean the collective reference to all payments or
other proceeds paid to or received by (or on behalf of) the Indenture Trustee or the SPC (whether through receipt by a branch, agency or other office of the Bank of cash or through deposit into a Concentration Account, the Collateral Account or
otherwise, including all such amounts received and retained by the Bank, whether or not in accordance with the Transaction Documents), in respect of the Purchased Diversified Payment Rights (but excluding any unpaid wire or other administrative
charges deducted by any Designated Depositary Bank). 
 “Concentration Account” shall mean a deposit account,
which may be an interest-bearing account, established with each Designated Depositary Bank in the name of the Servicer (on behalf of the SPC and the Indenture Trustee), into which account each Designated Depositary Bank will agree, pursuant to its
Acknowledgment, to deposit all Collections received (or paid) by it in respect of any Purchased Diversified Payment Rights and over which account the Indenture Trustee shall have sole and exclusive dominion and control. 

“Controlling Party” shall have the meaning specified in the Indenture. 

“Contractual Obligation” shall mean, with respect to any Person, any provision of any security issued by such Person or
of any agreement, instrument or other undertaking to which such Person is a party or by which it and/or any of its property, rights or revenue is bound, which provision constitutes an agreement, obligation or commitment of, or covenant or
undertaking by, such Person. 

  
 3 

 “Coverage Reserve Account” shall have the meaning specified in the
Indenture. 
 “DDB Collections” shall mean all Collections received or paid by a Designated Depositary Bank in
its Concentration Account. 
 “Deed of Assignment” shall mean the Deed of Assignment, dated as of the date
hereof, executed by the Bank in favor of the SPC, substantially in the form of Exhibit B. 
 “Default”
shall have the meaning specified in Section 6.2. 
 “Depositary Bank” shall mean any correspondent bank
(including any of the Bank’s Affiliates) that (a) maintains an account for the Bank, (b) is located in the United States or in any member country of the OECD and (c) has the Minimum Credit Rating. 

“Designated Depositary Bank” shall mean each of the Bank’s Depositary Banks for which an Acknowledgment is in full
force and effect. 
 “Diversified Payment Rights” shall mean all right, title and interest (but none of the
obligations) of the Bank in, to and under (i) MT Payments and (ii) Remittance Payments. 
 “Dollars,”
“$” and “US$” shall each mean the lawful currency of the United States (whether the United States Dollar or any other currency that replaces the United States Dollar). 

“DPR Payees” shall mean, collectively, the MT Beneficiaries and the Remittance Beneficiaries. 

“DPR Payors” shall mean, collectively, the MT Payors and the Remittance Payors. 

“Early Amortization Period” shall mean, with respect to any Series, the period beginning on the date on which an Early
Amortization Period with respect to such Series is declared to have commenced or automatically commences, including pursuant to Section 8.1 of the Indenture, and continuing through and including the earlier of (a) the date on which all
principal of and interest on such Series, and all other amounts (including any Additional Amounts) due under the Transaction Documents in connection with such Series, have been paid in full and (b) the date on which the Early Amortization
Event(s) with respect to which such Early Amortization Period has commenced has been waived by the Controlling Party of such Series. 

  
 4 

 “Eligible Account” shall mean a segregated trust account that is either:
(a) maintained with a depository institution or trust company (or branch thereof) (including the Indenture Trustee and its Affiliates) located in the United States (or, with respect to any Series denominated in any other currency, in the
applicable jurisdictions) whose long-term unsecured and uncredit-enhanced senior debt obligations are rated at least “A” by S&P and Fitch (if such obligations are rated by Fitch) and at least “A2” by Moody’s or
(b) maintained with a United States federally or state chartered depository institution subject to regulations regarding fiduciary funds on deposit substantially similar to 12 C.F.R. §9.10(b). 

“Enforceable Acknowledgment” shall mean an Acknowledgment which (i) constitutes, subject to the power and authority
of and the due authorization, execution and delivery thereof by the related Designated Depositary Bank, the legal, valid and binding obligation of such Designated Depositary Bank enforceable against it in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be
limited by general principles of equity (whether considered in a suit at law or in equity), and no other action by the Bank is necessary in order to obligate each Designated Depositary Bank to make payments in the manner set forth in such
Acknowledgment and (ii) is revocable or alterable by the Bank or the SPC only with the written consent of the Indenture Trustee. 
 “Enhancement” shall mean, with respect to any Series, a financial guaranty insurance policy, political risk insurance policy, letter of credit (other than any Reserve LC) or other credit
enhancement (other than any Hedge Agreement, any Reserve Account and the Coverage Reserve Account) provided for the benefit of the Investors in such Series and identified as such or by reference to the related Series in the applicable Indenture
Supplement. 
 “Enhancement Agreement” shall mean, with respect to any Series for which an Enhancement has been
provided, any reimbursement agreement or other agreement identified as such or by reference to the related Series in the applicable Indenture Supplement. 
 “Enhancer” shall mean, with respect to any Series for which an Enhancement has been provided, the Person(s) designated as such or by reference to the related Series in the applicable
Indenture Supplement. 
 “Financial Statements” shall mean, with respect to any Person, the unaudited (with
respect to a fiscal quarter or semester) or audited (with respect to a fiscal year) balance sheets and statements of income and cash flow of such Person prepared in accordance with applicable IFRS. 

“Fitch” shall mean Fitch, Inc. and its successors (including the surviving entity of any merger with another Rating
Agency). 

  
 5 

 “Governmental Authority” shall mean any nation or government (including
Jamaica, the Cayman Islands and the United States), any state or other political subdivision thereof (including any colony thereof) and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining
to government, including any multilateral or supranational entity. 
 “Hedge Agreements” shall mean any
non-recourse interest rate swap, cap and/or floor agreements or other similar agreements entered into by the SPC for the sole purpose of hedging interest rates on the Notes. 
 “IFRS” shall mean the accounting standards established by the International Accounting Standards Board of the International Accounting Standards Committee, which was formed in 1973
through an agreement made by professional accounting bodies from Australia, Canada, France, Germany, Japan, Mexico, The Netherlands, United Kingdom, Ireland and the United States. 

“Indemnified Amounts” shall have the meaning specified in Section 7.1. 

“Indenture” shall have the meaning specified in the recitals to this Agreement. 

“Indenture Supplement” shall have the meaning specified in the Indenture. 

“Indenture Trustee” shall have the meaning specified in the recitals to this Agreement. 

“Initial Series Balance” shall mean, for each Series, the initial aggregate principal amount thereof on its Issuance
Date. 
 “Interest Period” shall mean, for each Series (a) initially, the period from and including the
related Issuance Date thereof to but excluding the first Payment Date (or, if so indicated in the applicable Indenture Supplement, second Payment Date) thereafter, and (b) thereafter, the period from and including the preceding Payment Date to
but excluding the next Payment Date. 
 “Investors” shall mean each Noteholder, Certificateholder and
Beneficial Owner. 
 “Issuance Date” shall mean, with respect to any Series, the date of the issuance of the
applicable Note(s). 
 “Jamaican Dollar” and “J$” shall each mean the lawful currency of
Jamaica (whether the Jamaican Dollar or any other currency that replaces the Jamaican Dollar). 
 “Judgment
Currency” shall have the meaning specified in Section 8.1(b). 

  
 6 

 “Lien” shall mean, as applied to property, revenues or assets, real or
personal, tangible or intangible, any pledge, mortgage, lien, charge, security interest or encumbrance of any kind thereon (including any conditional sale or other title retention agreement, any lease in the nature thereof or the interest of the
lessor under any capitalized lease). 
 “Make-Whole Premium” shall mean, with respect to any Series, the
premium, if any, payable in connection with a redemption of the related Notes, as described in the related Indenture Supplement. 
 “Material Adverse Effect” shall mean (a) a material adverse effect on the business, operations, property or condition (financial or otherwise) of the Bank, (b) a material
adverse effect on the Diversified Payment Rights business or the Purchased Diversified Payment Rights taken as a whole, (c) a material impairment of the ability of the Bank (either individually or as the Servicer) or the SPC to perform its
obligations under the Transaction Documents, (d) a material impairment on the transactions contemplated by the Transaction Documents, including on the validity or enforceability of any of the Transaction Documents against the Bank (either
individually or as the Servicer) or the SPC, (e) any impairment with respect to the valid transfer and/or maintenance of ownership of the Purchased Diversified Payment Rights and the remaining Collateral to the SPC, (f) any impairment with
respect to the valid granting of a security interest in the Collateral to the Indenture Trustee for the benefit of the Secured Parties, or (g) a material adverse effect on the Investors, the SPC, the Indenture Trustee, any Enhancers and/or the
Collateral. 
 “Minimum Credit Rating” shall mean, with respect to any Designated Depositary Bank, a short-term
unsecured and non-credit-enhanced debt rating that is “P-1” by Moody’s, and, if rated by S&P or by Fitch, “A-1” and “F-1”, respectively. Each of the above tests shall be determined, with respect to the relevant
Designated Depositary Bank’s U.S. Dollar currency obligations. 
 “Moody’s” shall mean
Moody’s Investors Service, Inc. and its successors (including the surviving entity of any merger with another Rating Agency). 
 “MT Beneficiary” shall mean the individual or entity in Jamaica (other than a financial institution that participates in the SWIFT payment system, including the Bank and one that is the
beneficiary of a SWIFT MT200-series message) in respect of whom the related MT Payment was directed, thereby requiring the Bank to make either a corresponding deposit for an account of such individual or entity at the Bank or a payment to such
individual or entity in Jamaica in respect of the related MT Payment (net of commissions or similar fees). 
 “MT
Payment” shall mean any payment made from time to time by an MT Payor to the Bank in consideration of which the Bank incurs an obligation to make either a corresponding deposit to an account of an MT Beneficiary at the Bank or a payment to
an MT Beneficiary that is (or is of the type that qualifies to be) notified to the Bank via an MT Payment Order (which obligation of the Bank is in no way altered by the transactions contemplated by the Transaction Documents). 

  
 7 

 “MT Payment Order” shall mean any electronic or other message utilized by a
financial institution to instruct the Bank to make a payment of a certain amount to an MT Beneficiary, which message may be: (i) a SWIFT MT102, SWIFT MT102+, SWIFT MT103, SWIFT MT103+ or any other MT100-series message under the SWIFT message
system or (ii) any other type of message, including one sent via telex or the internet, that may be utilized to send such an instruction (in each case, including any type of message that may replace or be utilized in substitution for any of the
foregoing). Should the SWIFT payment order system or SWIFT MT102, SWIFT MT102+, SWIFT MT103 or SWIFT MT103+ payment orders no longer be used or be available for these types of transfers, or if the SWIFT payment order system or such payment orders
are available but the Bank begins to use alternative transfer methods, for the purposes hereof, MT Payment Orders shall include all of the types or classes of payment to be received by the Bank, including internet transactions, that (if such
payments were to have been made on the Closing Date) would have qualified to be notified to the Bank by such means. 

“MT Payor” shall mean the financial institution making an MT Payment to the Bank. 

“New York Business Day” shall mean a day other than a Saturday, Sunday or other day on which banking institutions in New
York, New York are permitted or required by Applicable Law to remain closed. 
 “Noteholder” shall mean, with
respect to any Note, the Trustee or other Person that is the registered holder of such Note. 
 “Notes” shall
have the meaning specified in the recitals to this Agreement. 
 “OECD” shall mean the Organisation for
Economic Co-Operation and Development. 
 “Officer’s Certificate” shall mean, in the case of the SPC, the
Bank or the Servicer, a certificate signed by an Authorized Officer or the president or chairman (or equivalent officer) of such Person. 
 “Originator Note” shall mean the note issued by the SPC to the Bank on the Closing Date pursuant to Section 2.2(a), substantially in the form of Exhibit C. 

“Payment Date” shall mean the 15th day of each March, June, September and December of each year beginning June 15, 2006, and, with respect to each
Series, the Expected Final Payment Date for such Series; provided that, if an Early Amortization Period has been declared, the Payment Dates will be the 15th day of each calendar month. If any such day is not a New York Business Day, payment will be made on the next New York
Business Day. 

  
 8 

 “Person” shall mean any individual, corporation, company, limited liability
company, partnership, joint venture, trust, estate, unincorporated association, Governmental Authority or other entity of whatever nature. 
 “Prohibited Nations Acts” shall mean (a) The Trading with the Enemy Act of 1917, 50 USCA APP. § 1 et seq. of the United States of America, (b) the International
Emergency Economic Powers Act, 50 USCA § 1701 et seq. of the United States of America, (c) the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L.
No. 107-56 (2001), and (d) any similar acts, executive orders or similar governmental actions of the United States of America or Jamaica, in each case, including any regulations issued thereunder and as amended or supplemented from time to
time. 
 “Purchased Diversified Payment Right” shall mean any Diversified Payment Right (a) the Sale of
which on the Closing Date does not contravene any Applicable Law with respect to the SPC, any Trust established to purchase a Note and issue Certificates or the Investors (including by causing any interested U.S. Person to be in violation of the
Prohibited Nations Acts); (b) the terms of which do not prohibit the Sale thereof; and (c) that provides for the corresponding payment to be made in U.S. Dollars. 

“Quarterly Period” shall mean (a) with respect to the first Payment Date, the period commencing
on the Closing Date and ending on the last day of the calendar month immediately preceding the first Payment Date and (b) with respect to each originally scheduled Payment Date (that is, the 15th day of each March, June, September and December) thereafter, the
three calendar months immediately preceding the month in which such Payment Date occurs. 
 “Rating Agency”
shall mean, with respect to any Series, each rating agency rating such Series and so identified in the applicable Indenture Supplement. 
 “Redemption Date” shall mean (a) with respect to any voluntary redemption of all or any portion of a Series pursuant to Section 5.1 or Section 5.2, the date selected by the
Bank, and (b) with respect to any redemption pursuant to Section 6.1 as a result of a Default, the date provided in said Section 6.1. 
 “Redemption Price” shall mean, for each Series as of any date of determination, an amount in Dollars (or, with respect to Series issued in a currency other than Dollars, such currency)
equal to the sum of: (a) the Series Balance of such Series (or, in the case of a partial redemption, the portion thereof to be redeemed), (b) all accrued and unpaid interest (if any) on such redeemed principal amount to but excluding the
applicable Redemption Date, (c) all unpaid Additional Amounts with respect to such Series, (d) the Make-Whole Premium (if any) with respect to such Series (or, in the case of a partial redemption, the portion thereof to be redeemed)
calculated as of the Redemption Date, (e) all amounts payable to reimburse any issuer/confirmer of any Reserve LC provided in respect of such Series for any unreimbursed disbursements thereunder, (f) all amounts then due and payable to the
Enhancer(s) (if any) of any related 

  
 9 

 
Enhancement(s) for such Series (including any fees or reimbursements) and (g) all other amounts payable under the Transaction Documents in connection with such Series (including any such
amounts so identified in the applicable Indenture Supplement to be included in the Redemption Price with respect to such Series). 
 “Related Assets” shall mean (i) all Collections in respect of the Purchased Diversified Payment Rights, (ii) all rights in, and funds on deposit in or credited to, the
Concentration Accounts and (iii) all proceeds of any of the foregoing, whether existing on or generated after the Closing Date through and including the Sale Termination Date. 

“Relevant Withholding Taxes” shall have the meaning specified in Section 4.24(d)(i). 

“Remittance Beneficiary” shall mean the individual or entity in Jamaica (other than the Bank) in respect of whom the
related Remittance Payment Order was directed, thereby requiring the Bank to make either a corresponding deposit for an account of such individual or entity at the Bank or a payment to such individual or entity in Jamaica in respect of the related
Remittance Payment Order (net of commissions or similar fees). 
 “Remittance Payment” shall mean any
U.S. Dollar payment made from time to time by a Remittance Payor to the Bank (in consideration of which the Bank incurs an obligation to make either a corresponding deposit to an account of a Remittance Beneficiary at the Bank or a payment to a
Remittance Beneficiary) that is (or is of the type that qualifies to be) notified to the Bank via a Remittance Payment Order (which obligation of the Bank is in no way altered by the transactions contemplated by the Transaction Documents).

 “Remittance Payment Order” shall mean an electronic or other message utilized by a Remittance Payor to
instruct the Bank to make a payment of a certain amount to a Remittance Beneficiary, which message may be: (i) an intranet message under the Bank’s internal intranet message system or (ii) any other type of message, including one sent
via telex or the internet, that may be utilized to send such an instruction (in each case, including any type of message that may replace or be utilized in substitution for any of the foregoing). 

“Remittance Payor” shall mean any Affiliate of the Bank located in the United States making a Remittance Payment to the
Bank. 
 “Repurchase Price” shall mean, in connection with any redemption by the SPC of any Note(s) (whether
pursuant to Article V or Article VI), an amount equal to the aggregate Redemption Price(s) to be paid by the SPC with respect to such Note(s). 
 “Required Amount” shall have the meaning specified in the Indenture. 
 “Reserve Account” shall mean, with respect to any Series, any reserve account or similar account (other than the Coverage Reserve Account) established pursuant to and identified as such
or by reference to the related Series in the applicable Indenture Supplement. 

  
 10 

 “Reserve LC” shall mean, with respect to any Series having a Reserve
Account, any unconditional, irrevocable standby letter of credit which replaces all or a portion of the amounts on deposit in such Reserve Account in accordance with the applicable Indenture Supplement. 

“S&P” shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and its successors (including the surviving entity of any merger with another Rating Agency). 
 “Sale Termination
Date” shall mean the date on which all amounts payable under the Transaction Documents by the Bank and/or the SPC have been paid in full, whether as a result of the payment of the Redemption Price for all Series or otherwise, and each
Enhancement has terminated in accordance with its terms (upon which date the sale of the Purchased Diversified Payment Rights and the Related Assets shall terminate and all future Purchased Diversified Payment Rights and Related Assets shall be the
property of the Bank). 
 “Sell” shall mean to sell, assign, transfer and convey Purchased Diversified Payment
Rights and the Related Assets (and references to “Sale” shall be construed accordingly). 
 “Series”
shall mean a Note (or series of Notes) issued under an Indenture Supplement and any corresponding series of Certificates. 

“Series Account” shall have the meaning specified in the Indenture. 

“Series Balance” shall mean, with respect to any Series, as of any date of determination, the Initial Series Balance
thereof reduced by: (a) all payments (including from the proceeds of any applicable Enhancement) of principal made on or before such date with respect thereto and (b) the principal amount of such Series that has been cancelled as a result
of the Bank acquiring any interest therein and electing to have such principal amount cancelled as set forth in Section 2.8(b) of the Indenture. 
 “Series 2006-1 Notes” shall have the meaning specified in the recitals to this Agreement. 
 “Servicer” shall mean the entity acting as Servicer under the Servicing Agreement, which on the Closing Date shall be the Bank. 

“Servicer Default” shall have the meaning specified in the Servicing Agreement. 

“Servicing Agreement” shall mean the Servicing Agreement, dated as of the date hereof, among the Servicer, the SPC and
the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 

  
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 “Servicing Report” shall have the meaning specified in the Servicing
Agreement. 
 “SPC” shall have the meaning specified in the preamble to this Agreement. 

“Subsidiary” shall mean, with respect to any Person at any time, a corporation, partnership or other entity of which
shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other
managers of such corporation, partnership or other entity are at such time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. 

“SWIFT” shall mean the Society for Worldwide Interbank Financial Telecommunication, s.c.r.l, a Belgium-based,
industry-owned cooperative that supplies global messaging services and interface software to member financial institutions worldwide. 
 “Tax Event” means, with respect to any Series, (i) the Bank becomes or will become obligated to pay Additional Amounts, in excess of Additional Amounts which it otherwise would be
obliged to pay if payments of interest under the related Notes were subject to withholding or deduction, as a result of any generally applicable change in the laws or regulations of Jamaica, the Cayman Islands, the United States or any state,
municipality or other taxing jurisdiction of the same, or any generally applicable change in the application or official interpretation of those tax laws or regulations, in each case which occurs after the date of the original issuance of the
related Notes and (ii) the Bank cannot avoid its obligations to pay such excess Additional Amounts by taking reasonable measures available to it. 
 “Taxes” shall have the meaning specified in Section 4.24(a). 

“Transaction Documents” shall mean this Agreement, the Deed of Assignment, the Servicing Agreement, the Indenture
(including any Indenture Supplements), any Trust Agreements, the Notes, the Originator Note, any Certificates, any Enhancement, any Hedge Agreement, any Enhancement Agreement, each Acknowledgment, and, with respect to any Series, each other
agreement (if any) entered into in connection with the above that is specifically designated in the related Indenture Supplement as being an Additional Transaction Document with respect to that Series. 

“Trust” shall mean any trust formed pursuant to a Trust Agreement. 

“Trust Accounts” shall have the meaning set forth in the Servicing Agreement. 

“Trust Agreement” shall mean, with respect to any Series, the agreement (if any) so identified in the Indenture
Supplement for the Note(s) related to such Series and which agreement provides for the creation of a trust that would acquire and hold such Note(s) on behalf of other Investors. 

  
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 “Trustee” shall, with respect to any series of Certificates, mean the
Person so identified in the Trust Agreement (if any) corresponding to such series. 
 “UCC” shall mean the
Uniform Commercial Code as from time to time in effect in the applicable jurisdiction(s). 
 “United States” or
“U.S.” shall each mean the District of Columbia and the states, territories, possessions and territorial waters of the United States of America. 
 SECTION 1.2 Rules of Construction. (a) Words of the masculine, feminine or neuter gender shall be deemed and construed to include correlative words of the other genders. 

(b) References herein to specific Persons include their legal successors (or their successors fulfilling the function specified herein)
and permitted assigns, and references herein to specific Applicable Laws, agreements and contracts include references to such Applicable Laws, agreements and contracts as amended, supplemented or otherwise modified from time to time. 

(c) References herein to Sections, subsections, Articles and Exhibits are to this Agreement unless otherwise specified, and references to
“hereof,” “herein” or “hereto” are to this Agreement as a whole and not any particular Section hereof. 
 (d) The word “including” (and words of similar effect) shall not be exclusive and shall mean “including (without limitation).” 

ARTICLE II 
 SALE
OF PURCHASED DIVERSIFIED PAYMENT RIGHTS 
 AND RELATED ASSETS 

SECTION 2.1 Sale of Purchased Diversified Payment Rights and Related Assets. 

(a) Agreement to Sell Purchased Diversified Payment Rights and Related Assets. Subject to the other terms of this Agreement, the
Bank hereby agrees to Sell to the SPC, and the SPC hereby agrees to purchase, without recourse (in each case subject to the representations and warranties contained herein), all of the Bank’s right, title and interest in and to (but none of the
Bank’s obligations under) all of the Purchased Diversified Payment Rights and all Related Assets, in each case whether existing on or generated after the Closing Date through and including the Sale Termination Date. The Sale shall be effected
by the execution and delivery by the Bank of the Deed of Assignment. On the Closing Date, the Bank shall transfer to the SPC all Purchased Diversified Payment Rights and Related Assets then in existence and all Purchased Diversified Payment Rights
and Related Assets thereafter generated through and including the Sale Termination Date shall automatically be the property of the SPC. 

  
 13 

 For the purpose of clarification, all of the Purchased Diversified Payment Rights and all
Related Assets (in each case, whether then existing or thereafter generated through and including the Sale Termination Date) are sold by the Bank to the SPC on the Closing Date and, thereafter until and including the Sale Termination Date, the SPC
will own any future-generated Purchased Diversified Payment Rights and Related Assets immediately upon their generation. 
 (b)
Evidence of Sale. In connection with the Sale, the Bank agrees to record and file, at its own expense, any appropriate instruments and documents with respect to the Sale in such manner and in such jurisdictions as are necessary to reflect the
SPC’s ownership interest in the Purchased Diversified Payment Rights and Related Assets and to take such other actions related thereto as the SPC may reasonably request, and to deliver evidence of any such filings to the SPC within a reasonable
time after the SPC’s request therefor. 
 (c) True Sale of Purchased Diversified Payment Rights and Related Assets.
The parties to this Agreement intend that the Sale of Purchased Diversified Payment Rights and Related Assets pursuant to this Agreement and the Deed of Assignment shall be, and shall be treated by the parties hereto as, a purchase by the SPC and a
Sale by the Bank of the Purchased Diversified Payment Rights and Related Assets and not as a lending or other financing transaction. The Sale does not constitute and is not intended to result in the creation or assumption by the SPC of any
obligation of the Bank or any other Person in connection with the Purchased Diversified Payment Rights or any Related Assets or any agreement or instrument relating thereto, including any obligation to any DPR Payor or DPR Payee. 

(d) Unsecured Obligations. Other than with respect to the Purchased Diversified Payment Rights and the Related Assets, and
notwithstanding anything else to the contrary in this Agreement or in any other Transaction Document, the SPC shall have no right, title or interest in, Lien on, or preference, privilege or priority whatsoever with respect to any assets or revenues
of the Bank generally, and any obligations of the Bank arising under the Transaction Documents shall constitute unsecured obligations of the Bank. 
 (e) Transfer Obligation. The Bank agrees that any Collections that it (or any other Person on its behalf) receives (for any reason whatsoever) in respect of Purchased Diversified Payment Rights
will be: (A) if received or held by the Bank, held by it in trust and deposited into the Collateral Account or any Concentration Account, and (B) if received by another person on behalf of the Bank (including any Depositary Bank for which
an Acknowledgment is not in effect), instructed to be so deposited, in each case promptly (but in any event within two Business Days after the Bank’s obtaining actual knowledge of its (or such other Person’s) receipt thereof);
provided that: (1) at any time during which it has elected to fund the Coverage Reserve Account in order to avoid the occurrence of an Early Amortization Event with respect to any Series, such

  
 14 

 
Collections will be held by it in trust and promptly (but in any event within two Business Days after the Bank’s obtaining actual knowledge of its (or such other person’s) receipt
thereof) deposited into the Coverage Reserve Account, (2) subject to subclause (1), if: (y) an amount at least equal to the Required Amount for the next Payment Date is collectively on deposit in the Collateral Account and Series Accounts
or (z) no Early Amortization Period with respect to any Series exists, then the Bank may retain all such Collections as a payment to the Bank under the Originator Note, and (3) any amounts that it receives in accordance with the terms of
the Transaction Documents as a payment to it under the Originator Note may be retained by it. 
 (f) Grant of Security
Interest. Should any court determine: 
 (i) that the Sale of Purchased Diversified Payment Rights and
Related Assets, as effected by the Deed of Assignment, was not a sale under the substantive law applied by such court to such transaction, then the parties hereto hereby agree that the transaction effected by this Agreement and the Deed of
Assignment shall (with respect to the jurisdiction of such court and any other jurisdiction that relies upon such holding) be considered to be (and have the legal effect of) a grant by the Bank to the SPC of a security interest under New York law in
the Purchased Diversified Payment Rights and Related Assets; or 
 (ii) that the Bank has any right, title, or
interest in the funds on deposit in or otherwise credited to any Concentration Account under the substantive law applied by such court to such determination, then the parties hereto hereby agree that the transaction effected by this Agreement and
the respective Acknowledgments shall (with respect to the jurisdiction of such court and any other jurisdiction that relies upon such holding) be considered to be (and have the legal effect of) a grant by the Bank to the Indenture Trustee of a
security interest under New York law in the Bank’s interest in the funds on deposit in and the amounts credited to such account or accounts, and all proceeds thereof, for the benefit of the holders of the interests in the Purchased Diversified
Payment Rights deposited therein. 
 For either such purpose, this Agreement shall be deemed to be a security agreement. 

SECTION 2.2 Purchase Price. (a) On the Closing Date, the SPC shall deliver the Originator Note to the Bank, in
respect of its purchase from the Bank of the Purchased Diversified Payment Rights and Related Assets, and thereafter on each Payment Date shall pay to the Bank the amounts due under the Originator Note. 

(b) The SPC shall also pay to the Bank any Additional Payments on the Issuance Date of any Additional Series if and to the extent
provided in the related Indenture Supplement. Additional Payments shall be payable on each such Issuance Date in the currency of issuance of such Additional Series in immediately available funds. 

  
 15 

 (c) All payments by the SPC to the Bank hereunder shall be paid to the Bank in immediately
available funds by sending such amounts to account # 8900608293 at The Bank of New York (ABA #021000018; SWIFT identification code: IRVTUS3N; ref: National Commercial Bank Jamaica Limited) (or to such other account as the Bank may from time to time
specify in a written notice to the SPC). 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 3.1 Representations and
Warranties of the Bank Regarding the Bank. The Bank hereby represents and warrants, on the Closing Date and on each Issuance Date hereafter, that: 
 (a) Corporate Existence and Power. It is a commercial bank duly incorporated and in good standing in Jamaica and in each other jurisdiction in which its business is conducted and has full power and
authority, and all governmental licenses, authorizations, consents and approvals (including all necessary banking and foreign exchange licenses), to: (i) execute and deliver the Transaction Documents to which it is a party and to perform its
obligations thereunder (in each case, individually and/or as the Servicer) and (ii) own its properties and otherwise carry on its business (including the Diversified Payment Rights business) as it is now conducted, in each case except where any
failure thereof is not reasonably likely, alone or in the aggregate, to have a Material Adverse Effect. 
 (b) Authorization;
Governmental Approvals; Contravention. Its execution and delivery of the Transaction Documents to which it is a party, and its performance thereunder (including the Sale of the Purchased Diversified Payment Rights and Related Assets to the SPC)
(in each case, individually and/or as the Servicer): (i) have been duly authorized by all necessary corporate action (including any necessary shareholder action), (ii) require no action by or in respect of, or filing with, any Governmental
Authority, except such as have been taken or made on or before the Closing Date (or such Issuance Date), (iii) will not contravene any Applicable Law except to the extent that the failure to comply therewith is not reasonably likely to have a
Material Adverse Effect, (iv) will not contravene or constitute a default under any Contractual Obligation, judgment, injunction, order or decree binding upon it or any of its properties except to the extent that such contravention or default
is not reasonably likely to have a Material Adverse Effect and (v) will not result in the creation or imposition of any Lien on any of its properties or revenues. 
 (c) Enforceability. Each of the Transaction Documents to which it is a party (individually and/or as the Servicer) has been duly executed and delivered by it and constitutes its legal, valid and
binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect

  
 16 

 
affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

 (d) Membership in SWIFT; Compliance with Law. It (i) is a member in good standing in SWIFT and (ii) is in
compliance with all Applicable Laws and Contractual Obligations except to the extent that the failure to comply therewith is not reasonably likely to have a Material Adverse Effect. 

(e) No Early Amortization Event. There exists (i) no Default or Early Amortization Event and (ii) no event the existence
of which would be a Default or Early Amortization Event with the expiration of any applicable grace period, the delivery of notice or both. 
 (f) Solvency. It is solvent, will not be rendered insolvent under Jamaican law by virtue of the transactions effected by the Transaction Documents, is not entering into the Transaction Documents
with the actual intent to hinder, delay or defraud its present or future creditors, shareholders or the Investors and is receiving reasonably equivalent value for the Sale of the Purchased Diversified Payment Rights and Related Assets, and hence
such entry into the Transaction Documents does not constitute a fraudulent conveyance. 
 (g) No Material Litigation.
There is no litigation, arbitration, tax or labor claim or other similar action or proceeding of or before any arbitrator or Governmental Authority pending or (to its knowledge) threatened against it or any of its properties or revenues that
individually or in the aggregate is reasonably likely to have a Material Adverse Effect. 
 (h) Financial Statements. Its
Financial Statements most recently delivered in accordance with Section 4.14 are complete and correct in all material respects and fairly present its financial condition on the dates and for the periods involved (subject, with respect to
quarterly periods, to normal year-end adjustments), and have been prepared in accordance with IFRS, which have been consistently applied. 
 (i) Material Adverse Change. From December 31, 2005 (i.e., the date of the most recent available Financial Statements prior to the Closing Date) until the Closing Date (or applicable
Issuance Date), there has not been any material adverse change in, or any development that individually or in the aggregate is reasonably likely to have a Material Adverse Effect, except as disclosed in the final version of the offering circular
prepared and distributed by the Bank in connection with the issuance of the Series 2006-1 Notes (or, with respect to any issuance of an Additional Series, in the relevant offering documents). 

(j) Tax Returns. It has filed all tax returns and reports that are required by Applicable Law to have been filed and has paid all
Taxes thereby shown to be owing, in each case except for any Taxes that are immaterial, are not yet due or are being contested in good faith and are appropriately reserved for in accordance with IFRS. 

  
 17 

 (k) Not an Investment Company. It is not an “investment company” or a
company directly or indirectly controlled by an “investment company” within the meaning of the United States Investment Company Act of 1940, as amended. 
 (l) Sovereign Immunity. It: (i) is subject to civil and commercial law with respect to its obligations (individually and/or as the Servicer) under the Transaction Documents to which it is a
party, and its execution, delivery and performance thereof and thereunder constitute private and commercial acts rather than public or governmental acts, (ii) is not entitled to any sovereign or other immunity from the jurisdiction of any court
or from any action, suit or proceeding, or from set-off or service of process in connection therewith, and none of its properties, assets or revenues is immune from attachment (before or after judgment) or execution, and (iii) has made in the
Transaction Documents to which it is a party a valid waiver of any right it may have to sovereign immunity. 
 (m) Taxes upon
Execution of Transaction Documents. Except as set forth in subclauses (i) and (ii) below, none of the execution, delivery or performance of the Transaction Documents, including the making of payments thereunder, or the enforcement
thereof is subject to any registration or transfer tax, stamp duty, recordation tax or similar levy imposed by or within the United States, Jamaica or the Cayman Islands or any political subdivision or taxing authority thereof or therein other than
those that have been paid on or before the Closing Date or applicable Issuance Date. Payments to be made by the Designated Depositary Banks will not be subject to taxation in Jamaica, the Cayman Islands or the United States. 

(i) Under Cayman Islands law in effect on the date hereof, to ensure the enforceability or admissibility in evidence of
the Transaction Documents in the Cayman Islands it is not necessary that the Transaction Documents or any other document be filed or recorded or that any tax, duty, fee or other charge including any registration or transfer tax, mortgage recordation
tax or similar levy, imposed by the Cayman Islands or any political subdivision or taxing authority thereof, be paid other than a nominal stamp duty in the event that any of the Transaction Documents are executed in or otherwise brought into the
Cayman Islands. 
 (ii) Under Jamaican law in effect on the date hereof, there are no Jamaican taxes payable on
or by virtue of the execution and delivery of the Transaction Documents except for: (a) income tax upon the Bank and payable by the Bank (if any), (b) withholding tax payable by the Bank in respect of any fees paid by the Bank equal to 25%
of the amount of fees paid if the payee is an individual, and 33.3% if the payee is a non-individual, and (c) stamp duty levied pursuant to the Stamp Duty Act (not to exceed J$500 (US$7.74) for each of the Transaction Documents except for the
Deed of Assignment, which would require payment of an ad valorem stamp duty as an “assignment” at the rate of 5.5% of the total amount of consideration paid for the purchase of the Purchased Diversified Payment Rights) if such Transaction
Document(s) is/are executed in Jamaica, or if any such executed original Transaction Document(s) is/are brought 

  
 18 

 
to or produced before a court in Jamaica, in which event the document or documents so executed in Jamaica or brought to Jamaica would be liable to bear stamp duty at the appropriate rate.

 (n) Margin Compliance. No part of the proceeds of the Sale of the Purchased Diversified Payment Rights and Related
Assets will be used by the Bank, directly or indirectly, for the purpose of purchasing or carrying any “margin stock” within the meaning of Regulations T, U and X of the Board of Governors of the United States Federal Reserve System of the
United States. 
 (o) Location of the Bank. The Bank’s chief executive office is in Jamaica. As of the Closing Date,
the Bank has no branches or agencies in the United States. 
 SECTION 3.2 Representations and Warranties of the
Bank Relating to the Purchased Diversified Payment Rights. The Bank hereby represents and warrants, on the Closing Date and on each Issuance Date, that: 
 (a) Transferability of Purchased Diversified Payment Rights. Immediately prior to the Sale of the Purchased Diversified Payment Rights and Related Assets under this Agreement and the Deed of
Assignment, the Bank will own each Purchased Diversified Payment Right and all of the Collections in respect thereof free and clear of any Lien and no other Person has any right or interest therein (whether existing on the Closing Date or thereafter
generated). Each Purchased Diversified Payment Right is freely transferable, and thus the Sale of the Purchased Diversified Payment Rights to the SPC pursuant to this Agreement and the Deed of Assignment constitutes a valid Sale thereof under
Jamaican law. Furthermore, the Sale of each Purchased Diversified Payment Right does not contravene any Applicable Law, including the Prohibited Nations Acts (including by causing any interested U.S. Person to be in violation of the Prohibited
Nations Acts), 
 (b) Good Title; No Liens. Immediately upon the Sale to the SPC of the Purchased Diversified Payment
Rights (whether existing on the Closing Date or thereafter generated), the SPC will have good title thereto, free and clear of any Liens (other than any Liens created pursuant to the Transaction Documents). To the best of the Bank’s knowledge,
no right of setoff, rescission, counterclaim or defense has been asserted with respect to any Purchased Diversified Payment Right by any Designated Depositary Bank and no contractual basis for the same exists (except with respect to amounts
deposited into any Concentration Account in error and a Designated Depositary Bank’s right to deduct from any Collections any unpaid wire or other administrative charges relating thereto). 

(c) Sale of Purchased Diversified Payment Rights and Related Assets. (i) The Sale of the Purchased Diversified Payment Rights
and Related Assets by the Bank to the SPC on the Closing Date constitutes a valid transfer of ownership of the Purchased 

  
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Diversified Payment Rights and Related Assets to the SPC free and clear of any Liens of any Person, (ii) the Purchased Diversified Payment Rights and Related Assets, whether existing on the
Closing Date or thereafter generated through and including the Sale Termination Date, do not and will not constitute the Bank’s assets and will not be available to pay any of its third party creditors, (iii) the Sale of the Purchased
Diversified Payment Rights and Related Assets to the SPC will not be capable of being set aside by the Bank, any of its creditors (including any liquidator, trustee, receiver or similar official with respect to the Bank) or any other Person,
(iv) no consent of, notice to, or filing with any Governmental Authority or other Person is required in connection with the Sale of the Purchased Diversified Payment Rights and Related Assets or to protect the SPC’s right, title and
interest in the Purchased Diversified Payment Rights and Related Assets against the Bank, except such as have been received, delivered or filed on or before the Closing Date, and (v) after the Sale of the Purchased Diversified Payment Rights
and Related Assets, the Bank will not have any rights to effect any set-offs against any Collections for any amounts owed to it or any of its Affiliates by any Designated Depositary Bank, DPR Payor, DPR Payee or other Person. 

(d) Purchased Diversified Payment Rights. Each Diversified Payment Right identified as a Purchased Diversified Payment Right by
the Servicer in any Servicing Report or any other document satisfied the requirements of a Purchased Diversified Payment Right. 

(e) No Further Action Required. Upon execution and delivery of this Agreement and the Deed of Assignment, no further action
(including notice to or filing with any Governmental Authority or agency) will be required to effectuate the Sale of the Purchased Diversified Payment Rights and Related Assets (whether existing on the Closing Date or thereafter generated) to the
SPC. 
 (f) UCC. The Purchased Diversified Payment Rights are not, and will not be evidenced by, any
“instrument” (as such term is defined in Article 9 of the UCC of New York), and the Bank shall not take, suffer or omit to take any action that would cause any Purchased Diversified Payment Right to be, or be evidenced by, any such
“instrument” (should any such “instruments” exist, the Bank shall either promptly deliver such “instruments” to the Indenture Trustee or deposit into a Concentration Account or the Collateral Account an amount of cash
equal to the amount of the Purchased Diversified Payment Rights evidenced by those “instruments”). 
 (g)
Acknowledgments. Each Acknowledgment (i) constitutes, to the best of the Bank’s knowledge and subject to the power and authority of and the due authorization, execution and delivery thereof by the related Designated Depositary Bank,
the legal, valid and binding obligation of such Designated Depositary Bank enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity), and no other
action by the Bank is necessary in order to obligate each Designated Depositary Bank to make payments in the manner set forth in the related Acknowledgment, and (ii) is revocable or alterable by the Bank or the SPC only with the written consent
of the Indenture Trustee. 

  
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 SECTION 3.3 Representations and Warranties of the SPC. The SPC hereby
represents to the Bank that its representations in Sections 6.1(a), (b) and (c) of the Indenture are true and correct on the Closing Date and each such representation is hereby incorporated by reference. 

SECTION 3.4 UCC Representations. As of the Closing Date, each of the Bank and the SPC hereby represents, with respect to
itself, that: (a) it has not used any trade names, assumed names or prior corporate names within the last five years, (b) it has not changed its corporate structure or jurisdiction of organization within the last five years (with respect
to the Bank, it has been a commercial bank and has been organized under Jamaican law throughout the past five years), (c) with respect to the SPC only, it has not, at any time, maintained any place of business except in the Cayman Islands,
(d) with respect to the Bank only, its chief executive office, as that term is defined in the UCC, is in Jamaica, (e) it has not transferred to, domesticated in or continued in the United States or any State therein, (f) with respect
to the Bank only, the law of Jamaica does not require that information concerning the existence of a non-possessory security interest in the Purchased Diversified Payment Rights and Related Assets be made generally available in a filing, recording
or registration system as a condition or result of the security interest’s obtaining priority over the rights of a lien creditor with respect to the property covered thereby (it being understood that the Bank has Sold the Purchased
Diversified Payment Rights and Related Assets and such Sale is evidenced by the Deed of Assignment), and (g) with respect to the SPC only, the law of the Cayman Islands does not require that information concerning the existence of a
non-possessory security interest in any of the Collateral be made generally available in a filing, recording or registration system as a condition or result of the security interest’s obtaining priority over the rights of a lien creditor with
respect to the property covered thereby. 
 ARTICLE IV 
 COVENANTS OF THE BANK 
 The Bank hereby agrees until the Sale Termination Date as
follows: 
 SECTION 4.1 No Transfers of Purchased Diversified Payment Rights, Related Assets or Originator
Note. The Bank shall not: (a) purport to sell, assign, transfer or otherwise dispose of (including any sale, assignment, transfer or disposition to any Affiliate) any of the Purchased Diversified Payment Rights or Related Assets, except to
the SPC pursuant to the Transaction Documents, (b) create, incur or suffer to exist any Lien on the Purchased Diversified Payment Rights or Related Assets, other than Liens granted under the Transaction Documents and Liens for taxes,
assessments and other governmental charges 

  
 21 

 
payable by the SPC but that are not yet due, or (c) sell, assign, transfer or otherwise dispose of, or create, incur or suffer to exist any Lien (other than Liens for taxes, assessments and
other governmental charges payable by the Bank but that are not yet due) on, the Originator Note; it being understood that any such sale, assignment, transfer, other disposal or Lien (or purported sale, assignment, transfer, other disposal or Lien)
shall be null and void ab initio. 
 SECTION 4.2 Further Action. The Bank shall: (a) make all necessary
changes to its computer systems to reflect that the Purchased Diversified Payment Rights and Related Assets have been sold to the SPC, (b) prepare its financial statements in a manner consistent with the fact that the Purchased Diversified
Payment Rights and Related Assets have been sold to the SPC and (c) take such further actions, at its expense, as the SPC or the Indenture Trustee may reasonably request to protect the SPC’s and/or the Indenture Trustee’s interest in
the Purchased Diversified Payment Rights and Related Assets. 
 SECTION 4.3 Payment to MT Beneficiaries and
Remittance Beneficiaries. The Bank shall (i) make (or make available) the appropriate payment relating to each Remittance Payment and each MT Payment to the applicable DPR Payee within the framework of its customary business practice (and,
in each case, in accordance with any Applicable Law). 
 SECTION 4.4 Instructions to Designated Depositary
Banks. The Bank shall, other than with respect to Purchased Diversified Payment Rights the payments with respect to which the Bank is unable to direct to a Designated Depositary Bank, irrevocably instruct each Depositary Bank to make the
relevant payment under any Purchased Diversified Payment Right to a Concentration Account maintained at one of the Designated Depositary Banks. 
 SECTION 4.5 Collections; Enforceable Acknowledgements. The Bank shall (a) sign Enforceable Acknowledgments and open Concentration Accounts by the Closing Date with Designated
Depositary Banks having received at least 70% of Collections and in each case over the twelve (12) consecutive calendar months immediately preceding the Closing Date (assuming the Transaction Documents had been in effect during such twelve
(12) month period) and (b) use its best efforts to sign Enforceable Acknowledgments with, and cause Concentration Accounts to be opened with, additional Depositary Banks after the Closing Date; provided that if (at any time after the
completion of the third Quarterly Period after the Closing Date) any Depositary Bank (including all branches thereof) that does not have an Enforceable Acknowledgment in effect shall have received at least 10% of the aggregate Collections received
during the preceding two consecutive Quarterly Periods, then the Bank shall, by the end of the Quarterly Period after such two consecutive Quarterly Periods, either (1) terminate its relationship with such Depositary Bank and all branches
thereof with respect 

  
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to the processing of Diversified Payment Rights through such Depositary bank and its branches or (2) obtain a signed Enforceable Acknowledgment from such Depositary Bank with respect to the
applicable account(s) as provided in each of the following: 
 (i) if such Depositary Bank has only one office
receiving or making payments in respect of Purchased Diversified Payment Rights, then such Depositary Bank will enter into an Enforceable Acknowledgment with respect to all applicable accounts at such Depositary Bank, or 

(ii) if such Depositary Bank has more than one branch receiving or making payments in respect of Purchased Diversified
Payment Rights, then such Depositary Bank will enter into an Enforceable Acknowledgment with respect to: (A) all applicable accounts at each such branch that represent at least 5% of all Collections received by such Depositary Bank (including
all of its branches) during such period and (B) all applicable accounts at such other branches that, with the accounts already subject to an Enforceable Acknowledgment (including pursuant to subclause (A)), represent at least a majority of all
Collections received during such period by such Depositary Bank (including all branches thereof). 

SECTION 4.6 Compliance with Laws. The Bank shall comply at all times in all respects with all Applicable Laws applicable
to or in any way affecting the generation and/or servicing of the Purchased Diversified Payment Rights or its commercial banking business; provided that the failure to comply therewith shall not be a Default to the extent that such
non-compliance is not reasonably likely to have a Material Adverse Effect. 
 SECTION 4.7 Mergers, Consolidations,
Asset Sales. The Bank (a) shall preserve and maintain its corporate existence, (b) shall preserve and maintain all of its rights, franchises and privileges in the jurisdictions of its incorporation and operations necessary for
(i) the continued generation of Purchased Diversified Payment Rights, (ii) the performance of its obligations under the Transaction Documents and (iii) the normal conduct of its business and (c) shall not consolidate with or
merge into any other Person (if the Bank is not the surviving entity) or convey, transfer or lease all or substantially all of its assets as an entirety, whether in a single transaction or a series of related transactions, to any other Person unless
(with respect to this subclause (c)): 
 (i) the entity formed by such consolidation or into which the Bank is
merged, or the Person that acquires by conveyance, transfer or lease all or substantially all of its assets as an entirety, is organized and existing under the laws of any country with a long-term unsecured foreign currency debt rating from each
Rating Agency at least as high as that of Jamaica on such date and: (A) assumes all of the Bank’s operations relating to the Diversified Payment Rights business, (B) confirms in writing that it assumes all of the obligations of the
Bank (both individually and as the Servicer) under the Transaction Documents and (C)

  
 23 

 
delivers to the Indenture Trustee an opinion of counsel in form and substance satisfactory to the Indenture Trustee to the effect that: (1) such assumption is sufficient for each such
agreement to constitute a legal, valid and binding obligation of such Person, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity),
(2) following such assumption, the SPC will continue to have absolute ownership of all right, title and interest in the Purchased Diversified Payment Rights and (3) such assumption will not have a material adverse tax consequence on any
Investor or any Enhancer, 
 (ii) upon the effectiveness of such event, the entity formed by such consolidation
or into which the Bank is merged, or the Person that acquires by conveyance, transfer or lease all or substantially all of its assets as an entirety, would not be in violation or breach of any of its covenants, agreements, representations or
warranties in the Transaction Documents (both individually and as the Servicer), 
 (iii) such change in
ownership structure will not result in an Early Amortization Event or Default with respect to any Series of Senior Notes, and 
 (iv) each Rating Agency shall have notified the Indenture Trustee in writing that such transaction will not result in such Rating Agency withdrawing or reducing its ratings (without consideration of any
applicable Enhancement) on any Series of Senior Notes below “BBB-” or “Baa3”, as applicable, or its equivalent. 
 SECTION 4.8 Books and Records. The Bank shall (and shall cause each of its Subsidiaries, branches and other offices to) maintain books and records in accordance with IFRS or, in the case
of any such Subsidiary (or branch or other office) organized under the laws of or located in (or otherwise subject to the accounting laws of) a jurisdiction outside Jamaica, generally accepted accounting principles applied in such jurisdiction.

 SECTION 4.9 Maintenance of Properties. The Bank shall cause all of its properties used in or useful for the
conduct of its business or the business of any of its Subsidiaries to be maintained in good repair, and will cause to be made any repairs, replacements and/or improvements thereto as may be necessary for the Bank and its Subsidiaries to conduct
their business (including the Diversified Payment Rights business). 

  
 24 

 SECTION 4.10 Insurance. The Bank shall maintain, with insurance companies
reasonably believed by it to be financially sound, insurance covering such risks as are usually insured against by companies engaged in similar businesses. 
 SECTION 4.11 Notice of Certain Events. The Bank shall promptly (and in any event within five Business Days) provide the SPC, the Indenture Trustee (for delivery to each Noteholder), each
Rating Agency then rating any outstanding Series of Notes and each Enhancer: (a) notification of an Early Amortization Event or Default or an event that would be an Early Amortization Event or Default with the expiration of any applicable grace
period, the delivery of notice or both, (b) if one or more of the events described in clause (a) have actually occurred (including events that have since been cured), notice specifying all such events and what actions have been taken
and/or will be taken with respect to such events, (c) details of any litigation, arbitration or other similar action or proceeding pending or (to its knowledge) threatened against the Bank that, individually or in the aggregate, is reasonably
likely to have a Material Adverse Effect, (d) notice of any Lien asserted or claim made against any Purchased Diversified Payment Right or Related Assets (other than under the Transaction Documents) of which it obtains knowledge and
(e) notice of its opening of any new correspondent banking account into which Collections in respect of Purchased Diversified Payment Rights may be deposited. 
 SECTION 4.12 Monitoring Fees of Rating Agencies. The Bank shall (a) pay any monitoring fees of the Rating Agencies rating each Series and (b) at its own expense, provide each
Rating Agency with such reports, records and documents as each shall reasonably request to monitor or affirm the ratings assigned by it to each Series (determined without giving consideration to any applicable Enhancement(s)); it being
understood that neither the Bank nor the SPC shall request that any Rating Agency withdraw its rating(s) on any Series without the consent of the Controlling Party for such Series. 

SECTION 4.13 Audit. (a) At any time during the existence of any Early Amortization Event or a Default, the Bank
shall (at the Bank’s cost and expense) permit: (i) the SPC (or the Servicer on its behalf), (ii) the Indenture Trustee, (iii) any Rating Agency rating any Series and (iv) any Enhancer (in each case, or their respective
agents) to conduct an audit of the Bank’s books, records and systems relating to the Diversified Payment Rights. 
 (b) If
no Early Amortization Event or Default exists, at any time during normal business hours, upon at least five days’ prior written notice, the Bank shall (no more than twice per calendar year at any location and at the cost and expense of the
Person(s) conducting such audit) permit the SPC, the Indenture Trustee and the Enhancer of any Series (in each case, or their respective agents) to conduct an audit of the Bank’s books, records and systems relating to the Diversified Payment
Rights. 

  
 25 

 (c) Any Persons conducting any audits pursuant to clause (a) or (b) shall
reasonably endeavor to coordinate such audits, which shall be performed during the Bank’s normal business hours. Any such audits shall be done in compliance with Applicable Law, including any banking secrecy laws applicable to the Bank and its
information. 
 SECTION 4.14 Financial Statements. (a) The Bank shall provide to the SPC, the Indenture
Trustee (for delivery to each Noteholder), each Enhancer (if any) and each Rating Agency, in English or accompanied by a certified English translation thereof: (i) within 60 days after the end of each fiscal quarter (other than the fourth
quarter of a fiscal year), unaudited and unconsolidated Financial Statements, (ii) within 120 days after the end of each fiscal year, audited and consolidated Financial Statements and (iii) such other financial data of the type ordinarily
provided by Jamaican financial institutions as the Indenture Trustee, any Enhancer and/or any Rating Agency may reasonably request. 
 SECTION 4.15 Compliance Certificate. The Bank, together with each of the Financial Statements delivered in accordance with clause Section 4.14, shall provide an Officer’s
Certificate substantially in the form of Exhibit D: (i) stating that it is in compliance with all of its covenants under the Transaction Documents (or, if not, specifying the relevant facts and what actions have been taken and will be taken
with respect thereto) and (ii) including such other information as the Indenture Trustee, any Enhancer and/or any Rating Agency may reasonably request. 
 SECTION 4.16 Rule 144A Information. The Bank shall, during any period in which it is neither subject to Section 13 or 15(d) under the Exchange Act nor exempt from reporting under the
Exchange Act pursuant to Rule 12g3-2(b) thereunder, make available to any Investor, or to a prospective Investor who is a QIB, in connection with any sale of a Note or Certificate (or interest therein), in each case at such Investor’s or
potential Investor’s written request to the Bank, the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the Securities Act. 
 SECTION 4.17 Capital Ratio. The Bank shall at all times maintain a risk-based capital ratio, determined in accordance with the risk asset management guidelines published from time to time
by the Central Bank, of at least 10% or such higher percentage as may be required from time to time by the Central Bank. 

SECTION 4.18 UCC Filings. The Bank shall file in the appropriate jurisdictions all UCC financing statements, and any
continuation statements with respect thereto, necessary in order to reflect the sale of 

  
 26 

 
the Purchased Diversified Payment Rights and Related Assets to the SPC, shall promptly provide the SPC, each Enhancer (if any), the Indenture Trustee and any Trustee with confirmation of all such
filings and shall file such other UCC financing statements and any continuation statements as the SPC, any Enhancer, the Indenture Trustee or any Trustee may reasonably request. 

SECTION 4.19 Cooperation with Servicer. If the Bank is not the Servicer, it will cooperate with the Servicer.

 SECTION 4.20 Change in Business. The Bank shall not take any action to reduce or terminate, or sell, assign
or otherwise dispose of, its Diversified Payment Rights business (including by transferring all or any material portion of such business to any of its subsidiaries or other affiliates), whether in a single transaction or a series of related
transactions, or make any other change in such business; it being understood that administrative and operational matters relating to the Bank’s Diversified Payment Rights business may, as permitted in the Servicing Agreement, be handled
by third parties (including the Bank’s subsidiaries and other affiliates). 
 SECTION 4.21 No Impairment.
The Bank shall not take any action that would impair in any respect the rights and interests of the SPC, the Indenture Trustee, any Investor and/or any Enhancer (including to cause, directly or indirectly, or to knowingly allow, if it could stop or
prevent by taking commercially reasonable action, any payment that would otherwise be a Purchased Diversified Payment Right not to meet the requirements therefor) and will continue in all respects to service and administer its Diversified Payment
Rights business as in effect on the Closing Date. 
 SECTION 4.22 Deposit of Payments. The Bank shall cause all
Remittance Payors to deposit all Remittance Payments in a Concentration Account. 
 SECTION 4.23 Separation from
SPC. The Bank shall do or cause to be done all things necessary to maintain its legal existence separate from that of the SPC; provided that the Bank may from time to time submit requests and/or reminders to the SPC to comply with its
obligations under the Transaction Documents. 
 SECTION 4.24 Taxes; Payments of Additional Amounts.
(a) All payments to be made in respect of this Agreement, any Series or otherwise under the Transaction Documents are to be made free and clear of, and without any deduction or withholding for, or on account of, any present or future

  
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taxes, duties, assessments or governmental charges of whatever nature (collectively, “Taxes”) imposed, levied, collected, withheld or assessed by (or on behalf of) any taxing
authority unless such Taxes are required by any such taxing authority to be withheld or deducted. As consideration for the SPC’s agreement to purchase the Purchased Diversified Payment Rights and Related Assets, if any such Taxes are required
by Applicable Law to be deducted or withheld, the Bank, subject to the exceptions described herein, shall pay to the Indenture Trustee (for the benefit of the applicable recipient(s) of such payment) such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts received by the applicable recipient(s) of such payments after such deduction or withholding shall equal the respective amounts that would have been received by the applicable
recipient(s) in respect of such payment had no such Taxes (including any Taxes payable in respect of such Additional Amounts) been required to be so deducted or withheld. Notwithstanding the preceding sentences, no such Additional Amounts shall be
payable with respect to any payment under the Transaction Documents: 
 (i) in the case of any Tax assessed or
imposed by any taxing authority of any jurisdiction to the extent that such Tax would not have been assessed or imposed but for a connection between the applicable recipient of such payment and such jurisdiction other than its participation in the
transactions effected by the Transaction Documents and the receipt of payments thereunder, 
 (ii) for any
estate, inheritance, gift, personal property, sales, transfer or other similar Tax imposed with respect to the Notes or any Certificates, 
 (iii) to the extent that any such Taxes would not have been imposed but for the failure of the applicable recipient of such payment to comply with any certification, identification, information,
documentation or other reporting requirement to the extent: (A) such compliance is required by Applicable Law (evidenced by an opinion of counsel of recognized standing, which may be counsel to the Bank or the SPC) or an applicable treaty as a
precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes (including Internal Revenue Service Forms W-8BEN, W-8IMY, W-8ECI, W-8EXP and W-9 or any successor form, as applicable), and (B) at least 30 days
before the first Payment Date with respect to which the Bank shall apply this clause (iii), the Bank shall have notified such recipient in writing that such recipient will be required to comply with such requirement, 

(iv) to the extent of any Tax imposed by reason of the recipient’s past or present status as a non-United States
private foundation or other non-United States tax-exempt organization, or 
 (v) due to any combination of the
circumstances described in clauses (i) through (iv), 
 nor shall any Additional Amounts be paid with respect to any payment to a recipient
who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent that such payment would be required to be included in the income, for tax 

  
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purposes, of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to the Additional Amounts had such
beneficiary, settlor, member or beneficial owner been in the place of such recipient. 
 (b) Notwithstanding the foregoing, the
limitations on the obligation of the Bank to pay Additional Amounts as set forth in clause (a)(iii) shall not apply if a certification, identification, information, documentation or other reporting requirement described in such clause would be
materially more onerous (in form, in procedure or in the substance of information disclosed) to any applicable recipient than comparable information or other reporting requirements imposed under United States tax law, regulation and administrative
practice (such as Internal Revenue Service Forms W-8BEN, W-8IMY, W-8ECI, W-8EXP and W-9 or any successor form). In addition, compliance with any such requirements under such clause shall not require disclosure to the Bank, the SPC, the Indenture
Trustee, any Trustee or any Governmental Authority of the nationality, residence or identity of any recipient that is not eligible for any exemption from, or reduction in the rate of, deduction or withholding of such Taxes, as evidenced by a
certification, or by other documentary evidence, by a custodian, nominee or agent of such recipient to the effect that such recipient is not eligible for any exemption from, or reduction in the rate of, deduction or withholding of such Taxes;
provided that payment by such custodian, nominee or agent to such recipient is not otherwise subject to any such requirement. 
 (c) Upon request, the Bank shall provide the Indenture Trustee and any Trustee with documentation reasonably satisfactory to it/them evidencing the payment of Taxes in respect of which the Bank has paid
any Additional Amounts. Copies of such documentation shall be made available to the applicable recipients upon written request therefor to the Indenture Trustee pursuant to Section 10.16 of the Indenture or such Trustee pursuant to the related
Trust Agreement. 
 (d) The Bank: 
 (i) at least ten Business Days before the first Payment Date on which any Taxes described in this Section (the “Relevant Withholding Taxes”) shall be required to be deducted or withheld
on any payment under the Transaction Documents (and at least ten Business Days before each succeeding Payment Date if there has been any change with respect to such matters), shall deliver to the Indenture Trustee and any Trustee an Officer’s
Certificate: (A) specifying the amount (if any) required to be so deducted or withheld and the Additional Amounts (if any) due in connection with such payment and (B) certifying that the Bank will pay such deduction or withholding on or
before the due date thereof, 
 (ii) on or before the due date for the payment thereof, shall pay any such
Relevant Withholding Taxes, together with any penalties or interest applicable thereto, 

  
 29 

 (iii) upon request, after paying such Relevant Withholding Taxes, shall
deliver to the Indenture Trustee or any Trustee evidence of such payment and of the remittance thereof to the relevant taxing or other authority, and 
 (iv) shall pay any Additional Amounts due on any Payment Date to the Indenture Trustee in accordance with this Section and Section 2.6 of the Indenture. 

(e) The Bank hereby covenants to indemnify and to hold the SPC, the Indenture Trustee, the Enhancers (if any) and the Trustees (if any)
harmless against any loss, liability or expense incurred without gross negligence or willful misconduct on such Person’s part arising out of or in connection with any action taken or omitted by any of them in reliance upon any Officer’s
Certificate furnished pursuant to this Section or the failure of the Indenture Trustee or any Trustee for any reason (other than its own gross negligence or willful misconduct) to receive on a timely basis any such Officer’s Certificate or any
information or documentation reasonably requested by it or otherwise required by Applicable Law to be obtained, furnished or filed in respect of such Relevant Withholding Taxes. The Bank shall make available to any recipient requesting the same
evidence that the Relevant Withholding Taxes have been paid with respect to payments made to such recipient. 
 (f) Any
Officer’s Certificate required by this Section to be provided to the Indenture Trustee and any Trustee shall be deemed to be duly provided if sent by facsimile to such Person in accordance with Section 8.9. 

(g) The Bank’s obligation to pay Additional Amounts pursuant to this Section shall survive the Sale Termination Date and the sale or
transfer of the Notes or Certificates (or beneficial interests therein) by any Investor. If the Bank should fail to pay Additional Amounts in full in accordance with the provisions hereof, then the applicable recipient(s), the SPC, any Trustee and
the Indenture Trustee shall have a direct cause of action against the Bank to collect such shortfall Additional Amounts. 

SECTION 4.25 Use of Proceeds. The Bank shall use the proceeds of the Sale of the Diversified Payment Rights and Related
Assets for general corporate purposes (including paying any underwriting discounts and commissions and other expenses related to the offering of any Series); provided that no such proceeds from the Additional Payments shall be used to make
loans or otherwise provide funds (directly or, to the Bank’s knowledge, indirectly) to countries (or any person or entity of such countries or any other person or entity) contrary to the Prohibited Nations Acts. 

SECTION 4.26 Make-Whole Premium. With respect to any pre-payment of the Series Balance of any Series as a result of the
occurrence of an Early Amortization Period with respect to such Series, on each Payment Date the Bank shall pay to the Indenture Trustee (for deposit into the applicable Series Account) any applicable Make-Whole Premium (calculated as of such
Payment Date) with respect to the amount of such Series Balance so prepaid on such Payment Date. 

  
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 SECTION 4.27 The Bank’s Indemnity of the Indenture Trustee. If the SPC
fails to indemnify and/or compensate the Indenture Trustee (and each of its agents, custodians and other Persons duly employed thereby) under the applicable provisions of the Indenture (whether because the amount of Collections available to be
applied for that purpose is inadequate or otherwise), then the Bank, on behalf of the SPC, hereby agrees to be bound by the provisions of Section 10.6 of the Indenture as if references therein to the SPC were references to the Bank, but without
regard to Section 10.6(d) of the Indenture. The Indenture Trustee (and each of its agents, custodians and other Persons duly employed thereby) is a third party beneficiary of this Section and may enforce this Section against the Bank as if it
were a party hereto. The Bank’s obligations pursuant to this Section shall survive the Sale Termination Date. For the purpose of clarification, the Indenture Trustee need not demand payment from the SPC for any such indemnification and/or
compensation or otherwise compel the SPC’s performance of its obligation to make any such payments prior to proceeding against the Bank under this Section. 
 SECTION 4.28 Collections to be Held in Trust. The Bank shall hold in trust any Collections that it receives (for any reason whatsoever) in respect of Purchased Diversified Payment Rights
in the manner described in Section 2.1(e). 
 SECTION 4.29 Servicing of Unrelated Diversified Payment
Rights. The Bank shall not (and shall not permit any of its Subsidiaries to) service any Dollar-denominated payment orders or payment rights related thereto owned by any other Person (including any of its Affiliates) unless: (a) such
servicing and the related transactions comply with all Applicable Laws and all necessary approvals from Governmental Authorities shall have been obtained to ensure such compliance (including, to the extent applicable, compliance with any laws
relating to the Prohibited Nations Acts), (b) the Bank (and such Subsidiaries) shall have put in place sufficient servicing procedures to ensure either that: (i) the books and records and deposit accounts relating to such payment rights
shall at all times be distinct from (and not confused with) the books and records for the Diversified Payment Rights or (ii) if the same books and records, that such books and records and deposit accounts clearly distinguish between the
Diversified Payment Rights and such other payment rights, and (c) the payors of all such payment rights shall not make payments thereunder to an account in the name of the Bank except either: (i) in its capacity as a servicer on behalf of
such other Person or (ii) to an account of the Bank in jurisdictions other than the United States. For the purpose of clarification, the Bank’s Subsidiaries that are banks may engage in the diversified payment rights business on their own
behalf (including securitizing their rights related thereto) so long as they are in compliance with clauses (a), (b) and (c). 

  
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 ARTICLE V 
 OPTIONAL REDEMPTION OF SERIES 
 SECTION 5.1 Optional Redemption.
(a) Subject to any limitations contained in the Indenture and the applicable Indenture Supplement(s) with respect to any Series, the Bank or its designee may, by delivery of the notice required in Section 5.3 and by payment in immediately
available funds (by delivering such amount to the Indenture Trustee for deposit into the applicable Series Account(s)) to the SPC of the Repurchase Price for all of the Note(s) (or portion(s) thereof) that it wishes to have redeemed, require that
the SPC redeem, in whole or in part, any Series of Notes. 
 (b) In accordance with Article V of the Indenture, upon receipt by
the Indenture Trustee (pursuant to the preceding paragraph) of the Repurchase Price for a full redemption of a Series, the Indenture Trustee will remove any other amounts then on deposit in the Series Account for such Series and will allocate such
amounts (as if they were new Collections deposited into the Collateral Account) according to Section 4.2 of the Indenture (including delivery of any excess amounts to the Bank as a payment under the Originator Note, if applicable). 

SECTION 5.2 Tax Repurchase. (a) Subject to any limitations contained in the Indenture and the applicable Indenture
Supplement(s) with respect to any Series, the Bank or its designee may, by delivery of the notice required in Section 5.3 and by payment in immediately available funds (by delivering such amount to the Indenture Trustee for deposit into the
applicable Series Account(s)) to the SPC of the Repurchase Price for all (but not a portion) of the Notes of a Series with respect to which a Tax Event has occurred, require that the SPC redeem all (but not a portion) of such Notes on any Payment
Date within 120 days of a Tax Event with respect to such Series. 
 (b) In accordance with Article V of the Indenture, upon
receipt by the Indenture Trustee (pursuant to the preceding paragraph) of the Repurchase Price for a full redemption of all of the Notes of the affected Series, the Indenture Trustee will remove any other amounts then on deposit in the Series
Accounts corresponding to such Notes and will allocate such amounts (as if they were new Collections deposited into the Collateral Account) according to Section 4.2 of the Indenture (including delivery of any excess amounts to the Bank as a
payment under the Originator Note, if applicable). 
 SECTION 5.3 Notice. The Bank or its designee shall give
the SPC, each registered Noteholder, the Indenture Trustee and each Enhancer, if any, of the Series to be redeemed an irrevocable written notice of its request that the SPC redeem any Note(s) (or any portion(s) thereof) pursuant to Section 5.1
or 5.2 not less than 30 days before the proposed Redemption Date relating thereto. Upon the giving of such notice, the Bank shall become obligated to pay the 

  
 32 

 
applicable Repurchase Price on the Redemption Date specified in such notice and, upon the Indenture Trustee’s receipt of such payment, each identified Note (and any related Certificates)
(or, if less than full redemption, the indicated amount thereof) shall become due and payable on such Redemption Date. 

SECTION 5.4 Payment of Repurchase Price. If, on the fifth Business Day before a Redemption Date designated by the Bank
(or its designee) pursuant to Section 5.1 or 5.2 for the redemption by the SPC of any Note(s) (or any portion(s) thereof), amounts in the Series Account(s) applicable to such Note(s), together with amounts available from any applicable Reserve
Account and from the Coverage Reserve Account (if funded) or otherwise (but excluding any Enhancement(s) relating to such Series), are insufficient to pay the Repurchase Price in full on such Redemption Date, then upon notice of such fact by the SPC
(or by the Indenture Trustee on its behalf) and of the amount of such shortfall, the Bank shall, on or before the Business Day preceding such Redemption Date, make a payment to the SPC equal to such shortfall by delivering such amount in immediately
available funds to the Indenture Trustee for deposit into the applicable Series Account(s). If the Bank should fail to deposit such shortfall in full in accordance with the provisions hereof, then the SPC and the Indenture Trustee shall have a
direct cause of action against the Bank to collect such shortfall for the benefit of the Persons entitled to such payments and shall be entitled to use any legally available remedies in connection therewith. 

SECTION 5.5 Optional Redemptions during the Existence of an Early Amortization Period. Notwithstanding any other
provisions of this Article V, if an Early Amortization Period with respect to any Series shall exist and be continuing, the Bank may only require the SPC to redeem, in whole or in part, the Notes of any Series if the SPC simultaneously makes a pro
rata redemption of the Notes of each other Series then outstanding. 
 ARTICLE VI 

DEFAULTS 

SECTION 6.1 Mandatory Redemption. (a) In accordance with Article V of the Indenture, upon the occurrence of any
Default, the Indenture Trustee (if so instructed by the Controlling Party of any Series), by notice then given in writing to the SPC, each Enhancer (if any), each Rating Agency and the Bank, will declare such Series immediately due and payable and
require the SPC immediately to request the payment of the Repurchase Price corresponding to such Series from the Bank (on behalf of the SPC); provided that any Default under Section 6.2(a) shall automatically result in each Series
becoming immediately due and payable and shall be deemed to have resulted in a request from the SPC to the Bank for the payment of the Repurchase Price on behalf of the SPC corresponding to all outstanding Series. Upon a request (or deemed request)
to the Bank for such payment, the Bank shall promptly (but 

  
 33 

 
in any event no more than one New York Business Day thereafter) transfer to the SPC in immediately available funds (by delivering such amount to the Indenture Trustee (on behalf of the SPC) for
deposit into the applicable Series Account(s) for further allocation in accordance with the applicable Indenture Supplement) an amount equal to such Repurchase Price. If such amount is not transferred in full in accordance herewith, then the SPC and
the Indenture Trustee shall have a direct cause of action against the Bank to collect such unpaid amount for the benefit of the Persons entitled to such payments and shall be entitled to use any legally available remedies in connection therewith.

 (b) In accordance with Article V of the Indenture, upon receipt by the Indenture Trustee (pursuant to the preceding
paragraph) of the Repurchase Price sufficient for a full redemption of a Series, the Indenture Trustee will remove any other amounts then on deposit in the Series Account for such Series and will allocate such amounts (as if they were new
Collections deposited into the Collateral Account) according to Section 4.2 of the Indenture (including to deliver any excess amounts to the Bank as a payment under the Originator Note). 

SECTION 6.2 Defaults. If any one of the following events shall occur (each, a “Default”), then the
provisions of Section 6.1 shall apply: 
 (a) (i) the SPC, the Bank or any of the Bank’s Subsidiaries shall commence a
voluntary case, proceeding or other action: (A) under any Applicable Law of any jurisdiction, domestic or foreign, now or hereafter in effect, relating to bankruptcy, insolvency, liquidation, moratorium, reorganization, suspension of payments
or relief of debtors seeking to have an order for relief entered with respect to it or seeking to adjudicate it a bankrupt or insolvent or seeking reorganization, suspension of payments, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, liquidator, custodian, conservator or other similar official of it or for all or any substantial part of its property or assets,
(ii) an involuntary case, proceeding or other action of a nature referred to in subclause (i) shall be commenced against any such Person that: (A) shall result in the entry of an order for relief or any such adjudication or
appointment or (B) shall remain undismissed, undischarged, unstayed or unbonded for a period of at least 60 days, (iii) an involuntary case, proceeding or other action shall be commenced against any such Person that seeks issuance of a
warrant of attachment, execution, distraint or similar process against all or any substantial part of such Person’s property or assets that shall result in the entry of an order for any such relief and shall not have been vacated, discharged,
stayed or bonded pending appeal within 60 days from the entry thereof, (iv) the Bank shall become subject to intervention proceedings or suspension of operations under any applicable bank regulatory or insolvency laws or rules of Jamaica or the
United States or any other jurisdiction (in each case, including any political subdivision thereof), (v) any such Person shall admit in writing its inability to pay its debts as they become due or (vi) any such Person shall make a general
assignment for the benefit of its creditors; 

  
 34 

 (b) there shall have been entered one or more final judgments, decrees or orders by a court
or courts of competent jurisdiction from which no appeal may be taken for the payment of money in excess of US$15,000,000 (or its equivalent in any other currency or currencies) in the aggregate against the Bank or any of the Bank’s
Subsidiaries or US$50,000 (or its equivalent in any other currency or currencies) in the aggregate against the SPC (in each case, to the extent not covered by insurance or not adequately reserved for, and excluding any judgment, decree or order in
respect of any Notes or any Certificates) and 30 days shall have passed since the date of entry of any such judgment, decree or order without its having been satisfied or stayed; 

(c) a Servicer Default (so long as the Bank or an Affiliate thereof is the Servicer) shall have occurred; 

(d) the SPC, any Trust that is a Noteholder on behalf of Certificateholders or the Bank shall be or become subject to regulation as an
“investment company” under the United States Investment Company Act of 1940, as amended; provided that any such event with respect to a Trust shall be a Default with respect to the applicable Series only; 

(e) (i) there shall occur a default (as principal or guarantor or other surety) in the payment of any principal or premium or interest on
any indebtedness for borrowed money (other than indebtedness with respect to any Notes or any Certificates) that is outstanding in the principal amount of at least US$15,000,000 (or its equivalent in any other currency or currencies) in the
aggregate with respect to the Bank or any of the Bank’s Subsidiaries or US$50,000 (or its equivalent in any other currency or currencies) in the aggregate with respect to the SPC, and such default shall have continued for more than any
applicable period of grace, or any other event shall occur or condition shall exist in respect of any such indebtedness for borrowed money, the effect of which is to cause, or to permit the holders thereof to cause, such indebtedness to become due
and payable before its stated maturity or its regularly scheduled dates of payment, or (ii) a Default has occurred for any Series of Notes and, as a result, the Bank is required to pay the Repurchase Price for the Purchased Diversified Payment
Rights on behalf of the SPC; 
 (f) any authorization, license, consent, registration or approval required in or by the laws of
Jamaica, the Cayman Islands or the United States or the rules of the SWIFT system (including any successor or replacement thereof), as appropriate: (i) to enable the Bank lawfully to carry on a commercial banking business generally, and, in
particular but without limitation, its foreign exchange business and to enter into and perform its obligations under the Transaction Documents (individually and/or as the Servicer), (ii) to enable the SPC to perform its obligations under the
Transaction Documents or to exercise the rights expressed to be granted to the SPC in this Agreement and/or the Deed of Assignment or (iii) to ensure the legality, validity, enforceability or admissibility in evidence in Jamaica of this
Agreement and/or the Deed of Assignment, shall cease to be in full force and effect in any respect (which failure shall continue unremedied for at least 30 days with respect to subclauses (i) and (ii)); 

  
 35 

 (g) a Jamaican, U.S. or Cayman Islands Governmental Authority shall have taken any
legislative, judicial or other action (including requiring a routing of Collections other than as required in the Transaction Documents) that interferes with the Transaction Documents or the transactions contemplated thereby, interferes with the
Bank’s Diversified Payment Rights business or operations or a substantial part thereof and such interference is reasonably likely to have a Material Adverse Effect, and/or interferes with the SPC’s business or operations or a substantial
part thereof and such interference is reasonably likely to have a Material Adverse Effect; 
 (h) a bank moratorium shall have
been declared in Jamaica or any other action by the Jamaican government shall have occurred, in each case interfering with the Bank’s performance of its obligations under any Transaction Document (including affecting the Sale of the Purchased
Diversified Payment Rights) in any manner that is reasonably likely to have a Material Adverse Effect; 
 (i) any litigation or
administrative proceeding is instituted against the Bank or the SPC that individually or in the aggregate is reasonably likely to have a Material Adverse Effect; 
 (j) any Governmental Authority or agency shall condemn, seize, compulsorily purchase, nationalize or expropriate all or a substantial part of the assets, equity or business (including the Diversified
Payment Rights business) of the Bank; 
 (k) any representation or warranty made by the Bank or the SPC in any Transaction
Document to which it is a party shall have been untrue or incorrect in any respect at the time when it was made (or deemed made) and such untruth or incorrect statement (or the actual circumstance that caused such statement to be untrue or
incorrect) is reasonably likely to have a Material Adverse Effect; 
 (l) except for payment, monetary transfer or deposit
obligations, the Bank or the SPC shall fail to perform or observe any agreement or covenant contained in the Transaction Documents, which failure (i) is reasonably likely to have a Material Adverse Effect (except for the covenants set forth in
Section 2.1(e) and Sections 4.1, 4.5, 4.7(a), 4.7(b)(i) and (ii), 4.7(c), 4.11(a), 4.13, 4.17, 4.18, 4.20 and 4.21 hereof, for which this requirement will not be required) and (ii) shall (except for negative covenants and except for the
covenants set forth in Section 2.1(e) and Sections 4.5, 4.6, 4.11(a), 4.18 and 4.21 hereof, for which no grace period applies) continue for at least 30 days following the earlier of: (A) an Authorized Officer of the Bank or the SPC, as the
case may be, obtaining Actual Knowledge of such failure and (B) the delivery to the Bank or the SPC, as the case may be, of written notice of such failure by the SPC, the Indenture Trustee, any Enhancer or any Investor; 

(m) the SPC shall fail to have a valid ownership interest under Jamaican law in the Purchased Diversified Payment Rights and Related
Assets, subject only to the Lien of the Indenture Trustee and Liens for taxes, assessments and other governmental charges payable by the SPC and not yet due; 

  
 36 

 (n) the Indenture Trustee shall fail to have a first priority perfected security interest
under all Applicable Laws in all or any portion of the Collateral free and clear of all Liens other than Liens for taxes, assessments and other governmental charges payable by the SPC and not yet due; provided that the Indenture Trustee will
not have a security interest in any Collections that are deposited into an account that is not subject to an Acknowledgment to the extent that such Collections are not “identifiable” cash proceeds of Purchased Diversified Payment Rights
pursuant to the applicable Uniform Commercial Code, and such failure will not constitute a Default unless (a) the Bank, the SPC or the Servicer has (i) taken any action to make any such Collections non-identifiable, (ii) omitted to
take any reasonable action that would make such Collections identifiable or (iii) breached another representation or covenant the result of which caused or allowed such deposit to be made, or (b) any Person other than the SPC or the
Indenture Trustee has a Lien of any kind thereon. 
 (o) the Bank shall purport to sell, assign, transfer, convey or otherwise
dispose of or grant a Lien on the Purchased Diversified Payment Rights to any Person other than the SPC; 
 (p) any of the
Transaction Documents shall fail to be in full force and effect against the Bank or the SPC (other than any Acknowledgment terminated by the Bank or the SPC with the prior written consent of the Indenture Trustee); provided that such failure
with respect to a Transaction Document that relates only to one Series (such as any Enhancement or Reserve LC for such Series) will be a Default with respect to such Series only; 

(q) the Bank (except in its role as the Servicer) shall have failed to make any payment, monetary transfer or deposit required to be made
by it under the Transaction Documents (including payments of Additional Amounts unless paid when due from the Collections) and such failure shall have continued unremedied for at least three New York Business Days (or, with respect to depositing
Collections into the applicable accounts, one New York Business Day) after the date such payment, monetary transfer or deposit is required to be made; 
 (r) the illegality or violation of any law, any regulation or any order issued pursuant to any law or regulation with respect to any operation of the Bank or the SPC in their respective jurisdictions that
is reasonably likely to have a Material Adverse Effect; 
 (s) during any Quarterly Period, the Bank shall set-off a claim
against the SPC, the Indenture Trustee or any Affiliate of any such Person against Collections; 
 (t) (i) for any one Quarterly
Period, less than 50% of Collections received during such period shall have been deposited into the Concentration Accounts at Designated Depositary Banks that are parties to Enforceable Acknowledgments (without consideration of Collections deposited
into a Concentration Account by the Servicer pursuant to Section 2.2(a) of the Servicing Agreement) or (ii) at any time, there shall not be at least one Designated Depositary Bank in the United States; 

  
 37 

 (u) the Bank shall cease to be a member in good standing of SWIFT (or any replacement or
alternate system acceptable to the Controlling Party of each Series) or shall cease to be authorized to process MT Payment Orders; 
 (v) there are imposed upon the Bank’s rights or privileges as a member of SWIFT (or any replacement or alternate system) any restrictions that would have a Material Adverse Effect on the ability of
the Bank to engage in/process MT Payment Orders (or similar transactions under any such replacement or alternate system); 
 (w)
any Designated Depositary Bank shall have issued a notice of a breach by the Bank in respect of the related Acknowledgment and such breach is reasonably likely to have a Material Adverse Effect; or 

(x) the Bank shall cease to be duly authorized under the laws of Jamaica as a banking institution permitted to engage in the commercial
banking business, including, but not limited to, its foreign exchange business and such cessation is reasonably likely to have a Material Adverse Effect, or the Bank shall cease to be duly authorized under the laws of Jamaica to engage in its
Diversified Payment Rights business. 
 SECTION 6.3 Effect of Payment of Repurchase Price. Upon the SPC’s
receipt of the Repurchase Price for all Series in full, the Sale Termination Date shall occur. 
 ARTICLE VII 

INDEMNIFICATION 

SECTION 7.1 Indemnification. Without limiting any other rights that the SPC, the Indenture Trustee, the Investors and
any Enhancer may have hereunder or under Applicable Law, the Bank hereby agrees to indemnify the SPC, the Indenture Trustee, each Trustee (if any), the Investors and each Enhancer (if any) against any and all damages, losses, claims, liabilities and
related costs and expenses (including reasonable attorneys’ fees and disbursements) (the “Indemnified Amounts”) incurred by it arising out of or as a result of: (a) any act or omission of the Bank (individually or as the
Servicer) in any way relating to the performance by the Bank (individually or as the Servicer) of its obligations under the Transaction Documents (including its obligation under Section 4.24) or (b) any representation or warranty made by
the Bank in any of the Transaction Documents proving to have been false in any respect on the date as of which made (or deemed made). The provisions of this Section 7.1 shall survive the termination of this Agreement and the satisfaction and
discharge of the Indenture. The parties hereby agree that in no event shall the Bank be liable for any indirect, special, incidental or punitive losses or damages of any kind whatsoever relating to the transactions contemplated by the Transaction
Documents, except that this sentence shall not limit the rights of the Indenture Trustee (and each of its agents, custodians and other Persons duly employed by it) under Section 4.27. 

  
 38 

 SECTION 7.2 Tax Matters. (a) The Bank hereby agrees to reimburse the SPC for any
income taxes payable by the SPC as a result of its being determined to be a corporation subject to U.S. federal income taxes. If the Bank should fail to pay any amounts in full in accordance with the provisions hereof, then the Indenture Trustee
shall have a direct cause of action against the Bank to collect such amounts for the benefit of the SPC and shall be entitled to use any legally available remedies in connection therewith. 

(b) Should any Additional Series have a Trust Agreement, then such Trust Agreement may include provisions similar to those in clause
(a) to indemnify the corresponding Trust and, upon written confirmation by the Bank of its agreement to be bound thereby, the Bank shall be similarly liable in the manner described in such Trust Agreement. 

(c) The Bank and the SPC each hereby agrees that any interest or other gain/loss on any investment of the funds on deposit in the
Concentration Accounts, the Collateral Account, the Series Accounts, the Coverage Reserve Account, any Reserve Account or any other account(s) specified in the Transaction Documents shall be treated for tax purposes as income/loss of the Bank.

 ARTICLE VIII 
 MISCELLANEOUS 
 SECTION 8.1 Payments; Currency Indemnity. (a) Except
to the extent otherwise stated, each payment to be made hereunder by either the SPC or the Bank shall be made on the required payment date in the Applicable Currency and in immediately available funds at the office of the payee set forth in
Section 8.9 or to such other office or account as may be specified by either party in a notice to the other party hereto (for the Bank, such payments to be made as indicated in Section 2.2(c)). 

(b) Except to the extent otherwise stated, Dollars (or, with respect to Series issued in a currency other than Dollars, each such other
currency) (the “Applicable Currency”) are the sole currency of account and payment for all sums payable under or in connection with this Agreement, including damages. Any amount received or recovered in a currency other than the
applicable currency (whether as a result of, or in the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Bank or otherwise) (such other currency, the “Judgment Currency”) by
any Person in respect of any sum expressed to be due to it shall only constitute a discharge by the payor thereof of its obligations to the extent of the amount of the Applicable Currency that such payee evidences that it is able to purchase with
the amount so received or recovered in such Judgment Currency on the date of receipt or recovery (or, if it is not practicable to make such purchase on such date, on the first date on which it is practicable to do so). If the amount of Applicable
Currency is less than the amount 

  
 39 

 
expressed to be due to such Person, such payor shall indemnify it against any loss sustained by it as a result. In any event, such payor shall indemnify such payee against the cost of making any
such purchase. For the purposes of this Section, it will be sufficient for such payee to certify in a reasonable manner (indicating the sources of information used) that it would have suffered a loss had an actual purchase of the Applicable Currency
been made with the amount so received in such Judgment Currency on the date of receipt or recovery (or, if a purchase of the Applicable Currency on such date had not been practicable, on the first date on which it would have been practicable, it
being required that the need for a change of date be certified in the manner mentioned above). These indemnities constitute a separate and independent obligation from each party’s other obligations hereunder, shall give rise to a separate and
independent cause of action, shall apply irrespective of any indulgence granted by such payee and shall continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due hereunder.

 SECTION 8.2 Absolute Obligations. This Agreement and the Deed of Assignment shall not terminate, nor shall
the obligations of the parties hereunder and thereunder be otherwise affected, by reason of (a) the invalidity or unenforceability of this Agreement, the Deed of Assignment or any other Transaction Document or any other agreement entered into
in connection therewith, (b) any action or inaction by the SPC, the Bank or any other Person, (c) the occurrence of an Early Amortization Event or Default or the default by any party under any Transaction Document or other document
delivered in connection therewith, (d) any insolvency of or any bankruptcy, intervention, reorganization or other proceeding affecting the Bank, the SPC or any other Person or any action that may be taken by any receiver, trustee or liquidator
(or other similar official) or by any court or (e) any other cause, whether similar or dissimilar to the foregoing, any present or future Applicable Law to the contrary notwithstanding, it being the intention and agreement of the parties
hereto, and the basis of the bargain, that all payment and performance obligations of the Bank hereunder, under the Deed of Assignment and under the other Transaction Documents to which it is a party shall continue to apply in all events in the
manner and at the times herein provided unless and until such obligations shall have been discharged pursuant to the express provisions of the Transaction Documents. Nothing in this Section shall preclude any separate, independent claim that any
Person may have for the breach of any representation, warranty, covenant, undertaking or agreement made by the Bank under any of the Transaction Documents. 
 SECTION 8.3 Successors and Assigns. This Agreement and the Deed of Assignment shall be binding upon and inure to the benefit of each party and their respective successors (whether by
merger, consolidation or otherwise) and assigns. The Bank agrees that it will not assign or transfer all or any portion of its rights hereunder or assign or delegate any of its obligations hereunder or under the Deed of Assignment without
(a) the prior written consent of the SPC and each Controlling Party and (b) receipt by the Indenture Trustee from each Rating Agency of written confirmation that such assignment or delegation shall not result in such Rating 

  
 40 

 
Agency withdrawing or reducing its rating on any Series to below the lower of such Series’ current rating and initial rating from such Rating Agency (without giving consideration to any
applicable Enhancement). The Bank acknowledges that the SPC shall assign all of its rights hereunder and under the Servicing Agreement, the Acknowledgments, any Hedge Agreement and the Deed of Assignment to the Indenture Trustee as collateral
security for its obligations under the Indenture. The Bank consents to such assignment and agrees that the Indenture Trustee shall be entitled to enforce the terms of this Agreement and such other Transaction Documents and the rights (including the
right to grant or withhold any consent or waiver) of the SPC directly against the Bank. The Bank further agrees that, in respect of its obligations hereunder, it shall act at the direction of and in accordance with all requests and instructions from
the Indenture Trustee, and that in the event of a conflict between the directions of the Indenture Trustee and the SPC, it shall act in accordance with the directions of the Indenture Trustee. 

SECTION 8.4 Third Party Beneficiary. Notwithstanding anything in Section 8.3 to the contrary, the parties hereto
hereby agree that the Indenture Trustee, any Trustee, each Investor and each Enhancer (if any) shall have the rights of a third-party beneficiary under this Agreement and may enforce the agreements herein as if such Persons were parties hereto.

 SECTION 8.5 Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 8.6 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any party
(or its collateral assignees), any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by Applicable Law.

 SECTION 8.7 Modification of Agreement. (a) All modifications, consents, amendments or waivers of any
provision of this Agreement, the Deed of Assignment and the Originator Note shall be effective only if the same shall be approved in writing by the SPC and the Bank (and acknowledged and agreed to by the Indenture Trustee with the consent of each
Controlling Party) and then shall be effective only in the specific instance and for the specific purpose for which given. Any such modification, consent, amendment or waiver 

  
 41 

 
without such acknowledgment and agreement of the Indenture Trustee and the consent of each Controlling Party shall be null and void ab initio. A copy of any such amendment shall be
delivered by the Bank to each Rating Agency. 
 (b) The SPC shall not enter into any amendment or other modification to, or any
waiver of any of the provisions of, any of the other Transaction Documents without the prior written consent of the Bank. 

SECTION 8.8 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 SECTION 8.9 Notices. All notices, instructions,
directions, requests and demands to or upon the respective parties hereto to be effective shall be in English and shall be in writing (including by fax or electronic delivery) and, unless otherwise expressly provided herein, shall be deemed to have
been duly given or made when delivered (including by courier), or, in the case of fax notice, when received, addressed as follows in the case of the Bank and the SPC: 
  

					
	The Bank:	 		 	National Commercial Bank Jamaica Limited
		 		 	32 Trafalgar Road
		 		 	 Kingston 10, Jamaica

Attention: Septimus Blake
 Telephone: (876)
511-4315

		 		 	Facsimile: (876) 926-3856
			
		 		 	With copies to the Indenture Trustee.
			
	The SPC:	 		 	 Jamaica Diversified Payment Rights Company
 c/o Maples Finance Limited
 Queensgate House

		 		 	1093GT
		 		 	 South Church Street
 George
Town

		 		 	 Grand Cayman
 Cayman
Islands
 Attention: Guy Major

		 		 	 Telephone: (345) 814-5818

Facsimile: (345) 945-7100

			
		 		 	With copies to the Indenture Trustee.

  
 42 

					
	The Indenture	 		 	
	Trustee:	 		 	The Bank of New York, as Indenture Trustee
		 		 	101 Barclay Street
		 		 	 New York, New York 10286

Attention: Corporate Trust Administration -

		 		 	    Global Structured Products Unit

Telephone: (212) 235-2419
 Facsimile: (212)
235-2530

			
	Each Trustee:	 		 	To its address for notices specified in the related Trust Agreement.

 SECTION 8.10 Counterparts. This Agreement may be executed on any number of separate
counterparts (including by fax), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A copy of this Agreement signed by all the parties shall be delivered to the Indenture Trustee. 

SECTION 8.11 Entire Agreement. This Agreement, including the documents referred to herein, contains the entire
understanding of the parties hereto with respect to the subject matter contained herein, and there are no promises, undertakings, representations or warranties by the parties hereto relative to the subject matter hereof not expressly set forth or
referred to herein. 
 SECTION 8.12 Waivers of Jury Trial. THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM RELATING THERETO. EACH PARTY ACKNOWLEDGES THAT THE OTHER PARTIES HERETO ARE ENTERING INTO THIS AGREEMENT IN RELIANCE UPON SUCH
WAIVER. 
 SECTION 8.13 Submission to Jurisdiction; Waivers. (a) Each of the parties hereto hereby
irrevocably and unconditionally submits to the jurisdiction of (i) the United States District Court for the Southern District of New York or of any New York State court (in either case sitting in Manhattan, New York City) and (ii) the
courts of its own corporate domicile, in each case with all applicable courts of appeal therefrom, with respect to actions brought against it as a defendant for purposes of all legal proceedings arising out of or relating to this Agreement, the Deed
of Assignment, the Originator Note or the transactions contemplated hereby or thereby; provided that nothing herein shall be deemed to limit the ability of any party to this Agreement (or the SPC and the Bank, as recipient and issuer, as the
case may be, of the Deed of Assignment and the Originator Note) to bring suit against any other party to this Agreement, the Deed of Assignment or the Originator Note 

  
 43 

 
in any other permissible jurisdiction. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to
the laying of the venue of any such proceeding brought in such a court, any claim that any such proceeding brought in such a court has been brought in an inconvenient forum and any objection based on place of residence or domicile. 

(b) The SPC and the Bank each irrevocably appoint CT Corporation System, with offices at the date hereof at 111 Eighth Avenue, New York,
New York 10011, as its authorized agent on which any and all legal process may be served in any such action, suit or proceeding brought in any United States District Court or New York State court (in either case sitting in Manhattan, New York City)
(each, a “Designated Court”). Each of the SPC and the Bank agrees that service of process in respect of it upon such agent, together with written notice of such service sent to it in the manner provided in Section 8.9, shall be
deemed to be effective service of process upon it in any such action, suit or proceeding and the Bank agrees, accepts and recognizes that it will not be able to claim or invoke under any enforcement proceeding, either in the United Sates or in
Jamaica, that any default judgment was rendered against it merely by its non-appearance in a Designated Court. Each of the SPC and the Bank agrees that the failure of such agent to give notice to it of any such service of process shall not impair or
affect the validity of such service or any judgment rendered in any action, suit or proceeding based thereon. If for any reason either such agent shall cease to be available to act as such (including by reason of the failure of such agent to
maintain an office in New York City), then each of the SPC and the Bank, as the case may be, agrees to designate a new agent in New York City on the terms and for the purposes of this Section. Nothing herein shall in any way be deemed to limit the
ability of the Bank or the SPC to serve any such legal process in any other manner permitted by Applicable Law or to obtain jurisdiction over the other party or bring actions, suits or proceedings against it in such other jurisdictions, and in such
manner, as may be permitted by Applicable Law. 
 (c) To the extent that either party hereto has or hereafter may acquire any
immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution or execution, on the ground of sovereignty or otherwise) with respect to itself or its
property, it hereby irrevocably waives, to the fullest extent permitted by Applicable Law, such immunity in respect of its obligations under this Agreement, the Deed of Assignment, the Originator Note and each other Transaction Document to which it
is a party. 
 (d) The Bank irrevocably waives, to the fullest extent permitted by Applicable Law, any claim that any action or
proceeding commenced by (or on behalf of) the SPC relating in any way to this Agreement, the Originator Note and/or the Deed of Assignment should be dismissed or stayed by reason, or pending the resolution, of any action or proceeding commenced by
the Bank relating in any way to this Agreement, the Originator Note and/or the Deed of Assignment, whether or not commenced earlier. To the fullest extent permitted by Applicable Law, the Bank shall take all measures necessary for any such action or
proceeding commenced by the SPC to proceed to judgment before the entry of judgment in any such action or proceeding commenced by the Bank. 

  
 44 

 (e) To the extent that any party hereto may, in any suit, action or proceeding brought in
Jamaica, the United States or in any other jurisdiction arising out of or in connection with this Agreement, the Originator Note and/or the Deed of Assignment, be entitled to the benefit of any provisions of Applicable Law requiring any other Person
in such suit, action or proceeding to post security for costs or to post a bond to take such action, each party hereto hereby irrevocably waives any such benefit to the fullest extent now or hereafter permitted under Applicable Law. 

SECTION 8.14 No Petition Covenant. Notwithstanding any prior termination of this Agreement, the Bank shall not, before
the date that is one year and one day after all of the SPC’s obligations under the Transaction Documents other than the Originator Note shall have been paid in full, acquiesce, petition or otherwise invoke or cause the SPC to invoke the process
of any court or other Governmental Authority for the purpose of commencing or sustaining a case against the SPC under any bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the SPC or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the SPC. Neither the Bank nor any agent on its behalf may seek to enforce rights against the SPC with respect to any
obligations of the SPC (a) by applying to wind up the SPC or (b) except through the Indenture Trustee, by appointing a receiver or administrator for the SPC or any of its assets. 

SECTION 8.15 Limited Recourse. The Bank hereby agrees that the SPC’s obligations hereunder and under the Originator
Note shall be limited recourse obligations of the SPC, with recourse being limited to the Collateral and subject, in respect of priority and timing, to the allocations provisions of Section 4.2 of the Indenture. The SPC will have no material
assets available for payments on such obligations other than the assets comprised in the Collateral. After the Collateral has been fully realized and exhausted, all sums due but still unpaid in respect of the SPC’s obligations hereunder and
under the Originator Note shall be extinguished, and the Bank shall not have the right to proceed against the SPC, any of its Affiliates or any of its officers, directors, shareholders or agents for the satisfaction of any monetary claim or for any
deficiency judgment remaining after depletion of any property included in the Collateral. 
 SECTION 8.16 Headings
and Table of Contents. Section headings and the table of contents in this Agreement have been inserted for convenience of reference only and shall in no way restrict or otherwise modify any of the terms or provisions hereof. 

  
 45 

 SECTION 8.17 Use of English Language. All certificates, reports, notices
and other documents and communications given or delivered pursuant to this Agreement shall be in the English language or accompanied by a certified English translation thereof. 
 [Remainder of Page Intentionally Left Blank] 

  
 46 

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

			
	NATIONAL COMMERCIAL BANK JAMAICA LIMITED
		
	By:	 	 /s/ Patrick Hylton

		 	Name: Patrick Hylton
		 	Title: Group Managing Director

 Notarial Certificate 

On the 22nd day of March, 2006, Patrick Hylton appeared before me and executed this Agreement on behalf of National Commercial Bank
Jamaica Limited 
  

	
	 /s/ Paul B. Hale

	Notary Public

 My commission expires: March 21, 2009 
 [Signature Page No. 1 to Origination Agreement] 

 
			
	JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY
		
	By:	 	 /s/ Guy Major

		 	Name: Guy Major
		 	Title: Director

 THIS IS TO CERTIFY that the foregoing signature of Guy Major for and on behalf of Jamaica
Diversified Payment Rights Company is the true signature of Guy Major and that I am well acquainted with his handwriting. 
 IN
WITNESS WHEREOF have hereunto set my hand and affixed my Notarial Seal this 20th day of March, 2006. 
  

	
	 /s/ Wendy Ebanks

	Name: Wendy Ebanks
	Notary Public in and for the Cayman Islands

 [Signature Page No. 2 to Origination Agreement] 

 EXHIBIT A 
 FORM OF 
 ACKNOWLEDGMENT 

January [    ], 2006 

[                    ] 

Attention: [                    ] 

Tel: [                    ] 

Fax: [                    ] 

 

	Re:	National Commercial Bank Jamaica Limited/Concentration Account 

 Ladies and Gentlemen: 
 This acknowledgment (this “Acknowledgment”) shall become
effective on a closing date (the “Closing Date”) of which National Commercial Bank Jamaica Limited, a commercial bank organized and existing under the laws of Jamaica (together with its successors and assigns, “NCB” or the
“Bank”) or the Indenture Trustee (as defined below), will give you at least three Business Days’ (as defined below) prior written notice. None of the notices, instructions or agreements contained in the following paragraphs of this
Acknowledgment shall become effective until the Closing Date and each of the parties to this Acknowledgment agrees that such notices, instructions or agreements shall become effective in all respects on the Closing Date, subject only to your receipt
of such notice. 
 NOTWITHSTANDING ANYTHING HEREIN, IT IS EXPRESSLY UNDERSTOOD THAT YOU HAVE NO OBLIGATION OF ANY KIND TO DETERMINE IF ANY FUNDS
RECEIVED BY YOU FROM ANY SOURCE RELATES TO A PURCHASED DIVERSIFIED PAYMENT RIGHT AND YOUR SOLE OBLIGATION WITH RESPECT TO ANY FUNDS RECEIVED BY YOU SHALL BE AS SET FORTH IN SECTION 5 (IT BEING UNDERSTOOD THAT: (a) SUCH SECTION DOES NOT REQUIRE
YOU TO IDENTIFY WHETHER OR NOT ANY PAYMENT RELATES TO A PURCHASED DIVERSIFIED PAYMENT RIGHT OR MT PAYMENT ORDER AND (b) THE CONCENTRATION ACCOUNT REFERRED TO BELOW IS A DOLLAR ACCOUNT ONLY AND, AS SUCH, DOES NOT CURRENTLY ACCEPT DEPOSITS OF ANY
OTHER CURRENCY). 

  
 A-1

	1.	Notice of Sale of Purchased Diversified Payment Rights by NCB 

 (a) Notice is hereby given to you (the “Depositary” or “you,” which terms shall include your successors) that, (a) as provided in an origination agreement (the “Origination
Agreement”), to be dated as of the Closing Date, between NCB and [Jamaican Diversified Payment Rights Company], a Cayman Islands exempted limited liability company (together with its successors and assigns, the “SPC”), and
(b) pursuant to a deed of transfer (the “Deed of Transfer”), to be dated as of the Closing Date, from NCB to the SPC, NCB will (as of the Closing Date) sell, assign and transfer (the “Sale”) to the SPC all of its right,
title and interest in and to (but none of its obligations under) all Purchased Diversified Payment Rights (as defined below) existing on the Closing Date or thereafter created, including those in respect of which you serve as NCB’s
correspondent bank, until the Sale Termination Date (as defined in the Origination Agreement). 
 (b) For purposes of the Sale and of this
notice to the Depositary Bank: 
 (i) “Diversified Payment Rights” shall mean all right, title and interest (but none of the
obligations) of the Bank in, to and under MT Payments and Remittance Payments. 
 (ii) “MT Payment” is any payment made from time to
time by an MT Payor to the Bank in consideration of which the Bank incurs an obligation to make either a corresponding deposit to an account of an MT Beneficiary at the Bank or a payment to an MT Beneficiary that is (or is of the type that qualifies
to be) notified to the Bank via an MT Payment Order (which obligation of the Bank is in no way altered by the transactions contemplated by the Transaction Documents, as defined in the Origination Agreement). 

(iii) “MT Payor” is the financial institution making an MT Payment to the Bank. 
 (iv) “MT Beneficiary” is the individual or entity in Jamaica (other than a financial institution that participates in the SWIFT payment system, including the Bank and one that is currently the
beneficiary of a SWIFT MT200-series message) in respect of whom the related MT Payment was directed, thereby requiring the Bank to make either a corresponding deposit for an account of such individual or entity at the Bank or a payment to such
individual or entity in Jamaica in respect of the related MT Payment (net of commissions or similar fees). 
 (v) “MT Payment Order”
consists of an electronic or other message utilized by a financial institution to instruct the Bank to make a payment of a certain amount to a MT Beneficiary, which message may be: (i) a SWIFT MT102, SWIFT MT102+, SWIFT MT103, SWIFT MT103+ or
any other MT100 series message under the SWIFT message system or (ii) any other type of message, including one sent via telex or the internet, that may be utilized to send such an instruction (in each case, including any type of message that
may replace or be utilized in substitution for any of the foregoing). Should the SWIFT payment order system or SWIFT MT 102, SWIFT MT 102+, SWIFT MT 103 or SWIFT MT 103+ payment orders no longer be used or be available for these types of transfers,
or if the SWIFT payment order system or such payment orders are available but the Bank begins to use alternative transfer methods, for the purposes hereof, MT Payment 

  
 B-2

 
Orders shall include all of the types or classes of payment to be received by the Bank, including internet transactions, that (if such payments were to have been made on the Closing Date) would
have qualified to be notified to the Bank by such means. 
 (vi) “Purchased Diversified Payment Rights” shall mean any Diversified
Payment Right that meets the following conditions: (a) the sale of which on the Closing Date does not contravene any applicable law, rule or regulation with respect to the SPC, any trust established to purchase a Note and issue Certificates or
the Investors (including by causing any interested U.S. person to be in violation of the Prohibited Nations Acts); (b) the terms of which do not prohibit the sale thereof; and (c) that provides for the corresponding payment to be made in
U.S. Dollars. 
 (vii) “SWIFT” is the Society for Worldwide Interbank Financial Telecommunication, s.c.r.l., a Belgium based,
industry-owned cooperative that supplies global messaging services and interface software to member financial institutions worldwide. 
 (viii)
“Remittance Payment” is any U.S. Dollar payment made from time to time by a Remittance Payor to the Bank (in consideration of which the Bank incurs an obligation to make either a corresponding deposit to an account of a Remittance
Beneficiary at the Bank or a payment to a Remittance Beneficiary) that is (or is of the type that qualifies to be) notified to the Bank via a Remittance Payment Order. 
 (ix) “Remittance Payor” is any affiliate of the Bank located in the United States making a Remittance Payment to the Bank. 
 (x) “Remittance Beneficiary” is the individual or entity in Jamaica (other than the Bank) in respect of whom the related Remittance Payment Order was directed, thereby requiring the Bank to make
either a corresponding deposit for an account of such individual or entity at the Bank or a payment to such individual or entity in Jamaica in respect of the related Remittance Payment Order (net of commissions or similar fees). 

(xi) “Remittance Payment Order” consists of an electronic or other message utilized by a Remittance Payor to instruct the Bank to make a
payment of a certain amount to a Remittance Beneficiary, which message may be: (i) an intranet message under the Bank’s internal intranet message system or (ii) any other type of message, including one sent via telex or the internet,
that may be utilized to send such an instruction (in each case, including any type of message that may replace or be utilized in substitution for any of the foregoing). 
 Diversified Payment Rights shall include (without limitation) any payments made to NCB as “beneficiary’s bank” or “intermediary bank” by the Depositary as “sender” in
connection with a “funds transfer” in which such payment is identified in a “payment order” issued by the Depositary. The terms “beneficiary’s bank,” “intermediary bank,” “sender,” “funds
transfer” and “payment order” as used herein in quotation marks shall have the respective meanings given to such terms in Article 4A of the New York Uniform Commercial Code (the “UCC”). 

  
 B-3

 Should any court determine that NCB has any right, title or interest in the Concentration Account (as
defined herein), then this Acknowledgment shall be considered to be a grant by NCB to the Indenture Trustee of a security interest under New York law in NCB’s interest in the Concentration Account, for the benefit of the holders of the
interests in the Purchased Diversified Payment Rights deposited therein. 
  

	2.	Notice of the SPC’s Grant of a Security Interest 

 (a) Notice is hereby given to you that, in connection with a transaction related to the Sale (which transaction, together with the Sale, is hereinafter referred to collectively as the
“Transaction”), the SPC will enter into an Indenture, to be dated as of the Closing Date (the “Indenture”), with The Bank of New York, not in its individual capacity but solely as trustee (the “Indenture Trustee”),
pursuant to which the SPC will (on the Closing Date), in order to secure its obligations under certain notes (the “Notes”), grant and assign to the Indenture Trustee (in trust for, and on behalf of, the holders from time to time of the
Notes (the “Noteholders”) and certain other parties (collectively, the “Secured Parties”)) all of its right, title and interest in and to, among other things: (i) all Purchased Diversified Payment Rights and all collections
and proceeds thereon and (ii) all funds on deposit in the Concentration Account (as defined below) relating thereto, including all funds and investments, including any proceeds thereof, in such account. 

(b) In connection with the Transaction, NCB (in its capacity as the Servicer (as defined below)), the SPC and the Indenture Trustee, will enter into a
Servicing Agreement, to be dated as of the Closing Date (the “Servicing Agreement”), pursuant to which NCB, as Servicer, will (on the Closing Date) agree to process, and supervise the processing of, the Purchased Diversified Payment Rights
and to perform certain reporting functions on behalf of the SPC and the Indenture Trustee. NCB, solely in its capacity as the servicer under the Servicing Agreement or any replacement thereto, is herein referred to as the “Servicer.”

  

	3.	Conversion of the Concentration Account 

 (a) In
connection with the Transaction and at the request of NCB and the SPC, you hereby agree to: (i) convert on the Closing Date NCB’s existing current accounts with you (Account No.
[            ] and Account No. [            ]), identified by SWIFT identification code
(“[            ]”), into a current account (the “Concentration Account”) in the name of NCB, as the Servicer (on behalf of the SPC and the Indenture Trustee) and the
Indenture Trustee, with the same account number and SWIFT identification code, (ii) confirm upon request made by NCB and/or the Indenture Trustee that such conversion has been effected and (iii) subject to clauses (d) and (e),
maintain the Concentration Account until you receive written notice otherwise from the Indenture Trustee. The name of the Concentration Account will be: “Concentration Account, in the name of NCB, as

  
 B-4

 
the Servicer, on behalf of [Jamaican Diversified Payment Rights Company] and The Bank of New York, as Indenture Trustee (or, because of system space limitations, a reasonable recognized
abbreviation thereof that indicates the name of NCB and its status as Servicer on behalf of the SPC and the Indenture Trustee).” As a result of such conversion, the SPC will be the owner of the Concentration Account. The Depositary acknowledges
and agrees to such transfer of ownership of the Concentration Account. 
 (b) NCB, the SPC and the Indenture Trustee shall arrange or have
arranged that any necessary legal documents requested by you for such change of ownership of the Concentration Account are received by you on or before the Closing Date. NCB (individually and as the Servicer), the SPC and the Indenture Trustee each
hereby represents to you that each such document executed by it has been (or will have been) duly authorized and executed by it and is (or will be) its legal, valid and binding obligation. 
 (c) You hereby confirm that (i) daily electronic account statements regarding the Concentration Account will be sent to NCB, as Servicer, and (ii) the SPC, the Indenture Trustee and NCB, as
Servicer, will have online access to your web-based browser “CYBER INQUIRY” in order to receive daily reports of the transactions in the Concentration Account. 
 (d) Subject to clause (e), any party hereto may terminate this Acknowledgment upon at least 120 days’ advance written notice to the other parties hereto (including the Indenture Trustee); provided
that neither NCB (either individually or as the Servicer) nor the SPC may terminate this Acknowledgment without the prior written agreement of the Indenture Trustee (any such attempt to do so being null and void ab initio). The Depositary agrees to
coordinate with the other parties hereto, and with any replacement bank identified by such parties, to ensure the transfer of the Depositary’s obligations hereunder to the replacement bank in such a manner as is reasonably requested by the
Indenture Trustee, including, until notified otherwise by the Indenture Trustee, the prompt transfer to such replacement bank of any amounts received by the Depositary (other than those amounts specifically identified for payment to the New Current
Account (as defined below)) after such termination that are payable to NCB (individually or as the Servicer) or the SPC; it being understood that your obligations but not your continuing rights under this Acknowledgment will terminate at the end of
such 120 days without regard to whether a replacement bank has been identified and, thereafter, unless the Indenture Trustee has timely instructed you otherwise about where to send payments, you may either return all payments identified to be
deposited into the Concentration Account to payors or deliver such payments to NCB at your discretion. All reasonable expenses incurred by the Depositary during the aforesaid process in this paragraph shall be reimbursed by NCB. 

(e) The Indenture Trustee shall notify you in writing, promptly after payment in full of all of the obligations under the Transaction, that this
Acknowledgment shall terminate, 

  
 B-5

 
and immediately upon your receipt of such notice, this Acknowledgment shall be terminated. Upon such termination, the Concentration Account shall convert into an account owned solely by NCB and
shall be renamed or terminated as instructed by NCB. 
  

	4.	Establishment of the New Current Account 

 (a) In
connection with the Transaction and at the request of NCB, you have established and agree to maintain a current account (the “New Current Account”), to be identified by account number
[            ] with the SWIFT identification code of [            ]. The New Current Account has been established in the name of
and for the sole benefit of NCB and is titled: “National Commercial Bank Jamaica Limited – Current Account.” 
 (b) NCB will have
arranged that the necessary legal documents required by you for the opening of the New Current Account are received by you on or before the opening of the New Current Account. NCB hereby represents that each such document has been (or will have
been) duly authorized and executed by it and is (or will be) its legal, valid and binding obligation. 
  

	5.	Transfer Instructions 

 (a) On the Closing Date
on or about 10:00 a.m. local New York City time, you shall transfer to the New Current Account any funds standing to the credit of the Concentration Account on such date. 
 (b) On the Closing Date and each day following the Closing Date on which the office at which the Concentration Account is maintained is open for regular banking business (a “Business Day”), you
shall deposit into the Concentration Account all amounts received or paid by you, from all sources, that reference the account number of the Concentration Account as set forth in Section 3(a) or (if, under your normal procedures for resolving
situations in which account numbers appear to be incorrect, you determine that the payment is for the account of the SPC) that are for the account of the SPC; provided that all such amounts specifically identified by the account number and/or the
SWIFT identification code of the New Current Account shall be deposited into the New Current Account. In the event that a transfer instruction does not include either an UID, an account number or a SWIFT identification code (or is inconsistent),
then you may follow your standard wire procedures by depositing the funds into the Concentration Account. NCB agrees to promptly, upon obtaining knowledge thereof, transfer funds that are deposited into the New Current Account relating to Purchased
Diversified Payment Rights to the Concentration Account, unless a Change Notice, as described in clause (c), sent by the Indenture Trustee is in effect, in which case NCB will not be required to transfer such funds to the Concentration Account.

 (c) [TO BE MODIFIED IF THIS DEPOSITARY BANK IS NOT A PRIMARY BANK] Except as otherwise instructed in writing by the Indenture Trustee, by the
end of 

  
 B-6

 
each Business Day (but no earlier than 3:00 p.m. (your local time) on such day) you shall transfer (in immediately available funds) all amounts then on deposit in the Concentration Account to:
The Bank of New York, New York, New York, ABA #021000018, GLA #[            ], FFC: TAS A/C #[            ], Ref: [Jamaican
Diversified Payment Rights Company] (Collateral Account) (the “Collateral Account”). 
 Pursuant to the Transaction, it is
contemplated that the Indenture Trustee will instruct you (by delivering an instruction substantially in the form of Exhibit A hereto (a “Change Notice”)), approximately once each quarter that, from the date of such Change Notice until but
excluding the first day of the next [            ], [            ],
[            ] or [            ] (each, a “Recommencement Date”) (unless the Indenture Trustee notifies you otherwise
by delivering an instruction substantially in the form of Exhibit B hereto (a “Resumption of Transfer Notice”), once each day by the end of each Business Day (but no earlier than 3:00 p.m. (your local time) on such day) in such period, any
funds in the Concentration Account shall be transferred to the New Current Account. The Indenture Trustee will send you a reminder (in substantially the form of Exhibit C hereto (a “Reminder Notice”)) of each such Recommencement Date at
least five Business Days before such Recommencement Date; it being understood that your not receiving any such notice shall not change your obligations hereunder. 
 To the extent that deposits are made to the Concentration Account on any Business Day after the transfer described above, such deposits shall remain in the Concentration Account and will be treated by you
as having been received on the next Business Day. 
 (d) You understand and agree that the Indenture Trustee shall have sole dominion and
control of the Concentration Account, and accordingly you agree to take instructions in respect of the Concentration Account only from the Indenture Trustee in accordance with the terms hereof (and no further consent of NCB (individually or as
Servicer), the SPC or any other person or entity shall be required). Each of NCB and the SPC agrees not to issue any instructions to you contrary to the terms hereof or to the Indenture Trustee’s rights in the Concentration Account and the
funds credited thereto. If you receive conflicting directions or instructions from any of the parties hereto or from any other source (including any governmental authorities) as to the Concentration Account (including the application of the funds
therein or to be deposited therein), you shall notify the Indenture Trustee of such conflict and, to the extent permitted by law binding upon you, shall act only upon any such directions or instruction received from the Indenture Trustee. The
Depositary shall have no obligation to verify the accuracy and/or validity of any such direction or instruction that it reasonably believes to be accurate and valid. 
 (e) Subject to the last sentence of clause (b), all funds credited to the New Current Account (or any other account that NCB maintains with you other than the Concentration Account) are not subject to any
restrictions under this Acknowledgment and may be paid or transferred as instructed or requested by NCB without any notice to or consent or authorization from any other party, including the SPC and the Indenture Trustee, and any such payment or
transfer will be taken by the recipient free and clear of any lien or other claim of any kind of or by any such party. 

  
 B-7

 (f) The parties hereto agree that the Depositary’s “jurisdiction” for the purposes of Part 3
of Article 9 of the UCC, with respect to the Concentration Account only, is New York and that the Concentration Account is a “deposit account” within the meaning of Section 9-102 of the UCC. In addition, the parties hereto agree that
the Indenture Trustee shall have control of the Concentration Account within the meaning of Section 9-104 of the UCC. 
 (g) NCB agrees
that, whether an MT Payment Order identifies NCB by identifying number, including SWIFT ID, or by both name and number, you will have correctly paid NCB for purposes of Article 4A of the UCC by crediting the Concentration Account in the amount
specified in the MT Payment Order. 
  

	6.	Rights of Set-Off, Waivers Thereof and Related Matters 

 (a) Except with respect to amounts deposited in the Concentration Account in error, the Depositary hereby waives and agrees to forebear its assertion of any and all rights of set-off or counterclaim it
may have against amounts on deposit in (or to be deposited into) the Concentration Account, including any claims that you may have against any of NCB, the SPC or the Indenture Trustee; it being understood that nothing in this paragraph shall prevent
or be construed as preventing you from: (i) setting off amounts owed to you in respect of any of NCB’s obligations, commitments or transactions (whether related to the Purchased Diversified Payment Rights or otherwise) from amounts on
deposit in other accounts that NCB may maintain with you (including the New Current Account) or otherwise asserting claims against NCB for such amounts or (ii) deducting from any payments received by you for the benefit of NCB any unpaid wire
or other administrative charges only relating to such payment. 
 (b) With respect to amounts deposited in the Concentration Account in error,
prior to any transfer of such funds pursuant to Section 5(c), the Depositary may withdraw from the Concentration Account any such amounts for deposit to the correct account. 
 (c) As of the date of this Acknowledgment, the Depositary hereby acknowledges that: (i) to the best of its knowledge, it has not heretofore received any notice, writ, order or any form of legal
process from any other person or entity asserting, claiming or exercising any right of set-off, banker’s lien or any other security interest or other purported form of claim with respect to any amounts payable to NCB or the SPC in respect of
Purchased Diversified Payment Rights and (ii) it has not been notified of any attachments against NCB and/or the SPC. 

  
 B-8

	7.	Effect Upon Correspondent Bank Agreement 

 To the
extent that the provisions of this Acknowledgment are inconsistent with any other agreements between NCB (and/or the SPC) and you regarding the subject matter hereof (including, without limitation, your deposit account agreement, terms and
conditions and other standard documentation in effect as of the date hereof or becoming effective after the date hereof with respect to the Concentration Account, the New Current Account or any other services provided in connection herewith or
therewith) (the “Correspondent Bank Agreement”), this Acknowledgment shall (solely to the extent there is a conflict of terms and solely with respect to the Concentration Account and the New Current Account) prevail and shall, to such
extent, constitute an amendment of the Correspondent Bank Agreement. Except as so amended hereby, the Correspondent Bank Agreement shall remain in full force and effect (including with respect to the delivery of account statements). For the
avoidance of doubt, except as specifically provided herein, this Acknowledgment shall not be construed as preventing the Depositary from exercising its rights under the Correspondent Bank Agreement. 

 

	8.	Amendment and Assignment 

 This Acknowledgment
may not be amended except pursuant to a written instrument signed by NCB (individually and as the Servicer), the SPC, the Correspondent Bank and the Indenture Trustee. None of the parties to this Acknowledgment may assign any of its rights, title or
benefit under this Acknowledgment without the prior written consent of the other parties, except that: (a) the SPC and the Indenture Trustee may pledge their rights hereunder pursuant to the terms of the Transaction and (b) a successor to
the Servicer or the Indenture Trustee may be appointed pursuant to the terms of the Transaction. 
  

	9.	Indenture Trustee May Enforce 

 It is hereby
acknowledged and agreed that the Indenture Trustee (acting for the benefit of the Secured Parties) may (independently and without joining with NCB, the Servicer and/or the SPC) enforce this Acknowledgment against the other parties hereto.

  

	10.	Publishing of Information 

 Neither you nor NCB
shall publish or otherwise publicly disclose (or cause to be published or otherwise publicly disclosed) without the prior written consent of the other parties hereto any information relating to the change of name and ownership of the Concentration
Account or the creation of the New Current Account, including as to their respective ownership, name, account number or SWIFT identification code, except to the extent required by law. For the avoidance of doubt, no changes should be made to the
SWIFT Register, the Banker’s Almanac or any other publication with respect to the change of name and/or ownership of the Concentration Account. 

  
 B-9

	11.	Miscellaneous 

 (a) This Acknowledgment and the
Correspondent Bank Agreement contain the entire and exclusive understanding among the parties relating to the subject matter of this Acknowledgment. This Acknowledgment shall be construed in accordance with and governed by the internal laws of the
State of New York (excluding the conflicts of law provisions thereof other than Section 5-1401 of the New York General Obligations Law), and all actions relating to this Acknowledgment may be litigated in courts (including federal courts)
located in the Borough of Manhattan of the City of New York. The parties agree to submit to the personal jurisdiction of such courts and to service of process by certified or registered mail, return receipt requested, directed to the address
specified on the signature pages hereof. 
 (b) This Acknowledgment may be executed in any number of counterparts (including via facsimile)
that, when taken together, shall constitute one and the same instrument. 
 (c) THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE
TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS ACKNOWLEDG-MENT AND FOR ANY COUNTERCLAIM RELATING THERETO. EACH PARTY HERETO ACKNOWLEDGES THAT THE OTHER PARTIES HERETO ARE ENTERING INTO THIS ACKNOWLEDG-MENT IN RELIANCE UPON SUCH
WAIVER. 
 (d) The Depositary’s responsibilities shall be solely as set forth herein. The Depositary shall not be deemed to be a trustee
with respect to the Concentration Account or the Purchased Diversified Payment Rights and the relationship among the Depositary and the other parties hereto shall be that of banker and accountholder only. Except for gross negligence or willful
misconduct in executing such responsibilities (as determined by a court of competent jurisdiction in a final judgment), the Depositary shall not be liable for (and is hereby fully indemnified by NCB from) any losses, claims, liabilities and
expenses, including reasonable attorneys’ fees and expenses, arising from these arrangements (it being understood that vis-à-vis NCB only, the Depositary’s failure to act in accordance with the requirements of this Acknowledgement
in the event that a notice from the Indenture Trustee with instructions as to such action to be adopted has not been received by the Depositary in accordance with the Acknowledgement shall not be considered to be gross negligence or willful
misconduct on the part of the Depositary). Any loss, claim, liability or expense that may be payable by NCB to the Depositary pursuant to the preceding sentence shall be presented in a documentary form as evidence of such incurred loss, claim,
liability or expense, which shall be conclusive absent manifest error on its face shown. In no event shall the Depositary be liable for special, indirect, punitive or consequential damages, regardless of the form of action, and even if advised of
the possibility thereof. The Depositary shall not incur liability if, by reason of any provision of law or governmental authority, or by reason of any act of God, war, terrorism, force majeure, interruption or malfunction of computer or
communications facilities or other circumstances beyond its control (including any strike or lock-out), it is prevented or forbidden from performing any act required of it hereunder. NCB’s indemnification and obligations under this paragraph
shall survive the termination of this Acknowledgment. 

  
 B-10

 (e) All instructions and other communications hereunder shall be made in the English language and in writing
to the addresses set forth below or at such other address as a party hereto may notify the other parties hereto in writing. All notices hereunder shall be deemed delivered upon actual receipt by the addressee. So long as the Indenture Trustee is a
SWIFT participant, all notices hereunder from the Indenture Trustee to the Depositary must be delivered via an authenticated SWIFT message. Each such notice by the Indenture Trustee shall make reference to NCB, the Concentration Account and that
such notice is being delivered by the Indenture Trustee in its capacity as Indenture Trustee. 
 (f) NCB is responsible for all service charges
and other fees and charges associated with this Acknowledgment, including in connection with the Concentration Account. NCB’s obligations under this paragraph shall survive the termination of this Acknowledgment. 

(g) The Depositary is hereby authorized and hereby agrees to follow its usual procedures, in the event the Concentration Account should be or become the
subject of any writ, levy, order or other similar judicial or regulatory order of process (“Order”), including to comply with such Order. 
 (h) Subject to Section 8, this Acknowledgment shall be binding upon and inure to the benefit of each party and its respective successors (whether by merger, consolidation, sale of a portion of the
relevant business or assets, or otherwise) and assigns. The Depositary is hereby authorized and hereby agrees to perform its obligations hereunder notwithstanding any sale, consolidation, merger, bankruptcy, insolvency or other restructuring of NCB
or the SPC or any other event whatsoever. 
 (i) The Depositary acknowledges that the Sale of Purchased Diversified Payment Rights pursuant to
the Deed of Transfer is also a Sale of payment rights relating to any future SWIFT Message Type that may replace the SWIFT MT102, SWIFT MT102+, SWIFT MT103 or SWIFT MT103+ but that would serve the same purpose as the current SWIFT MT102, SWIFT
MT102+, SWIFT MT103 or SWIFT MT103+. Further, the Depositary acknowledges that the Sale of Purchased Diversified Payment Rights also includes all of the types and classes of payments owed to NCB (if such payments were to have been made on the
Closing Date) would have qualified to be notified via a SWIFT MT102, SWIFT MT102+, SWIFT MT103 or SWIFT MT103+ payment order (it being understood and agreed that the Depositary is not responsible for identifying any such replacement systems). In
that respect the Depositary agrees to coordinate with the other parties hereto in order to reflect properly the rights of the SPC and the Indenture Trustee (on behalf of the Secured Parties) to such flows. 

  
 B-11

 (j) Each party hereto hereby represents and warrants to each other party hereto that: (i) this
Acknowledgment constitutes its duly authorized, legal, valid, binding and enforceable obligation (except as enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, fraudulent conveyance, fraudulent transfer, moratorium
or other similar laws of general application affecting the enforcement of creditors’ rights of by general principles of equity limiting the availability of equitable remedies), (ii) its performance under this Acknowledgment and the
consummation of the transactions contemplated hereunder will not: (A) constitute or result in a breach of its organizational documents or the provisions of any material contract to which it is a party or by which it or any of its properties are
bound or (B) result in the violation of any law, regulation, judgment, decree or governmental order applicable to it, except for such breaches and violations that are not reasonably likely to have a material adverse effect on its performance
hereunder and (iii) all approvals and authorizations required to permit its execution, delivery, performance and consummation of this Acknowledgment and the transactions contemplated hereunder have been obtained (or will be obtained) on or
before the Closing Date, except where the failure to obtain such approvals and/or authorizations is not reasonably likely to have a material adverse effect on its performance hereunder. 
 (k) Nothing in this Acknowledgment to the contrary shall require the Depositary Bank to violate any law applicable to it, including the Prohibited Nations Acts. “Prohibited Nations Acts” shall
mean: (i) The Trading with the Enemy Act of 1917, 50 U.S.C.A. app. §1 et seq., of the United States of America, (ii) the International Emergency Economic Powers Act, 50 U.S.C.A. §1701 et seq., of the United States of America,
(iii) the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”), Pub. L. No. 107-56, 115 Stat. 272, of the United States of America and
(iv) any similar acts, executive orders or similar governmental actions of the United States of America or Jamaica, in each case including regulations issued thereunder and as amended or supplemented from time to time. 

(l) The Depositary has processes and systems in place designed to put it in compliance with the Prohibited Nations Acts. 

Please acknowledge your receipt of this Acknowledgment and your agreement to its terms by executing four copies of this Acknowledgment in the space
provided below, retaining one copy for your records and returning the other three copies to NCB. 
 Very truly yours, 

NATIONAL COMMERCIAL BANK JAMAICA LIMITED 

  
 B-12

 32 Trafalgar Road 
 Kingston 10, Jamaica 
 Tel:
[                    ] 
 Fax:
[                    ] 
 Attention:

  

			
	By	 	
		
		 	Name:
		
		 	Title:

 [JAMAICAN DIVERSIFIED PAYMENT RIGHTS COMPANY] 
 c/o [Address] 
 Attention:
[                            ] 
 Telephone: [            ] 
 Facsimile:
[            ] 
  

			
	 By:
	 	
		
	 Name:
	 	
		
	 Title:
	 	

 Agreed and accepted this [    ] day of [January], 2006. 

[                    ] 

  
 B-13

 Attention:
[                            ] 
 Telephone: [            ] 
 Facsimile:
[            ] 
  

			
	 By:
	 	
		
	 Name:
	 	
		
	 Title:
	 	

 Agreed and accepted this [    ] day of [January], 2006. 

THE BANK OF NEW YORK, 
 as
Indenture Trustee 
 101 Barclay Street 
 Floor 21 W 
 New York, New York 10286 
 Attention: Corporate Trust Administration - 
 Global Structured Products Unit 

Telephone: (212) 815-8388 
 Facsimile: (212)
815-5915 
  

			
	 By:
	 	
		
	 Name:
	 	
		
	 Title:
	 	

 EXHIBIT A 

  
 B-14

 [DATE] 
 [                    ] 
 Attention: [                            ] 

Tel: [            ] 
 Fax: [            ] 
 Re: Change
Notice Relating to the Acknowledgment for National Commercial Bank Jamaica Limited (“NCB”), as Servicer, Concentration Account 

Ladies and Gentlemen: 
 This constitutes a
Change Notice referred to in Section 5(c) of the Acknowledgment, dated [            ], 2006 (the “Acknowledgment”), among you, NCB, [Jamaican Diversified Payment Rights
Company], and The Bank of New York, as Indenture Trustee. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Acknowledgment. 
 You are hereby directed to STOP the daily transfers from the Concentration Account to the Collateral Account and to commence the daily transfers from the Concentration Account to the New Current Account.
In the event you receive a Resumption of Transfer Notice from the Indenture Trustee, and in any event on the [15]th day of the next [            ,
            ,              or             ], you will resume the
daily transfer from the Concentration Account to the Collateral Account in the manner provided for in the Acknowledgment. 
 Very truly yours,

  

			
	THE BANK OF NEW YORK, as Indenture Trustee
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

 EXHIBIT B 

[DATE] 

  
 B-15

[                    ] 

Attention:
[                            ] 
 Tel: [            ] 
 Fax:
[            ] 
 Re: Resumption of Transfer Notice Relating to the Acknowledgment
for National Commercial Bank Jamaica Limited (“NCB”), as Servicer, Concentration Account 
 Ladies and Gentlemen: 

This constitutes a Resumption of Transfer Notice referred to in Section 5(c) of the Acknowledgment, dated
[            ], 2006 (the “Acknowledgment”), among you, NCB, [Jamaican Diversified Payment Rights Company] and The Bank of New York, as Indenture Trustee. Capitalized terms used
herein and not otherwise defined herein shall have the meanings ascribed thereto in the Acknowledgment. 
 You are hereby directed to STOP the
daily transfers from the Concentration Accounts (account #[            ] and account #[            ]) to the New Current Account
and to resume the daily transfers from the Concentration Account to the Collateral Account, in the manner agreed in the Acknowledgment until you receive a Change Notice from the Indenture Trustee. 

Very truly yours, 
  

			
	THE BANK OF NEW YORK, as Indenture Trustee
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

 EXHIBIT C 

[DATE] 

[                    ] 

Attention:
[                            ] 

  
 B-16

 Tel: [            ] 

Fax: [            ] 
 Re: Reminder Notice Relating to the Acknowledgment for National Commercial Bank Jamaica Limited (“NCB”), as Servicer, Concentration Account 

Ladies and Gentlemen: 
 This constitutes a
Reminder Notice referred to in Section 5(c) of the Acknowledgment, dated [            ], 2006 (the “Acknowledgment”), among you, NCB, [Jamaican Diversified Payment Rights
Company] and The Bank of New York, as Indenture Trustee. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Acknowledgment. 
 You are hereby reminded to resume the daily transfers from the Concentration Account to the Collateral Account, in the manner agreed in the Acknowledgment, effective on and as of the [15]th day of
[            ], [            ], [            ] or
[            ]. 
 Very truly yours, 

 

			
	THE BANK OF NEW YORK, as Indenture Trustee
		
	By:	 	
		
	Name:	 	

 Title: b [    ] 

  
 B-17

 EXHIBIT B 
 FORM OF 
 DEED OF ASSIGNMENT 

DEED OF ASSIGNMENT, dated as of March 22, 2006, from NATIONAL COMMERCIAL BANK JAMAICA LIMITED, a banking institution
organized and existing under the laws of Jamaica (with its successors, the “Bank”) to JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY, an exempted limited liability company incorporated under the laws of the Cayman Islands (the
“SPC”). 
 WHEREAS, pursuant to the Origination Agreement, the Bank agreed to Sell to the SPC, without
recourse, all of its right, title and interest in and to (but none of its obligations under) all of the Purchased Diversified Payment Rights existing on the date hereof or generated at any time hereafter through and including the Sale Termination
Date. 
 NOW, THEREFORE, in consideration of the delivery of the Originator Note and the payments thereunder, and other
good and valuable consideration (collectively, the “Consideration”), and intending to be legally bound hereby, the Bank desires to execute and deliver this Deed of Assignment to the SPC as follows: 

1. Sale. The Bank by these presents does hereby sell, convey, grant, transfer, assign and set over to the SPC, its successors and
assigns all of its right, title and interest in and to (but none of its obligations under), all of the Purchased Diversified Payment Rights and Related Assets existing on the date hereof or generated at any time hereafter through and including the
Sale Termination Date. The Bank hereby acknowledges receipt by it of the Consideration as the purchase price for the Purchased Diversified Payment Rights and Related Assets, which it agrees is reasonably equivalent value for the Purchased
Diversified Payment Rights and Related Assets sold hereby. 
 For the purpose of clarification, all of the Purchased Diversified
Payment Rights and Related Assets (whether then existing or thereafter generated through and including the Sale Termination Date) are sold by the Bank to the SPC on the date hereof and, thereafter until and including the Sale Termination Date, the
SPC will own any future-generated Purchased Diversified Payment Rights and Related Assets immediately upon their generation. 

2. Amendments. All modifications, consents, amendments or waivers of any provision of this Deed of Assignment shall be effective
only if the same shall be approved in writing by the SPC and the Bank (and acknowledged and agreed to by the Indenture Trustee with the consent of each Controlling Party) and then shall be 

  
 B-18

 
effective only in the specific instance and for the specific purpose for which given. Any such modification, consent, amendment or waiver without such acknowledgment and agreement of the
Indenture Trustee and the consent of each Controlling Party shall be null and void ab initio. 
 3. Governing Law.
THIS DEED OF ASSIGNMENT AND THE RIGHTS AND OBLIGATIONS OF THE BANK AND THE SPC WITH RESPECT HERETO SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF JAMAICA. 

4. Submission to Jurisdiction. The Bank (and the SPC by its acknowledgment hereof) hereby irrevocably and unconditionally submits
to the jurisdiction of: (a) the United States District Court for the Southern District of New York or of any New York State court (in either case sitting in Manhattan, New York City) and (b) the courts of its own corporate domicile, in
each case with all applicable courts of appeal therefrom, with respect to actions brought against it as a defendant for purposes of all legal proceedings arising out of or relating to this Deed of Assignment or the transactions contemplated hereby;
provided that nothing herein shall be deemed to limit the ability of any such Person to bring suit against the other such Person in any other permissible jurisdiction. 
 5. Definitions. All terms used herein that are not defined herein shall have the meanings given to them in the Origination Agreement (the “Origination Agreement”) dated as of the
date hereof between the Bank and the SPC. The following terms, as used herein, shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Diversified Payment Rights” shall mean all right, title and interest (but none of the obligations) of
the Bank in, to and under (i) MT Payments and (ii) Remittance Payments. 
 “MT
Beneficiary” shall mean the individual or entity in Jamaica (other than a financial institution that participates in the SWIFT payment system, including the Bank and one that is the beneficiary of a SWIFT MT200-series message) in respect of
whom the related MT Payment was directed, thereby requiring the Bank to make either a corresponding deposit for an account of such individual or entity at the Bank or a payment to such individual or entity in Jamaica in respect of the related MT
Payment (net of commissions or similar fees). 
 “MT Payment” shall mean any payment made from
time to time by an MT Payor to the Bank in consideration of which the Bank incurs an obligation to make either a corresponding deposit to an account of an MT Beneficiary at the Bank or a payment to an MT Beneficiary that is (or is of the type that
qualifies to 

  
 B-19

 
be) notified to the Bank via an MT Payment Order (which obligation of the Bank is in no way altered by the transactions contemplated by the Transaction Documents). 

“MT Payment Order” shall mean any electronic or other message utilized by a financial institution to instruct
the Bank to make a payment of a certain amount to an MT Beneficiary, which message may be: (i) a SWIFT MT102, SWIFT MT102+, SWIFT MT103, SWIFT MT103+ or any other MT100-series message under the SWIFT message system or (ii) any other type
of message, including one sent via telex or the internet, that may be utilized to send such an instruction (in each case, including any type of message that may replace or be utilized in substitution for any of the foregoing). Should the SWIFT
payment order system or SWIFT MT102, SWIFT MT102+, SWIFT MT103 or SWIFT MT103+ payment orders no longer be used or be available for these types of transfers, or if the SWIFT payment order system or such payment orders are available but the Bank
begins to use alternative transfer methods, for the purposes hereof, MT Payment Orders shall include all of the types or classes of payment to be received by the Bank, including internet transactions, that (if such payments were to have been made on
the Closing Date) would have qualified to be notified to the Bank by such means. 
 “MT Payor”
shall mean the financial institution making an MT Payment to the Bank. 
 “Purchased Diversified Payment
Right” shall mean any Diversified Payment Right (a) the Sale of which on the Closing Date does not contravene any Applicable Law with respect to the SPC, any Trust established to purchase a Note and issue Certificates or the Investors
(including by causing any interested U.S. Person to be in violation of the Prohibited Nations Acts); (b) the terms of which do not prohibit the Sale thereof; and (c) that provides for the corresponding payment to be made in U.S. Dollars.

 “Remittance Beneficiary” shall mean the individual or entity in Jamaica (other than the Bank)
in respect of whom the related Remittance Payment Order was directed, thereby requiring the Bank to make either a corresponding deposit for an account of such individual or entity at the Bank or a payment to such individual or entity in Jamaica in
respect of the related Remittance Payment Order (net of commissions or similar fees). 
 “Remittance
Payment” shall mean any U.S. Dollar payment made from time to time by a Remittance Payor to the Bank (in consideration of which the Bank incurs an obligation to make either a corresponding deposit to an account of a Remittance
Beneficiary at the Bank or a payment to a Remittance Beneficiary) that is (or is of the type that qualifies to be) notified to the Bank via a Remittance Payment Order (which obligation of the Bank is in no way altered by the transactions
contemplated by the Transaction Documents). 

  
 B-20

 “Remittance Payment Order” shall mean an electronic or
other message utilized by a Remittance Payor to instruct the Bank to make a payment of a certain amount to a Remittance Beneficiary, which message may be: (i) an intranet message under the Bank’s internal intranet message system or
(ii) any other type of message, including one sent via telex or the internet, that may be utilized to send such an instruction (in each case, including any type of message that may replace or be utilized in substitution for any of the
foregoing). 
 “Remittance Payor” shall mean any Affiliate of the Bank located in the United
States making a Remittance Payment to the Bank. 
 6. Counterparts. This Deed of Assignment may be executed on any number
of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

[Remainder of Page Intentionally Left Blank] 

  
 B-21

 IN WITNESS WHEREOF, the Bank has caused this Deed of Assignment to be executed as of the date written
above. 
  

			
	THE COMMON SEAL OF NATIONAL	 	)
	COMMERCIAL BANK JAMAICA LIMITED	 	)
	was hereunto affixed and this Deed of Assignment	 	)
	signed by	 	)
	
	  

	Patrick Hylton	 	
	Group Managing Director	 	
		
	and	 	
		
	  
	 	
	Dennis G. Cohen	 	
	Group Chief Relationship Officer	 	
		
	in the presence of:	 	)
	
	  

 BE IT REMEMBERED that on the 22 day of March, Two Thousand and Six before me the undersigned Notary Public
personally came and appeared Paul B. Hale of 280 Riverside Drive, Apt. 12B, New York in New York the attesting witness to the due execution of the foregoing Deed of Assignment and who being by me duly sworn made oath and said that he was
present and did see the said Patrick Hylton, Group Managing Director, and Dennis G. Cohen, Group Chief Relationship Officer, of NATIONAL COMMERCIAL BANK JAMAICA LIMITED affix the common seal of the said Bank and sign and countersign the said
Deed of Assignment and as the proper act and deed of the said Bank execute and deliver the said Deed of Assignment for the purposes therein mentioned. 

 

	
	  

	Notary Public

 [Signature Page No. 1 to Deed of Assignment] 

  
 B-1

 Acknowledged as of 
 the day first above written: 
  

			
	JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

 THIS IS TO CERTIFY that the foregoing signature of
                                         for an
on behalf of Jamaica Diversified Payment Rights Company is the true signature of
                                         and that
I am well acquainted with his handwriting. 
 IN WITNESS WHEREOF have hereunto set my hand and affixed my Notarial Seal this 22
day of March, 2006. 
  

	
	  

 

			
	Name:	 	  

 

	
	Notary Public in and for the Cayman Islands

 [Signature Page No. 2 to Deed of Assignment] 

 EXHIBIT C 
 FORM OF 
 ORIGINATOR NOTE 

The obligations evidenced by this instrument are subject to the priorities in right of payment as set forth in the Indenture and to the
amounts due and owing to the Indenture Trustee, the Trustees, the Investors, the Enhancers (if any), the Servicer and certain other Persons according to the Transaction Documents. 

ORIGINATOR NOTE 
 Date: March 22, 2006 
 FOR VALUE RECEIVED, the undersigned JAMAICA
DIVERSIFIED PAYMENT RIGHTS COMPANY, an exempted limited liability company incorporated and existing under the laws of the Cayman Islands (the “SPC”), hereby promises to pay to the order of NATIONAL COMMERCIAL BANK JAMAICA LIMITED, a
banking institution organized under the laws of Jamaica (the “Bank”), to the Bank’s account at The Bank of New York (ABA #021000018; SWIFT identification code: IRVTUS3N; account #8900608293; ref. National Commercial Bank
Jamaica Limited) (or at such other account as the Bank may from time to time specify in a written notice to the SPC and the Indenture Trustee) (and subject to the limitations on recourse set forth herein) all amounts of Collections remaining after
the SPC’s other payment obligations that are then due and payable under the Transaction Documents have been satisfied (such remainder being further described in Section 4.2 of the Indenture; it being understood that if any amounts
(including Additional Amounts, Repurchase Price or Make-Whole Premium) are then due and payable by the Bank under the Transaction Documents, then the excess Collections shall first be applied (on behalf of the Bank) to the satisfaction of such
payment obligations, which application shall constitute a payment hereunder). 
 This Originator Note (the “Originator
Note”) is executed and delivered pursuant to the Origination Agreement dated as of the date hereof between the Bank and the SPC (as the same may be amended, supplemented or otherwise modified from time to time, the “Origination
Agreement”). Reference to the Origination Agreement and the Indenture dated as of the date hereof between the SPC and The Bank of New York (in such capacity, the “Indenture Trustee”) (as the same may be amended,
supplemented or otherwise modified from time to time, the “Indenture”) is hereby made for a statement of the terms and conditions under which payments will be made on this Originator Note. All capitalized terms used and not
otherwise defined herein shall have the meanings ascribed to them in the Origination Agreement. 
 No interest shall be paid on
this Originator Note. 

  
 C-1

 The obligations evidenced by this Originator Note are subject to the priorities in right of
payments set forth in the Indenture (including amounts due and owing to the Indenture Trustee, the Trustees, the Investors, the Enhancers (if any) and the Servicer (unless the Bank or an Affiliate thereof is the Servicer) under the Transaction
Documents); and the Bank shall have no (and hereby waives any) Claim (as such term is hereinafter defined) as against the SPC, its shareholders, directors, officers, employees, members or managers or any of their respective assets or properties for
any deficiency to the extent the Collateral (after the payment of all amounts set forth in the Indenture owing to the Persons other than the Bank to whom amounts under the Transaction Documents are due and payable) is insufficient to repay all
amounts owing hereunder. After the Collateral has been fully realized and exhausted (including all rights against the Bank in connection therewith), all sums due but still unpaid in respect of the SPC’s obligations hereunder shall be
extinguished, and the Bank shall not have the right to proceed against the SPC, any of its Affiliates or any of their respective officers, directors, shareholders or agents for the satisfaction of any monetary claim or for any deficiency judgment
remaining after foreclosure of any property included in the Collateral. As used in this Originator Note, the term “Claim” shall mean a “claim” as defined in Section 101(4) of the Bankruptcy Code (11 U.S.C.
§§ 101 et seq., as amended from time to time) or any similar claim as used in any similar Applicable Law. 
 By its
acceptance hereof, the Bank hereby agrees, in connection with any obligations relating to this Originator Note, that it shall not, before the date that is one year and one day after all of the SPC’s obligations under the Transaction Documents
other than this Originator Note shall have been paid in full, acquiesce, petition or otherwise invoke or cause the SPC to invoke the process of any court or other Governmental Authority for the purpose of commencing or sustaining a case against the
SPC under any bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the SPC or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the SPC. The provisions of this paragraph shall survive the termination of this Originator Note. 

Any amounts paid to the Bank hereunder other than in full compliance with the Transaction Documents shall be held in trust by the Bank on
behalf of the Indenture Trustee and promptly (but in any event within two Business Days) after the Bank’s obtaining knowledge of its receipt thereof delivered to the Indenture Trustee. In addition, by its acceptance hereof, the Bank hereby
confirms its agreements in the Transaction Documents (including Section 2.1(e) of the Origination Agreement) with respect to any Collections received by it (or on its behalf). 

All modifications, consents, amendments or waivers of any provision of this Originator Note shall be effective only if the same shall be
in writing between the SPC and the Bank (and acknowledged and agreed to by the Indenture Trustee with the consent of each Controlling Party) and then shall be effective only in the specific instance and for the purpose for which given. Any such
modification, consent, amendment or waiver without such acknowledgment and agreement of the Indenture Trustee and the consent of each Controlling Party shall be null and void ab initio. 

  
 C-2

 Payments hereunder are to be made in Dollars in same day or immediately available funds to
the account designated by the Bank from time to time. 
 THIS ORIGINATOR NOTE AND THE RIGHTS AND OBLIGATIONS OF THE SPC
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

Any provision of this Originator Note that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
 This Originator Note (and the terms and restrictions set forth herein) shall be binding upon and
inure to the benefit of the SPC and, by its acceptance hereof, the Bank and their respective successors and assigns. The successors and assigns for either such Person include a debtor-in-possession or trustee of or for such Person. Notwithstanding
anything herein or elsewhere to the contrary, the Bank shall not sell, assign, transfer, pledge or otherwise grant, incur or otherwise suffer to exist a Lien (or other than Liens for taxes, assessments and other governmental charges payable by the
Bank but that are not yet due) on any of its right, title or interest in this Originator Note; it being understood that any such sale, assignment, transfer, other disposal or impermissible Lien (or purported sale, assignment, transfer, other
disposal or impermissible Lien) shall be null and void ab initio. 
 As per Section 8.13 of the Origination
Agreement, the SPC has irrevocably and unconditionally submitted to the jurisdiction of: (a) the United States District Court for the Southern District of New York or of any New York State court (in either case sitting in Manhattan, New York
City) and (b) the courts of its own corporate domicile, in each case with all applicable courts of appeal therefrom, with respect to actions brought against it as a defendant for purposes of all legal proceedings arising out of or relating to
this Originator Note or the transactions contemplated hereby. 
 The SPC waives presentment hereof for payment, demand, protest
and notice of dishonor. 

  
 C-3

 IN WITNESS WHEREOF, the undersigned has executed this Originator Note as of the date
and year first above written. 
  

			
	JAMAICA DIVERSIFIED PAYMENT RIGHTS COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-4

 EXHIBIT D 
 FORM OF 
 QUARTERLY OFFICER’S CERTIFICATE 

[On letterhead of the Bank] 
 [            ] hereby certifies that he/she is an Authorized Officer of National Commercial Bank Jamaica Limited (the “Bank”),
holding the office set forth beneath his/her signature below, and that he/she is duly authorized to execute this Officer’s Certificate on behalf of the Bank, and further certifies that (based upon a review of the activities of the Bank made
under his/her supervision): (a) the Bank (individually and as the Servicer) has kept, observed, performed and fulfilled all of its obligations and covenants in respect of the transactions contemplated by the Transaction Documents [or, if it has
not, specify the relevant facts and what actions have been and will be taken with respect thereto], and (b) no Early Amortization Event or Default (or any event that would be an Early Amortization Event or Default with the expiration of any
applicable grace period, the delivery of notice or both) has occurred since the previous delivery of the Bank’s Financial Statements [or, if one or more has/have actually occurred, specifying each such event and what actions have been taken and
will be taken with respect to each such event]. 
  

			
	NATIONAL COMMERCIAL BANK JAMAICA LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:              

  
 D-1Indenture

 Exhibit 10.2 
 EXECUTION COPY 
 INDENTURE 

between 
 JAMAICA
DIVERSIFIED PAYMENT RIGHTS COMPANY 
 and 
 THE BANK OF NEW YORK, 
 as Indenture Trustee 

Dated as of March 22, 2006 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	  
			
	 SECTION 1.1
	  	 Definitions
	  	 	2	  
	 SECTION 1.2
	  	 Rules of Construction
	  	 	11	  
		
	 ARTICLE II ISSUE, EXECUTION, FORM AND REGISTRATION OF NOTES
	  	 	11	  
			
	 SECTION 2.1
	  	 Amount Unlimited
	  	 	11	  
	 SECTION 2.2
	  	 Conditions to Issuance of Notes
	  	 	11	  
	 SECTION 2.3
	  	 Authentication and Delivery of Notes
	  	 	13	  
	 SECTION 2.4
	  	 Execution of Notes
	  	 	14	  
	 SECTION 2.5
	  	 Certificate of Authentication
	  	 	14	  
	 SECTION 2.6
	  	 Payment of Notes
	  	 	15	  
	 SECTION 2.7
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	15	  
	 SECTION 2.8
	  	 Cancellation
	  	 	16	  
	 SECTION 2.9
	  	 Reports and other Information to Noteholders
	  	 	17	  
	 SECTION 2.10
	  	 Tax Treatment
	  	 	17	  
	 SECTION 2.11
	  	 Registration of Transfer and Exchange of Notes
	  	 	18	  
	 SECTION 2.12
	  	 Reduction in Principal Balance
	  	 	19	  
		
	 ARTICLE III REQUIRED AMOUNT; NON-DOLLAR SERIES
	  	 	19	  
			
	 SECTION 3.1
	  	 Concentration Accounts
	  	 	19	  
	 SECTION 3.2
	  	 Deposit of the Required Amount
	  	 	19	  
	 SECTION 3.3
	  	 Non-Dollar Series
	  	 	20	  
	 SECTION 3.4
	  	 Amounts Deposited in Error
	  	 	21	  
		
	 ARTICLE IV THE TRUST ACCOUNTS; ALLOCATIONS
	  	 	21	  
			
	 SECTION 4.1
	  	 Collateral Account; Series Accounts; Reserve Accounts
	  	 	21	  
	 SECTION 4.2
	  	 Daily Allocations of Collections
	  	 	23	  
	 SECTION 4.3
	  	 Application of Funds in Series Accounts, Etc.
	  	 	29	  
	 SECTION 4.4
	  	 Reserve LCs
	  	 	30	  
	 SECTION 4.5
	  	 Coverage Reserve Account
	  	 	30	  
		
	 ARTICLE V MANDATORY REDEMPTION
	  	 	32	  
			
	 SECTION 5.1
	  	 Mandatory Redemption in Respect of a Default
	  	 	32	  
	 SECTION 5.2
	  	 Mandatory Redemption in Respect of Optional Redemption by the Bank on Behalf of the SPC
	  	 	33	  
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES OF THE SPC
	  	 	33	  
			
	 SECTION 6.1
	  	 Representations and Warranties of the SPC
	  	 	33	  

  
 i 

							
	 ARTICLE VII COVENANTS OF THE SPC
	  	 	37	  
			
	 SECTION 7.1
	  	 Covenants of the SPC
	  	 	37	  
		
	 ARTICLE VIII EARLY AMORTIZATION EVENTS
	  	 	42	  
			
	 SECTION 8.1
	  	 Early Amortization Events
	  	 	42	  
		
	 ARTICLE IX TERMINATION OF THE INDENTURE; UNCLAIMED MONIES
	  	 	42	  
			
	 SECTION 9.1
	  	 Satisfaction and Discharge of Indenture
	  	 	42	  
	 SECTION 9.2
	  	 Repayment of Monies and Transfer of Collateral, Investments and Monies Held by the Indenture Trustee
	  	 	43	  
	 SECTION 9.3
	  	 Return of Monies Held by the Indenture Trustee
	  	 	43	  
		
	 ARTICLE X CONCERNING THE INDENTURE TRUSTEE
	  	 	43	  
			
	 SECTION 10.1
	  	 Duties of the Indenture Trustee; Certain Rights of the Indenture Trustee
	  	 	43	  
	 SECTION 10.2
	  	 Indenture Trustee not Liable for Collateral; Performance of Indenture Trustee’s Duties
	  	 	47	  
	 SECTION 10.3
	  	 Resignation and Removal; Appointment of Successor Indenture Trustee; Eligibility
	  	 	49	  
	 SECTION 10.4
	  	 Acceptance of Appointment by Successor Indenture Trustee
	  	 	50	  
	 SECTION 10.5
	  	 Certain Procedural Matters
	  	 	51	  
	 SECTION 10.6
	  	 Indenture Trustee Fees and Expenses
	  	 	51	  
	 SECTION 10.7
	  	 Documents Furnished to the Noteholders
	  	 	52	  
	 SECTION 10.8
	  	 Provisions Relating to the Collateral.
	  	 	53	  
	 SECTION 10.9
	  	 Appointment of Co-Trustee or Separate Trustee
	  	 	58	  
	 SECTION 10.10
	  	 Representations and Warranties of the Indenture Trustee
	  	 	59	  
	 SECTION 10.11
	  	 Merger, Conversion, Consolidation and Succession
	  	 	60	  
	 SECTION 10.12
	  	 Money Held in Trust
	  	 	60	  
	 SECTION 10.13
	  	 No Action Except under Specified Documents or Instructions
	  	 	60	  
	 SECTION 10.14
	  	 Not Acting in its Individual Capacity
	  	 	61	  
	 SECTION 10.15
	  	 Maintenance of Office or Agency
	  	 	61	  
	 SECTION 10.16
	  	 Withholding Taxes; Information Reporting
	  	 	62	  
	 SECTION 10.17
	  	 Force Majeure
	  	 	63	  
		
	 ARTICLE XI SUPPLEMENTAL INDENTURES
	  	 	63	  
			
	 SECTION 11.1
	  	 Supplemental Indentures without Consent of the Secured Parties
	  	 	63	  
	 SECTION 11.2
	  	 Supplemental Indentures with Consent of the Controlling Parties
	  	 	64	  
	 SECTION 11.3
	  	 Document Affecting Immunity or Indemnity
	  	 	65	  
	 SECTION 11.4
	  	 Effect of Indenture Supplements
	  	 	65	  
	 SECTION 11.5
	  	 Documents to be Given to the Indenture Trustee
	  	 	65	  

  
 ii 

							
	 SECTION 11.6
	  	 Notation on Notes in Respect of Indenture Supplements
	  	 	66	  
	 SECTION 11.7
	  	 Meetings of Noteholders
	  	 	66	  
	 SECTION 11.8
	  	 Amendments to Transaction Documents
	  	 	67	  
	 SECTION 11.9
	  	 Solicitation of Noteholders and Enhancers
	  	 	67	  
	 SECTION 11.10
	  	 Notes Held by the SPC, the Bank or Their Affiliates
	  	 	68	  
		
	 ARTICLE XII MISCELLANEOUS
	  	 	68	  
			
	 SECTION 12.1
	  	 Payments; Currency Indemnity
	  	 	68	  
	 SECTION 12.2
	  	 Absolute Obligations
	  	 	69	  
	 SECTION 12.3
	  	 Successors and Assigns
	  	 	69	  
	 SECTION 12.4
	  	 Third-Party Beneficiaries
	  	 	69	  
	 SECTION 12.5
	  	 Governing Law
	  	 	70	  
	 SECTION 12.6
	  	 No Waiver; Cumulative Remedies
	  	 	70	  
	 SECTION 12.7
	  	 Modification of Agreement
	  	 	70	  
	 SECTION 12.8
	  	 Severability
	  	 	70	  
	 SECTION 12.9
	  	 Notices
	  	 	70	  
	 SECTION 12.10
	  	 Counterparts
	  	 	73	  
	 SECTION 12.11
	  	 Entire Agreement
	  	 	73	  
	 SECTION 12.12
	  	 Waivers of Jury Trial
	  	 	73	  
	 SECTION 12.13
	  	 Submission to Jurisdiction; Waivers
	  	 	73	  
	 SECTION 12.14
	  	 No Petition Covenant
	  	 	74	  
	 SECTION 12.15
	  	 Headings and Table of Contents
	  	 	74	  
	 SECTION 12.16
	  	 Use of English Language
	  	 	75	  
	 SECTION 12.17
	  	 Notices to Rating Agencies
	  	 	75	  
	 SECTION 12.18
	  	 No Recourse
	  	 	75	  

 EXHIBITS 
  

			
	Exhibit A	  	Form of Letter to Third Parties

  
 iii

 INDENTURE, dated as of March 22, 2006, between JAMAICA DIVERSIFIED PAYMENT
RIGHTS COMPANY, an exempted limited liability company incorporated under the laws of the Cayman Islands (the “SPC”) and THE BANK OF NEW YORK (in its corporate capacity, “BoNY”), a New York banking corporation, as
indenture trustee and collateral agent for the Secured Parties (in such capacity, the “Indenture Trustee”). 

W I T N E S S E T H: 

WHEREAS, the SPC intends to enter into certain transactions pursuant to the Origination Agreement and the other Transaction Documents
referred to herein; 
 WHEREAS, the SPC has duly authorized (a) the execution and delivery of this Indenture to provide for
the issuance of the Notes, to be issued as provided in this Indenture and the applicable Indenture Supplement, the proceeds of which issuances will be used to make payments under the Origination Agreement, and (b) the granting of a security
interest in the Collateral to the Indenture Trustee; and 
 WHEREAS, the Indenture Trustee wishes to accept the trusts created
by this Indenture. 
 NOW, THEREFORE, in consideration of the acceptance by the Indenture Trustee of the trusts created by this
Indenture and of the purchase and acceptance of the Notes by the Noteholders, the acceptance and sufficiency of which are hereby acknowledged, and for the purpose of fixing and declaring the terms and conditions upon which the Notes are to be
issued, authenticated, delivered, secured and accepted, and in order to secure the payment of principal of the Notes at any time issued and Outstanding and the interest thereon and any other amount due in respect thereof according to their tenor,
purport and effect, and in order to secure the performance and observance of all the covenants, agreements and conditions contained therein and herein, the SPC has executed and delivered this Indenture and has Granted and does hereby Grant to the
Indenture Trustee on and subject to the terms set forth in this Indenture: 
 GRANTING CLAUSES: 

All right, title and interest of the SPC, whether now owned or hereafter acquired, in, to and under (a) all of the Purchased
Diversified Payment Rights, whether existing on the Closing Date or thereafter generated through and including the Sale Termination Date and, including all Collections in respect thereof, purchased by the SPC pursuant to the Deed of Assignment,
(b) (i) Concentration Accounts and the funds on deposit in the Concentration Accounts relating to the Purchased Diversified Payment Rights and (ii) the Collateral Account, the Coverage Reserve Account and, with respect to each Series
of Notes, the Series Account and Reserve Account (if any) corresponding to such Series of Notes and any other accounts created pursuant to the related Indenture Supplement, in each case including all funds and Eligible Investments (and all proceeds
from such Eligible Investments) held in such accounts, (c) with respect to each Series of Notes, all right, title and interest of the SPC in and under any Reserve LC, Enhancement 

 
and Hedge Agreement for such Series of Notes, (d) all rights of the SPC under the Subject Contracts, including all rights to receive payment of any amounts that may become payable to (or on
behalf of) the SPC thereunder (directly or as assignee thereof) and all payments received by (or on behalf of) the SPC thereunder and all rights of the SPC to serve notices and/or make demands thereunder and/or to take such steps as are required to
cause payments due and payable to (or on behalf of) the SPC thereunder to become due and payable thereunder and all rights of action of the SPC in respect of any breach thereof and all rights of the SPC to indemnification and to receive damages or
obtain other relief with respect thereto, together with all instruments, chattel paper or letters of credit evidencing, representing, arising from or existing in respect of, relating to, securing or otherwise supporting the payment of any amounts
due and payable to (or on behalf of) the SPC under, the Subject Contracts, (e) all other assets of the SPC, including all deposit and other accounts of the SPC (other than the account(s) into which the proceeds of the issuance of its US$1,000
of ordinary share capital and the US$1,000 annual profit fee received by the SPC are deposited, but only to the extent of such amounts), all funds and investments (and all proceeds from such investments) therein, and all accounts, chattel paper,
documents, goods, instruments, investment property, letter-of-credit rights, letters of credit and money of the SPC, (f) any and all other property of every kind and nature from time to time that hereafter is, by delivery or by writing of any
kind, conveyed, mortgaged, pledged, assigned or transferred, as and for additional security hereunder, by the SPC or by any other Person, with or without the consent of the SPC, to the Indenture Trustee, which is hereby authorized to receive any and
all such property at any time and at all times to hold and apply the same subject to the terms hereof, and (g) all proceeds of any of the foregoing (collectively, the “Collateral”). 

TO HAVE AND TO HOLD all the Collateral with all privileges and appurtenances hereby conveyed, transferred and assigned to the Indenture
Trustee and its successors in said trust and to them and their assigns forever, 
 IN TRUST NEVERTHELESS, upon the terms and
trusts herein set forth for the benefit, security and protection of the Secured Parties, without privilege, priority or distinction as to Lien or otherwise of any Series over any of the other Series (except with respect to the Series Accounts,
Reserve LCs, Enhancements and Hedge Agreements, which shall apply only to the corresponding Series, and as otherwise expressly provided in this Indenture). 
 ARTICLE I 
 DEFINITIONS 

SECTION 1.1 Definitions. As used in this Indenture, terms defined in the Origination Agreement and not otherwise defined
herein shall have the meanings ascribed to them in (including by reference in) the Origination Agreement, and the following terms, as used herein, shall have the following meanings (such meanings to be equally applicable to both the singular and
plural forms of the terms defined): 
 “Applicable Currency” shall have the meaning specified in
Section 12.1(b). 

  
 2 

 “Authorized Agent” shall mean the collective reference to the Paying
Agent(s) and the Transfer Agent(s). 
 “Bank” shall mean National Commercial Bank Jamaica Limited, a commercial
bank incorporated under the laws of Jamaica (together with its successors). 
 “Barclays” shall mean Barclays
Bank plc. 
 “BoNY” shall have the meaning specified in the preamble hereto. 

“Breach Date” shall have the meaning specified in Section 4.5(a). 

“Calculation Agent” shall mean the agent appointed by the SPC pursuant to the applicable Indenture Supplement to
calculate the Quarterly Interest payable with respect to any Series of floating rate Notes. 
 “Capped Rate”
shall have the meaning specified in the definition of Maximum Quarterly Debt Service. 
 “Certificate Owner”
shall mean a Person who is a beneficial owner of a Certificate (or a portion thereof). 
 “Change Notice” shall
have the meaning specified in Section 3.2(c). 
 “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time. 
 “Collateral” shall have the meaning specified in the granting clauses of this
Indenture. 
 “Controlled Amortization Period” shall mean, for each Series, the period commencing on the first
Payment Date after the Interest-Only Period applicable thereto (or, if there is no Interest-Only Period applicable thereto, then the first (or, if so set forth in the applicable Indenture Supplement, second) Payment Date after the Issuance Date
thereof) and ending on the earlier of (a) the date on which such Series has been paid in full and (b) the first Payment Date after the commencement of the Early Amortization Period for such Series. 

“Controlling Party” shall mean, with respect to any Series, the Person(s) so identified in the applicable Indenture
Supplement. 

  
 3 

 “Corporate Trust Office” shall mean the office of the Indenture Trustee on
the Closing Date located at 101 Barclay Street, New York, New York 10286, or such other office as the Indenture Trustee may from time to time designate in writing to the SPC. 
 “Coverage Reserve Account” shall have the meaning specified in Section 4.5(a). 
 “Debt Service Ratios” shall have, with respect to each Series, the meaning specified in the applicable Indenture Supplement. 

“DDB Collections” shall mean Collections received in the Concentration Accounts. 

“DTC” shall mean The Depository Trust Company, a New York corporation. 

“Early Amortization Event” shall mean, with respect to any Series, each of the events specified as such pursuant to the
Indenture Supplement pursuant to which the Note (or Series of Notes) for such Series is issued. 
 “Eligible
Investment” shall mean any investment in either (a) direct obligations of, or fully guaranteed by the United States or any member of the European Union, (b) demand and time deposits in, certificates of deposit of, bankers’
acceptances issued by or money market funds or accounts with any commercial bank or other financial institution incorporated under the laws of the United States, any member of the European Union or any political subdivision thereof (including the
Indenture Trustee and its Affiliates, acting in their respective commercial capacities and, in the case of money market funds, including any such fund for which the Indenture Trustee or an Affiliate thereof acts as the sponsor, distributor,
investment manager, administrator, servicing agent, custodian or subcustodian or advisor, notwithstanding that (i) the Indenture Trustee or an affiliate of the Indenture Trustee charges and collects fees and expenses from such funds for
services rendered (provided that such charges, fees and expenses are on terms consistent with terms negotiated at arm’s length) and (ii) the Indenture Trustee charges and collects fees and expenses for services rendered, pursuant to this
Indenture), in each case which commercial bank or financial institution shall have a rating of at least “A-1” by S&P, “F1” by Fitch (if rated by Fitch) and “P-1” by Moody’s (or, with respect to money market
funds, which funds shall have the highest rating available thereto from Fitch (if rated by Fitch), Moody’s and S&P), (c) repurchase obligations with respect to any obligation described in clause (a) or entered into with a
commercial bank or other financial institution meeting the requirements set forth in clause (b), or (d) commercial paper rated at least “A-1” by S&P, “F1” by Fitch (if rated by Fitch) and “P-1” by Moody’s;
provided that: 
 (i) each Eligible Investment shall be (A) evidenced by negotiable certificates or
instruments or issued in the name of the Indenture Trustee or its nominee or (B) in book-entry form in the name of the Indenture Trustee; 

  
 4 

 (ii) each Eligible Investment shall mature not later than the New York
Business Day before the next Payment Date, except overnight deposits (which may mature or be available on such New York Payment Date); and 
 (iii) the Person or account holding such Eligible Investment pursuant to the Transaction Documents shall not, at the date of such investment, be subject to withholding taxes on such Eligible Investment
imposed by the United States, any member of the European Union, any political subdivision thereof or any other jurisdiction. 
 In addition to
the above, any Indenture Supplement may (with respect only to investments made from funds in the applicable Series Account or any applicable Enhancement that is an account) include additional Eligible Investments. Promptly after the end of each
calendar month, the Indenture Trustee shall deliver to the Bank and the Servicer (if not the Bank) a report identifying all investments that were made in the various Trust Accounts during such calendar month, the corresponding income thereon and
such other matters as the Bank and/or the SPC may reasonably request (it being understood that the Indenture Trustee may provide such information in the monthly account statements that it delivers to the SPC and the Bank). 

“Exchange Act” shall mean the United States Securities Exchange Act of 1934, as amended, or any similar statute then in
effect. 
 “Expected Final Payment Date” shall have, with respect to each Series, the meaning specified in the
applicable Indenture Supplement. 
 “Grant” shall mean to grant, bargain, sell, warrant, alienate, remise,
demise, release, convey, assign, transfer, mortgage, hypothecate, pledge, create and grant a security interest in and right of set-off against an asset of the granting party. A Grant of the Collateral shall include all rights, powers and options
(but none of the obligations) of the granting party thereunder, including the immediate continuing right to claim for, collect, receive and receipt for principal and interest payments in respect of the Collateral and all other monies payable
thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the granting party or otherwise and generally to do and receive anything
that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 
 “Hedge
Agreement” shall mean any non-recourse interest rate swap, cap and/or floor arrangement or other similar agreements for the sole purpose of hedging interest rates on the Notes. 

“Hedge Provider” shall mean the counterparty to the SPC with respect to any Hedge Agreement. 

“Indenture” shall mean this instrument, as the same may be amended, supplemented or otherwise modified from time to time
and, unless the context shall otherwise require, shall include the terms of a particular Note (or Series of Notes) as established pursuant to Section 2.2. 

  
 5 

 “Indenture Supplement” shall mean (a) with respect to each Note (or
Series of Notes), a supplement to this Indenture that is executed and delivered in connection with the original issuance of such Note(s) pursuant to Section 2.2, or (b) a supplemental Indenture amending this Indenture, any other Indenture
Supplement or any Note(s) executed and delivered pursuant to Article XI. 
 “Indenture Trustee” shall have the
meaning specified in the preamble hereto. 
 “Indenture Trustee’s Representatives” shall have the meaning
specified in Section 10.01(c). 
 “Intended Treatment” shall have the meaning specified in
Section 2.10(a). 
 “Interest-Only Period” shall have, with respect to each Series, the meaning (if any)
specified in the applicable Indenture Supplement. 
 “Interest Rate” shall have, with respect to each Series,
the meaning specified in the applicable Indenture Supplement. 
 “Investment” shall mean any investment in any
Person, whether by means of share purchase, capital contribution, loan, time deposit or otherwise (but excluding any non-delinquent trade receivables payable in the ordinary course of business). 

“Issuance Date” shall mean, with respect to any Series, the date on which such Series is issued. 

“Judgment Currency” shall have the meaning specified in Section 12.1(b). 

“Majority Controlling Parties” shall have the meaning specified in Section 10.3(b). 

“Make-Whole Premium” shall have, with respect to each Series, the meaning (if any) specified in the applicable Indenture
Supplement (it being understood that the Make-Whole Premium with respect to any Note for which no Make-Whole Premium is specified in the applicable Indenture Supplement shall be zero). 

“Maximum Quarterly Debt Service” shall mean, as of any date of determination, the highest sum of the following amounts
on any Payment Date occurring on or after such determination date: 
 (a) the aggregate Quarterly Amortization
Amount on each Series (based upon the Quarterly Amortization Amount for each Series then Outstanding and including the expected scheduled Quarterly Amortization Amount for any Additional Series contemplated to be issued) scheduled to be paid on such
Payment Date; plus 

  
 6 

 (b) the aggregate amount of Quarterly Interest scheduled to be paid on each
Series on such Payment Date (calculated for each Series as the product of: (i) (A) for any Series that has a fixed rate of interest (including any Additional Series contemplated to be issued), its corresponding Interest Rate or
(B) for any Series (including the Series 2006-1 Notes and any Additional Series contemplated to be issued) that has a floating Interest Rate, (x)(1) if such floating rate of interest is subject to a maximum rate by the terms of such Additional
Series, such maximum rate or (2) if the amount of interest beyond a certain rate is subject to a Hedge Agreement, such maximum rate prior to coverage by such Hedge Agreement (either maximum rate described in subclause (1) or (2), the
“Capped Rate”) and (y) if such floating rate of interest is not subject to a Capped Rate, the floating rate of interest in effect during the most recent Interest Period (or then in effect) plus a margin of 1.00%, (ii) the
expected Series Balance for such Series as of the preceding Payment Date (or, in the case of an Additional Series contemplated to be issued, on the related Issuance Date) taking into account any payment of principal paid on such preceding Payment
Date and (iii) the actual number of days in the related Interest Period (with respect to fixed Interest Rates, based upon a month of 30 days) divided by 360; plus 

(c) the aggregate amount of all premiums or other fees payable with respect to any Enhancements on such Payment Date and
during the Interest Period related to such Payment Date. 
 “Note Owner” shall mean a Person who is a
beneficial owner of a Note (or a portion thereof). 
 “Notes” shall mean the Series 2006-1 Notes and all other
Notes (if any) issued pursuant to this Indenture and an Indenture Supplement as part of an Additional Series. 

“Opinion of Counsel” shall mean an opinion in writing signed by legal counsel, which counsel may be an employee of the
SPC or the Bank or other counsel, reasonably satisfactory to the Indenture Trustee (acting at the direction of each Controlling Party). 
 “Origination Agreement” shall mean the Origination Agreement, dated as of the Closing Date, between the SPC and the Bank, as the same may be amended, supplemented or otherwise modified
from time to time. 
 “Other Taxes” shall mean any stamp duty or other taxes necessary in Jamaica in order to
enforce any of the Transaction Documents in Jamaica. 
 “Outstanding” shall mean, at any time, with respect to
a Series of Notes, all Notes of such Series authenticated and delivered by the Indenture Trustee hereunder, except: 
 (a) Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation; 

  
 7 

 (b) Notes, or portions thereof, for the payment of which monies in the
necessary amount shall have been deposited in trust with the Indenture Trustee (excluding any amounts on deposit in any Trust Account); provided that if any such Note or portions thereof are to be redeemed before the maturity thereof, notice
of such redemption shall have been given as herein provided or provision satisfactory to the Indenture Trustee shall have been made for the giving of such notice; and 

(c) Notes for which other Notes shall have been authenticated and delivered in exchange or substitution therefor.

 “Paying Agent” shall have the meaning specified in Section 10.15(a). 

“Permitted Indebtedness” shall mean the Notes, the Originator Note and other obligations specifically set forth under
the Transaction Documents. 
 “Permitted Liens” shall mean Liens arising under or specifically permitted by the
Transaction Documents. 
 “Primary Designated Depositary Banks” means Barclays and BoNY. 

“Principal Terms” shall mean with respect to any Note (or Series of Notes): (a) the title of such Note(s) (which
shall distinguish such Note(s) from all other Notes), (b) the aggregate Initial Series Balance and the Quarterly Amortization Amount of such Note(s), (c) the Issuance Date of such Note(s), and the date(s) (or the method of determination
thereof) on which the principal of and interest on (and premium, if any, on) such Note(s) is or may be payable (which dates shall be Payment Dates), (d) the Interest Rate applicable to such Note(s) and the date from which such interest shall
accrue, (e) the place(s), if any, in addition to or instead of the Corporate Trust Office, where the principal of (and premium, if any) and interest on such Note(s) shall be payable, (f) the right or the obligation (if any) of the SPC, in
addition to the right and obligations provided in this Indenture, to redeem the principal of such Note(s) and the period(s) within which or the date(s) on which, the price(s) at which and the terms and conditions upon which such Note(s) shall or may
be redeemed, in whole or in part, (g) any transfer restrictions applicable to such Note(s) in addition to those described herein, (h) the Transaction Documents to be executed in connection with the issuance of such Note(s), (i) any
Early Amortization Events applicable to such Note(s), (j) any applicable Make-Whole Premium, (k) with respect to an Additional Series only, whether any such Note shall be a Senior Note or a Subordinated Note, (l) any intended tax
treatment of such Note(s) (including any similar to that set forth in Section 2.10 with respect to the Series 2006-1 Notes), (m) any provisions relating to any Enhancements for such Series, including pursuant to Section 4.3(d), and
(n) any other terms of such Note(s) not inconsistent with the terms of this Indenture, except as permitted by Section 11.1. 

  
 8 

 “QIB” shall mean a “qualified institutional buyer” as such term
is defined from time to time for purposes of Rule 144A. 
 “Qualified Reserve LC Bank” shall have the meaning
specified in Section 4.4(a). 
 “Quarterly Amortization Amount” shall have, with respect to each Series,
the meaning specified in the applicable Indenture Supplement. 
 “Quarterly Interest” shall mean, with respect
to each Series, the amount of interest required to be distributed on each Payment Date, as specified in the applicable Indenture Supplement. 
 “Record Date” shall mean, with respect to each Payment Date, 5:00 p.m. (New York City time) on the last New York Business Day of the calendar month preceding such Payment Date.

 “Redemption Price” shall have the meaning specified in Section 5.2. 

“Register” shall have the meaning specified in Section 2.11(a). 

“Regulation S” shall mean Regulation S under the Securities Act. 

“Release Date” shall have the meaning specified in Section 4.2. 

“Required Amount” shall mean, with respect to each Payment Date, the amount necessary to make each of the payments under
Section 4.2(a) through (m). 
 “Required Series Amount” shall, with respect to each Series, have the
meaning specified in the applicable Indenture Supplement. 
 “Reserve Account” shall have the meaning specified
in Section 4.1(b). 
 “Reserve Account Cap” shall have the meaning specified in Section 4.1(b).

 “Reserve LC” shall have the meaning specified in Section 4.4(a). 

“Reserve LC Bank” shall have the meaning specified in Section 4.4(a). 

“Responsible Officer” shall mean, with respect to the Indenture Trustee, any vice president, any assistant vice
president, any treasurer, any assistant treasurer, or any other officer associated with the corporate trust department of the Indenture Trustee customarily performing functions similar to those performed by any of the above-designated officers, in
each case that has direct responsibility for administering this Indenture, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject. 

  
 9 

 “Retained Amount” shall have the meaning specified in Section 4.2.

 “Retention Commencement Date” shall have the meaning specified in Section 4.2. 

“Retention Period” shall have the meaning specified in Section 4.2. 

“Rule 144A” shall mean Rule 144A under the Securities Act. 

“S&P” shall mean Standard & Poor’s Ratings Services or any successor thereto. 

“Secured Parties” shall mean the Investors, the Indenture Trustee, the Trustees (if any), the Enhancers (if any), the
Servicer (if not the Bank, the SPC or any Affiliate of either) and any other Person (other than the Bank, the SPC or any Affiliate of either) to whom any payment (including any indemnity) is payable under any of the Transaction Documents.

 “Securities Act” shall mean the United States Securities Act of 1933, as amended, or any similar statute
then in effect. 
 “Senior Notes” shall mean the Series 2006-1 Notes and any Note (or Series of Notes) included
in any Additional Series that shall be so identified in the applicable Indenture Supplement. 
 “Series 2006-1 Indenture
Supplement” shall mean the Indenture Supplement pursuant to which the Series 2006-1 Notes are issued. 

“Series 2006-1 Notes” shall mean the series of floating rate notes issued by the SPC pursuant to the Series 2006-1
Indenture Supplement. 
 “Series Account” shall have the meaning specified in Section 4.1(a). 

“Servicing Fee” shall have the meaning specified in the Servicing Agreement. 

“Servicing Report” shall have the meaning specified in the Servicing Agreement. 

“SPC” shall have the meaning specified in the preamble. 

“SPC Order” shall mean a written request or order signed in the name of the SPC by one or more Authorized Officer(s) of
the SPC and delivered to the Indenture Trustee. 
 “Subject Contracts” shall mean the Origination Agreement,
the Deed of Assignment, the Servicing Agreement and the Acknowledgments. 

  
 10 

 “Subordinated Notes” shall mean any Note (or Series of Notes) included in
any Additional Series that shall be so identified in the applicable Indenture Supplement. 
 “Transfer Agent”
shall have the meaning specified in Section 2.11(a). 
 “Trigger Level” shall have, with respect to each
Series, the meaning specified in the applicable Indenture Supplement. 
 “Trust Accounts” shall have the
meaning specified in the Servicing Agreement. 
 SECTION 1.2 Rules of Construction. (a) Words of the masculine,
feminine or neuter gender shall be deemed and construed to include correlative words of the other genders. 
 (b) References
herein to specific Persons include their legal successors (or their successors fulfilling the function specified herein) and permitted assigns, and references herein to specific laws, agreements and contracts include references to such laws,
agreements and contracts as amended, supplemented or otherwise modified from time to time, to the extent herein and therein permitted. 
 (c) References herein to Sections, subsections, Articles and Exhibits are to this Indenture, unless otherwise specified, and references to “hereof,” “herein” or “hereto” are
to this Indenture as a whole and not any particular Section hereof. 
 (d) The word “including” (and words of
similar effect) shall not be exclusive and shall mean “including (without limitation).” 
 ARTICLE II 

ISSUE, EXECUTION, FORM AND 
 REGISTRATION OF NOTES 
 SECTION 2.1 Amount Unlimited. The aggregate
principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. 
 SECTION 2.2
Conditions to Issuance of Notes. (a) The Notes may be issued at any time and from time to time in one or more Series. The terms of the Series 2006-1 Notes shall be described in the Series 2006-1 Indenture Supplement. In addition to the
Series 2006-1 Notes, upon request from the Bank the SPC may issue, subject to the conditions specified in this Section, one or more Additional Series of Senior Notes and/or Subordinated Notes. The terms of any Indenture Supplement may modify or
amend the terms of this Indenture in 

  
 11 

 
any respect solely as such terms apply solely to the Note(s) corresponding thereto; provided that such amendment or modification is not reasonably likely to have a Material Adverse Effect.

 (b) The SPC is hereby authorized to issue one or more Additional Series of Senior Notes in Dollars and one or more Additional
Series of Subordinated Notes in Dollars, Pounds Sterling, Euros or Yen, in each case subject to the following terms and conditions: 
 (i) the SPC shall have received a written consent to do so from the Bank; 
 (ii) on or before the Issuance Date of any Additional Series, the Indenture Trustee shall have received a copy of the Indenture Supplement that has been duly executed by the SPC and, to the extent
applicable, the Bank, pursuant to which the corresponding Note (or Series of Notes) is to be issued and which shall specify all of the applicable Principal Terms of such Note(s); 

(iii) the Indenture Trustee shall have received an Officers’ Certificate of each of the Bank and the SPC in form and
substance satisfactory to it to the effect that no Early Amortization Event or Default (or any event that would be an Early Amortization Event or Default with the expiration of any applicable grace period, the delivery of notice or both) shall exist
before or immediately after giving effect to such proposed issuance; 
 (iv) the Indenture Trustee shall have
received one or more Opinion(s) of Counsel as to the matters addressed in Section 2.3(b); 
 (v) with
respect to each Series that will remain Outstanding after the issuance of an Additional Series, each of the Rating Agencies then rating any such Outstanding Series shall have notified the Indenture Trustee in writing that the proposed issuance of
the Additional Series will not result in a withdrawal or reduction of its rating (without giving consideration to any Enhancement(s) applicable thereto) of the corresponding Series to below the lower of the then-current rating and initial rating
thereof by such Rating Agency; 
 (vi) the payment dates of the proposed Additional Series shall be the Payment
Dates, with the exception that the first payment date applicable to such proposed Additional Series may be the second Payment Date after the Issuance Date of such Additional Series; and 

(vii) the SPC shall comply with any additional requirements for the issuance of Additional Series that are set forth in
the Indenture Supplements of Notes Outstanding at the time of the issuance of the proposed Additional Series. 

  
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 SECTION 2.3 Authentication and Delivery of Notes. (a) At any time and from
time to time after the execution and delivery of this Indenture, the SPC may deliver a Note (or Series of Notes), executed by the SPC, to the Indenture Trustee for authentication, together with an SPC Order for the authentication and delivery of
such Note(s), and the Indenture Trustee, in accordance with the SPC Order but subject to Section 2.2(b), shall authenticate and deliver such Note(s). 
 (b) The Indenture Trustee shall be entitled to receive, and shall be fully protected in relying upon, before its authentication and delivery of any Note (or Series of Notes) other than the Series 2006-1
Notes, an Opinion of Counsel substantially to the effect that: 
 (i) all instruments furnished by the SPC to the
Indenture Trustee in connection with the authentication and delivery of such Note (or Series of Notes) conform to the requirements of the Transaction Documents and constitute sufficient authority hereunder for the Indenture Trustee to authenticate
and deliver such Note(s); 
 (ii) the forms and terms of such Note(s) have been established in conformity with
the requirements of the Transaction Documents; 
 (iii) the execution and delivery of the related Indenture
Supplement and such Note (or Series of Notes) have been duly authorized by all necessary corporate action of the SPC and the Bank, as applicable, and such Indenture Supplement and Note(s) have been duly executed and delivered by the SPC and the
Bank, as applicable, and are (or, with respect to any Note, will be upon its authentication by the Indenture Trustee) legal, valid and binding obligations enforceable against the SPC and the Bank, as applicable, in accordance with their terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such
enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity); 
 (iv) the execution, delivery and performance by the SPC and the Bank, as applicable, of each of the related Indenture Supplement and Note(s) require no action by or in respect of, or filing with, any
Jamaican, Cayman Islands, United States or other applicable Governmental Authority, except such actions or filings as have been taken or made before the applicable Issuance Date and that remain in full force and effect; and 

(v) the execution and delivery by, and performance of, the SPC and the Bank, as applicable, of the related Indenture
Supplement and Note(s) do not: (i) contravene, or constitute a default under, any Applicable Law or any Contractual Obligation of the SPC or the Bank, as applicable, in either case except to the extent that such breach, violation or default is
not, alone or in the aggregate, reasonably likely to have a Material Adverse Effect, or (ii) result in the creation or imposition of any Liens (except for Permitted Liens) on any asset of the SPC or the Bank, as applicable; 

  
 13 

 and subject to such other exceptions and qualifications as counsel shall reasonably request and as to which
the Indenture Trustee shall not reasonably object. 
 SECTION 2.4 Execution of Notes. Each Note shall be executed on
behalf of the SPC by one or more Authorized Officer(s) of the SPC. Such signature may be the manual or facsimile signature of such Authorized Officer(s). With the delivery of this Indenture, the SPC is furnishing, and from time to time hereafter may
(and, at the request of the Indenture Trustee, shall) furnish, an Officers’ Certificate identifying and certifying the incumbency and specimen signatures of its Authorized Officers. Until the Indenture Trustee receives a subsequent
Officers’ Certificate updating such list, the Indenture Trustee shall be entitled to rely upon the last such Officers’ Certificate delivered to it for purposes of determining the SPC’s Authorized Officers. Typographical and other
minor errors or defects in any signature shall not affect the validity or enforceability of any Note that has been duly executed by the SPC and duly authenticated and delivered by the Indenture Trustee. 

In case any Authorized Officer of the SPC who shall have signed any Note shall cease to be an Authorized Officer of the SPC before the
Note so signed shall be authenticated and delivered by the Indenture Trustee or disposed of by or on behalf of the SPC, such Note nevertheless may be authenticated and delivered or disposed of as if the Person who signed such Note on behalf of the
SPC had not ceased to be such Authorized Officer. 
 SECTION 2.5 Certificate of Authentication. The form of the
Indenture Trustee’s certificate of authentication to be borne by the Notes shall be substantially as follows: 
 “This
is one of the Notes issued under the within mentioned Indenture Supplement. 
  

			
	 THE BANK OF NEW YORK,
 not in its individual capacity but solely as the Indenture Trustee

		
	By:	 	  

		 	Authorized Signatory

Dated:                    ” 

Only such Notes as shall bear the Indenture Trustee’s certificate of authentication and are executed by the Indenture Trustee by manual signature of
one or more of its Authorized Officer(s) shall be entitled to the benefits of this Indenture (and the related Indenture Supplement) or be valid or obligatory for any purpose. Such certification by the

  
 14 

 
Indenture Trustee upon any Note executed by or on behalf of the SPC shall be conclusive evidence that such Note has been duly authenticated and delivered hereunder. Each Note shall be dated the
date of its authentication. 
 SECTION 2.6 Payment of Notes. (a) The principal of, and interest (and premium,
if any) on, each Note shall be payable by the SPC when due hereunder in the applicable currency, in immediately available funds, from the applicable Series Account. The provisions of Section 4.13 of the Origination Agreement (relating to the
payment by the Bank of any necessary Additional Amounts) are hereby incorporated herein by reference. 
 (b) Except as set forth
in subsection (c), payments of all amounts that become due and payable in respect of any Note shall be made by the Indenture Trustee without surrender or presentation of such Note to the Indenture Trustee. The Indenture Trustee shall have no
responsibility regarding notations of payment on a Note and shall be responsible only for maintaining its records in accordance with this Indenture and the Indenture Supplements. Absent manifest error, the records of the Indenture Trustee shall be
controlling as to payments in respect of the Notes. 
 (c) Notwithstanding subsection (b), the final payment of principal of any
Note shall be made only against surrender of such Note at the Corporate Trust Office of the Indenture Trustee. 
 (d)
Distributions to Noteholders shall be by check sent by first-class mail to the address of such Noteholder appearing on the Register as of the relevant Record Date or, upon written application to the Indenture Trustee by a Noteholder of an original
principal amount of Notes of at least US$5,000,000 not later than such Record Date, by electronic funds transfer in immediately available funds to an account maintained by such Noteholder with a bank having electronic funds transfer capability;
provided that the final distribution in respect of any Note shall be made only as provided in subsection (c). Unless such designation for payment by electronic funds transfer is revoked, any such designation made by such Noteholder with
respect to such Note shall remain in effect with respect to any future payments in respect of such Note. The SPC shall pay any wiring or similar administrative charges that are imposed in connection with the remitting of such payments to any
Noteholder (for which charges the Bank has agreed to reimburse the SPC pursuant to Section 3.1(b) of the Servicing Agreement). 
 SECTION 2.7 Mutilated, Destroyed, Lost or Stolen Notes. If: (a) any mutilated or defaced Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note and of the ownership thereof, and (b) in the case of a Note that has been destroyed, lost or stolen, there is delivered to the Indenture Trustee and the SPC such security or indemnity
as may be required by them to save each of them harmless (provided that if the applicable Noteholder is an original holder of a Note, or a nominee or Affiliate thereof, or any institutional holder of a Note (in either case, with a net worth

  
 15 

 
of at least US$50,000,000), then such holder’s own unsecured agreement of indemnity shall be deemed satisfactory; it being understood that the Indenture Trustee may reasonably request
information necessary to establish that any such Noteholder has such net worth for purposes of this Section), then, in the absence of Actual Knowledge of a Responsible Officer of the Indenture Trustee or written notice to the Indenture Trustee that
such Note has been acquired by a “protected purchaser,” then the Indenture Trustee, at the specific written direction of the SPC, shall authenticate, register and deliver, in exchange and substitution for (upon surrender and cancellation
thereof) or in lieu of and in substitution for any such mutilated, defaced, destroyed, lost or stolen Note, a new Note executed by the SPC of like tenor (including the same Issuance Date) and of like principal balance registered in the same manner,
dated the date of its authentication and bearing interest from the date to which interest has been paid on such Note. In connection with the execution, authentication and delivery of any new Note under this Section, the SPC or the Indenture Trustee
may require the payment by the holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other fees and expenses (including the fees and expenses of the Indenture Trustee)
connected therewith. Any duplicate Note issued pursuant to this Section shall constitute conclusive evidence of the same indebtedness of the SPC, as if originally issued, whether or not the lost, stolen or destroyed Note shall be found at any time.
The provisions of this Section 2.7 are exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost or stolen Notes. 

SECTION 2.8 Cancellation. (a) All Notes surrendered for payment, exchange or redemption, or deemed lost or stolen,
shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee by such Person and shall be promptly canceled by it (or, if lost or stolen and not yet replaced pursuant to Section 2.7, delivered to
the applicable Noteholder). No Note shall be authenticated in lieu of or in exchange for any Note canceled as provided in this Section, except as expressly permitted by this Indenture or the applicable Indenture Supplement. All canceled Notes
held by the Indenture Trustee shall be destroyed or held by it in accordance with its standard retention policy. 
 (b) Any
Note(s) (or beneficial interests therein) that are acquired by the Bank may be canceled upon the election of the Bank to do so. In order to effect such cancellation, the Bank shall deliver such Notes (or beneficial interests) to the Indenture
Trustee (or, in the case of beneficial interests, to the DTC account of the Indenture Trustee) and shall send to the SPC and the Indenture Trustee a notice that it owns such Note(s) (or beneficial interest(s)) and wishes to have the indicated
principal amount thereof cancelled (which ownership the Bank shall evidence to the satisfaction of the Indenture Trustee). Upon surrender of such Notes or beneficial interests to the Indenture Trustee (or, in the case of beneficial interests, to the
DTC account of the Indenture Trustee) and receipt of any such notice and satisfactory evidence, the SPC hereby instructs the Indenture Trustee promptly to cause such principal amount to be canceled (including, if necessary, to notify any applicable
securities depository). Upon any such 

  
 16 

 
cancellation, the remaining scheduled Quarterly Amortization Amounts of the applicable Series shall be reduced on a pro rata basis and the calculation of interest (and other calculations
under the Transaction Documents) shall take into effect such cancellation. Similarly, the principal amounts of any Certificates (or beneficial interests therein) of any Series that are acquired by the Bank may be canceled upon the election of the
Bank to do so (subject to the same notice and evidence described above plus delivery of such notice to the applicable Trustee), which cancellation shall result in a cancellation of the equivalent amount of the applicable Note in the manner
described above. 
 SECTION 2.9 Reports and other Information to Noteholders. (a) As promptly as practicable
after its receipt thereof, the Indenture Trustee shall send to the Noteholders, and each Note Owner who so requests in accordance with this Section, a copy of the Servicing Report received from the Servicer pursuant to the Servicing Agreement.
Commencing with the first Payment Date that is 20 or more days after the date on which the Indenture Trustee receives from any Note Owner a written request containing: (i) a certificate that such Person is a Note Owner and (ii) an address
for delivery, the Indenture Trustee, until it receives notice or determines that such Person is no longer a Note Owner (which notice each such Person shall promptly provide to the Indenture Trustee), shall deliver a copy of the Servicing Report to
such Note Owner as required above. 
 (b) On or before January 31 of each year, the Indenture Trustee shall furnish to each
Person who at any time during the preceding calendar year was a Noteholder a statement prepared by the Indenture Trustee containing such customary information with respect to the Notes as the Indenture Trustee deems necessary or desirable to enable
the Noteholders to prepare their tax returns. 
 SECTION 2.10 Tax Treatment. The SPC (by entering into this
Indenture) and the Noteholders and Note Owners (by acquiring the Notes or a beneficial interest therein, respectively): (a) express their intention that the Notes qualify under U.S. federal, state and local income tax law as indebtedness (the
“Intended Treatment”) and (b) agree to treat the Notes as indebtedness for U.S. federal, state and local income tax purposes. If, however, the Notes are determined by any U.S. federal, state or local taxing authority, or any
political subdivision thereof or therein, to not be eligible for the Intended Treatment, then the SPC (by entering into this Indenture) and the Noteholders and Note Owners (by acquiring such investments) agree, from and after such event, to treat
the SPC as a partnership for such purpose and that the profits of the partnership shall be allocated for such purposes in a manner such that the timing and the character of the income of each Noteholder (or related Note Owners) matches as closely as
possible what it would have been had the Notes been treated as indebtedness. In such event, the distributive shares of the Noteholders shall be determined in accordance with their interests in such a partnership and shall be limited to the amount of
such profits that does not exceed the amount of interest that would be deemed to accrue during such period for U.S. federal, state or local tax purposes, as the case may be, if the Notes were treated as indebtedness; the remainder of all
distributions made to the Noteholders shall constitute a return of capital. 

  
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 SECTION 2.11 Registration of Transfer and Exchange of Notes. (a) The
Indenture Trustee shall register Notes and transfers and exchanges thereof as provided herein and in the Indenture Supplements. The Indenture Trustee and each co-transfer agent and registrar (if any) appointed with respect to the Notes (or a Note or
any Series of Notes) shall be referred to collectively as the “Transfer Agent.” The Indenture Trustee shall cause to be kept at the office or agency to be maintained by it in accordance with Section 10.15 a register (the
“Register”) in which, subject to restrictions on transfer set forth herein and in the applicable Indenture Supplement(s), and such other reasonable regulations as it may prescribe, the Indenture Trustee shall provide for:
(i) the registration of the Notes and (ii) the registration of transfers and exchanges of the Notes as provided herein and in the Indenture Supplements. 
 (b) Subject to any restrictions on transfer set forth in the applicable Indenture Supplement(s), upon surrender for registration of transfer of any Note at the Corporate Trust Office or such other office
or agency maintained by the Indenture Trustee in accordance with Section 10.15, the Indenture Trustee shall authenticate and deliver, in the name of the designated transferee, one or more new Note(s) executed by the SPC in authorized
denominations of a like aggregate principal balance. 
 (c) Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee (or the applicable Transfer Agent) duly executed by the applicable Noteholder or its attorney duly authorized in
writing. 
 (d) No service charge shall be made to a Noteholder (or any Note Owner) for any registration of transfer or exchange
of Notes, but the Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 (e) All Notes surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed or retained by the Indenture Trustee in accordance with its standard retention policy.

 (f) In addition to the other provisions herein, the SPC and the Indenture Trustee reserve the right to impose such transfer,
certificate, exchange or other requirements, and to require such restrictive legends on a Note, as they may determine are necessary to ensure compliance with the securities laws of the United States and the states thereof and any other Applicable
Laws. 
 (g) All Notes issued upon any registration of transfer or exchange of Notes will be valid obligations of the SPC,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

  
 18 

 (h) Each Noteholder and Note Owner (by acquiring the Notes or a beneficial interest therein,
respectively) agrees to indemnify the SPC and the Indenture Trustee against any liability that may result from the transfer, exchange or assignment of such Noteholder’s Notes in violation of any provision of this Indenture or applicable United
States Federal or state securities law. 
 (i) The Indenture Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among depositary participants or Note Owners
of interests in any global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the
same to determine substantial compliance as to form with the express requirements hereof. 
 SECTION 2.12 Reduction in
Principal Balance. Any reduction in the principal balance of any Note effected by any distribution in respect of the balance thereof shall be binding upon all current and future holders of such Note and any Note issued upon the registration of
transfer thereof or in lieu thereof, whether or not noted thereon. 
 ARTICLE III 

REQUIRED AMOUNT; NON-DOLLAR SERIES 
 SECTION 3.1 Concentration Accounts. As set forth in Section 3.1(c) of the Servicing Agreement, the Servicer has agreed with the SPC to maintain the Concentration Accounts, which accounts
will temporarily hold the Collections until transferred to the Collateral Account or to the Bank in accordance with the Transaction Documents. 
 SECTION 3.2 Deposit of the Required Amount. (a) Pursuant to the related Acknowledgment, from the first day of each Quarterly Period, each Primary Designated Depositary Bank will transfer
all amounts received in its Concentration Account to the Collateral Account until such time as it receives a Change Notice from the Indenture Trustee pursuant to clause (c), below. Each other Designated Depositary Bank (if any), unless instructed
otherwise by the Indenture Trustee, will transfer all amounts received in its Concentration Account to the Bank’s own account at such Designated Depositary Bank (which transfer will be a payment to the Bank under the Originator Note).

 (b) If (i) by the tenth Business Day of any Quarterly Period, the amount on deposit in the Collateral Account is less
than the Required Amount for the next Payment Date or (ii) an Early Amortization Event or a Default has occurred, then the Indenture Trustee will promptly (and, in any event, by no later than the next Business Day) deliver notice thereof to
each Designated Depositary Bank that is not then transferring DDB Collections to the Collateral Account to, by no later than the Business 

  
 19 

 
Day after its receipt of such notice, begin transferring all amounts received in such bank’s Concentration Account to the Collateral Account until such time as the Indenture Trustee notifies
such Designated Depositary Bank otherwise (which the Indenture Trustee shall do promptly after the Required Amount for the next Payment Date is on deposit in the Collateral Account and no Early Amortization Event or Default exists). 

(c) Notwithstanding anything else herein to the contrary and provided that an Early Amortization Event or a Default has not occurred and
is not continuing, once the Required Amount for the next Payment Date has been deposited into the Collateral Account during a Quarterly Period, the Indenture Trustee shall deliver a written notice (the “Change Notice”) to each
Designated Depositary Bank then transferring DDB Collections to the Collateral Account (with copies to the Servicer and the SPC). Each Change Notice will instruct the recipient thereof to transfer any additional Collections received during such
Quarterly Period to the Bank’s own account as payment under the Originator Note. In addition, after receipt of a Change Notice (unless the Indenture Trustee otherwise notifies the Servicer, the SPC and each Designated Depositary Bank then
transferring DDB Collections to the Collateral Account and absent an Early Amortization Event or a Default), the SPC (or the Servicer on its behalf) may instruct the Indenture Trustee in writing to transfer any amounts in the Collateral Account in
excess of such Required Amount in such manner as is requested by the SPC (or the Servicer on its behalf) (including to transfer such funds to the Bank’s own account as a payment under the Originator Note). The Indenture Trustee may revoke any
Change Notice at any time, thereby requiring any Designated Depositary Bank to transfer all Collections in such bank’s Concentration Account to the Collateral Account (it being understood that a Change Notice will no longer be in full
force and effect as of (i) the occurrence of an Early Amortization Event, (ii) the occurrence of a Default or (iii) the beginning of the next Quarterly Period). 
 SECTION 3.3 Non-Dollar Series. (a) Any portion of the Required Amount with respect to any Series that is payable in a currency other than Dollars shall, upon deposit of Dollars into the
applicable Series Account or retention in the Collateral Account pursuant to Section 4.2, be as promptly as possible caused by the Indenture Trustee to be converted into such other currency and held by the Indenture Trustee in the applicable
Series Account or Collateral Account (or a subaccount thereof) until the applicable date of payment of such amount; provided, that prior to such conversion into Dollars, such amounts may be held by the Indenture Trustee in an Eligible Account
that is maintained by the Indenture Trustee in its own name, in its capacity as Indenture Trustee, at a separate depository institution with such Eligible Account deemed to be a subaccount of the Series Account or Collateral Account, as appropriate.
For example, principal payable with respect to a Note that is denominated in Yen shall, upon deposit of the corresponding Dollar amount into the applicable Series Account, be caused by the Indenture Trustee to be converted from Dollars into Yen as
promptly as possible after being deposited into such Series Account and shall be held by the Indenture Trustee in 

  
 20 

 
such Series Account (or a subaccount thereof) until the next Payment Date. The Required Amount with respect to any Series shall not be deemed to have been satisfied until such time as the related
payment obligations in all currencies have been provided for in full in the appropriate currency. 
 (b) For the purpose of
calculating the allocations of Collections among the Series pursuant to Section 4.2, the pro rata portion of the principal, interest or other amount(s) payable with respect to any Series that is payable in a currency other than Dollars
shall be determined by converting such amount into Dollars using the exchange rate (taking into consideration any exchange fees or other charges) that will be (or, as closely as possible, is expected to be) used to exchange such Dollars into such
other currency pursuant to clause (a). 
 (c) Except as provided in subsection (b), for purpose of calculating any Debt Service
Ratio or any other calculation under the Transaction Documents, any amounts payable under the Transaction Documents in a currency other than Dollars shall be converted into Dollars using the exchange rate most recently published in the New York
edition of The Wall Street Journal on the last date to be covered in such calculation. If such an edition of The Wall Street Journal is not published on the date of calculation, the exchange rate used for such calculation will be the
exchange rate published in the most recent New York edition of The Wall Street Journal. 
 SECTION 3.4 Amounts
Deposited in Error. Should any funds be deposited into any Trust Account in error, the SPC (or the Servicer on its behalf) may (in an Officers’ Certificate) so notify the Indenture Trustee who shall (unless it disagrees with such
determination) promptly (and, in any event, by the next New York Business Day) transfer such funds to the Servicer for distribution to the appropriate Person. 
 ARTICLE IV 
 THE TRUST ACCOUNTS; ALLOCATIONS 

SECTION 4.1 Collateral Account; Series Accounts; Reserve Accounts. (a) The Indenture Trustee shall establish
(i) the Collateral Account, to which account (except as expressly provided herein) all Collections deposited into the Concentration Accounts shall be transferred, and (ii) an Eligible Account for each Series (each, a “Series
Account”) maintained by and in the name of the Indenture Trustee. Pending application in accordance with this Indenture, amounts in the Collateral Account and the Series Accounts shall be invested by the Indenture Trustee (at the written
instruction of the SPC (or the Servicer on its behalf)) in Eligible Investments in the applicable currency. Any interest or other gain/loss on any such investment shall (A) remain, or be deposited, in (or be deducted from) the Collateral
Account or Series Account, as applicable, in accordance with Section 4.2 or Section 4.3, as applicable, and the Indenture Trustee shall not be required to reimburse any such losses or otherwise 

  
 21 

 
have any liability therefor, and (B) be treated for tax purposes as income/loss of the Bank. Amounts allocated to the applicable Series Account in respect of each Series pursuant to
Section 4.2 shall be applied in accordance with the applicable Indenture Supplement 
 (b) To the extent and in the manner
provided in any Indenture Supplement, the Indenture Trustee shall establish a reserve account (each, a “Reserve Account”) (which shall be an Eligible Account) with respect to any Series into which any amounts (i) deposited on
or before the Issuance Date with respect to the corresponding Series, (ii) drawn under the corresponding Reserve LC pursuant to Sections 4.3(c) and 4.4(b) and (iii) allocated pursuant to Section 4.2 shall be deposited. The maximum
amount to be on deposit in any such Reserve Account (such amount, a “Reserve Account Cap”) will be set in the corresponding Indenture Supplement. Amounts on deposit in any Reserve Account from time to time will be invested by the
Indenture Trustee (at the written direction of the SPC (or the Servicer on its behalf)) in Eligible Investments in the applicable currency, which Eligible Investments shall be under the control of the Indenture Trustee. Any interest or other
gain/loss on any such investment shall (A) remain, or be deposited, in (or be deducted from) the applicable Reserve Account in accordance with Section 4.3 and the Indenture Trustee shall not be required to reimburse any such losses or
otherwise have any liability therefor, and (B) be treated for tax purposes as income/loss of the Bank. On each Payment Date and after giving effect to all deposits to and transfers from the Reserve Accounts, the Indenture Trustee shall pay to
the SPC (for payment under the Originator Note to the Bank) the amount (if any) by which the amount on deposit therein exceeds the Reserve Account Cap for the corresponding Series. If, on any Payment Date and after giving effect to all transfers
that occur on such date, the outstanding principal amount of a Series and all interest payable in respect thereof have been paid in full, the Indenture Trustee shall transfer any remaining amounts on deposit in the corresponding Reserve Account to
the SPC (for payment under the Originator Note to the Bank). 
 (c) The Indenture Trustee agrees that it will not open any Trust
Account (other than the Concentration Accounts or any account maintained outside the United States) unless the bank or other financial institution at which such account is maintained agrees that (i) such Trust Account is a “securities
account” as defined in Section 8-501 of the UCC, (ii) such bank or other financial institution is a “securities intermediary” as defined in Section 8-102 of the UCC, (iii) the “securities intermediary’s
jurisdiction” for such Trust Account within the meaning of Section 8-110(e) of the UCC is New York, (iv) all property credited to such accounts will be treated as “financial assets” under Article 8 of the UCC and
(v) the Indenture Trustee will be the sole “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC). With respect to the Series 2006-1 Series Account, the Coverage Reserve Account and the Collateral Account, the
parties hereto hereby acknowledge that such provisions are contained in Section 3.6 of the Series 2006-1 Indenture Supplement. 
 (d) To the extent that the Trust Accounts are not considered “securities accounts” (within the meaning of Section 8-501(a) of the UCC), the Trust Accounts shall be deemed to be
“deposit accounts” (as defined in Section 9-102(a)(29) of the UCC) to 

  
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the extent a security interest can be granted and perfected under the UCC in the Trust Accounts as deposit accounts, which the Indenture Trustee shall maintain with the securities intermediary
acting not as a securities intermediary but as a “bank” (within the meaning of Section 9-102(a)(8) of the UCC). The Indenture Trustee shall be deemed to be the “customer” of the securities intermediary (within the meaning of
Section 9-104(a)(3) of the UCC) for purposes of the Trust Accounts and as such shall be entitled to all the rights that customers of banks have under applicable law with respect to deposit accounts, including the right to withdraw funds from,
or close, the Trust Accounts. The securities intermediary shall not have title to the funds on deposit in the Trust Accounts, and shall credit the Trust Accounts with all receipts of interest, dividends and other income received on the property held
in the Trust Accounts. The securities intermediary shall administer and manage the Trust Accounts in strict compliance with all the terms applicable to the Trust Accounts pursuant to this Indenture, and shall be subject to and comply with all the
obligations that the securities intermediary owes to the Secured Parties with respect to the Trust Accounts, pursuant to the terms of this Indenture. The securities intermediary hereby agrees to comply with any and all instructions originated by the
Indenture Trustee directing disposition of funds and all other property in the Accounts without any further consent of the SPC. 

SECTION 4.2 Daily Allocations of Collections. Collections received in the Collateral Account shall (based upon information
certified to the Indenture Trustee by the Servicer pursuant to Section 2.2(o) of the Servicing Agreement or, if no such information is received, based upon the specific written direction of the Majority Controlling Parties, such direction to be
provided only at the discretion of such Majority Controlling Parties) be (x) allocated by the Indenture Trustee to the applicable Series Account for each Series or (y) retained in the Collateral Account, as applicable, for payment to the
appropriate Person, on each New York Business Day in the following order of priority: 
 (a) first, such
Collections will be allocated to the Indenture Trustee and, on a pro rata basis with the Indenture Trustee, to any Trustee acting as a Noteholder for the benefit of any related Certificateholders, in accordance with the respective amounts of
fees owed to them on or before the next Payment Date (which amounts will be retained in the Collateral Account until the date due and then paid to such persons on such date); 

(b) second, all remaining Collections will be retained in the Collateral Account to the extent necessary to pay the
amount of Servicing Fees (if the Servicer is not the Bank, the SPC or an Affiliate of either thereof) owed on the next Payment Date (which amounts will be paid to the Servicer on such Payment Date); 

(c) third, all remaining Collections will be allocated and deposited into the corresponding Series Account(s) to
the extent necessary to pay (on a pro rata basis based upon the following amounts due and payable for each Series of Senior Note on or before the next Payment Date): (i) all premiums and other fees

  
 23 

 
relating to any Enhancement(s) in respect of each Series of Senior Notes that are due on or before the next Payment Date and remain unpaid, (ii) any ordinary and customary maintenance fees
relating to the Reserve LCs (if any) provided in respect of each Series of Senior Notes that are due on or before the next Payment Date and remain unpaid, (iii) any reimbursement obligations under the Reserve LCs (if any) provided in respect of
each Series of Senior Notes (or to reimburse the applicable Reserve Account(s)) to the extent that either a drawing was made therefrom to pay interest on the corresponding Senior Notes or the amount available under the applicable Reserve LCs (if
any) and in the applicable Reserve Accounts together is less than the Reserve Account Cap for such Series of Senior Notes, (iv) any reimbursement obligations under any Enhancements for each Series of Senior Notes (if any) to the extent a
disbursement was made thereunder to pay interest on the corresponding Senior Notes, (v) any amounts payable to a Hedge Provider relating to any Hedge Agreement(s) in respect of each Series of Senior Notes (if any) that are due on or before the
next Payment Date and remain unpaid and (vi) any Quarterly Interest owing in respect of each Series of Senior Notes and payable on or before the next Payment Date; 

(d) fourth, all remaining Collections will be allocated and deposited into the corresponding Series Account(s) to
the extent necessary to pay (on a pro rata basis based upon the following amounts due and payable for each Series of Senior Notes on or before the next Payment Date) (i) the Quarterly Amortization Amount scheduled to be paid in respect
of each Series of Senior Notes (A) on the next Payment Date plus (B) on any previous Payment Date that has not yet been paid and (ii) an amount equal to such amounts that were paid on any previous Payment Dates in respect of
principal from the proceeds of any disbursements under any Reserve LC, Reserve Account and/or Enhancement applicable thereto with respect to which the applicable Reserve Account, issuer/confirmer of such Reserve LC or Enhancer has not yet been
reimbursed; 
 (e) fifth, if an Early Amortization Period shall exist with respect to any Series of Senior
Notes, then (i) 40% of all remaining Collections will be paid to the Bank as a payment under the Originator Note (unless the Controlling Party of any Series of Senior Notes with respect to which an Early Amortization Event exists informs the
Indenture Trustee in writing to reduce or eliminate such percentage of remaining Collections to be paid to the Bank) and (ii) the balance of all remaining Collections will be deposited into the corresponding Series Account(s) to the extent
necessary to pay (on a pro rata basis based upon the following amounts due and payable for each Series of Senior Notes with respect to which an Early Amortization Event exists): (A) the aggregate Series Balance of each such Series of
Senior Notes plus (B) the aggregate principal amount of each such Series of Senior Notes paid in advance of its scheduled Payment Date from the proceeds of any disbursements under any Reserve LC, Reserve Account and/or Enhancement
applicable thereto with respect to which the applicable Reserve Account, issuer/confirmer of such Reserve LC or Enhancer has not yet been reimbursed (it being understood that, with respect to any Series of Senior Notes with respect to which a
Make-Whole Premium applies, any allocation to be 

  
 24 

 
made pursuant to subclause (ii) will be so allocated along with an allocation of the corresponding amount of Make-Whole Premium payable on the next Payment Date (such amount to be calculated
as if the interest rate to which the Interest Rate on such Senior Notes is compared for purposes of determining the amount of the Make-Whole Premium were such comparative interest rate as of the close of business on the preceding Payment Date,
less 1% per annum)); 
 (f) sixth, all remaining Collections will be allocated and
deposited into the corresponding Series Account(s) to the extent necessary to pay (on a pro rata basis) any amounts owed (including any Other Taxes owed but not yet paid or reimbursed by the Bank, but excluding any Additional Amounts) for
each Series of Senior Notes on or before the next Payment Date to any other person (other than the Bank, the SPC, any Affiliate of either thereof and any other person to the extent that such other person’s involvement in the transaction relates
to the issuance of a Subordinated Note) (or to fulfill any obligations to such other person, including the depositing of funds into an account for the benefit of such other person); 

(g) seventh, all remaining Collections will be allocated and deposited into the corresponding Series Account(s) (on
a pro rata basis based upon the following amounts owed on or before the next Payment Date for each Series of Senior Notes) on each New York Business Day to each other person (other than the Bank, the SPC and any Affiliate of either thereof) to whom
any Additional Amounts are owed but have not yet been paid by the Bank (any such allocation to constitute a payment under the Originator Note), 
 (h) eighth, all remaining Collections will be allocated and deposited into the corresponding Series Account(s) to the extent necessary to pay (on a pro rata basis based upon the following
amounts due and payable for each Series of Subordinated Notes on or before the next Payment Date): (i) all premiums and other fees relating to the Enhancement(s) (if any) in respect of each Series of Subordinated Notes that are due on or before
the next Payment Date and remain unpaid, (ii) any ordinary and customary maintenance fees relating to the Reserve LC(s) (if any) provided in respect of each Series of Subordinated Notes that are due on or before the next Payment Date and remain
unpaid, (iii) any reimbursement obligations under the Reserve LCs (if any) provided in respect of each Series of Subordinated Notes (or to reimburse the applicable Reserve Account(s)) to the extent that either a drawing was made therefrom to
pay interest on the corresponding Series of Subordinated Notes or the amount available under the Reserve LC(s) (if any) and in the applicable Reserve Account together is less than the Reserve Account Cap for such Series of Subordinated Notes,
(iv) any reimbursement obligations under the Enhancements for each Series of Subordinated Notes (if any) to the extent a disbursement was made thereunder to pay interest on the corresponding Series of Subordinated Note(s), (v) any amounts
payable to a Hedge Provider relating to any Hedge Agreement(s) in respect of each Series of Subordinated Notes (if any) that are due on or before the next Payment Date and remain unpaid and (vi) any Quarterly Interest owing in respect of each
Series of Subordinated Notes and payable on or before the next Payment Date; 

  
 25 

 (i) ninth, all remaining Collections will be deposited into the
corresponding Series Account(s) to the extent necessary to pay (on a pro rata basis based upon the following amounts due and payable for each Series of Subordinated Notes on or before the next Payment Date) the Quarterly Amortization Amount
scheduled to be paid in respect of each Series of Subordinated Notes: (i) on the next Payment Date plus (ii) on any previous Payment Date that has not yet been paid plus (iii) that was paid on any previous Payment Dates
from the proceeds of any disbursements under any Reserve LC, Reserve Account and/or Enhancement applicable thereto with respect to which the applicable Reserve Account, issuer/confirmer of such Reserve LC or Enhancer has not yet been reimbursed;

 (j) tenth, if an Early Amortization Period shall exist with respect to any Series of Subordinated
Notes, then: (i) unless a payment has already been made to the Bank under Section 4.2(e)(i) above, 40% of all remaining Collections will be paid to the Bank as a payment under the Originator Note (unless the Controlling Party of any Series
of Subordinated Notes with respect to which an Early Amortization Event exists informs the Indenture Trustee in writing to reduce or eliminate such percentage of remaining Collections to be paid to the Bank), and (ii) the balance of all
remaining Collections will be deposited into the corresponding Series Account(s) to the extent necessary to pay (on a pro rata basis based upon the following amounts due and payable for each Series of Subordinated Notes with respect to which
an Early Amortization Event exists) (A) the aggregate outstanding Series Balance of each such Series of Subordinated Notes plus (B) the aggregate principal amount of each such Series of Subordinated Notes paid in advance of its
scheduled Payment Date from the proceeds of any disbursements under any Reserve LC, Reserve Account and/or Enhancement applicable thereto with respect to which the applicable Reserve Account, issuer/confirmer of such Reserve LC or Enhancer has not
yet been reimbursed (it being understood that, with respect to any Series of Subordinated Notes with respect to which a Make-Whole Premium applies, any allocation to be made pursuant to subclause (ii) shall be so allocated along with an
allocation of the corresponding amount of Make-Whole Premium payable on the next Payment Date (such amount to be calculated as if the interest rate to which the Interest Rate on such Series of Subordinated Notes is compared for purposes of
determining the amount of the Make-Whole Premium were such comparative interest rate as of the close of business on the preceding Payment Date, less 1% per annum); 

(k) eleventh, all remaining Collections will be allocated and deposited into the corresponding Series Account(s) to
the extent necessary to pay (on a pro rata basis) any amounts owed (including any Other Taxes owed but not yet paid or reimbursed by the Bank, but excluding any Additional Amounts) for each Series of Subordinated Notes on or before the next
Payment Date to any other person (other than the Bank, the SPC and any affiliate of either thereof) (or to fulfill any obligations to such other person, including the depositing of funds into an account for the benefit of such other person);

  
 26 

 (l) twelfth, all remaining Collections will be allocated and
deposited into the corresponding Series Account(s) (on a pro rata basis based upon the following amounts owed on or before the next Payment Date for each Series of Subordinated Notes) on each New York Business Day to each other person (other
than the Bank, the SPC and any affiliate of either thereof) to whom any Additional Amounts are owed but have not yet been paid by the Bank (any such allocation to constitute a payment under the Originator Note); 

(m) thirteenth, all remaining Collections in the Collateral Account will be paid to the SPC to the extent necessary
to pay any administrative costs of the SPC (including legal fees and disbursements, fees, indemnities and other payments to underwriters or similar placement agents for the Notes, registered office fees, companies registry fees and taxes) that are
due and payable on or before the next Payment Date, which amounts will be used by the SPC to pay such administrative costs as such costs are required to be paid; it being understood that the Indenture Trustee only will distribute such amounts to the
SPC with respect to a particular Payment Date (and the Interest Period then ended) to the extent notified thereof not later than two Business Days before the preceding Payment Date; and 

(n) fourteenth, all remaining Collections will be paid to the SPC on each New York Business Day (including by
payment directly to the Bank as payments under the Originator Note); provided that, if any amounts are due and payable by the Bank under the Transaction Documents (including any Additional Amounts, Repurchase Price or Make-Whole Premium),
then the Indenture Trustee shall apply such remaining Collections on behalf of the Bank to the extent of such payments that are due and payable (such amount to constitute a payment under the Originator Note); 

provided that if the Indenture Trustee has been notified by the Bank, the Servicer (including in a Servicing Report), the SPC or
any Secured Party that the breach of a Debt Service Ratio for any outstanding Series for which the Controlling Party is not an Enhancer has resulted in an Early Amortization Event for such Series but not (or, if still existing, not yet) an Early
Amortization Period for such Series (and a Release Date (as defined below) has not yet occurred with respect to such Early Amortization Event), then: 
 (i) for each of the Indenture Trustee’s first ten Business Days after its receipt of such notice (the eleventh Business Day after the Indenture Trustee’s receipt of such notice, the
“Retention Commencement Date”), the allocations pursuant to clauses (m) and (n) will be made as if this proviso did not exist, and 
 (ii) on the Retention Commencement Date, the Indenture Trustee will promptly notify each of the Designated Depositary Banks that are not then sending Collections in their Concentration Account(s) to the
Collateral Account to do so until notified otherwise by the Indenture Trustee, and 
  

	 	(A)	any allocations to the Bank or an affiliate thereof pursuant to clauses (m) and (n) will not be made, 

  
 27 

	 	(B)	with respect to each Series for which such an Early Amortization Event has occurred, until the earlier of: (1) the Indenture Trustee’s receipt of notice from
the Controlling Party of such Series that this proviso shall no longer apply with respect to such Early Amortization Event and (2) the date at least one month after the calendar month for which such Debt Service Ratio had been breached on which
the Indenture Trustee receives a Servicing Report evidencing that (i) the average of the Monthly Debt Service Ratios (in the case of a breach of a Monthly Debt Service Ratio) for the three most recently-reported calendar months is at least
equal to the test level from the relevant Quarterly Debt Service Ratio (or as otherwise provided in the applicable Indenture Supplement) for such Series, and (ii) the Quarterly Debt Service Ratios (in the case of a breach of a Quarterly Debt
Service Ratio) for the most recently-reported three calendar months (if such three months had been a Quarterly Period) is at least equal to the test level from the relevant Quarterly Debt Service Ratio (or as otherwise provided in the applicable
Indenture Supplement) for such Series, (such earlier date, the “Release Date”; and the period from the Retention Commencement Date through the Release Date being the “Retention Period”), the Retained Amount for such
Series will be transferred to and retained in the applicable Series Account; thereafter: (x) if the Retention Period for such Series terminates before an Early Amortization Period with respect to such Series commences, then all such amounts in
the applicable Series Account will be released from such Series Account and will be allocated to the Bank and its affiliates in the manner provided for in clauses (m) and (n), and (y) if an Early Amortization Period with respect to such
Series commences before the Retention Period for such Series terminates, then all such amounts will be retained in such Series Account as if they were an allocation to such Series Account under clause (e)(ii) and will be applied pursuant to the
applicable Indenture Supplement on the next Payment Date, and 

  

	 	(C)	all remaining Collections in the Collateral Account in excess of what is required to fund the Retained Amounts for all such Series will be allocated in the manner
provided for in clauses (m) and (n) as if this proviso did not exist. 

 “Retained
Amount” with respect to a Series means, for each date of determination, an amount equal to such Series’ pro rata share (based upon the 

  
 28 

 
outstanding Series Balance of each Series for which a Retention Period is in effect on such date and for which the proviso below does not apply) of: (a) the amount of Collections that would
have been allocated on such date in the manner provided for in clauses (m) and (n) in the absence of the Retention Period for any Series minus (b) unless a payment has already been made to the Bank on such date under clause (e)(i) or
(j)(i), such portion of such Collections that would be sent to the Bank on such date pursuant to clause (e)(i) and (j)(i) if an Early Amortization Period with respect to a Series of Subordinated Notes were to exist; provided that, the
aggregate Retained Amount for any Series at any time on deposit in its Series Account will not exceed its outstanding Series Balance. 
 SECTION 4.3 Application of Funds in Series Accounts, Etc. (a) The Indenture Trustee shall deposit into the applicable Series Accounts (i) the amounts allocable thereto pursuant to
Section 4.2, (ii) all amounts payable by the Bank on behalf of the SPC in respect of any redemption of the applicable Series or the payment of any Additional Amounts pursuant to Sections 4.13, 5.4 and 6.1 of the Origination Agreement,
(iii) the proceeds of any drawing under any applicable Enhancement(s), (iv) all amounts payable by a Hedge Provider pursuant to its Hedge Agreement and (v) any amounts allocable to the Series Accounts from the Coverage Reserve
Account, any Reserve Account or any other account established pursuant to the applicable Indenture Supplement. 
 (b) On each
Payment Date or Redemption Date, the Indenture Trustee shall apply or transfer amounts from each of the applicable Series Accounts in the manner set forth in the applicable Indenture Supplements (for payments to Investors, based upon the Investors
of record as of the Record Date preceding such date of payment). 
 (c) If, as of the end of business for the Indenture Trustee
on the fourth New York Business Day preceding any Payment Date there are not sufficient funds on deposit in any Series Account (including funds on deposit in the Collateral Account as of such date that are applicable to such Series) to make all of
the payments due on or before the next Payment Date with respect to the applicable Series, then (i) the Indenture Trustee shall draw amounts as necessary from either any Reserve LC corresponding to such Series and/or any Reserve Account (if
funded) corresponding to such Series (it being understood that all available funds shall first be withdrawn from the Reserve Account corresponding to such Series before any disbursement is requested under any Reserve LC corresponding to such
Series), and (ii) to the extent still insufficient, the Indenture Trustee shall draw funds as necessary from the Coverage Reserve Account (if funded) (it being understood that such amounts from the Coverage Reserve Account will be
allocated on a pro rata basis among all Senior Notes for which such a shortfall exists and that amounts from the Coverage Reserve Account will not be available for any Subordinated Notes unless there are no Senior Notes Outstanding), and, in
each case, deposit such drawn amounts or funds into the applicable Series Account. 

  
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 (d) With respect to any Series for which an Enhancement has been provided, the applicable
Indenture Supplement shall contain the provisions for requesting disbursements thereunder and the manner of applying such disbursements. 
 SECTION 4.4 Reserve LCs. (a) At the election of the Bank, as an alternative to maintaining all or a portion of the amounts in any Reserve Account, the Bank may request that the SPC
replace amounts in such Reserve Account with an unconditional, irrevocable standby letter of credit (each, a “Reserve LC”). Each Reserve LC shall be denominated and payable in the currency of the applicable Series, shall be
enforceable by the Indenture Trustee and will be issued (or confirmed) by a financial institution located in the United States or any member country of the OECD (a “Reserve LC Bank”) that has a short-term unsecured senior debt or
deposit rating of at least “A-1” by S&P and, if rated by Moody’s and Fitch, at least “P-1” and “F1”, respectively (a “Qualified Reserve LC Bank”), in each case, as demonstrated by the Bank to
the Indenture Trustee. 
 (b) If a Reserve LC Bank ceases to be a Qualified Reserve LC Bank, then the SPC (or the Servicer on
its behalf) shall use its best efforts to promptly (and in any event within 30 days of the date that the SPC or the Bank became aware that such Reserve LC Bank ceased to be a Qualified Reserve LC Bank) substitute such Reserve LC Bank with a
Qualified Reserve LC Bank. If the SPC fails to substitute such Reserve LC Bank with a Qualified Reserve LC Bank within such 30-day period, then the Indenture Trustee shall draw the full amount of the applicable Reserve LC and deposit such amount in
the applicable Reserve Account. 
 (c) The expiration date of a Reserve LC shall initially be at least one year after the date
of issuance thereof. If, with respect to any scheduled expiration of any such Reserve LC, other than an expiration date after the Expected Final Payment Date with respect to the applicable Series, the expiration date thereof is not extended until at
least the earlier of (x) the first anniversary of such current expiration date and (y) the date that is ten (10) days after such Expected Final Payment Date, as confirmed by the issuing/confirming Qualified Reserve LC Bank to the
Indenture Trustee (or replaced by another Reserve LC) prior to 30 days before the expiration date thereof, then the Indenture Trustee shall draw the full amount thereof before the expiration thereof (but in no event before the fifth New York
Business Day before such expiration) and deposit such amount in the applicable Reserve Account. 
 SECTION 4.5 Coverage
Reserve Account. (a) Notwithstanding anything in the Transaction Documents to the contrary, on any date on which any Debt Service Ratio is determined by the Servicer to be below its Trigger Level with respect to any Senior Note(s), but the
Debt Service Ratio with respect to such Senior Note(s) is at least 1.0:1x, the Bank may (except, with respect to any Series, as provided in the applicable Indenture Supplement) cure such breach on the date of such breach (the “Breach
Date”) by either (i) electing (by written notice to the Indenture Trustee and any Enhancer with respect to such Series, including 

  
 30 

 
with delivery with any Servicing Report) to have all amounts then and thereafter payable to it under the Transaction Documents (including in its capacity as Servicer and with respect to any
payment under the Originator Note) to be deposited into a segregated trust account that is an Eligible Account in the name of the Indenture Trustee (the “Coverage Reserve Account”; which, on the Closing Date, is maintained at The
Bank of New York, ABA #021 000 018, account #[            ] and/or (ii) depositing into the Coverage Reserve Account an amount of U.S. Dollars such that, had such amount been received
as DDB Collections during the applicable testing period, such breach would not have occurred. Notwithstanding the foregoing, if the Bank makes an election pursuant to clause (i) above and each Debt Service Ratio is not at or above its
respective Trigger Level by the end of the Quarterly Period following the applicable Breach Date, an Early Amortization Event with respect to the applicable Series will be declared effective as of the Breach Date. Notwithstanding anything herein to
the contrary, the Bank may exercise its right to cure an Early Amortization Event as described above no more than three times through the Expected Final Payment Date for any particular Series of Notes; provided, that the Bank may not exercise
such right more than once during any period of twelve consecutive calendar months. 
 (b) Pending application in accordance with
this Indenture, amounts in the Coverage Reserve Account shall be invested by the Indenture Trustee (at the instruction of the SPC (or the Servicer on its behalf)) in Eligible Investments in Dollars; provided that, in the absence of any such
investment instruction, all such amounts shall be invested by the Indenture Trustee in an Eligible Investment of the type described in clause (b) of the definition thereof. Any interest or other gain/loss on any such investment shall
(i) remain, or be deposited, in (or be deducted from) the Coverage Reserve Account in accordance with Section 4.3(c) and clause (c) and the Indenture Trustee shall not be required to reimburse any such losses or otherwise have any
liability therefor, and (ii) be treated for tax purposes as income/loss of the Bank. 
 (c) All amounts on deposit in the
Coverage Reserve Account shall be distributed by the Indenture Trustee as follows: 
 (i) on each Payment Date
(including the Expected Final Payment Date with respect to any Senior Note) occurring after the exercise by the Bank of its option to fund the Coverage Reserve Account, if amounts on deposit in the Series Account(s) for any Senior Note(s) (unless
and until no Senior Notes remain Outstanding, in which event a Subordinated Note) on such Payment Date are less than the related Required Amount for such Series on such date, then the amount of such shortfall(s) shall (to the extent available) be
transferred pro rata (based upon the Series Balance of each such relevant Series) from the Coverage Reserve Account to such Series Account(s) and then paid to the applicable Noteholder(s) and other parties entitled to such amounts, as
provided in the applicable Indenture Supplement; 
 (ii) on each Payment Date with respect to which an Early
Amortization Period is in effect for any Senior Note(s) (unless and until no Senior Notes remain Outstanding, in which event a Subordinated Note) occurring after the exercise by 

  
 31 

 
the Bank of its option to fund the Coverage Reserve Account, all amounts in the Coverage Reserve Account shall be transferred to the applicable Series Account(s) (on a pro rata basis based
upon the Series Balance of each such Series) and distributed in accordance with the applicable Indenture Supplement; and 
 (iii) if the Debt Service Ratios for each Series exceed their Trigger Levels for any three consecutive Quarterly Periods after the Quarterly Period with respect to which the cured breach occurred, then
the balance of funds on deposit in the Coverage Reserve Account (including any interest and gains) shall be paid to the Bank as a payment under the Originator Note and additional funds need no longer be deposited into the Coverage Reserve Account
unless and until the Bank exercises such option again. 
 If a balance remains in the Coverage Reserve Account after all of the Senior Notes
have been paid in full, then such balance shall be paid to the Bank as provided in clause (iii); provided that if there is then in existence an Early Amortization Period with respect to any Subordinated Note(s), then all such amounts
shall be deposited into the Collateral Account and allocated in the manner provided in Section 4.2. 
 (d) Any amounts to
be withdrawn from the Coverage Reserve Account in order to make payment for a Series that is denominated in a currency other than Dollars shall be caused by the Indenture Trustee to be converted into the applicable currency at the time of such
withdrawal. 
 ARTICLE V 
 MANDATORY REDEMPTION 
 SECTION 5.1 Mandatory Redemption in Respect of a
Default. Upon the occurrence of any Default with respect to a Series, the Controlling Party for that Series may instruct the Indenture Trustee to declare that Series immediately due and payable. Upon receipt of such a request from the
Controlling Party of a Series, the Indenture Trustee, by notice in writing to the SPC, each Enhancer (if any), each Rating Agency and the Bank, shall declare such Series immediately due and payable and require the SPC immediately to request the
payment on behalf of the SPC of the Repurchase Price corresponding to such Series from the Bank pursuant to Section 6.1 of the Origination Agreement and that Series shall thereupon be immediately due and payable; provided that any
Default under Section 6.2(a) of the Origination Agreement shall automatically result in each Series becoming immediately due and payable and shall be deemed to have resulted in a request from the SPC to the Bank for the payment on behalf of the
SPC of the Repurchase Price corresponding to all outstanding Series. The SPC shall be required (to the extent that it has received the Repurchase Price from the Bank) to redeem the applicable Series on the next New York Business Day after delivery
of such request (or deemed request) for a redemption price equal to the Redemption Price relating thereto. The SPC shall promptly deliver to each applicable Noteholder at its 

  
 32 

 
address appearing in the Register a notice stating that such a payment has been requested (or deemed requested) from the Bank, and specifying the Redemption Date, the redemption price payable to
such Noteholders and the place(s) of payment of the applicable Note(s). 
 Upon receipt by the Indenture Trustee pursuant to
this Section of the Repurchase Price sufficient for a full redemption of a Series, the Indenture Trustee shall remove any other amounts then on deposit in the Series Account (including any amounts on deposit in the related Reserve Account) for such
Series and shall allocate such amounts (as if they were new Collections deposited into the Collateral Account) according to Section 4.2 (including to deliver any excess amounts to the Bank as a payment under the Originator Note). 

SECTION 5.2 Mandatory Redemption in Respect of Optional Redemption by the Bank on Behalf of the SPC. Subject to any
limitations set forth in any applicable Indenture Supplement, upon the giving by the Bank of the notice required pursuant to Section 5.3 of the Origination Agreement, all (or a portion) of the applicable Note (or Series of Notes) shall become
due and payable on the Redemption Date specified in such notice. To the extent that it has received the applicable Repurchase Price from the Bank, the SPC shall be required to redeem all (or the indicated portion of) such Note (or Series of Notes)
(and to pay the other amounts specified in the definition of “Redemption Price”) on such Redemption Date for the Redemption Price therefor (if a partial redemption, the principal amount of such redemption shall be applied pro
rata to the remaining principal balance of each Note of the relevant Series and shall result in a reduction of each remaining scheduled Quarterly Amortization Amount for such Series on a pro rata basis or in such other manner as is
provided in the applicable Indenture Supplement). Promptly after receipt of such notice of such optional redemption, the SPC shall deliver to each applicable Noteholder at its address appearing in the Register a notice stating that the Bank has
elected to request the SPC to redeem all or a portion of one or more Note(s), and specifying the Redemption Date, the redemption price payable to such Noteholders and the place(s) of payment of such amounts. 

ARTICLE VI 

REPRESENTATIONS AND WARRANTIES OF THE SPC 
 SECTION 6.1 Representations and Warranties of the SPC. The SPC hereby represents and warrants, on the Closing Date and as of each Issuance Date, that: 

(a) Corporate Existence. It has been duly incorporated, is in good standing and has full power and authority, and
all governmental licenses, authorizations, consents and approvals, to execute and deliver the Transaction 

  
 33 

 
Documents to which it is a party and to perform its obligations thereunder, in each case except where any failure thereof is not reasonably likely, alone or in the aggregate, to have a Material
Adverse Effect. 
 (b) Solvency. It is solvent, will not be rendered insolvent under Cayman Islands law by
virtue of the transactions effected by the Transaction Documents, is not entering into the Transaction Documents with the actual intent to hinder, delay or defraud its present or future creditors, shareholders or the Investors and is receiving
reasonably equivalent value for the Grant of the Purchased Diversified Payment Rights. 
 (c) Authorization;
Non-Contravention. Its execution and delivery of the Transaction Documents to which it is a party, and its performance thereunder: (i) have been duly authorized by all necessary corporate action (including any necessary shareholder action),
(ii) require no action by or in respect of, or filing with, any Governmental Authority, except such as have been taken or made on or before the Closing Date (or such Issuance Date), (iii) will not contravene any Applicable Law except to
the extent that the failure to comply therewith is not reasonably likely to have a Material Adverse Effect, (iv) will not contravene or constitute a default under any Contractual Obligation, judgment, injunction, order or decree binding upon it
or its properties except to the extent that any such contravention or default is not reasonably likely to have a Material Adverse Effect and (v) except pursuant to the Transaction Documents, will not result in the creation or imposition of any
Lien on any of its properties or revenues. 
 (d) Enforceability. Each of the Transaction Documents to
which it is a party has been duly executed and delivered by it and (with respect to any Note, upon its authentication by the Indenture Trustee) constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such
enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
 (e) Applicable Law. It is in compliance with all Applicable Laws except to the extent that the failure to comply therewith is not reasonably likely to have a Material Adverse Effect. 

(f) Special Purpose Status. It has not engaged in any activities since its incorporation (other than those
incidental to its incorporation and other appropriate corporate steps, including the issuance of shares and arrangements for the payment of fees to its directors, the purchase of the Purchased Diversified Payment Rights, the authorization and the
issuance of the Notes, the execution of the Transaction Documents to which it is a party and the performance of the activities referred to in or contemplated by such agreements). 

  
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 (g) No Early Amortization Event or Default. There exists: (i) no
Early Amortization Event or Default and (ii) no event the existence of which would be an Early Amortization Event or Default with the expiration of any applicable grace period, the delivery of notice or both. 

(h) Representations Regarding Purchased Diversified Payment Rights. Upon the execution and delivery of the Deed of
Assignment and the Origination Agreement, it has good title to the Purchased Diversified Payment Rights, free and clear of all Liens, other than the Liens of the Indenture Trustee and Liens for taxes, assessments and other governmental charges
payable by the SPC and not yet due. 
 (i) [Reserved]. 

(j) Collections. The Origination Agreement and Deed of Assignment create for the SPC the enforceable right to
require the Bank to deliver the Collections to (or on behalf of) the SPC to the extent provided therein. 
 (k)
Security Interest. The Indenture Trustee has a first priority perfected security interest in the Collateral for the benefit of the Secured Parties (subject only to any Liens for taxes, assessments and other governmental charges payable by the
SPC and not yet due and payable); provided that the Indenture Trustee will not have a security interest in any Collections that are deposited into an account that is not subject to an Acknowledgment to the extent that such Collections are not
“identifiable” cash proceeds of Purchased Diversified Payment Rights pursuant to the applicable Uniform Commercial Code, and such failure will not constitute a breach of this representation unless (a) the Bank, the SPC or the Servicer
has (i) taken any action to make any such Collections non-identifiable, (ii) omitted to take any reasonable action that would make such Collections identifiable or (iii) breached another representation or covenant the result of which
caused or allowed such deposit to be made, or (b) any Person other than the SPC or the Indenture Trustee has a Lien of any kind thereon. 
 (l) No Material Litigation. There is no litigation, arbitration, tax or labor claim or other similar action or proceeding of or before any arbitrator or Governmental Authority pending or (to its
knowledge) threatened against it or any of its properties or revenues that individually or in the aggregate is reasonably likely to have a Material Adverse Effect. 

(m) Not an Investment Company. It is not an “investment company” or a company directly or indirectly
controlled by an “investment company” within the meaning of the United States Investment Company Act of 1940, as amended. 
 (n) Taxes. Each of the following statements is true, except to the extent that the potential liability to the SPC as a result of the circumstances causing any such statement to be untrue is not
reasonably likely to have a Material Adverse Effect: (i) the SPC has filed or caused to be filed all tax returns that are 

  
 35 

 
required to be filed by it and has paid all taxes shown to be due and payable on such returns or on any assessments made against it or any of its property and/or revenues and all other taxes,
fees or other charges imposed upon it or any of its property and/or revenues by any Governmental Authority (other than any amount the validity of which currently is being contested in good faith by appropriate proceedings and with respect to which
adequate reserves have been established to the extent required by generally accepted accounting principles), (ii) no tax Lien has been filed against the SPC or any of its properties or revenues and (iii) to the best of its knowledge, no
claim is being asserted with respect to any such tax, fee or other charge. The SPC is not currently subject to income or similar taxes in the Cayman Islands; it being understood that the SPC has applied for a Tax Exemption Undertaking from
the government of the Cayman Islands which would exempt the SPC from any such tax, fee or other charge for a period of 20 years, and the SPC expects to receive such undertaking prior to the first Payment Date. 

(o) Sovereign Immunity. It is subject to civil and commercial law with respect to its obligations under the
Transaction Documents, and its execution, delivery and performance of and under the Transaction Documents constitute private and commercial acts rather than public or governmental acts. Neither it nor any of its properties or revenues have any
immunity from suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment, set-off, execution of a judgment or from any other legal process with respect to any obligations under the Transaction Documents.
Neither the Cayman Islands government nor the government of any other jurisdiction owns any of its share capital. 
 (p) Employees, Subsidiaries. It has no employees other than the Authorized Officers empowered to perform its obligations under the Transaction Documents, has no Subsidiaries and has no place of
business outside of the Cayman Islands. 
 (q) Taxes upon Execution of Transaction Documents. Except as
set forth in the next paragraph, neither the execution and delivery of the Transaction Documents nor the enforcement thereof are subject to any registration or transfer tax, stamp duty, mortgage recordation tax or similar levy imposed by or within
the United States or the Cayman Islands or any political subdivision or taxing authority thereof or therein other than those that have been paid on or before the Closing Date or applicable Issuance Date. 

Cayman Islands stamp duty may be payable if any of the Transaction Documents is executed or received in the Cayman
Islands. Such duty would be nominal except in the case of any Transaction Document containing a mortgage, being a security by way of a legal or equitable mortgage or charge of moveable or immoveable property situated in the Cayman Islands, which
would attract a maximum duty of CI$500.00 (approximately US$600.00). In the case of the Notes, such duty would be CI$0.25 per CI$100.00 or part thereof of the full amount of each Note subject to a maximum amount of duty of CI$250.00 per

  
 36 

 
Note unless duty of CI$500.00 is paid in respect of the issue of all the Notes of the same Series, in which case no further duty would be payable in respect of any individual Note. 

(r) Margin Compliance. No part of the proceeds of the sale of the Notes have been or will be used by the SPC,
directly or indirectly, for the purpose of purchasing or carrying any “margin stock” within the meaning of Regulation X of the Board of Governors of the Federal Reserve System. 

ARTICLE VII 

COVENANTS OF THE SPC 
 SECTION 7.1 Covenants of the SPC. The SPC agrees that so long as any amount payable by it under any Transaction Document remains unpaid: 

(a) Indebtedness. It shall not incur any indebtedness (including contingent obligations) other than Permitted
Indebtedness. 
 (b) No Liens. It shall not create or suffer to exist any Liens on the Collateral other
than Permitted Liens and Liens for taxes, assessments and other governmental charges payable by the SPC and not yet due. 
 (c) Disposal of Assets. It shall not sell, assign, lease, transfer or otherwise dispose of any interest in the Collateral, except pursuant to the Transaction Documents or upon the direction of the
Indenture Trustee in connection with the enforcement of its rights under the Transaction Documents. 
 (d)
Investments. It shall not create or acquire any Subsidiaries or, other than as specifically contemplated by the Transaction Documents, make any Investment. 

(e) Dealings with Share Capital. It shall not, so long as an Early Amortization Event or Default for any Series (or
any event that would be an Early Amortization Event or Default for any Series with the expiration of any applicable grace period, the delivery of notice or both) exists, pay any dividends or make any other distribution in respect of its share
capital or, during the existence of an Early Amortization Event or Default with respect to any Series, make payments under the Originator Note (other than pursuant to the provisions of Section 4.2). 

(f) Consolidations, Mergers, Sales of Assets. It shall not consolidate or merge with or into any other Person or
(except pursuant to the Transaction Documents) sell, lease or otherwise transfer or dispose of, directly or indirectly, whether in a single transaction or a series of related transactions, all or any part of its assets to any other Person.

  
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 (g) Conduct of Business. It shall not engage in any business activity
other than as required or contemplated under the Transaction Documents. 
 (h) Restrictions on Certain
Actions. It shall not take, or knowingly permit to be taken, any action that would terminate, or discharge or prejudice the validity or effectiveness of, any of the Transaction Documents or the validity, effectiveness or priority of the Liens
created thereby. 
 (i) Ownership and Management. It shall not take, or knowingly permit to be taken, any
action that would change its ownership and management, such that it will be owned or managed by the Bank or any Affiliate. 
 (j) Maintenance of Existence. It shall preserve and keep in full force and effect its corporate existence, rights and privileges necessary or desirable in the normal conduct of business, including
maintaining its registered office in the Cayman Islands. 
 (k) Payment of Obligations. It shall pay and
discharge in full, at or before maturity, all of its obligations and liabilities (including tax liabilities) and use its best efforts to comply with all Applicable Laws relating to taxes, except where the validity of which currently is being
contested by the SPC in good faith by appropriate proceedings and with respect to which adequate reserves have been established by the SPC to the extent required by generally accepted accounting principles. 

(l) Compliance with Laws. It shall comply with all Applicable Laws except where the necessity of compliance
therewith is being contested by the SPC in good faith by appropriate proceedings or where the failure so to comply is not reasonably likely to have a Material Adverse Effect. 

(m) Use of Proceeds. It shall use all of the proceeds of the Notes to make payments to the Bank under the
Origination Agreement. 
 (n) Amendment of Transaction Documents. It shall not agree or consent to any
amendment, modification or waiver of any provision of any Transaction Document (other than this Indenture, the Indenture Supplements and the Notes, amendments and modifications of which shall be governed by Article XI, and the Trust Agreements and
the Certificates, amendments and modifications of which shall be governed by the provisions thereof), without: (i) the consent of the Indenture Trustee (subject to Article X), the Bank and each Controlling Party of any Series affected thereby
and (ii) written confirmation from each Rating Agency that such amendment, modification or waiver will not result in the withdrawal or reduction of the rating of any Series rated by such Rating Agency below the lower of the initial and
then-current rating assigned thereto by such Rating Agency (without giving effect to any applicable Enhancement(s)); provided that the SPC may agree to any amendment, modification or waiver of any such provision of any Transaction Document
without any such consent or 

  
 38 

 
confirmation (except from the Bank) as follows (it being understood that the SPC shall promptly send to the Indenture Trustee and each Rating Agency a copy of any such amendment, waiver or
modification): 
 (i) to add to the representations and/or covenants of the SPC for the benefit of the Secured
Parties or surrender for the benefit of the Secured Parties any right or power conferred upon the SPC; or to add to the representations and/or covenants of the Bank or the Servicer for the benefit of the SPC or surrender for the benefit of the SPC
any right or power conferred upon the Bank or the Servicer; 
 (ii) to cure any ambiguity or to correct or
supplement any provision contained in the Transaction Documents that may be defective or inconsistent with any other provision contained therein; or 
 (iii) to make such other provisions in regard to matters or questions arising under the Transaction Documents as the parties thereto may deem necessary or desirable that are not inconsistent with the
provisions thereof and that shall not materially adversely affect the interests of any of the Secured Parties; provided that an Opinion of Counsel shall be addressed and delivered to the Indenture Trustee opining that such amendment, waiver
or modification does not materially adversely affect the interests of any of the Secured Parties under the Transaction Documents. 
 (o) Functions Performed by the SPC. It shall not establish or maintain an office or other fixed place of business in the United States either directly or through an agent. The SPC shall not perform
(and shall not cause or authorize others on its behalf to perform as agent, independent contractor or otherwise) any of the following functions within the United States: 

(i) solicit sales of its own share capital; 

(ii) accept any stockholder subscriptions; 

(iii) negotiate, make or direct the negotiation or making of contracts (including the Transaction Documents); 

(iv) issue instructions to the Indenture Trustee, its agents or others; 

(v) communicate with its shareholders, the Secured Parties or the general public (including any notices required to be
sent pursuant to the Transaction Documents); provided that the SPC may communicate with any such Persons in the United States so long as the location at which or from which it shall conduct such communications shall be outside the United
States; 

  
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 (vi) except as specifically provided in the Transaction Documents, maintain
a bank account or a payment facility; 
 (vii) conduct shareholders’, Investors’ or directors’
meetings; 
 (viii) maintain or audit its corporate records and books of account; 

(ix) except as specifically provided in the Transaction Documents, disburse payments of dividends, principal, interest,
legal fees, accounting fees, officers’ and directors’ salaries or any other expenses; 
 (x) execute
the Notes and deliver the Notes to the Indenture Trustee for authentication (it being understood that the authentication by the Indenture Trustee may occur in the Cayman Islands, the United States or elsewhere); or 

(xi) conduct any other activity or engage in any other transaction, except to the extent that such activities or other
transactions are required or expressly permitted under the Transaction Documents to be done in the United States by or on behalf of the SPC. 
 (p) Officers, Directors and Employees. No officer, director or employee of the SPC shall (i) be a citizen or resident of the United States or (ii) if a citizen or resident of the
United States, knowingly engage in any activities that would cause the SPC to be engaged in a United States trade or business (including conducting any activities on behalf of the SPC within the United States). 

(q) Information. It shall at all times give to the Indenture Trustee and each Trustee such information in its
possession that the Indenture Trustee and/or such Trustee may reasonably require for the purpose of the discharge of the trusts, powers, rights, duties, authorities and discretions vested in it hereunder, under any other Transaction Document or by
operation of Applicable Law. Additionally, the SPC shall promptly deliver to the Indenture Trustee, any Enhancer and each Trustee any material notices, opinions of counsel, financial statements, officers’ certificates or other forms of
communication that it receives pursuant to the Subject Contracts. 
 (r) Rule 144A Information. For so
long as any of the Notes and/or Certificates remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the SPC shall furnish, upon the request of any Investor, such information as is
specified in Rule 144A(d)(4) under the Securities Act (i) to such Investor, (ii) to a prospective purchaser of such Note or Certificate (or beneficial interests therein) who is a QIB designated by such Investor and (iii) to the
Indenture Trustee or any Trustee for delivery to any applicable Investors or such prospective purchaser so designated, in each case in order to permit compliance by such Investor with Rule 144A in connection with the resale of such Note or
Certificate (or beneficial interest therein) in reliance 

  
 40 

 
upon Rule 144A unless, at the time of such request, the SPC is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or is included in the list of foreign private
issuers that claim exemption from the registration requirements of Section 12(g) of the Exchange Act (and therefore is required to furnish the SEC certain information pursuant to Rule 12(g)3-2(b) thereunder). All such information shall be in
the English language. 
 (s) Notices. If at any time (i) any Early Amortization Event or Default (or
any event that would be an Early Amortization Event or Default with the expiration of any applicable grace period, the delivery of notice or both) occurs or (ii) any Lien is imposed upon any of the Collateral, other than Permitted Liens and
Liens for taxes, assessments and other governmental charges payable by the SPC and not yet due and payable, then the SPC shall promptly (and, in any event, within one Business Day after its knowledge thereof) notify the Indenture Trustee and each
Enhancer (if any) in writing thereof. 
 (t) Inspection of Property, Books and Records. It shall keep
proper books of record and account in accordance with applicable tax and accounting principles at its offices outside the United States in which full, true and correct entries shall be made of all dealings and transactions in relation to its
business and activities, and shall permit representatives of the Indenture Trustee, at the sole expense of the SPC, any Enhancer or the Investors, at their own expense, to visit and inspect any of its properties or offices, to examine and make
abstracts from any of its books and records and to discuss its affairs, finances and accounts with its officers, employees and independent public accountants, all at such reasonable times and as often as may reasonably be desired. 

(u) Further Assurances. It shall execute such further documents and do all acts and things as are necessary or as
the Indenture Trustee may reasonably request at any time in order to (i) to the extent available, perfect the security interests in the Collateral and maintain such perfection, and (ii) otherwise give effect to the Transaction Documents.

 (v) Amendments of Organizational Documents. It shall not, without the prior written consent of the
Indenture Trustee, initiate (or otherwise agree to) any amendment, supplement or other modification of its Memorandum or Articles of Association or any other organizational or governing documents. 

(w) Transfer Obligation. Except as otherwise specifically provided in the Transaction Documents, the SPC agrees
that any Collections or other proceeds that it receives (for any reason whatsoever) in respect of the Purchased Diversified Payment Rights in a manner not in compliance with the Transaction Documents shall be (i) if held by the SPC, deposited
into the Collateral Account, and (ii) if held by another Person on behalf of the SPC (including the Servicer or any bank with which the SPC maintains an account), instructed to be deposited into the Collateral Account, in each case promptly
(but in any event within two Business Days) after the SPC’s obtaining knowledge of its (or such other Person’s) receipt thereof. 

  
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 (x) Maintenance of Office. There shall at all times be maintained by
the SPC an office or agency where Notes may be presented or surrendered for registration of transfer or for exchange and for payment thereof and where notices and demands to or upon the SPC in respect of the Notes, this Indenture and/or the
Indenture Supplements may be served. Such office or agency shall be initially at the Corporate Trust Office. Written notice of any change of location thereof shall be given by the SPC to the Indenture Trustee, the Bank (and, if the Bank is not the
Servicer, the Servicer), the Noteholders, each Enhancer (if any) and each Rating Agency. In the event that no such office or agency shall be maintained or no such notice of location or of change of location shall be given, presentations and demands
may be made and notices may be served at the Corporate Trust Office, and the SPC hereby appoints the Indenture Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

ARTICLE VIII 

EARLY AMORTIZATION EVENTS 
 SECTION 8.1 Early Amortization Events. Unless otherwise specified in the related Indenture Supplement, if an Early Amortization Event shall occur with respect to any Series, then the
Controlling Party of such Series, by notice then given in writing to the SPC and the Indenture Trustee, may declare that the Early Amortization Period with respect to such Series has commenced; provided that upon the occurrence of
(a) any Default for which a Repurchase Price has been required to be paid with respect to such Series, the election (or deemed election) by such Controlling Party to require that the Bank pay the Repurchase Price for such Series shall
automatically result in the commencement of the Early Amortization Period with respect to such Series, and (b) any failure to pay any interest, Quarterly Amortization Amount or other amounts scheduled to be paid to the Noteholders and/or
Enhancers of any Series on the Expected Final Payment Date with respect to such Series shall automatically result in the commencement of the Early Amortization Period with respect to such Series. 

ARTICLE IX 

TERMINATION OF THE INDENTURE; UNCLAIMED MONIES 
 SECTION 9.1 Satisfaction and Discharge of Indenture. If (i) the SPC shall have paid the principal of, premium (if any), interest and all other amounts payable by the SPC in accordance
with this Indenture and the other Transaction Documents and all amounts payable to each Enhancer under the Transaction Documents have been paid in full, and (ii) the Indenture Trustee has received from the SPC an

  
 42 

 
Officer’s Certificate and an Opinion of Counsel, each to the effect that all conditions precedent for the satisfaction and discharge of this Indenture, each Indenture Supplement and each
Enhancement have been satisfied, then the Indenture Trustee, upon the written request of and at the expense of the SPC, shall execute proper instruments acknowledging such satisfaction of (and discharging) this Indenture (including all Indenture
Supplements) and releasing the security interests Granted herein. The SPC agrees to reimburse or cause the reimbursement of the Indenture Trustee promptly for any duly documented costs or expenses thereafter reasonably incurred and to compensate the
Indenture Trustee for any services thereafter reasonably rendered by the Indenture Trustee in connection with this Indenture (which agreement shall survive the termination hereof). 

SECTION 9.2 Repayment of Monies and Transfer of Collateral, Investments and Monies Held by the Indenture Trustee. Following
the satisfaction and discharge of this Indenture as described in Section 9.1, all Collateral, investments and monies then held by the Indenture Trustee under this Indenture (including all Indenture Supplements) shall, upon written demand of the
SPC, be repaid or, as the case may be, released, assigned or transferred to the SPC, and thereupon the Indenture Trustee shall be released from all further liability with respect to such Collateral, investments and monies. 

SECTION 9.3 Return of Monies Held by the Indenture Trustee. Any monies deposited with or paid to the Indenture Trustee for
the payment of the principal, premium (if any), interest or any other amount due with respect to any Series and not applied but remaining unclaimed for three years (or such lesser time as the Indenture Trustee shall be satisfied, after notice from
the SPC, is one month before the escheat period provided under Applicable Law) after the date upon which such principal, premium, interest or other amount shall have become due and payable, shall (to the extent not required to escheat to any
Governmental Authority), upon the written request of the SPC be repaid by the Indenture Trustee to or for the account of the SPC, the receipt of such repayment to be confirmed promptly in writing by or on behalf of the SPC, and, to the extent
permitted by Applicable Law, the Person claiming such money shall thereafter look only to the SPC for any related payment that it may be entitled to receive, and all liability of the Indenture Trustee with respect to such monies shall thereupon
cease. 
 ARTICLE X 
 CONCERNING THE INDENTURE TRUSTEE 
 SECTION 10.1 Duties of the Indenture
Trustee; Certain Rights of the Indenture Trustee. (a) Except during the existence of an Early Amortization Period, the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture
and the other Transaction Documents to which it is 

  
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a party and no implied covenants or obligations shall be read into this Indenture or any Indenture Supplement against the Indenture Trustee. If an Early Amortization Period exists, then the
Indenture Trustee shall exercise the rights and powers vested in it by the Transaction Documents and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 
 (b) Neither the Indenture Trustee, its agents nor its Affiliates shall be liable for any act or
omission made in connection with this Indenture or the other Transaction Documents except in the case of their own gross negligence or willful misconduct. In furtherance, and not in limitation, of the Indenture Trustee’s rights, duties and
protections hereunder, and unless otherwise specifically provided in this Indenture, the Indenture Trustee shall (subject to the terms hereof and of the other Transaction Documents) grant such consents, make such requests and determinations and take
or refrain from taking such actions as are permitted (but not expressly required) to be granted, made or taken by the Indenture Trustee under the Transaction Documents, as the Controlling Party(ies) of each of the applicable Series shall direct in
writing (in each case, subject to clause (c)). No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its (or, except to the extent the appointment thereof was approved by the applicable Controlling
Party(ies) in accordance with Section 10.2(b), its agents’ or Affiliates’) gross negligence or willful misconduct; provided that: 
 (i) the duties and obligations of the Indenture Trustee shall be determined solely by the express provisions of this Indenture and the other Transaction Documents to which the Indenture Trustee is a party
and the Indenture Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in the Transaction Documents to which it is a party, and no implied covenants or obligations shall be read into
this Indenture or any of the other Transaction Documents against the Indenture Trustee, 
 (ii) in the absence of
gross negligence or willful misconduct on the part of the Indenture Trustee, the Indenture Trustee may conclusively rely as to the truth of the statements and the correctness of the opinions expressed in any Transaction Document and upon any
statements, certificates, reports or opinions furnished to the Indenture Trustee pursuant to any of the Transaction Documents and conforming to the requirements of the Transaction Documents (it being understood that, in the absence of gross
negligence or willful misconduct on the part of the Indenture Trustee, the Indenture Trustee need not confirm, recalculate and/or investigate the accuracy of any statements or mathematical calculations), 

(iii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by any of its Responsible
Officers unless the Indenture Trustee was grossly negligent in ascertaining the pertinent facts, nor shall the Indenture Trustee be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the
written direction of one or more 

  
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Controlling Party(ies) under, or believed by it to be authorized or permitted by, this Indenture or any of the other Transaction Documents, and shall not be liable for accepting, or acting upon,
any decision made by the Controlling Parties in accordance herewith, and 
 (iv) in no event shall the Indenture
Trustee be liable under or in connection with this Indenture for indirect, special, incidental or punitive losses or damages of any kind whatsoever, including lost profits, whether or not foreseeable, even if the Indenture Trustee has been advised
of the possibility thereof and regardless of the form of action in which such damages are sought. 
 (c) (i) The
Indenture Trustee may conclusively rely upon, and shall be protected in acting or refraining from acting upon, and shall not be bound to make any investigation into the facts or matters stated in, any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, note, guaranty or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper Person(s); provided that the Indenture Trustee may make
such further inquiry or investigation as it shall determine to be appropriate and, in connection therewith, shall be entitled (personally or by agent or attorney) to examine the books, records and premises of the SPC and/or the Servicer as provided
in Section 7.1(t) hereof and Section 2.2(d) of the Servicing Agreement (it being understood that the Indenture Trustee shall comply with relevant banking secrecy laws in performing such examination). Notwithstanding the foregoing,
the Indenture Trustee may disclose any such information discovered by it in connection with such examination (A) to any of its directors, members, officers, employees, representatives, accountants, auditors, attorneys and agents and to any of
its Affiliates, Subsidiaries and parents and any of their respective directors, members, officers, employees, representatives, accountants, auditors, attorneys and agents (collectively referred to herein as the “Indenture Trustee’s
Representatives”); (B) to any government agency with jurisdiction over the Indenture Trustee, the Indenture Trustee’s Representatives or the transaction contemplated herein; (C) to any Rating Agency; and (iv) as may be
required by law or regulation, judicial or administrative order, ruling or judgment or legal obligation to disclose (which may include, by way of example and not by way of limitation, any discovery or disclosure demands or requirements issued or
arising in any judicial or administrative investigation or proceeding). 
 (ii) Except as provided in
Section 2.7(b), the Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or any of the other Transaction Documents at the request, order or direction of any Controlling Party(ies)
unless such Controlling Party(ies) shall have furnished to (or caused to be furnished to) the Indenture Trustee reasonable security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities, including attorneys’
fees and expenses, that might be incurred by the Indenture Trustee therein or thereby. 

  
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 (iii) Except as otherwise provided in this Indenture, nothing in this
Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such risk or liability is payable to it but not reasonably assured to it. 
 (iv) As a condition to the taking of or omitting to take any action by it hereunder, the Indenture Trustee may consult with counsel or other experts of its selection and the advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection in respect of any action reasonably taken or omitted by it hereunder in good faith and in reliance thereon. 

(v) For all purposes under this Indenture, the Indenture Trustee shall not be deemed to have notice or knowledge of any
Early Amortization Event or Default unless a Responsible Officer has Actual Knowledge thereof or unless written notice thereof is received by the Indenture Trustee at the Corporate Trust Office; provided that the Indenture Trustee shall be
deemed to have notice of the failure of any Person to deliver funds, reports or certificates to the Indenture Trustee when scheduled to be delivered to the Indenture Trustee under the Transaction Documents to which it is a party (or a third-party
beneficiary or a pledgee). 
 (vi) Any request or direction of an Investor, an Enhancer, the SPC, the Bank, the
Servicer or any other Person to the Indenture Trustee shall be sufficiently evidenced by a written request or order signed in the name of such Person by an Authorized Officer of such Person. Any resolution adopted by any such Person in connection
with such a request or direction shall be sufficiently evidenced by a copy of such resolution certified by the secretary or an assistant secretary (or similar officer) of such Person to have been duly adopted and to be in full force and effect.

 (vii) Wherever in the administration of this Indenture and/or any Indenture Supplement the Indenture Trustee
shall reasonably deem it desirable that a matter be proved or established before taking, suffering or omitting to take any action hereunder, the Indenture Trustee (unless other evidence is specifically prescribed) may, in the absence of gross
negligence or willful misconduct on its part, rely upon an Officers’ Certificate of the applicable Person. 
 (d) Whether
or not expressly so provided, every provision of this Indenture and the other Transaction Documents relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to this Section. 

  
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 SECTION 10.2 Indenture Trustee not Liable for Collateral; Performance of Indenture
Trustee’s Duties. (a) Neither the Indenture Trustee nor its agents shall be liable to any person for any delay in or failure of the payment under any of the Collateral or for any nonperformance or default on the part of any party
(other than the Indenture Trustee and its agents) under the Transaction Documents. The Indenture Trustee makes no representation or warranty, express or implied, as to the existence, sufficiency, title, value, condition or collectibility of the
Collateral or the validity, sufficiency, perfection, priority or enforceability of any interest therein or in any amounts or investments standing from time to time to the credit of any of the Trust Accounts (or in or with respect to any earnings
thereon) or in respect of any of the Transaction Documents, whether implied or by reason of any action or omission to act on its part hereunder. 
 (b) The Indenture Trustee may, in the execution and exercise of all or any of the trusts, powers, authorities and discretions vested in it by the Transaction Documents, act by Responsible Officer(s) of
the Indenture Trustee (or duly-authorized officers of its Affiliates), and the Indenture Trustee may also execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, accountants,
custodians or nominees (in each case, provided that such agent, attorney, accountant, custodian or nominee (unless an Affiliate of the Indenture Trustee) shall have been approved by each Controlling Party; and provided further that
such agent, attorney, accountant, custodian or nominee shall have agreed in writing to be bound by this Indenture with respect to the activities that it has agreed to perform). The Indenture Trustee shall give prompt notice to the SPC of the
appointment (and termination thereof) of any delegate as aforesaid and shall procure that any delegate shall also give prompt notice to the SPC of any subdelegate. 
 (c) The Indenture Trustee and its Affiliates may from time to time enter into normal banking and trustee relationships with the SPC, the Bank, any Investor, any Trustee, the Servicer and their respective
Affiliates; provided that, except in a fiduciary capacity, the Indenture Trustee may not invest in any Series in its own name. 
 (d) The Indenture Trustee shall have no responsibility for preparing or filing any financing or continuation statement (or other instrument or document) in any public office at any time or to reflect the
Sale of the Purchased Diversified Payment Rights to the SPC or the ownership interest of the SPC therein or otherwise to perfect or maintain the perfection of any security interest or Lien granted to it hereunder, nor shall the Indenture Trustee
have any responsibility to prepare or file any United States Securities and Exchange Commission filing with respect to any Series or to record this Indenture or any other Transaction Document. The Indenture Trustee nevertheless agrees that it shall:
(i) sign any instrument or document provided to it that it reasonably believes is necessary or desirable to accomplish any such results and (ii) at its own cost and expense, promptly take all action as may be necessary to discharge any
Liens on any part of the Collateral that result from actions by, or claims against, the Indenture Trustee (including in its individual capacity) that are not related to the ownership or the administration of the Collateral for the purposes hereof.

  
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 (e) The Indenture Trustee shall not be required to provide, on its own behalf, any surety,
bond or other kind of security in connection with the execution of any of its trusts or powers under this Indenture, any applicable Indenture Supplement or any other Transaction Document or the performance of its duties hereunder or thereunder.

 (f) The recitals contained herein, in any Indenture Supplement or in the Notes, except the Indenture Trustee’s
certificates of authentication and the representations contained in Section 10.10, shall not be taken as the statements of the Indenture Trustee, and the Indenture Trustee assumes no responsibility for their correctness. Subject to
Section 10.10, the Indenture Trustee makes no representations as to the validity or sufficiency of this Indenture, any Indenture Supplement or the Notes, except that the Indenture Trustee hereby represents and warrants that each Indenture
Supplement shall be executed on behalf of the Indenture Trustee and each Note shall be authenticated and delivered by such of its officers who are duly authorized to execute, authenticate and deliver such Indenture Supplement or Note, as the case
may be, on the Indenture Trustee’s behalf. 
 (g) The Indenture Trustee shall not be accountable for the use or application
by the SPC, the Bank, the Servicer or any other Person (except itself) of the Notes or the proceeds thereof, nor shall the Indenture Trustee be accountable for the use or application by any Person (except itself) of any payments or other amounts
collected in respect of the Collateral, whether now or hereafter owned by or required to be transferred to the SPC. In addition, the Indenture Trustee shall not be accountable for the use or application by any such Person of any funds deposited in
or withdrawn from any Trust Account or other account or required to be so deposited or withdrawn, other than any funds held by or on behalf of the Indenture Trustee and over which the Indenture Trustee has exclusive dominion and control.
Furthermore, the Indenture Trustee shall not be accountable for the use or application of any securities or other property or the proceeds thereof that shall be released from the Lien of the Transaction Documents and be used by the SPC, the Bank,
the Servicer or any other Person (except itself) other than in accordance with the Transaction Documents. 
 (h) No provision of
this Indenture or any other Transaction Document shall be deemed to impose any duty or obligation on the Indenture Trustee to take or omit to take any action, or suffer any action to be taken or omitted, in the performance of its duties or
obligations under the Transaction Documents, or to exercise any right or power thereunder, to the extent that taking or omitting to take such action or suffering such action to be taken or omitted would violate Applicable Law binding upon it.

 (i) The rights, privileges, protections, immunities and benefits provided to the Indenture Trustee hereunder (including its
right to be indemnified) are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder and to each of its agents, custodians and other Persons duly employed by the Indenture Trustee hereunder. 

  
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 SECTION 10.3 Resignation and Removal; Appointment of Successor Indenture Trustee;
Eligibility. (a) The Indenture Trustee may resign and be discharged of the trust created by this Indenture at any time by giving written notice to the Bank (and, if the Bank is not the Servicer, the Servicer), the SPC, the Noteholders, each
Enhancer (if any) and each Rating Agency, and such resignation shall take effect upon receipt by the Indenture Trustee of an instrument of acceptance of appointment executed by a successor trustee as provided in Section 10.4. 

(b) The Indenture Trustee may be removed as trustee at any time, with or without cause, upon written notice by Controlling Parties,
subject to Section 11.10, representing Series with an aggregate Outstanding Series Balance of more than 50% of the aggregate Outstanding Series Balances of all Series (the “Majority Controlling Parties”) delivered to the
Indenture Trustee, the Bank (and, if the Bank is not the Servicer, the Servicer) and the SPC, and (unless such notice provides otherwise) such removal shall take effect upon receipt by the Indenture Trustee of an instrument of acceptance of
appointment executed by a successor trustee as provided in Section 10.4. 
 (c) If at any time any of the following occurs:

 (i) the Indenture Trustee ceases to be eligible to act as the Indenture Trustee in accordance with subsection
(f) and fails to resign after written request for such resignation by the SPC or any Controlling Party; or 

(ii) the Indenture Trustee becomes incapable of acting, or (in its individual capacity) shall be adjudged a bankrupt or
insolvent or a receiver or liquidator of the Indenture Trustee (in its individual capacity) or of its property shall be appointed, or any public officer takes charge or control of the Indenture Trustee (in its individual capacity) or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation, 
 then the SPC or the Majority Controlling Parties may remove the
Indenture Trustee and appoint a successor Indenture Trustee meeting such eligibility requirements by notifying the Indenture Trustee in writing (with a copy to the SPC, the Bank (and, if the Bank is not the Servicer, the Servicer), the Rating
Agencies and such successor Indenture Trustee). 
 (d) If at any time the Indenture Trustee shall resign or be removed or
otherwise become incapable of acting as trustee hereunder, or if at any time a vacancy shall occur in the office of the Indenture Trustee for any other cause, then the SPC may appoint a qualified successor trustee. If no such successor trustee is
appointed by the SPC within 30 days after the Indenture Trustee’s delivery of written notice of resignation or upon such removal or vacancy, then the SPC, the Indenture Trustee or any Controlling Party may request a court to make such
appointment. 
 (e) Notwithstanding anything herein to the contrary, and unless the applicable Indenture Supplement provides
otherwise, if the Indenture Trustee is removed by the Majority Controlling Parties or the SPC as provided in subsections (b) and (c), and if any Trustee is an Affiliate of the Indenture Trustee, then such Trustee shall also be removed in
accordance with the applicable Trust Agreement; provided that no such removal shall take effect without the other such removal taking effect simultaneously. 

  
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 (f) Any Indenture Trustee (but not any co-trustee or separate trustee appointed pursuant to
Section 10.9), however appointed, shall be a corporation that (i) is organized and doing business under the laws of the United States or of any state or territory of the United States or of the District of Columbia that is authorized under
such laws to exercise corporate trust powers and is subject to supervision or examination by federal, state, territorial or District of Columbia authority, (ii) has a combined capital and surplus of at least $100,000,000 and (iii) has its
corporate trust office or principal office in New York City, or any other major city in the United States that is acceptable to the SPC. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of
a supervising or examining state or Federal authority, then for the purposes of this Section 10.3, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Indenture Trustee ceases to be eligible in accordance with this Section to act as trustee, then the Indenture Trustee shall resign immediately as Indenture Trustee as specified in subsection
(a) or may be removed as specified in subsection (c). Any newly-appointed Indenture Trustee shall give notice of its appointment to each Rating Agency. 
 SECTION 10.4 Acceptance of Appointment by Successor Indenture Trustee. (a) Any successor trustee appointed as provided in Section 10.3 shall execute, acknowledge and deliver to the
Noteholders, the SPC and to its predecessor trustee an instrument accepting such appointment hereunder, and, subject to Section 10.3, thereupon the resignation or removal of the predecessor Indenture Trustee shall become effective and such
successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Indenture Trustee herein;
provided that at the written direction of a Controlling Party or written request of the successor trustee, the Indenture Trustee ceasing to act shall execute and deliver an instrument transferring to such successor Indenture Trustee all the
rights and powers of the Indenture Trustee so ceasing to act. Upon written request of any such successor Indenture Trustee, the Noteholders and the SPC shall execute any and all instruments in writing for fully and certainly vesting in and
confirming to such successor Indenture Trustee all such rights and powers. Any predecessor Indenture Trustee shall nevertheless retain the right and priority under Article IV to be paid any amounts then due it pursuant to this Indenture and that
remain unpaid. 
 (b) No successor Indenture Trustee shall accept appointment as provided in this Section unless at the
time of such acceptance such successor Indenture Trustee shall be eligible to act as the Indenture Trustee under Section 10.3(f). 
 (c) Upon acceptance of appointment by a successor trustee as provided in this Section, the successor trustee shall notify each Noteholder of such 

  
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appointment by first-class mail at its last addresses as shall appear in the Register, and shall mail a copy of such notice to the SPC and the Bank (and, if the Bank is not the Servicer, the
Servicer). If the acceptance of appointment is substantially contemporaneous with the resignation of the previous Indenture Trustee, then the notice called for by the preceding sentence may be combined with the notice called for by
Section 10.3. 
 SECTION 10.5 Certain Procedural Matters. The Indenture Trustee, in its own name and as trustee
of an express trust, at the written direction of each Controlling Party (or, with respect to any Series, the Controlling Party of such Series), shall be entitled and empowered to (a) institute any action or proceeding at law or in equity for
the collection of any amounts due and unpaid or the enforcement of any other rights of the Secured Parties, (b) prosecute any such action or proceeding to judgment or final decree and (c) enforce any such judgment or final decree against
the SPC, the Bank or the Servicer and collect in the manner provided by Applicable Law the monies adjudged or decreed to be payable. 
 SECTION 10.6 Indenture Trustee Fees and Expenses. (a) The SPC covenants and agrees to pay to the Indenture Trustee from time to time, and the Indenture Trustee shall be entitled to,
compensation as agreed between the SPC and the Indenture Trustee from time to time (which compensation shall not be limited by any provision of Applicable Law in regard to the compensation of a trustee of an express trust). In addition, the
Indenture Trustee shall be entitled to additional compensation from the SPC for (to the extent duly documented): 

(i) costs incurred for collection and administration of any assets not held directly with the Indenture Trustee and for
distributing assets; 
 (ii) performing any additional or extraordinary services requested by the SPC, the Bank,
the Servicer, the Investors, the Enhancers, the Rating Agencies or any representative of the foregoing; and 

(iii) preparing and filing any report, return or other document, not otherwise routinely prepared by the Indenture
Trustee, that may be required with respect to the trust created hereunder. 
 (b) The SPC covenants and agrees to pay or
reimburse the Indenture Trustee and each predecessor Indenture Trustee, upon its request, for all duly documented expenses, disbursements and advances reasonably incurred or made by or on behalf of it in accordance with this Indenture or the other
Transaction Documents (including the reasonable compensation of, documented expenses of and disbursements by its counsel and of all agents and other Persons not regularly in its employ), except any such expense, disbursement or advance as may arise
from its own (or its agents’) gross negligence or willful misconduct or as may be incurred due to the Indenture Trustee’s breach of its representations and warranties set forth in Section 10.10. 

  
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 (c) The SPC shall indemnify each of the Indenture Trustee and any predecessor Indenture
Trustee and their agents for, and shall hold them harmless against, any and all loss, damage, claim, liability or expense, including taxes (other than taxes based upon, measured by or determined by the income of such Person), arising out of or in
connection with the acceptance or administration of the trust hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder,
except to the extent that such loss, damage, claim, liability or expense is due to its own (or its agents’) gross negligence or willful misconduct. 
 (d) All payments, reimbursements and indemnities under subsections (a), (b) and (c) shall be made as provided in Section 4.2. 

(e) When the Indenture Trustee incurs expenses or renders services in connection with any Early Amortization Event or Default, the
expenses (including the reasonable compensation of, duly documented expenses of and disbursements by its counsel) and the compensation for its services are intended to constitute expenses of administration under any applicable United States federal
or state or non-U.S. bankruptcy, insolvency or other similar law. 
 (f) The provisions of this Section shall survive the
satisfaction, discharge or termination of this Indenture and the resignation or removal of the Indenture Trustee. 

SECTION 10.7 Documents Furnished to the Noteholders. (a) Subject to Section 2.9, promptly upon its receipt thereof,
the Indenture Trustee shall furnish to each Noteholder (and each Note Owner who so requests in accordance with this paragraph, including any Trustee), each Enhancer and each Rating Agency in the manner provided in Section 12.9 a copy of any
certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal or other paper or document it receives from the SPC, the Bank or the Servicer pursuant to this Indenture or any other Transaction Document to
be furnished to the Indenture Trustee. Upon the Indenture Trustee’s receipt from any Note Owner of a written request containing (i) a certificate that such Person is a Note Owner and (ii) an address for delivery, the Indenture Trustee
shall, until the Indenture Trustee receives notice or determines that such Person is no longer a Note Owner (which notice each such Person shall promptly provide to the Indenture Trustee), deliver to such Note Owner a copy of any such certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal or other paper or document promptly after its receipt thereof. 
 (b) As promptly as practicable after, and in any event within five Business Days after, the receipt by the Indenture Trustee of notice or Actual Knowledge by any of its Responsible Officers of any Early
Amortization Event or Default (or an event that would be an Early Amortization Event or Default with the expiration of any applicable grace period, giving of notice or both) with respect to any Series, the Indenture Trustee shall promptly notify the
Noteholders (including each Note Owner and any Trustee), each Enhancer (if any) thereof and each Rating Agency rating such Series. 

  
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 SECTION 10.8 Provisions Relating to the Collateral. 

(a) Proceedings Against Collateral. In addition to the actions provided herein, in the event of any Early Amortization Period the
Indenture Trustee may, at the direction of each Controlling Party (or, with respect to any Series, the Controlling Party of such Series) (i) institute proceedings to seek or enforce any remedy to protect and enforce any of its rights or powers
with respect to the Collateral and (ii) take any other action of a secured party available under Applicable Law. 
 (b)
Indenture Trustee’s Actions in Event of Proceedings. At any time that the Indenture Trustee is entitled to institute proceedings to enforce this Indenture, an Indenture Supplement and/or any Note, the following shall be applicable:

 (i) the Indenture Trustee in its own name, and as trustee of an express trust, shall be entitled and empowered
to institute any suits, actions or proceedings at law, in equity or otherwise to recover judgment against the SPC on this Indenture, any Indenture Supplement and/or the Notes or against any other party to any Subject Contract for the whole amount
due and unpaid thereunder and may prosecute any such claims or proceedings to judgment or final decree against the SPC or such other party and collect the monies adjudged or decreed to be payable in any manner provided by Applicable Law, whether
before, after or during the pendency of any proceedings for the enforcement of the Lien of this Indenture or of the Subject Contracts, or of any of the Indenture Trustee’s rights or the rights of the Secured Parties under this Indenture, any
Indenture Supplement, any Note and/or any of the Subject Contracts, and such power of the Indenture Trustee shall not be affected by the exercise of any other right, power or remedy for the enforcement of the provisions of this Indenture, any
Indenture Supplement, any Note and/or of the Subject Contracts or for the foreclosure of the Lien hereof; 
 (ii)
except as required by Applicable Law or the terms of such judgment or final decree, no recovery of any judgment or final decree by the Indenture Trustee and no levy of any execution under any such judgment upon any of the Collateral shall in any
manner or to any extent affect the Lien of this Indenture upon any of the Collateral, or any rights, powers or remedies of the Indenture Trustee, but all such Liens, rights, powers and remedies shall continue unimpaired as before; 

(iii) the Indenture Trustee in its own name, or as trustee of an express trust, as the case may be, shall be entitled and
empowered to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee and the Secured Parties allowed in any receivership, insolvency, bankruptcy, intervention,
moratorium, liquidation, readjustment, reorganization, liquidation, supervision of payments or any other judicial or other proceedings relative to the SPC, the creditors of the SPC or any 

  
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other party to any Subject Contract, and any receiver, assignee, trustee, liquidator or sequestrator (or other similar official) in any such judicial or other proceeding is hereby authorized to
make such payments to the Indenture Trustee (or, in the event that the Indenture Trustee shall consent to the making of such payments, directly to the applicable Secured Parties) and to pay to the Indenture Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel; nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or accept or adopt on behalf of
any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder, or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding;

 (iv) all rights of action and of asserting claims under this Indenture, any Indenture Supplement, any Note
and/or any of the Subject Contracts enforceable by the Indenture Trustee may be enforceable by the Indenture Trustee to the extent permitted by Applicable Law without possession of any of such documents or the production thereof at the trial or
other proceedings relative thereto; 
 (v) in case the Indenture Trustee shall have proceeded to enforce any
right under this Indenture, any Indenture Supplement, any Note and/or any of the Subject Contracts by suit, foreclosure or otherwise and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined
adversely to the Indenture Trustee, then in every such case the SPC, the Secured Parties, the Indenture Trustee and the other parties to the Subject Contracts shall, to the extent permitted by Applicable Law, be restored without further act to their
respective former positions and rights hereunder, and all rights, remedies and powers of the Indenture Trustee and the Secured Parties shall continue as though no such proceedings had been taken, except to the extent determined in litigation
adversely to the Indenture Trustee and/or the Secured Parties; and 
 (vi) the Indenture Trustee and the Secured
Parties shall incur no liability as a result of the sale of the Collateral, or any part thereof, at any private sale conducted in a commercially reasonable manner. 
 (c) Waiver of Appraisement, Valuation, Stay and Right to Marshaling. To the extent it may do so under Applicable Law, the SPC for itself and for any Person who may claim through or under it hereby:

 (i) agrees that neither it nor any such Person shall plead, claim or in any manner whatsoever take advantage
of any appraisement, valuation, stay, extension or redemption laws, now or hereafter in force in any jurisdiction, that may delay, prevent or otherwise hinder (A) the performance, enforcement or foreclosure of this Indenture or any of the other
Transaction Documents or (B) the sale or other enforcement of the Collateral as provided herein; 

  
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 (ii) waives all benefit or advantage of any such laws; 

(iii) waives and releases all rights to have the Collateral marshalled upon any foreclosure, sale or other enforcement of
this Indenture or any of the other Transaction Documents; and 
 (iv) consents and agrees that all the Collateral
may be sold by the Indenture Trustee either as an entirety or in any number and size of parts. 
 (d) Remedies Cumulative;
Delay or Omission Not a Waiver. To the extent permitted by Applicable Law, every remedy given hereunder to the Indenture Trustee or to the Secured Parties shall not be exclusive of any other remedy or remedies, and every such remedy shall be
cumulative and in addition to every other remedy given hereunder or now or hereafter given by Applicable Law. The Indenture Trustee may exercise all or any of the powers, rights or remedies given to it hereunder or that may be now or hereafter given
by Applicable Law or otherwise in its absolute discretion. No course of dealing or course of performance between the SPC and the Indenture Trustee or the Secured Parties, or any delay or omission of the Indenture Trustee or any Secured Parties
to exercise any right, remedy or power, shall impair any right, remedy or power or shall be construed to be a waiver of any right, remedy or power of the Indenture Trustee or the Secured Parties therein, and every right, remedy and power given to
the Indenture Trustee or to the Secured Parties by Article IX or this Article may, to the extent permitted by Applicable Law, be exercised from time to time and as often as may be deemed expedient by the Indenture Trustee and/or the Secured
Parties. 
 (e) Control by Controlling Parties. 

(i) Except as specifically provided in the Transaction Documents to the contrary, the consent of each Controlling Party
shall be required to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee for the benefit of the Secured Parties, or exercise any trust or power conferred on the Indenture Trustee.

 (ii) Subject to Article XI, the Controlling Party of any Series shall have the right (by notice to the
Indenture Trustee) to direct the Indenture Trustee, including through standing instructions, as to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee with respect to such Series, or exercising
any trust, right, authority or power conferred on the Indenture Trustee under the corresponding Indenture Supplement or this Indenture with respect to such Series. 

(iii) Notwithstanding subsections (i) and (ii), the Indenture Trustee has the right to decline to follow any such
direction (A) if the Indenture Trustee, being advised by counsel that is reasonably acceptable to such Controlling Party(ies), determines that the action or proceeding so directed may not lawfully be taken, (B) if the Indenture Trustee in
good faith by its board of directors, the executive committee or a trust committee of directors or Responsible Officers 

  
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determines that the action or proceeding so directed would involve the Indenture Trustee in personal liability, or (C) if the Indenture Trustee in good faith so determines that the actions
or forbearances specified in or pursuant to such direction would likely be unduly prejudicial to the interests of the Investor(s) and Enhancer(s) (if any) of the applicable Series not joining in the giving of said direction; it being
understood that the Indenture Trustee shall have no duty to ascertain whether or not such actions or forbearances are or would be unduly prejudicial to such Investor(s) and Enhancer(s) (if any); and provided further that nothing in this
Indenture or any Indenture Supplement shall impair the right of the Indenture Trustee to take any action deemed proper by the Indenture Trustee and that is not inconsistent with such direction. 

(iv) Whenever the Indenture Trustee is required to decide between alternative courses of action permitted or required by
this Indenture or under any other Transaction Document, the Indenture Trustee may promptly give notice (in such form as shall be appropriate under the circumstances) to the Noteholder(s) and Enhancer(s) (if any) of the applicable Series requesting
instruction as to the course of action to be adopted, and to the extent the Indenture Trustee acts in good faith in accordance with any written instruction of the Controlling Party(ies) of such Series, the Indenture Trustee shall not be liable on
account of such action to any Person. If the Indenture Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as may reasonably be specified in such notice), it shall take or
refrain from taking such action not inconsistent with this Indenture or the other Transaction Documents as it shall deem to be in the best interest of the Investor(s) and Enhancer(s) (if any) of such Series, and, in the absence of its (or its
agents’) gross negligence or willful misconduct, shall have no liability to any Person for such action or inaction. 
 (v) If the Indenture Trustee is unsure as to the application of any provision of this Indenture or any other Transaction Document or any such provision is ambiguous as to its application or is, or appears
to be, in conflict with any other applicable provisions or in the event that this Indenture or any other Transaction Document permits any determination by the Indenture Trustee or is silent or is incomplete as to the action that the Indenture
Trustee is required to take with respect to a particular set of facts, then the Indenture Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Noteholder(s) and Enhancer(s) (if any) of the applicable Series
requesting instruction and, to the extent the Indenture Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Controlling Party(ies) of such Series, the Indenture Trustee shall not be liable on account
of such action or inaction to any Person. If the Indenture Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as may reasonably be specified in such notice), it shall take or
refrain from taking such action not inconsistent with this Indenture or the other Transaction Documents as it shall deem to be in the best interests of the Investor(s) and Enhancer(s) (if any), and, in the absence of its (or its agents’) gross
negligence or willful misconduct, shall have no liability to any Person for such action or inaction. 

  
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 (f) Certain Actions after Government Intervention. Without limiting any of the
rights, remedies or obligations of the Indenture Trustee and the Secured Parties set forth herein, if any Governmental Authority of Jamaica shall intervene in the business of the Bank, the Servicer and/or the SPC in such a manner as to deprive the
SPC and/or the Indenture Trustee of the Collections in respect of the Purchased Diversified Payment Rights, then the SPC shall immediately notify the Indenture Trustee and, upon receipt of such notice or upon the Indenture Trustee’s obtaining
Actual Knowledge thereof or notice thereof from any Secured Party, the Indenture Trustee may take all actions it shall deem necessary or advisable to protect the interests of the SPC and/or the Indenture Trustee, for the benefit of the Secured
Parties, in the Collateral, including as described in subsection (g). 
 (g) Notice to Non-Designated Depositary Banks.
If the Indenture Trustee becomes aware that any Person is receiving Collections in respect of Purchased Diversified Payment Rights for any reason, including as a result of governmental intervention, in contravention of the Transaction Documents,
then the Indenture Trustee shall notify such Person (by delivering a notice in substantially the form of Exhibit A with copies to be sent to the Bank and the Servicer, if the Bank is no longer the Servicer) of the SPC’s and the
Indenture Trustee’s interest in such Purchased Diversified Payment Rights (including the related Collections) under the Transaction Documents and direct such Person to deliver the Collections on such Purchased Diversified Payment Rights to the
Indenture Trustee. 
 (h) Limitation on Suits. The Secured Parties (other than the Indenture Trustee) shall not have any
right to institute any proceeding, judicial or otherwise, with respect to this Indenture or any other Transaction Document for the appointment of a receiver or trustee or for any other remedy unless: 

(i) the Indenture Trustee has received the notice required pursuant to subsection (a) requesting that the Indenture
Trustee institute proceedings related to such written direction; 
 (ii) the provisions of
Section 10.1(c)(ii) hereof shall have been met; 
 (iii) the Indenture Trustee for 60 days after its receipt
of such notice, request and indemnity has failed to institute any such proceedings; and 
 (iv) no direction
inconsistent with such written request has been received by the Indenture Trustee during such 60-day period from any Controlling Party; 
 it
being understood and intended that the Secured Parties shall not have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture or any other Transaction Document to enforce any right under this Indenture
or any other Transaction Document, except in the manner herein provided. 

  
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 SECTION 10.9 Appointment of Co-Trustee or Separate Trustee.
(a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Collateral may at the time be located, the Indenture Trustee shall have the
power and may execute and deliver all instruments to appoint one or more Person(s) to act as co-trustee(s) or separate trustee(s) of all or any part of the Collateral, and to vest in such Person(s), in such capacity and for the benefit of the
Secured Parties, such title to the Collateral, or any part hereof, and subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable (it being
understood that the Indenture Trustee shall remain primarily responsible for the satisfaction of all of its obligations under the Transaction Documents). Except to the extent required by Applicable Law for the appointment of such co-trustee or
separate trustee(s) to be effective, each co-trustee or separate trustee hereunder shall not be required to meet the terms of eligibility as a successor trustee under Section 10.3. The Indenture Trustee shall notify the Bank (and, if the
Bank is not the Servicer, the Servicer), the SPC, the Noteholders and each Enhancer (if any) of any such appointment. 
 (b)
Every separate trustee and co-trustee shall, to the extent permitted by Applicable Law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate
trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any Applicable Law of any
jurisdiction in which any particular act(s) are to be performed, the Indenture Trustee shall be incompetent or unqualified to perform such act(s), in which event such rights, powers, duties and obligations (including the holding of title to the
Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

(ii) no such co-trustee or separate trustee so appointed hereunder shall be personally liable by reason of any act or
omission of any other trustee hereunder; and 
 (iii) the Indenture Trustee may at any time accept the
resignation of or, with or without cause, remove any co-trustee or separate trustee. 
 (c) Any notice, request or other writing
given to the Indenture Trustee shall be deemed to have been given to each of the then co-trustee and separate trustees as effectively as if given to each of them. Every instrument appointing any co-trustee or separate trustee shall refer to this
Indenture and the conditions of this Article. Each co-trustee and separate trustee, upon its acceptance of the trusts conferred, shall be vested 

  
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with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this
Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of or affording protection to the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

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

SECTION 10.10 Representations and Warranties of the Indenture Trustee. The Indenture Trustee hereby represents and warrants,
as of the date hereof and each Issuance Date, that: 
 (a) it is a banking corporation duly organized and validly
existing under the laws of its jurisdiction of organization and has all requisite power and authority to execute, deliver and perform its obligations under each Transaction Document to which it is a party, including the power and authority to accept
the trust created hereunder; 
 (b) each Transaction Document to which it is a party has been duly authorized by
all necessary action on its part, and neither the execution and delivery thereof, nor the consummation by it of the transactions contemplated thereby nor compliance by it with any of the terms and provisions thereof (i) requires any approval of
its shareholders, (ii) contravenes any Applicable Law, or any judgment or order of any court, binding upon it or any of its properties, (iii) contravenes or results in any breach of or constitutes any default under any Contractual
Obligation to which it is a party or by which any of its properties may be bound or affected or (iv) results in the creation of any Lien upon any of its property or revenues; 

(c) each Transaction Document to which it is a party has been duly executed and delivered by it and is the legal, valid
and binding obligation of the Indenture Trustee, enforceable against the Indenture Trustee in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity); 

  
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 (d) neither the execution nor delivery by it, either in its individual
capacity or as Indenture Trustee, as the case may be, of any Transaction Document to which it is a party, or its performance thereunder, requires the consent, approval or authorization of or the giving of notice to, the registration with or the
taking of any other action in respect of any Governmental Authority, except such as have been taken or made on or before the Closing Date (or such Issuance Date) and remain in full force and effect; and 

(e) each Note shall be authenticated and delivered by a Person who is duly authorized to authenticate and deliver such
Note on its behalf. 
 SECTION 10.11 Merger, Conversion, Consolidation and Succession. Any corporation or other
company into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any corporation or other company resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or
any corporation or other company succeeding to all or substantially all of the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee hereunder (provided that such corporation or other company shall
be otherwise qualified and eligible hereunder) without the execution or filing of any paper or any further action on the part of any of the parties hereto. If any Notes shall have been authenticated but not delivered by the Indenture Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Indenture Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Indenture Trustee had itself
authenticated such Notes. The Indenture Trustee shall promptly (but in any event no later than the New York Business Day thereof) notify the SPC, the Bank (and, if the Bank is not the Servicer, the Servicer), the Noteholders, each Enhancer (if any)
and each Rating Agency of any such merger, conversion, consolidation or succession of business. 
 SECTION 10.12 Money
Held in Trust. Money held by the Indenture Trustee hereunder or pursuant to any Indenture Supplement (including in any Trust Account) shall be held by it in trust for the applicable Secured Parties and shall be segregated from other funds. The
Indenture Trustee shall not have any personal liability for interest upon any such monies except as provided for herein or in any Indenture Supplement. 
 SECTION 10.13 No Action Except under Specified Documents or Instructions. The Indenture Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the
Collateral except: (a) in accordance with the powers granted to and the authority conferred upon the Indenture Trustee pursuant to this Indenture and any other Transaction Document and (b) in accordance with any document or instruction
delivered to the Trustee pursuant hereto. 

  
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 SECTION 10.14 Not Acting in its Individual Capacity. Except as provided in this
Article, in accepting the trusts hereby created, the entity acting as Indenture Trustee acts solely as Indenture Trustee hereunder and not in its individual capacity and, except as provided in this Article, all Persons having any claim against the
Indenture Trustee by reason of the transactions contemplated by this Indenture, any Indenture Supplement or any Note shall look only to the Collateral for payment or satisfaction thereof. 

SECTION 10.15 Maintenance of Office or Agency. (a) The SPC hereby appoints the Indenture Trustee as the initial paying
agent for the Notes. The Indenture Trustee (in its capacity as paying agent) and any co-paying agents shall be referred to herein collectively as the “Paying Agent.” 

(b) Any corporation into which any Authorized Agent (other than the Indenture Trustee, matters with respect to which are set forth in
Section 10.11) may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authorized Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of any Authorized Agent, shall be the successor of such Authorized Agent hereunder, if such successor corporation is otherwise eligible under this Section, without the execution or filing of any
paper or any further act on the part of the parties hereto or such Authorized Agent or such successor corporation. 
 (c) Any
Authorized Agent (other than the Indenture Trustee, matters with respect to which are set forth in Section 10.3(a)) may at any time resign by giving written notice of resignation to the Indenture Trustee, the SPC and the Bank (and, if the Bank
is not the Servicer, the Servicer). The SPC may, and at the request of the Indenture Trustee or the Majority Controlling Parties shall, at any time terminate the agency of any Authorized Agent (other than the Indenture Trustee, matters with respect
to which are set forth in Section 10.3) by giving written notice of termination to such Authorized Agent and to the Indenture Trustee. Upon the resignation or termination of an Authorized Agent or in case at any time any such Authorized Agent
shall cease to be eligible under this Section (when, in either case, no other Authorized Agent performing the functions of such Authorized Agent shall have been appointed by the SPC), the SPC shall promptly appoint one or more qualified successor
Authorized Agents, reasonably satisfactory to the Indenture Trustee, to perform the functions of the Authorized Agent that has resigned or whose agency has been terminated or who shall have ceased to be eligible under this Section. The SPC shall
give written notice of any such appointment made by it to the Indenture Trustee; and in each case the Indenture Trustee shall mail notice of such appointment to all applicable Noteholders as their names and addresses appear on the Register.

 (d) The SPC agrees to pay, or cause to be paid, from time to time to each Authorized Agent reasonable compensation for its
services (other than the Indenture Trustee, for whom compensation is provided otherwise) and to reimburse it for its reasonable and duly documented expenses (including the reasonable costs and expenses of counsel). All such payments and
reimbursements shall be made as provided in Section 4.2. 

  
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The SPC agrees that it will not agree to any annual payments (exclusive of cost reimbursements) to any such Authorized Agent in excess of US$2,500 without the prior written consent of the Bank
and the Indenture Trustee (acting at the direction of the Majority Controlling Parties). 
 (e) There shall at all times be
maintained by the Indenture Trustee an office or agency where Notes may be presented or surrendered for registration of transfer or for exchange and for payment thereof and where notices and demands to or upon the Indenture Trustee in respect of the
Notes, this Indenture and/or the Indenture Supplements may be served. Such office or agency shall be initially at the Corporate Trust Office. Written notice of any change of location thereof shall be given by the Indenture Trustee to the SPC, the
Bank (and, if the Bank is not the Servicer, the Servicer), the Noteholders, each Enhancer (if any) and each Rating Agency. 

SECTION 10.16 Withholding Taxes; Information Reporting. (a) The Indenture Trustee shall comply with all backup
withholding tax and information reporting requirements that it is required to comply with under Applicable Law (including the Code and the Treasury regulations issued thereunder) in respect of any payment on, or in respect of, the Notes. The
Indenture Trustee agrees that it shall act as such withholding agent and, in connection therewith, whenever any present or future taxes or similar charges are required to be withheld with respect to any amounts distributable in respect of the Notes,
that it shall withhold such amounts and timely pay the same to the appropriate authority in the name of and on behalf of the Noteholders, that it shall file any necessary withholding tax returns or statements when due and that, as promptly as
possible after the payment thereof, it shall deliver to each Noteholder appropriate documentation showing the payment thereof, together with such additional documentary evidence as such Noteholder may reasonably request from time to time. The
Indenture Trustee agrees to file any other information reports as it may be required to file with respect to taxes. For purposes of reporting on Internal Revenue Service Form 1041 (and any statement attached thereto) or any successor form thereto,
the Indenture Trustee shall separately set forth information reported with respect to the Notes. In order to comply with certification, identification, information, documentation or other reporting requirements, the Noteholders shall be required to
provide the Indenture Trustee with all reasonably requested forms (including Internal Revenue Service Forms W-8BEN, W-8IMY, W-8ECI, W-8EXP, W-9 and other applicable forms). 
 (b) Pursuant to the Origination Agreement, the Bank has agreed, except in certain circumstances, that all distributions in respect of the Notes or otherwise under the Transaction Documents, whether in
respect of interest, principal or other amounts, shall be made without deduction or withholding for any Taxes unless such Taxes are required by any taxing authority to be deducted or withheld. Further, if any such Taxes are required to be deducted
or withheld, then the Bank, subject to certain exceptions provided in the Origination Agreement, has agreed to pay for the benefit of the applicable recipients such Additional Amounts as would have been received by them had no such Taxes been
required. To the extent any such Additional Amounts are 

  
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received by the Indenture Trustee, it shall distribute such amounts to the Noteholder(s), Enhancers or other Persons entitled thereto. The Indenture Trustee shall provide copies of any
documentation relating to such amounts to the applicable recipients in accordance with Section 4.13(c) of the Origination Agreement. 
 SECTION 10.17 Force Majeure. In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused
by, directly or indirectly, forces beyond its control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of god, and interruptions, loss
or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances. 
 ARTICLE XI 

SUPPLEMENTAL INDENTURES 
 SECTION 11.1 Supplemental Indentures without Consent of the Secured Parties. The SPC, the Bank and the Indenture Trustee may from time to time and at any time without the consent of the
Noteholders, any Enhancer, any other Secured Party or any Rating Agency enter into a written Indenture Supplement for one or more of the following purposes: 
 (i) to convey, transfer, assign, mortgage or pledge any property or assets to the Indenture Trustee as additional collateral for the Secured Parties, to add to the representations and/or covenants of the
SPC for the benefit of the Secured Parties or to surrender any right or power herein conferred upon the SPC; or to add to the representations and/or covenants of the Bank or the Servicer for the benefit of the SPC or surrender for the benefit of the
SPC any right or power conferred upon the Bank or the Servicer; 
 (ii) to make such other provisions in regard
to matters or questions arising under this Indenture, the Notes or any Indenture Supplement as the SPC and the Indenture Trustee may deem necessary or desirable that shall not be inconsistent with the provisions hereof and that shall not adversely
affect the interests of any of the Secured Parties; provided that an Opinion of Counsel shall be addressed and delivered to the Indenture Trustee opining that such Indenture Supplement (i) does not adversely affect the interests of any
of the Secured Parties, (ii) will not cause any Note not to be treated as indebtedness for United States federal income tax purposes and (iii) will not increase the discretionary authority of the Indenture Trustee without the consent of
the Controlling Parties; 

  
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 (iii) to cure any ambiguity or to correct or supplement any provision
contained in this Indenture that may be defective or inconsistent with any other provision contained herein or in the Transaction Documents; provided that an Opinion of Counsel shall be addressed and delivered to the Indenture Trustee opining
that such Indenture Supplement (i) does not adversely affect the interests of any of the Secured Parties, (ii) will not cause any Note not to be treated as indebtedness for United States federal income tax purposes and (iii) will not
increase the discretionary authority of the Indenture Trustee without the consent of the Controlling Parties; and 
 (iv) to establish the terms of any Additional Series permitted to be issued under Article II; provided that no such Indenture Supplement shall alter the provisions of this Indenture (or an
Indenture Supplement) applicable to any other Note (or Series of Notes). 
 The Indenture Trustee is hereby authorized to join
in the execution of any such Indenture Supplement, to make any further appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder. A copy of
any such executed Indenture Supplement shall be promptly delivered by the Indenture Trustee to each Rating Agency and each Enhancer (if any). 
 SECTION 11.2 Supplemental Indentures with Consent of the Controlling Parties. Subject to Section 11.1, and only with the written consent of each Controlling Party, the SPC, the Bank and
the Indenture Trustee may, from time to time and at any time, enter into a written Indenture Supplement for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture, any Note (or Series
of Notes) or any Indenture Supplement or of modifying in any manner the rights of the Secured Parties in respect thereof; provided that, for any such amendments of any Note (or Series of Notes) or the Indenture Supplement relating thereto,
only the consent of the applicable Controlling Party, the SPC, the Indenture Trustee and the Bank shall be required. Upon the request of the SPC, accompanied by a copy of the Indenture Supplement and upon the filing with the Indenture Trustee of
evidence of the consent of the Controlling Parties (or Controlling Party, as applicable) required hereunder, the Indenture Trustee shall join with the SPC in the execution of such Indenture Supplement. 

Notwithstanding anything to the contrary in the preceding paragraph, no such amendment to this Indenture, any Note or any Indenture
Supplement shall, without the consent of every Noteholder (and, if applicable, Certificateholder) and each Enhancer of each Series, in each case which could reasonably be expected to be adversely affected thereby: 

(a) reduce in any manner the amount of, or alter the priority of, or delay the timing of, any distributions that are
required to be made herein on any Note (or Series of Notes) or to be paid to any Enhancer, or change any date of 

  
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payment on any Note (or Series of Notes), or change the place of payment where, or the coin or currency in which, any Note (or Series of Notes) or any payment to any Enhancer is payable, or
impair the right to institute suit for the enforcement of any such payment or distribution; 
 (b) except as
otherwise specifically provided herein, permit the disposition of the Collateral or any portion thereof; 
 (c)
reduce the percentage of the aggregate Series Balance of such Series or otherwise alter the requirements of any such amendment that is required for any such amendment, or reduce such percentage required for any waiver or instruction provided for in
this Indenture; 
 (d) modify any of Section 11.1, 11.8 or 11.10 or the provisions of this Section; or

 (e) materially increase the discretionary authority of the Indenture Trustee. 

A copy of any Indenture Supplement executed in accordance with this Section shall be promptly delivered by the Indenture Trustee to each Rating Agency.

 SECTION 11.3 Document Affecting Immunity or Indemnity. If, in the reasonable opinion of the Indenture Trustee,
any document required to be executed by it pursuant to Section 11.1 or 11.2 adversely affects any interest, right, duty, immunity or indemnity in favor of the Indenture Trustee under this Indenture or any Indenture Supplement, then the
Indenture Trustee may in its discretion decline to execute such document. 
 SECTION 11.4 Effect of Indenture
Supplements. Upon the execution of any Indenture Supplement, this Indenture, previous Indenture Supplements and the Note(s) affected thereby shall be and be deemed to be modified and amended in accordance therewith and the respective rights,
limitations of rights, obligations, duties and immunities under this Indenture of the Indenture Trustee, the SPC and the Secured Parties affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to
such modifications and amendments, and all the terms and conditions of any such Indenture Supplement shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 11.5 Documents to be Given to the Indenture Trustee. The Indenture Trustee need not execute any Indenture Supplement
unless it has received an Officer’s Certificate and Opinion of Counsel each stating that such Indenture Supplement complies with the applicable provisions of this Indenture. 

  
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 SECTION 11.6 Notation on Notes in Respect of Indenture Supplements. Notes
authenticated and delivered after the execution of any Indenture Supplement may bear a notation in form and manner approved by the SPC and the Indenture Trustee as to any matter provided for by such Indenture Supplement. If the SPC or the Indenture
Trustee shall so determine, a new Note so modified as to conform, in the opinion of the Indenture Trustee (upon advice of counsel), to any modification of this Indenture or any previous Indenture Supplement contained in any such Indenture Supplement
may (at the SPC’s expense) be prepared by the SPC, authenticated by the Indenture Trustee and delivered to the applicable Noteholder in exchange for the applicable Note then Outstanding. 

SECTION 11.7 Meetings of Noteholders. (a) A meeting of Noteholders of any Series may be held at any time and from time
to time to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by such Noteholders. The Indenture Trustee may at any time call a meeting of
the Noteholders of any Series for any such purpose to be held at such time and at such place as the Indenture Trustee shall reasonably determine. Notice of every meeting of the Noteholders, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be given by the Indenture Trustee to each applicable Noteholder not less than 30 nor more than 60 days before the date fixed for the meeting. In case at any time the SPC or
Noteholders holding at least 10% of the aggregate Outstanding Series Balance of any Series shall have requested the Indenture Trustee to call a meeting of the Noteholders of such Series for any such purpose, by written request setting forth in
reasonable detail the action proposed to be taken at such meeting, the Indenture Trustee shall call such a meeting for such purposes by giving notice thereof. 
 (b) To be entitled to vote at any meeting of Noteholders, a Person must be a Noteholder or a Person duly appointed by an instrument in writing as proxy for a Noteholder. The quorum at any meeting of any
Series called to adopt a resolution shall be Noteholders of at least a majority of the Outstanding Series Balance of that Series. Any instrument given by or on behalf of any Noteholder in connection with any consent to any modification, amendment or
waiver shall be irrevocable once given and shall be conclusive and binding on all subsequent holders of such Note. Any action taken at a duly called and held meeting of any Noteholders of any Series shall be conclusive and binding on all Noteholders
of such Series, whether or not they gave consent or were present at the meeting. The Indenture Trustee may make such reasonable and customary regulations as it shall deem advisable for any meeting of Noteholders with respect to proof of the
appointment of proxies, the record date for determining the registered Noteholders entitled to vote (which date shall be set forth in the notice of meeting), the adjournment and chairmanship of such meeting, the appointment and duties of inspectors
of such meeting, the conduct of votes, the submission and examination of proxies, certificates and other evidence of the right to vote and such other matters concerning the conduct of the meeting as it shall deem appropriate. A record of the
proceedings of each 

  
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meeting of Noteholders shall be prepared by the party calling the meeting and a copy thereof shall be delivered to the SPC and the Indenture Trustee. In connection with any voting by the
Noteholders, reference is hereby made to Section 11.10. 
 SECTION 11.8 Amendments to Transaction Documents. If
the Indenture Trustee receives a request for a consent to any amendment, modification, waiver or supplement in respect of any Transaction Document (other than this Indenture, any Indenture Supplement or any Note, amendments to each of which are
addressed in Sections 11.1 and 11.2), then the Indenture Trustee shall forthwith send a notice of such proposed amendment, modification, waiver or supplement to each affected Noteholder that is registered on the Register as of such date and
each affected Enhancer (if any). The Indenture Trustee shall request from such Noteholders and Enhancers (if any) directions as to (a) whether or not the Indenture Trustee should take or refrain from taking any action that it has the option to
take and (b) whether or not to give or execute any waivers, consents, amendments, modifications or supplements that it is entitled to give or execute. Provided that such a request for such direction shall have been made, in directing any action
or casting any such vote or giving any such consent, the Indenture Trustee shall vote in favor of such amendment, modification, waiver or supplement only with the consent of each Controlling Party (determined, with respect to any such amendment,
modification, waiver or supplement that does not affect every Series, as if such unaffected Series were not Outstanding) and otherwise shall vote against such amendment, modification, waiver or supplement. Notwithstanding the foregoing, without the
consent of every affected Enhancer and Noteholder (and, if applicable, Certificateholder) the Indenture Trustee shall not consent to any amendment, modification, waiver or supplement to any such Transaction Document that would: (i) materially
increase the discretionary authority of the Indenture Trustee, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee, and/or (ii)(A) release any of the Collateral (except as otherwise specifically provided in the Transaction
Documents) or (B) reduce in any manner the amount of, or alter the priority of, or delay the timing of, any payments that are required to be made under such Transaction Documents, change the date of any such payments, or change the place of
payment where, or the coin or currency in which, such payments are payable. In connection with any voting by the Noteholders and Certificateholders, reference is hereby made to Section 11.10. 

SECTION 11.9 Solicitation of Noteholders and Enhancers. The SPC shall, upon reasonable request from the Indenture Trustee,
provide the Indenture Trustee with sufficient information, to the extent such information is reasonably available to the SPC, sufficiently far in advance of the date a decision is required, to enable each Noteholder, Note Owner and Enhancer (if any)
to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the Transaction Documents. 

  
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 SECTION 11.10 Notes Held by the SPC, the Bank or Their Affiliates.
Notwithstanding anything herein or in the other Transaction Documents (including any Indenture Supplement relating to any Additional Series) to the contrary, should any Notes or Certificates (or beneficial interests therein) be owned by the SPC, the
Bank or any of their respective Affiliates, any vote to be taken by Investors (including any vote relating to the preceding paragraph) shall exclude from such voting the vote relating to (and principal amount of) Notes or Certificates (or beneficial
interests therein) of any such Person. In addition, while any Senior Note remains Outstanding, any vote to be taken by Investors and/or Controlling Parties shall exclude from such voting the vote relating to (and Series Balance of) any Subordinated
Note(s). 
 ARTICLE XII 
 MISCELLANEOUS 
 SECTION 12.1 Payments; Currency Indemnity.
(a) Except to the extent otherwise stated, each payment to be made hereunder, under any Indenture Supplement or on any Note shall be made on the required payment date in the applicable currency and in immediately available funds at the office
of the payee set forth in Section 12.9 or to such other office or account as may be specified by any party in a notice to the applicable sender of such payment. 
 (b) Dollars and, with respect to any Series issued in a currency other than Dollars, each such other currency (the “Applicable Currency”) are the sole currency of account and payment for
all sums payable under or in connection with this Indenture, any Indenture Supplement or any Note, including with respect to indemnities. Any amount received or recovered in a currency other than the Applicable Currency (whether as a result of, or
of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the SPC or otherwise) (such other currency, the “Judgment Currency”) in respect of any sum expressed to be due on the
Notes and under this Indenture or any Indenture Supplement shall only constitute a discharge of such obligation to the extent of the amount of the Applicable Currency that the payee of such amounts due is able to purchase with the amount so received
or recovered in the Judgment Currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). If such amount of Applicable Currency is less
than the amount expressed to be due on the Notes, under this Indenture or any applicable Indenture Supplement, then the payor shall indemnify the payee of such amounts against any loss sustained by it as a result. In any event, the payor shall
indemnify the payee of such amounts against the cost of making any such purchase. For the purposes of this paragraph, it will be sufficient for the payee of such amounts to certify in a reasonable manner (indicating the sources of information used)
that it would have suffered a loss had an actual purchase of the Applicable Currency been made with the amount so received in the Judgment Currency on the date of receipt or recovery (or, if a purchase of the Applicable Currency on such date had not
been practicable, on the first date on which it would have been practicable, it being required that the need for a change of date be certified in the manner mentioned above). These indemnities constitute a separate and independent obligation from
the other 

  
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obligations hereunder, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by such payee and shall continue in full force and effect
despite any other judgment, order, claim or proof for a liquidated amount in respect of any amount due hereunder, under any applicable Indenture Supplement or under any Note. 
 SECTION 12.2 Absolute Obligations. This Indenture shall not terminate, nor shall the obligations of the parties hereto be otherwise affected, by reason of: (a) the invalidity or
unenforceability of this Indenture or any other Transaction Document or any other agreement entered into in connection therewith, (b) any action or inaction by the SPC, the Bank or any other Person other than the Indenture Trustee taken in
accordance with the other provisions hereof, (c) the occurrence of an Early Amortization Event or any other default by any party under any Transaction Document or other document delivered in connection therewith, (d) any insolvency of or
any bankruptcy, reorganization or other proceeding affecting the Bank, the SPC or any other Person or any action that may be taken by any receiver, trustee or liquidator (or other similar official) or by any court in connection therewith or
(e) any other cause, whether similar or dissimilar to the foregoing, any present or future Applicable Law to the contrary notwithstanding, it being the intention and agreement of the parties hereto, and the basis of the bargain, that all
payment and performance obligations of the parties hereunder, under any Indenture Supplement and under any Note shall continue to apply in all events in the manner and at the times herein or therein provided unless and until such obligations shall
have been discharged pursuant to the express provisions of this Indenture, the applicable Indenture Supplement or the applicable Note. Nothing in this Section shall preclude any separate, independent claim that any Person may have for the breach of
any representation, warranty, covenant, undertaking or agreement made hereunder. 
 SECTION 12.3 Successors and
Assigns. This Indenture shall be binding upon and inure to the benefit of each party hereto and their respective successors (whether by merger, consolidation or otherwise) and assigns. The SPC agrees that it shall not assign or otherwise
transfer all or any portion of its rights hereunder or assign or delegate any of its obligations hereunder without: (a) the prior written consent of each of the Controlling Parties (both with respect to Senior Notes and Subordinated Notes) and
the Indenture Trustee and (b) the receipt by the Indenture Trustee from each Rating Agency of written confirmation that such assignment, transfer or delegation shall not result in such Rating Agency withdrawing or reducing its rating on any
Series below the lower of such Series’ current rating and initial rating from such Rating Agency. 
 SECTION 12.4
Third-Party Beneficiaries. The parties hereto hereby agree that: (a) each Secured Party shall have the rights of a third-party beneficiary of the provisions hereof with respect to its rights hereunder and, except as provided otherwise
herein, may enforce such provisions as if 

  
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such Person were party hereto, (b) each Controlling Party shall have the rights of a third-party beneficiary of the provisions hereof relating to the rights of Controlling Parties and may
enforce such provisions as if such Person were party hereto and (c) the Bank shall have the rights of a third-party beneficiary of the provisions hereof that grant certain rights to it (including Sections 4.2(e)(i), (j)(i) and (n) and
Sections 4.4(a), 7.1(m), 10.15(e), 11.1, 11.2 and 12.18) and may enforce such provisions as if it were a party hereto. 

SECTION 12.5 Governing Law. THIS INDENTURE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 12.6 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any
party, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by Applicable Law. 

SECTION 12.7 Modification of Agreement. Subject to Article XI, all modifications, consents, amendments or waivers of any
provision of this Indenture shall be effective only if the same shall be in writing between the SPC and the Indenture Trustee and then shall be effective only in the specific instance and for the specific purpose for which given. A copy of each such
modification, consent, amendment and waiver shall be provided by the SPC to each Enhancer and each Rating Agency. 

SECTION 12.8 Severability. Any provision of this Indenture, any Indenture Supplement or any Note that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or thereof, and any such prohibition or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 12.9
Notices. (a) Except as otherwise provided in any Indenture Supplement for any Note (or Series of Notes), all notices, instructions, directions, requests and 

  
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demands delivered in connection herewith shall be in English and shall be in writing (including by fax or, to any party other than the Indenture Trustee, electronic delivery) and, unless
otherwise expressly provided herein, shall be deemed to have been duly given or made when received (including by courier), addressed as follows in the case of the Indenture Trustee, the SPC and each Rating Agency: 

 

			
	If to the Indenture Trustee:	 	 The Bank of New York, as Indenture Trustee
 101 Barclay Street
 Floor 21 West
 New York, New York 10286
 Attention: Corporate Trust Administration - Global

                 Structured Finance Unit

Telephone: 212-815-5075
 Facsimile: 212-815-5915

  
 with a copy to each applicable Trustee (if any) at its address
set forth in the applicable Trust Agreement.

		
	If to the SPC:	 	 Jamaica Diversified Payment Rights Company
 c/o Maples Finance Limited
 Queensgate House

1093GT
 South Church Street

George Town
 Grand Cayman

Cayman Islands
 Attention: Guy Major

Telephone: 345-814-5818
 Facsimile:
345-945-7100
  
 with a copy to:

 
 National Commercial Bank Jamaica Limited

32 Trafalgar Road
 Kingston 10,
Jamaica
 Tel: 876-511-4315
 Fax:
876-926-3856
 Attention: Septimus Blake

  
 71 

			
	If to Moody’s:	 	 Moody’s Investors Service, Inc.
 99 Church Street
 New York, New York 10007
 Attention: Victoria Moreno
 Telephone: (212) 553-4652

Facsimile: (212) 553-4392
  
 with a copy to:
  
 Moody’s
Investors Service, Inc.
 99 Church Street
 New York, New York 10007
 Attention: Chris Corcino

Telephone: (212) 553-1441

		
	If to Fitch:	 	 Fitch, Inc.
 55 East Monroe
Street
 Chicago, Illinois 60603
 Attn:
International Structured Finance Surveillance
 Tel: (312) 606-2307
 Fax: (312) 263-1032

 (b) The SPC, the Indenture Trustee or a Rating Agency, by notice to the others, may designate additional
or different addresses for subsequent notices or communications. 
 (c) Any notice or communication required to be delivered to
any Enhancer shall be delivered to such Enhancer at its address for receipt of notices, as specified in the related Supplement 

(d) Any notice or communication to a Noteholder shall be deemed to have been duly given upon the mailing of such notice by first-class
mail to such Noteholder at its registered addresses as recorded in the Register; in each case not later than the latest date, and not earlier than the earliest date, prescribed in this Indenture for the giving of such notice. 

(e) If the SPC gives a notice or communication to any Noteholder, it shall give a copy to the Indenture Trustee at the same time.

 (f) The Indenture Trustee shall promptly furnish the SPC with a copy of any demand, notice or written communication received
by the Indenture Trustee hereunder from any Noteholder. 

  
 72 

 SECTION 12.10 Counterparts. This Indenture may be executed on any number of
separate counterparts (including by fax or electronic delivery), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 SECTION 12.11 Entire Agreement. This Indenture, including the documents referred to herein, contains the entire understanding of the parties hereto with respect to the subject matter contained
herein, and there are no promises, undertakings, representations or warranties by the parties hereto relative to the subject matter hereof not expressly set forth or referred to herein. 

SECTION 12.12 Waivers of Jury Trial. THE PARTIES HERETO (AND EACH NOTEHOLDER AND NOTE OWNER, BY ITS ACCEPTANCE OF A NOTE OR A
BENEFICIAL INTEREST THEREIN) HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS INDENTURE AND FOR ANY COUNTERCLAIM RELATING THERETO. EACH PARTY ACKNOWLEDGES THAT THE OTHER PARTIES HERETO ARE
ENTERING INTO THIS INDENTURE IN RELIANCE UPON SUCH WAIVER. 
 SECTION 12.13 Submission to Jurisdiction; Waivers.
(a) Each of the parties hereto hereby irrevocably and unconditionally submits to the jurisdiction of (i) the United States District Court for the Southern District of New York or of any New York State court (in either case sitting in
Manhattan, New York City) and (ii) the courts of its own corporate domicile, in each case with all applicable courts of appeal therefrom, with respect to actions brought against it as a defendant, for purposes of all legal proceedings arising
out of or relating to this Indenture (including any Indenture Supplement) or the transactions contemplated hereby; provided that nothing herein shall be deemed to limit the ability of any party to this Indenture to bring suit against any
other party to this Indenture in any other permissible jurisdiction. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of the venue
of any such proceeding brought in such a court, any claim that any such proceeding brought in such a court has been brought in an inconvenient forum and any objection based on place of residence or domicile. 

(b) The SPC irrevocably appoints CT Corporation, with offices on the date hereof in New York City at 111 Eighth Avenue, New York, New
York 10011, United States, as its authorized agent on which any and all legal process may be served in any such action, suit or proceeding brought in the United States District Court for the Southern District of New York or in any New York State
court (in either case sitting in Manhattan, New York City). The SPC agrees that service of process in respect of it upon such agent, together with written notice of such service sent to it in the manner provided in Section 12.9, shall be deemed
to be effective service of process upon it in any such 

  
 73 

 
action, suit or proceeding. The SPC agrees that the failure of such agent to give notice to it of any such service of process shall not impair or affect the validity of such service or any
judgment rendered in any action, suit or proceeding based thereon. If for any reason such agent shall cease to be available to act as such (including by reason of the failure of such agent to maintain an office in New York City), the SPC agrees
promptly to designate a new agent in New York City, on the terms and for the purposes of this Section. Nothing herein shall in any way be deemed to limit the ability of the Indenture Trustee to serve any such legal process in any other manner
permitted by Applicable Law or to obtain jurisdiction over the SPC or bring actions, suits or proceedings against it in such other jurisdictions, and in such manner, as may be permitted by Applicable Law. 

(c) To the extent that the SPC has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process
(whether through service of notice, attachment prior to judgment, attachment in aid of execution or execution, on the ground of sovereignty or otherwise) with respect to itself or its property, it hereby irrevocably waives, to the fullest extent
permitted by Applicable Law, such immunity in respect of its obligations hereunder. 
 (d) The SPC irrevocably waives, to the
fullest extent permitted by Applicable Law, any claim that any action or proceeding relating in any way to this Indenture (or any Indenture Supplement or Note) should be dismissed or stayed by reason, or pending the resolution, of any action or
proceeding commenced by the SPC relating in any way to this Indenture (or such Indenture Supplement or Note) whether or not commenced earlier. To the fullest extent permitted by Applicable Law, the SPC shall take all measures necessary for any such
action or proceeding to proceed to judgment before the entry of judgment in any such action or proceeding commenced by the SPC. 

SECTION 12.14 No Petition Covenant. Notwithstanding any prior termination of this Indenture, the Indenture Trustee shall not,
and each Noteholder (and Note Owner) by its acceptance of a Note (or a beneficial interest therein) agrees that it shall not, before the date that is one year and one day after all Notes (including all interest and premium, if any, thereon) shall
have been paid in full, acquiesce, petition or otherwise invoke or cause the SPC to invoke the process of any court or other Governmental Authority for the purpose of commencing or sustaining a case against the SPC under any bankruptcy, insolvency
or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the SPC or any substantial part of its property, or ordering the winding up or liquidating of the affairs of the SPC.

 SECTION 12.15 Headings and Table of Contents. Section headings and the table of contents in this Indenture have
been inserted for convenience of reference only and shall in no way restrict or otherwise modify any of the terms or provisions hereof. 

  
 74 

 SECTION 12.16 Use of English Language. All certificates, reports, notices and
other documents and communications given or delivered pursuant to this Indenture shall be in the English language or accompanied by a certified English translation thereof. 
 SECTION 12.17 Notices to Rating Agencies. (a) The Indenture Trustee shall promptly provide notice to each Rating Agency with respect to each of the following of which any of its
Responsible Officers shall have Actual Knowledge: 
 (i) any material change or amendment to this Indenture, any
Indenture Supplement or any Note(s) (or any related Certificates) for a Series that is rated by such Rating Agency; 
 (ii) the occurrence of any Early Amortization Event or Default that has not been cured for any Series that is rated by such Rating Agency; 

(iii) the resignation or termination of the Servicer and the appointment of a successor therefor; 

(iv) any change in location of the Collateral Account and/or the Series Accounts; and 

(v) the final payment with respect to any Series that is rated by such Rating Agency. 

(b) In addition to any reports required to be delivered by the Indenture Trustee pursuant to the terms hereof, the Indenture Trustee
shall provide to each Rating Agency any additional information reasonably requested by such Rating Agency that the Indenture Trustee can reasonably provide without undue burden and expense, in each case at no cost to such Rating Agency. 

SECTION 12.18 No Recourse. (a) Except as specifically provided in the Transaction Documents (including Section 4.18
and Article VII of the Origination Agreement), the SPC and the Indenture Trustee (and each Noteholder and Note Owner, by its acceptance of a Note or a beneficial interest therein) hereby agree that there shall be no recourse whatsoever to the Bank
in respect of any rights, obligations or duties established or created under this Indenture, any Indenture Supplement or any Note. 
 (b) The Indenture Trustee (and each Noteholder and Note Owner, by its acceptance of a Note or a beneficial interest therein) hereby agrees that the Notes and the SPC’s other obligations under the
Transaction Documents shall be limited recourse obligations of the SPC, with recourse being limited to the Collateral and subject to the priority of payments set forth in Section 4.2. The Notes and such other obligations shall not be
obligations or responsibilities of, or (except to the extent covered by any Enhancement) guaranteed by, any other Person. None of the officers, directors, 

  
 75 

 
shareholders or agents of the SPC, the Servicer, the Indenture Trustee, any of their respective Affiliates or any other Person shall be personally liable to make any payments of principal,
interest or any other sum now or hereafter owing under the Notes or such other obligations. The SPC will have no material assets available for payments on the Notes or such other obligations other than the assets comprised in the Collateral. After
the Collateral has been fully realized and exhausted (including all rights against the Bank in connection therewith), all sums due but still unpaid in respect of the SPC’s obligations under the Notes and the other Transaction Documents shall be
extinguished, and the Secured Parties and the Indenture Trustee shall not have the right to proceed against the SPC, the Servicer, the Indenture Trustee, any of their respective Affiliates or any of their respective officers, directors, shareholders
or agents for the satisfaction of any monetary claim or for any deficiency judgment remaining after foreclosure of any property included in the Collateral. 
 (c) Neither the Secured Parties nor the Indenture Trustee (nor any agent on their behalf) may seek to enforce rights against the SPC with respect to any Note or any other obligations of the SPC
(i) by applying to wind up the SPC or (ii) except through the Indenture Trustee, by appointing a receiver or administrator for the SPC or any of its assets. 
 [Remainder of Page Intentionally Left Blank] 

  
 76 

 IN WITNESS WHEREOF, the undersigned have caused this Indenture to be duly executed as a deed
as of the date first above written by their respective officers hereunto duly authorized. 
  

					
	JAMAICA DIVERSIFIED PAYMENT
		 		 	RIGHTS COMPANY
		
	By:	 	 /s/ Guy Major

		 		 	Name: Guy Major
		 		 	Title: Director
			
		 		 	in the presence of:
			
		 		 	 /s/ LeeAnn Christian

		 		 	Witness
	
	THE BANK OF NEW YORK, as Indenture
		 		 	Trustee
		
	By:	 	 /s/ James J. Fevola

		 		 	Name: James J. Fevola
		 		 	Title: Vice President

 EXHIBIT A 
 FORM OF NOTICE TO THIRD PARTIES 
 (pursuant to Section 10.8(g) of
the Indenture) 
 THE BANK OF NEW YORK, 

101 Barclay Street 
 Floor 21 West 

New York, New York 10286 

            , 20     

[THIRD PARTY] 
 [Address] 

 

	Re:	Jamaica Diversified Payment Rights Company 

 Ladies and Gentlemen: 
 It has come to our attention that you have been receiving
monies paid to National Commercial Bank Jamaica Limited (the “Bank”) in respect of certain payment orders received by the Bank. Please be advised that the Bank entered into a securitization (the “Securitization”)
for its payment rights in respect of certain payment orders (the “Purchased Diversified Payment Rights”) on March 22, 2006. Pursuant to the Securitization, the Bank sold all of its Purchased Diversified Payment Rights, both
existing on such date and thereafter generated through and including a future date that has not yet occurred, to Jamaica Diversified Payment Rights Company (the “SPC”). In turn, the SPC has pledged all of its rights thereunder to
the undersigned (on behalf of certain secured parties). As such, the SPC is the owner (and the undersigned is the pledgee) of the Purchased Diversified Payment Rights (including all monies collected with respect thereto). The receipt of money by you
in respect of the above-mentioned Purchased Diversified Payment Rights is in contravention of the SPC’s ownership rights, title and interest to (and the undersigned’s security interest in) the Purchased Diversified Payment Rights
(including all monies collected with respect thereto) pursuant to the Securitization and all such monies should be promptly sent by you to:
                    . 

  
 A-1

 Should you have any questions, please contact the undersigned at
(            )             -            . 

 

			
	Very truly yours,
	
	THE BANK OF NEW YORK,
		 	  as Indenture Trustee
		
	By:	 	  

		 	  Name:
		 	  Title:

  
 A-2

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