Document:

Settlement Agreement

 Exhibit 10.2 

SETTLEMENT AGREEMENT 

THIS SETTLEMENT AGREEMENT (this “Agreement”) is entered into this
21st day of June, 2010, by and among STONEMOR INDIANA
LLC, an Indiana limited liability company (“StoneMor Indiana”), STONEMOR OPERATING LLC, a Delaware limited liability company (“StoneMor Operating”) (StoneMor Indiana and StoneMor Operating
are sometimes collectively referred to herein as “StoneMor”), and STONEMOR PARTNERS, L.P., a Delaware limited partnership (“StoneMor Partners”), CHAPEL HILL ASSOCIATES, INC., a Michigan
corporation d/b/a Chapel Hill Memorial Gardens of Grand Rapids (“CH Associates”), CHAPEL HILL FUNERAL HOME, INC., an Indiana corporation (“CH Funeral Home”), COVINGTON MEMORIAL FUNERAL HOME,
INC., an Indiana corporation (“CM Funeral Home”), COVINGTON MEMORIAL GARDENS, INC., an Indiana corporation (“CM Gardens”), FOREST LAWN MEMORIAL CHAPEL INC., an Indiana corporation
(“FL Chapel”), and FOREST LAWN MEMORY GARDENS INC., an Indiana corporation (“FL Gardens”) (CH Associates, CH Funeral Home, CM Funeral Home, CM Gardens, FL Chapel and FL Gardens are sometimes
collectively referred to herein as the “Acquired Companies”), FRED W. MEYER, JR. BY JAMES R. MEYER AS SPECIAL ADMINISTRATOR TO THE ESTATE OF FRED W. MEYER, JR. (“Fred Meyer”), JAMES R.
MEYER, an adult resident of the State of Indiana (“Jim Meyer”), THOMAS E. MEYER, an adult resident of the State of Indiana (“Tom Meyer”), and NANCY J. CADE, an adult resident of the
State of Kentucky (“Nancy Cade”) (Fred Meyer, Jim Meyer, Tom Meyer and Nancy Cade are sometimes collectively referred to herein as the “Meyer Family”), and for purposes of Section 11 herein only,
F.T.J. Meyer Associates, LLC, an Indiana limited liability company (“FTJ”). 
 BACKGROUND

 A. In 2004, the Meyer Family sold to, Ansure Mortuaries of Indiana, LLC, an Indiana limited liability company
(“Ansure”), wholly-owned by Robert Nelms (“Nelms”) twelve of the Meyer Family’s fourteen companies which owned and operated funeral homes and cemeteries in Indiana, Michigan and Ohio, including
the Acquired Companies (the “2004 Stock Purchase”), pursuant to several Stock Purchase Agreements and Membership Interest Purchase Agreements, each dated November 23, 2004 by and among the Meyer Family and Ansure
Mortuaries, LLC, a New Jersey limited liability company wholly-owned by Nelms (“Ansure Mortuaries”), each of which were assigned by Ansure Mortuaries to Ansure, as of December 21, 2004 (collectively, the
“Ansure Purchase Agreements”). 
 B. Pursuant to the terms of the Ansure Purchase Agreements, Fred
Meyer, Jim Meyer, Tom Meyer and Nancy Cade each executed a separate Agreement-Not-To-Compete in favor of Ansure dated December 21, 2004 (collectively, the “Ansure Non-Compete Agreements”). 

C. In partial consideration of the 2004 Stock Purchase, Ansure delivered the following four (4) promissory notes to the Meyer
Family, each dated December 21, 2004: (i) a Promissory Note in the original principal sum of Two Million Nine Hundred Thirty-Seven Thousand Nine Hundred Sixty-One and 07/100 Dollars ($2,937,961.07) issued by Ansure in favor Fred Meyer
(“Fred’s Note”); (ii) a Promissory Note in the original principal sum of One 

 Million Three Hundred Six Thousand Eight Hundred Ninety-Six and 97/100 Dollars ($1,306,896.97) issued by
Ansure in favor of Jim Meyer (“Jim’s Note”) (iii) a Promissory Note in the original principal sum of One Million Three Hundred Six Thousand Eight Hundred Ninety-Six and 97/100 Dollars ($1,306,896.97) issued by
Ansure in favor of Tom Meyer (“Tom’s Note”); and (iv) a Promissory Note in the original principal sum of Six Hundred Seventy-Eight Thousand Four Hundred Fifty-Two and 98/100 Dollars ($678,452.98) issued by Ansure in
favor of Nancy Cade (“Nancy’s Note”). 
 D. In addition to the Meyer Family, FTJ was also a seller
party under the terms of the Ansure Purchase Agreements, and in partial consideration of the 2004 Stock Purchase, Forest Lawn Funeral Home Properties, LLC, an Indiana limited liability company (“Forest Lawn”) issued a
Promissory Note in the original principal sum of One Million One Hundred Sixty-Seven Thousand Eight Hundred Eighty-Three and 00/100 Dollars ($1,167,883.00) in favor of FTJ dated December 21, 2004 (“FTJ’s Note”)
(Fred’s Note, Jim’s Note, Tom’s Note, Nancy’s Note and FTJ’s Note collectively referred to herein as the “Ansure Notes”). 

E. As security for the Ansure Notes, Ansure delivered the following seven (7) mortgages to the Meyer Family, each dated
December 21, 2004: (i) a Real Estate Mortgage covering certain real estate located in Kent County, Michigan, executed by CH Associates in favor of the Meyer Family; (ii) a Real Estate Mortgage covering certain real estate located in
Allen County, Indiana, executed by CM Gardens in favor of the Meyer Family; (iii) a Real Estate Mortgage covering certain real estate located in Johnson County, Indiana, executed by FL Gardens in favor of the Meyer Family; (iv) a Real
Estate Mortgage covering certain real estate located in Saint Joseph County, Indiana, executed by CH Funeral Home in favor of the Meyer Family; (v) a Real Estate Mortgage covering certain real estate located in Allen County, Indiana, executed
by CM Funeral Home in favor of the Meyer Family; (vi) a Real Estate Mortgage covering certain real estate located in Saint Joseph County, Indiana, executed by Memory Gardens Management Corporation, an Indiana corporation
(“MGMC”) in favor of the Meyer Family (the Real Estate Mortgages listed as (i) through (vi) above collectively referred to as the “Meyer Family Mortgages”); and (vii) a Real Estate
Mortgage, Assignment of Rents and Fixture Filing covering certain real estate located in Johnson County, Indiana, executed by Forest Lawn in favor of FTJ (the “FTJ Mortgage” and collectively with the Meyer Family Mortgages,
the “Ansure Mortgages”). 
 F. Subsequent to the 2004 Stock Purchase, FTJ assigned all of its right,
title and interest in and to FTJ’s Note and the FTJ Mortgage to Fred Meyer, Jim Meyer, Tom Meyer and Nancy Cade, in equal parts. 

G. Subsequent to the 2004 Stock Purchase, (i) litigation ensued among the Meyer Family, Nelms, Ansure and other parties in the
matter of Fred W. Meyer, Jr., et al. v. Ansure Mortuaries of Indiana, LLC, et al., Cause No. 41C01-0801-MF-00001 (the “Receiver Action”); and (ii) Lynnette Gray was appointed as the receiver with respect to the
business of Ansure and its subsidiaries (the “Receiver”). 
 H. As part of the litigation, the Receiver,
the Meyer Family and others asserted various misappropriation and related claims against Nelms, Ansure and other parties as generally described in the Receiver Action and in the case captioned Angela K. Farno, etc. v. Ansure 

 Mortuaries of Indiana, LLC, et al., Cause No. 41C01-0910-PL-00007 as consolidated with the Receiver
Action (collectively, the “Fraud Claims”), in the Circuit Court for Johnson County, Indiana (the “Court”). 

I. The State of Indiana filed an eminent domain proceeding, captioned State of Indiana v. Lynnette Gray as Receiver for Forest Lawn
Memory Gardens, Inc. et al., Cause No. 41C01-0903-PL-00002, to condemn certain real estate located in Johnson County (the “Eminent Domain Claim”). 

J. StoneMor has agreed to purchase from Ansure, Nelms, and/or the Receiver among other things, one hundred percent (100%) of the
ownership interests in the Acquired Companies, as well as the assets (including both real and personal property) of certain other companies acquired by (or owning assets acquired by) Ansure in connection with the 2004 Stock Purchase, including
Forest Lawn and MGMC and certain other entities owned, directly or indirectly, by Nelms (the “2010 Stock Purchase”), pursuant to that certain Amended and Restated Purchase Agreement dated April 2, 2010, as amended, by
and among StoneMor Indiana, StoneMor Operating, Nelms, Ansure, various other entities related to the foregoing parties and, for limited purposes, the Receiver. 

K. In connection with the 2010 Stock Purchase, StoneMor, StoneMor Partners, the Acquired Companies and the Meyer Family desire to amend
and restate the terms and conditions of the various relationships, which will include StoneMor’s assumption, payment and discharge of a portion of Ansure’s and Forest Lawn’s obligations pursuant to the Ansure Notes and the Ansure
Non-Compete Agreements, to provide for releases, and to settle all disputes among the Meyer Family, the Acquired Companies and certain other persons and entities as further set forth herein. 

NOW, THEREFORE, in consideration of the foregoing premises and mutual agreements contained herein, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Non-Compete
Agreements. Jim Meyer, Tom Meyer and Nancy Cade hereby agree to enter into an Amended and Restated Agreement-Not-To-Compete with StoneMor in substantially the forms attached hereto as Exhibits A-1, A-2, and A-3 (individually
each a “StoneMor Non-Compete Agreement” and collectively, the “StoneMor Non-Compete Agreements”), which shall amend and restate the Ansure Non-Compete Agreements and provide the terms and
conditions under which each of Jim Meyer, Tom Meyer and Nancy Cade agree to continue to not compete with the businesses acquired by StoneMor under the 2010 Stock Purchase as provided in each StoneMor Non-Compete Agreement. The Ansure Non-Compete
Agreement by and between Ansure Mortuaries and Fred Meyer shall become null and void and of no further force or effect at the Closing. 

Under the terms of the respective StoneMor Non-Compete Agreements, and not in duplication of the amounts set forth therein, StoneMor
shall pay to members of the Meyer Family amounts pursuant to the terms set forth individually in each such StoneMor Non-Compete Agreement which in the aggregate shall amount to Two Million Three Hundred Forty- 

 One Thousand Nine Hundred Twenty Six and 00/100 Dollars ($2,341,926.00) as provided below:

 1.1. At Closing. At Closing, StoneMor shall pay to members of the Meyer Family Two Hundred Ninety
Seven Thousand Six Hundred Fifty Three and 00/100 Dollars ($297,653.00), (the “CNTC Closing Payment”). 

1.2. In Installments. StoneMor shall pay to members of the Meyer Family Two Million Forty-Four
Thousand Two Hundred Seventy-Three Dollars ($2,044,273) in quarterly installments on January 1, April 1, July 1 and October 1 of each year (the “CNTC Installment Payments”)
(“year” shall mean the four (4) calendar quarters, commencing on the first
(1st) day of the first
(1st) calendar quarter following Closing and each
such date thereafter) and as summarized, in the aggregate, below: 
 (a) Five Hundred
Eighteen Thousand Five Hundred Ten and 00/100 Dollars ($518,510.00) during the first
(1st) year, payable in three (3) quarterly
installments the first of which for One Hundred Ninety Eight Thousand Seven Hundred and 74/100 Dollars ($198,700.74) payable October 1. 2010, the second installment for One Hundred Ninety Thousand One Hundred Eighty One and 76/100 Dollars
($190,181.76) payable January 1. 2011, and the third installment of One Hundred Twenty Nine Thousand Six Hundred Twenty Seven and 50/100 ($129,627.50) payable April 1. 2011; 

(b) Six Hundred Seven Thousand Eight Hundred Five and 00/100 Dollars ($607,805.00) during the second
(2nd) year, payable in four (4) quarterly
installments of One Hundred Fifty One Thousand Nine Hundred Fifty One and 25/100 Dollars ($151,951.25) each; 

(c) Six Hundred Seven Thousand Eight Hundred Five and 00/100 Dollars ($607,805.00) during the third (3
rd) year, payable in four (4) quarterly
installments of One Hundred Fifty One Thousand Nine Hundred Fifty One and 25/100 Dollars ($151,951.25); and 

(d) Three Hundred Ten Thousand One Hundred Fifty Three and 00/100 Dollars ($310,153.00) during the
fourth (4th) year, payable in four (4) quarterly
installments of Seventy Seven Thousand Five Hundred Thirty Eight and 25/100 Dollars ($77,538.25) each. 
 By way
of reference, the CNTC Closing Payments and CNTC Installment Payments, in cash shall be made among members of the Meyer Family as set forth below: 
  

																			
	 	  	At Closing	  	1st Year	  	2nd Year	  	3rd Year	  	4th Year	  	Total
	 Jim Meyer
	  	$	145,848	  	$	247,942	  	$	291,696	  	$	291,696	  	$	145,848	  	$	1,123,030
	 Tom Meyer
	  	$	151,805	  	$	258,068	  	$	303,609	  	$	303,609	  	$	151,805	  	$	1,168,896
	 Nancy Cade
	  	 	—  	  	$	12,500	  	$	12,500	  	$	12,500	  	$	12,500	  	$	50,000
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Total
	  	$	297,653	  	$	518,510	  	$	607,805	  	$	607,805	  	$	310,153	  	$	2,341,926
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 

 2. Promissory Notes. StoneMor shall assume a portion of Ansure’s and Forest
Lawn’s obligations under the Ansure Notes for the aggregate sum of Seven Million Ninety Three Thousand Seventy Four and 00/100 Dollars ($7,093,074.00) and the remaining principal, interest and fees of the Ansure Notes is hereby forgiven by the
Meyers to the makers of the Ansure Note. With respect to such assumed portion, StoneMor shall issue, as the substitute maker for Ansure and Forest Lawn, replacement promissory notes in favor of Fred Meyer, Jim Meyer, Tom Meyer and Nancy Cade in
substantially the forms attached hereto as Exhibits B-1, B-2, B-3, B-4, (individually, each a “StoneMor Closing Note” and collectively, the “StoneMor Closing Notes”), and
Exhibits B-5 and B-6 (each a “StoneMor Installment Note” and collectively, the “StoneMor Installment Notes”; the StoneMor Closing Notes and the StoneMor Installment Notes are collectively
referred to as the “StoneMor Notes”). The StoneMor Notes shall amend, restate, supersede and replace the Ansure Notes in their respective entireties and provide for the terms and conditions set forth in each StoneMor Note
including payments of Units and cash as set forth in the aggregate and among members of the Meyer Family, below: 

2.1 Definitions. The following capitalized terms shall have the meanings ascribed to them herein. 

(a) The term “Units” shall mean unregistered common units of StoneMor Partners, with a price per
unit equal to the lesser of (i) the actual value of such publicly traded securities as of the date immediately preceding Closing, or (ii) Nineteen and 00/100 Dollars ($19.00) per common unit. 

(b) The “Meyer Extended Family” shall mean any member of the Meyer Family or any such
person’s spouse, lineal ancestors or descendants (whether natural or adopted) or any trust, limited partnership, partnership, limited liability partnership, limited liability company, corporation and/or similar entity or association of which
any Meyer Family member maintains a controlling voting interest therein or any heir of any member of the Meyer Family or any person (natural or not) taking under the terms of the estate of any member of the Meyer Family. 

2.2 Payments under the StoneMor Closing Notes. 

(a) Units at Closing. StoneMor Partners shall issue to the Meyer Family at Closing Five Million Three Hundred
Thousand and 00/100 Dollars ($5,300,000.00) of its Units, plus Fifteen Thousand (15,000) additional Units (the “Note Unit Payments”). 

(b) Cash at Closing. StoneMor shall pay members of the Meyer Family at Closing Two Hundred Two Thousand Three
Hundred Forty-Seven and 00/100 Dollars ($202,347.00) (the “Note Cash Closing Payment”). 

(c) Installment Payments. StoneMor shall pay members of the Meyer Family One Million Three Hundred Five Thousand
Seven Hundred Twenty Seven 

 and 00/100 Dollars ($1,305,727.00) (the “Note Installment
Payment(s)”) payable in quarterly installments as set forth below, on January 1, April 1, July 1 and October 1 of each year, commencing on the first
(1st) day of the first
(1st) calendar quarter following Closing: 

(i) Three Hundred Thirty One Thousand Four Hundred Ninety and 00/100 Dollars ($331,490.00) during the
first (1st) year, payable in four (4) quarterly
installments the first of which of Two Hundred and Twelve Thousand Five Hundred and 00/100 Dollars ($212,500) and the remaining three of Thirty Nine Thousand Six Hundred Sixty Three and 33/100 Dollars ($39,663.33) each; 

(ii) Three Hundred Ninety Two Thousand One Hundred Ninety five and 00/100 Dollars ($392,195.00)
during the second (2nd) year, payable in four
(4) quarterly installments of Ninety Eight Thousand Forty Eight and 75/100 Dollars ($98,048.75) each; 

(iii) Three Hundred Ninety Two Thousand One Hundred Ninety five and 00/100 Dollars ($392,195.00)
during the third (3rd) year, payable in four
(4) quarterly installments of Ninety Eight Thousand Forty Eight and 75/100 Dollars ($98,048.75) each; and 

(iv) One Hundred Eighty Nine Thousand Eight Hundred Forty Seven and 00/100 Dollars ($189,847.00)
during the fourth (4th) year, payable in four
(4) quarterly installments of Forty Seven Thousand Four Hundred Sixty One and 75/100 Dollars ($47,461.75) each. 

By way of reference, the Note Unit Payment shall be delivered to members of the Meyer Family at Closing as set forth
below: 
  

				
	 	  	Closing Delivery of
Units expressed in US
Dollars
	 Fred Meyer
	  	$	1,733,278
	 Jim Meyer
	  	$	1,629,124
	 Tom Meyer
	  	$	1,695,656
	 Nancy Cade
	  	$	526,942
		  	 	 
	 Total
	  	$	5,585,000
		  	 	 

 By way of reference, the Note Cash Closing Payment and Note Installment
Payments, in cash shall be made among members of the Meyer Family as set forth below: 
  

																			
	 	  	At Closing	  	1st Year	  	2nd Year	  	3rd Year	  	4th Year	  	Total
	 Fred Meyer
	  	$	155,173	  	$	263,793	  	$	310,345	  	$	310,345	  	$	155,173	  	$	1,194,829
	 Jim Meyer
	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  
	 Tom Meyer
	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  
	 Nancy Cade
	  	 	47,174	  	$	67,697	  	$	81,850	  	$	81,850	  	$	34,674	  	$	313,245
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Total
	  	$	202,347	  	$	331,490	  	$	392,195	  	$	392,195	  	$	189,847	  	$	1,508,074
		  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 

 The aggregate value of all payments to the Meyer
Family, in cash or Units, described in Sections 1 and 2 are collectively referred to as the “Total Amounts Paid”. 

3. Contingent Payments. 

(a) “Respective Share” shall mean the percentage allocation of the contingent payments payable
pursuant to this Section among each member of the Meyer Family as follows: 
  

				
	 Fred Meyer
	  	31.034	% 
	 Jim Meyer
	  	29.170	% 
	 Tom Meyer
	  	30.361	% 
	 Nancy Cade
	  	9.435	% 

(b) Additional Deferred Consideration. StoneMor shall pay to each member of the Meyer Family the additional
deferred consideration, if any, computed pursuant to Exhibit A-4 (the “Additional Deferred Consideration”), to the extent required under the terms set forth on Exhibit A-4. Without derogating the legal obligations of StoneMor
in the preceding sentence, it is understood that none of the parties expects that any Additional Deferred Consideration shall actually become due under the formula set forth in Exhibit A-4 because it is expected that any payment due will be offset
by the dividends expected to be paid by StoneMor Partners. 
 (c) Payment Upon Misappropriation Claim
Recovery. StoneMor agrees to use reasonable and diligent efforts to pursue the Misappropriation Claims. To the extent any Misappropriation Claim is pursued by a trustee or other authorized representative, StoneMor shall use
reasonable efforts within its authority and power to cause (or, at a minimum, urge) such trustee or other authorized representative to engage in the reasonable and diligent pursuit of the Misappropriation Claims; provided, however, that any
such proceedings shall be under the exclusive control of StoneMor or such trustee or authorized representative and that nothing contained herein shall be deemed to obligate StoneMor or any affiliate or authorized
representative to appeal any decision of the trial court. Further, StoneMor or any persons designated by StoneMor or the Court to pursue any Misappropriation Claim shall be entitled to settle any Misappropriation Claim prior to
trial as StoneMor or such authorized representative 

 deems appropriate and/or as the Court may approve; provided, however, that StoneMor
shall prior to deciding not to appeal any decision of the trial court or settling any claim, provide advance written notice to counsel for the Meyers of its intention and consult with the Meyers’ counsel with respect to such
actions. StoneMor shall pay or cause to be paid to the Meyer Family an amount up to Two Million Three Hundred Fifty Thousand and 00/100 Dollars ($2,350,000.00)(the “Recovery Payment”), to be
calculated with reference to the Net Misappropriation Claim Proceeds and paid promptly after such proceeds are collected, whether by settlement, court judgment or otherwise; provided however, that no Recovery Payment will be made unless
and until the Misappropriation Threshold (herein defined) has been paid to StoneMor or other parties in interest prosecuting the Misappropriation Claims. If the aggregate amount paid on account of the Recovery Payment by the third anniversary of the
Closing (the “Distributed Amount”), is less than Two Million Three Hundred Fifty Thousand and 00/100 Dollars ($2,350,000.00), then StoneMor shall pay the members of the Meyer Family, in addition to the Distributed
Amount, an amount that is the lower of (i) $150,000; or (ii) the difference between the Distributed Amount and Two Million Three Hundred Fifty Thousand and 00/100 Dollars ($2,350,000.00). Nothing contained in this paragraph shall
derogate from the right of the members of the Meyer Family to receive Recovery Payments after the third anniversary of the Closing; provided that in no event will the members of the Meyer Family be entitled to receive any payment under this
Section 3(c) in excess of Two Million Three Hundred Fifty Thousand and 00/100 Dollars ($2,350,000.00). 

The “Net Misappropriation Claim Proceeds” shall mean that portion of the total of all amounts
recovered by StoneMor or other parties in interest prosecuting the Misappropriation Claims which exceeds the aggregate of (i) Three Million and 00/100 Dollars ($3,000,000.00), and (ii) reasonable fees and costs incurred in pursuing the
Misappropriation Claims, including reasonable attorneys’ (on contingency basis and/or otherwise) and experts’ fees incurred by StoneMor or other parties in interest prosecuting the Misappropriation Claims (sub-clauses (i) and
(ii) herein are together referred to as the “Misappropriation Threshold”). “Misappropriation Claims” shall mean claims that have been or may be asserted in connection with and all funds which
should have been deposited and held in the Trust Accounts pursuant to the laws of the State of Indiana, the State of Michigan or the State of Ohio and have not been so deposited or which have been deposited and have actually or constructively been
misappropriated, which shall include investments of trust funds in any manner or form contrary to applicable laws. 

If the Net Misappropriation Claim Proceeds are equal to or exceed Two Million Three Hundred Fifty Thousand and
00/100 Dollars ($2,350,000.00), then the Recovery Payment to the Meyer Family shall be Two Million Three Hundred Fifty Thousand and 00/100 Dollars ($2,350,000.00). If and to the extent the Net Misappropriation Claim Proceeds are less than
Two Million Three Hundred Fifty Thousand and 00/100 Dollars ($2,350,000.00), then the Recovery Payment shall be limited to an amount equal to the Net Misappropriation Claim Proceeds. Each member of the Meyer Family shall receive its
percentage of the Respective Share of the Recovery Payment paid under this Section. 

 (d) Allocation. The parties acknowledge that payments received under
this Section may be allocated by members of the Meyer Family as additional payments under the terms of their respective Ansure Notes 

4. Release of Security. The obligations of StoneMor and StoneMor Partners under this Agreement and the other Transaction Documents
(herein defined) shall be unsecured obligations. The Meyer Family shall release the Ansure Mortgages at Closing pursuant to mortgage release documents in substantially the forms attached hereto as Exhibit C (each a “Mortgage
Release”). 
 5. Subordination. The obligations of StoneMor, StoneMor Partners and the Acquired Companies
under this Agreement and the Transaction Documents shall be subordinate and junior to the obligations of StoneMor, StoneMor Partners and the Acquired Companies under any Senior Debt (as defined in the Subordination Agreement) to the Lenders (herein
defined). At Closing, each member of the Meyer Family shall enter into certain Subordination Agreements in substantially the forms attached hereto as Exhibits D-1, D-2, D-3, D-4, D-5, D-6, D-7, and
D-8 (each, a “Subordination Agreement”). If all or any portion of the debt to the Lenders is refinanced or replaced from time to time, then, at StoneMor’s request, the Meyer Family shall promptly enter into new
Subordination Agreements in favor of the holder(s) of such new debt on substantially the same terms as the Subordination Agreements entered into at Closing. Each member of the Meyer Family further agrees that a breach of any of the covenants
contained in this Section 5 will cause irreparable injury to StoneMor, StoneMor Partners and the Acquired Companies, that StoneMor, StoneMor Partners and the Acquired Companies have no adequate remedy at law in respect of such breach and, as a
consequence, that each and every covenant contained in this Section 5 shall be specifically enforceable against such member of the Meyer Family, and such member of the Meyer Family hereby waives and agrees not to assert any defenses against an
action for specific performance of such covenants. This Agreement, the StoneMor Non-Compete Agreement, the StoneMor Notes, the Mortgage Release and the Subordination Agreement are collectively referred to herein as the “Transaction
Documents”. 
 6. Assignment of Eminent Domain Claim. StoneMor shall provide an assignment from the Receiver
to the Meyer Family of the Eminent Domain Claim (the “Eminent Domain Assignment”) and the proceeds thereto (the “Eminent Domain Proceeds”) at or prior to Closing. The Meyer Family shall pay StoneMor
any and all actual expenses of StoneMor or any Acquired Company incurred in connection with restoring any property or repairing any damage to any property caused by any action related to any condemnation or taking performed pursuant to or in
connection with the Eminent Domain Claim; provided that such amount shall not exceed Sixty Six Thousand Five Hundred Fifty Nine and 00/100 Dollars ($66,559.00). The Eminent Domain Proceeds minus the amount payable to StoneMor pursuant to this
Section 6 shall be distributed to each member of the Meyer Family pursuant to the Respective Share allocation. The Meyer Family will be solely responsible to pursue the Eminent Domain Claim at the Meyer Family’s sole cost and expense and
neither StoneMor nor the Acquired Companies shall have any liability in connection therewith. 
 7. Assignment of Fraud
Claims. The Meyer Family shall assign to StoneMor all of the Meyer Family’s rights under the Fraud Claims (the “Fraud Claim Assignment”) and shall, promptly upon StoneMor’s request, execute any documents
requested by StoneMor to effect 

 such assignment. Without derogating from the generality of the foregoing, the Meyer Family shall, if so
requested by StoneMor, file a motion with the Court seeking to recognize StoneMor or any entity designated by StoneMor as the party in interest with respect to the Fraud Claims. 

8. Closing. The closing and consummation of this transaction (the “Closing”) shall be held simultaneously
with the closing of the 2010 Stock Purchase (the “Closing Date”). 
 9. Payments to the Meyer
Family. StoneMor shall make all payments, other than those specified as payable in Units, to the Meyer Family by wire transfer of immediately available funds to the accounts of each member of the Meyer Family pursuant to the exact wiring
instructions given by the Meyer Family prior to Closing or from time to time thereafter at least five (5) business days prior to any payment date. 

10. Health Insurance. For a period beginning on the Closing Date and ending (to be defined separately with respect to each of Tom
Meyer and Jim Meyer) on the earlier of (i) eighty-four (84) months thereafter or (ii) the first day of the month following the month in which any Insured Party (defined below) becomes eligible for Medicare insurance coverage, StoneMor
shall pay to each of Tom Meyer and Jim Meyer, in the first twelve (12) months after Closing and each 12-month period thereafter, the Insurance Payment (defined below). An “Insured Party” means Tom Meyer, Jim Meyer and
each of their respective spouses. The “Insurance Payment” means, for each of Tom Meyer and Jim Meyer during the first twelve (12) months following the Closing Date, the sum of $17,000 which shall be used for purposes of
procuring a health insurance policy of their choosing including premiums for each 12-month period (the “Premiums”) and paying any Health Savings Account deductibles for the corresponding 12-month period (the
“Deductible”), insuring each of Tom Meyer and Jim Meyer and their respective spouses (the “Health Plans”). The Insurance Payment shall be adjusted annually as necessary to reflect insurance premium
increases compared to payments made in the preceding year. The calculation of the insurance Premium and Deductible for any subsequent year shall not take into account any part of the insurance Premium and Deductible attributable to a service
included in the Health Plan in any subsequent year that was not included in the Health Plan during the first twelve (12) months after the Closing. The Insurance Payment shall be paid by StoneMor on an annual basis within thirty (30) days
of submission by each of Tom Meyer and Jim Meyer of an invoice representing the yearly Premiums and Deductible for the Health Plans. 

11. Mutual Release. The parties hereto agree that, the transactions and consideration provided herein are a full and final
settlement of all disputes among or between them. Each of the parties hereto hereby agrees that effective upon the Closing, each of the parties for itself and its heirs, personal representatives, trustees, affiliates, successors and assigns,
RELEASES AND DISCHARGES, each other party and each such party’s officers, directors, managers, members, partners, agents, personal representatives, trustees, affiliates, predecessors, past or present attorneys, fiduciaries, representatives,
heirs, successors, assigns, and affiliates from (a) any and all claims, demands, obligations, actions, causes of action, choses in action, cases, suits, debts, dues, sums of money, accounts, guarantees, bonds, covenants, contracts,
controversies, agreements, promises, variances, trespasses, injuries, harms, damages, judgments, remedies, liens and liabilities of any nature whatsoever, in law, at equity or otherwise, whether direct, indirect, derivative or otherwise whether
known or unknown (“Claims”), from the beginning of the world to and including the Closing Date, and (b) all Claims, whether accruing before or after 

 the Closing, in any way related to the operation of the Acquired Companies or any other companies
involved in the 2004 Stock Purchase to which such party may otherwise be entitled. The parties agree that the execution of this Agreement shall not constitute an admission of liability by any of the parties. StoneMor and StoneMor Partners agree and
covenant not to sue the Meyer Family or FTJ relating to their ownership or operation of the Acquired Companies or any other companies involved in the 2004 Stock Purchase. FTJ and each member of the Meyer Family hereby waives and releases StoneMor,
StoneMor Partners and the Acquired Companies from any Claim related to (i) the ownership interest of any member of the Meyer Family or any affiliate thereof of any stock, membership interests or any other right to be issued or granted stock,
membership interests, or any securities convertible into or exchangeable for any stock or membership interests of the Acquired Companies or of any other companies involved in the 2004 Stock Purchase; (ii) any interest in any of the assets of
the foregoing entities; and (iii) any rights of any such member under the terms of any document executed in connection with the 2004 Stock Purchase. FTJ and each member of the Meyer Family hereby agrees and covenants not to sue StoneMor,
StoneMor Partners, the Acquired Companies or any other companies involved in the 2004 Stock Purchase with respect to any claim it has with regard to the 2004 Stock Purchase. Nothing contained herein shall be deemed to be a release or a waiver of any
party’s rights pursuant to the Transaction Documents. 
 12. Conditions to Closing. 

12.1 Conditions to the Meyer Family Closing. The obligations of the Meyer Family to consummate the transactions
contemplated by this Agreement, are subject to the satisfaction on or before the Closing of the following conditions, any one or more of which may be waived by the unanimous consent of the members of the Meyer Family at their option: 

(a) The representations and warranties of StoneMor and contained in this Agreement shall be true and correct, both on the
date of this Agreement and at and as of the Closing; 
 (b) StoneMor and StoneMor Partners shall have discharged,
performed or complied, in all material respects, with all other covenants and agreements contemplated by this Agreement to be performed or complied with by StoneMor and StoneMor Partners at or prior to the Closing; 

(c) No law, order or judgment shall have been enacted, entered, issued or promulgated by any governmental authority,
arbitrator or mediator, which challenges, or seeks to prohibit, restrict or enjoin the consummation of the transactions contemplated hereby, nor shall there be pending or threatened, any action, suit or proceeding by or before any governmental
authority, arbitrator or mediator, challenging any of the transactions contemplated by this Agreement or seeking monetary relief by reason of the consummation of such transactions; 

(d) Releases or functionally equivalent statements from the State of Michigan, the State of Indiana (Securities Division
and the Cemetery and Funeral Board), the StoneMor designated Trusts/Escrow Accounts, Wilson St. Pierre, the 

 Farno putative class, Nelms, Deborah Johnson, Ron Robertson and each of the entities listed
on Exhibit E (the “Third Party Releases”) all in form and substance reasonably satisfactory to the Meyer Family shall have been obtained; 

(e) StoneMor and StoneMor Partners shall have delivered, or caused to be delivered, to the Meyer Family each of the
documents required by the terms of this Agreement. 
 (f) The Units shall not have been suspended, as of the
Closing Date, by the SEC or NASDAQ from trading on the NASDAQ Global Select Stock Market nor shall suspension by the SEC or NASDAQ have been threatened, as of the Closing, either (i) in writing by the SEC or NASDAQ or (ii) by StoneMor
Partners falling below the minimum listing maintenance requirements of NASDAQ. 
 12.2 Conditions to StoneMor
Closing. The obligations of StoneMor and StoneMor Partners to consummate the transactions contemplated by this Agreement, are subject to the satisfaction on or before the Closing of the following conditions, any one or more of which may be
waived by StoneMor or StoneMor Partners at their option: 
 (a) The representations and warranties of the Meyer
Family contained in this Agreement shall be true and correct, both on the date of this Agreement and at and as of the Closing; 

(b) The Meyer Family shall have discharged, performed or complied with, in all material respects, all covenants and
agreements contemplated by this Agreement to be performed or complied with by the Meyer Family at or prior to the Closing; 

(c) The Meyer Family shall have delivered, or caused to be delivered, to StoneMor each of the documents required by this
Agreement; 
 (d) No law, order or judgment shall have been enacted, entered, issued or promulgated by any
governmental authority, arbitrator or mediator, which challenges, or seeks to prohibit, restrict or enjoin the consummation of the transactions contemplated hereby, nor shall there be pending or threatened, any action, suit or proceeding by or
before any governmental authority, arbitrator or mediator, challenging any of the transactions contemplated by this Agreement or seeking monetary relief by reason of the consummation of such transactions; 

(e) StoneMor and StoneMor Partners shall have received written consents of those lenders which consent is required
pursuant to the terms of their agreements with, or the terms of any agreement or instrument binding upon, StoneMor, StoneMor Partners or any affiliate thereof (the “Lender(s)”), setting out each Lender’s consent to the
execution, delivery, and performance of this Agreement and related documents by StoneMor and StoneMor Partners (the “Lenders’ Consents”); 

 (f) The Meyer Family shall have executed and delivered releases releasing
the Receiver, Deborah Johnson, Nelms, Ron Robertson and each of the entities listed on Exhibit E (the “Released Entities”) and each such Released Entity’s personal representatives, officers, directors, trustees,
affiliates, predecessors, past or present attorneys, fiduciaries, representatives, heirs, successors, assigns, and affiliates from all Claims of any nature whatsoever from the beginning of the world to and including the Closing Date, all in form and
substance satisfactory to StoneMor and the Receiver (the “Meyer Releases”); 
 (g)
StoneMor shall have obtained approval of the Court and/or such other court(s) with jurisdiction over the transaction; 

(h) the transactions contemplated by the 2010 Purchase Agreement shall have been consummated. 

13. Documents To Be Delivered At Closing. 

13.1 Meyer Family Closing Deliveries. The obligations of StoneMor, StoneMor Partners and the Acquired Companies to
consummate the transactions contemplated by this Agreement, are conditioned upon the Meyer Family delivering to StoneMor the following executed documents or instruments at or prior to the Closing: 

(a) the StoneMor Non-Compete Agreements executed by the respective members of the Meyer Family; 

(b) the original Ansure Notes, marked “cancelled”; 

(c) the StoneMor Closing Notes (after execution by StoneMor), marked “cancelled”; 

(d) the Mortgage Releases; 

(e) the Meyer Releases; 

(f) the Fraud Claim Assignment; 

(g) the Subordination Agreements; and 

(h) such other documents as StoneMor may reasonably request. 

13.2 StoneMor Closing Deliveries. The obligations of the Meyer Family to consummate the transactions contemplated
by this Agreement, are conditioned upon StoneMor (and, in the case of clause (d) below, StoneMor Partners) delivering to the Meyer Family the following executed documents or instruments at or prior to the Closing: 

(a) the CNTC Closing Payment 

 (b) Note Cash Closing Payment; 

(c) the StoneMor Non-Compete Agreements executed by StoneMor; 

(d) the StoneMor Installment Notes; 

(e) all Units required by this Agreement; 

(f) the Eminent Domain Assignment; 

(g) the Third Party Releases; 

(h) the Lenders’ Consents; and 

(i) such other documents as the Meyer Family may reasonably request. 

14. Termination/Termination Fee. The Meyer Family shall have the option to terminate this Agreement and the transactions
contemplated herein at or prior to Closing if any of the StoneMor or StoneMor Partners warranties, representations or covenants contained in this Agreement is breached. 

StoneMor shall have the option to terminate this Agreement and the transactions contemplated herein at or prior to Closing if any of the
following shall occur: 
 (a) if for any reason whatsoever there is no closing of the 2010 Stock Purchase; or

 (b) if any of the Meyer Family’s warranties, representations or covenants contained in this Agreement are
breached. 
 In the event StoneMor elects to terminate this Agreement for any reason other than those provided in this Section,
StoneMor shall notify the Meyer Family of StoneMor’s decision in writing and StoneMor shall pay the Meyer Family a termination fee of One Hundred Thousand and 00/100 Dollars ($100,000.00) within ten (10) days of demand therefor ( the
“Termination Fee”). 
 15. Representations and Warranties of the Meyer Family. Each member of the
Meyer Family hereby represents and warrants severally, and not jointly and severally and with respect to themselves only and not as to any other member of the Meyer Family, to StoneMor as of Closing that: 

15.1 Authority. Each member of the Meyer Family is duly authorized to execute and deliver the Transaction Documents
which are to be executed by such member, and no other party is required to grant authority to each member of the Meyer Family to execute or deliver the Transaction Documents in order for the documents to be valid and binding legal obligations of
each member of the Meyer Family. 

 15.2 Documents Valid and Binding. The Transaction Documents, when
duly executed and delivered by each member of the Meyer Family, shall constitute valid and legal binding obligations of each member of the Meyer Family and shall be enforceable against each member of the Meyer Family in accordance with their
respective terms, except as enforcement may be limited by bankruptcy, or creditors’ rights generally (regardless of whether such enforcement is considered in a proceeding in equity or at law). 

15.3 Noncontravention. The Transaction Documents, when duly executed and delivered by each member of the Meyer
Family, and the performance by each member of the Meyer Family of such individual’s obligations hereunder or thereunder, shall not and will not conflict with or constitute a breach of or result in a violation of (i) any agreement or other
instrument to which any member of the Meyer Family is a party or by which each member of the Meyer Family is bound; or (ii) any order of any court of competent jurisdiction or governmental agency. The execution, delivery and performance of the
Transaction Documents by such member of the Meyer Family do not require the consent of any person or entity. 

15.4 Investment. 

(a) Each member of the Meyer Family is an “accredited investor,” as such term is defined in Rule 501(a)(1)
promulgated under the Securities Act of 1933, as amended (“1933 Act”). 
 (b) Each member
of the Meyer Family has been advised that the Units are a risky investment and that such member may lose all of such member’s investment. Each member of the Meyer Family acknowledges that such member has carefully read the Risk Factors set
forth in StoneMor Partners Annual Report on Form 10-K for the year ended December 31, 2009 (the “Annual Report”). Each member of the Meyer Family has determined that the purchase of the Units is consistent with such
member’s investment objectives. 
 (c) Each member of the Meyer Family is acquiring the Units for such
member’s own account as principal, for investment and not with a view to, or for resale in connection with, a distribution or fractionalization thereof in whole or in part, and no other person has a direct or indirect beneficial interest in the
Units. 
 (d) Each member of the Meyer Family has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of the prospective investment, and has determined that the Units are a suitable investment for such member, and that such member (i) is able to bear the substantial economic risk of the
investment (ii) can afford a complete loss of such investment and (iii) the investment is reasonable in relation to such member’s net worth and financial needs. In formulating the decision to acquire the Units, each member has relied
solely upon such member’s own advisors and such member’s own independent investigation of StoneMor Partners with respect 

 to this Section of the Agreement and the nature and effect of any investment in the Units.

 (e) Each member of the Meyer Family confirms that StoneMor Partners has made available to such member the
opportunity to ask questions of, and receive answers from StoneMor Partners concerning the terms and conditions of the Units and the nature of the business of StoneMor Partners, and to obtain additional information or documents which StoneMor
Partners possesses or can acquire without unreasonable effort or expense. 
 (f) Each member of the Meyer Family
understands that no assurances have been given about the increase in value, if any, of the Units. 
 (g) Each
member of the Meyer Family understands that the offer and sale of the Units have not been submitted to, reviewed by, nor have the merits of this investment been endorsed or approved by any state, federal, or local agency, commission, authority or
self regulatory organization. 
 (h) The Units were not offered to such member by means of any general
solicitation or general advertising by StoneMor Partners or any person acting on its behalf, including, but not limited to: (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or
broadcast over television or radio; or (ii) any seminar or meeting to which such member was invited by any general solicitation or general advertising. 

(i) Each member of the Meyer Family understands and agrees that the offering and sale of the Units are intended to be
exempt from registration under the 1933 Act and are intended to be exempt from registration and/or qualification under any applicable securities laws. Such member also understands, and agrees that because the Units have not been registered under the
1933 Act or any applicable state securities laws, and the Units shall not be offered for sale, sold, delivered after sale, pledged, hypothecated, transferred, or otherwise disposed of by such member and must be held indefinitely unless they are
subsequently registered under the 1933 Act and any applicable state securities laws or an exemption from such registration is available. Each member of the Meyer Family understands that, without derogating from the obligations set forth in
Section 17 herein (i) any exemption from the registration requirements of the 1933 Act pursuant to Rule 144 promulgated thereunder may not be available when such member wishes to sell the Units; and (ii) StoneMor Partners has not
covenanted to assure that such Rule is available for resale of the Units. As a result of the above restrictions, each member of the Meyer Family understands and agrees that the investment in the Units may not be liquid and that such member may have
to bear the economic risk of his purchase for an indefinite period of time. 
 (j) All of the written information
pertaining to each member of the Meyer Family which the member has heretofore furnished to StoneMor Partners, and all information pertaining to the member which is set forth in this Agreement, 

 is correct and complete as of the date hereof and, if there should be any material change in
such information hereafter, such member shall promptly furnish such revised or corrected information to StoneMor Partners. 

(k) Each member of the Meyer Family is a citizen of the United States and a resident of the state set forth in the
preamble of this Agreement. Such member agrees that no offer of the Units was made to such member other than at the state of such member’s residence. 

(l) Each member of the Meyer Family has adequate means of providing for such member’s current needs and possible
personal contingencies, has no need for liquidity of his or her investment in the Units, and has no reason to anticipate any change in personal circumstances, financial or otherwise, which may cause or require the sale or distribution of the Units.

 (m) Each member of the Meyer Family has not construed the contents of this Agreement (or any attachments
hereto) or any prior or subsequent communication from the StoneMor Partners or any of its directors, officers, employees, financial advisors, attorneys (including, but not limited to, the law firm of Blank Rome LLP), accountants or other agents as
investment, legal or tax advice. Such member has been advised to consult with such member’s own financial advisor, attorneys, and other professional advisors as to investment, legal, tax, or other related matters concerning the proposed
investment. Such member acknowledges that the law firm of Blank Rome LLP has acted solely as counsel for StoneMor Partners in connection with this transaction and has not acted as counsel for such member. 

(n) Each member of the Meyer Family understands, acknowledges and agrees that StoneMor Partners is relying solely upon the
representations and warranties made herein in determining to sell the Units to such member. 
 15.5 Transfer
Restrictions; Limitation on Sale. Each member of the Meyer Family understands that the sale or transfer of the Units are severely restricted and that (i) the Units have not been registered under the 1933 Act, as amended, or the laws of any
other jurisdiction. The Units cannot be offered, sold or transferred by such member unless such Units are subsequently registered under the applicable law or an exemption from registration is available. StoneMor Partners is not required to register
the Units or to make any exemption from registration available; (ii) the right to sell or transfer any of the Units will be restricted against sale or transfer in violation of applicable securities laws, and any proposed transfer will require
the delivery to StoneMor Partners of an opinion of counsel satisfactory to StoneMor Partners that registration is not required under applicable securities laws and will not violate such laws or other restrictions and requirements; and (iii) the
Units will contain a legend reciting the transfer restrictions. Each member of the Meyer Family agrees to sell or otherwise dispose of the Units in a reasonable and business-like manner so as to avoid materially affecting the public trading price of
StoneMor Partner’s common units. Each member of the Meyer Family shall be deemed to have sold his or her Units in a reasonable and business-like matter so as to 

 avoid materially affecting the public trading price of StoneMor Partner’s common units
if such sale was performed using an Approved Brokerage Firm. “Approved Brokerage Firm” shall mean any brokerage firm of Raymond James Financial, Inc., Morgan Stanley Smith Barney, LLC, Merrill Lynch & Co., Inc. or JP
Morgan Chase & Co. Each member of the Meyer Family shall provide written notice to StoneMor of his or her intention to dispose of more than 4,000 Units in any given trading day. Such notice will be provide by email to StoneMor, attn: Paul
Waimberg (pwaim@stonemor.com) or such other email address as may be designated by StoneMor in writing from time to time. 

15.6 Ownership of Acquired and other Companies. Immediately prior to the Closing of the transactions contemplated
by the 2004 Stock Purchase the Meyer Family owned 100% of the stock of the Acquired Companies, free and clear of all liens, encumbrances, claims or other rights of third parties, all of such stock has been transferred to Ansure as part of the 2004
Stock Purchase. 
 15.7 Ownership of the Ansure Notes; Valid Releases. The members of the Meyer Family own
all rights, title and interests to the Ansure Notes and to the obligations secured by the Ansure Mortgages free and clear of all liens, claims, encumbrances or other rights of any third parties. The execution and delivery of the Mortgage Releases at
the Closing will constitute a valid release and will be sufficient to have the Ansure Mortgages removed and cleared from title and to have such removal and clearance recorded in the applicable recording office. 

15.8 Compliance with the Ansure Non-Competes. Each member of the Meyer Family as to date complied in all material
respects with the terms and conditions of the Ansure Non-Compete Agreements. 
 15.9 Legal Consequences of
Representations. Each member of the Meyer Family understands the meaning and legal consequences of the foregoing representations and warranties and certifies that each of the foregoing representations and warranties is true and correct as of the
date hereof and shall survive the execution hereof and the purchase of the Units. 
 Notwithstanding anything to the contrary,
each representation and warranty of any Meyer Family member is given by each family member only with respect to themselves and not with respect to any other member of the Meyer Family or with respect to the Meyer Family as a whole.

 16. Representations and Warranties of StoneMor, StoneMor Partners and Acquired Companies. StoneMor, StoneMor Partners
and the Acquired Companies hereby represent and warrant to the Meyer Family as of Closing that: 
 16.1
Organization/Good Standing. Each of StoneMor, StoneMor Partners and the Acquired Companies is organized and existing as the type of entity and in such state as set forth on the first page of this Agreement. 

16.2 Authority. Each of StoneMor, StoneMor Partners and the Acquired Companies has all requisite authority to enter
into and perform the Transaction 

 Documents to which it is a party and has complied with all laws, rules, regulations, charter
provisions, articles, bylaws or agreements to which it is bound or may be subject. 
 16.3 Documents Valid and
Binding. The Transaction Documents, when duly executed and delivered by StoneMor, StoneMor Partners and the Acquired Companies, as the case may be shall constitute legal, valid and legal binding obligations of StoneMor, StoneMor Partners and the
Acquired Companies as applicable and shall be enforceable against such parties in accordance with their respective terms, except as enforcement may be limited by bankruptcy, or creditors’ rights generally (regardless of whether such enforcement
is considered in a proceeding in equity or at law). 
 16.4 Noncontravention. The Transaction Documents,
when duly executed and delivered by StoneMor, StoneMor Partners and the Acquired Companies, and the performance by each of StoneMor, StoneMor Partners and the Acquired Companies of such party’s obligations hereunder or thereunder, shall not and
will not conflict with or constitute a breach of or result in a violation of (i) any agreement or other instrument to which any of StoneMor, StoneMor Partners and the Acquired Companies is a party or by which any such party is bound; or
(ii) any order of any court of competent jurisdiction or governmental agency. 
 16.5 Issuance of the
Units. The issuance and delivery of the Units have been duly authorized by all necessary action on the part of StoneMor Partners. Upon issuance in accordance with the terms of this Agreement, the Units will be validly issued in accordance with
the terms of the Second Amended and Restated Limited Partnership Agreement of StoneMor Partners, L.P., as amended. Additionally, StoneMor Partners has never been an issuer subject to Rule 144(i) under the 1933 Act. 

16.6 Insolvency. Neither StoneMor nor StoneMor Partners is “insolvent” within the meaning of that term as
defined in the Federal Bankruptcy Act, as amended, and is able to pay its debts as they mature. Neither StoneMor nor StoneMor Partners is presently involved in any proceedings by or against it in any court under the Bankruptcy Act or any other
insolvency or debtor’s relief act, whether Federal or state or for the appointment of a trustee, receiver, liquidator, assignee, sequestrator or other similar official for it or for a substantial part of its property. 

16.7 Non-reliance. Neither StoneMor, StoneMor Partners nor any of their advisors (if any) have relied upon any
information distributed by any member of the Meyer Family or any verbal statements made by any member of the Meyer Family or its representatives with respect to the operation of any of the companies involved in the 2004 Stock Purchase or the 2010
Stock Purchase which is not included in this Agreement. 
 16.8 Annual Report Not Misleading. The Annual
Report does not Knowingly (i) contain any untrue statement or any material fact concerning StoneMor Partners, StoneMor Operating and their subsidiaries taken as a whole; or (ii) omit to state any material fact concerning StoneMor Partners,
StoneMor Operating and their subsidiaries taken as a whole necessary to make any statement or material fact contained therein not misleading. For purposes of this Section 16.8 “Knowingly” shall mean to the 

 actual knowledge of any of the persons identified in the Annual Report as “Directors
and Executive Officers of StoneMor GP LLC”. 
 16.9 StoneMor Operating. StoneMor Operating is the
only direct subsidiary of StoneMor Partners. 
 17. Covenants. 

17.1 Removal of Legends. The legend set forth in Section 15.5 shall be removed and StoneMor Partners shall
issue a certificate without such legend or any other legend to the holder of the applicable Units upon which it is stamped or issue to such holder by electronic delivery at the applicable balance account at the Depository Trust Company, if such
Units are either: (i) registered for resale under the 1933 Act (provided that, if the holder is selling pursuant to the effective registration statement registering the Units for resale, the holder agrees to only sell such Units during such
time that such registration statement is effective and not withdrawn or suspended, and only as permitted by such registration statement), or (ii) sold or transferred or eligible for resale without registration pursuant to Rule 144. Within
five (5) trading days following receipt of the legended certificate for such Units along with an opinion of counsel reasonably acceptable to StoneMor Partners that Rule 144 is available with respect to the transfer of such Units, StoneMor
Partners shall deliver to its transfer agent irrevocable instructions that the transfer agent shall reissue a certificate representing the applicable Units without legend or issue Units to such holder by electronic delivery at the applicable balance
account at the Depository Trust Company. Any fees with respect to the transfer agent associated with the removal of such legend shall be borne by StoneMor Partners. Nothing contained herein shall be construed as an obligation of StoneMor Partners or
StoneMor to file a registration statement pursuant to the 1933 Act with respect to the Units sold hereunder or as an indication that StoneMor intends to file such registration statement. 

17.2 Furnishing of Information. If StoneMor Partners is not required to file reports pursuant to the Securities
Exchange Act of 1934, as amended,, it will prepare and furnish to the holders of the Units and make publicly available in accordance with Rule 144(c) such information as is required for the holders to sell the Units under Rule 144. 

18. Brokerage. Each party hereto represents and warrants to the other that it has not employed or retained any broker or finder in
connection with the transaction contemplated by this Agreement and each shall defend, indemnify, and hold the other party harmless from and against all claims and actions, including legal and other expenses in connection therewith, based on any
dealing by said party with any other broker or finder. 
 19. Indemnification. 

19.1 Survival. Except as otherwise set forth in this Agreement, all warranties, representations and covenants of
the parties under the Transaction Documents shall survive Closing and be enforceable thereafter without regard to knowledge or investigation of the beneficiary of such warranty, representation or covenant. 

 19.2 Indemnification. Each party shall indemnify the other party from
any claim, liability, loss, damage, or other expense (including, without limitation, attorneys’ fees) resulting from a breach of a warranty, representation or covenant made by such party under any of the Transaction Documents. The parties’
recourse against one another in the event of a breach of any representation or warranty before or after Closing shall be such remedies as are available at law or in equity. The indemnity of each member of the Meyer Family as to any other party
herein shall be several, and not joint and several, for any breach made by that member of the Meyer Family. A breach by one member shall trigger potential liability only for the specific member of the Meyer Family party to the particular agreement
and will not result in joint and several liability to the non-breaching Meyer Family members. 
 19.3 Conduct
of Indemnification Proceedings. Promptly after receipt by any party (the “Indemnified Party”) of notice of any demand, claim or circumstances which would or might give rise to a claim or the commencement of any
action, proceeding or investigation in respect of which indemnity may be sought pursuant to this Agreement, such Indemnified Party shall promptly notify the other parties to this Agreement (the “Remaining Party”) in writing
and the Remaining Party shall assume the defense thereof, including the employment of counsel, and shall assume the payment of all fees and expenses; provided, however , that the failure of any Indemnified Party so to notify the Remaining
Party shall not relieve the Remaining Party of its obligations hereunder except to the extent that the Remaining Party is actually and materially and adversely prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall
have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (i) the Remaining Party and the Indemnified Party shall have mutually agreed to the retention of such
counsel; (ii) the Remaining Party shall have failed promptly to assume the defense of such proceeding and to employ counsel in such proceeding; or (iii) in the reasonable judgment of counsel to such Indemnified Party, representation of
both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Remaining Party shall not be liable for any settlement of any proceeding effected without its written consent, which consent
shall not be unreasonably withheld, delayed or conditioned. Without the prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld, delayed or conditioned, the Remaining Party shall not effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability arising out of such proceeding. 
 19.4 Right of Setoff. StoneMor and
StoneMor Partners may setoff any amount to which it may be entitled under this Section 19 from any member of the Meyer Family against any amount otherwise payable by StoneMor or StoneMor Partners to such member of the Meyer Family under any of
the Transaction Documents. Notwithstanding anything to the contrary contained in any of the Transaction Documents, the exercise of such right of setoff in good faith, whether or not ultimately determined to be justified, will not constitute a breach
under any of the Transaction Documents; provided, however, that if the right of setoff hereunder is exercised for an actual or alleged breach of any 

 StoneMor Non-Compete Agreement, and it is finally determined that the such breach had not
occurred, then StoneMor shall pay to the member of the Meyer Family against whom the right of setoff has been exercised, the legal fees incurred by such member of the Meyer Family in litigating that matter plus an annual interest of eighteen percent
(18%) on the amounts which have been set off. Neither the exercise not the failure to exercise such right of setoff will constitute an election of remedies or limit StoneMor or StoneMor Partners in any manner in the enforcement of any other
remedies that may be available. 
 20. Payments under the Farno Class Settlement. The Meyer
Family is a party to that certain negotiated Farno class settlement agreement (the “Farno Agreement”) currently awaiting a final approval hearing and final approval order from the Circuit Court of Johnson
County, Indiana (the “Final Order”). Upon entry of the Final Order, StoneMor shall: (a) pay or cause to be paid to the Meyer Family Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) of
the total Three Hundred Seventy-Five Thousand and 00/100 Dollars ($375,000.00) that the members of the Meyer Family are obligated to pay in class counsel fees under Section 4.5 of the
Farno Agreement; and (b) pay or cause to be paid the costs and expenses of notice addressed in Section 4.6 of the Farno Agreement. In the event the Final Order is not granted, StoneMor and
the Meyer Family shall cooperate to accomplish: (i) elimination of the Farno class claims; or (ii) a resolution reasonably equivalent to a full and complete release of the Meyer Family from the
Farno putative class. 
 21. Miscellaneous. 

21.1 Entire Agreement; Amendments, etc.; Construction. This Agreement, including all exhibits, schedules, lists and
other documents referred to herein which form a part hereof, contains the entire understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior agreements, written or verbal. This Agreement may be
amended, supplemented or waived only by a written instrument executed by StoneMor Operating on the one hand (which consent shall be binding on StoneMor, StoneMor Partners and the Acquired Companies) and each member of the Meyer Family on the other
hand or, as the case may be, their respective successors or assigns. Any condition to a party’s obligation hereunder may be waived by such party in writing. The doctrine that ambiguities are construed against the draftsperson of a document
shall not apply to this Agreement. 
 21.2 Further Action. The parties agree to perform such acts and to
prepare, execute and/or file such other documents as may be reasonably required to perform under or realize the benefits of this Agreement. 

21.3 Attorneys’ Fees. Should any effort be undertaken to enforce the terms of this Agreement, or the rights
and duties of the parties hereto, the prevailing party in such effort (whether or not litigation actually ensues) shall be entitled, in addition to such other relief as may be granted, to a reasonable sum for the prevailing party’s
attorneys’ fees, experts’ fees, costs, and expenses of litigation, including appeals. 

 21.4 No Representative or Warranties. Other than those
expressly set forth in this Agreement, the parties acknowledge that they have made no representations or warranties with respect to this Agreement. 

21.5 Non Disparagement. The members of the Meyer Family agree that they will not in any way disparage or make
negative, disparaging or derogatory comments or statements about StoneMor, StoneMor Partners and the Acquired Companies, the business of each of the foregoing entities or the transactions contemplated by the Transaction Documents. StoneMor, StoneMor
Partners and the Acquired Companies agree that they will not in any way disparage or make negative, disparaging or derogatory comments or statements about the Meyer Family, the business of each of the members of the Meyer Family as related to the
2004 Stock Purchase or the transactions contemplated by the Transaction Documents. 
 21.6 Successors and
Assigns. The terms and conditions of this Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by, the parties hereto and their executors, administrators, heirs, and their respective successors and assigns.
None of the parties hereto may assign their rights under this Agreement or delegate their duties under this Agreement without the express written consent of the other parties hereto, except that StoneMor may assign its rights under this Agreement to
an affiliate thereof or to any person or entity to which StoneMor has granted collateral to secure any Senior Debt (as defined in Section 5 herein), and that each member of the Meyer Family may unilaterally assign their individual rights to the
receipt of any of the Total Amounts Paid under this Agreement and the agreements referred to herein to any other member of the Meyer Extended Family upon not less than ten (10) business days’ prior notice to StoneMor; provided, however,
that any such assignee agrees in writing that any right of setoff StoneMor or StoneMor Partners may have against any assigning member of the Meyer Family shall remain in effect against such assignee notwithstanding such assignment. Any purported
assignment made in violation hereof shall be void. 
 21.7 Headings. The section and subsection headings
contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement or give full notice of the provisions hereof. 

21.8 Notices. Unless otherwise provided for herein, all notices and other communications required or permitted
hereunder shall be in writing and shall be deemed to have been duly given (i) when delivered, if sent by registered or certified mail (return receipt requested), (ii) when delivered, if delivered personally or (iii) on the next
business day, if sent overnight mail or overnight courier, in each case to the parties at the following addresses (or at such other address as shall be specified by like notice): 

 

			
	If to StoneMor, StoneMor Partners or the Acquired Companies:	  	 StoneMor Indiana LLC
 Attn:
Paul Waimberg
 311 Veterans Highway

Levittown, PA 19056

			
	With a copy to:	  	 Blank Rome LLP
 Attn: Frederick
D. Lipman, Esq.
 One Logan Square
 18th
and Cherry Streets
 Philadelphia, PA 19102

		
	If to Tom Meyer:	  	 Hannon Kolas & Center

Attn: Edward R. Hannon, Esq.
 9001 Wesleyan Road,
Suite 200
 Indianapolis, IN 46268

		
	If to Fred Meyer, Jim Meyer or Nancy Cade:	  	 Bingham McHale LLP
 Attn: Wayne
C. Turner, Esq.
 2700 Market Tower
 10
West Market Street
 Indianapolis, IN 46204

21.9 Governing Law. This Agreement shall be construed in accordance with and governed by the substantive law, but
not the law of conflicts, of the State of Indiana regardless of where executed or performed. The parties agree that any legal action relating to this Agreement shall be commenced and maintained exclusively before any appropriate state court of
record in Marion County, Indiana, or, if necessary because of a federal question mandating jurisdiction in the federal courts is involved, the United States District Court for the Southern District of Indiana, Indianapolis Division, and the parties
hereby submit to the jurisdiction and venue of such courts and waive any right to challenge or otherwise object to personal jurisdiction or venue in any action commenced or maintained in such courts. 

21.10 Joint and Several Liability. The obligations in this Agreement of StoneMor Indiana and StoneMor Operating
shall be joint and several. The obligations of StoneMor Partners under this Agreement shall be limited to Sections 2.2(a), and 16 (but only as it pertains to StoneMor Partners), 17 and 19 (but only as it pertains to a breach by StoneMor Partners)
and shall be several. The obligations of members of the Meyer Family, whether referenced by an individual member or referenced as the Meyer Family as a whole shall be several, and not joint and several. 

21.11 Counterparts. This Agreement may be signed in one or more counterparts, each of which shall be deemed an
original, and such counterparts together shall constitute one and the same Agreement, even though no single counterpart bears all such signatures. The signatures of any party may be obtained via facsimile, which signature shall have the same binding
force and effect as an original signature. 
 21.12 WAIVER OF RIGHT TO JURY TRIAL. EACH PARTY HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR 

 RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 [Remainder of page intentionally left blank] 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement to be executed
as of the date set forth above. 
  

			
	FRED W. MEYER, JR.
		
	By:	 	/s/ James R. Meyer
	 Printed: JAMES R. MEYER as Special

Administrator of the Estate of Fred W. Meyer, Jr.

	
	
	/s/ James R. Meyer
	JAMES R. MEYER, Individually
	
	/s/ Thomas E. Meyer
	THOMAS E. MEYER, Individually
	
	/s/ Nancy J. Cade
	NANCY J. CADE, Individually

	
	
	F.T.J. Meyer Associates, LLC
	
	By:
	
	/s/ James R. Meyer
	 

  

 IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement to be executed
as of the date set forth above. 
  

			
	“STONEMOR”
	
	STONEMOR INDIANA LLC
		
	By:	 	/s/ Paul Waimberg
	Printed:	 	Paul Waimberg
	Title:	 	Vice President
	
	STONEMOR OPERATING LLC
		
	By:	 	/s/ Paul Waimberg
	Printed:	 	Paul Waimberg
	Title:	 	Vice President
	
	“STONEMOR PARTNERS”
	
	STONEMOR PARTNERS, L.P.
		
	By:	 	/s/ Paul Waimberg
	Printed:	 	Paul Waimberg
	Title:	 	Vice President

  

 IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement to be executed
as of the date set forth above. 
 “ACQUIRED COMPANIES” 

 

									
	CHAPEL HILL ASSOCIATES, INC.	 		 	CHAPEL HILL FUNERAL HOME, INC.
					
	By:	 	/s/ Lynette Gray, Receiver	 		 	By:	 	/s/ Lynette Gray, Receiver
	 Printed:
	 	Lynette Gray, Receiver	 		 	 Printed:
	 	Lynette Gray, Receiver
	 Title:
	 	Receiver	 		 	 Title:
	 	Receiver

  

									
	 COVINGTON MEMORIAL FUNERAL

HOME, INC.
	 		 	 COVINGTON MEMORIAL

GARDENS INC

					
	By:	 	/s/ Lynette Gray, Receiver	 		 	By:	 	/s/ Lynette Gray, Receiver
	 Printed:
	 	Lynette Gray, Receiver	 		 	 Printed:
	 	Lynette Gray, Receiver
	 Title:
	 	Receiver	 		 	 Title:
	 	Receiver

  

									
	 FOREST LAWN MEMORIAL

CHAPEL INC
	 		 	 FOREST LAWN MEMORY

GARDENS INC

					
	By:	 	/s/ Lynette Gray, Receiver	 		 	By:	 	/s/ Lynette Gray, Receiver
	 Printed:
	 	Lynette Gray, Receiver	 		 	 Printed:
	 	Lynette Gray, Receiver
	 Title:
	 	Receiver	 		 	 Title:
	 	Receiver

 EXHIBIT A-1 

FORM OF STONEMOR NON-COMPETE AGREEMENT 

(JIM MEYER) 

Attached hereto. 
  

 AMENDED AND RESTATED AGREEMENT-NOT-TO-COMPETE 

(James R. Meyer) 

THIS AMENDED AND RESTATED AGREEMENT-NOT-TO-COMPETE (this “Agreement”) is entered into this 21
st day of June, 2010 (the “Effective
Date”) by and among STONEMOR INDIANA LLC, an Indiana limited liability company (“StoneMor Indiana”), STONEMOR OPERATING LLC, a Delaware limited liability company (“StoneMor
Operating”), and JAMES R. MEYER, an adult resident of the State of Indiana (“Meyer”). 

WITNESSETH: 

WHEREAS, StoneMor Indiana, StoneMor Operating and StoneMor Partners, L.P., a Delaware limited partnership (collectively,
“StoneMor”), certain companies acquired by StoneMor (the “Acquired Companies”), and Meyer and certain other members of the Meyer family (collectively, the “Meyer Family”) have
entered into that certain Settlement Agreement dated of even date herewith (the “Settlement Agreement”), pursuant to which the parties set forth their respective rights and responsibilities in connection with settlement of
any and all claims of the Meyer Family related to the Acquired Companies and other businesses and assets acquired by StoneMor; 

WHEREAS, it is a condition precedent to StoneMor’s obligation to perform under the Settlement Agreement that Meyer enter into a
non-competition agreement related to the funeral homes, cemeteries and other related business previously owned by the Meyer Family (the “Meyer Businesses”), in substantially the form hereof; and 

WHEREAS, Meyer wishes to agree to the non-competition provisions in favor of StoneMor as herein provided; 

NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Business Locations. The
following business locations (the “Business Locations”) are applicable to this Agreement: 
  

			
	 Company and/or Business
	  	 Address

	 (a) Chapel Hill Associates, Inc.
	  	 2894 Patterson Rd. S.E.

Grand Rapids, MI

	 (b) Chapel Hill Funeral Home, Inc.
	  	 10776 McKinley Hwy,

Osceola, IN

	 (c) Covington Memorial Funeral Home, Inc.
	  	 8408 Covington Road
 Ft.
Wayne, IN

	 (d) Covington Memorial Gardens, Inc.
	  	 8408 Covington Road
 Ft.
Wayne, IN

	 (e) Forest Lawn Memorial Chapel, Inc.
	  	 1973 S. State Rd. 135

Greenwood, IN

			
	(f) Forest Lawn Memory Gardens, Inc.	  	 1973 S. State Rd. 135

Greenwood, IN

	(g) StoneMor (Heritage Hills Memory Gardens of Ohio Cemetery)	  	 7370 State Road 48

Springboro, OH

	(h) StoneMor (Royal Oak Memory Gardens of Ohio Cemetery)	  	 7217 National Rd.

Brookville, OH

	(i) StoneMor (Chapel Hill Memory Gardens Cemetery)	  	 10776 McKinley Hwy
 Osceola,
IN

	(j) StoneMor (Lincoln Memory Gardens)	  	 6851 South Indianapolis Road

Whitestown, Indiana 46075

	(k) StoneMor (Gill Funeral Home)	  	 308 East Walnut Street

Washington, Indiana 47501

	(l) StoneMor (Gardens of Memory Cemetery, Garden View Funeral Home)	  	 10703 / 10501 N. State Road 3

Muncie, Indiana 47303

2. Non-Competition. During the period commencing as of the date hereof and ending on December 21, 2014 (the
“Term”), Meyer agrees that he shall not engage in any of the following activities within a twenty-five (25) mile radius of each of the Business Locations, unless waived in writing by StoneMor: 

(a) directly or indirectly, as a partner, member, employee, advisor or agent of any partnership or joint venture, or as a
trustee, officer, director, shareholder, employee, advisor or agent of any corporation, trust or other business organization or entity, own, manage, advise, encourage, support, finance, operate, join, control or participate in the ownership,
management, operation or control of, or be connected in any manner with, any business involved in the cemetery or funeral home industry; 

(b) induce or assist anyone in inducing any person employed by StoneMor or any Acquired Company or at any Business
Location to resign or sever his/her employment or breach an employment agreement with StoneMor, any Acquired Company or any related entity which owns and operates a Business Location; or 

(c) knowingly or intentionally damage or destroy the goodwill and esteem of StoneMor, any Acquired Company or any Business
Location with suppliers, employees, patrons, customers and others who may at any time have or had relations with the Meyer Businesses. 

Nothing contained in this section shall prevent or limit Meyer from owning up to one percent (1%) of the outstanding stock of any
publicly traded company. 
 3. Trade Secrets and Confidential Information. Meyer understands that in the course of
Meyer’s association with the Meyer Businesses, Meyer has learned of certain trade secrets and 
  

 2 

 
other confidential information concerning the Meyer Businesses that StoneMor and the Acquired Companies desire to protect, including without limitation customer lists, management methods,
operating techniques, procedures and methods, prospective acquisitions, employee lists, training manuals and procedures, personnel evaluation procedures, collection procedures, financial reports and results of operation of the Meyer Businesses (the
“Confidential Information”). Meyer hereby agrees that, during the Term, Meyer shall not disclose the Confidential Information to anyone who is not affiliated with StoneMor or the Acquired Companies without the prior written
consent of StoneMor, unless disclosure is required by law or court order, or otherwise use the Confidential Information during the Term to compete with StoneMor or the Acquired Companies. 

Meyer’s obligation not to disclose the Confidential Information shall not apply to any Confidential Information that
(a) becomes public knowledge through means other than the actions of Meyer, or (b) is furnished to Meyer, on a non-confidential basis, by a third party who is not bound by a confidentiality agreement with StoneMor or the Acquired
Companies. 
 4. Consideration. As consideration for the promises in Sections 2 and 3 of this Agreement and as
consideration for Meyer entering into the Settlement Agreement, so long as Meyer is not in breach of this Agreement, StoneMor agrees to pay to Meyer the aggregate sum of Nine Hundred Seventy Seven Thousand One Hundred Eight Two and 00/100 Dollars
($977,182.00), in quarterly installments, as set forth below, on January 1, April 1, July 1 and October 1 of each year during the Term, commencing on October 1, 2010: 

(a) Two Hundred Forty Seven Thousand Nine Hundred Forty Two and 00/100 Dollars ($247,942.00) during
the first (1st) year, payable in three
(3) quarterly installments the first of which for Ninety Six Thousand Two Hundred Twenty Five and 37/100 Dollars ($96,225.37) payable October 1. 2010, the second installment for Eighty Nine Thousand Seven Hundred Thirty One and 13/100
Dollars ($89,731.13) payable January 1. 2011 and the third installment of Sixty One Thousand Nine Hundred Eighty Five and 50/100 Dollars ($61,985.50) payable April 1. 2011. 

(b) Two Hundred Ninety One Thousand Six Hundred Ninety Six and 00/100 Dollars ($291,696.00) during the
second (2nd) year, payable in four (4) quarterly
installments of Seventy Two Thousand Nine Hundred Twenty Four and 00/100 Dollars ($72,924.00) each; 

(c) Two Hundred Ninety One Thousand Six Hundred Ninety Six and 00/100 Dollars ($291,696.00) during the
third (3rd) year, payable in four (4) quarterly
installments of Seventy Two Thousand Nine Hundred Twenty Four and 00/100 Dollars ($72,924.00)each; and 

(d) One Hundred Forty Five Thousand Eight Hundred Forty Eight and 00/100 Dollars ($145,848.00) during
the fourth (4th) year, payable in four
(4) quarterly installments of Thirty Six Thousand Four Hundred Sixty Two and 00/100 Dollars ($36,462.00) each. 
  

 3 

 5. Death. Meyer’s death or disability shall not affect the obligations of
StoneMor hereunder in any manner. Upon Meyer’s death, StoneMor shall pay the remaining consideration as directed by the personal representative of Meyer’s estate. 

6. Parties in Interest; Due on Sale. This Agreement shall inure to the benefit of and be binding upon the parties and their
respective heirs, legal representatives, successors and assigns. Neither party shall assign this Agreement without the prior written consent of the other party. If Meyer dies before receiving all consideration due under this Agreement, StoneMor
shall make all remaining payments to Meyer’s estate. 
 7. Remedies. The parties agree that in the event of either
party’s breach of any provision of this Agreement, the non-breaching party shall be entitled to damages and shall be entitled to reasonable costs of litigation and attorneys’ fees incurred in the enforcement of such provision. Meyer
acknowledges that a breach of this Agreement may result in irreparable damage to StoneMor, the Acquired Companies or any related entity which owns and operates a Business Location for which the Acquired Companies and StoneMor and/or such entities
will not have an adequate remedy at law. Accordingly, in addition to any other remedies and damages available, Meyer further acknowledges and agrees that any of the Acquired Companies, StoneMor and any entity to operates a Business Location shall be
entitled to injunctive relief hereunder to enjoin any breach of this Agreement without any requirement to post a bond or other security. However, in the event StoneMor believes that Meyer has committed a breach that is not of the nature to cause
irreparable damage, then StoneMor shall provide written notice of such breach to Meyer (accompanied by a statement of sufficient detail to identify the basis for the alleged breach) and an opportunity to cure within twenty (20) days, which if
not cured within such time period or otherwise to StoneMor’s satisfaction, then StoneMor may pursue all rights and remedies that are available. The remedies provided herein shall be cumulative, and no single remedy shall be construed as
exclusive of any other remedy. Failure or delay by either party to exercise any remedy at any time shall not operate as a waiver thereof or of any other remedy, nor shall any single or partial exercise of any such remedy preclude any other or
further exercise thereof or the exercise of any other remedy hereunder for any breach of this Agreement. 
 8.
Severability. Wherever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited or invalid, in whole or in
part, such provision shall be severable and ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

9. Headings. The headings contained herein are for convenience only and shall not be considered in construing or interpreting any
of the provisions of this Agreement. 
 10. Notices. Unless otherwise provided for herein, all notices and other
communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given (i) when delivered, if sent by registered or certified mail (return receipt requested), (ii) when delivered, if delivered
personally or (iii) on the next business day, if sent overnight mail or overnight courier, in each case to the parties at the following addresses (or at such other address as shall be specified by like notice): 

 

 4 

			
		
	If to StoneMor:	  	 StoneMor Indiana LLC
 Attn:
Paul Wainberg
 311 Veterans Highway

Levittown, PA 19056

		
	If to Meyer:	  	 Bingham McHale LLP
 Attn:
Wayne C. Turner
 2700 Market Tower
 10
West Market Street
 Indianapolis, IN 46204

11. Modification. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof and
supersedes all prior agreements, written or oral, with respect thereto. This Agreement may not be amended, supplemented or modified except by an instrument in writing signed by the parties hereto. 

12. Governing Law. This Agreement shall be governed by, interpreted under and construed in accordance with the laws of the State
of Indiana, without regard to the principles of conflicts of laws. 
 13. Counterparts. This Agreement may be executed in
any number of counterparts, including a facsimile thereof, each of which shall be deemed an original and all of which together shall constitute one instrument. 

[Remainder of page intentionally left blank] 

 

 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated
Agreement-Not-To-Compete as of the date set forth above. 
  

			
	 “STONEMOR”

STONEMOR INDIANA LLC

		
	By:	 	 
	 Printed:
	 	 
	 Title:
	 	 

  

			
	
	STONEMOR OPERATING LLC
		
	By:	 	 
	 Printed:
	 	 
	 Title:
	 	 

  

			
	
	“MEYER”
		
		 	 
		 	 JAMES R. MEYER, Individually

 

 6 

 EXHIBIT A-2 

FORM OF STONEMOR NON-COMPETE AGREEMENT 

(TOM MEYER) 

Attached hereto. 

 AMENDED AND RESTATED AGREEMENT-NOT-TO-COMPETE 

(Thomas E. Meyer) 

THIS AMENDED AND RESTATED AGREEMENT-NOT-TO-COMPETE (this “Agreement”) is entered into this 21
st day of June, 2010 (the “Effective
Date”) by and among STONEMOR INDIANA LLC, an Indiana limited liability company (“StoneMor Indiana”), STONEMOR OPERATING LLC, a Delaware limited liability company (“StoneMor
Operating”), and THOMAS E. MEYER, an adult resident of the State of Indiana (“Meyer”). 

WITNESSETH: 

WHEREAS, StoneMor Indiana, StoneMor Operating and StoneMor Partners, L.P., a Delaware limited partnership (collectively,
“StoneMor”), certain companies acquired by StoneMor (the “Acquired Companies”), and Meyer and certain other members of the Meyer family (collectively, the “Meyer Family”) have
entered into that certain Settlement Agreement dated of even date herewith (the “Settlement Agreement”), pursuant to which the parties set forth their respective rights and responsibilities in connection with settlement of
any and all claims of the Meyer Family related to the Acquired Companies and other businesses and assets acquired by StoneMor; 

WHEREAS, it is a condition precedent to StoneMor’s obligation to perform under the Settlement Agreement that Meyer enter into a
non-competition agreement related to the funeral homes, cemeteries and other related business previously owned by the Meyer Family (the “Meyer Businesses”), in substantially the form hereof; and 

WHEREAS, Meyer wishes to agree to the non-competition provisions in favor of StoneMor as herein provided; 

NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Business Locations. The
following business locations (the “Business Locations”) are applicable to this Agreement: 
  

			
	 Company and/or Business
	  	 Address

	(a) Chapel Hill Associates, Inc.	  	 2894 Patterson Rd. S.E.
 Grand
Rapids, MI

	(b) Chapel Hill Funeral Home, Inc.	  	 10776 McKinley Hwy,
 Osceola,
IN

	(c) Covington Memorial Funeral Home, Inc.	  	 8408 Covington Road
 Ft. Wayne,
IN

	(d) Covington Memorial Gardens, Inc.	  	 8408 Covington Road
 Ft. Wayne,
IN

	(e) Forest Lawn Memorial Chapel, Inc.	  	 1973 S. State Rd. 135

Greenwood, IN

			
	 (f) Forest Lawn Memory Gardens, Inc.
	  	 1973 S. State Rd. 135

Greenwood, IN

	 (g) StoneMor (Heritage Hills Memory Gardens of Ohio Cemetery)
	  	 7370 State Road 48

Springboro, OH

	 (h) StoneMor (Royal Oak Memory Gardens of Ohio Cemetery)
	  	 7217 National Rd.

Brookville, OH

	 (i) StoneMor (Chapel Hill Memory Gardens Cemetery)
	  	 10776 McKinley Hwy
 Osceola,
IN

	 (j) StoneMor (Lincoln Memory Gardens)
	  	 6851 South Indianapolis Road

Whitestown, Indiana 46075

	 (k) StoneMor (Gill Funeral Home)
	  	 308 East Walnut Street

Washington, Indiana 47501

	 (l) StoneMor (Gardens of Memory Cemetery, Garden View Funeral Home)
	  	 10703 / 10501 N. State Road 3

Muncie, Indiana 47303

2. Non-Competition. During the period commencing as of the date hereof and ending on December 21, 2014 (the
“Term”), Meyer agrees that he shall not engage in any of the following activities within a twenty-five (25) mile radius of each of the Business Locations, unless waived in writing by StoneMor: 

(a) directly or indirectly, as a partner, member, employee, advisor or agent of any partnership or joint venture, or as a
trustee, officer, director, shareholder, employee, advisor or agent of any corporation, trust or other business organization or entity, own, manage, advise, encourage, support, finance, operate, join, control or participate in the ownership,
management, operation or control of, or be connected in any manner with, any business involved in the cemetery or funeral home industry; 

(b) induce or assist anyone in inducing any person employed by StoneMor or any Acquired Company or at any Business
Location to resign or sever his/her employment or breach an employment agreement with StoneMor, any Acquired Company or any related entity which owns and operates a Business Location; or 

(c) knowingly or intentionally damage or destroy the goodwill and esteem of StoneMor, any Acquired Company or any Business
Location with suppliers, employees, patrons, customers and others who may at any time have or had relations with the Meyer Businesses. 

Nothing contained in this section shall prevent or limit Meyer from owning up to one percent (1%) of the outstanding stock of any
publicly traded company. 
 3. Trade Secrets and Confidential Information. Meyer understands that in the course of
Meyer’s association with the Meyer Businesses, Meyer has learned of certain trade secrets and 
  

 2 

 
other confidential information concerning the Meyer Businesses that StoneMor and the Acquired Companies desire to protect, including without limitation customer lists, management methods,
operating techniques, procedures and methods, prospective acquisitions, employee lists, training manuals and procedures, personnel evaluation procedures, collection procedures, financial reports and results of operation of the Meyer Businesses (the
“Confidential Information”). Meyer hereby agrees that, during the Term, Meyer shall not disclose the Confidential Information to anyone who is not affiliated with StoneMor or the Acquired Companies without the prior written
consent of StoneMor, unless disclosure is required by law or court order, or otherwise use the Confidential Information during the Term to compete with StoneMor or the Acquired Companies. 

Meyer’s obligation not to disclose the Confidential Information shall not apply to any Confidential Information that
(a) becomes public knowledge through means other than the actions of Meyer, or (b) is furnished to Meyer, on a non-confidential basis, by a third party who is not bound by a confidentiality agreement with StoneMor or the Acquired
Companies. 
 4. Consideration. As consideration for the promises in Sections 2 and 3 of this Agreement and as
consideration for Meyer entering into the Settlement Agreement, so long as Meyer is not in breach of this Agreement, StoneMor agrees to pay to Meyer the aggregate sum of One Million Seventeen Thousand Ninety One and 00/100 Dollars ($1,017,091.00),
in quarterly installments, as set forth below, on January 1, April 1, July 1 and October 1 of each year during the Term, commencing on July 1, 2010: 

(a) Two Hundred Fifty Eight Thousand Sixty Eight and 00/100 Dollars ($258,068.00) during the first (1
st) year, payable in three (3) quarterly
installments the first of which for Ninety Six Thousand Two Hundred Twenty Five and 37/100 Dollars ($96,225.37) payable October 1. 2010, the second installment for Ninety Seven Thousand Three Hundred Twenty Five and 63/100 Dollars ($97,325.63)
payable January 1. 2011, and the third installment of Sixty Four Thousand Five Hundred Seventeen and 00/100 Dollars ($64,517.00) payable April 1. 2011. 

(b) Three Hundred Three Thousand Six Hundred Nine and 00/100 Dollars ($303,609.00) during the second
(2nd) year, payable in four (4) quarterly
installments of Seventy Five Thousand Nine Hundred Two and 25/100 Dollars ($75,902.25) each; 

(c) Three Hundred Three Thousand Six Hundred Nine and 00/100 Dollars ($303,609.00) during the third (3
rd) year, payable in four (4) quarterly
installments of Seventy Five Thousand Nine Hundred Two and 25/100 Dollars ($75,902.25) each; and 

(d) One Hundred Fifty One Thousand Eight Hundred Five and 00/100 Dollars ($151,805.00) during the
fourth (4th) year, payable in four (4) quarterly
installments of Thirty Seven Thousand Nine Hundred Fifty One and 25/100 Dollars ($37,951.25) each. 
  

 3 

 5. Death. Meyer’s death or disability shall not affect the obligations of
StoneMor hereunder in any manner. Upon Meyer’s death, StoneMor shall pay the remaining consideration as directed by the personal representative of Meyer’s estate. 

6. Parties in Interest; Due on Sale. This Agreement shall inure to the benefit of and be binding upon the parties and their
respective heirs, legal representatives, successors and assigns. Neither party shall assign this Agreement without the prior written consent of the other party. If Meyer dies before receiving all consideration due under this Agreement, StoneMor
shall make all remaining payments to Meyer’s estate. 
 7. Remedies. The parties agree that in the event of either
party’s breach of any provision of this Agreement, the non-breaching party shall be entitled to damages and shall be entitled to reasonable costs of litigation and attorneys’ fees incurred in the enforcement of such provision. Meyer
acknowledges that a breach of this Agreement may result in irreparable damage to StoneMor, the Acquired Companies or any related entity which owns and operates a Business Location for which the Acquired Companies and StoneMor and/or such entities
will not have an adequate remedy at law. Accordingly, in addition to any other remedies and damages available, Meyer further acknowledges and agrees that any of the Acquired Companies, StoneMor and any entity to operates a Business Location shall be
entitled to injunctive relief hereunder to enjoin any breach of this Agreement without any requirement to post a bond or other security. However, in the event StoneMor believes that Meyer has committed a breach that is not of the nature to cause
irreparable damage, then StoneMor shall provide written notice of such breach to Meyer (accompanied by a statement of sufficient detail to identify the basis for the alleged breach) and an opportunity to cure within twenty (20) days, which if
not cured within such time period or otherwise to StoneMor’s satisfaction, then StoneMor may pursue all rights and remedies that are available. The remedies provided herein shall be cumulative, and no single remedy shall be construed as
exclusive of any other remedy. Failure or delay by either party to exercise any remedy at any time shall not operate as a waiver thereof or of any other remedy, nor shall any single or partial exercise of any such remedy preclude any other or
further exercise thereof or the exercise of any other remedy hereunder for any breach of this Agreement. 
 8.
Severability. Wherever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited or invalid, in whole or in
part, such provision shall be severable and ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

9. Headings. The headings contained herein are for convenience only and shall not be considered in construing or interpreting any
of the provisions of this Agreement. 
 10. Notices. Unless otherwise provided for herein, all notices and other
communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given (i) when delivered, if sent by registered or certified mail (return receipt requested), (ii) when delivered, if delivered
personally or (iii) on the next business day, if sent overnight mail or overnight courier, in each case to the parties at the following addresses (or at such other address as shall be specified by like notice): 

 

 4 

			
	 If to StoneMor:
	  	 StoneMor Indiana LLC
 Attn:
Paul Wainberg
 311 Veterans Highway

Levittown, PA 19056

		
	 If to Meyer:
	  	 Hannon Kolas & Center

Attn: Edward R. Hannon, Esq.
 9001 Wesleyan Road

 Indianapolis, IN 46268

11. Modification. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof and
supersedes all prior agreements, written or oral, with respect thereto. This Agreement may not be amended, supplemented or modified except by an instrument in writing signed by the parties hereto. 

12. Governing Law. This Agreement shall be governed by, interpreted under and construed in accordance with the laws of the State
of Indiana, without regard to the principles of conflicts of laws. 
 13. Counterparts. This Agreement may be executed in
any number of counterparts, including a facsimile thereof, each of which shall be deemed an original and all of which together shall constitute one instrument. 

[Remainder of page intentionally left blank] 

 

 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated
Agreement-Not-To-Compete as of the date set forth above. 
  

			
	“STONEMOR”
	STONEMOR INDIANA LLC
		
	By:	 	 
	Printed:	 	 
	Title:	 	 

  

			
	STONEMOR OPERATING LLC
		
	By:	 	 
	Printed:	 	 
	Title:	 	 

  

			
	“MEYER”
	
	  

	THOMAS E. MEYER, Individually

  

 6 

 EXHIBIT A-3 

FORM OF STONEMOR NON-COMPETE AGREEMENT 

(NANCY CADE) 

Attached hereto. 

 AMENDED AND RESTATED AGREEMENT-NOT-TO-COMPETE 

(Nancy J. Cade) 

THIS AMENDED AND RESTATED AGREEMENT-NOT-TO-COMPETE (this “Agreement”) is entered into this 21
st day of June, 2010 (the “Effective
Date”) by and among STONEMOR INDIANA LLC, an Indiana limited liability company (“StoneMor Indiana”), STONEMOR OPERATING LLC, a Delaware limited liability company (“StoneMor
Operating”), and NANCY J. CADE, an adult resident of the State of Kentucky (“Cade”). 

WITNESSETH: 

WHEREAS, StoneMor Indiana, StoneMor Operating and StoneMor Partners, L.P., a Delaware limited partnership (collectively,
“StoneMor”), certain companies acquired by StoneMor (the “Acquired Companies”), and Cade and certain other members of the Meyer family (collectively, the “Meyer Family”) have
entered into that certain Settlement Agreement dated of even date herewith (the “Settlement Agreement”), pursuant to which the parties set forth their respective rights and responsibilities in connection with settlement of
any and all claims of the Meyer Family related to the Acquired Companies and other businesses and assets acquired by StoneMor; 

WHEREAS, it is a condition precedent to StoneMor’s obligation to perform under the Settlement Agreement that Cade enter into a
non-competition agreement related to the funeral homes, cemeteries and other related business previously owned by the Meyer Family (the “Meyer Businesses”), in substantially the form hereof; and 

WHEREAS, Cade wishes to agree to the non-competition provisions in favor of StoneMor as herein provided; 

NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Business Locations. The
following business locations (the “Business Locations”) are applicable to this Agreement: 
  

			
	 Company and/or Business
	  	 Address

	 (a) Chapel Hill Associates, Inc.
	  	 2894 Patterson Rd. S.E.

Grand Rapids, MI

	 (b) Chapel Hill Funeral Home, Inc.
	  	 10776 McKinley Hwy,

Osceola, IN

	 (c) Covington Memorial Funeral Home, Inc.
	  	 8408 Covington Road
 Ft.
Wayne, IN

	 (d) Covington Memorial Gardens, Inc.
	  	 8408 Covington Road
 Ft.
Wayne, IN

	 (e) Forest Lawn Memorial Chapel, Inc.
	  	 1973 S. State Rd. 135

Greenwood, IN

  

			
	 (f) Forest Lawn Memory Gardens, Inc.
	  	 1973 S. State Rd. 135

Greenwood, IN

	 (g) StoneMor (Heritage Hills Memory Gardens of Ohio Cemetery)
	  	 7370 State Road 48

Springboro, OH

	 (h) StoneMor (Royal Oak Memory Gardens of Ohio Cemetery)
	  	 7217 National Rd.

Brookville, OH

	 (i) StoneMor (Chapel Hill Memory Gardens Cemetery)
	  	 10776 McKinley Hwy
 Osceola,
IN

	 (j) StoneMor (Lincoln Memory Gardens)
	  	 6851 South Indianapolis Road

Whitestown, Indiana 46075

	 (k) StoneMor (Gill Funeral Home)
	  	 308 East Walnut Street

Washington, Indiana 47501

	(l) StoneMor (Gardens of Memory Cemetery, Garden View Funeral Home)	  	 10703 / 10501 N. State Road 3

Muncie, Indiana 47303

2. Non-Competition. During the period commencing as of the date hereof and ending on December 21, 2014 (the
“Term”), Cade agrees that she shall not engage in any of the following activities within a twenty-five (25) mile radius of each of the Business Locations, unless waived in writing by StoneMor: 

(a) directly or indirectly, as a partner, member, employee, advisor or agent of any partnership or joint venture, or as a
trustee, officer, director, shareholder, employee, advisor or agent of any corporation, trust or other business organization or entity, own, manage, advise, encourage, support, finance, operate, join, control or participate in the ownership,
management, operation or control of, or be connected in any manner with, any business involved in the cemetery or funeral home industry; 

(b) induce or assist anyone in inducing any person employed by StoneMor or any Acquired Company or at any Business
Location to resign or sever his/her employment or breach an employment agreement with StoneMor, any Acquired Company or any related entity which owns and operates a Business Location; or 

(c) knowingly or intentionally damage or destroy the goodwill and esteem of StoneMor, any Acquired Company or any Business
Location with suppliers, employees, patrons, customers and others who may at any time have or had relations with the Meyer Businesses. 

Nothing contained in this section shall prevent or limit Cade from owning up to one percent (1%) of the outstanding stock of any
publicly traded company. 
  

 2 

 3. Trade Secrets and Confidential Information. Cade understands that in the course of
Cade’s association with the Meyer Businesses, Cade has learned of certain trade secrets and other confidential information concerning the Meyer Businesses that StoneMor and the Acquired Companies desire to protect, including without limitation
customer lists, management methods, operating techniques, procedures and methods, prospective acquisitions, employee lists, training manuals and procedures, personnel evaluation procedures, collection procedures, financial reports and results of
operation of the Meyer Businesses (the “Confidential Information”). Cade hereby agrees that, during the Term, Cade shall not disclose the Confidential Information to anyone who is not affiliated with StoneMor or the Acquired
Companies without the prior written consent of StoneMor, unless disclosure is required by law or court order, or otherwise use the Confidential Information during the Term to compete with StoneMor or the Acquired Companies. 

Cade’s obligation not to disclose the Confidential Information shall not apply to any Confidential Information that (a) becomes
public knowledge through means other than the actions of Cade, or (b) is furnished to Cade, on a non-confidential basis, by a third party who is not bound by a confidentiality agreement with StoneMor or the Acquired Companies. 

4. Consideration. As consideration for the promises in Sections 2 and 3 of this Agreement and as consideration for Cade entering
into the Settlement Agreement, so long as Cade is not in breach of this Agreement, StoneMor agrees to pay to Cade the aggregate sum of Fifty Thousand and 00/100 Dollars ($50,000.00), in quarterly installments, as set forth below, on
January 1, April 1, July 1 and October 1 of each year during the Term, commencing on July 1, 2010: 

(a) Twelve Thousand Five Hundred and 00/100 Dollars ($12,500.00) during the first
(1st) year, payable in three (3) quarterly
installments the first of which for Six Thousand Two Hundred Fifty and 00/100 Dollars ($6,250.00) payable October 1. 2010, the second installment for Three Thousand One Hundred Twenty Five and 00/100 Dollars ($3,125.00) payable January 1.
2011, and the third installment of Three Thousand One Hundred Twenty Five and 00/100 Dollars ($3,125.00) payable April 1. 2011. 

(b) Twelve Thousand Five Hundred and 00/100 Dollars ($12,500.00) during the second
(2nd) year, payable in four (4) quarterly
installments of Three Thousand One Hundred Twenty Five and 00/100 Dollars ($3,125.00) each; 

(c) Twelve Thousand Five Hundred and 00/100 Dollars ($12,500.00) during the third
(3rd) year, payable in four (4) quarterly
installments of Three Thousand One Hundred Twenty Five and 00/100 Dollars ($3,125.00) each; and 

(d) Twelve Thousand Five Hundred and 00/100 Dollars ($12,500.00) during the fourth
(4th) year, payable in four (4) quarterly
installments of Three Thousand One Hundred Twenty Five and 00/100 Dollars ($3,125.00) each. 
  

 3 

 5. Death. Cade’s death or disability shall not affect the obligations of
StoneMor hereunder in any manner. Upon Cade’s death, StoneMor shall pay the remaining consideration as directed by the personal representative of Cade’s estate. 

6. Parties in Interest; Due on Sale. This Agreement shall inure to the benefit of and be binding upon the parties and their
respective heirs, legal representatives, successors and assigns. Neither party shall assign this Agreement without the prior written consent of the other party. If Cade dies before receiving all consideration due under this Agreement, StoneMor shall
make all remaining payments to Cade’s estate. 
 7. Remedies. The parties agree that in the event of either
party’s breach of any provision of this Agreement, the non-breaching party shall be entitled to damages and shall be entitled to reasonable costs of litigation and attorneys’ fees incurred in the enforcement of such provision. Cade
acknowledges that a breach of this Agreement may result in irreparable damage to StoneMor, the Acquired Companies or any related entity which owns and operates a Business Location for which the Acquired Companies and StoneMor and/or such entities
will not have an adequate remedy at law. Accordingly, in addition to any other remedies and damages available, Cade further acknowledges and agrees that any of the Acquired Companies, StoneMor and any entity to operates a Business Location shall be
entitled to injunctive relief hereunder to enjoin any breach of this Agreement without any requirement to post a bond or other security. However, in the event StoneMor believes that Cade has committed a breach that is not of the nature to cause
irreparable damage, then StoneMor shall provide written notice of such breach to Cade (accompanied by a statement of sufficient detail to identify the basis for the alleged breach) and an opportunity to cure within twenty (20) days, which if
not cured within such time period or otherwise to StoneMor’s satisfaction, then StoneMor may pursue all rights and remedies that are available. The remedies provided herein shall be cumulative, and no single remedy shall be construed as
exclusive of any other remedy. Failure or delay by either party to exercise any remedy at any time shall not operate as a waiver thereof or of any other remedy, nor shall any single or partial exercise of any such remedy preclude any other or
further exercise thereof or the exercise of any other remedy hereunder for any breach of this Agreement. 
 8.
Severability. Wherever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited or invalid, in whole or in
part, such provision shall be severable and ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

9. Headings. The headings contained herein are for convenience only and shall not be considered in construing or interpreting any
of the provisions of this Agreement. 
 10. Notices. Unless otherwise provided for herein, all notices and other
communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given (i) when delivered, if sent by registered or certified mail (return receipt requested), (ii) when delivered, if delivered
personally or (iii) on the next business day, if sent overnight mail or overnight courier, in each case to the parties at the following addresses (or at such other address as shall be specified by like notice): 

 

 4 

			
	 If to StoneMor:
	  	 StoneMor Indiana LLC
 Attn:
Paul Wainberg
 311 Veterans Highway

Levittown, PA 19056

		
	 If to Cade:
	  	 Bingham McHale LLP
 Attn:
Wayne C. Turner
 2700 Market Tower
 10
West Market Street
 Indianapolis, IN 46204

11. Modification. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof and
supersedes all prior agreements, written or oral, with respect thereto. This Agreement may not be amended, supplemented or modified except by an instrument in writing signed by the parties hereto. 

12. Governing Law. This Agreement shall be governed by, interpreted under and construed in accordance with the laws of the State
of Indiana, without regard to the principles of conflicts of laws. 
 13. Counterparts. This Agreement may be executed in
any number of counterparts, including a facsimile thereof, each of which shall be deemed an original and all of which together shall constitute one instrument. 

[Remainder of page intentionally left blank] 

 

 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated
Agreement-Not-To-Compete as of the date set forth above. 
  

			
	“STONEMOR”
	STONEMOR INDIANA LLC

  

			
	By:	 	 
	Printed:	 	  

	Title:	 	  

 

			
	STONEMOR OPERATING LLC
		
	By:	 	 
	Printed:	 	  

	Title:	 	  

 

			
	“CADE”
	
	  

	NANCY J. CADE, Individually

  

 6 

 EXHIBIT A-4 

COMPUTATION OF ADDITIONAL DEFERRED CONSIDERATION 

The Additional Deferred Consideration, if any, to be paid to each member of the Meyer Family who receives Units under the Agreement at
the Closing, shall be computed pursuant to the following formula: 
 1. Compute the number of Units issued at the Closing to
such member of the Meyer Family. 
 2. Multiply the result of Clause 1 by two dollars and twenty cents ($2.20). 

3. The result of Clause 2, less the subtraction factor described in Clause 5 below, shall be the Additional Deferred Consideration, if
any, payable on the four (4) true-up dates (as defined in Clause 4 below) to such member of the Meyer Family so long as they, or through gift another member of the Meyer Extended Family, own the Units issued to them at the Closing, both of
record and beneficially, no other person has any economic interest in such Units, and there is no short position or other hedge position in or with respect to such Units. 

4. The Additional Deferred Consideration, if any, shall be paid annually for four (4) years commencing on July 1, 2011 and
thereafter on July 1, 2012, July 1, 2013, and July 1, 2014, each of which date shall be deemed the true-up date for such year. The payment, if any, shall be made in cash. 

5. The subtraction factor shall be computed as follows: compute the amount of cash dividends or other cash distributions received with
respect to such Units by such member of the Meyer Family (or Meyer Extended Family, as applicable) from and after the later of the Closing Date or the last true-up date and prior to each payment date as described in Clause 4 above. It is understood
and agreed that if the result of subtracting the subtraction factor from the Additional Deferred Consideration to be paid on any given payment date is either zero or negative, no payment of Additional Deferred Consideration shall be due on such
payment date. Likewise, if the subtraction factor produces a negative figure, such negative figure shall be considered in computing the subtraction factor for subsequent payment dates. 

 EXHIBIT B-1 

FORM OF STONEMOR CLOSING NOTE 

(FRED MEYER) 

Attached hereto. 

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY COMPARABLE STATE
SECURITIES LAW. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS SET FORTH HEREIN. 
 REPLACEMENT
PROMISSORY NOTE 
 (STONEMOR CLOSING NOTE) 

FRED W. MEYER, JR. BY JAMES R. MEYER AS SPECIAL ADMINISTRATOR TO 

THE ESTATE OF FRED W. MEYER, JR. 
  

			
	 $1,888,451.00
	 	Original Notes Effective Date: December 21, 2004
		 	Replacement Note Effective Date: June 21, 2010

FOR VALUE RECEIVED, STONEMOR INDIANA LLC, an Indiana limited liability company, and STONEMOR OPERATING LLC, a Delaware
limited liability company, as joint and several co-makers (individually and together, “Maker”), hereby promise to pay to FRED W. MEYER, JR. BY JAMES R. MEYER AS SPECIAL ADMINISTRATOR TO THE ESTATE OF FRED W. MEYER, JR.
(“Lender”), in lawful money of the United States of America and Units (as defined in the Agreement as defined below), at 15226 Long Cove Blvd, Carmel, Indiana 46033, or at such other place as the holder hereof may
designate by written notice, the principal sum of One Million Eight Hundred Eighty Eight Thousand Four Hundred Fifty One and 00/100 Dollars ($1,888,451.00), or as much thereof as may then be outstanding under this Replacement Promissory Note (this
“Note”). 
 This Note, together with the StoneMor Installment Note (as defined in the Agreement defined
below) issued to Lender on the date hereof, amends, restates, supersedes, replaces, extinguishes and constitutes a novation of: (i) in its entirety, that certain Promissory Note in the original principal sum of One Million Three Hundred Six
Thousand Eight Hundred Ninety-Six and 97/100 Dollars ($1,306,896.97) executed by Ansure Mortuaries of Indiana, LLC, an Indiana limited liability company, in favor of Lender dated December 21, 2004; and (ii) Lender’s share of that
certain Promissory Note in the original principal sum of One Million One Hundred Sixty-Seven Thousand Eight Hundred Eighty-Three and 00/100 Dollars ($1,167,883.00) executed by Forest Lawn Funeral Home Properties, LLC, an Indiana limited liability
company, in favor of F.T.J. Meyer Associates, LLC, an Indiana limited liability company (“FTJ”), dated December 21, 2004, which was subsequently assigned, in part, to Lender by FTJ (together, the “Original
Notes”), and evidences the indebtedness owed by Maker to Lender pursuant to the terms of that certain Settlement Agreement dated of even date herewith by and among Maker, Lender and various other individuals and entities related to the
foregoing parties (the “Agreement”). Reference is made to the Agreement for definitions of capitalized terms used but not otherwise defined herein. 

The obligations of Maker evidenced by this Note are unsecured. 

 The outstanding principal balance of this Note shall be due and payable ON DEMAND at Closing
as set forth in the Agreement and shall be payable in accordance with the terms of this paragraph. Maker shall deliver, or cause to be delivered, to Lender at Closing: (a) the number of Units necessary to equal an aggregate value of One Million
Seven Hundred Thirty Three Thousand Two Hundred Seventy Eight and 00/100 Dollars ($1,733,278.00), as determined at Closing pursuant to the Agreement, representing the Note Unit Payment to Lender, and (b) One Hundred Fifty Five Thousand One
Hundred Seventy Three and 00/100 Dollars ($155,173.00), representing the Note Cash Closing Payment to Lender. Upon Lender’s receipt of such Note Unit Payment and such Note Cash Closing Payment, this Note will be paid and satisfied in full.

 No interest shall accrue on the principal balance of this Note. 

Maker and all endorsers, sureties and guarantors hereof severally waive demand, presentment for payment, notice of dishonor, protest and
notice of protest, and expressly agree that this Note and any payment coming due under it may be extended from time to time without in any way affecting their liability hereunder. This Note shall be the joint and several obligation of all makers,
sureties, guarantors, and endorsers, and shall be binding upon them and their successors and assigns. 
 This Note is not
negotiable and may not be transferred or assigned by Lender without the prior written consent of Maker. Any purported transfer or assignment made in violation hereof shall be void. 

Maker hereby certifies that the person(s) executing this Note for and on behalf of Maker is duly empowered by Maker and has been duly
authorized by all necessary action on the part of Maker to execute and deliver this Note for and on behalf of Maker. 
 Time is
of the essence of this Note. 
 THE VALIDITY OF THIS NOTE, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT AND THE RIGHTS OF
THE PARTIES HERETO SHALL BE DETERMINED UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF INDIANA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. MAKER AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING IN
CONNECTION WITH THIS NOTE SHALL BE TRIED AND LITIGATED ONLY IN THE STATE COURTS LOCATED IN THE COUNTY OF MARION, STATE OF INDIANA, OR THE FEDERAL COURTS WHOSE VENUE INCLUDES THE COUNTY OF MARION, STATE OF INDIANA, OR, AT THE SOLE OPTION OF LENDER,
IN ANY OTHER COURT IN WHICH LENDER SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY. MAKER AND LENDER, BY ITS ACCEPTANCE HEREOF, WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE
LAW, THE RIGHT TO A TRIAL BY JURY AND ANY RIGHT EITHER PARTY MAY HAVE TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS PARAGRAPH. 
  

 2 

 [Remainder of page intentionally left blank] 

 

 3 

 IN WITNESS WHEREOF, Maker has executed this Replacement Promissory Note as of the date set
forth above. 
  

			
	“MAKER”
	
	STONEMOR INDIANA LLC
		
	By:	 	  
	Printed:	 	  
	Title:	 	  

  

			
	 STONEMOR OPERATING LLC

		
	By:	 	  
	Printed:	 	  
	Title:	 	  

  

 4 

 EXHIBIT B-2 

FORM OF STONEMOR CLOSING NOTE 

(JIM MEYER) 

Attached hereto. 

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY COMPARABLE STATE
SECURITIES LAW. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS SET FORTH HEREIN. 
 REPLACEMENT
PROMISSORY NOTE 
 (STONEMOR CLOSING NOTE) 

JAMES R. MEYER 
  

			
	 $1,629,124.00
	 	Original Notes Effective Date: December 21, 2004
		 	Replacement Note Effective Date: June 21, 2010

FOR VALUE RECEIVED, STONEMOR INDIANA LLC, an Indiana limited liability company, and STONEMOR OPERATING LLC, a Delaware
limited liability company, as joint and several co-makers (individually and together, “Maker”), hereby promise to pay to JAMES R. MEYER, an adult resident of the State of Indiana (“Lender”), in
Units (as defined in the Agreement as defined below), at 15226 Long Cove Blvd, Carmel, Indiana 46033, or at such other place as the holder hereof may designate by written notice, the principal sum of One Million Six Hundred Twenty Nine Thousand One
Hundred Twenty Four and 00/100 Dollars ($1,629,124.00), or as much thereof as may then be outstanding under this Replacement Promissory Note (this “Note”). 

This Note, together with the StoneMor Installment Note (as defined in the Agreement defined below) issued to Lender on the date hereof,
amends, restates, supersedes, replaces, extinguishes and constitutes a novation of: (i) in its entirety, that certain Promissory Note in the original principal sum of One Million Three Hundred Six Thousand Eight Hundred Ninety-Six and 97/100
Dollars ($1,306,896.97) executed by Ansure Mortuaries of Indiana, LLC, an Indiana limited liability company, in favor of Lender dated December 21, 2004; and (ii) Lender’s share of that certain Promissory Note in the original principal
sum of One Million One Hundred Sixty-Seven Thousand Eight Hundred Eighty-Three and 00/100 Dollars ($1,167,883.00) executed by Forest Lawn Funeral Home Properties, LLC, an Indiana limited liability company, in favor of F.T.J. Meyer Associates, LLC,
an Indiana limited liability company (“FTJ”), dated December 21, 2004, which was subsequently assigned, in part, to Lender by FTJ (together, the “Original Notes”), and evidences the indebtedness
owed by Maker to Lender pursuant to the terms of that certain Settlement Agreement dated of even date herewith by and among Maker, Lender and various other individuals and entities related to the foregoing parties (the
“Agreement”). Reference is made to the Agreement for definitions of capitalized terms used but not otherwise defined herein. 

The obligations of Maker evidenced by this Note are unsecured. 

The outstanding principal balance of this Note shall be due and payable ON DEMAND at Closing as set forth in the Agreement and shall be
payable in accordance with the terms of this paragraph. Maker shall deliver, or cause to be delivered, to Lender at Closing the number of Units necessary to equal an aggregate value of One Million Six Hundred Twenty Nine Thousand

 
One Hundred Twenty Four and 00/100 Dollars ($1,629,124.00), as determined at Closing pursuant to the Agreement, representing the Note Unit Payment to Lender. Upon Lender’s receipt of such
Note Unit Payment this Note will be paid and satisfied in full. 
 No interest shall accrue on the principal balance of this
Note. 
 Maker and all endorsers, sureties and guarantors hereof severally waive demand, presentment for payment, notice of
dishonor, protest and notice of protest, and expressly agree that this Note and any payment coming due under it may be extended from time to time without in any way affecting their liability hereunder. This Note shall be the joint and several
obligation of all makers, sureties, guarantors, and endorsers, and shall be binding upon them and their successors and assigns. 

This Note is not negotiable and may not be transferred or assigned by Lender without the prior written consent of Maker. Any purported
transfer or assignment made in violation hereof shall be void. 
 Maker hereby certifies that the person(s) executing this Note
for and on behalf of Maker is duly empowered by Maker and has been duly authorized by all necessary action on the part of Maker to execute and deliver this Note for and on behalf of Maker. 

Time is of the essence of this Note. 

THE VALIDITY OF THIS NOTE, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT AND THE RIGHTS OF THE PARTIES HERETO SHALL BE DETERMINED
UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF INDIANA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. MAKER AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS NOTE SHALL BE TRIED AND
LITIGATED ONLY IN THE STATE COURTS LOCATED IN THE COUNTY OF MARION, STATE OF INDIANA, OR THE FEDERAL COURTS WHOSE VENUE INCLUDES THE COUNTY OF MARION, STATE OF INDIANA, OR, AT THE SOLE OPTION OF LENDER, IN ANY OTHER COURT IN WHICH LENDER SHALL
INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY. MAKER AND LENDER, BY ITS ACCEPTANCE HEREOF, WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, THE RIGHT TO A TRIAL BY JURY
AND ANY RIGHT EITHER PARTY MAY HAVE TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS PARAGRAPH. 

[Remainder of page intentionally left blank] 

 

 2 

 IN WITNESS WHEREOF, Maker has executed this Replacement Promissory Note as of the date set
forth above. 
  

			
	“MAKER”
	
	STONEMOR INDIANA LLC

 

			
	By:	 	 
	Printed:	 	 
	Title:	 	 

  

			
	STONEMOR OPERATING LLC
		
	By:	 	 
	Printed:	 	 
	Title:	 	 

  

 3 

 EXHIBIT B-3 

FORM OF STONEMOR CLOSING NOTE 

(TOM MEYER) 

Attached hereto. 

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY COMPARABLE STATE
SECURITIES LAW. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS SET FORTH HEREIN. 
 REPLACEMENT
PROMISSORY NOTE 
 (STONEMOR CLOSING NOTE) 

THOMAS E. MEYER 
  

			
	 $1,695,656.00
	 	Original Notes Effective Date: December 21, 2004
		 	Replacement Note Effective Date: June 21, 2010

FOR VALUE RECEIVED, STONEMOR INDIANA LLC, an Indiana limited liability company, and STONEMOR OPERATING LLC, a Delaware
limited liability company, as joint and several co-makers (individually and together, “Maker”), hereby promise to pay to THOMAS E. MEYER, an adult resident of the State of Indiana (“Lender”), in
Units (as defined in the Agreement as defined below), at
                                        ,
or at such other place as the holder hereof may designate by written notice, the principal sum of One Million Six Hundred Ninety Five Thousand Six Hundred Fifty Six and 00/100 Dollars ($1,695,656.00), or as much thereof as may then be outstanding
under this Replacement Promissory Note (this “Note”). 
 This Note, together with the StoneMor
Installment Note (as defined in the Agreement defined below) issued to Lender on the date hereof, amends, restates, supersedes, replaces, extinguishes and constitutes a novation of: (i) in its entirety, that certain Promissory Note in the
original principal sum of One Million Three Hundred Six Thousand Eight Hundred Ninety-Six and 97/100 Dollars ($1,306,896.97) executed by Ansure Mortuaries of Indiana, LLC, an Indiana limited liability company, in favor of Lender dated
December 21, 2004; and (ii) Lender’s share of that certain Promissory Note in the original principal sum of One Million One Hundred Sixty-Seven Thousand Eight Hundred Eighty-Three and 00/100 Dollars ($1,167,883.00) executed by Forest
Lawn Funeral Home Properties, LLC, an Indiana limited liability company, in favor of F.T.J. Meyer Associates, LLC, an Indiana limited liability company (“FTJ”), dated December 21, 2004, which was subsequently assigned,
in part, to Lender by FTJ (together, the “Original Notes”), and evidences the indebtedness owed by Maker to Lender pursuant to the terms of that certain Settlement Agreement dated of even date herewith by and among Maker,
Lender and various other individuals and entities related to the foregoing parties (the “Agreement”). Reference is made to the Agreement for definitions of capitalized terms used but not otherwise defined herein. 

The obligations of Maker evidenced by this Note are unsecured. 

The outstanding principal balance of this Note shall be due and payable ON DEMAND at Closing as set forth in the Agreement and shall be
payable in accordance with the terms of this paragraph. Maker shall deliver, or cause to be delivered, to Lender at Closing the number of Units necessary to equal an aggregate value of One Million Six Hundred Ninety Five Thousand Six Hundred Fifty
Six and 00/100 Dollars ($1,695,656.00), as determined at Closing pursuant to 

 
the Agreement, representing the Note Unit Payment to Lender. Upon Lender’s receipt of such Note Unit Payment, this Note will be paid and satisfied in full. 

No interest shall accrue on the principal balance of this Note. 

Maker and all endorsers, sureties and guarantors hereof severally waive demand, presentment for payment, notice of dishonor, protest and
notice of protest, and expressly agree that this Note and any payment coming due under it may be extended from time to time without in any way affecting their liability hereunder. This Note shall be the joint and several obligation of all makers,
sureties, guarantors, and endorsers, and shall be binding upon them and their successors and assigns. 
 This Note is not
negotiable and may not be transferred or assigned by Lender without the prior written consent of Maker. Any purported transfer or assignment made in violation hereof shall be void. 

Maker hereby certifies that the person(s) executing this Note for and on behalf of Maker is duly empowered by Maker and has been duly
authorized by all necessary action on the part of Maker to execute and deliver this Note for and on behalf of Maker. 
 Time is
of the essence of this Note. 
 THE VALIDITY OF THIS NOTE, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT AND THE RIGHTS OF
THE PARTIES HERETO SHALL BE DETERMINED UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF INDIANA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. MAKER AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING IN
CONNECTION WITH THIS NOTE SHALL BE TRIED AND LITIGATED ONLY IN THE STATE COURTS LOCATED IN THE COUNTY OF MARION, STATE OF INDIANA, OR THE FEDERAL COURTS WHOSE VENUE INCLUDES THE COUNTY OF MARION, STATE OF INDIANA, OR, AT THE SOLE OPTION OF LENDER,
IN ANY OTHER COURT IN WHICH LENDER SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY. MAKER AND LENDER, BY ITS ACCEPTANCE HEREOF, WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE
LAW, THE RIGHT TO A TRIAL BY JURY AND ANY RIGHT EITHER PARTY MAY HAVE TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS PARAGRAPH. 

[Remainder of page intentionally left blank] 

 

 2 

 IN WITNESS WHEREOF, Maker has executed this Replacement Promissory Note as of the date set
forth above. 
  

			
	“MAKER”
	
	STONEMOR INDIANA LLC
		
	By:	 	 
	Printed:	 	 
	Title:	 	 

  

			
	STONEMOR OPERATING LLC
		
	By:	 	 
	Printed:	 	 
	Title:	 	 

  

 3 

 EXHIBIT B-4 

FORM OF STONEMOR CLOSING NOTE 

(NANCY CADE) 

Attached hereto. 

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY COMPARABLE STATE
SECURITIES LAW. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS SET FORTH HEREIN. 
 REPLACEMENT
PROMISSORY NOTE 
 (STONEMOR CLOSING NOTE) 

NANCY J. CADE 
  

			
	 $574,116.00
	 	Original Notes Effective Date: December 21, 2004
		 	Replacement Note Effective Date: June 21, 2010

FOR VALUE RECEIVED, STONEMOR INDIANA LLC, an Indiana limited liability company, and STONEMOR OPERATING LLC, a Delaware
limited liability company, as joint and several co-makers (individually and together, “Maker”), hereby promise to pay to NANCY J. CADE, an adult resident of the State of Kentucky (“Lender”), in
lawful money of the United States of America and Units (as defined in the Agreement as defined below), at 155 Walnut Dr, Pikeville, Kentucky 41501, or at such other place as the holder hereof may designate by written notice, the principal sum
of Five Hundred Seventy Four Thousand One Hundred Sixteen and 00/100 Dollars ($574,116.00), or as much thereof as may then be outstanding under this Replacement Promissory Note (this “Note”). 

This Note, together with the StoneMor Installment Note (as defined in the Agreement defined below) issued to Lender on the date hereof,
amends, restates, supersedes, replaces, extinguishes and constitutes a novation of: (i) in its entirety, that certain Promissory Note in the original principal sum of One Million Three Hundred Six Thousand Eight Hundred Ninety-Six and 97/100
Dollars ($1,306,896.97) executed by Ansure Mortuaries of Indiana, LLC, an Indiana limited liability company, in favor of Lender dated December 21, 2004; and (ii) Lender’s share of that certain Promissory Note in the original principal
sum of One Million One Hundred Sixty-Seven Thousand Eight Hundred Eighty-Three and 00/100 Dollars ($1,167,883.00) executed by Forest Lawn Funeral Home Properties, LLC, an Indiana limited liability company, in favor of F.T.J. Meyer Associates, LLC,
an Indiana limited liability company (“FTJ”), dated December 21, 2004, which was subsequently assigned, in part, to Lender by FTJ (together, the “Original Notes”), and evidences the indebtedness
owed by Maker to Lender pursuant to the terms of that certain Settlement Agreement dated of even date herewith by and among Maker, Lender and various other individuals and entities related to the foregoing parties (the
“Agreement”). Reference is made to the Agreement for definitions of capitalized terms used but not otherwise defined herein. 

The obligations of Maker evidenced by this Note are unsecured. 

The outstanding principal balance of this Note shall be due and payable ON DEMAND at Closing as set forth in the Agreement and shall be
payable in accordance with the terms of this paragraph. Maker shall deliver, or cause to be delivered, to Lender at Closing: (a) the number of 

 
Units necessary to equal an aggregate value of Five Hundred Twenty Six Thousand Nine Hundred Forty Two and 00/100 Dollars ($526,942.00), as determined at Closing pursuant to the Agreement,
representing the Note Unit Payment to Lender, and (b) Forty Seven Thousand One Hundred Seventy Four and 00/100 Dollars ($47,174.00), representing the Note Cash Closing Payment to Lender. Upon Lender’s receipt of such Note Unit Payment and
such Note Cash Closing Payment, this Note will be paid and satisfied in full. 
 No interest shall accrue on the principal
balance of this Note. 
 Maker and all endorsers, sureties and guarantors hereof severally waive demand, presentment for
payment, notice of dishonor, protest and notice of protest, and expressly agree that this Note and any payment coming due under it may be extended from time to time without in any way affecting their liability hereunder. This Note shall be the joint
and several obligation of all makers, sureties, guarantors, and endorsers, and shall be binding upon them and their successors and assigns. 

This Note is not negotiable and may not be transferred or assigned by Lender without the prior written consent of Maker. Any purported
transfer or assignment made in violation hereof shall be void. 
 Maker hereby certifies that the person(s) executing this Note
for and on behalf of Maker is duly empowered by Maker and has been duly authorized by all necessary action on the part of Maker to execute and deliver this Note for and on behalf of Maker. 

Time is of the essence of this Note. 

THE VALIDITY OF THIS NOTE, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT AND THE RIGHTS OF THE PARTIES HERETO SHALL BE DETERMINED
UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF INDIANA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. MAKER AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS NOTE SHALL BE TRIED AND
LITIGATED ONLY IN THE STATE COURTS LOCATED IN THE COUNTY OF MARION, STATE OF INDIANA, OR THE FEDERAL COURTS WHOSE VENUE INCLUDES THE COUNTY OF MARION, STATE OF INDIANA, OR, AT THE SOLE OPTION OF LENDER, IN ANY OTHER COURT IN WHICH LENDER SHALL
INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY. MAKER AND LENDER, BY ITS ACCEPTANCE HEREOF, WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, THE RIGHT TO A TRIAL BY JURY
AND ANY RIGHT EITHER PARTY MAY HAVE TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS PARAGRAPH. 

[Remainder of page intentionally left blank] 

 

 2 

 IN WITNESS WHEREOF, Maker has executed this Replacement Promissory Note as of the date set
forth above. 
  

			
	“MAKER”
	
	STONEMOR INDIANA LLC
		
	By:	 	 
	Printed:	 	 
	Title:	 	 

  

			
	STONEMOR OPERATING LLC
		
	By:	 	 
	Printed:	 	 
	Title:	 	 

  

 3 

 EXHIBIT B-5 

FORM OF STONEMOR INSTALLMENT NOTE 

(FRED MEYER) 

Attached hereto. 

 THIS NOTE AND THE INDEBTEDNESS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH
IN (1) THAT CERTAIN SUBORDINATION AGREEMENT DATED AS OF JUNE 21, 2010 AMONG BANK OF AMERICA, N.A., A NATIONAL BANKING ASSOCIATION, AS ADMINISTRATIVE AGENT, THE LENDER (AS DEFINED BELOW) AND THE OTHER PARTIES THERETO, AND (2) THAT CERTAIN
SUBORDINATION AGREEMENT DATED AS OF JUNE 21, 2010 AMONG THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, PRUCO LIFE INSURANCE COMPANY, THE LENDER AND THE OTHER PARTIES THERETO, TO THE SENIOR DEBT (AS DEFINED IN THE SUBORDINATION AGREEMENTS); AND
EACH HOLDER OF THIS NOTE SHALL BE BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENTS. 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY COMPARABLE STATE SECURITIES LAW. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS SET FORTH HEREIN. 

REPLACEMENT PROMISSORY NOTE 

(STONEMOR INSTALLMENT NOTE) 

FRED W. MEYER, JR. BY JAMES R. MEYER AS SPECIAL ADMINISTRATOR TO 

THE ESTATE OF FRED W. MEYER, JR. 
  

			
	 $1,039,656.00
	 	Original Notes Effective Date: December 21, 2004
		 	Replacement Note Effective Date: June 21, 2010
		 	Maturity Date: April 1, 2014

FOR VALUE RECEIVED, STONEMOR INDIANA LLC, an Indiana limited liability company, and STONEMOR OPERATING LLC, a Delaware
limited liability company, as joint and several co-makers (individually and together, “Maker”), hereby promise to pay on or before April 1, 2014 (the “Maturity Date”), to FRED W. MEYER, JR. BY
JAMES R. MEYER AS SPECIAL ADMINISTRATOR TO THE ESTATE OF FRED W. MEYER, JR. (“Lender”), in lawful money of the United States of America, at 15226 Long Cove Blvd, Carmel, Indiana 46033, or at such other place or to such
other party as the holder hereof may from time to time designate by written notice, the principal sum of One Million Thirty Nine Thousand Six Hundred Fifty Six and 00/100 Dollars ($1,039,656.00), or as much thereof as may then be outstanding under
this Replacement Promissory Note (this “Note”), and to pay interest thereon to the extent provided in this Note. 

This Note, together with the StoneMor Closing Note (as defined in the Agreement defined below) issued to Lender on the date hereof,
amends, restates, supersedes, replaces, extinguishes and constitutes a novation of: (i) in its entirety, that certain Promissory Note in the original principal sum of Two Million Nine Hundred Thirty Seven Thousand Nine Hundred Sixty One and
07/100 Dollars ($2,937,961.07) executed by Ansure Mortuaries of Indiana, LLC, an Indiana limited liability company, in favor of Lender dated December 21, 2004; and (ii)

 
Lender’s share of that certain Promissory Note in the original principal sum of One Million One Hundred Sixty-Seven Thousand Eight Hundred Eighty-Three and 00/100 Dollars ($1,167,883.00)
executed by Forest Lawn Funeral Home Properties, LLC, an Indiana limited liability company, in favor of F.T.J. Meyer Associates, LLC, an Indiana limited liability company (“FTJ”), dated December 21, 2004, which was
subsequently assigned, in part, to Lender by FTJ (together, the “Original Notes”), and evidences the indebtedness owed by Maker to Lender pursuant to the terms of that certain Settlement Agreement dated of even date herewith
by and among Maker, Lender and various other individuals and entities related to the foregoing parties (the “Agreement”). Reference is made to the Agreement for definitions of capitalized terms used but not otherwise defined
herein. 
 The obligations of Maker evidenced by this Note are unsecured. 

The outstanding principal balance of this Note shall be due and payable as follows in quarterly installments as set forth below, on
January 1, April 1, July 1 and October 1 of each year (“year” shall mean the four (4) calendar quarters, commencing on the first (1st) day of the first (1st) calendar quarter following Closing
and each such date thereafter): 
 (a) Two Hundred Sixty Three Thousand Seven Hundred Ninety Three and 00/100 Dollars
($263,793.00) during the first (1st) year, payable in three (3) quarterly installments as follows (no installment shall be due in the second quarter of the first (1st) year): 

i. A first quarter installment in the amount of One Hundred Ninety Two Thousand Four Hundred Fifty and 75/100 Dollars
($192,450.75); 
 ii. A third quarter installment in the amount of Five Thousand Three Hundred Ninety
Three and 99/100 Dollars ($5,393.99) each; and 
 iii. A fourth quarter installment in the amount of Sixty Five
Thousand Nine Hundred Forty Eight and 26/100 Dollars ($65,948.26). 
 (b) Three Hundred Ten Thousand Three Hundred Forty Five
and 00/100 Dollars ($310,345.00) during the second (2nd) year, payable in four (4) quarterly installments of Seventy Seven Thousand Five Hundred Eighty Six and 25/100 Dollars ($77,586.25) each; and 

(c) Three Hundred Ten Thousand Three Hundred Forty Five and 00/100 Dollars ($310,345.00) during the third (3rd) year, payable in
four (4) quarterly installments of Seventy Seven Thousand Five Hundred Eighty Six and 25/100 Dollars ($77,586.25) each; and 

(d) One Hundred Fifty Five Thousand One Hundred Seventy Three and 00/100 Dollars ($155,173.00) during the fourth (4th) year, payable
in four (4) quarterly installments of Thirty Eight Thousand Seven Hundred Ninety Three and 25/100 Dollars ($38,793.25) each. 

Any outstanding principal and accrued interest shall be due and payable in full on the Maturity Date. So long as no Event of Default
shall have occurred and be continuing, no interest shall accrue on the principal balance of this Note. 
  

 2 

 Maker may prepay any amount due under this Note at any time and from time to time, without
premium or penalty. 
 Maker shall be in default upon the occurrence of any one or more of any of the following events (each, an
“Event of Default”): (1) Maker shall fail to pay when due any amount owed under this Note, and such failure continues for thirty (30) days after Lender notifies Maker thereof in writing, provided, however, that the
exercise by Maker of its right of setoff described in Section 19 of the Agreement in good faith, whether or not ultimately determined to be justified, will not constitute an Event of Default; or (2) if, pursuant to or within the meaning of
the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors (a “Bankruptcy Law”), Maker shall (i) commence a voluntary case or proceeding, (ii) consent to the
entry of an order for relief against it in an involuntary case (or an order for relief shall be entered in such case), (iii) consent to the appointment of a trustee, receiver, assignee, liquidator or similar official or (iv) make an
assignment for the benefit of its creditors; or (5) if a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against Maker in an involuntary case; (ii) appoints a trustee,
receiver, assignee, liquidator or similar official for Maker or substantially all of Maker’s properties; or (iii) orders the liquidation of Maker, and in each case the order or decree is not dismissed within ninety (90) days.

 After the Maturity Date or while there exists any uncured Event of Default, or the exercise by Lender of any remedies
following the occurrence and during the continuance of any Event of Default, interest on that portion of the outstanding principal balance of this Note then due shall accrue at a per annum rate equal to ten and a quarter of a percent
(10.25%) (the “Default Rate”), and all such interest shall be due and payable on demand and compounded annually. In addition, upon the occurrence of an Event of Default described in clause (2) of the preceding
paragraph, the entire outstanding principal balance of this Note shall automatically become immediately due and payable. This Note may not be accelerated for any other reason. 

Upon the occurrence and during the continuance of an Event of Default, all payments under this Note shall be applied to the payment of
accrued and unpaid interest, if any, the principal balance outstanding under this Note and any other sums payable to Lender under this Note, in such order and in such amounts as Lender shall determine in his sole discretion. In the absence of an
Event of Default, all payments under this Note shall be applied to the principal balance outstanding under this Note. Any interest accruing under this Note shall be calculated on the basis of a three hundred sixty-five (365) day year over the
actual number of days elapsed. 
 All amounts payable by Maker to Lender under this Note shall be without relief from valuation
and appraisement laws and, following the occurrence of an Event of Default, with reasonable costs of collection, including attorneys’ fees. If any payment of principal of or interest on this Note falls due on a day which is not a business day,
the due date shall be extended to the next succeeding business day. 
 Maker and all endorsers, sureties and guarantors hereof
severally waive demand, presentment for payment, notice of dishonor, protest and notice of protest, and expressly agree 
  

 3 

 that this Note and any payment coming due under it may be extended from time to time without in any way
affecting their liability hereunder. This Note shall be the joint and several obligation of all makers, sureties, guarantors, and endorsers, and shall be binding upon them and their successors and assigns. 

This Note is not negotiable and may not be transferred or assigned by Lender without the prior written consent of Maker; provided,
however, Lender may assign all or a portion of its rights under this Note to one or more members of the Meyer Extended Family at any time upon not less than ten (10) business days’ prior notice to Maker or, upon the death of Lender
or any future holder hereof, to such holder’s lawful heir(s). Any purported transfer or assignment made in violation hereof shall be void. 

The rights or remedies of Lender or any future holder hereof as provided in this Note and the Transaction Documents shall be cumulative
and concurrent, and may be pursued singly, successively, or together. 
 Notwithstanding anything herein or in the Transaction
Documents to the contrary, no provision contained herein and no provision contained in any of the Transaction Documents which purports to obligate Maker to pay any amount of interest or any fees, costs, or expenses which are in excess of the maximum
permitted by applicable law, shall be effective to the extent that it requires the payment of any interest or other sums in excess of such maximum and, if any such provision is in contravention of any such law, such provision shall be deemed amended
to conform thereto. 
 Maker hereby certifies that the person(s) executing this Note for and on behalf of Maker is duly
empowered by Maker and has been duly authorized by all necessary action on the part of Maker to execute and deliver this Note for and on behalf of Maker. 

Maker shall have the right to withhold and setoff against any amount due hereunder the amount of any claim for indemnification or payment
of damagers to which Maker or StoneMor Partners may be entitled under the Agreement. 
 Maker, together with any endorser,
co-signor, guarantor or surety of this Note, agrees to pay, and save Lender or any future holder of this Note harmless against, any liability for the payment of any reasonable costs and expenses, including reasonable attorneys’ fees, arising or
incurred in connection with the collection of any indebtedness evidenced hereby upon the occurrence and during the continuance of an Event of Default. Time is of the essence of this Note. 

THE VALIDITY OF THIS NOTE, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT AND THE RIGHTS OF THE PARTIES HERETO SHALL BE DETERMINED
UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF INDIANA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. MAKER AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS NOTE SHALL BE TRIED AND
LITIGATED ONLY IN THE STATE COURTS LOCATED IN THE COUNTY OF MARION, 
  

 4 

 STATE OF INDIANA, OR THE FEDERAL COURTS WHOSE VENUE INCLUDES THE COUNTY OF MARION, STATE OF INDIANA, OR, AT
THE SOLE OPTION OF LENDER, IN ANY OTHER COURT IN WHICH LENDER SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY. MAKER AND LENDER, BY ITS ACCEPTANCE HEREOF, WAIVE, TO THE EXTENT
PERMITTED UNDER APPLICABLE LAW, THE RIGHT TO A TRIAL BY JURY AND ANY RIGHT EITHER PARTY MAY HAVE TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS PARAGRAPH. 

[Remainder of page intentionally left blank] 

 

 5 

 IN WITNESS WHEREOF, Maker has executed this Replacement Promissory Note as of the date set
forth above. 
  

			
	“MAKER”
	
	STONEMOR INDIANA LLC
		
	By:	 	 
	Printed:	 	 
	Title:	 	 

  

			
	STONEMOR OPERATING LLC
		
	By:	 	 
	Printed:	 	 
	Title:	 	 

  

 6 

 EXHIBIT B-6 

FORM OF STONEMOR INSTALLMENT NOTE 

(NANCY CADE) 

Attached hereto. 

 THIS NOTE AND THE INDEBTEDNESS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH
IN (1) THAT CERTAIN SUBORDINATION AGREEMENT DATED AS OF JUNE 21, 2010 AMONG BANK OF AMERICA, N.A., A NATIONAL BANKING ASSOCIATION, AS ADMINISTRATIVE AGENT, THE LENDER (AS DEFINED BELOW) AND THE OTHER PARTIES THERETO, AND (2) THAT
CERTAIN SUBORDINATION AGREEMENT DATED AS OF JUNE 21, 2010 AMONG THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, PRUCO LIFE INSURANCE COMPANY, THE LENDER AND THE OTHER PARTIES THERETO, TO THE SENIOR DEBT (AS DEFINED IN THE SUBORDINATION
AGREEMENTS); AND EACH HOLDER OF THIS NOTE SHALL BE BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENTS. 
 THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY COMPARABLE STATE SECURITIES LAW. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS SET FORTH HEREIN. 

REPLACEMENT PROMISSORY NOTE 
(STONEMOR INSTALLMENT NOTE) 

Nancy J. Cade 
  

			
	 $266,071.00
	 	Original Notes Effective Date: December 21, 2004
		 	Replacement Note Effective Date: June 21, 2010
		 	Maturity Date: April 1, 2014

FOR VALUE RECEIVED, STONEMOR INDIANA LLC, an Indiana limited liability company, and STONEMOR OPERATING LLC, a Delaware
limited liability company, as joint and several co-makers (individually and together, “Maker”), hereby promise to pay on or before April 1, 2014 (the “Maturity Date”), to Nancy J. Cade, an
adult resident of the State of Kentucky (“Lender”), in lawful money of the United States of America, at 155 Walnut Dr, Pikeville, Kentucky 41501, or at such other place or to such other party as the holder hereof may
from time to time designate by written notice, the principal sum of Two Hundred Sixty Six Thousand Seventy One and 00/100 Dollars ($266,071.00), or as much thereof as may then be outstanding under this Replacement Promissory Note (this
“Note”), and to pay interest thereon to the extent provided in this Note. 
 This Note, together with
the StoneMor Closing Note (as defined in the Agreement defined below) issued to Lender on the date hereof, amends, restates, supersedes, replaces, extinguishes and constitutes a novation of: (i) in its entirety, that certain Promissory Note in
the original principal sum of Six Hundred Seventy Eight Thousand Four Hundred Fifty Two and 98/100 Dollars ($678,452.98) executed by Ansure Mortuaries of Indiana, LLC, an Indiana limited liability company, in favor of Lender dated December 21,
2004; and (ii) Lender’s share of that certain Promissory Note in the original principal sum of One Million One Hundred Sixty-Seven Thousand Eight Hundred Eighty-Three and 00/100 Dollars ($1,167,883.00) executed by

 
Forest Lawn Funeral Home Properties, LLC, an Indiana limited liability company, in favor of F.T.J. Meyer Associates, LLC, an Indiana limited liability company (“FTJ”),
dated December 21, 2004, which was subsequently assigned, in part, to Lender by FTJ (together, the “Original Notes”), and evidences the indebtedness owed by Maker to Lender pursuant to the terms of that certain
Settlement Agreement dated of even date herewith by and among Maker, Lender and various other individuals and entities related to the foregoing parties (the “Agreement”). Reference is made to the Agreement for definitions of
capitalized terms used but not otherwise defined herein. 
 The obligations of Maker evidenced by this Note are unsecured.

 The outstanding principal balance of this Note shall be due and payable as follows in quarterly installments as set forth
below, on January 1, April 1, July 1 and October 1 of each year (“year” shall mean the four (4) calendar quarters, commencing on the first (1st) day of the first (1st) calendar quarter following
Closing and each such date thereafter): 
 (a) Sixty Seven Thousand Six Hundred Ninety Seven and 00/100 Dollars ($67,697.00)
during the first (1st) year, payable in four (4) quarterly installments as follows: 
 i. A first
quarter installment in the amount of Twenty Thousand Forty Nine and 25/100 Dollars ($20,049.25); 
 ii. A second
quarter installment in the amount of Thirteen Thousand Seven Hundred Ninety Nine and 25/100 Dollars ($13,799.25) each; 

iii. A third quarter installment in the amount of Sixteen Thousand Nine Hundred Twenty Four and 25/100 Dollars
($16,924.25); and 
 iv. A fourth quarter installment in the amount of Sixteen Thousand Nine Hundred Twenty Four
and 25/100 Dollars ($16,924.25). 
 (b) Eighty One Thousand Eight Hundred Fifty and 00/100 Dollars ($81,850.00) during the
second (2nd) year, payable in four (4) quarterly installments of Twenty Thousand Four Hundred Sixty Two and 50/100 Dollars ($20,462.50) each; and 

(c) Eighty One Thousand Eight Hundred Fifty and 00/100 Dollars ($81,850.00) during the third (3rd) year, payable in four
(4) quarterly installments of Twenty Thousand Four Hundred Sixty Two and 50/100 Dollars ($20,462.50) each; and 
 (d)
Thirty Four Thousand Six Hundred Seventy Four and 00/100 Dollars ($34,674.00) during the fourth (4th) year, payable in four (4) quarterly installments of Eight Thousand Six Hundred Sixty Eight and 50/100 Dollars ($8,668.50) each.

  

 2 

 Any outstanding principal and accrued interest shall be due and payable in full on the
Maturity Date. So long as no Event of Default shall have occurred and be continuing, no interest shall accrue on the principal balance of this Note. 

Maker may prepay any amount due under this Note at any time and from time to time, without premium or penalty. 

Maker shall be in default upon the occurrence of any one or more of any of the following events (each, an “Event of
Default”): (1) Maker shall fail to pay when due any amount owed under this Note, and such failure continues for thirty (30) days after Lender notifies Maker thereof in writing, provided, however, that the exercise by Maker of
its right of setoff described in Section 19 of the Agreement in good faith, whether or not ultimately determined to be justified, will not constitute an Event of Default; or (2) if, pursuant to or within the meaning of the United States
Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors (a “Bankruptcy Law”), Maker shall (i) commence a voluntary case or proceeding, (ii) consent to the entry of an order for
relief against it in an involuntary case (or an order for relief shall be entered in such case), (iii) consent to the appointment of a trustee, receiver, assignee, liquidator or similar official or (iv) make an assignment for the benefit
of its creditors; or (5) if a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against Maker in an involuntary case; (ii) appoints a trustee, receiver, assignee, liquidator or
similar official for Maker or substantially all of Maker’s properties; or (iii) orders the liquidation of Maker, and in each case the order or decree is not dismissed within ninety (90) days. 

After the Maturity Date or while there exists any uncured Event of Default, or the exercise by Lender of any remedies following the
occurrence and during the continuance of any Event of Default, interest on that portion of the outstanding principal balance of this Note then due shall accrue at a per annum rate equal to ten and a quarter of a percent (10.25%) (the
“Default Rate”), and all such interest shall be due and payable on demand and compounded annually. In addition, upon the occurrence of an Event of Default described in clause (2) of the preceding paragraph, the entire
outstanding principal balance of this Note shall automatically become immediately due and payable. This Note may not be accelerated for any other reason. 

Upon the occurrence and during the continuance of an Event of Default, all payments under this Note shall be applied to the payment of
accrued and unpaid interest, if any, the principal balance outstanding under this Note and any other sums payable to Lender under this Note, in such order and in such amounts as Lender shall determine in his sole discretion. In the absence of an
Event of Default, all payments under this Note shall be applied to the principal balance outstanding under this Note. Any interest accruing under this Note shall be calculated on the basis of a three hundred sixty-five (365) day year over the
actual number of days elapsed. 
 All amounts payable by Maker to Lender under this Note shall be without relief from valuation
and appraisement laws and, following the occurrence of an Event of Default, with reasonable costs of collection, including attorneys’ fees. If any payment of principal of or interest on this Note falls due on a day which is not a business day,
the due date shall be extended to the next succeeding business day. 
  

 3 

 Maker and all endorsers, sureties and guarantors hereof severally waive demand, presentment
for payment, notice of dishonor, protest and notice of protest, and expressly agree that this Note and any payment coming due under it may be extended from time to time without in any way affecting their liability hereunder. This Note shall be the
joint and several obligation of all makers, sureties, guarantors, and endorsers, and shall be binding upon them and their successors and assigns. 

This Note is not negotiable and may not be transferred or assigned by Lender without the prior written consent of Maker; provided,
however, Lender may assign all or a portion of its rights under this Note to one or more members of the Meyer Extended Family at any time upon not less than ten (10) business days’ prior notice to Maker or, upon the death of Lender
or any future holder hereof, to such holder’s lawful heir(s). Any purported transfer or assignment made in violation hereof shall be void. 

The rights or remedies of Lender or any future holder hereof as provided in this Note and the Transaction Documents shall be cumulative
and concurrent, and may be pursued singly, successively, or together. 
 Notwithstanding anything herein or in the Transaction
Documents to the contrary, no provision contained herein and no provision contained in any of the Transaction Documents which purports to obligate Maker to pay any amount of interest or any fees, costs, or expenses which are in excess of the maximum
permitted by applicable law, shall be effective to the extent that it requires the payment of any interest or other sums in excess of such maximum and, if any such provision is in contravention of any such law, such provision shall be deemed amended
to conform thereto. 
 Maker hereby certifies that the person(s) executing this Note for and on behalf of Maker is duly
empowered by Maker and has been duly authorized by all necessary action on the part of Maker to execute and deliver this Note for and on behalf of Maker. 

Maker shall have the right to withhold and setoff against any amount due hereunder the amount of any claim for indemnification or payment
of damagers to which Maker or StoneMor Partners may be entitled under the Agreement. 
 Maker, together with any endorser,
co-signor, guarantor or surety of this Note, agrees to pay, and save Lender or any future holder of this Note harmless against, any liability for the payment of any reasonable costs and expenses, including reasonable attorneys’ fees, arising or
incurred in connection with the collection of any indebtedness evidenced hereby upon the occurrence and during the continuance of an Event of Default. Time is of the essence of this Note. 

THE VALIDITY OF THIS NOTE, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT AND THE RIGHTS OF THE PARTIES HERETO SHALL BE DETERMINED
UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF INDIANA, WITHOUT REGARD TO 
  

 4 

 
PRINCIPLES OF CONFLICTS OF LAW. MAKER AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS NOTE SHALL BE TRIED AND LITIGATED ONLY IN THE STATE COURTS LOCATED IN THE COUNTY OF
MARION, STATE OF INDIANA, OR THE FEDERAL COURTS WHOSE VENUE INCLUDES THE COUNTY OF MARION, STATE OF INDIANA, OR, AT THE SOLE OPTION OF LENDER, IN ANY OTHER COURT IN WHICH LENDER SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT
MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY. MAKER AND LENDER, BY ITS ACCEPTANCE HEREOF, WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, THE RIGHT TO A TRIAL BY JURY AND ANY RIGHT EITHER PARTY MAY HAVE TO OBJECT TO VENUE TO THE
EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS PARAGRAPH. 
 [Remainder of page intentionally left blank]

  

 5 

 IN WITNESS WHEREOF, Maker has executed this Replacement Promissory Note as of the date set
forth above. 
  

			
	“MAKER”
	
	STONEMOR INDIANA LLC
		
	By:	 	 
	 Printed:
	 	 
	 Title:
	 	 

  

			
	STONEMOR OPERATING LLC
		
	By:	 	 
	 Printed:
	 	 
	 Title:
	 	 

  

 6 

 EXHIBIT C 

FORM OF MORTGAGE RELEASE 

Attached hereto. 

 Prepared by and upon recording return to: 

Patricia E. Primmer, Esq. 
 May Oberfell Lorber

 4100 Edison Lakes Parkway, Suite 100 

Mishawaka, Indiana 46545 

RELEASE OF REAL ESTATE MORTGAGE  

On December 21, 2004,
                                , an Indiana corporation, executed a Real Estate
Mortgage granting Fred W. Meyer, Jr., James R. Meyer, Thomas E. Meyer and Nancy Jean Cade, a mortgage lien in the amount of
$                     in the real property described in Exhibit “A” (the “Mortgage”). 

The Mortgage was recorded with the
                         Recorder on
                         as Instrument
                . 
 The Mortgage is hereby released and
forever discharged. 
  

					
			
	 	 		 	 
	Fred W. Meyer, Jr.	 		 	James R. Meyer

  

					
			
	 	 		 	 
	Thomas E. Meyer	 		 	Nancy Jean Cade

  

 1 

 STATE OF
                         ) 

                         
                    ) ss: 

                    
COUNTY       ) 
 Before me, the undersigned, a notary public, in and for said county and
state, this              day
of                        , 2010, came Fred W. Meyer, Jr. and acknowledged the execution and veracity of the
foregoing instrument. 
 WITNESS my hand and official seal. 

My commission expires: 
  

			
		
		  	  

(Signature)                        
                                         
                   

		
	  
	  	  
 (Printed or
Typed)                                        
                                

		
		  	  
 (County of
Residence)                                        
                         

 

 2 

 STATE OF
                         ) 

                         
                    ) ss: 

                    
COUNTY       ) 
 Before me, the undersigned, a notary public, in and for said county and
state, this          day of
                            , 2010, came James R. Meyer, and acknowledged the execution and
veracity of the foregoing instrument. 
 WITNESS my hand and official seal. 

My commission expires: 
  

			
		
		  	  

(Signature)

		
	  
	  	  
 (Printed or
Typed)

		
		  	  
 (County of
Residence)

  

 3 

 STATE OF
                         ) 

                         
                    ) ss: 

                    
COUNTY       ) 
 Before me, the undersigned, a notary public, in and for said county and
state, this          day of
                            , 2010, came Thomas E. Meyer and acknowledged the execution and
veracity of the foregoing instrument. 
 WITNESS my hand and official seal. 

My commission expires: 
  

			
		
		  	  

(Signature)

		
	  
	  	  
 (Printed or
Typed)

		
		  	  
 (County of
Residence)

  

 4 

 STATE OF
                         ) 

                         
                    ) ss: 

                    
COUNTY       ) 
 Before me, the undersigned, a notary public, in and for said county and
state, this          day of
                            , 2010, came Nancy Jean Cade and acknowledged the execution and veracity
of the foregoing instrument. 
 WITNESS my hand and official seal. 

My commission expires: 
  

			
		
		  	  

(Signature)

		
	  
	  	  
 (Printed or
Typed)

		
		  	  
 (County of
Residence)

 This instrument was prepared by Patricia E. Primmer (6505-71), May Oberfell Lorber, 4100 Edison Lakes
Parkway, Suite 100 Mishawaka, IN 46545 (574) 243-4100, Member St. Joseph County Indiana Bar Association. 
 I affirm, under the penalties
for perjury, that I have taken reasonable care to redact each Social Security number in this document, unless required by law (Patricia E. Primmer). 
  

 5 

 EXHIBIT “A” 

 

 6 

 EXHIBIT D-1 

FORM OF SUBORDINATION AGREEMENT 

(FRED MEYER) 

Attached hereto. 

 SUBORDINATION AGREEMENT 

(FRED W. MEYER, JR.) 

This SUBORDINATION AGREEMENT (this “Agreement”), dated June 21, 2010, is by and among the Purchasers (as defined
below), StoneMor Partners L.P., a Delaware limited partnership (the “Parent”), StoneMor Operating LLC, a Delaware limited liability company (the “Company”), StoneMor Indiana LLC, an Indiana limited liability company
(“SI”), StoneMor Indiana Subsidiary LLC, an Indiana limited liability company (“SIS”) and Ohio Cemetery Holdings, Inc., an Ohio non-profit corporation (“OCH” and together with the Company, SI and
SIS, the “Buyer”), and Fred W. Meyer, Jr. by James R. Meyer as special administrator to the estate of Fred W. Meyer, Jr. (together with any successors or assigns or subsequent holders of or payees on account of Subordinated Debt
from time to time, the “Subordinated Creditor”). 
 BACKGROUND 

A. Pursuant to that certain Amended and Restated Note Purchase Agreement, dated August 15, 2007 (as amended, restated, supplemented
or modified from time to time, the “Note Purchase Agreement”), by and among the purchasers of notes issued thereunder (the “Purchasers”), StoneMor GP LLC, a Delaware limited liability company (the “General
Partner”), the Parent, the Company, the Subsidiaries of the Company set forth on the signature pages thereto (together with the Company, the “Issuers” and, together with the General Partner and the Parent, collectively the
“Credit Parties”), the Purchasers agreed, inter alia, to purchase (i) $35,000,000 of the Existing Issuers’ 11.00% Series B Senior Secured Notes due 2012 (the “Series B Notes”), of which $17,500,000
remains outstanding after prepayment of the Series B Notes held by iStar Tara LLC in connection with the Fourth Amendment, and (ii) $17,500,000 of the Existing Issuers’ 11.00% Senior Secured Series C Notes due 2012 (the “Series C
Notes” and, together with the Series B Notes, the “Existing Notes”), and to provide additional credit facilities on a secured basis. 

B. A condition to the consummation by the Subordinated Creditor of certain transactions is the execution and delivery of that certain
Settlement Agreement (as amended, restated, supplemented or modified from time to time, the “Settlement Agreement”) between, on one hand, the Buyer (other than OCH) and the Parent (collectively, the “Buyer Parties”)
and Chapel Hill Associates, Inc., a Michigan corporation, Covington Memorial Funeral Home, Inc., an Indiana corporation, Covington Memorial Gardens, Inc., an Indiana corporation, Forest Lawn Memorial Chapel, Inc., an Indiana corporation, Forest
Lawn Memory Gardens, Inc., an Indiana corporation and Chapel Hill Funeral Home, Inc., an Indiana corporation (collectively, the “Purchased Entities”) and, on the other hand, the Subordinated Creditor, James R. Meyer, a natural
individual, Thomas E. Meyer, a natural individual, and Nancy J. Cade, a natural individual (collectively, the “Meyer Family”) pursuant to which one or more of the Buyer Parties has agreed to (i) pay $500,000 to the Meyer Family
(the “Initial Payment”), (ii) cause the Parent to issue $5,585,000 of unregistered common units of the Parent to the Meyer Family, (iii) issue unsecured promissory notes, dated the date hereof, to the Meyer Family in the
aggregate principal amount of $1,305,727 (collectively, the “Meyers Notes”), $1,039,656 of which, as of the date hereof, is payable under a note in favor of the Subordinated Creditor, and (iv) pay the following amounts to the
Meyer Family thereafter: 

	 	•	 	 $2,044,273 in the aggregate (the “Non-Compete Payments”) payable under the non-competition agreements between certain members of the
Meyer Family and one or more of the Buyer Parties (the “Non-Compete Agreements”); 

  

	 	•	 	 up to $2,350,000 of distributions upon recovery by the Buyer Parties on behalf of the Purchased Entities on certain misappropriation of trust fund
claims (the “Misappropriation Proceeds Payments”); 

  

	 	•	 	 the lower of (i) $150,000; or (ii) the amount (if any) by which the sum of $2,350,000 exceeds the aggregate amount of Misappropriation
Proceeds Payments received by the Meyers by the third anniversary of the Meyers Agreement (the “Settlement Payment”); 

  

	 	•	 	 the Additional Deferred Consideration (as defined in the Settlement Agreement); and 

 

	 	•	 	 reimbursement of health insurance premiums for each of James R. Meyer, Thomas E. Meyer and their respective spouses until the earlier of the expiration
of seven years or their eligibility for Medicare, with such reimbursement being $34,000 in the first year and to be adjusted annually by the percentage increase in premiums for such health insurance maintained by James R. Meyer, Thomas E. Meyer and
each of their respective spouses (the “Healthcare Payments”), 

 in exchange for certain non-competition
covenants by certain members of the Meyer Family in favor of one or more of the Buyer Parties and the Purchased Entities and certain releases and other consideration, all as more fully set forth in the Settlement Agreement, the Meyers Notes and the
Non-Compete Agreements (collectively, together with any other agreements of documents delivered in connection therewith, the “Meyers Documents”). 

C. The Buyer Parties are permitted, from time to time, in accordance with the terms and conditions set forth in the Note Purchase
Agreement to obtain certain subordinated debt from certain junior creditors, subject to certain consents of the Required Holders. 

D. As a condition to their consent to the delivery of the Meyers Documents and the entering into the related transactions, the Purchasers
have required that the Subordinated Creditor enter into this Agreement with the Purchasers. 
 In consideration of the foregoing
premises, and the mutual promises and undertaking set forth herein, the parties hereto agree as follows: 
 1.
Definitions. 
 a. The following terms have the meanings specified: 

“Senior Debt” means any and all obligations, indebtedness and liabilities of every nature and description of the Credit
Parties (including, without limitation, the Buyer Parties), or any of them, owed to any Purchaser, under the Shelf Notes and the Note Purchase Agreement, together with any other Obligations, whether primary or secondary, direct or indirect, absolute
or contingent, sole, joint or several, secured or unsecured, due or to become 
  

 2 

 
due, contractual arising by operation of law or otherwise, or now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or
otherwise, including, without limitation, principal, interest, Make-Whole Amount and fees including, without limitation, late fees and expenses, including, without limitation, attorneys’ fees and costs. 

“Subordinated Debt” means any and all obligations, indebtedness and liabilities of every nature and description of any
of the Credit Parties owed to the Subordinated Creditor under any of the Meyers Documents (including, without limitation, (i) all Non-Compete Payments, (ii) the Additional Deferred Consideration, (iii) the Settlement Payment, and
(iv) all payments under the Meyers Notes), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due, contractual arising by operation of law or otherwise, or
now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal, interest and fees including, without limitation, late fees and
expenses, including, without limitation, attorneys’ fees and costs whether now existing or hereafter created or arising; provided that the following payments shall not be treated as Subordinated Debt hereunder: (a) the Initial Payment;
(b) the Misappropriation Proceeds Payments; and (c) the Healthcare Payments. 
 b. Except as expressly set forth
herein, all capitalized terms used and not defined herein shall have the respective meanings ascribed thereto in the Note Purchase Agreement or the Intercreditor Agreement (as defined in the Note Purchase Agreement), as applicable. 

2. Subordination. 

a. Payment. 

(1) The Subordinated Creditor hereby: (i) subordinates all Subordinated Debt and all claims and demands arising therefrom to all of
the Senior Debt; and (ii) agrees that payment of principal of, interest on and other amounts owing under any and all Subordinated Debt is hereby expressly subordinated to payment in full of the Senior Debt (including, without limitation, all
interest accruing on any Senior Debt after the commencement of any proceeding described in Section 5 hereof at the contractual rate set forth in the Note Purchase Agreement). 

(2) Notwithstanding the foregoing, if no Event of Default or Default has occurred and is continuing at any time a regularly scheduled
payment on the Subordinated Debt is payable, and such regularly scheduled payment would not give rise to an Event of Default or Default under the Note Purchase Agreement, then the Buyer Parties may pay (and the Subordinated Creditor may receive)
such regularly scheduled payments of principal, interest as the same accrues, and other regularly scheduled amounts of Subordinated Debt (which have not been accelerated) pursuant to the terms set forth in the Meyers Documents as in effect on the
date hereof (or as may be amended with the consent of the Required Holders). 
 b. Security Interest. Notwithstanding
anything to the contrary 
  

 3 

 
contained in any other instrument or document delivered in connection with the Subordinated Debt or otherwise, including, without limitation, any prior perfection of a security interest or lien,
if either or both the Subordinated Creditor and the Buyer Parties shall breach their obligations in Section 3, any security interests and liens now or hereafter held by the Subordinated Creditor in any collateral security for the Subordinated
Debt shall be junior and subordinate to any security interests and liens now or hereafter held by Collateral Agent, for the benefit of the Secured Creditors, in the same collateral. So long as any portion of the Senior Debt shall remain unpaid, the
Collateral Agent may at all times in its sole discretion exercise any and all powers and rights which it now has or may hereafter acquire with respect to any of the collateral securing the Senior Debt, all without the necessity of obtaining any
consent or approval of the Subordinated Creditor, and the Subordinated Creditor shall not exercise any rights in respect of such collateral. 

3. Prohibition of Liens and Security Interests. The Buyer Parties shall not provide and the Subordinated Creditor shall not accept
any collateral to secure any of the obligations, indebtedness or liabilities of any of the Buyer Parties to the Subordinated Creditor, including, without limitation, the Subordinated Debt. Subordinated Creditor hereby agrees that, notwithstanding
anything to the contrary contained in any other instrument or document delivered in connection with the obligations of the Buyer Parties to the Subordinated Creditor or otherwise, including, without limitation, any prior perfection of a security
interest or lien, if either or both the Subordinated Creditor and the Buyer Parties shall breach their obligations in this Section 3, all security interests and liens at any time held by the Subordinated Creditor, in any collateral security for
any such obligation shall be junior and subordinate to any security interests and liens at any time held by the Collateral Agent, for the benefit of the Secured Creditors. In connection with any foreclosure of any lien on or security interest in any
collateral for the Senior Debt by the Collateral Agent, the Subordinated Creditor waives any right it may have to approve or disapprove the terms and conditions of any sale by the Collateral Agent of the collateral, other than the right to bid at
any such sale. 
 4. Moratorium on Remedies. The Subordinated Creditor hereby agrees not to: (a) accelerate, demand,
sue for, commence any collection or enforcement action or bankruptcy or other proceeding with respect to, take, receive, accept or retain any payment or distribution of any character, whether in cash, securities or other property and whether by set
off or otherwise, in respect of any portion of the Subordinated Debt; (b) enforce or apply any security for any Subordinated Debt; or (c) incur any debt or liability to, or receive any loan, dividend, return of capital, advance, gift, or
any other transfer of any property whether real or personal, or tangible or intangible, from the Buyer Parties (each of the above is herein referred to as an “Enforcement Action”) until the Senior Debt shall have been paid in full
with interest (including interest during any bankruptcy or similar proceeding involving the Buyer Parties, from the date of the filing thereof to the date of distribution, notwithstanding any statute, including without limitation the Federal
Bankruptcy Code, any rule of law or bankruptcy procedures to the contrary). 
 5. Distributions on Insolvency, Etc. The
Subordinated Creditor hereby agrees that in the event of the institution of and in connection with any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceedings relative to any of the Buyer Parties or any of
their property, or of any proceeding for the voluntary liquidation, dissolution or 
  

 4 

 
other winding-up of any of the Buyer Parties, whether or not involving insolvency or bankruptcy proceedings: 

a. all amounts due under the Senior Debt shall first be paid in full in cash before any payment or distribution of any character, whether
in cash, securities or other property, shall be made in respect of any Subordinated Debt; 
 b. any payment or distribution of
any character, whether in cash, securities or other property, which would otherwise be payable or deliverable in respect of the Subordinated Debt shall be paid or delivered directly to the Purchasers, until all of the Senior Debt shall have been
paid in full in cash, with the Subordinated Creditor retaining a right of subrogation to any remaining distributions payable on account of the Senior Debt after the Purchasers have received aggregate distributions in cash equal to all amounts due
under the Senior Debt, and the Subordinated Creditor shall irrevocably authorize, empower and direct all receivers, trustees, liquidators, conservators and others having authority to effect all such payments and deliveries; and 

c. the Subordinated Creditor shall execute and deliver to the Purchasers all such further instruments confirming the authorization
referred to in the foregoing clause (b) and all such powers of attorney, proofs of claim, assignments of claim and other instruments and shall take all such other actions as may be reasonably requested by the Purchasers in order to enable each
of the Purchasers to enforce all of its rights hereunder and all claims of such Purchaser upon or in respect of the Subordinated Debt, and failing execution of such instruments or taking of such actions by the Subordinated Creditor, each Purchaser
is hereby authorized, empowered and appointed to execute and perform the same on behalf of the Subordinated Creditor. Without limiting the generality of the foregoing, the Subordinated Creditor hereby irrevocably authorizes, empowers and appoints
each of the Purchasers until the Senior Debt has been paid in full and all financing arrangements between the Credit Parties and the Purchasers under the Shelf Notes and the Note Purchase Agreement shall have been terminated as its agent and
attorney in fact to execute, verify, deliver and file proofs of claim with respect to the Subordinated Debt upon the failure of the Subordinated Creditor to do so prior to fifteen (15) days before the expiration of the time to file any such
proof of claim; provided that no Purchaser shall have any obligation to execute, verify, deliver, and/or file any such proof of claim. 

6. Unauthorized Distributions Held in Trust. The Subordinated Creditor hereby agrees that, in the event any payment or
distribution of any character, whether in cash, securities or other property, is received by Subordinated Creditor in contravention of the terms of subordination set forth herein, such payment or distribution shall be held by Subordinated Creditor,
as trustee of an express trust, in trust for the benefit of, and shall be paid over or delivered and transferred to the Purchasers, for application to all amounts of Senior Debt remaining unpaid until such amounts shall have been paid in full.

 7. Notation of Subordination. If the Subordinated Debt is evidenced in whole or part by any promissory note or other
instruments (including the Me yers Notes), the Subordinated Creditor agrees to note on the face thereof that the same is subject to this Agreement. 
  

 5 

 8. No Modification of Subordinated Debt. The Subordinated Creditor and the Buyer
Parties hereby agree that so long any Senior Debt or commitments under the Note Purchase Agreement remain outstanding, they will not modify or amend, or permit modification or amendment of, the terms and conditions of any of the Meyers Documents to
the extent such terms and conditions relate in any way to the Subordinated Debt, without, in each case, obtaining the prior written consent of the Required Holders. 

9. Waiver of Notices. The Subordinated Creditor hereby waives all notices with respect to the Note Purchase Agreement, including,
but not limited to, the making of loans or advances to the Buyer Parties or any extensions, renewals or modifications thereof, releases of collateral security or guarantors or other indulgences of any character, or of the occurrence or declaration
of any default or the taking of any Enforcement Action. 
 10. Rights of Purchasers Regarding the Buyer Parties. This
Agreement is a continuing agreement of subordination and the Purchasers and other holders of Senior Debt may continue to hold the obligations of the Buyer Parties in reliance hereon, without notice to the Subordinated Creditor, including any
increases, renewals, extensions or other modifications of any kind relating to the terms and conditions of any of the Senior Debt or any collateral security or guaranty therefor, and may release or exchange or otherwise deal with any collateral
security or guaranty or may release any balance of funds on deposit or otherwise held by any Purchaser or other holder of Senior Debt without notice to or consent of the Subordinated Creditor and without impairing or affecting the rights of any
Purchaser or other holder of Senior Debt under this Agreement. Each Purchaser and other holder of Senior Debt is a third party beneficiary of this Agreement. 

11. Representations and Warranties. The execution, delivery and performance by the Buyer Parties of this Agreement are within
their power, have been duly authorized by all necessary action and, if necessary, by making appropriate filings with any governmental agency or unit and are the legal, binding, valid and enforceable obligations of the Buyer Parties; and do not
(i) contravene, or constitute (with or without the giving of notice or lapse of time or both) a violation of any provision of applicable law or of any contract or agreement to which he is a party, or a default under any agreement, judgment,
injunction, order, decree or other instrument binding upon or affecting the Buyer Parties, (ii) result in the creation or imposition of any lien on any of the Buyer Parties’ assets, or (iii) give cause for the acceleration of any
obligations of the Buyer Parties to any other creditor. 
 12. Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns; provided that, the Subordinated Creditor shall not assign all or any portion of the Subordinated Debt without causing any such assignee to deliver to each of the
Purchasers a written acknowledgment that such Subordinated Debt is governed by the terms of this Agreement and, if requested by the Required Holders, a subordination agreement substantially identical to this Agreement. 

13. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without
reference to the choice of law doctrine of the State of New York. 
  

 6 

 14. Headings. The headings of the sections of this Agreement are inserted for
convenience only and shall not be deemed to constitute a part of this Agreement. 
 15. Counterparts. This Agreement may
be executed in any number of counterparts with the same affect as if all of the signatures on such counterparts appeared on one document and each counterpart shall be deemed an original. Delivery of an executed counterpart of a signature page of
this Agreement by telecopy or by electronic means shall be effective as delivery of a manually executed counterpart of this Agreement. 

16. Waiver of Jury Trial. Each party hereto hereby expressly waives any right to trial by jury of any claim, demand, action or
cause of action arising hereunder or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to this Agreement, in each case whether now existing or hereafter arising, and whether founded
in contract or tort or otherwise. Each party hereto hereby agrees and consents that any such claim, demand, action or cause of action shall be decided by court trial without a jury, and that any party to this agreement may file an original
counterpart or a copy of this section with any court as written evidence of the consent of the signatories hereto to the waiver of their right to trial by jury. 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have, individually, or by their duly authorized
officers, executed this Subordination Agreement on the date first above written. 
  

			
	FRED W. MEYER, JR.
		
	By:	 	 
	 Printed: JAMES R. MEYER as Special

Administrator of the Estate of Fred W. Meyer, Jr.

	
	 THE PRUDENTIAL INSURANCE COMPANY

OF AMERICA

		
	By:	 	 
	 Name:

Title:

	
	PRUCO LIFE INSURANCE COMPANY
		
	By:	 	 
	 Name:

Title:

  

			
	 ACKNOWLEDGED AND AGREED:

	
	 STONEMOR PARTNERS L.P.

	By:	 	 STONEMOR GP LLC

its General Partner

		
	By:	 	 
	Name: Paul Waimberg
	Title: Vice President
	
	STONEMOR OPERATING LLC
		
	By:	 	 
	Name: Paul Waimberg
	Title: Vice President
	
	STONEMOR INDIANA LLC

  

 8 

			
	By:	 	 
	Name: Paul Waimberg
	Title: Vice President
		
		 	STONEMOR INDIANA SUBSIDIARY LLC
		
	By:	 	 
	Name: Paul Waimberg
	Title: Vice President
		
		 	OHIO CEMETERY HOLDINGS, INC.
		
	By:	 	 
	Name: Paul Waimberg
	Title: Vice President

  

 9 

 EXHIBIT D-2 

FORM OF SUBORDINATION AGREEMENT 

(JIM MEYER) 

Attached hereto. 

 SUBORDINATION AGREEMENT 

(JAMES R. MEYER) 

This SUBORDINATION AGREEMENT (this “Agreement”), dated June 21, 2010, is by and among the Purchasers (as defined
below), StoneMor Partners L.P., a Delaware limited partnership (the “Parent”), StoneMor Operating LLC, a Delaware limited liability company (the “Company”), StoneMor Indiana LLC, an Indiana limited liability company
(“SI”), StoneMor Indiana Subsidiary LLC, an Indiana limited liability company (“SIS”) and Ohio Cemetery Holdings, Inc., an Ohio non-profit corporation (“OCH” and together with the Company, SI and
SIS, the “Buyer”), and James R. Meyer, an adult resident of the State of Indiana (together with any successors or assigns or subsequent holders of or payees on account of Subordinated Debt from time to time, the
“Subordinated Creditor”). 
 BACKGROUND 

A. Pursuant to that certain Amended and Restated Note Purchase Agreement, dated August 15, 2007 (as amended, restated, supplemented
or modified from time to time, the “Note Purchase Agreement”), by and among the purchasers of notes issued thereunder (the “Purchasers”), StoneMor GP LLC, a Delaware limited liability company (the “General
Partner”), the Parent, the Company, the Subsidiaries of the Company set forth on the signature pages thereto (together with the Company, the “Issuers” and, together with the General Partner and the Parent, collectively the
“Credit Parties”), the Purchasers agreed, inter alia, to purchase (i) $35,000,000 of the Existing Issuers’ 11.00% Series B Senior Secured Notes due 2012 (the “Series B Notes”), of which $17,500,000
remains outstanding after prepayment of the Series B Notes held by iStar Tara LLC in connection with the Fourth Amendment, and (ii) $17,500,000 of the Existing Issuers’ 11.00% Senior Secured Series C Notes due 2012 (the “Series C
Notes” and, together with the Series B Notes, the “Existing Notes”), and to provide additional credit facilities on a secured basis. 

B. A condition to the consummation by the Subordinated Creditor of certain transactions is the execution and delivery of that certain
Settlement Agreement (as amended, restated, supplemented or modified from time to time, the “Settlement Agreement”) between, on one hand, the Buyer (other than OCH) and the Parent (collectively, the “Buyer Parties”)
and Chapel Hill Associates, Inc., a Michigan corporation, Covington Memorial Funeral Home, Inc., an Indiana corporation, Covington Memorial Gardens, Inc., an Indiana corporation, Forest Lawn Memorial Chapel, Inc., an Indiana corporation, Forest
Lawn Memory Gardens, Inc., an Indiana corporation and Chapel Hill Funeral Home, Inc., an Indiana corporation (collectively, the “Purchased Entities”) and, on the other hand, the Subordinated Creditor, the estate of Fred W. Meyer,
Jr., Thomas E. Meyer, a natural individual, and Nancy J. Cade, a natural individual (collectively, the “Meyer Family”) pursuant to which one or more of the Buyer Parties has agreed to (i) pay $500,000 to the Meyer Family (the
“Initial Payment”), (ii) cause the Parent to issue $5,585,000 of unregistered common units of the Parent to the Meyer Family, (iii) issue unsecured promissory notes, dated the date hereof, to the Meyer Family in the
aggregate principal amount of $1,305,727 (collectively, the “Meyers Notes”), and (iv) pay the following amounts to the Meyer Family thereafter: 

	 	•	 	 $2,044,273 in the aggregate (the “Non-Compete Payments”) payable under the non-competition agreements between certain members of the
Meyer Family and one or more of the Buyer Parties (the “Non-Compete Agreements”), $977,182 of which, as of the date hereof, is payable to the Subordinated Creditor; 

 

	 	•	 	 up to $2,350,000 of distributions upon recovery by the Buyer Parties on behalf of the Purchased Entities on certain misappropriation of trust fund
claims (the “Misappropriation Proceeds Payments”); 

  

	 	•	 	 the lower of (i) $150,000; or (ii) the amount (if any) by which the sum of $2,350,000 exceeds the aggregate amount of Misappropriation
Proceeds Payments received by the Meyers by the third anniversary of the Meyers Agreement (the “Settlement Payment”); 

  

	 	•	 	 the Additional Deferred Consideration (as defined in the Settlement Agreement); and 

 

	 	•	 	 reimbursement of health insurance premiums for each of James R. Meyer, Thomas E. Meyer and their respective spouses until the earlier of the expiration
of seven years or their eligibility for Medicare, with such reimbursement being $34,000 in the first year and to be adjusted annually by the percentage increase in premiums for such health insurance maintained by James R. Meyer, Thomas E. Meyer and
each of their respective spouses (the “Healthcare Payments”), 

 in exchange for certain non-competition
covenants by certain members of the Meyer Family in favor of one or more of the Buyer Parties and the Purchased Entities and certain releases and other consideration, all as more fully set forth in the Settlement Agreement, the Meyers Notes and the
Non-Compete Agreements (collectively, together with any other agreements of documents delivered in connection therewith, the “Meyers Documents”). 

C. The Buyer Parties are permitted, from time to time, in accordance with the terms and conditions set forth in the Note Purchase
Agreement to obtain certain subordinated debt from certain junior creditors, subject to certain consents of the Required Holders. 

D. As a condition to their consent to the delivery of the Meyers Documents and the entering into the related transactions, the Purchasers
have required that the Subordinated Creditor enter into this Agreement with the Purchasers. 
 In consideration of the foregoing
premises, and the mutual promises and undertaking set forth herein, the parties hereto agree as follows: 
 1.
Definitions. 
 a. The following terms have the meanings specified: 

“Senior Debt” means any and all obligations, indebtedness and liabilities of every nature and description of the Credit
Parties (including, without limitation, the Buyer Parties), or any of them, owed to any Purchaser, under the Shelf Notes and the Note Purchase Agreement, together with any other Obligations, whether primary or secondary, direct or

  

 2 

 
indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due, contractual arising by operation of law or otherwise, or now or hereafter existing, whether
incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal, interest, Make-Whole Amount and fees including, without limitation, late fees and expenses,
including, without limitation, attorneys’ fees and costs. 
 “Subordinated Debt” means any and all
obligations, indebtedness and liabilities of every nature and description of any of the Credit Parties owed to the Subordinated Creditor under any of the Meyers Documents (including, without limitation, (i) all Non-Compete Payments,
(ii) the Additional Deferred Consideration, (iii) the Settlement Payment, and (iv) all payments under the Meyers Notes), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or
unsecured, due or to become due, contractual arising by operation of law or otherwise, or now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including,
without limitation, principal, interest and fees including, without limitation, late fees and expenses, including, without limitation, attorneys’ fees and costs whether now existing or hereafter created or arising; provided that the following
payments shall not be treated as Subordinated Debt hereunder: (a) the Initial Payment; (b) the Misappropriation Proceeds Payments; and (c) the Healthcare Payments. 

b. Except as expressly set forth herein, all capitalized terms used and not defined herein shall have the respective meanings ascribed
thereto in the Note Purchase Agreement or the Intercreditor Agreement (as defined in the Note Purchase Agreement), as applicable. 

2. Subordination. 

a. Payment. 

(1) The Subordinated Creditor hereby: (i) subordinates all Subordinated Debt and all claims and demands arising therefrom to all of
the Senior Debt; and (ii) agrees that payment of principal of, interest on and other amounts owing under any and all Subordinated Debt is hereby expressly subordinated to payment in full of the Senior Debt (including, without limitation, all
interest accruing on any Senior Debt after the commencement of any proceeding described in Section 5 hereof at the contractual rate set forth in the Note Purchase Agreement). 

(2) Notwithstanding the foregoing, if no Event of Default or Default has occurred and is continuing at any time a regularly scheduled
payment on the Subordinated Debt is payable, and such regularly scheduled payment would not give rise to an Event of Default or Default under the Note Purchase Agreement, then the Buyer Parties may pay (and the Subordinated Creditor may receive)
such regularly scheduled payments of principal, interest as the same accrues, and other regularly scheduled amounts of Subordinated Debt (which have not been accelerated) pursuant to the terms set forth in the Meyers Documents as in effect on the
date hereof (or as may be amended with the consent of the Required Holders). 
  

 3 

 b. Security Interest. Notwithstanding anything to the contrary contained in any
other instrument or document delivered in connection with the Subordinated Debt or otherwise, including, without limitation, any prior perfection of a security interest or lien, if either or both the Subordinated Creditor and the Buyer Parties shall
breach their obligations in Section 3, any security interests and liens now or hereafter held by the Subordinated Creditor in any collateral security for the Subordinated Debt shall be junior and subordinate to any security interests and liens
now or hereafter held by Collateral Agent, for the benefit of the Secured Creditors, in the same collateral. So long as any portion of the Senior Debt shall remain unpaid, the Collateral Agent may at all times in its sole discretion exercise any and
all powers and rights which it now has or may hereafter acquire with respect to any of the collateral securing the Senior Debt, all without the necessity of obtaining any consent or approval of the Subordinated Creditor, and the Subordinated
Creditor shall not exercise any rights in respect of such collateral. 
 3. Prohibition of Liens and Security Interests.
The Buyer Parties shall not provide and the Subordinated Creditor shall not accept any collateral to secure any of the obligations, indebtedness or liabilities of any of the Buyer Parties to the Subordinated Creditor, including, without limitation,
the Subordinated Debt. Subordinated Creditor hereby agrees that, notwithstanding anything to the contrary contained in any other instrument or document delivered in connection with the obligations of the Buyer Parties to the Subordinated Creditor or
otherwise, including, without limitation, any prior perfection of a security interest or lien, if either or both the Subordinated Creditor and the Buyer Parties shall breach their obligations in this Section 3, all security interests and liens
at any time held by the Subordinated Creditor, in any collateral security for any such obligation shall be junior and subordinate to any security interests and liens at any time held by the Collateral Agent, for the benefit of the Secured Creditors.
In connection with any foreclosure of any lien on or security interest in any collateral for the Senior Debt by the Collateral Agent, the Subordinated Creditor waives any right it may have to approve or disapprove the terms and conditions of any
sale by the Collateral Agent of the collateral, other than the right to bid at any such sale. 
 4. Moratorium on
Remedies. The Subordinated Creditor hereby agrees not to: (a) accelerate, demand, sue for, commence any collection or enforcement action or bankruptcy or other proceeding with respect to, take, receive, accept or retain any payment or
distribution of any character, whether in cash, securities or other property and whether by set off or otherwise, in respect of any portion of the Subordinated Debt; (b) enforce or apply any security for any Subordinated Debt; or (c) incur
any debt or liability to, or receive any loan, dividend, return of capital, advance, gift, or any other transfer of any property whether real or personal, or tangible or intangible, from the Buyer Parties (each of the above is herein referred to as
an “Enforcement Action”) until the Senior Debt shall have been paid in full with interest (including interest during any bankruptcy or similar proceeding involving the Buyer Parties, from the date of the filing thereof to the date
of distribution, notwithstanding any statute, including without limitation the Federal Bankruptcy Code, any rule of law or bankruptcy procedures to the contrary). 

5. Distributions on Insolvency, Etc. The Subordinated Creditor hereby agrees that in the event of the institution of and in
connection with any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceedings relative to any of the Buyer 
  

 4 

 
Parties or any of their property, or of any proceeding for the voluntary liquidation, dissolution or other winding-up of any of the Buyer Parties, whether or not involving insolvency or
bankruptcy proceedings: 
 a. all amounts due under the Senior Debt shall first be paid in full in cash before any payment or
distribution of any character, whether in cash, securities or other property, shall be made in respect of any Subordinated Debt; 

b. any payment or distribution of any character, whether in cash, securities or other property, which would otherwise be payable or
deliverable in respect of the Subordinated Debt shall be paid or delivered directly to the Purchasers, until all of the Senior Debt shall have been paid in full in cash, with the Subordinated Creditor retaining a right of subrogation to any
remaining distributions payable on account of the Senior Debt after the Purchasers have received aggregate distributions in cash equal to all amounts due under the Senior Debt, and the Subordinated Creditor shall irrevocably authorize, empower and
direct all receivers, trustees, liquidators, conservators and others having authority to effect all such payments and deliveries; and 

c. the Subordinated Creditor shall execute and deliver to the Purchasers all such further instruments confirming the authorization
referred to in the foregoing clause (b) and all such powers of attorney, proofs of claim, assignments of claim and other instruments and shall take all such other actions as may be reasonably requested by the Purchasers in order to enable each
of the Purchasers to enforce all of its rights hereunder and all claims of such Purchaser upon or in respect of the Subordinated Debt, and failing execution of such instruments or taking of such actions by the Subordinated Creditor, each Purchaser
is hereby authorized, empowered and appointed to execute and perform the same on behalf of the Subordinated Creditor. Without limiting the generality of the foregoing, the Subordinated Creditor hereby irrevocably authorizes, empowers and appoints
each of the Purchasers until the Senior Debt has been paid in full and all financing arrangements between the Credit Parties and the Purchasers under the Shelf Notes and the Note Purchase Agreement shall have been terminated as its agent and
attorney in fact to execute, verify, deliver and file proofs of claim with respect to the Subordinated Debt upon the failure of the Subordinated Creditor to do so prior to fifteen (15) days before the expiration of the time to file any such
proof of claim; provided that no Purchaser shall have any obligation to execute, verify, deliver, and/or file any such proof of claim. 

6. Unauthorized Distributions Held in Trust. The Subordinated Creditor hereby agrees that, in the event any payment or
distribution of any character, whether in cash, securities or other property, is received by Subordinated Creditor in contravention of the terms of subordination set forth herein, such payment or distribution shall be held by Subordinated Creditor,
as trustee of an express trust, in trust for the benefit of, and shall be paid over or delivered and transferred to the Purchasers, for application to all amounts of Senior Debt remaining unpaid until such amounts shall have been paid in full.

 7. Notation of Subordination. If the Subordinated Debt is evidenced in whole or part by any promissory note or other
instruments (including the Meyers Notes), the Subordinated Creditor agrees to note on the face thereof that the same is subject to this 
  

 5 

 
Agreement. 
 8. No Modification of Subordinated Debt. The
Subordinated Creditor and the Buyer Parties hereby agree that so long any Senior Debt or commitments under the Note Purchase Agreement remain outstanding, they will not modify or amend, or permit modification or amendment of, the terms and
conditions of any of the Meyers Documents to the extent such terms and conditions relate in any way to the Subordinated Debt, without, in each case, obtaining the prior written consent of the Required Holders. 

9. Waiver of Notices. The Subordinated Creditor hereby waives all notices with respect to the Note Purchase Agreement, including,
but not limited to, the making of loans or advances to the Buyer Parties or any extensions, renewals or modifications thereof, releases of collateral security or guarantors or other indulgences of any character, or of the occurrence or declaration
of any default or the taking of any Enforcement Action. 
 10. Rights of Purchasers Regarding the Buyer Parties. This
Agreement is a continuing agreement of subordination and the Purchasers and other holders of Senior Debt may continue to hold the obligations of the Buyer Parties in reliance hereon, without notice to the Subordinated Creditor, including any
increases, renewals, extensions or other modifications of any kind relating to the terms and conditions of any of the Senior Debt or any collateral security or guaranty therefor, and may release or exchange or otherwise deal with any collateral
security or guaranty or may release any balance of funds on deposit or otherwise held by any Purchaser or other holder of Senior Debt without notice to or consent of the Subordinated Creditor and without impairing or affecting the rights of any
Purchaser or other holder of Senior Debt under this Agreement. Each Purchaser and other holder of Senior Debt is a third party beneficiary of this Agreement. 

11. Representations and Warranties. The execution, delivery and performance by the Buyer Parties of this Agreement are within
their power, have been duly authorized by all necessary action and, if necessary, by making appropriate filings with any governmental agency or unit and are the legal, binding, valid and enforceable obligations of the Buyer Parties; and do not
(i) contravene, or constitute (with or without the giving of notice or lapse of time or both) a violation of any provision of applicable law or of any contract or agreement to which he is a party, or a default under any agreement, judgment,
injunction, order, decree or other instrument binding upon or affecting the Buyer Parties, (ii) result in the creation or imposition of any lien on any of the Buyer Parties’ assets, or (iii) give cause for the acceleration of any
obligations of the Buyer Parties to any other creditor. 
 12. Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns; provided that, the Subordinated Creditor shall not assign all or any portion of the Subordinated Debt without causing any such assignee to deliver to each of the
Purchasers a written acknowledgment that such Subordinated Debt is governed by the terms of this Agreement and, if requested by the Required Holders, a subordination agreement substantially identical to this Agreement. 

13. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without
reference to the choice of law 
  

 6 

 
doctrine of the State of New York. 
 14. Headings. The headings of
the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Agreement. 

15. Counterparts. This Agreement may be executed in any number of counterparts with the same affect as if all of the signatures on
such counterparts appeared on one document and each counterpart shall be deemed an original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or by electronic means shall be effective as delivery of a manually
executed counterpart of this Agreement. 
 16. Waiver of Jury Trial. Each party hereto hereby expressly waives any right
to trial by jury of any claim, demand, action or cause of action arising hereunder or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to this Agreement, in each case whether now
existing or hereafter arising, and whether founded in contract or tort or otherwise. Each party hereto hereby agrees and consents that any such claim, demand, action or cause of action shall be decided by court trial without a jury, and that any
party to this agreement may file an original counterpart or a copy of this section with any court as written evidence of the consent of the signatories hereto to the waiver of their right to trial by jury. 

 

 7 

 IN WITNESS WHEREOF, the parties hereto have, individually, or by their duly authorized
officers, executed this Subordination Agreement on the date first above written. 
  

			
		
		 	 
		 	JAMES R. MEYER, Individually

			
	
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 
	Name:	 	
	Title:	 	

			
	
	PRUCO LIFE INSURANCE COMPANY
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	 ACKNOWLEDGED AND AGREED:
  

STONEMOR PARTNERS L.P.

		
	By:	 	STONEMOR GP LLC
		 	 its General Partner

			
		
	 By:
	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President

			
	
	STONEMOR OPERATING LLC
		
	 By:
	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President

			
	
	STONEMOR INDIANA LLC
		
	 By:
	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President

  

 8 

			
	STONEMOR INDIANA SUBSIDIARY LLC
		
	 By:
	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President

			
	
	OHIO CEMETERY HOLDINGS, INC.
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President

  

 9 

 EXHIBIT D-3 

FORM OF SUBORDINATION AGREEMENT 

(TOM MEYER) 

Attached hereto. 

 SUBORDINATION AGREEMENT 

(THOMAS E. MEYER) 

This SUBORDINATION AGREEMENT (this “Agreement”), dated June 21, 2010, is by and among the Purchasers (as defined
below), StoneMor Partners L.P., a Delaware limited partnership (the “Parent”), StoneMor Operating LLC, a Delaware limited liability company (the “Company”), StoneMor Indiana LLC, an Indiana limited liability company
(“SI”), StoneMor Indiana Subsidiary LLC, an Indiana limited liability company (“SIS”) and Ohio Cemetery Holdings, Inc., an Ohio non-profit corporation (“OCH” and together with the Company, SI and
SIS, the “Buyer”), and Thomas E. Meyer, an adult resident of the State of Indiana (together with any successors or assigns or subsequent holders of or payees on account of Subordinated Debt from time to time, the
“Subordinated Creditor”). 
 BACKGROUND 

A. Pursuant to that certain Amended and Restated Note Purchase Agreement, dated August 15, 2007 (as amended, restated, supplemented
or modified from time to time, the “Note Purchase Agreement”), by and among the purchasers of notes issued thereunder (the “Purchasers”), StoneMor GP LLC, a Delaware limited liability company (the “General
Partner”), the Parent, the Company, the Subsidiaries of the Company set forth on the signature pages thereto (together with the Company, the “Issuers” and, together with the General Partner and the Parent, collectively the
“Credit Parties”), the Purchasers agreed, inter alia, to purchase (i) $35,000,000 of the Existing Issuers’ 11.00% Series B Senior Secured Notes due 2012 (the “Series B Notes”), of which $17,500,000
remains outstanding after prepayment of the Series B Notes held by iStar Tara LLC in connection with the Fourth Amendment, and (ii) $17,500,000 of the Existing Issuers’ 11.00% Senior Secured Series C Notes due 2012 (the “Series C
Notes” and, together with the Series B Notes, the “Existing Notes”), and to provide additional credit facilities on a secured basis. 

B. A condition to the consummation by the Subordinated Creditor of certain transactions is the execution and delivery of that certain
Settlement Agreement (as amended, restated, supplemented or modified from time to time, the “Settlement Agreement”) between, on one hand, the Buyer (other than OCH) and the Parent (collectively, the “Buyer Parties”)
and Chapel Hill Associates, Inc., a Michigan corporation, Covington Memorial Funeral Home, Inc., an Indiana corporation, Covington Memorial Gardens, Inc., an Indiana corporation, Forest Lawn Memorial Chapel, Inc., an Indiana corporation, Forest
Lawn Memory Gardens, Inc., an Indiana corporation and Chapel Hill Funeral Home, Inc., an Indiana corporation (collectively, the “Purchased Entities”) and, on the other hand, the Subordinated Creditor, the estate of Fred W. Meyer,
Jr., James R. Meyer, a natural individual, and Nancy J. Cade, a natural individual (collectively, the “Meyer Family”) pursuant to which one or more of the Buyer Parties has agreed to (i) pay $500,000 to the Meyer Family (the
“Initial Payment”), (ii) cause the Parent to issue $5,585,000 of unregistered common units of the Parent to the Meyer Family, (iii) issue unsecured promissory notes, dated the date hereof, to the Meyer Family in the
aggregate principal amount of $1,305,727 (collectively, the “Meyers Notes”), and (iv) pay the following amounts to the Meyer Family thereafter: 

	 	•	 	 $2,044,273 in the aggregate (the “Non-Compete Payments”) payable under the non-competition agreements between certain members of the
Meyer Family and one or more of the Buyer Parties (the “Non-Compete Agreements”), $1,017,091 of which, as of the date hereof, is payable to the Subordinated Creditor; 

 

	 	•	 	 up to $2,350,000 of distributions upon recovery by the Buyer Parties on behalf of the Purchased Entities on certain misappropriation of trust fund
claims (the “Misappropriation Proceeds Payments”); 

  

	 	•	 	 the lower of (i) $150,000; or (ii) the amount (if any) by which the sum of $2,350,000 exceeds the aggregate amount of Misappropriation
Proceeds Payments received by the Meyers by the third anniversary of the Meyers Agreement (the “Settlement Payment”); 

  

	 	•	 	 the Additional Deferred Consideration (as defined in the Settlement Agreement); and 

 

	 	•	 	 reimbursement of health insurance premiums for each of James R. Meyer, Thomas E. Meyer and their respective spouses until the earlier of the expiration
of seven years or their eligibility for Medicare, with such reimbursement being $34,000 in the first year and to be adjusted annually by the percentage increase in premiums for such health insurance maintained by James R. Meyer, Thomas E. Meyer and
each of their respective spouses (the “Healthcare Payments”), 

 in exchange for certain non-competition
covenants by certain members of the Meyer Family in favor of one or more of the Buyer Parties and the Purchased Entities and certain releases and other consideration, all as more fully set forth in the Settlement Agreement, the Meyers Notes and the
Non-Compete Agreements (collectively, together with any other agreements of documents delivered in connection therewith, the “Meyers Documents”). 

C. The Buyer Parties are permitted, from time to time, in accordance with the terms and conditions set forth in the Note Purchase
Agreement to obtain certain subordinated debt from certain junior creditors, subject to certain consents of the Required Holders. 

D. As a condition to their consent to the delivery of the Meyers Documents and the entering into the related transactions, the Purchasers
have required that the Subordinated Creditor enter into this Agreement with the Purchasers. 
 In consideration of the foregoing
premises, and the mutual promises and undertaking set forth herein, the parties hereto agree as follows: 
 1.
Definitions. 
 a. The following terms have the meanings specified: 

“Senior Debt” means any and all obligations, indebtedness and liabilities of every nature and description of the Credit
Parties (including, without limitation, the Buyer Parties), or any of them, owed to any Purchaser, under the Shelf Notes and the Note Purchase Agreement, together with any other Obligations, whether primary or secondary, direct or 

 

 2 

 
indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due, contractual arising by operation of law or otherwise, or now or hereafter existing, whether
incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal, interest, Make-Whole Amount and fees including, without limitation, late fees and expenses,
including, without limitation, attorneys’ fees and costs. 
 “Subordinated Debt” means any and all
obligations, indebtedness and liabilities of every nature and description of any of the Credit Parties owed to the Subordinated Creditor under any of the Meyers Documents (including, without limitation, (i) all Non-Compete Payments,
(ii) the Additional Deferred Consideration, (iii) the Settlement Payment, and (iv) all payments under the Meyers Notes), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or
unsecured, due or to become due, contractual arising by operation of law or otherwise, or now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including,
without limitation, principal, interest and fees including, without limitation, late fees and expenses, including, without limitation, attorneys’ fees and costs whether now existing or hereafter created or arising; provided that the following
payments shall not be treated as Subordinated Debt hereunder: (a) the Initial Payment; (b) the Misappropriation Proceeds Payments; and (c) the Healthcare Payments. 

b. Except as expressly set forth herein, all capitalized terms used and not defined herein shall have the respective meanings ascribed
thereto in the Note Purchase Agreement or the Intercreditor Agreement (as defined in the Note Purchase Agreement), as applicable. 

2. Subordination. 

a. Payment. 

(1) The Subordinated Creditor hereby: (i) subordinates all Subordinated Debt and all claims and demands arising therefrom to all of
the Senior Debt; and (ii) agrees that payment of principal of, interest on and other amounts owing under any and all Subordinated Debt is hereby expressly subordinated to payment in full of the Senior Debt (including, without limitation, all
interest accruing on any Senior Debt after the commencement of any proceeding described in Section 5 hereof at the contractual rate set forth in the Note Purchase Agreement). 

(2) Notwithstanding the foregoing, if no Event of Default or Default has occurred and is continuing at any time a regularly scheduled
payment on the Subordinated Debt is payable, and such regularly scheduled payment would not give rise to an Event of Default or Default under the Note Purchase Agreement, then the Buyer Parties may pay (and the Subordinated Creditor may receive)
such regularly scheduled payments of principal, interest as the same accrues, and other regularly scheduled amounts of Subordinated Debt (which have not been accelerated) pursuant to the terms set forth in the Meyers Documents as in effect on the
date hereof (or as may be amended with the consent of the Required Holders). 
  

 3 

 b. Security Interest. Notwithstanding anything to the contrary contained in any
other instrument or document delivered in connection with the Subordinated Debt or otherwise, including, without limitation, any prior perfection of a security interest or lien, if either or both the Subordinated Creditor and the Buyer Parties shall
breach their obligations in Section 3, any security interests and liens now or hereafter held by the Subordinated Creditor in any collateral security for the Subordinated Debt shall be junior and subordinate to any security interests and liens
now or hereafter held by Collateral Agent, for the benefit of the Secured Creditors, in the same collateral. So long as any portion of the Senior Debt shall remain unpaid, the Collateral Agent may at all times in its sole discretion exercise any and
all powers and rights which it now has or may hereafter acquire with respect to any of the collateral securing the Senior Debt, all without the necessity of obtaining any consent or approval of the Subordinated Creditor, and the Subordinated
Creditor shall not exercise any rights in respect of such collateral. 
 3. Prohibition of Liens and Security Interests.
The Buyer Parties shall not provide and the Subordinated Creditor shall not accept any collateral to secure any of the obligations, indebtedness or liabilities of any of the Buyer Parties to the Subordinated Creditor, including, without limitation,
the Subordinated Debt. Subordinated Creditor hereby agrees that, notwithstanding anything to the contrary contained in any other instrument or document delivered in connection with the obligations of the Buyer Parties to the Subordinated Creditor or
otherwise, including, without limitation, any prior perfection of a security interest or lien, if either or both the Subordinated Creditor and the Buyer Parties shall breach their obligations in this Section 3, all security interests and liens
at any time held by the Subordinated Creditor, in any collateral security for any such obligation shall be junior and subordinate to any security interests and liens at any time held by the Collateral Agent, for the benefit of the Secured Creditors.
In connection with any foreclosure of any lien on or security interest in any collateral for the Senior Debt by the Collateral Agent, the Subordinated Creditor waives any right it may have to approve or disapprove the terms and conditions of any
sale by the Collateral Agent of the collateral, other than the right to bid at any such sale. 
 4. Moratorium on
Remedies. The Subordinated Creditor hereby agrees not to: (a) accelerate, demand, sue for, commence any collection or enforcement action or bankruptcy or other proceeding with respect to, take, receive, accept or retain any payment or
distribution of any character, whether in cash, securities or other property and whether by set off or otherwise, in respect of any portion of the Subordinated Debt; (b) enforce or apply any security for any Subordinated Debt; or (c) incur
any debt or liability to, or receive any loan, dividend, return of capital, advance, gift, or any other transfer of any property whether real or personal, or tangible or intangible, from the Buyer Parties (each of the above is herein referred to as
an “Enforcement Action”) until the Senior Debt shall have been paid in full with interest (including interest during any bankruptcy or similar proceeding involving the Buyer Parties, from the date of the filing thereof to the date
of distribution, notwithstanding any statute, including without limitation the Federal Bankruptcy Code, any rule of law or bankruptcy procedures to the contrary). 

5. Distributions on Insolvency, Etc. The Subordinated Creditor hereby agrees that in the event of the institution of and in
connection with any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceedings relative to any of the Buyer 

 

 4 

 
Parties or any of their property, or of any proceeding for the voluntary liquidation, dissolution or other winding-up of any of the Buyer Parties, whether or not involving insolvency or
bankruptcy proceedings: 
 a. all amounts due under the Senior Debt shall first be paid in full in cash before any payment or
distribution of any character, whether in cash, securities or other property, shall be made in respect of any Subordinated Debt; 

b. any payment or distribution of any character, whether in cash, securities or other property, which would otherwise be payable or
deliverable in respect of the Subordinated Debt shall be paid or delivered directly to the Purchasers, until all of the Senior Debt shall have been paid in full in cash, with the Subordinated Creditor retaining a right of subrogation to any
remaining distributions payable on account of the Senior Debt after the Purchasers have received aggregate distributions in cash equal to all amounts due under the Senior Debt, and the Subordinated Creditor shall irrevocably authorize, empower and
direct all receivers, trustees, liquidators, conservators and others having authority to effect all such payments and deliveries; and 

c. the Subordinated Creditor shall execute and deliver to the Purchasers all such further instruments confirming the authorization
referred to in the foregoing clause (b) and all such powers of attorney, proofs of claim, assignments of claim and other instruments and shall take all such other actions as may be reasonably requested by the Purchasers in order to enable each
of the Purchasers to enforce all of its rights hereunder and all claims of such Purchaser upon or in respect of the Subordinated Debt, and failing execution of such instruments or taking of such actions by the Subordinated Creditor, each Purchaser
is hereby authorized, empowered and appointed to execute and perform the same on behalf of the Subordinated Creditor. Without limiting the generality of the foregoing, the Subordinated Creditor hereby irrevocably authorizes, empowers and appoints
each of the Purchasers until the Senior Debt has been paid in full and all financing arrangements between the Credit Parties and the Purchasers under the Shelf Notes and the Note Purchase Agreement shall have been terminated as its agent and
attorney in fact to execute, verify, deliver and file proofs of claim with respect to the Subordinated Debt upon the failure of the Subordinated Creditor to do so prior to fifteen (15) days before the expiration of the time to file any such
proof of claim; provided that no Purchaser shall have any obligation to execute, verify, deliver, and/or file any such proof of claim. 

6. Unauthorized Distributions Held in Trust. The Subordinated Creditor hereby agrees that, in the event any payment or
distribution of any character, whether in cash, securities or other property, is received by Subordinated Creditor in contravention of the terms of subordination set forth herein, such payment or distribution shall be held by Subordinated Creditor,
as trustee of an express trust, in trust for the benefit of, and shall be paid over or delivered and transferred to the Purchasers, for application to all amounts of Senior Debt remaining unpaid until such amounts shall have been paid in full.

 7. Notation of Subordination. If the Subordinated Debt is evidenced in whole or part by any promissory note or other
instruments (including the Meyers Notes), the Subordinated Creditor agrees to note on the face thereof that the same is subject to this 
  

 5 

 
Agreement. 
 8. No Modification of Subordinated Debt. The
Subordinated Creditor and the Buyer Parties hereby agree that so long any Senior Debt or commitments under the Note Purchase Agreement remain outstanding, they will not modify or amend, or permit modification or amendment of, the terms and
conditions of any of the Meyers Documents to the extent such terms and conditions relate in any way to the Subordinated Debt, without, in each case, obtaining the prior written consent of the Required Holders. 

9. Waiver of Notices. The Subordinated Creditor hereby waives all notices with respect to the Note Purchase Agreement, including,
but not limited to, the making of loans or advances to the Buyer Parties or any extensions, renewals or modifications thereof, releases of collateral security or guarantors or other indulgences of any character, or of the occurrence or declaration
of any default or the taking of any Enforcement Action. 
 10. Rights of Purchasers Regarding the Buyer Parties. This
Agreement is a continuing agreement of subordination and the Purchasers and other holders of Senior Debt may continue to hold the obligations of the Buyer Parties in reliance hereon, without notice to the Subordinated Creditor, including any
increases, renewals, extensions or other modifications of any kind relating to the terms and conditions of any of the Senior Debt or any collateral security or guaranty therefor, and may release or exchange or otherwise deal with any collateral
security or guaranty or may release any balance of funds on deposit or otherwise held by any Purchaser or other holder of Senior Debt without notice to or consent of the Subordinated Creditor and without impairing or affecting the rights of any
Purchaser or other holder of Senior Debt under this Agreement. Each Purchaser and other holder of Senior Debt is a third party beneficiary of this Agreement. 

11. Representations and Warranties. The execution, delivery and performance by the Buyer Parties of this Agreement are within
their power, have been duly authorized by all necessary action and, if necessary, by making appropriate filings with any governmental agency or unit and are the legal, binding, valid and enforceable obligations of the Buyer Parties; and do not
(i) contravene, or constitute (with or without the giving of notice or lapse of time or both) a violation of any provision of applicable law or of any contract or agreement to which he is a party, or a default under any agreement, judgment,
injunction, order, decree or other instrument binding upon or affecting the Buyer Parties, (ii) result in the creation or imposition of any lien on any of the Buyer Parties’ assets, or (iii) give cause for the acceleration of any
obligations of the Buyer Parties to any other creditor. 
 12. Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns; provided that, the Subordinated Creditor shall not assign all or any portion of the Subordinated Debt without causing any such assignee to deliver to each of the
Purchasers a written acknowledgment that such Subordinated Debt is governed by the terms of this Agreement and, if requested by the Required Holders, a subordination agreement substantially identical to this Agreement. 

13. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without
reference to the choice of law 
  

 6 

 
doctrine of the State of New York. 
 14. Headings. The headings of
the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Agreement. 

15. Counterparts. This Agreement may be executed in any number of counterparts with the same affect as if all of the signatures on
such counterparts appeared on one document and each counterpart shall be deemed an original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or by electronic means shall be effective as delivery of a manually
executed counterpart of this Agreement. 
 16. Waiver of Jury Trial. Each party hereto hereby expressly waives any right
to trial by jury of any claim, demand, action or cause of action arising hereunder or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to this Agreement, in each case whether now
existing or hereafter arising, and whether founded in contract or tort or otherwise. Each party hereto hereby agrees and consents that any such claim, demand, action or cause of action shall be decided by court trial without a jury, and that any
party to this agreement may file an original counterpart or a copy of this section with any court as written evidence of the consent of the signatories hereto to the waiver of their right to trial by jury. 

 

 7 

 IN WITNESS WHEREOF, the parties hereto have, individually, or by their duly authorized
officers, executed this Subordination Agreement on the date first above written. 

			
		
		 	 
		 	THOMAS E. MEYER, Individually

			
	
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	
	
	PRUCO LIFE INSURANCE COMPANY
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	 ACKNOWLEDGED AND AGREED:
  

STONEMOR PARTNERS L.P.

		
	By:	 	STONEMOR GP LLC
		 	        its General Partner

			
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	STONEMOR OPERATING LLC
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	STONEMOR INDIANA LLC
		
	 By:
	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President

  

 8 

			
	STONEMOR INDIANA SUBSIDIARY LLC
		
	 By:
	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President

			
	
	OHIO CEMETERY HOLDINGS, INC.
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President

  

 9 

 EXHIBIT D-4 

FORM OF SUBORDINATION AGREEMENT 

(NANCY CADE) 

Attached hereto. 
  

 1 

 SUBORDINATION AGREEMENT 

(NANCY J. CADE) 

This SUBORDINATION AGREEMENT (this “Agreement”), dated June 21, 2010, is by and among the Purchasers (as defined
below), StoneMor Partners L.P., a Delaware limited partnership (the “Parent”), StoneMor Operating LLC, a Delaware limited liability company (the “Company”), StoneMor Indiana LLC, an Indiana limited liability company
(“SI”), StoneMor Indiana Subsidiary LLC, an Indiana limited liability company (“SIS”) and Ohio Cemetery Holdings, Inc., an Ohio non-profit corporation (“OCH” and together with the Company, SI and
SIS, the “Buyer”), and Nancy J. Cade, an adult resident of the State of Kentucky (together with any successors or assigns or subsequent holders of or payees on account of Subordinated Debt from time to time, the
“Subordinated Creditor”). 
 BACKGROUND 

A. Pursuant to that certain Amended and Restated Note Purchase Agreement, dated August 15, 2007 (as amended, restated, supplemented
or modified from time to time, the “Note Purchase Agreement”), by and among the purchasers of notes issued thereunder (the “Purchasers”), StoneMor GP LLC, a Delaware limited liability company (the “General
Partner”), the Parent, the Company, the Subsidiaries of the Company set forth on the signature pages thereto (together with the Company, the “Issuers” and, together with the General Partner and the Parent, collectively the
“Credit Parties”), the Purchasers agreed, inter alia, to purchase (i) $35,000,000 of the Existing Issuers’ 11.00% Series B Senior Secured Notes due 2012 (the “Series B Notes”), of which $17,500,000
remains outstanding after prepayment of the Series B Notes held by iStar Tara LLC in connection with the Fourth Amendment, and (ii) $17,500,000 of the Existing Issuers’ 11.00% Senior Secured Series C Notes due 2012 (the “Series C
Notes” and, together with the Series B Notes, the “Existing Notes”), and to provide additional credit facilities on a secured basis. 

B. A condition to the consummation by the Subordinated Creditor of certain transactions is the execution and delivery of that certain
Settlement Agreement (as amended, restated, supplemented or modified from time to time, the “Settlement Agreement”) between, on one hand, the Buyer (other than OCH) and the Parent (collectively, the “Buyer Parties”)
and Chapel Hill Associates, Inc., a Michigan corporation, Covington Memorial Funeral Home, Inc., an Indiana corporation, Covington Memorial Gardens, Inc., an Indiana corporation, Forest Lawn Memorial Chapel, Inc., an Indiana corporation, Forest
Lawn Memory Gardens, Inc., an Indiana corporation and Chapel Hill Funeral Home, Inc., an Indiana corporation (collectively, the “Purchased Entities”) and, on the other hand, the Subordinated Creditor, the estate of Fred W. Meyer,
Jr., James R. Meyer, a natural individual, and Thomas E. Meyer, a natural individual (collectively, the “Meyer Family”) pursuant to which one or more of the Buyer Parties has agreed to (i) pay $500,000 to the Meyer Family (the
“Initial Payment”), (ii) cause the Parent to issue $5,585,000 of unregistered common units of the Parent to the Meyer Family, (iii) issue unsecured promissory notes, dated the date hereof, to the Meyer Family in the
aggregate principal amount of $1,305,727 (collectively, the “Meyers Notes”), $266,071 of which, as of the date hereof, is payable under a note in favor of the Subordinated Creditor, and (iv) pay the following amounts to the
Meyer Family thereafter: 

	 	•	 	 $2,044,273 in the aggregate (the “Non-Compete Payments”) payable under the non-competition agreements between certain members of the
Meyer Family and one or more of the Buyer Parties (the “Non-Compete Agreements”), $50,000 of which, as of the date hereof, is payable to the Subordinated Creditor; 

 

	 	•	 	 up to $2,350,000 of distributions upon recovery by the Buyer Parties on behalf of the Purchased Entities on certain misappropriation of trust fund
claims (the “Misappropriation Proceeds Payments”); 

  

	 	•	 	 the lower of (i) $150,000; or (ii) the amount (if any) by which the sum of $2,350,000 exceeds the aggregate amount of Misappropriation
Proceeds Payments received by the Meyers by the third anniversary of the Meyers Agreement (the “Settlement Payment”); 

  

	 	•	 	 the Additional Deferred Consideration (as defined in the Settlement Agreement); and 

 

	 	•	 	 reimbursement of health insurance premiums for each of James R. Meyer, Thomas E. Meyer and their respective spouses until the earlier of the expiration
of seven years or their eligibility for Medicare, with such reimbursement being $34,000 in the first year and to be adjusted annually by the percentage increase in premiums for such health insurance maintained by James R. Meyer, Thomas E. Meyer and
each of their respective spouses (the “Healthcare Payments”), 

 in exchange for certain non-competition
covenants by certain members of the Meyer Family in favor of one or more of the Buyer Parties and the Purchased Entities and certain releases and other consideration, all as more fully set forth in the Settlement Agreement, the Meyers Notes and the
Non-Compete Agreements (collectively, together with any other agreements of documents delivered in connection therewith, the “Meyers Documents”). 

C. The Buyer Parties are permitted, from time to time, in accordance with the terms and conditions set forth in the Note Purchase
Agreement to obtain certain subordinated debt from certain junior creditors, subject to certain consents of the Required Holders. 

D. As a condition to their consent to the delivery of the Meyers Documents and the entering into the related transactions, the Purchasers
have required that the Subordinated Creditor enter into this Agreement with the Purchasers. 
 In consideration of the foregoing
premises, and the mutual promises and undertaking set forth herein, the parties hereto agree as follows: 
 1.
Definitions. 
 a. The following terms have the meanings specified: 

“Senior Debt” means any and all obligations, indebtedness and liabilities of every nature and description of the Credit
Parties (including, without limitation, the Buyer Parties), or any of them, owed to any Purchaser, under the Shelf Notes and the Note Purchase Agreement, together with any other Obligations, whether primary or secondary, direct or 

 

 2 

 
indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due, contractual arising by operation of law or otherwise, or now or hereafter existing, whether
incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal, interest, Make-Whole Amount and fees including, without limitation, late fees and expenses,
including, without limitation, attorneys’ fees and costs. 
 “Subordinated Debt” means any and all
obligations, indebtedness and liabilities of every nature and description of any of the Credit Parties owed to the Subordinated Creditor under any of the Meyers Documents (including, without limitation, (i) all Non-Compete Payments,
(ii) the Additional Deferred Consideration, (iii) the Settlement Payment, and (iv) all payments under the Meyers Notes), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or
unsecured, due or to become due, contractual arising by operation of law or otherwise, or now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including,
without limitation, principal, interest and fees including, without limitation, late fees and expenses, including, without limitation, attorneys’ fees and costs whether now existing or hereafter created or arising; provided that the following
payments shall not be treated as Subordinated Debt hereunder: (a) the Initial Payment; (b) the Misappropriation Proceeds Payments; and (c) the Healthcare Payments. 

b. Except as expressly set forth herein, all capitalized terms used and not defined herein shall have the respective meanings ascribed
thereto in the Note Purchase Agreement or the Intercreditor Agreement (as defined in the Note Purchase Agreement), as applicable. 

2. Subordination. 

a. Payment. 

(1) The Subordinated Creditor hereby: (i) subordinates all Subordinated Debt and all claims and demands arising therefrom to all of
the Senior Debt; and (ii) agrees that payment of principal of, interest on and other amounts owing under any and all Subordinated Debt is hereby expressly subordinated to payment in full of the Senior Debt (including, without limitation, all
interest accruing on any Senior Debt after the commencement of any proceeding described in Section 5 hereof at the contractual rate set forth in the Note Purchase Agreement). 

(2) Notwithstanding the foregoing, if no Event of Default or Default has occurred and is continuing at any time a regularly scheduled
payment on the Subordinated Debt is payable, and such regularly scheduled payment would not give rise to an Event of Default or Default under the Note Purchase Agreement, then the Buyer Parties may pay (and the Subordinated Creditor may receive)
such regularly scheduled payments of principal, interest as the same accrues, and other regularly scheduled amounts of Subordinated Debt (which have not been accelerated) pursuant to the terms set forth in the Meyers Documents as in effect on the
date hereof (or as may be amended with the consent of the Required Holders). 
  

 3 

 b. Security Interest. Notwithstanding anything to the contrary contained in any
other instrument or document delivered in connection with the Subordinated Debt or otherwise, including, without limitation, any prior perfection of a security interest or lien, if either or both the Subordinated Creditor and the Buyer Parties shall
breach their obligations in Section 3, any security interests and liens now or hereafter held by the Subordinated Creditor in any collateral security for the Subordinated Debt shall be junior and subordinate to any security interests and liens
now or hereafter held by Collateral Agent, for the benefit of the Secured Creditors, in the same collateral. So long as any portion of the Senior Debt shall remain unpaid, the Collateral Agent may at all times in its sole discretion exercise any and
all powers and rights which it now has or may hereafter acquire with respect to any of the collateral securing the Senior Debt, all without the necessity of obtaining any consent or approval of the Subordinated Creditor, and the Subordinated
Creditor shall not exercise any rights in respect of such collateral. 
 3. Prohibition of Liens and Security Interests.
The Buyer Parties shall not provide and the Subordinated Creditor shall not accept any collateral to secure any of the obligations, indebtedness or liabilities of any of the Buyer Parties to the Subordinated Creditor, including, without limitation,
the Subordinated Debt. Subordinated Creditor hereby agrees that, notwithstanding anything to the contrary contained in any other instrument or document delivered in connection with the obligations of the Buyer Parties to the Subordinated Creditor or
otherwise, including, without limitation, any prior perfection of a security interest or lien, if either or both the Subordinated Creditor and the Buyer Parties shall breach their obligations in this Section 3, all security interests and liens
at any time held by the Subordinated Creditor, in any collateral security for any such obligation shall be junior and subordinate to any security interests and liens at any time held by the Collateral Agent, for the benefit of the Secured Creditors.
In connection with any foreclosure of any lien on or security interest in any collateral for the Senior Debt by the Collateral Agent, the Subordinated Creditor waives any right it may have to approve or disapprove the terms and conditions of any
sale by the Collateral Agent of the collateral, other than the right to bid at any such sale. 
 4. Moratorium on
Remedies. The Subordinated Creditor hereby agrees not to: (a) accelerate, demand, sue for, commence any collection or enforcement action or bankruptcy or other proceeding with respect to, take, receive, accept or retain any payment or
distribution of any character, whether in cash, securities or other property and whether by set off or otherwise, in respect of any portion of the Subordinated Debt; (b) enforce or apply any security for any Subordinated Debt; or (c) incur
any debt or liability to, or receive any loan, dividend, return of capital, advance, gift, or any other transfer of any property whether real or personal, or tangible or intangible, from the Buyer Parties (each of the above is herein referred to as
an “Enforcement Action”) until the Senior Debt shall have been paid in full with interest (including interest during any bankruptcy or similar proceeding involving the Buyer Parties, from the date of the filing thereof to the date
of distribution, notwithstanding any statute, including without limitation the Federal Bankruptcy Code, any rule of law or bankruptcy procedures to the contrary). 

5. Distributions on Insolvency, Etc. The Subordinated Creditor hereby agrees that in the event of the institution of and in
connection with any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceedings relative to any of the Buyer 
  

 4 

 
Parties or any of their property, or of any proceeding for the voluntary liquidation, dissolution or other winding-up of any of the Buyer Parties, whether or not involving insolvency or
bankruptcy proceedings: 
 a. all amounts due under the Senior Debt shall first be paid in full in cash before any payment or
distribution of any character, whether in cash, securities or other property, shall be made in respect of any Subordinated Debt; 

b. any payment or distribution of any character, whether in cash, securities or other property, which would otherwise be payable or
deliverable in respect of the Subordinated Debt shall be paid or delivered directly to the Purchasers, until all of the Senior Debt shall have been paid in full in cash, with the Subordinated Creditor retaining a right of subrogation to any
remaining distributions payable on account of the Senior Debt after the Purchasers have received aggregate distributions in cash equal to all amounts due under the Senior Debt, and the Subordinated Creditor shall irrevocably authorize, empower and
direct all receivers, trustees, liquidators, conservators and others having authority to effect all such payments and deliveries; and 

c. the Subordinated Creditor shall execute and deliver to the Purchasers all such further instruments confirming the authorization
referred to in the foregoing clause (b) and all such powers of attorney, proofs of claim, assignments of claim and other instruments and shall take all such other actions as may be reasonably requested by the Purchasers in order to enable each
of the Purchasers to enforce all of its rights hereunder and all claims of such Purchaser upon or in respect of the Subordinated Debt, and failing execution of such instruments or taking of such actions by the Subordinated Creditor, each Purchaser
is hereby authorized, empowered and appointed to execute and perform the same on behalf of the Subordinated Creditor. Without limiting the generality of the foregoing, the Subordinated Creditor hereby irrevocably authorizes, empowers and appoints
each of the Purchasers until the Senior Debt has been paid in full and all financing arrangements between the Credit Parties and the Purchasers under the Shelf Notes and the Note Purchase Agreement shall have been terminated as its agent and
attorney in fact to execute, verify, deliver and file proofs of claim with respect to the Subordinated Debt upon the failure of the Subordinated Creditor to do so prior to fifteen (15) days before the expiration of the time to file any such
proof of claim; provided that no Purchaser shall have any obligation to execute, verify, deliver, and/or file any such proof of claim. 

6. Unauthorized Distributions Held in Trust. The Subordinated Creditor hereby agrees that, in the event any payment or
distribution of any character, whether in cash, securities or other property, is received by Subordinated Creditor in contravention of the terms of subordination set forth herein, such payment or distribution shall be held by Subordinated Creditor,
as trustee of an express trust, in trust for the benefit of, and shall be paid over or delivered and transferred to the Purchasers, for application to all amounts of Senior Debt remaining unpaid until such amounts shall have been paid in full.

 7. Notation of Subordination. If the Subordinated Debt is evidenced in whole or part by any promissory note or other
instruments (including the Meyers Notes), the Subordinated Creditor agrees to note on the face thereof that the same is subject to this 
  

 5 

 
Agreement. 
 8. No Modification of Subordinated Debt. The
Subordinated Creditor and the Buyer Parties hereby agree that so long any Senior Debt or commitments under the Note Purchase Agreement remain outstanding, they will not modify or amend, or permit modification or amendment of, the terms and
conditions of any of the Meyers Documents to the extent such terms and conditions relate in any way to the Subordinated Debt, without, in each case, obtaining the prior written consent of the Required Holders. 

9. Waiver of Notices. The Subordinated Creditor hereby waives all notices with respect to the Note Purchase Agreement, including,
but not limited to, the making of loans or advances to the Buyer Parties or any extensions, renewals or modifications thereof, releases of collateral security or guarantors or other indulgences of any character, or of the occurrence or declaration
of any default or the taking of any Enforcement Action. 
 10. Rights of Purchasers Regarding the Buyer Parties. This
Agreement is a continuing agreement of subordination and the Purchasers and other holders of Senior Debt may continue to hold the obligations of the Buyer Parties in reliance hereon, without notice to the Subordinated Creditor, including any
increases, renewals, extensions or other modifications of any kind relating to the terms and conditions of any of the Senior Debt or any collateral security or guaranty therefor, and may release or exchange or otherwise deal with any collateral
security or guaranty or may release any balance of funds on deposit or otherwise held by any Purchaser or other holder of Senior Debt without notice to or consent of the Subordinated Creditor and without impairing or affecting the rights of any
Purchaser or other holder of Senior Debt under this Agreement. Each Purchaser and other holder of Senior Debt is a third party beneficiary of this Agreement. 

11. Representations and Warranties. The execution, delivery and performance by the Buyer Parties of this Agreement are within
their power, have been duly authorized by all necessary action and, if necessary, by making appropriate filings with any governmental agency or unit and are the legal, binding, valid and enforceable obligations of the Buyer Parties; and do not
(i) contravene, or constitute (with or without the giving of notice or lapse of time or both) a violation of any provision of applicable law or of any contract or agreement to which he is a party, or a default under any agreement, judgment,
injunction, order, decree or other instrument binding upon or affecting the Buyer Parties, (ii) result in the creation or imposition of any lien on any of the Buyer Parties’ assets, or (iii) give cause for the acceleration of any
obligations of the Buyer Parties to any other creditor. 
 12. Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns; provided that, the Subordinated Creditor shall not assign all or any portion of the Subordinated Debt without causing any such assignee to deliver to each of the
Purchasers a written acknowledgment that such Subordinated Debt is governed by the terms of this Agreement and, if requested by the Required Holders, a subordination agreement substantially identical to this Agreement. 

13. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without
reference to the choice of law 
  

 6 

 
doctrine of the State of New York. 
 14. Headings. The headings of
the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Agreement. 

15. Counterparts. This Agreement may be executed in any number of counterparts with the same affect as if all of the signatures on
such counterparts appeared on one document and each counterpart shall be deemed an original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or by electronic means shall be effective as delivery of a manually
executed counterpart of this Agreement. 
 16. Waiver of Jury Trial. Each party hereto hereby expressly waives any right
to trial by jury of any claim, demand, action or cause of action arising hereunder or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to this Agreement, in each case whether now
existing or hereafter arising, and whether founded in contract or tort or otherwise. Each party hereto hereby agrees and consents that any such claim, demand, action or cause of action shall be decided by court trial without a jury, and that any
party to this agreement may file an original counterpart or a copy of this section with any court as written evidence of the consent of the signatories hereto to the waiver of their right to trial by jury. 

 

 7 

 IN WITNESS WHEREOF, the parties hereto have, individually, or by their duly authorized
officers, executed this Subordination Agreement on the date first above written. 
  

	
	  

	NANCY J. CADE, Individually
	
	THE PRUDENTIAL INSURANCE COMPANY
OF AMERICA
	
	By:                            
                                         
   
	Name:
	Title:
	
	PRUCO LIFE INSURANCE COMPANY
	
	By:                            
                                         
   
	Name:
	Title:

  

	
	ACKNOWLEDGED AND AGREED:
	
	STONEMOR PARTNERS L.P.
	 By: STONEMOR GP LLC

                    its General
Partner

	
	By:                             
                                         
  
	Name: Paul Waimberg
	Title: Vice President
	
	STONEMOR OPERATING LLC
	
	By:                             
                                         
  
	Name: Paul Waimberg
	Title: Vice President
	
	STONEMOR INDIANA LLC
	
	By:                             
                                         
  
	Name: Paul Waimberg
	Title: Vice President

  

 8 

	
	STONEMOR INDIANA SUBSIDIARY LLC
	
	By:                             
                                         
  
	Name: Paul Waimberg
	Title: Vice President
	
	OHIO CEMETERY HOLDINGS, INC.
	
	By:                             
                                         
  
	Name: Paul Waimberg
	Title: Vice President

  

 9 

 EXHIBIT D-5 

FORM OF SUBORDINATION AGREEMENT 

(FRED MEYER) 

Attached hereto. 

 SUBORDINATION AGREEMENT 

(FRED W. MEYER, JR.) 

This SUBORDINATION AGREEMENT (this “Agreement”), dated June 21, 2010, is by and among BANK OF AMERICA, N.A., a
national banking association, as administrative agent for the benefit of the Lenders defined below (in such capacity, the “Senior Agent”), STONEMOR PARTNERS L.P., a Delaware limited partnership (the “Partnership”),
STONEMOR OPERATING LLC, a Delaware limited liability company (the “Operating Company”), STONEMOR INDIANA LLC, an Indiana limited liability company (“SI”), STONEMOR INDIANA SUBSIDIARY LLC, an Indiana limited
liability company (“SIS”) and OHIO CEMETERY HOLDINGS, INC., an Ohio non-profit corporation (“OCH” and together with the Operating Company, SI and SIS, the “Buyer”), and FRED W. MEYER, JR. BY JAMES
R. MEYER AS SPECIAL ADMINISTRATOR TO THE ESTATE OF FRED W. MEYER, JR. (together with any successors or assigns or subsequent holders of or payees on account of Subordinated Debt from time to time, “Subordinated Creditor”).

 BACKGROUND 

A. Pursuant to that certain Amended and Restated Credit Agreement, dated August 15, 2007, as amended (as amended, restated,
supplemented or modified from time to time, the “Credit Agreement”), by and among the lenders party thereto (collectively, the “Lenders”), Bank of America, N.A., a national banking association, as Administrative
Agent for the benefit of the Lenders, the Partnership, the Operating Company and various of their affiliates (collectively, the “Credit Parties”), the Lenders agreed, inter alia, to extend to the Borrowers (i) a
revolving credit facility in the maximum aggregate principal amount of $44,125,000, and (ii) an acquisition facility in the maximum aggregate principal amount of $54,125,000. 

B. A condition to the consummation by the Subordinated Creditor of certain transactions is the execution and delivery of that certain
Settlement Agreement (as amended, restated, supplemented or modified from time to time, the “Settlement Agreement”) between, on one hand, the Buyer (other than OCH) and the Partnership (collectively, the “Buyer
Parties”) and Chapel Hill Associates, Inc., a Michigan corporation, Covington Memorial Funeral Home, Inc., an Indiana corporation, Covington Memorial Gardens, Inc., an Indiana corporation, Forest Lawn Memorial Chapel, Inc., an Indiana
corporation, Forest Lawn Memory Gardens, Inc., an Indiana corporation and Chapel Hill Funeral Home, Inc., an Indiana corporation (collectively, the “Purchased Entities”) and, on the other hand, the Subordinated Creditor, James R.
Meyer, a natural individual, Thomas E. Meyer, a natural individual, and Nancy J. Cade, a natural individual (collectively, the “Meyer Family”), pursuant to which one or more of the Buyer Parties has agreed to(i) pay $500,000 to the
Meyer Family (the “Initial Payment”), (ii) cause the Partnership to issue $5,585,000 of unregistered common units of the Partnership to the Meyer Family, (iii) issue unsecured promissory notes, dated the date hereof, to
the Meyer Family in the aggregate principal amount of $1,305,727 (collectively, the “Meyers Notes”), $1,039,656.00 of which, as of the date hereof, is payable under a note in favor of the Subordinated Creditor, and (iv) pay the
following amounts to the Meyer Family thereafter: 

	 	•	 	 $2,044,273 in the aggregate (the “Non-Compete Payments”) payable under the non-competition agreements between certain members of the
Meyer Family and one or more of the Buyer Parties (the “Non-Compete Agreements”); 

  

	 	•	 	 up to $2,350,000 of distributions upon recovery by the Buyer Parties on behalf of the Purchased Entities on certain misappropriation of trust fund
claims (the “Misappropriation Proceeds Payments”); 

  

	 	•	 	 the lower of (i) $150,000; or (ii) the amount (if any) by which the sum of $2,350,000 exceeds the aggregate amount of Misappropriation
Proceeds Payments received by the Meyers by the third anniversary of the Meyers Agreement (the “Settlement Payment”); 

  

	 	•	 	 the Additional Deferred Consideration (as defined in the Settlement Agreement); and 

 

	 	•	 	 reimbursement of health insurance premiums for each of James R. Meyer, Thomas E. Meyer and their respective spouses until the earlier of the expiration
of seven years or their eligibility for Medicare, with such reimbursement being $34,000 in the first year and to be adjusted annually by the percentage increase in premiums for such health insurance maintained by James R. Meyer, Thomas E. Meyer and
each of their respective spouses (the “Healthcare Payments”), 

 in exchange for certain non-competition
covenants by certain members of the Meyer Family in favor of one or more of the Buyer Parties and the Purchased Entities and certain releases and other consideration, all as more fully set forth in the Settlement Agreement, the Meyers Notes and the
Non-Compete Agreements (collectively, together with any other agreements of documents delivered in connection therewith, the “Meyers Documents”). 

C. The Buyer Parties are permitted, from time to time, in accordance with the terms and conditions set forth in the Credit Agreement to
obtain certain subordinated debt from certain junior creditors, subject to certain consents of Lenders (“Required Lenders”). 

D. As a condition to their consent to the delivery of the Meyers Documents and the entering into the related transactions, Required
Lenders have required that the Subordinated Creditor enter into this Agreement with the Senior Agent. 
 In consideration of the
foregoing premises, and the mutual promises and undertaking set forth herein, the parties hereto agree as follows: 
 1.
Definitions. The following terms have the meanings specified: 
 “Senior Debt” means any and all
obligations, indebtedness and liabilities of every nature and description of the Credit Parties (including, without limitation, the Buyer Parties), or any of them, owed to the Senior Agent or any Lender, under the Credit Agreement, together with any
other Obligations (as such term is defined in the Credit Agreement), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due, contractual arising by operation of
law or otherwise, or now or 
  

 2 

 
hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal, interest and fees
including, without limitation, late fees and expenses, including, without limitation, attorneys’ fees and costs. 

“Subordinated Debt” means any and all obligations, indebtedness and liabilities of every nature and description of any
of the Credit Parties owed to the Subordinated Creditor under any of the Meyers Documents (including, without limitation, (i) all Non-Compete Payments, (ii) the Additional Deferred Consideration, (iii) the Settlement Payment, and
(iv) all payments under the Meyers Notes), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due, contractual arising by operation of law or otherwise, or
now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal, interest and fees including, without limitation, late fees and
expenses, including, without limitation, attorneys’ fees and costs whether now existing or hereafter created or arising; provided that the following payments shall not be treated as Subordinated Debt hereunder: (a) the Initial Payment;
(b) the Misappropriation Proceeds Payments; and (c) the Healthcare Payments. 
 2. Subordination. 

a. Payment. 

(1) The Subordinated Creditor hereby: (i) subordinates all Subordinated Debt and all claims and demands arising therefrom to all of
the Senior Debt; and (ii) agrees that payment of principal of, interest on and other amounts owing under any and all Subordinated Debt is hereby expressly subordinated to payment in full of the Senior Debt (including, without limitation, all
interest accruing on any Senior Debt after the commencement of any proceeding described in Section 5 hereof at the contractual rate set forth in the Credit Agreement). 

(2) Notwithstanding the foregoing, if no Event of Default or Default (as defined under the Credit Agreement) has occurred and is
continuing at any regularly scheduled payment on the Subordinated Debt is payable, and such regularly scheduled payment would not give rise to an Event of Default or Default under the Credit Agreement, then the Buyer Parties may pay (and the
Subordinated Creditor may receive) such regularly scheduled payments of principal, interest as the same accrues, and other regularly scheduled amounts of Subordinated Debt (which have not been accelerated) pursuant to the terms set forth in the
Meyers Documents as in effect on the date hereof (or as may be amended with the consent of Required Lenders). 
 b. Security
Interest. Notwithstanding anything to the contrary contained in any other instrument or document delivered in connection with the Subordinated Debt or otherwise, including, without limitation, any prior perfection of a security interest or lien,
any security interests and liens now or hereafter held by the Subordinated Creditor in any collateral security for the Subordinated Debt shall be junior and subordinate to any security interests and liens now or hereafter held by Senior Agent in the
same collateral. So long as any portion of the Senior Debt shall remain unpaid, the Senior Agent may at all times in its sole 
  

 3 

 
discretion exercise any and all powers and rights which it now has or may hereafter acquire with respect to any of the collateral securing the Senior Debt, all without the necessity of obtaining
any consent or approval of the Subordinated Creditor. 
 3. Prohibition of Liens and Security Interests. The Buyer
Parties shall not provide and the Subordinated Creditor shall not accept any collateral to secure any of the obligations, indebtedness or liabilities of any of the Buyer Parties to the Subordinated Creditor, including, without limitation, the
Subordinated Debt. Subordinated Creditor hereby agrees that, notwithstanding anything to the contrary contained in any other instrument or document delivered in connection with the obligations of the Buyer Parties to the Subordinated Creditor or
otherwise, including, without limitation, any prior perfection of a security interest or lien, all security interests and liens at any time held by the Subordinated Creditor, in any collateral security for any such obligation shall be junior and
subordinate to any security interests and liens at any time held by the Senior Agent. In connection with any foreclosure of any lien on or security interest in any collateral for the Senior Debt by the Senior Agent, the Subordinated Creditor waives
any right it may have to approve or disapprove the terms and conditions of any sale by the Senior Agent of the collateral, other than the right to bid at any such sale. 

4. Moratorium on Remedies. The Subordinated Creditor hereby agrees not to: (a) accelerate, demand, sue for, commence any
collection or enforcement action or proceeding with respect to, take, receive, accept or retain any payment or distribution of any character, whether in cash, securities or other property and whether by set off or otherwise, in respect of any
portion of the Subordinated Debt; (b) enforce or apply any security for any Subordinated Debt; or (c) incur any debt or liability to, or receive any loan, dividend, return of capital, advance, gift, or any other transfer of any property
whether real or personal, or tangible or intangible, from the Buyer Parties (each of the above is herein referred to as an “Enforcement Action”) until the Senior Debt shall have been paid in full with interest (including interest during
any bankruptcy or similar proceeding involving the Buyer Parties, from the date of the filing thereof to the date of distribution, notwithstanding any statute, including without limitation the Federal Bankruptcy Code, any rule of law or bankruptcy
procedures to the contrary). 
 5. Distributions on Insolvency, Etc. The Subordinated Creditor hereby agrees that in the
event of the institution of and in connection with any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceedings relative to any of the Buyer Parties or any of their property, or of any proceeding for the
voluntary liquidation, dissolution or other winding-up of any of the Buyer Parties, whether or not involving insolvency or bankruptcy proceedings: 

a. all amounts due under the Senior Debt shall first be paid in full in cash before any payment or distribution of any character, whether
in cash, securities or other property, shall be made in respect of any Subordinated Debt; 
 b. any payment or distribution of
any character, whether in cash, securities or other property, which would otherwise be payable or deliverable in respect of the Subordinated Debt shall be paid or delivered directly to the Senior Agent, until of the Senior Debt shall have been paid
in full in cash, with the Subordinated Creditor retaining a right of subrogation to any remaining distributions payable on account of the Senior Debt after the Senior 

 

 4 

 
Agent has received aggregate distributions in cash equal to all amounts due under the Senior Debt, and the Subordinated Creditor shall irrevocably authorize, empower and direct all receivers,
trustees, liquidators, conservators and others having authority to effect all such payments and deliveries; and 
 c. the
Subordinated Creditor shall execute and deliver to the Senior Agent all such further instruments confirming the authorization referred to in the foregoing clause (b) and all such powers of attorney, proofs of claim, assignments of claim and
other instruments and shall take all such other actions as may be reasonably requested by the Senior Agent in order to enable the Senior Agent (on behalf of the Lenders) to enforce all its rights hereunder and all claims of the Lenders upon or in
respect of the Subordinated Debt, and failing execution of such instruments or taking of such actions by the Subordinated Creditor, the Senior Agent is hereby authorized and empowered to execute and perform the same on behalf of the Subordinated
Creditor. 
 6. Unauthorized Distributions Held in Trust. The Subordinated Creditor hereby agrees that, in the event any
payment or distribution of any character, whether in cash, securities or other property, is received by Subordinated Creditor in contravention of the terms of subordination set forth herein, such payment or distribution shall be held by Subordinated
Creditor, as trustee of an express trust, in trust for the benefit of, and shall be paid over or delivered and transferred to the Senior Agent, for application to all amounts of Senior Debt remaining unpaid until such amounts shall have been paid in
full. 
 7. Notation of Subordination. If the Subordinated Debt is evidenced in whole or part by any promissory note or
other instruments (including the Meyers Notes), the Subordinated Creditor agrees to note on the face thereof that the same is subject to this Agreement. 

8. No Modification of Subordinated Debt. The Subordinated Creditor and the Buyer Parties hereby agree that so long any Senior Debt
or commitments under the Credit Agreement remain outstanding, they will not modify or amend, or permit modification or amendment of, the terms and conditions of any of the Meyers Documents to the extent such terms and conditions relate in any way to
the Subordinated Debt, without, in each case, obtaining the prior written consent of Required Lenders. 
 9. Waiver of
Notices. The Subordinated Creditor hereby waives all notices with respect to the Credit Agreement, including, but not limited to, the making of loans or advances to the Buyer Parties or any extensions, renewals or modifications thereof, releases
of collateral security or guarantors or other indulgences of any character, or of the occurrence or declaration of any default or the taking of any Enforcement Action. 

10. Rights of Lenders Regarding the Buyer Parties. This Agreement is a continuing agreement of subordination and the Lenders and
other holders of Senior Debt may continue to make loans to or otherwise accept the obligations of the Buyer Parties in reliance hereon, without notice to the Subordinated Creditor, including any increases, renewals, extensions or other modifications
of any kind relating to the terms and conditions of any of the Senior Debt or any collateral security or guaranty therefor, and may release or exchange or 

 

 5 

 
otherwise deal with any collateral security or guaranty or may release any balance of funds on deposit or otherwise held by the Senior Agent or any Lender or other holder of Senior Debt without
notice to or consent of the Subordinated Creditor and without impairing or affecting the Senior Agent’s or any rights of any Lender or other holder of Senior Debt under this Agreement. Each Lender and other holder of Senior Debt is a third
party beneficiary of this Agreement. 
 11. Representations and Warranties. The execution, delivery and performance by
the Buyer Parties of this Agreement is within their power, have been duly authorized by all necessary action and, if necessary, by making appropriate filings with any governmental agency or unit and are the legal, binding, valid and enforceable
obligations of the Buyer Parties; and does not (i) contravene, or constitute (with or without the giving of notice or lapse of time or both) a violation of any provision of applicable law or of any contract or agreement to which he is a party,
or a default under any agreement, judgment, injunction, order, decree or other instrument binding upon or affecting the Buyer Parties, (ii) result in the creation or imposition of any lien on any of the Buyer Parties’ assets, or
(iii) give cause for the acceleration of any obligations of the Buyer Parties to any other creditor. 
 12. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that, the Subordinated Creditor shall not assign all or any portion of the Subordinated Debt
without causing any such assignee to deliver to the Senior Agent a written acknowledgement that such Subordinated Debt is governed by the terms of this Agreement and, if requested by the Senior Agent, a subordination agreement substantially
identical to this Agreement. 
 13. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Pennsylvania without reference to the choice of law doctrine of the Commonwealth of Pennsylvania. 

14. Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to
constitute a part of this Agreement. 
 15. Counterparts. This Agreement may be executed in any number of counterparts
with the same affect as if all of the signatures on such counterparts appeared on one document and each counterpart shall be deemed an original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or by electronic
means shall be effective as delivery of a manually executed counterpart of this Agreement. 
 16. Waiver of Jury Trial.
Each party hereto hereby expressly waives any right to trial by jury of any claim, demand, action or cause of action arising hereunder or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with
respect to this Agreement, in each case whether now existing or hereafter arising, and whether founded in contract or tort or otherwise. Each party hereto hereby agrees and consents that any such claim, demand, action or cause of action shall be
decided by court trial without a jury, and that any party to this agreement may file an original counterpart or a copy of this section with any court as written evidence of the consent of the signatories hereto to the waiver of their right to trial
by jury. 
  

 6 

 IN WITNESS WHEREOF, the parties hereto have, individually, or by their duly authorized
officers, executed this Subordination Agreement on the date first above written. 

			
		
		 	
		 	FRED W. MEYER, JR.

			
		
	By:	 	 
	Printed:	 	JAMES R. MEYER as Special

	Administrator of the Estate of Fred W. Meyer, Jr.

 

			
	 BANK OF AMERICA, N.A.,

in its capacity as Senior Agent

		
	By:	 	 
		 	Name:
		 	Title:

 [Partnership and Buyer
acknowledgements follow on next page] 
  

 7 

			
	ACKNOWLEDGED AND AGREED:
	
	 STONEMOR PARTNERS L.P.

		
	By:	 	 STONEMOR GP LLC

		 	 its General Partner

  

			
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	STONEMOR OPERATING LLC
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	STONEMOR INDIANA LLC
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	STONEMOR INDIANA SUBSIDIARY LLC
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	OHIO CEMETERY HOLDINGS, INC.
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President

  

 8 

 EXHIBIT D-6 

FORM OF SUBORDINATION AGREEMENT 

(JIM MEYER) 

Attached hereto. 

 SUBORDINATION AGREEMENT 

(JAMES R. MEYER) 

This SUBORDINATION AGREEMENT (this “Agreement”), dated June 21, 2010, is by and among BANK OF AMERICA, N.A., a
national banking association, as administrative agent for the benefit of the Lenders defined below (in such capacity, the “Senior Agent”), STONEMOR PARTNERS L.P., a Delaware limited partnership (the “Partnership”),
STONEMOR OPERATING LLC, a Delaware limited liability company (the “Operating Company”), STONEMOR INDIANA LLC, an Indiana limited liability company (“SI”), STONEMOR INDIANA SUBSIDIARY LLC, an Indiana limited
liability company (“SIS”) and OHIO CEMETERY HOLDINGS, INC., an Ohio non-profit corporation (“OCH” and together with the Operating Company, SI and SIS, the “Buyer”), and JAMES R. MEYER, an adult
resident of the State of Indiana (together with any successors or assigns or subsequent holders of or payees on account of Subordinated Debt from time to time, “Subordinated Creditor”). 

BACKGROUND 

A. Pursuant to that certain Amended and Restated Credit Agreement, dated August 15, 2007, as amended (as amended, restated,
supplemented or modified from time to time, the “Credit Agreement”), by and among the lenders party thereto (collectively, the “Lenders”), Bank of America, N.A., a national banking association, as Administrative
Agent for the benefit of the Lenders, the Partnership, the Operating Company and various of their affiliates (collectively, the “Credit Parties”), the Lenders agreed, inter alia, to extend to the Borrowers (i) a
revolving credit facility in the maximum aggregate principal amount of $44,125,000, and (ii) an acquisition facility in the maximum aggregate principal amount of $54,125,000. 

B. A condition to the consummation by the Subordinated Creditor of certain transactions is the execution and delivery of that certain
Settlement Agreement (as amended, restated, supplemented or modified from time to time, the “Settlement Agreement”) between, on one hand, the Buyer (other than OCH) and the Partnership (collectively, the “Buyer
Parties”) and Chapel Hill Associates, Inc., a Michigan corporation, Covington Memorial Funeral Home, Inc., an Indiana corporation, Covington Memorial Gardens, Inc., an Indiana corporation, Forest Lawn Memorial Chapel, Inc., an Indiana
corporation, Forest Lawn Memory Gardens, Inc., an Indiana corporation and Chapel Hill Funeral Home, Inc., an Indiana corporation (collectively, the “Purchased Entities”) and, on the other hand, the Subordinated Creditor, the estate
of Fred W. Meyer, Jr., Thomas E. Meyer, a natural individual, and Nancy J. Cade, a natural individual (collectively, the “Meyer Family”), pursuant to which one or more of the Buyer Parties has agreed to (i) pay $500,000 to the
Meyer Family (the “Initial Payment”), (ii) cause the Partnership to issue $5,585,000 of unregistered common units of the Partnership to the Meyer Family, (iii) issue unsecured promissory notes, dated the date hereof, to
the Meyer Family in the aggregate principal amount of $1,305,727 (collectively, the “Meyers Notes”), and (iv) pay the following amounts to the Meyer Family thereafter: 

 

	 	•	 	 $2,044,273 in the aggregate (the “Non-Compete Payments”) payable under the non-competition agreements between certain members of the
Meyer Family and one or more of the Buyer Parties (the “Non-Compete Agreements”), $977,182.00 of which, as of the date hereof, is payable to the Subordinated Creditor; 

	 	•	 	 up to $2,350,000 of distributions upon recovery by the Buyer Parties on behalf of the Purchased Entities on certain misappropriation of trust fund
claims (the “Misappropriation Proceeds Payments”); 

  

	 	•	 	 the lower of (i) $150,000; or (ii) the amount (if any) by which the sum of $2,350,000 exceeds the aggregate amount of Misappropriation
Proceeds Payments received by the Meyers by the third anniversary of the Meyers Agreement (the “Settlement Payment”); 

  

	 	•	 	 the Additional Deferred Consideration (as defined in the Settlement Agreement); and 

 

	 	•	 	 reimbursement of health insurance premiums for each of James R. Meyer, Thomas E. Meyer and their respective spouses until the earlier of the expiration
of seven years or their eligibility for Medicare, with such reimbursement being $34,000 in the first year and to be adjusted annually by the percentage increase in premiums for such health insurance maintained by James R. Meyer, Thomas E. Meyer and
each of their respective spouses (the “Healthcare Payments”), 

 in exchange for certain non-competition
covenants by certain members of the Meyer Family in favor of one or more of the Buyer Parties and the Purchased Entities and certain releases and other consideration, all as more fully set forth in the Settlement Agreement, the Meyers Notes and the
Non-Compete Agreements (collectively, together with any other agreements of documents delivered in connection therewith, the “Meyers Documents”). 

C. The Buyer Parties are permitted, from time to time, in accordance with the terms and conditions set forth in the Credit Agreement to
obtain certain subordinated debt from certain junior creditors, subject to certain consents of Lenders (“Required Lenders”). 

D. As a condition to their consent to the delivery of the Meyers Documents and the entering into the related transactions, Required
Lenders have required that the Subordinated Creditor enter into this Agreement with the Senior Agent. 
 In consideration of
the foregoing premises, and the mutual promises and undertaking set forth herein, the parties hereto agree as follows: 
 1.
Definitions. The following terms have the meanings specified: 
 “Senior Debt” means any and all
obligations, indebtedness and liabilities of every nature and description of the Credit Parties (including, without limitation, the Buyer Parties), or any of them, owed to the Senior Agent or any Lender, under the Credit Agreement, together with any
other Obligations (as such term is defined in the Credit Agreement), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due, contractual arising by operation of
law or otherwise, or now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal, interest and fees including, without
limitation, late fees and expenses, including, without limitation, attorneys’ fees and costs. 
  

 2 

 “Subordinated Debt” means any and all obligations, indebtedness and
liabilities of every nature and description of any of the Credit Parties owed to the Subordinated Creditor under any of the Meyers Documents (including, without limitation, (i) all Non-Compete Payments, (ii) the Additional Deferred
Consideration, (iii) the Settlement Payment, and (iv) all payments under the Meyers Notes), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due,
contractual arising by operation of law or otherwise, or now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal,
interest and fees including, without limitation, late fees and expenses, including, without limitation, attorneys’ fees and costs whether now existing or hereafter created or arising; provided that the following payments shall not be treated as
Subordinated Debt hereunder: (a) the Initial Payment; (b) the Misappropriation Proceeds Payments; and (c) the Healthcare Payments. 

2. Subordination. 

a. Payment. 

(1) The Subordinated Creditor hereby: (i) subordinates all Subordinated Debt and all claims and demands arising therefrom to all of
the Senior Debt; and (ii) agrees that payment of principal of, interest on and other amounts owing under any and all Subordinated Debt is hereby expressly subordinated to payment in full of the Senior Debt (including, without limitation, all
interest accruing on any Senior Debt after the commencement of any proceeding described in Section 5 hereof at the contractual rate set forth in the Credit Agreement). 

(2) Notwithstanding the foregoing, if no Event of Default or Default (as defined under the Credit Agreement) has occurred and is
continuing at any regularly scheduled payment on the Subordinated Debt is payable, and such regularly scheduled payment would not give rise to an Event of Default or Default under the Credit Agreement, then the Buyer Parties may pay (and the
Subordinated Creditor may receive) such regularly scheduled payments of principal, interest as the same accrues, and other regularly scheduled amounts of Subordinated Debt (which have not been accelerated) pursuant to the terms set forth in the
Meyers Documents as in effect on the date hereof (or as may be amended with the consent of Required Lenders). 
 b. Security
Interest. Notwithstanding anything to the contrary contained in any other instrument or document delivered in connection with the Subordinated Debt or otherwise, including, without limitation, any prior perfection of a security interest or lien,
any security interests and liens now or hereafter held by the Subordinated Creditor in any collateral security for the Subordinated Debt shall be junior and subordinate to any security interests and liens now or hereafter held by Senior Agent in the
same collateral. So long as any portion of the Senior Debt shall remain unpaid, the Senior Agent may at all times in its sole discretion exercise any and all powers and rights which it now has or may hereafter acquire with respect to any of the
collateral securing the Senior Debt, all without the necessity of obtaining any consent or approval of the Subordinated Creditor. 

3. Prohibition of Liens and Security Interests. The Buyer Parties shall not 

 

 3 

 provide and the Subordinated Creditor shall not accept any collateral to secure any of the obligations,
indebtedness or liabilities of any of the Buyer Parties to the Subordinated Creditor, including, without limitation, the Subordinated Debt. Subordinated Creditor hereby agrees that, notwithstanding anything to the contrary contained in any other
instrument or document delivered in connection with the obligations of the Buyer Parties to the Subordinated Creditor or otherwise, including, without limitation, any prior perfection of a security interest or lien, all security interests and liens
at any time held by the Subordinated Creditor, in any collateral security for any such obligation shall be junior and subordinate to any security interests and liens at any time held by the Senior Agent. In connection with any foreclosure of any
lien on or security interest in any collateral for the Senior Debt by the Senior Agent, the Subordinated Creditor waives any right it may have to approve or disapprove the terms and conditions of any sale by the Senior Agent of the collateral, other
than the right to bid at any such sale. 
 4. Moratorium on Remedies. The Subordinated Creditor hereby agrees not to:
(a) accelerate, demand, sue for, commence any collection or enforcement action or proceeding with respect to, take, receive, accept or retain any payment or distribution of any character, whether in cash, securities or other property and
whether by set off or otherwise, in respect of any portion of the Subordinated Debt; (b) enforce or apply any security for any Subordinated Debt; or (c) incur any debt or liability to, or receive any loan, dividend, return of capital,
advance, gift, or any other transfer of any property whether real or personal, or tangible or intangible, from the Buyer Parties (each of the above is herein referred to as an “Enforcement Action”) until the Senior Debt shall have been
paid in full with interest (including interest during any bankruptcy or similar proceeding involving the Buyer Parties, from the date of the filing thereof to the date of distribution, notwithstanding any statute, including without limitation the
Federal Bankruptcy Code, any rule of law or bankruptcy procedures to the contrary). 
 5. Distributions on Insolvency,
Etc. The Subordinated Creditor hereby agrees that in the event of the institution of and in connection with any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceedings relative to any of the Buyer Parties
or any of their property, or of any proceeding for the voluntary liquidation, dissolution or other winding-up of any of the Buyer Parties, whether or not involving insolvency or bankruptcy proceedings: 

a. all amounts due under the Senior Debt shall first be paid in full in cash before any payment or distribution of any character, whether
in cash, securities or other property, shall be made in respect of any Subordinated Debt; 
 b. any payment or distribution of
any character, whether in cash, securities or other property, which would otherwise be payable or deliverable in respect of the Subordinated Debt shall be paid or delivered directly to the Senior Agent, until of the Senior Debt shall have been paid
in full in cash, with the Subordinated Creditor retaining a right of subrogation to any remaining distributions payable on account of the Senior Debt after the Senior Agent has received aggregate distributions in cash equal to all amounts due under
the Senior Debt, and the Subordinated Creditor shall irrevocably authorize, empower and direct all receivers, trustees, liquidators, conservators and others having authority to effect all such payments and deliveries; and 

 

 4 

 c. the Subordinated Creditor shall execute and deliver to the Senior Agent all such further
instruments confirming the authorization referred to in the foregoing clause (b) and all such powers of attorney, proofs of claim, assignments of claim and other instruments and shall take all such other actions as may be reasonably requested
by the Senior Agent in order to enable the Senior Agent (on behalf of the Lenders) to enforce all its rights hereunder and all claims of the Lenders upon or in respect of the Subordinated Debt, and failing execution of such instruments or taking of
such actions by the Subordinated Creditor, the Senior Agent is hereby authorized and empowered to execute and perform the same on behalf of the Subordinated Creditor. 

6. Unauthorized Distributions Held in Trust. The Subordinated Creditor hereby agrees that, in the event any payment or
distribution of any character, whether in cash, securities or other property, is received by Subordinated Creditor in contravention of the terms of subordination set forth herein, such payment or distribution shall be held by Subordinated Creditor,
as trustee of an express trust, in trust for the benefit of, and shall be paid over or delivered and transferred to the Senior Agent, for application to all amounts of Senior Debt remaining unpaid until such amounts shall have been paid in full.

 7. Notation of Subordination. If the Subordinated Debt is evidenced in whole or part by any promissory note or other
instruments (including the Meyers Notes), the Subordinated Creditor agrees to note on the face thereof that the same is subject to this Agreement. 

8. No Modification of Subordinated Debt. The Subordinated Creditor and the Buyer Parties hereby agree that so long any Senior
Debt or commitments under the Credit Agreement remain outstanding, they will not modify or amend, or permit modification or amendment of, the terms and conditions of any of the Meyers Documents to the extent such terms and conditions relate in any
way to the Subordinated Debt, without, in each case, obtaining the prior written consent of Required Lenders. 
 9. Waiver
of Notices. The Subordinated Creditor hereby waives all notices with respect to the Credit Agreement, including, but not limited to, the making of loans or advances to the Buyer Parties or any extensions, renewals or modifications thereof,
releases of collateral security or guarantors or other indulgences of any character, or of the occurrence or declaration of any default or the taking of any Enforcement Action. 

10. Rights of Lenders Regarding the Buyer Parties. This Agreement is a continuing agreement of subordination and the Lenders and
other holders of Senior Debt may continue to make loans to or otherwise accept the obligations of the Buyer Parties in reliance hereon, without notice to the Subordinated Creditor, including any increases, renewals, extensions or other modifications
of any kind relating to the terms and conditions of any of the Senior Debt or any collateral security or guaranty therefor, and may release or exchange or otherwise deal with any collateral security or guaranty or may release any balance of funds on
deposit or otherwise held by the Senior Agent or any Lender or other holder of Senior Debt without notice to or consent of the Subordinated Creditor and without impairing or affecting the Senior Agent’s or any rights of any Lender or other
holder of Senior Debt under this Agreement. Each Lender and other holder of Senior Debt is a third party beneficiary of this Agreement. 
  

 5 

 11. Representations and Warranties. The execution, delivery and performance by the
Buyer Parties of this Agreement is within their power, have been duly authorized by all necessary action and, if necessary, by making appropriate filings with any governmental agency or unit and are the legal, binding, valid and enforceable
obligations of the Buyer Parties; and does not (i) contravene, or constitute (with or without the giving of notice or lapse of time or both) a violation of any provision of applicable law or of any contract or agreement to which he is a party,
or a default under any agreement, judgment, injunction, order, decree or other instrument binding upon or affecting the Buyer Parties, (ii) result in the creation or imposition of any lien on any of the Buyer Parties’ assets, or
(iii) give cause for the acceleration of any obligations of the Buyer Parties to any other creditor. 
 12. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that, the Subordinated Creditor shall not assign all or any portion of the Subordinated Debt
without causing any such assignee to deliver to the Senior Agent a written acknowledgement that such Subordinated Debt is governed by the terms of this Agreement and, if requested by the Senior Agent, a subordination agreement substantially
identical to this Agreement. 
 13. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Pennsylvania without reference to the choice of law doctrine of the Commonwealth of Pennsylvania. 

14. Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to
constitute a part of this Agreement. 
 15. Counterparts. This Agreement may be executed in any number of counterparts
with the same affect as if all of the signatures on such counterparts appeared on one document and each counterpart shall be deemed an original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or by electronic
means shall be effective as delivery of a manually executed counterpart of this Agreement. 
 16. Waiver of Jury Trial.
Each party hereto hereby expressly waives any right to trial by jury of any claim, demand, action or cause of action arising hereunder or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with
respect to this Agreement, in each case whether now existing or hereafter arising, and whether founded in contract or tort or otherwise. Each party hereto hereby agrees and consents that any such claim, demand, action or cause of action shall be
decided by court trial without a jury, and that any party to this agreement may file an original counterpart or a copy of this section with any court as written evidence of the consent of the signatories hereto to the waiver of their right to trial
by jury. 
  

 6 

 IN WITNESS WHEREOF, the parties hereto have, individually, or by their duly authorized
officers, executed this Subordination Agreement on the date first above written. 
  

			
	
		
		 	 
		 	JAMES R. MEYER, Individually

			
	
	 BANK OF AMERICA, N.A.,

in its capacity as Senior Agent

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [Partnership and Buyer acknowledgements follow on next page] 

 

 7 

			
	ACKNOWLEDGED AND AGREED:
	
	 STONEMOR PARTNERS L.P.

		
	By:	 	 STONEMOR GP LLC

		 	 its General Partner

		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	STONEMOR OPERATING LLC
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	STONEMOR INDIANA LLC
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	STONEMOR INDIANA SUBSIDIARY LLC
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	OHIO CEMETERY HOLDINGS, INC.
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President

  

 8 

 EXHIBIT D-7 

FORM OF SUBORDINATION AGREEMENT 

(TOM MEYER) 

Attached hereto. 

 SUBORDINATION AGREEMENT 

(THOMAS E. MEYER) 

This SUBORDINATION AGREEMENT (this “Agreement”), dated June 21, 2010, is by and among BANK OF AMERICA, N.A., a
national banking association, as administrative agent for the benefit of the Lenders defined below (in such capacity, the “Senior Agent”), STONEMOR PARTNERS L.P., a Delaware limited partnership (the “Partnership”),
STONEMOR OPERATING LLC, a Delaware limited liability company (the “Operating Company”), STONEMOR INDIANA LLC, an Indiana limited liability company (“SI”), STONEMOR INDIANA SUBSIDIARY LLC, an Indiana limited
liability company (“SIS”) and OHIO CEMETERY HOLDINGS, INC., an Ohio non-profit corporation (“OCH” and together with the Operating Company, SI and SIS, the “Buyer”), and THOMAS E. MEYER, an adult
resident of the State of Indiana (together with any successors or assigns or subsequent holders of or payees on account of Subordinated Debt from time to time, “Subordinated Creditor”). 

BACKGROUND 

A. Pursuant to that certain Amended and Restated Credit Agreement, dated August 15, 2007, as amended (as amended, restated,
supplemented or modified from time to time, the “Credit Agreement”), by and among the lenders party thereto (collectively, the “Lenders”), Bank of America, N.A., a national banking association, as Administrative
Agent for the benefit of the Lenders, the Partnership, the Operating Company and various of their affiliates (collectively, the “Credit Parties”), the Lenders agreed, inter alia, to extend to the Borrowers (i) a
revolving credit facility in the maximum aggregate principal amount of $44,125,000, and (ii) an acquisition facility in the maximum aggregate principal amount of $54,125,000. 

B. A condition to the consummation by the Subordinated Creditor of certain transactions is the execution and delivery of that certain
Settlement Agreement (as amended, restated, supplemented or modified from time to time, the “Settlement Agreement”) between, on one hand, the Buyer (other than OCH) and the Partnership (collectively, the “Buyer
Parties”) and Chapel Hill Associates, Inc., a Michigan corporation, Covington Memorial Funeral Home, Inc., an Indiana corporation, Covington Memorial Gardens, Inc., an Indiana corporation, Forest Lawn Memorial Chapel, Inc., an Indiana
corporation, Forest Lawn Memory Gardens, Inc., an Indiana corporation and Chapel Hill Funeral Home, Inc., an Indiana corporation (collectively, the “Purchased Entities”) and, on the other hand, the Subordinated Creditor, the estate
of Fred W. Meyer, Jr., James R. Meyer, a natural individual, and Nancy J. Cade, a natural individual (collectively, the “Meyer Family”), pursuant to which one or more of the Buyer Parties has agreed to (i) pay $500,000 to the
Meyer Family (the “Initial Payment”), (ii) cause the Partnership to issue $5,585,000 of unregistered common units of the Partnership to the Meyer Family, (iii) issue unsecured promissory notes, dated the date hereof, to
the Meyer Family in the aggregate principal amount of $1,305,727 (collectively, the “Meyers Notes”), and (iv) pay the following amounts to the Meyer Family thereafter: 

 

	 	•	 	 $2,044,273 in the aggregate (the “Non-Compete Payments”) payable under the non-competition agreements between certain members of the
Meyer Family and one or more of the Buyer Parties (the “Non-Compete Agreements”), $1,017,091.00 of which, as of the date hereof, is payable to the Subordinated Creditor; 

	 	•	 	 up to $2,350,000 of distributions upon recovery by the Buyer Parties on behalf of the Purchased Entities on certain misappropriation of trust fund
claims (the “Misappropriation Proceeds Payments”); 

  

	 	•	 	 the lower of (i) $150,000; or (ii) the amount (if any) by which the sum of $2,350,000 exceeds the aggregate amount of Misappropriation
Proceeds Payments received by the Meyers by the third anniversary of the Meyers Agreement (the “Settlement Payment”); 

  

	 	•	 	 the Additional Deferred Consideration (as defined in the Settlement Agreement); and 

 

	 	•	 	 reimbursement of health insurance premiums for each of James R. Meyer, Thomas E. Meyer and their respective spouses until the earlier of the expiration
of seven years or their eligibility for Medicare, with such reimbursement being $34,000 in the first year and to be adjusted annually by the percentage increase in premiums for such health insurance maintained by James R. Meyer, Thomas E. Meyer and
each of their respective spouses (the “Healthcare Payments”), 

 in exchange for certain non-competition
covenants by certain members of the Meyer Family in favor of one or more of the Buyer Parties and the Purchased Entities and certain releases and other consideration, all as more fully set forth in the Settlement Agreement, the Meyers Notes and the
Non-Compete Agreements (collectively, together with any other agreements of documents delivered in connection therewith, the “Meyers Documents”). 

C. The Buyer Parties are permitted, from time to time, in accordance with the terms and conditions set forth in the Credit Agreement to
obtain certain subordinated debt from certain junior creditors, subject to certain consents of Lenders (“Required Lenders”). 

D. As a condition to their consent to the delivery of the Meyers Documents and the entering into the related transactions, Required
Lenders have required that the Subordinated Creditor enter into this Agreement with the Senior Agent. 
 In consideration of the
foregoing premises, and the mutual promises and undertaking set forth herein, the parties hereto agree as follows: 
 1.
Definitions. The following terms have the meanings specified: 
 “Senior Debt” means any and all
obligations, indebtedness and liabilities of every nature and description of the Credit Parties (including, without limitation, the Buyer Parties), or any of them, owed to the Senior Agent or any Lender, under the Credit Agreement, together with any
other Obligations (as such term is defined in the Credit Agreement), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due, contractual arising by operation of
law or otherwise, or now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal, interest and fees including, without
limitation, late fees and expenses, including, without limitation, attorneys’ fees and costs. 
  

 2 

 “Subordinated Debt” means any and all obligations, indebtedness and
liabilities of every nature and description of any of the Credit Parties owed to the Subordinated Creditor under any of the Meyers Documents (including, without limitation, (i) all Non-Compete Payments, (ii) the Additional Deferred
Consideration, (iii) the Settlement Payment and (iv) all payments under the Meyers Notes), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due,
contractual arising by operation of law or otherwise, or now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal,
interest and fees including, without limitation, late fees and expenses, including, without limitation, attorneys’ fees and costs whether now existing or hereafter created or arising; provided that the following payments shall not be treated as
Subordinated Debt hereunder: (a) the Initial Payment; (b) the Misappropriation Proceeds Payments; and (c) the Healthcare Payments. 

2. Subordination. 

a. Payment. 

(1) The Subordinated Creditor hereby: (i) subordinates all Subordinated Debt and all claims and demands arising therefrom to all of
the Senior Debt; and (ii) agrees that payment of principal of, interest on and other amounts owing under any and all Subordinated Debt is hereby expressly subordinated to payment in full of the Senior Debt (including, without limitation, all
interest accruing on any Senior Debt after the commencement of any proceeding described in Section 5 hereof at the contractual rate set forth in the Credit Agreement). 

(2) Notwithstanding the foregoing, if no Event of Default or Default (as defined under the Credit Agreement) has occurred and is
continuing at any regularly scheduled payment on the Subordinated Debt is payable, and such regularly scheduled payment would not give rise to an Event of Default or Default under the Credit Agreement, then the Buyer Parties may pay (and the
Subordinated Creditor may receive) such regularly scheduled payments of principal, interest as the same accrues, and other regularly scheduled amounts of Subordinated Debt (which have not been accelerated) pursuant to the terms set forth in the
Meyers Documents as in effect on the date hereof (or as may be amended with the consent of Required Lenders). 
 b. Security
Interest. Notwithstanding anything to the contrary contained in any other instrument or document delivered in connection with the Subordinated Debt or otherwise, including, without limitation, any prior perfection of a security interest or lien,
any security interests and liens now or hereafter held by the Subordinated Creditor in any collateral security for the Subordinated Debt shall be junior and subordinate to any security interests and liens now or hereafter held by Senior Agent in the
same collateral. So long as any portion of the Senior Debt shall remain unpaid, the Senior Agent may at all times in its sole discretion exercise any and all powers and rights which it now has or may hereafter acquire with respect to any of the
collateral securing the Senior Debt, all without the necessity of obtaining any consent or approval of the Subordinated Creditor. 

3. Prohibition of Liens and Security Interests. The Buyer Parties shall not

  

 3 

 
provide and the Subordinated Creditor shall not accept any collateral to secure any of the obligations, indebtedness or liabilities of any of the Buyer Parties to the Subordinated Creditor,
including, without limitation, the Subordinated Debt. Subordinated Creditor hereby agrees that, notwithstanding anything to the contrary contained in any other instrument or document delivered in connection with the obligations of the Buyer Parties
to the Subordinated Creditor or otherwise, including, without limitation, any prior perfection of a security interest or lien, all security interests and liens at any time held by the Subordinated Creditor, in any collateral security for any such
obligation shall be junior and subordinate to any security interests and liens at any time held by the Senior Agent. In connection with any foreclosure of any lien on or security interest in any collateral for the Senior Debt by the Senior Agent,
the Subordinated Creditor waives any right it may have to approve or disapprove the terms and conditions of any sale by the Senior Agent of the collateral, other than the right to bid at any such sale. 

4. Moratorium on Remedies. The Subordinated Creditor hereby agrees not to: (a) accelerate, demand, sue for, commence any
collection or enforcement action or proceeding with respect to, take, receive, accept or retain any payment or distribution of any character, whether in cash, securities or other property and whether by set off or otherwise, in respect of any
portion of the Subordinated Debt; (b) enforce or apply any security for any Subordinated Debt; or (c) incur any debt or liability to, or receive any loan, dividend, return of capital, advance, gift, or any other transfer of any property
whether real or personal, or tangible or intangible, from the Buyer Parties (each of the above is herein referred to as an “Enforcement Action”) until the Senior Debt shall have been paid in full with interest (including interest during
any bankruptcy or similar proceeding involving the Buyer Parties, from the date of the filing thereof to the date of distribution, notwithstanding any statute, including without limitation the Federal Bankruptcy Code, any rule of law or bankruptcy
procedures to the contrary). 
 5. Distributions on Insolvency, Etc. The Subordinated Creditor hereby agrees that in the
event of the institution of and in connection with any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceedings relative to any of the Buyer Parties or any of their property, or of any proceeding for the
voluntary liquidation, dissolution or other winding-up of any of the Buyer Parties, whether or not involving insolvency or bankruptcy proceedings: 

a. all amounts due under the Senior Debt shall first be paid in full in cash before any payment or distribution of any character,
whether in cash, securities or other property, shall be made in respect of any Subordinated Debt; 
 b. any payment or
distribution of any character, whether in cash, securities or other property, which would otherwise be payable or deliverable in respect of the Subordinated Debt shall be paid or delivered directly to the Senior Agent, until of the Senior Debt shall
have been paid in full in cash, with the Subordinated Creditor retaining a right of subrogation to any remaining distributions payable on account of the Senior Debt after the Senior Agent has received aggregate distributions in cash equal to all
amounts due under the Senior Debt, and the Subordinated Creditor shall irrevocably authorize, empower and direct all receivers, trustees, liquidators, conservators and others having authority to effect all such payments and deliveries; and

  

 4 

 c. the Subordinated Creditor shall execute and deliver to the Senior Agent all such further
instruments confirming the authorization referred to in the foregoing clause (b) and all such powers of attorney, proofs of claim, assignments of claim and other instruments and shall take all such other actions as may be reasonably requested
by the Senior Agent in order to enable the Senior Agent (on behalf of the Lenders) to enforce all its rights hereunder and all claims of the Lenders upon or in respect of the Subordinated Debt, and failing execution of such instruments or taking of
such actions by the Subordinated Creditor, the Senior Agent is hereby authorized and empowered to execute and perform the same on behalf of the Subordinated Creditor. 

6. Unauthorized Distributions Held in Trust. The Subordinated Creditor hereby agrees that, in the event any payment or
distribution of any character, whether in cash, securities or other property, is received by Subordinated Creditor in contravention of the terms of subordination set forth herein, such payment or distribution shall be held by Subordinated Creditor,
as trustee of an express trust, in trust for the benefit of, and shall be paid over or delivered and transferred to the Senior Agent, for application to all amounts of Senior Debt remaining unpaid until such amounts shall have been paid in full.

 7. Notation of Subordination. If the Subordinated Debt is evidenced in whole or part by any promissory note or other
instruments (including the Meyers Notes), the Subordinated Creditor agrees to note on the face thereof that the same is subject to this Agreement. 

8. No Modification of Subordinated Debt. The Subordinated Creditor and the Buyer Parties hereby agree that so long any Senior Debt
or commitments under the Credit Agreement remain outstanding, they will not modify or amend, or permit modification or amendment of, the terms and conditions of any of the Meyers Documents to the extent such terms and conditions relate in any way to
the Subordinated Debt, without, in each case, obtaining the prior written consent of Required Lenders. 
 9. Waiver of
Notices. The Subordinated Creditor hereby waives all notices with respect to the Credit Agreement, including, but not limited to, the making of loans or advances to the Buyer Parties or any extensions, renewals or modifications thereof, releases
of collateral security or guarantors or other indulgences of any character, or of the occurrence or declaration of any default or the taking of any Enforcement Action. 

10. Rights of Lenders Regarding the Buyer Parties. This Agreement is a continuing agreement of subordination and the Lenders and
other holders of Senior Debt may continue to make loans to or otherwise accept the obligations of the Buyer Parties in reliance hereon, without notice to the Subordinated Creditor, including any increases, renewals, extensions or other modifications
of any kind relating to the terms and conditions of any of the Senior Debt or any collateral security or guaranty therefor, and may release or exchange or otherwise deal with any collateral security or guaranty or may release any balance of funds on
deposit or otherwise held by the Senior Agent or any Lender or other holder of Senior Debt without notice to or consent of the Subordinated Creditor and without impairing or affecting the Senior Agent’s or any rights of any Lender or other
holder of Senior Debt under this Agreement. Each Lender and other holder of Senior Debt is a third party beneficiary of this Agreement. 
  

 5 

 11. Representations and Warranties. The execution, delivery and performance by the
Buyer Parties of this Agreement is within their power, have been duly authorized by all necessary action and, if necessary, by making appropriate filings with any governmental agency or unit and are the legal, binding, valid and enforceable
obligations of the Buyer Parties; and does not (i) contravene, or constitute (with or without the giving of notice or lapse of time or both) a violation of any provision of applicable law or of any contract or agreement to which he is a party,
or a default under any agreement, judgment, injunction, order, decree or other instrument binding upon or affecting the Buyer Parties, (ii) result in the creation or imposition of any lien on any of the Buyer Parties’ assets, or
(iii) give cause for the acceleration of any obligations of the Buyer Parties to any other creditor. 
 12. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that, the Subordinated Creditor shall not assign all or any portion of the Subordinated Debt
without causing any such assignee to deliver to the Senior Agent a written acknowledgement that such Subordinated Debt is governed by the terms of this Agreement and, if requested by the Senior Agent, a subordination agreement substantially
identical to this Agreement. 
 13. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Pennsylvania without reference to the choice of law doctrine of the Commonwealth of Pennsylvania. 

14. Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to
constitute a part of this Agreement. 
 15. Counterparts. This Agreement may be executed in any number of counterparts
with the same affect as if all of the signatures on such counterparts appeared on one document and each counterpart shall be deemed an original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or by electronic
means shall be effective as delivery of a manually executed counterpart of this Agreement. 
 16. Waiver of Jury Trial.
Each party hereto hereby expressly waives any right to trial by jury of any claim, demand, action or cause of action arising hereunder or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with
respect to this Agreement, in each case whether now existing or hereafter arising, and whether founded in contract or tort or otherwise. Each party hereto hereby agrees and consents that any such claim, demand, action or cause of action shall be
decided by court trial without a jury, and that any party to this agreement may file an original counterpart or a copy of this section with any court as written evidence of the consent of the signatories hereto to the waiver of their right to trial
by jury. 
  

 6 

 IN WITNESS WHEREOF, the parties hereto have, individually, or by their duly authorized
officers, executed this Subordination Agreement on the date first above written. 
  

	
	
	 
	THOMAS E. MEYER, Individually

  

					
	 BANK OF AMERICA, N.A.,

in its capacity as Senior Agent

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 [Partnership and Buyer acknowledgements follow on next page] 

 

 7 

			
	ACKNOWLEDGED AND AGREED:
	
	 STONEMOR PARTNERS L.P.

		
	By:	 	 STONEMOR GP LLC

		 	 its General Partner

		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	STONEMOR OPERATING LLC
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	STONEMOR INDIANA LLC
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	STONEMOR INDIANA SUBSIDIARY LLC
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President
	
	OHIO CEMETERY HOLDINGS, INC.
		
	By:	 	 
	 Name:
	 	Paul Waimberg
	 Title:
	 	Vice President

  

 8 

 EXHIBIT D-8 

FORM OF SUBORDINATION AGREEMENT 

(NANCY CADE) 

Attached hereto. 

 SUBORDINATION AGREEMENT 

(NANCY J. CADE) 

This SUBORDINATION AGREEMENT (this “Agreement”), dated June 21, 2010, is by and among BANK OF AMERICA, N.A., a
national banking association, as administrative agent for the benefit of the Lenders defined below (in such capacity, the “Senior Agent”), STONEMOR PARTNERS L.P., a Delaware limited partnership (the “Partnership”),
STONEMOR OPERATING LLC, a Delaware limited liability company (the “Operating Company”), STONEMOR INDIANA LLC, an Indiana limited liability company (“SI”), STONEMOR INDIANA SUBSIDIARY LLC, an Indiana limited
liability company (“SIS”) and OHIO CEMETERY HOLDINGS, INC., an Ohio non-profit corporation (“OCH” and together with the Operating Company, SI and SIS, the “Buyer”), and NANCY J. CADE, an adult
resident of the State of Kentucky (together with any successors or assigns or subsequent holders of or payees on account of Subordinated Debt from time to time, “Subordinated Creditor”). 

BACKGROUND 

A. Pursuant to that certain Amended and Restated Credit Agreement, dated August 15, 2007, as amended (as amended, restated,
supplemented or modified from time to time, the “Credit Agreement”), by and among the lenders party thereto (collectively, the “Lenders”), Bank of America, N.A., a national banking association, as Administrative
Agent for the benefit of the Lenders, the Partnership, the Operating Company and various of their affiliates (collectively, the “Credit Parties”), the Lenders agreed, inter alia, to extend to the Borrowers (i) a
revolving credit facility in the maximum aggregate principal amount of $44,125,000, and (ii) an acquisition facility in the maximum aggregate principal amount of $54,125,000. 

B. A condition to the consummation by the Subordinated Creditor of certain transactions is the execution and delivery of that certain
Settlement Agreement (as amended, restated, supplemented or modified from time to time, the “Settlement Agreement”) between, on one hand, the Buyer (other than OCH) and the Partnership (collectively, the “Buyer
Parties”) and Chapel Hill Associates, Inc., a Michigan corporation, Covington Memorial Funeral Home, Inc., an Indiana corporation, Covington Memorial Gardens, Inc., an Indiana corporation, Forest Lawn Memorial Chapel, Inc., an Indiana
corporation, Forest Lawn Memory Gardens, Inc., an Indiana corporation and Chapel Hill Funeral Home, Inc., an Indiana corporation (collectively, the “Purchased Entities”) and, on the other hand, the Subordinated Creditor, the estate
of Fred W. Meyer, Jr., Thomas E. Meyer, a natural individual, and James R. Meyer, a natural individual (collectively, the “Meyer Family”), pursuant to which one or more of the Buyer Parties has agreed to (i) pay $500,000 to the
Meyer Family (the “Initial Payment”), (ii) cause the Partnership to issue $5,585,000 of unregistered common units of the Partnership to the Meyer Family, (iii) issue unsecured promissory notes, dated the date hereof, to
the Meyer Family in the aggregate principal amount of $1,305,727 (collectively, the “Meyers Notes”), $266,071.00 of which, as of the date hereof, is payable under a note in favor of the Subordinated Creditor, and (iv) pay the
following amounts to the Meyer Family thereafter: 
  

	 	•	 	 $2,044,273 in the aggregate (the “Non-Compete Payments”) payable under the non-competition agreements between certain members of the
Meyer Family and one or 

 more of the Buyer Parties (the “Non-Compete Agreements”), $50,000.00 of
which, as of the date hereof, is payable to the Subordinated Creditor; 
  

	 	•	 	 up to $2,350,000 of distributions upon recovery by the Buyer Parties on behalf of the Purchased Entities on certain misappropriation of trust fund
claims (the “Misappropriation Proceeds Payments”); 

  

	 	•	 	 the lower of (i) $150,000; or (ii) the amount (if any) by which the sum of $2,350,000 exceeds the aggregate amount of Misappropriation
Proceeds Payments received by the Meyers by the third anniversary of the Meyers Agreement (the “Settlement Payment”); 

  

	 	•	 	 the Additional Deferred Consideration (as defined in the Settlement Agreement); and 

 

	 	•	 	 reimbursement of health insurance premiums for each of James R. Meyer, Thomas E. Meyer and their respective spouses until the earlier of the expiration
of seven years or their eligibility for Medicare, with such reimbursement being $34,000 in the first year and to be adjusted annually by the percentage increase in premiums for such health insurance maintained by James R. Meyer, Thomas E. Meyer and
each of their respective spouses (the “Healthcare Payments”), 

 in exchange for certain non-competition
covenants by certain members of the Meyer Family in favor of one or more of the Buyer Parties and the Purchased Entities and certain releases and other consideration, all as more fully set forth in the Settlement Agreement, the Meyers Notes and the
Non-Compete Agreements (collectively, together with any other agreements of documents delivered in connection therewith, the “Meyers Documents”). 

C. The Buyer Parties are permitted, from time to time, in accordance with the terms and conditions set forth in the Credit Agreement to
obtain certain subordinated debt from certain junior creditors, subject to certain consents of Lenders (“Required Lenders”). 

D. As a condition to their consent to the delivery of the Meyers Documents and the entering into the related transactions, Required
Lenders have required that the Subordinated Creditor enter into this Agreement with the Senior Agent. 
 In consideration of the
foregoing premises, and the mutual promises and undertaking set forth herein, the parties hereto agree as follows: 
 1.
Definitions. The following terms have the meanings specified: 
 “Senior Debt” means any and all obligations,
indebtedness and liabilities of every nature and description of the Credit Parties (including, without limitation, the Buyer Parties), or any of them, owed to the Senior Agent or any Lender, under the Credit Agreement, together with any other
Obligations (as such term is defined in the Credit Agreement), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due, contractual arising by operation of law or
otherwise, or now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal, interest 

 

 2 

 and fees including, without limitation, late fees and expenses, including, without limitation,
attorneys’ fees and costs. 
 “Subordinated Debt” means any and all obligations, indebtedness and
liabilities of every nature and description of any of the Credit Parties owed to the Subordinated Creditor under any of the Meyers Documents (including, without limitation, (i) all Non-Compete Payments, (ii) the Additional Deferred
Consideration, (iii) the Settlement Payment, and (iv) all payments under the Meyers Notes), whether primary or secondary, direct or indirect, absolute or contingent, sole, joint or several, secured or unsecured, due or to become due,
contractual arising by operation of law or otherwise, or now or hereafter existing, whether incurred by any Credit Parties as principal, surety, endorser, guarantor, accommodation party or otherwise, including, without limitation, principal,
interest and fees including, without limitation, late fees and expenses, including, without limitation, attorneys’ fees and costs whether now existing or hereafter created or arising; provided that the following payments shall not be treated as
Subordinated Debt hereunder: (a) the Initial Payment; (b) the Misappropriation Proceeds Payments; and (c) the Healthcare Payments. 

2. Subordination. 

a. Payment. 

(1) The Subordinated Creditor hereby: (i) subordinates all Subordinated Debt and all claims and demands arising therefrom to all of
the Senior Debt; and (ii) agrees that payment of principal of, interest on and other amounts owing under any and all Subordinated Debt is hereby expressly subordinated to payment in full of the Senior Debt (including, without limitation, all
interest accruing on any Senior Debt after the commencement of any proceeding described in Section 5 hereof at the contractual rate set forth in the Credit Agreement). 

(2) Notwithstanding the foregoing, if no Event of Default or Default (as defined under the Credit Agreement) has occurred and is
continuing at any regularly scheduled payment on the Subordinated Debt is payable, and such regularly scheduled payment would not give rise to an Event of Default or Default under the Credit Agreement, then the Buyer Parties may pay (and the
Subordinated Creditor may receive) such regularly scheduled payments of principal, interest as the same accrues, and other regularly scheduled amounts of Subordinated Debt (which have not been accelerated) pursuant to the terms set forth in the
Meyers Documents as in effect on the date hereof (or as may be amended with the consent of Required Lenders). 
 b. Security
Interest. Notwithstanding anything to the contrary contained in any other instrument or document delivered in connection with the Subordinated Debt or otherwise, including, without limitation, any prior perfection of a security interest or lien,
any security interests and liens now or hereafter held by the Subordinated Creditor in any collateral security for the Subordinated Debt shall be junior and subordinate to any security interests and liens now or hereafter held by Senior Agent in the
same collateral. So long as any portion of the Senior Debt shall remain unpaid, the Senior Agent may at all times in its sole discretion exercise any and all powers and rights which it now has or may hereafter acquire with respect to any of the
collateral securing the Senior Debt, all without the necessity of obtaining 
  

 3 

 any consent or approval of the Subordinated Creditor. 

3. Prohibition of Liens and Security Interests. The Buyer Parties shall not provide and the Subordinated Creditor shall not accept
any collateral to secure any of the obligations, indebtedness or liabilities of any of the Buyer Parties to the Subordinated Creditor, including, without limitation, the Subordinated Debt. Subordinated Creditor hereby agrees that, notwithstanding
anything to the contrary contained in any other instrument or document delivered in connection with the obligations of the Buyer Parties to the Subordinated Creditor or otherwise, including, without limitation, any prior perfection of a security
interest or lien, all security interests and liens at any time held by the Subordinated Creditor, in any collateral security for any such obligation shall be junior and subordinate to any security interests and liens at any time held by the Senior
Agent. In connection with any foreclosure of any lien on or security interest in any collateral for the Senior Debt by the Senior Agent, the Subordinated Creditor waives any right it may have to approve or disapprove the terms and conditions of any
sale by the Senior Agent of the collateral, other than the right to bid at any such sale. 
 4. Moratorium on Remedies.
The Subordinated Creditor hereby agrees not to: (a) accelerate, demand, sue for, commence any collection or enforcement action or proceeding with respect to, take, receive, accept or retain any payment or distribution of any character, whether
in cash, securities or other property and whether by set off or otherwise, in respect of any portion of the Subordinated Debt; (b) enforce or apply any security for any Subordinated Debt; or (c) incur any debt or liability to, or receive
any loan, dividend, return of capital, advance, gift, or any other transfer of any property whether real or personal, or tangible or intangible, from the Buyer Parties (each of the above is herein referred to as an “Enforcement Action”)
until the Senior Debt shall have been paid in full with interest (including interest during any bankruptcy or similar proceeding involving the Buyer Parties, from the date of the filing thereof to the date of distribution, notwithstanding any
statute, including without limitation the Federal Bankruptcy Code, any rule of law or bankruptcy procedures to the contrary). 

5. Distributions on Insolvency, Etc. The Subordinated Creditor hereby agrees that in the event of the institution of and in
connection with any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceedings relative to any of the Buyer Parties or any of their property, or of any proceeding for the voluntary liquidation, dissolution or
other winding-up of any of the Buyer Parties, whether or not involving insolvency or bankruptcy proceedings: 
 a. all amounts
due under the Senior Debt shall first be paid in full in cash before any payment or distribution of any character, whether in cash, securities or other property, shall be made in respect of any Subordinated Debt; 

b. any payment or distribution of any character, whether in cash, securities or other property, which would otherwise be payable or
deliverable in respect of the Subordinated Debt shall be paid or delivered directly to the Senior Agent, until of the Senior Debt shall have been paid in full in cash, with the Subordinated Creditor retaining a right of subrogation to any remaining
distributions payable on account of the Senior Debt after the Senior Agent has received aggregate distributions in cash equal to all amounts due under the Senior Debt, and the Subordinated Creditor shall irrevocably authorize, empower and direct all

  

 4 

 receivers, trustees, liquidators, conservators and others having authority to effect all such payments and
deliveries; and 
 c. the Subordinated Creditor shall execute and deliver to the Senior Agent all such further instruments
confirming the authorization referred to in the foregoing clause (b) and all such powers of attorney, proofs of claim, assignments of claim and other instruments and shall take all such other actions as may be reasonably requested by the Senior
Agent in order to enable the Senior Agent (on behalf of the Lenders) to enforce all its rights hereunder and all claims of the Lenders upon or in respect of the Subordinated Debt, and failing execution of such instruments or taking of such actions
by the Subordinated Creditor, the Senior Agent is hereby authorized and empowered to execute and perform the same on behalf of the Subordinated Creditor. 

6. Unauthorized Distributions Held in Trust. The Subordinated Creditor hereby agrees that, in the event any payment or
distribution of any character, whether in cash, securities or other property, is received by Subordinated Creditor in contravention of the terms of subordination set forth herein, such payment or distribution shall be held by Subordinated Creditor,
as trustee of an express trust, in trust for the benefit of, and shall be paid over or delivered and transferred to the Senior Agent, for application to all amounts of Senior Debt remaining unpaid until such amounts shall have been paid in full.

 7. Notation of Subordination. If the Subordinated Debt is evidenced in whole or part by any promissory note or other
instruments (including the Meyers Notes), the Subordinated Creditor agrees to note on the face thereof that the same is subject to this Agreement. 

8. No Modification of Subordinated Debt. The Subordinated Creditor and the Buyer Parties hereby agree that so long any Senior Debt
or commitments under the Credit Agreement remain outstanding, they will not modify or amend, or permit modification or amendment of, the terms and conditions of any of the Meyers Documents to the extent such terms and conditions relate in any way to
the Subordinated Debt, without, in each case, obtaining the prior written consent of Required Lenders. 
 9. Waiver of
Notices. The Subordinated Creditor hereby waives all notices with respect to the Credit Agreement, including, but not limited to, the making of loans or advances to the Buyer Parties or any extensions, renewals or modifications thereof, releases
of collateral security or guarantors or other indulgences of any character, or of the occurrence or declaration of any default or the taking of any Enforcement Action. 

10. Rights of Lenders Regarding the Buyer Parties. This Agreement is a continuing agreement of subordination and the Lenders and
other holders of Senior Debt may continue to make loans to or otherwise accept the obligations of the Buyer Parties in reliance hereon, without notice to the Subordinated Creditor, including any increases, renewals, extensions or other modifications
of any kind relating to the terms and conditions of any of the Senior Debt or any collateral security or guaranty therefor, and may release or exchange or otherwise deal with any collateral security or guaranty or may release any balance of funds on
deposit or otherwise held by the Senior Agent or any Lender or other holder of Senior Debt 
  

 5 

 without notice to or consent of the Subordinated Creditor and without impairing or affecting the Senior
Agent’s or any rights of any Lender or other holder of Senior Debt under this Agreement. Each Lender and other holder of Senior Debt is a third party beneficiary of this Agreement. 

11. Representations and Warranties. The execution, delivery and performance by the Buyer Parties of this Agreement is within their
power, have been duly authorized by all necessary action and, if necessary, by making appropriate filings with any governmental agency or unit and are the legal, binding, valid and enforceable obligations of the Buyer Parties; and does not
(i) contravene, or constitute (with or without the giving of notice or lapse of time or both) a violation of any provision of applicable law or of any contract or agreement to which he is a party, or a default under any agreement, judgment,
injunction, order, decree or other instrument binding upon or affecting the Buyer Parties, (ii) result in the creation or imposition of any lien on any of the Buyer Parties’ assets, or (iii) give cause for the acceleration of any
obligations of the Buyer Parties to any other creditor. 
 12. Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns; provided that, the Subordinated Creditor shall not assign all or any portion of the Subordinated Debt without causing any such assignee to deliver to the Senior
Agent a written acknowledgement that such Subordinated Debt is governed by the terms of this Agreement and, if requested by the Senior Agent, a subordination agreement substantially identical to this Agreement. 

13. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Pennsylvania without reference to the choice of law doctrine of the Commonwealth of Pennsylvania. 
 14. Headings. The
headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Agreement. 

15. Counterparts. This Agreement may be executed in any number of counterparts with the same affect as if all of the signatures on
such counterparts appeared on one document and each counterpart shall be deemed an original. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or by electronic means shall be effective as delivery of a manually
executed counterpart of this Agreement. 
 16. Waiver of Jury Trial. Each party hereto hereby expressly waives any right
to trial by jury of any claim, demand, action or cause of action arising hereunder or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to this Agreement, in each case whether now
existing or hereafter arising, and whether founded in contract or tort or otherwise. Each party hereto hereby agrees and consents that any such claim, demand, action or cause of action shall be decided by court trial without a jury, and that any
party to this agreement may file an original counterpart or a copy of this section with any court as written evidence of the consent of the signatories hereto to the waiver of their right to trial by jury. 

 

 6 

 IN WITNESS WHEREOF, the parties hereto have, individually, or by their duly authorized
officers, executed this Subordination Agreement on the date first above written. 
  

			
	NANCY J. CADE, Individually
	
	 BANK OF AMERICA, N.A.,

in its capacity as Senior Agent

		
	 By:
	 	 
		 	 Name:

Title:

[Partnership and Buyer acknowledgements follow on next page] 

 

 7 

			
	ACKNOWLEDGED AND AGREED:
	
	STONEMOR PARTNERS L.P.
	BY:	 	 STONEMOR GP LLC

its General Partner

		
	By:	 	 
	 Name: Paul Waimberg

Title: Vice President

	
	STONEMOR OPERATING LLC
		
	By:	 	 
	 Name: Paul Waimberg

Title: Vice President

	
	STONEMOR INDIANA LLC
		
	By:	 	 
	 Name: Paul Waimberg

Title: Vice President

	
	STONEMOR INDIANA SUBSIDIARY LLC
		
	By:	 	 
	 Name: Paul Waimberg

Title: Vice President

	
	OHIO CEMETERY HOLDINGS, INC.
		
	By:	 	 
	 Name: Paul Waimberg

Title: Vice President

  

 8 

 EXHIBIT E 

RELEASED ENTITIES 
 Ansure;

 Forest Lawn; 
 MGMC; 

American Bronze Craft, Inc., an Indiana corporation; 

Meyer Industries, Inc., an Indiana corporation; 

Mercury Development Corporation, an Indiana corporation; 

Memory Gardens Logistics LLC, an Indiana limited liability company; 

Gill Funeral Home LLC, an Indiana limited liability company; 

Gardens of Memory Cemetery LLC, an Indiana limited liability company; 

Garden View Funeral Home LLC, an Indiana limited liability company; 

Royal Oak Memorial Gardens of Ohio Ltd., an Ohio limited liability company; 

Heritage Hills Memory Gardens of Ohio Ltd., an Ohio limited liability company; and 

Hamden Memorial Funeral Home, Inc., a Connecticut corporation.Indenture

 EXHIBIT 4.1 

 
  

ALLY AUTO RECEIVABLES TRUST 2010-2 

Class A-1 0.58624% Asset Backed Notes 

Class A-2 0.89% Asset Backed Notes 

Class A-3 1.38% Asset Backed Notes 

Class A-4 2.09% Asset Backed Notes 

Class B 3.02% Asset Backed Notes 

Class C 3.51% Asset Backed Notes 
  

 
 INDENTURE

 Dated as of June 25, 2010 

 
  

DEUTSCHE BANK TRUST COMPANY AMERICAS 

Indenture Trustee 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	2
			
	      SECTION 1.1
	  	DEFINITIONS	  	2
	      SECTION 1.2
	  	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT	  	2
		
	 ARTICLE II THE NOTES
	  	3
			
	      SECTION 2.1
	  	FORM	  	3
	      SECTION 2.2
	  	EXECUTION, AUTHENTICATION AND DELIVERY	  	3
	      SECTION 2.3
	  	TEMPORARY NOTES	  	4
	      SECTION 2.4
	  	REGISTRATION OF NOTES; REGISTRATION OF TRANSFER AND
EXCHANGE OF NOTES	  	5
	      SECTION 2.5
	  	MUTILATED, DESTROYED, LOST OR STOLEN NOTES	  	7
	      SECTION 2.6
	  	PERSONS DEEMED NOTEHOLDERS	  	8
	      SECTION 2.7
	  	PAYMENT OF PRINCIPAL AND INTEREST	  	8
	      SECTION 2.8
	  	CANCELLATION OF NOTES	  	10
	      SECTION 2.9
	  	RELEASE OF COLLATERAL	  	10
	      SECTION 2.10
	  	BOOK-ENTRY NOTES	  	10
	      SECTION 2.11
	  	NOTICES TO CLEARING AGENCY	  	11
	      SECTION 2.12
	  	DEFINITIVE NOTES	  	11
	      SECTION 2.13
	  	DEPOSITOR AS NOTEHOLDER	  	12
	      SECTION 2.14
	  	TAX TREATMENT	  	12
	      SECTION 2.15
	  	SPECIAL TERMS APPLICABLE TO THE PRIVATE NOTES	  	12
		
	 ARTICLE III COVENANTS
	  	13
			
	      SECTION 3.1
	  	PAYMENT OF PRINCIPAL AND INTEREST	  	13
	      SECTION 3.2
	  	MAINTENANCE OF AGENCY OFFICE	  	13
	      SECTION 3.3
	  	MONEY FOR PAYMENTS TO BE HELD IN TRUST	  	13
	      SECTION 3.4
	  	EXISTENCE	  	15
	      SECTION 3.5
	  	PROTECTION OF TRUST ESTATE; ACKNOWLEDGMENT OF PLEDGE	  	15
	      SECTION 3.6
	  	OPINIONS AS TO TRUST ESTATE	  	16
	      SECTION 3.7
	  	PERFORMANCE OF OBLIGATIONS; SERVICING OF RECEIVABLES	  	16
	      SECTION 3.8
	  	NEGATIVE COVENANTS	  	17
	      SECTION 3.9
	  	ANNUAL STATEMENT AS TO COMPLIANCE	  	18
	      SECTION 3.10
	  	CONSOLIDATION, MERGER, ETC., OF ISSUING ENTITY; DISPOSITION
OF TRUST ASSETS	  	18
	      SECTION 3.11
	  	SUCCESSOR OR TRANSFEREE	  	20
	      SECTION 3.12
	  	NO OTHER BUSINESS	  	21
	      SECTION 3.13
	  	NO BORROWING	  	21
	      SECTION 3.14
	  	GUARANTEES, LOANS, ADVANCES AND OTHER LIABILITIES	  	21
	      SECTION 3.15
	  	SERVICER’S OBLIGATIONS	  	21
	      SECTION 3.16
	  	CAPITAL EXPENDITURES	  	21
	      SECTION 3.17
	  	REMOVAL OF ADMINISTRATOR	  	21

  

 i 

					
	      SECTION 3.18
	  	RESTRICTED PAYMENTS	  	21
	      SECTION 3.19
	  	NOTICE OF EVENTS OF DEFAULT	  	22
	      SECTION 3.20
	  	FURTHER INSTRUMENTS AND ACTS	  	22
	      SECTION 3.21
	  	INDENTURE TRUSTEE’S ASSIGNMENT OF ADMINISTRATIVE RECEIVABLES
AND WARRANTY RECEIVABLES	  	22
	      SECTION 3.22
	  	REPRESENTATIONS AND WARRANTIES BY THE ISSUING ENTITY TO
THE INDENTURE TRUSTEE	  	23
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	23
			
	      SECTION 4.1
	  	SATISFACTION AND DISCHARGE OF INDENTURE	  	23
	      SECTION 4.2
	  	APPLICATION OF TRUST MONEY	  	24
	      SECTION 4.3
	  	REPAYMENT OF MONIES HELD BY PAYING AGENT	  	24
	      SECTION 4.4
	  	DURATION OF POSITION OF INDENTURE TRUSTEE	  	25
		
	 ARTICLE V DEFAULT AND REMEDIES
	  	25
			
	      SECTION 5.1
	  	EVENTS OF DEFAULT	  	25
	      SECTION 5.2
	  	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT	  	26
	      SECTION 5.3
	  	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE	  	27
	      SECTION 5.4
	  	REMEDIES; PRIORITIES	  	29
	      SECTION 5.5
	  	OPTIONAL PRESERVATION OF THE RECEIVABLES	  	30
	      SECTION 5.6
	  	LIMITATION OF SUITS	  	30
	      SECTION 5.7
	  	UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL
AND INTEREST	  	31
	      SECTION 5.8
	  	RESTORATION OF RIGHTS AND REMEDIES	  	31
	      SECTION 5.9
	  	RIGHTS AND REMEDIES CUMULATIVE	  	31
	      SECTION 5.10
	  	DELAY OR OMISSION NOT A WAIVER	  	32
	      SECTION 5.11
	  	CONTROL BY NOTEHOLDERS	  	32
	      SECTION 5.12
	  	WAIVER OF PAST DEFAULTS	  	32
	      SECTION 5.13
	  	UNDERTAKING FOR COSTS	  	33
	      SECTION 5.14
	  	WAIVER OF STAY OR EXTENSION LAWS	  	33
	      SECTION 5.15
	  	ACTION ON NOTES	  	33
	      SECTION 5.16
	  	PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS	  	33
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	35
			
	      SECTION 6.1
	  	DUTIES OF INDENTURE TRUSTEE	  	35
	      SECTION 6.2
	  	RIGHTS OF INDENTURE TRUSTEE	  	36
	      SECTION 6.3
	  	INDENTURE TRUSTEE MAY OWN NOTES	  	37
	      SECTION 6.4
	  	INDENTURE TRUSTEE’S DISCLAIMER	  	37
	      SECTION 6.5
	  	NOTICE OF DEFAULTS	  	37
	      SECTION 6.6
	  	REPORTS BY INDENTURE TRUSTEE	  	37
	      SECTION 6.7
	  	COMPENSATION; INDEMNITY	  	38
	      SECTION 6.8
	  	REPLACEMENT OF INDENTURE TRUSTEE	  	39
	      SECTION 6.9
	  	MERGER OR CONSOLIDATION OF INDENTURE TRUSTEE	  	40
	      SECTION 6.10
	  	APPOINTMENT OF CO-INDENTURE TRUSTEE OR SEPARATE INDENTURE
TRUSTEE	  	40
	      SECTION 6.11
	  	ELIGIBILITY; DISQUALIFICATION	  	41

  

 ii 

					
	      SECTION 6.12
	  	PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUING
ENTITY	  	42
	      SECTION 6.13
	  	REPRESENTATIONS AND WARRANTIES OF INDENTURE TRUSTEE	  	42
	      SECTION 6.14
	  	INDENTURE TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
NOTES	  	43
	      SECTION 6.15
	  	SUIT FOR ENFORCEMENT	  	43
	      SECTION 6.16
	  	RIGHTS OF NOTEHOLDERS TO DIRECT INDENTURE TRUSTEE	  	43
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	43
			
	      SECTION 7.1
	  	ISSUING ENTITY TO FURNISH INDENTURE TRUSTEE NAMES AND
ADDRESSES OF NOTEHOLDERS	  	43
	      SECTION 7.2
	  	PRESERVATION OF INFORMATION, COMMUNICATIONS TO NOTEHOLDERS	  	44
	      SECTION 7.3
	  	REPORTS BY THE ISSUING ENTITY	  	44
	      SECTION 7.4
	  	REPORTS BY TRUSTEE	  	44
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	45
			
	      SECTION 8.1
	  	COLLECTION OF MONEY	  	45
	      SECTION 8.2
	  	DESIGNATED ACCOUNTS; PAYMENTS	  	45
	      SECTION 8.3
	  	GENERAL PROVISIONS REGARDING ACCOUNTS	  	47
	      SECTION 8.4
	  	RELEASE OF TRUST ESTATE	  	47
	      SECTION 8.5
	  	OPINION OF COUNSEL	  	48
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	48
			
	      SECTION 9.1
	  	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS	  	48
	      SECTION 9.2
	  	SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS	  	49
	      SECTION 9.3
	  	EXECUTION OF SUPPLEMENTAL INDENTURES	  	51
	      SECTION 9.4
	  	EFFECT OF SUPPLEMENTAL INDENTURE	  	51
	      SECTION 9.5
	  	CONFORMITY WITH THE TRUST INDENTURE ACT	  	51
	      SECTION 9.6
	  	REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES	  	51
		
	 ARTICLE X REDEMPTION OF NOTES
	  	51
			
	      SECTION 10.1
	  	REDEMPTION	  	51
	      SECTION 10.2
	  	FORM OF REDEMPTION NOTICE	  	52
	      SECTION 10.3
	  	NOTES PAYABLE ON REDEMPTION DATE	  	52
		
	 ARTICLE XI MISCELLANEOUS
	  	52
			
	      SECTION 11.1
	  	COMPLIANCE CERTIFICATES AND OPINIONS, ETC.	  	52
	      SECTION 11.2
	  	FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE	  	54
	      SECTION 11.3
	  	ACTS OF NOTEHOLDERS	  	55
	      SECTION 11.4
	  	NOTICES, ETC., TO INDENTURE TRUSTEE, ISSUING ENTITY AND
RATING AGENCIES	  	55
	      SECTION 11.5
	  	NOTICES TO NOTEHOLDERS; WAIVER	  	56
	      SECTION 11.6
	  	ALTERNATE PAYMENT AND NOTICE PROVISIONS	  	56
	      SECTION 11.7
	  	CONFLICT WITH THE TRUST INDENTURE ACT	  	57
	      SECTION 11.8
	  	EFFECT OF HEADINGS AND TABLE OF CONTENTS	  	57
	      SECTION 11.9
	  	SUCCESSORS AND ASSIGNS	  	57
	      SECTION 11.10
	  	SEVERABILITY	  	57

  

 iii 

					
	      SECTION 11.11
	  	BENEFITS OF INDENTURE	  	57
	      SECTION 11.12
	  	LEGAL HOLIDAYS	  	57
	      SECTION 11.13
	  	GOVERNING LAW	  	57
	      SECTION 11.14
	  	COUNTERPARTS	  	58
	      SECTION 11.15
	  	RECORDING OF INDENTURE	  	58
	      SECTION 11.16
	  	NO RECOURSE	  	58
	      SECTION 11.17
	  	NO PETITION	  	58
	      SECTION 11.18
	  	INSPECTION	  	59
	      SECTION 11.19
	  	INDEMNIFICATION BY AND REIMBURSEMENT OF SERVICER	  	59
	      SECTION 11.20
	  	SUBORDINATION	  	59
	      SECTION 11.21
	  	COMPLIANCE WITH APPLICABLE ANTI-TERRORISM AND ANTI-MONEY
LAUNDERING REGULATIONS	  	60
		
	 EXHIBIT A       LOCATIONS OF SCHEDULE
OF RECEIVABLES
	  	Ex. A
	 EXHIBIT B       Note Depository Agreement for the Notes
	  	Ex. B
	 EXHIBIT C-1    FORM OF CLASS A-1 Fixed Rate Asset Backed Notes
	  	Ex. C-1-1
	 EXHIBIT C-2    FORM OF CLASS A-2 Class A-3 and Class A-4 Fixed Rate Asset Backed
Notes
	  	Ex. C-2-1
	 EXHIBIT C-3    FORM OF CLASS B Fixed Rate Asset Backed Notes
	  	Ex. C-3-1
	 EXHIBIT C-4    FORM OF CLASS C Fixed Rate Asset Backed Notes
	  	Ex. C-4-1
	 EXHIBIT D       SERVICING CRITERIA TO BE ADDRESSED IN INDENTURE
TRUSTEE’S
                      ASSESSMENT OF COMPLIANCE
	  	Ex. D-1
	 EXHIBIT E        FORM OF
CERTIFICATION
	  	Ex. E
	 APPENDIX A    ADDITIONAL REPRESENTATIONS AND
WARRANTIES
	  	APP. A

  

 iv 

 INDENTURE, dated as of June 25, 2010, between ALLY AUTO RECEIVABLES
TRUST 2010-2, a Delaware statutory trust (the “Issuing Entity”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as trustee and not in its individual capacity (the “Indenture Trustee”).

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

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

(b)      the interest of the Issuing Entity in the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; 

(c)      the interest of the Issuing Entity in any proceeds from claims on any physical
damage, credit life, credit disability or other insurance policies covering Financed Vehicles or Obligors; 

(d)      the interest of the Issuing Entity in any proceeds from recourse against Dealers
on the Receivables; 
 (e)      all right, title and interest of the Issuing
Entity in, to and under the First Step Receivables Assignment; 
 (f)      all
right, title and interest of the Issuing Entity in, to and under the Second Step Receivables Assignment; 

(g)      all right, title and interest in the Reserve Account Property and all other funds
on deposit from time to time in the Collection Account and the Note Distribution Account; 

(h)      all right, title and interest of the Issuing Entity in, to and under the Trust
Sale and Servicing Agreement and any other Further Transfer and Servicing Agreements, including all rights of the “Depositor” under the Pooling and Servicing Agreement and the Custodian Agreement assigned to the Issuing Entity pursuant to
the Trust Sale and Servicing Agreement; and 
 (i)       all present and
future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the

 
conversion of any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other
property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). 

The foregoing Grant is made in trust to secure the Secured Obligations, equally and ratably without prejudice, priority
or distinction, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. This Indenture constitutes a security agreement under the UCC. 

The foregoing Grant includes all rights, powers and options (but none of the obligations, if any) of the Issuing Entity
under any agreement or instrument included in the Collateral, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Receivables included in the Collateral
and all other monies payable under the Collateral, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Issuing Entity or otherwise and
generally to do and receive anything that the Issuing Entity is or may be entitled to do or receive under or with respect to the Collateral. 

The Indenture Trustee, as trustee on behalf of the Secured Parties and (only to the extent expressly provided herein)
the Certificateholders, acknowledges such Grant and accepts the trusts under this Indenture in accordance with the provisions of this Indenture. 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

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

SECTION 1.2        Incorporation by Reference of Trust Indenture Act.

   Whenever this Indenture refers to a provision of the TIA, such provision is incorporated by
reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the Securities and Exchange Commission. 

 

 2 

 “indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” means the Indenture Trustee. 

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

SECTION 2.1        Form. 

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

 (b)      The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

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

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

 

 3 

 (b)      The Notes shall be executed on
behalf of the Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 

(c)      Notes bearing the manual or facsimile signature of individuals who were at any
time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals or any of them have ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at
the date of such Notes. 
 (d)      The Indenture Trustee, in exchange for the
Grant of the Receivables and the other components of the Trust Estate, simultaneously with the Grant to the Indenture Trustee of the Receivables and the constructive delivery to the Indenture Trustee of the Receivables Files and the other assets and
components of the Trust Estate, shall cause to be authenticated and delivered to or upon the order of the Issuing Entity Notes for original issue in the aggregate principal amount of $1,200,900,000 comprised of (i) Class A-1 Notes in the
aggregate principal amount of $250,000,000 (ii) Class A-2 Notes in the aggregate principal amount of $257,000,000, (iii) Class A-3 Notes in the aggregate principal amount of $448,000,000, (iv) Class A-4 Notes in the
aggregate principal amount of $182,800,000, (v) Class B Notes in the aggregate principal amount of $34,700,000 and (vi) Class C Notes in the aggregate principal amount of $28,400,000. The aggregate principal amount of all Notes outstanding
at any time may not exceed $1,200,900,000, except as provided in Section 2.5. 

(e)      No Note shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form set forth in Exhibit C-1, C-2, C-3 or C-4 as applicable, executed by the Indenture Trustee by the
manual signature of one of its Authorized Officers; such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

SECTION 2.3        Temporary Notes. 

(a)      Pending the preparation of Definitive Notes, if any, the Issuing Entity may
execute, and upon receipt of an Issuing Entity Order the Indenture Trustee shall authenticate and deliver, such Temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in
lieu of which they are issued and with such variations as are consistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

(b)      If Temporary Notes are issued, the Issuing Entity shall cause Definitive Notes to
be prepared without unreasonable delay. After the preparation of Definitive Notes, the Temporary Notes shall be exchangeable for Definitive Notes upon surrender of the Temporary Notes at the Agency Office of the Issuing Entity to be maintained as
provided in Section 3.2, without charge to the Noteholder. Upon surrender for cancellation of any one or more Temporary Notes, the Issuing Entity shall execute and the Indenture Trustee shall authenticate

  

 4 

 
and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so delivered in exchange, the Temporary Notes shall in all respects be entitled to
the same benefits under this Indenture as Definitive Notes. 
 SECTION
2.4        Registration of Notes; Registration of Transfer and Exchange of Notes. 

(a)      The Issuing Entity shall cause to be kept the Note Register, comprising separate
registers for each class of Notes, in which, subject to such reasonable regulations as the Issuing Entity may prescribe, the Issuing Entity shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes.
The Indenture Trustee shall initially be the Note Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor
Note Registrar or, if it elects not to make such an appointment, assume the duties of the Note Registrar. 

(b)      If a Person other than the Indenture Trustee is appointed by the Issuing Entity
as Note Registrar, the Issuing Entity will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register. The Indenture Trustee shall have the
right to inspect the Note Register at all reasonable times and to obtain copies thereof. The Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names
and addresses of the Noteholders and the principal amounts and number of such Notes. 

(c)      Upon surrender for registration of transfer of any Note at the Corporate Trust
Office of the Indenture Trustee or the Agency Office of the Issuing Entity (and following the delivery, in the former case, of such Notes to the Issuing Entity by the Indenture Trustee), the Issuing Entity shall execute, the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes in any authorized denominations, of a like aggregate principal amount. 

(d)      At the option of the Noteholder, Notes may be exchanged for other Notes of the
same class in any authorized denominations, of a like aggregate principal amount; and upon surrender of such Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee or the Agency Office of the Issuing Entity (and following the
delivery, in the former case, of such Notes to the Issuing Entity by the Indenture Trustee), the Issuing Entity shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, such Notes which
the Noteholder making the exchange is entitled to receive. 
 (e)      All Notes
issued upon any registration of transfer or exchange of other Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such
registration of transfer or exchange. 
 (f)      Every Note presented or
surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in 

 

 5 

 
form satisfactory to the Indenture Trustee and the Note Registrar duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by
a commercial bank or trust company located, or having a correspondent located, in The City of New York or the city in which the Corporate Trust Office of the Indenture Trustee is located, or by a member firm of a national securities exchange, and
such other documents as the Indenture Trustee may require. 
 (g)      No service
charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Issuing Entity or Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer. 

(h)      By acquiring a Class A Note, Class B Note or Class C Note, each purchaser
and transferee shall be deemed to represent and warrant that either (i) it is not acquiring the Note with the plan assets of a Benefit Plan or other plan that is subject to any law that is substantially similar to Title I of ERISA or
Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any substantially similar
applicable law. 
 (i)      The preceding provisions of this
Section 2.4 notwithstanding, the Issuing Entity shall not be required to transfer or make exchanges, and the Note Registrar need not register transfers or exchanges, of Notes that (i) have been selected for redemption pursuant to
Article X, if applicable, or (ii) are due for repayment within fifteen (15) days of submission to the Corporate Trust Office or the Agency Office. 

(j)      (i) Sale, pledge, or transfer of a Retained Note may only be made to a Person who
is a United States Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code). A Person other than the Depositor acquiring a Retained Note or an interest therein shall be deemed to have made the representations set forth in
Section 2.14; and (ii) no sale, pledge, or transfer of a Retained Note shall be made (x) to any one person in an amount less than 100% of the Note Principal Balance of that class of Retained Note or (y) to a Special Pass-Through
Entity, in each case, unless (A) an opinion of counsel satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause the Issuing Entity to be treated as an association (or publicly traded
partnership) taxable as a corporation for federal income tax purposes shall have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall have provided prior written approval; 

provided, however, that the restrictions in this Section 2.4(j) shall not continue to apply to such Notes (covered by
the opinion described in this clause) in the event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an opinion, with respect to the initial sale, pledge or transfer by the Depositor, to the effect that the Retained Notes
to be sold, pledged, or transferred will be characterized as indebtedness for federal income tax purposes. Any attempted transfer in contravention of this Section 2.4(j) will be void ab initio and the purported transferor will continue to be
treated as the owner of the Retained Note. 
  

 6 

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

 SECTION 2.5        Mutilated, Destroyed, Lost or Stolen
Notes. 
 (a)      If (i) any mutilated Note is surrendered to the
Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the
Issuing Entity and the Indenture Trustee harmless, then, in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuing Entity shall execute and upon
the Issuing Entity’s request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of a like class and aggregate principal amount;
provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) days shall be due and payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuing Entity may make payment to the Holder of such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, if applicable, without surrender thereof. 

(b)      If, after the delivery of a replacement Note or payment in respect of a
destroyed, lost or stolen Note pursuant to subsection (a), a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee
shall be entitled to recover such replacement Note (or such payment) from (i) any Person to whom it was delivered, (ii) the Person taking such replacement Note from the Person to whom such replacement Note was delivered, or (iii) any
assignee of such Person, except a protected purchaser, and the Issuing Entity and the Indenture Trustee shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Issuing Entity or the Indenture Trustee in connection therewith. 
 (c)      In
connection with the issuance of any replacement Note under this Section 2.5, the Issuing Entity may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other reasonable expenses (including all fees and expenses of the Indenture Trustee) connected therewith. 

(d)      Any duplicate Note issued pursuant to this Section 2.5 in replacement
for any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be found at any time or be enforced by any
Person, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
  

 7 

 (e)      The provisions of this
Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.6        Persons Deemed
Noteholders.    Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any
Note is registered (as of the day of determination) as the Noteholder for the purpose of receiving payments of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing
Entity, the Indenture Trustee nor any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary. 

SECTION 2.7        Payment of Principal and Interest. 

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

 

 8 

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

 (c)      From and after the occurrence of an Event of Default and a
declaration in accordance with Section 5.2(a) that the Notes have become immediately due and payable, until such time as all Events of Default have been cured or waived as provided in Section 5.2(b), all interest and
principal payments shall be allocated: 
   (i)      first, an amount
equal to the Aggregate Class A Interest Distributable Amount for payment of interest on the Class A Notes; and 

  (ii)     second, an amount equal to the Note Principal Balance of the Class A
Notes (after giving effect to the reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for payment of principal on the Class A
Notes, sequentially by class, as follows: 

   (A)      to the Class A-1 Notes, until the
Outstanding Amount of the Class A-1 Notes is reduced to zero; 

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

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

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

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

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

 9 

   (vi)     sixth, an amount equal to the
Note Principal Balance of the Class C Notes (after giving effect to the reduction in the Note Principal Balance to result from the deposits made in the Note Distribution Account on such Distribution Date and on each prior Distribution Date) for
payment of principal on the Class C Notes. 
 (d)      With respect to any
Distribution Date on which the final installment of principal and interest on a class of Notes is to be paid, the Indenture Trustee on behalf of the Issuing Entity shall notify each Noteholder of record of such class as of the Record Date for such
Distribution Date of the fact that the final installment of principal of and interest on such Note is to be paid on such Distribution Date. With respect to any such class of Notes, such notice shall be sent (i) on such Record Date by facsimile,
if Book-Entry Notes are outstanding; or (ii) not later than three (3) Business Days after such Record Date in accordance with Section 11.5(a) if Definitive Notes are outstanding, and shall specify that such final installment
shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment and the manner in which such payment shall be made. Notices in connection
with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. Within sixty (60) days of the surrender pursuant to this Section 2.7(d) or cancellation pursuant to Section 2.8 of all of
the Notes of a particular class, the Indenture Trustee if requested shall provide each of the Rating Agencies with written notice stating that all Notes of such class have been surrendered or canceled. 

SECTION 2.8        Cancellation of Notes.    All
Notes surrendered for payment, redemption, exchange or registration of transfer shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The
Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be
promptly canceled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.8, except as expressly permitted by this Indenture. All canceled Notes may be held
or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it;
provided, however, that such Issuing Entity Order is timely and the Notes have not been previously disposed of by the Indenture Trustee. The Indenture Trustee shall certify to the Issuing Entity upon request that surrendered Notes have
been duly canceled and retained or destroyed, as the case may be. 
 SECTION
2.9        Release of Collateral.    The Indenture Trustee shall not release property from the Lien of this Indenture other than as permitted by Sections 3.21, 8.2,
8.4 and 11.1, and then only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel (to the extent required by the TIA) and Independent Certificates in accordance with TIA
§§314(c) and 314(d)(1). 
 SECTION 2.10      Book-Entry
Notes.    The Notes, upon original issuance, shall be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, as the initial Clearing Agency, or
its custodian, by or on behalf of the Issuing Entity, or in the case of the Retained Notes, at the Depositor’s option, 
  

 10 

 
as Definitive Notes delivered to the Depositor or its representative. Such Note or Notes shall be registered on the Note Register in the name of the Note Depository, and no Note Owner shall
receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until the Definitive Notes have been issued to Note Owners pursuant to Section 2.12:

 (a)      the provisions of this Section 2.10 shall be in full
force and effect; 
 (b)      the Note Registrar and the Indenture Trustee shall
be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on such Notes and the giving of instructions or directions hereunder) as the sole Holder of such Notes and shall have
no obligation to the Note Owners; 
 (c)      to the extent that the provisions
of this Section 2.10 conflict with any other provisions of this Indenture, the provisions of this Section 2.10 shall control; 

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

SECTION 2.12      Definitive Notes.    If (i) the
Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes and the Issuing Entity is unable to locate a qualified successor;
(ii) the Administrator, at its option, advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency; or (iii) after the occurrence of an Event of Default or a Servicer Default, Note
Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Controlling Class advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer
in the best interests of the Note Owners, then the Clearing Agency 
  

 11 

 
shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuing Entity shall execute and the Indenture Trustee shall authenticate the Definitive Notes
in accordance with the instructions of the Clearing Agency. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected
in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 

SECTION 2.13      Depositor as Noteholder.    The Depositor in
its individual or any other capacity may become the owner or pledgee of Notes of any class and may otherwise deal with the Issuing Entity or its affiliates with the same rights it would have if it were not the Depositor. 

SECTION 2.14      Tax Treatment.    The Depositor and the
Indenture Trustee, by entering into this Indenture, and the Noteholders, by acquiring any Note or interest therein (except a Note or interest therein acquired by the Depositor or other person considered for federal income tax purposes the issuer of
such Note), (i) express their intention that the Notes qualify under applicable tax law as indebtedness secured by the Collateral, and (ii) unless otherwise required by appropriate taxing authorities, agree to treat the Notes as
indebtedness secured by the Collateral for the purpose of federal income taxes, state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 

SECTION 2.15      Special Terms Applicable to the Private Notes. 

(a)      None of the Private Notes has been or will be registered under the Securities Act
or the securities laws of any other jurisdiction. Consequently, the Private Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions
specified herein. 
 (b)      No sale, pledge or other transfer of the Private
Notes or an interest in the Private Notes may be made by any person other than to a person who the transferor reasonably believes is a “qualified institutional buyer” (“QIB”) as defined in Rule 144A under the Securities
Act (“Rule 144A”) and is purchasing for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “QIBs”) and is aware that the sale to it is being made in reliance on
Rule 144A. 
 (c)      Each Private Note shall bear a legend to the effect set
forth in subsection (b) above. 
 (d)      The Retained Notes shall
initially be issued as Definitive Notes at the Depositor’s option. Upon the subsequent request of the Depositor, the Retained Notes shall be issued as Book-Entry Notes, to be delivered to The Depository Trust Company. 

 

 12 

 ARTICLE III 

COVENANTS 

SECTION 3.1        Payment of Principal and Interest.  The
Issuing Entity shall duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. On each Distribution Date and on the Redemption Date (if applicable), the Issuing Entity shall
cause amounts on deposit in the Note Distribution Account to be distributed to the Noteholders in accordance with Sections 2.7 and 8.2, less amounts properly withheld under the Code by any Person from a payment to any Noteholder of
interest and/or principal. Any amounts so withheld shall be considered as having been paid by the Issuing Entity to such Noteholder for all purposes of this Indenture. 

SECTION 3.2        Maintenance of Agency
Office.    As long as any of the Notes remains outstanding, the Issuing Entity shall maintain in the Borough of Manhattan, The City of New York, an office (the “Agency Office”), being an office or agency
where Notes may be surrendered to the Issuing Entity for registration of transfer or exchange, and where notices and demands to or upon the Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially
appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuing Entity shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of the Agency Office. If at any time
the Issuing Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture
Trustee, and the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

SECTION 3.3        Money for Payments To Be Held in Trust. 

(a)      As provided in Sections 8.2(a) and 8.2(b), all payments of amounts
due and payable with respect to any Notes that are to be made from amounts withdrawn from the Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn from the Note Distribution Account for payments of Notes shall be paid over to the Issuing Entity except as provided in this Section 3.3. 

(b)      On or before each Distribution Date or the Redemption Date (if applicable), the
Issuing Entity shall deposit or cause to be deposited in the Note Distribution Account pursuant to Section 4.06 of the Trust Sale and Servicing Agreement an aggregate sum sufficient to pay the amounts then becoming due with respect to the
Notes, such sum to be held in trust for the benefit of the Persons entitled thereto. 

(c)      The Issuing Entity shall cause each Paying Agent other than the Indenture Trustee
to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this
Section 3.3, that such Paying Agent shall: 
  (i)      hold all
sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such
Persons as herein provided; 
  

 13 

 (ii)        give the Indenture
Trustee notice of any default by the Issuing Entity (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 

(iii)        at any time during the continuance of any such default, upon the
written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

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

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

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

(e)        Subject to applicable laws with respect to escheat of funds, any
money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for one year after such amount has become due and payable shall be discharged from such trust and be
paid to the Issuing Entity on Issuing Entity Request; and the Holder of such Note shall thereafter, as a general unsecured creditor, look only to the Issuing Entity for payment thereof (but only to the extent of the amounts so paid to the Issuing
Entity), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such
payment, may at the expense of the Issuing Entity cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuing Entity. The Indenture
Trustee may also adopt and employ, at the expense of the Issuing Entity, any other reasonable means of notification of such payment (including, but not limited to, mailing notice of such payment to Holders whose Notes have been called but have not
been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder).

  

 14 

 SECTION
3.4        Existence. The Issuing Entity shall keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor
Issuing Entity hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuing Entity shall keep in full effect its existence, rights and franchises under the laws of such other
jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each
other instrument or agreement included in the Trust Estate. 
 SECTION
3.5        Protection of Trust Estate; Acknowledgment of Pledge. 

(a)        The Issuing Entity shall from time to time execute and deliver all
such supplements and amendments hereto and authorize or execute, as applicable, and prepare, deliver and file all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other
action necessary or advisable to: 
 (i)        maintain or preserve
the Lien (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof, including by making the necessary filings of financing statements or amendments thereto within sixty (60) days after the occurrence of any
of the following and by promptly notifying the Indenture Trustee of any such filings: (A) any change in the Issuing Entity’s true legal name or any of its trade names, (B) any change in the location of the Issuing Entity’s
principal place of business, (C) any merger or consolidation or other change in the Issuing Entity’s identity or organizational structure or jurisdiction of organization or in which the Issuing Entity is located for purposes of the UCC and
(D) any other change or occurrence that would make any financing statement or amendment thereto seriously misleading within the meaning of the UCC; 

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

(iii)        enforce the rights of the Indenture Trustee and the Noteholders in
any of the Collateral; or 
 (iv)        preserve and defend title to
the Trust Estate and the rights of the Indenture Trustee and the Secured Parties in such Trust Estate against the claims of all persons and parties, 

and the Issuing Entity hereby designates the Indenture Trustee its agent and attorney-in-fact to authorize and/or execute any financing
statement, continuation statement or other instrument required by the Indenture Trustee pursuant to this Section 3.5. 

(b)        The Indenture Trustee acknowledges the pledge by the Issuing Entity
to the Indenture Trustee, pursuant to the Granting Clause of this Indenture, of all the Issuing Entity’s right, title and interest in and to the Reserve Account Property in order to provide for the payment to the Securityholders and the
Servicer in accordance with Sections 4.06(c) and 4.06(d) 
  

 15 

 
of the Trust Sale and Servicing Agreement, to assure availability of the amounts maintained in the Reserve Account for the benefit of the Securityholders and the Servicer, and as security for the
performance by the Depositor of its obligations under the Trust Sale and Servicing Agreement. 

(c)        The Issuing Entity hereby authorizes the Indenture Trustee to file
all financing statements naming the Issuing Entity as debtor that are necessary or advisable to perfect, make effective or continue the lien and security interest of this Indenture, and authorizes the Indenture Trustee to take any such action
without its signature, it being understood that the Indenture Trustee has no obligation to effect any filings of financing or continuation statements. 

SECTION 3.6        Opinions as to Trust Estate. 

(a)        On the Closing Date, the Issuing Entity shall furnish to the
Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents,
and with respect to the authorization, execution and filing of any financing statements and continuation statements as are necessary to perfect and make effective the Lien of this Indenture and reciting the details of such action, or stating that,
in the opinion of such counsel, no such action is necessary to make such Lien effective. 

(b)        On or before March 15 (and, if such date is not a Business Day,
the next succeeding Business Day) in each calendar year, beginning March 15, 2011, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken
with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization, execution and filing of any financing statements and
continuation statements as is necessary to maintain the Lien created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the Lien created by this Indenture.
Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the authorization, execution and filing of any financing
statements and continuation statements that will, in the opinion of such counsel, be required to maintain the Lien of this Indenture until March 15 in the following calendar year. 

SECTION 3.7        Performance of Obligations; Servicing of Receivables.

 (a)        The Issuing Entity shall not take any action and shall use
all reasonable efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result
in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as otherwise expressly provided in this Indenture, the Trust Sale and Servicing
Agreement, the Pooling and Servicing Agreement, the Administration Agreement or such other instrument or agreement. 
  

 16 

 (b)        The Issuing Entity may
contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in the Basic Documents or an Officer’s Certificate of the Issuing Entity
shall be deemed to be action taken by the Issuing Entity. Initially, the Issuing Entity has contracted with the Servicer and the Administrator to assist the Issuing Entity in performing its duties under this Indenture. 

(c)        The Issuing Entity shall punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Basic Documents and in the instruments and agreements included in the Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture, the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 

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

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

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

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

  

 17 

 (b)        claim any credit on, or
make any deduction from the principal or interest payable in respect of the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason
of the payment of the taxes levied or assessed upon any part of the Trust Estate; 

(c)        voluntarily commence any insolvency, readjustment of debt, marshaling
of assets and liabilities or other proceeding, or apply for an order by a court or agency or supervisory authority for the winding-up or liquidation of its affairs or any other event specified in Section 5.1(f); or 

(d)        either (i) permit the validity or effectiveness of this
Indenture or any other Basic Document to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the
Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than the Lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any
interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or omission of the related Obligor),
or (iii) permit the Lien of this Indenture not to constitute a valid first priority security interest in the Trust Estate (other than with respect to any such tax, mechanics’ or other lien). 

SECTION 3.9        Annual Statement as to
Compliance.    The Issuing Entity shall deliver to the Indenture Trustee on or before March 15 (and, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning March 15, 2011, an
Officer’s Certificate signed by an Authorized Officer, dated as of December 31 of the immediately preceding year, in each case stating that: 

(a)        a review of the activities of the Issuing Entity during the preceding
12-month period (or, with respect to the first such Officer’s Certificate, such period as shall have elapsed since the Closing Date) and of performance under this Indenture has been made under such Authorized Officer’s supervision; and

 (b)        to the best of such Authorized Officer’s knowledge,
based on such review, the Issuing Entity has fulfilled all of its obligations under this Indenture throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such
Authorized Officer and the nature and status thereof. A copy of such certificate may be obtained by any Noteholder by a request in writing to the Issuing Entity addressed to the Corporate Trust Office of the Indenture Trustee. 

SECTION 3.10        Consolidation, Merger, etc., of Issuing Entity;
Disposition of Trust Assets. 
 (a)        The Issuing Entity shall
not consolidate or merge with or into any other Person, unless: 

(i)        the Person (if other than the Issuing Entity) formed by or surviving
such consolidation or merger shall be a Person organized and existing under the laws of the 
  

 18 

 
United States of America, or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture
Trustee, the due and timely payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided
herein; 

        (ii)        immediately after
giving effect to such merger or consolidation, no Default or Event of Default shall have occurred and be continuing; 

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

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

        (v)        the Issuing Entity
shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel addressed to the Issuing Entity, each stating: 

                 
    (A)        that such consolidation or merger and such supplemental indenture comply with this Section 3.10; 

                 
    (B)        that such consolidation or merger and such supplemental indenture shall have no material adverse tax consequence to the Issuing Entity or any Financial Party; and 

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

 (b)        Except as otherwise expressly permitted by this Indenture
or the other Basic Documents, the Issuing Entity shall not sell, convey, exchange, transfer or otherwise dispose of any of its properties or assets, including those included in the Trust Estate, to any Person, unless: 

        (i)        the Person that
acquires such properties or assets of the Issuing Entity (1) shall be a United States citizen or a Person organized and existing under the laws of the United States of America or any State and (2) by an indenture supplemental hereto,
executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee: 

                 
   (A)        expressly assumes the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on
the part of the Issuing Entity to be performed or observed, all as provided herein; 

                 
   (B)        expressly agrees that all right, title and interest so sold, conveyed, exchanged, transferred or otherwise disposed of shall be subject and subordinate to the rights of the Secured
Parties; 
  

 19 

                 
   (C)        unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuing Entity against and from any loss, liability or expense
arising under or related to this Indenture and the Notes; and 

                 
   (D)        expressly agrees that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the
Exchange Act in connection with the Notes; 

        (ii)        immediately after
giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 

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

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

        (v)        the Issuing Entity
shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel addressed to the Issuing Entity, each stating that: 

                 
   (A)        such sale, conveyance, exchange, transfer or disposition and such supplemental indenture comply with this Section 3.10; 

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

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

SECTION 3.11        Successor or Transferee. 

(a)        Upon any consolidation or merger of the Issuing Entity in accordance
with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this
Indenture and the other Basic Documents with the same effect as if such Person had been named as the Issuing Entity herein. 

(b)        Upon a conveyance or transfer of substantially all the assets and
properties of the Issuing Entity pursuant to Section 3.10(b), the Issuing Entity shall be released from every covenant and agreement of this Indenture and the other Basic Documents to be observed or performed on the part of the Issuing
Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee from the Person acquiring such assets and properties stating that the Issuing Entity is to be so released. 

 

 20 

 SECTION 3.12        No Other
Business.    The Issuing Entity shall not engage in any business or activity other than acquiring, holding and managing the Collateral and the proceeds therefrom in the manner contemplated by the Basic Documents, issuing the
Notes and the Certificates, making payments on the Notes and the Certificates and such other activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto, as set forth in Section 2.3 of the Trust
Agreement. 
 SECTION 3.13        No
Borrowing.    The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness for money borrowed other than indebtedness for money borrowed in respect of
the Notes or otherwise in accordance with the Basic Documents. 
 SECTION
3.14        Guarantees, Loans, Advances and Other Liabilities.    Except as contemplated by this Indenture or the other Basic Documents, the Issuing Entity shall not make any loan or
advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently
liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make
any capital contribution to, any other Person. 
 SECTION
3.15        Servicer’s Obligations.    The Issuing Entity shall use its best efforts to cause the Servicer to comply with its obligations under Section 3.10 of the Pooling
and Servicing Agreement and Sections 4.01 and 4.02 of the Trust Sale and Servicing Agreement. 
 SECTION
3.16        Capital Expenditures.    The Issuing Entity shall not make any expenditure (whether by long-term or operating lease or otherwise) for capital assets (either real,
personal or intangible property) other than the purchase of the Receivables and other property and rights from the Depositor pursuant to the Trust Sale and Servicing Agreement. 

SECTION 3.17        Removal of Administrator.    So
long as any Notes are Outstanding, the Issuing Entity shall not remove the Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection with such removal. 

SECTION 3.18        Restricted Payments.    Except
for payments of principal or interest on or redemption of the Notes, so long as any Notes are Outstanding, the Issuing Entity shall not, directly or indirectly: 

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

(b)        redeem, purchase, retire or otherwise acquire for value any such
ownership or equity interest or similar security; or 
 (c)        set
aside or otherwise segregate any amounts for any such purpose; 
  

 21 

 
provided, however, that the Issuing Entity may make, or cause to be made, distributions to the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, and the Financial
Parties as permitted by, and to the extent funds are available for such purpose under, the Trust Sale and Servicing Agreement, the Trust Agreement or the other Basic Documents. The Issuing Entity shall not, directly or indirectly, make payments to
or distributions from the Collection Account except in accordance with the Basic Documents. 
 SECTION
3.19        Notice of Events of Default.    The Issuing Entity agrees to give the Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default hereunder,
each Servicer Default, each default on the part of the Depositor or the Servicer of its respective obligations under the Trust Sale and Servicing Agreement and each default on the part of the Seller or the Servicer of its respective obligations
under the Pooling and Servicing Agreement. 
 SECTION
3.20        Further Instruments and Acts.    Upon request of the Indenture Trustee, the Issuing Entity shall execute and deliver such further instruments and do such further acts as
may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION
3.21        Indenture Trustee’s Assignment of Administrative Receivables and Warranty Receivables.    Upon receipt of the Administrative Purchase Payment, the Warranty Payment
or the Liquidation Proceeds with respect to an Administrative Receivable, a Warranty Receivable or a Liquidating Receivable, as the case may be, the Servicer, the Warranty Purchaser, or the purchaser and assignee of the Liquidating Receivable, as
applicable, shall thereupon own such purchased or repurchased Receivable, all monies due thereon, the security interest in the related Financed Vehicle, proceeds from any Insurance Policies, proceeds from recourse against the Dealer on such
Receivable and the interests in certain rebates of premiums and other amounts relating to the Insurance Policies and any documents relating thereto. Any such Administrative Receivable, Warranty Receivable or Liquidating Receivable shall be deemed to
be automatically released from the Lien of this Indenture without any action being taken by the Indenture Trustee upon payment of the Administrative Purchase Payment or Warranty Payment or upon receipt of the Liquidation Proceeds, as applicable, and
the Servicer, Warranty Purchaser, or purchaser or assignee of the Liquidating Receivable, as applicable, shall own, such Administrative Receivable, Warranty Receivable, or Liquidating Receivable, as applicable, and all such security and documents,
free of any further obligation to the Indenture Trustee, the Noteholders or the Certificateholders with respect thereto. If in any enforcement suit or legal proceeding it is held that the Servicer or other purchaser of an Administrative Receivable,
Warranty Receivable or Liquidating Receivable may not enforce a Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Indenture Trustee shall, at the Servicer’s, Warranty
Purchaser’s or such other purchaser’s or assignee’s expense, as applicable, take such steps as the Servicer, Warranty Purchaser or such other purchaser or assignee deems necessary to enforce the Receivable, including bringing suit in
the Indenture Trustee’s name or the names of the Noteholders or, pursuant to Section 4.4, the Certificateholders. 
  

 22 

 SECTION 3.22    Representations and Warranties by
the Issuing Entity to the Indenture Trustee. The Issuing Entity hereby represents and warrants to the Indenture Trustee as follows: 

(a)        Good Title.    No Receivable has been
sold, transferred, assigned or pledged by the Issuing Entity to any Person other than the Indenture Trustee; immediately prior to the conveyance of the Receivables pursuant to this Indenture, the Issuing Entity had good and marketable title thereto,
free of any Lien; and, upon execution and delivery of this Indenture by the Issuing Entity, the Indenture Trustee shall have a Lien on all of the right, title and interest of the Issuing Entity in, to and under the Receivables, the unpaid
indebtedness evidenced thereby and the collateral security therefor, and such right, title and interest are free of any Lien other than the Lien of this Indenture; and 

(b)        All Filings Made.    All filings
(including UCC filings) necessary in any jurisdiction to give the Indenture Trustee a first priority perfected security interest in the Receivables shall have been made. 

(c)        Additional Representations and
Warranties.    The additional representations and warranties regarding creation, perfection and priority of security interests in the Receivables, which are attached to this Indenture as Appendix A, are true and correct to
the extent they are applicable. 
 ARTICLE IV 

SATISFACTION AND DISCHARGE 

SECTION 4.1        Satisfaction and Discharge of
Indenture.    This Indenture shall cease to be of further effect with respect to the Notes except as to: (i) rights of registration of transfer and exchange; (ii) substitution of mutilated, destroyed, lost or stolen
Notes; (iii) rights of Noteholders to receive payments of principal thereof and interest thereon; (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.19 and 3.21;
(v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Sections 4.2 and 4.4);
and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuing Entity,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, if: 

(a)          either: 

(i)        all Notes theretofore authenticated and delivered (other than
(A) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (B) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by
the Issuing Entity and thereafter repaid to the Issuing Entity or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 

(ii)       all Notes not theretofore delivered to the Indenture Trustee for
cancellation: 

                 
     (A)        have become due and payable, 
  

 23 

                 
     (B)        will be due and payable on their respective Final Scheduled Distribution Dates within one year, or 

                 
     (C)        are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee
in the name, and at the expense, of the Issuing Entity or such Notes have been redeemed in accordance with Section 10.1, 

and the Issuing Entity, in the case of clauses (A), (B) or (C) of subsection 4.1(a)(ii) above, has
irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust
for such purpose, in an amount sufficient to pay and discharge the entire unpaid principal and accrued interest on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due on the Final Scheduled Distribution Date for
such Notes or the Redemption Date for such Notes (if such Notes have been called for redemption pursuant to Section 10.1), as the case may be; and 

(b)        the Issuing Entity has delivered to the Indenture Trustee an
Officer’s Certificate of the Issuing Entity, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee to the extent the Notes are not paid in full) an Independent Certificate from a firm of certified public accountants, each
meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent set forth in this Section 4.1 relating to the satisfaction and discharge of this Indenture have been complied with. The
Indenture Trustee shall provide confirmation to the Issuing Entity that the Noteholders have been paid in full. 

SECTION 4.2        Application of Trust Money.    All
monies deposited with the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent,
as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest
and to payment of any other Secured Party of all sums, if any, due or to become due to any other Secured Party under and in accordance with this Indenture; but such monies need not be segregated from other funds except to the extent required herein,
in the Trust Sale and Servicing Agreement, or as required by law. 
 SECTION
4.3        Repayment of Monies Held by Paying Agent.    In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any
Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture Trustee to be held and applied according to Section 3.3
and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 
  

 24 

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

DEFAULT AND REMEDIES 

SECTION 5.1        Events of Default.    For the
purposes of this Indenture, “Event of Default” wherever used herein, means any one of the following events: 

(a)        failure to pay the full Note Class Interest Distributable Amount to
the Controlling Class on any Distribution Date, and such default shall continue for a period of five (5) days; or 

(b)        except as set forth in Section 5.1(c), failure to pay any
installment of the principal of any Note as and when the same becomes due and payable, and such default continues unremedied for a period of thirty (30) days after there shall have been given, by registered or certified mail, to the Servicer by
the Indenture Trustee or to the Servicer and the Indenture Trustee by the Holders of not less than 25% of the Outstanding Amount of the Controlling Class, a written notice specifying such default and demanding that it be remedied and stating that
such notice is a “Notice of Default” hereunder; or 

(c)        failure to pay in full the outstanding principal balance of any class
of Notes by the Final Scheduled Distribution Date for such class; or 

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

(e)        the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuing Entity or any substantial part of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, 
  

 25 

 
sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuing Entity’s affairs, and such
decree or order shall remain unstayed and in effect for a period of ninety (90) consecutive days; or 

(f)        the commencement by the Issuing Entity of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuing
Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or the making by the Issuing Entity of
any general assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its debts as such debts become due, or the taking of action by the Issuing Entity in furtherance of any of the foregoing. 

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

(a)        If an Event of Default should occur and be continuing, then and in
every such case, unless the principal amount of the Notes shall have already become due and payable, either the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class may
declare all the Notes to be immediately due and payable, by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given by the Noteholders) setting forth the Event or Events of Default, and upon any such declaration the unpaid
principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

(b)        At any time after such declaration of acceleration of maturity of the
Notes has been made and before a judgment or decree for payment of the money due thereunder has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Holders of Notes representing a majority of the Outstanding
Amount of the Controlling Class, by written notice to the Issuing Entity and the Indenture Trustee, may waive all Defaults set forth in the notice delivered pursuant to Section 5.2(a), and rescind and annul such declaration and its
consequences; provided, that no such rescission and annulment shall extend to or affect any other Default or impair any right consequent thereto; and provided further, that if the Indenture Trustee shall have proceeded to enforce any
right under this Indenture and such Proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason, or such Proceedings shall have been determined adversely to the Indenture Trustee, then and
in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Indenture Trustee, the
Issuing Entity and the Noteholders, as the case may be, shall continue as though no such Proceedings had been commenced. 
  

 26 

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

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

 (b)          If the Issuing Entity shall fail forthwith to
pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding to judgment or final decree, and
may enforce the same against the Issuing Entity or other obligor upon such Notes and may collect in the manner provided by law out of the property of the Issuing Entity or other obligor upon such Notes, wherever situated, the monies adjudged or
decreed to be payable. 
 (c)          If an Event of Default
occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the
Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by applicable law. 

(d)          If there shall be pending, relative to the Issuing Entity
or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar
law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity or its property or such other obligor or Person, or in
case of any other comparable judicial Proceedings relative to the Issuing Entity or other obligor upon the Notes, or to the creditors or property of the Issuing Entity or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall
be entitled and empowered, by intervention in such Proceedings or otherwise: 

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

 27 

 (ii)       unless prohibited by
applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

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

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

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

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

(f)          All rights of action and of asserting claims under this
Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such Proceedings instituted by the
Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Trustee and their
respective agents and attorneys, shall be for the benefit of the Secured Parties in accordance with the priorities set forth in the Basic Documents. 

(g)          In any Proceedings brought by the Indenture Trustee (and
also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any
Noteholder a party to any such Proceedings. 
  

 28 

 SECTION 5.4        Remedies;
Priorities. 
 (a)          If an Event of Default shall
have occurred and be continuing and the Notes have been accelerated under Section 5.2(a), the Indenture Trustee may do one or more of the following (subject to Sections 5.3 and 5.5): 

(i)        institute Proceedings in its own name and as trustee of an express
trust for the collection of all amounts then due and payable on the Notes or under this Indenture with respect thereto, whether by declaration of acceleration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity and any
other obligor upon such Notes monies adjudged due; 
 (ii)       institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate; 

(iii)      exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv)      sell the Trust Estate or any portion thereof or rights or interest therein, at
one or more public or private sales called and conducted in any manner permitted by law or elect to have the Issuing Entity maintain possession of the Receivables and continue to apply collections on such Receivables as if there had been no
declaration of acceleration; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default and acceleration of the Notes, unless (i) (A) the Holders of all of
the aggregate Outstanding Amount of the Notes consent thereto or (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full the principal of and the accrued interest on the Notes, at the
date of such sale or liquidation or (C) (x) there has been an Event of Default under Section 5.1(a), 5.1(b) or 5.1(c) or otherwise arising from a failure to make a required payment of principal on any Notes,
(y) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as and when they would have become due if the Notes had not been declared due and
payable, and (z) the Indenture Trustee obtains the consent of Holders of 66 2/3% of the Outstanding Amount of the Controlling Class and (ii) ten (10) days’ prior written notice of sale or liquidation has been given to the
Rating Agencies. In determining such sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose; 

provided, however, that prior to the exercise of the right to sell all or any portion of the Trust Estate as provided
herein, the Indenture Trustee shall provide a notice in writing to the Issuing Entity (with a copy to the Depositor and the Owner Trustee) (the “Event of Default Sale Notice”) of its intention to sell all or any portion of the Trust
Estate (the part to be sold being the “Subject Estate”), and if the Subject Estate is less than all of the Trust Estate, the portion of the Trust Estate to be sold. The Indenture Trustee shall not consummate any sale until at least
seven Business Days after the Event of Default Sale Notice has been given to the Issuing Entity (with a copy to the Depositor). 
  

 29 

 (b)        If the Indenture Trustee
collects any money or property pursuant to this Article V, it shall pay out the money or property in the following order: 
  

			
		 	     FIRST: to the Indenture Trustee for amounts due under Section 6.7 and then to the Owner Trustee
for amounts due to the Owner Trustee (not including amounts due for payments to the Certificateholders) under the Trust Agreement or the Trust Sale and Servicing Agreement; and

 

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

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

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

(a)        such Holder has previously given written notice to the Indenture
Trustee of a continuing Event of Default; 
 (b)        the Holders of
not less than 25% of the Outstanding Amount of the Controlling Class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 

(c)        such Holder or Holders have offered to the Indenture Trustee
reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request; 

(d)        the Indenture Trustee for sixty (60) days after its receipt of
such notice, request and offer of indemnity has failed to institute such Proceedings; and 
  

 30 

 (e)        no direction
inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the Holders of a majority of the Outstanding Amount of the Controlling Class; 

it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders of Notes or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable (on the basis of the respective aggregate amount of principal and interest, respectively, due and unpaid on the Notes held by each Noteholder) and common benefit of all
holders of Notes. For the protection and enforcement of the provisions of this Section 5.6, each and every Noteholder shall be entitled to such relief as can be given either at law or in equity. 

If the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of
Holders of Notes, each representing less than a majority of the Outstanding Amount of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this
Indenture. 
 SECTION 5.7        Unconditional Rights of Noteholders
To Receive Principal and Interest.     Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and
interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, if applicable, on or after the Redemption Date) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such Holder. 
 SECTION
5.8        Restoration of Rights and Remedies.    If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and
such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall,
subject to any determination in such Proceeding, be restored severally to their respective former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding
had been instituted. 
 SECTION 5.9        Rights and Remedies
Cumulative.    No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

 31 

 SECTION 5.10    Delay or Omission Not a
Waiver.    No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of
any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed
expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION
5.11    Control by Noteholders.    The Holders of a majority of the Outstanding Amount of the Controlling Class shall, subject to provision being made for indemnification against costs, expenses and
liabilities in a form satisfactory to the Indenture Trustee, have the right to direct in writing the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any
trust or power conferred on the Indenture Trustee; provided, however, that: 

(a)        such direction shall not be in conflict with any rule of law or with
this Indenture; 
 (b)        subject to the express terms of
Section 5.4, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders of Notes representing not less than 100% of the Outstanding Amount of the Notes; 

(c)        if the conditions set forth in Section 5.5 have been
satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to Section 5.5, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount of the Notes to sell or
liquidate the Trust Estate shall be of no force and effect; and 

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

SECTION 5.12    Waiver of Past Defaults. 

(a)        Prior to the declaration of the acceleration of the maturity of the
Notes as provided in Section 5.2, the Holders of not less than a majority of the Outstanding Amount of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (i) in the payment of
principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuing Entity, the
Indenture Trustee and the Noteholders shall be restored to their respective former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

(b)        Upon any such waiver, such Default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising therefrom shall be 
  

 32 

 
deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereto. 
 SECTION 5.13    Undertaking for
Costs.    All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the
enforcement of any right or remedy under this Indenture, or in any Proceeding against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking
to pay the costs of such Proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such Proceeding, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 5.13 shall not apply to: 

(a)        any Proceeding instituted by the Indenture Trustee; 

(b)        any Proceeding instituted by any Noteholder, or group of Noteholders,
in each case holding in the aggregate more than 10% of the Outstanding Amount of the Controlling Class; or 

(c)        any Proceeding instituted by any Noteholder for the enforcement of
the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

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

SECTION 5.15    Action on Notes.    The Indenture Trustee’s right to
seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of
the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 

SECTION 5.16    Performance and Enforcement of Certain Obligations. 

(a)        Promptly following a request from the Indenture Trustee to do so and
at the Administrator’s expense, the Issuing Entity agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the 

 

 33 

 
Depositor and the Servicer of their respective obligations to the Issuing Entity under or in connection with the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement or by
the Seller of its obligations under or in connection with the Pooling and Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or
in connection with the Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller, the
Depositor or the Servicer and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller, the Depositor or the Servicer of their respective obligations under the Trust Sale and Servicing Agreement
and the Pooling and Servicing Agreement, as applicable. 

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

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

 34 

 ARTICLE VI 

THE INDENTURE TRUSTEE 

SECTION 6.1    Duties of Indenture Trustee. 

(a)        If an Event of Default has occurred and is continuing, the Indenture
Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 (b)        Except during the continuance of an Event of Default:

 (i)         the Indenture Trustee undertakes to perform such
duties and only such duties as are specifically set forth in this Indenture and the Trust Sale and Servicing Agreement and no implied covenants or obligations shall be read into this Indenture, the Trust Sale and Servicing Agreement or any other
Basic Document against the Indenture Trustee; and 
 (ii)        in the
absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming
to the requirements of this Indenture; provided, however, that the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

(c)        The Indenture Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(i)         this Section 6.1(c) does not limit the effect of
Section 6.1(b); 
 (ii)        the Indenture Trustee shall
not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii)       the Indenture Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction received by it pursuant to any provision of this Indenture or any other Basic Document. 

(d)        The Indenture Trustee shall not be liable for interest on any money
received by it except as the Indenture Trustee may agree in writing with the Issuing Entity. 

(e)        Money held in trust by the Indenture Trustee need not be segregated
from other funds except to the extent required by law or the terms of this Indenture or the Trust Sale and Servicing Agreement or the Trust Agreement. 

(f)        No provision of this Indenture or any other Basic Document shall
require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
  

 35 

 (g)        Every provision of this
Indenture and each other Basic Document relating to the Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. 

(h)        The Indenture Trustee shall have no liability or responsibility for
the acts or omissions of any other party to any of the Basic Documents. 

(i)        In no event shall the Indenture Trustee be liable for any damages in
the nature of special, indirect or consequential damages, however styled, including lost profits. 

(j)        If and for so long as Certificates representing in the aggregate a
100% beneficial interest in the Trust are held by the Depositor, the Indenture Trustee shall make distributions to the Depositor, rather than the Certificate Distribution Account, under the circumstances described in Section 5.2 of the Trust
Agreement. 
 SECTION 6.2    Rights of Indenture Trustee. 

(a)        The Indenture Trustee may rely on any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in the document. 

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

(c)        The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of,
any such agent, attorney, custodian or nominee appointed with due care by it hereunder. 

(d)        The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e)        The Indenture Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel. 

(f)        The Indenture Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or direction of any of the Holders 
  

 36 

 
pursuant to this Indenture, unless such Holders shall have offered to the Indenture Trustee security or indemnity satisfactory to the Indenture Trustee against the costs, expenses and liabilities
which might be incurred by it in compliance with such request or direction. 

(g)        The Indenture Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Indenture
Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 

(h)        The Indenture Trustee shall not be deemed to have notice of any
Default, Event of Default or Servicer Default unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Indenture Trustee at the
Corporate Trust Office of the Indenture Trustee, and such notice references the Securities and this Indenture. 

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

SECTION 6.5      Notice of Defaults.    If a Default occurs and
is continuing and if it is known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within the later of (a) ninety (90) days after it occurs or (b) ten
(10) days after it is known to a Responsible Officer of the Indenture Trustee. Except in the case of a Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so long as a committee of
its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 

SECTION 6.6      Reports by Indenture Trustee. 

(a)        The Indenture Trustee shall deliver to each Noteholder the documents
and information set forth in Article VII and, in addition, all such information with respect to the Notes as may be required to enable such Holder to prepare its federal and state income tax returns. 

 

 37 

 (b) The Indenture Trustee shall: 

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

(ii)       cause a firm of registered public accountants that is qualified and
independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Depositor, the Owner Trustee and the Servicer an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the
Exchange Act, as applicable, on the assessment of compliance with Servicing Criteria with respect to the prior calendar year for inclusion in the Issuing Entity’s 10-K filing; such attestation report shall be in accordance with Rule 1-02(a)(3)
and Rule 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and 

(iii)      deliver to the Depositor and any other Person that will be responsible for
signing the certification (a “Sarbanes Certification”) required by Rule 13a-14(d) and Rule 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of the Issuing Entity or the
Depositor with respect to this securitization transaction a certification substantially in the form attached hereto as Exhibit E or such form as mutually agreed upon by the Depositor and the Indenture Trustee; the Indenture Trustee
acknowledges that the parties identified in this clause (iii) may rely on the certification provided by the Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 

(c)        The reports referred to in Section 6.6(b) shall be
delivered on or before March 15 of each year that a 10-K filing is required to be filed by the Issuing Entity, beginning March 15, 2011 (and if such date is not a Business Day, the next succeeding Business Day), unless the Issuing Entity
is not required to file periodic reports under the Exchange Act or any other law, in which case such reports may be delivered on or before April 30 of each calendar year, beginning April 30, 2012. 

SECTION 6.7        Compensation; Indemnity. 

(a)        The Issuing Entity shall cause the Servicer pursuant to
Section 3.09 of the Pooling and Servicing Agreement to pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Issuing Entity shall cause the Servicer pursuant to Section 3.09 of the Pooling and Servicing Agreement to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it,
including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s

  

 38 

 
agents, external counsel, accountants and experts. The Issuing Entity shall cause the Servicer to indemnify the Indenture Trustee in accordance with Section 6.01 of the Trust Sale and
Servicing Agreement. 
 (b)        The Issuing Entity’s
obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(e) or
5.1(f) with respect to the Issuing Entity, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

SECTION 6.8        Replacement of Indenture Trustee. 

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

(i)        the Indenture Trustee fails to comply with
Section 6.11; 
 (ii)       the Indenture
Trustee is adjudged bankrupt or insolvent; 
 (iii)      a
receiver or other public officer takes charge of the Indenture Trustee or its property; or 

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

 (b)        If the Indenture Trustee gives notice of its intent to
resign or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuing Entity shall promptly appoint and
designate a successor Indenture Trustee. 
 (c)        A successor
Indenture Trustee shall deliver a written acceptance of its appointment and designation to the retiring Indenture Trustee and to the Issuing Entity. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and
the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall
promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 

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

 39 

 (e)        If the Indenture Trustee
fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

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

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

(b)        If at the time such successor or successors by merger or
consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication
of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Indenture Trustee. In all such cases such certificate of authentication shall have the same full force as is provided anywhere in the Notes or herein with respect to the certificate of
authentication of the Indenture Trustee. 
 SECTION
6.10        Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 

(a)        Notwithstanding any other provisions of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate or any Financed Vehicle may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to
appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Secured Parties
(only to the extent expressly provided herein), such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee
may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any
co-trustee or separate trustee shall be required under Section 6.8. 
  

 40 

 (b)        Every separate trustee
and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i)        all rights, powers, duties and obligations conferred or imposed upon
the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act
separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform
such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or
co-trustee, but solely at the direction of the Indenture Trustee; 

(ii)       no trustee hereunder shall be personally liable by reason of any act or
omission of any other trustee hereunder; and 
 (iii)      the Indenture Trustee
may at any time accept the resignation of or remove any separate trustee or co-trustee. 

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

(d)        Any separate trustee or co-trustee may at any time constitute the
Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee. 
 SECTION 6.11        Eligibility;
Disqualification.    The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its
most recent published annual report of condition and (unless waived by Moody’s Investors Service, Inc.) it shall have a long term unsecured debt rating of Baa3 or better by Moody’s Investors Service, Inc. The Indenture Trustee shall comply
with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements for such
exclusion set forth in TIA § 310(b)(1) are met. 
  

 41 

 SECTION 6.12    Preferential Collection of Claims
Against the Issuing Entity.    The Indenture Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A trustee who has resigned or been removed shall be subject
to TIA § 311(a) to the extent indicated. 
 SECTION 6.13    Representations
and Warranties of Indenture Trustee.    The Indenture Trustee represents and warrants as of the Closing Date that: 

(a)        the Indenture Trustee (i) is a New York banking corporation duly
organized, validly existing and in good standing under the laws of the United States of America and (ii) satisfies the eligibility criteria set forth in Section 6.11; 

(b)        the Indenture Trustee has full power, authority and legal right to
execute, deliver and perform this Indenture, and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture; 

(c)        the execution, delivery and performance by the Indenture Trustee of
this Indenture (i) shall not violate any provision of any law or regulation governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator, or governmental authority applicable to
the Indenture Trustee or any of its assets, (ii) shall not violate any provision of the corporate charter or by-laws of the Indenture Trustee, or (iii) shall not violate any provision of, or constitute, with or without notice or lapse of
time, a default under, or result in the creation or imposition of any Lien on any properties included in the Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which
violation, default or Lien could reasonably be expected to have a materially adverse effect on the Indenture Trustee’s performance or ability to perform its duties under this Indenture or on the transactions contemplated in this Indenture;

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

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

 42 

 SECTION 6.14    Indenture Trustee May Enforce Claims
Without Possession of Notes.    All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in
any proceeding relating thereto, and any such proceeding instituted by the Indenture Trustee shall be brought in its own name as Indenture Trustee. Any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee, its agents and counsel, be for the ratable benefit of the Noteholders and (only to the extent expressly provided herein) the Certificateholders in respect of which such judgment has been
obtained. 
 SECTION 6.15    Suit for Enforcement.    If an
Event of Default shall occur and be continuing, the Indenture Trustee, in its discretion may, subject to the provisions of Section 6.1, proceed to protect and enforce its rights and the rights of the Noteholders under this Indenture by
Proceeding whether for the specific performance of any covenant or agreement contained in this Indenture or in aid of the execution of any power granted in this Indenture or for the enforcement of any other legal, equitable or other remedy as the
Indenture Trustee, being advised by counsel, shall deem most effectual to protect and enforce any of the rights of the Indenture Trustee or the Noteholders. 

SECTION 6.16    Rights of Noteholders to Direct Indenture
Trustee.    Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy
available to the Indenture Trustee or exercising any trust or power conferred on the Indenture Trustee; provided, however, that subject to Section 6.1, the Indenture Trustee shall have the right to decline to follow any
such direction if the Indenture Trustee being advised by counsel determines that the action so directed may not lawfully be taken, or if the Indenture Trustee in good faith shall, by a Responsible Officer, determine that the proceedings so directed
would be illegal or subject it to personal liability or be unduly prejudicial to the rights of Noteholders not parties to such direction; and provided, further, that nothing in this Indenture shall impair the right of the Indenture
Trustee to take any action deemed proper by the Indenture Trustee and which is not inconsistent with such direction by the Noteholders. 

ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

SECTION 7.1        Issuing Entity To Furnish Indenture Trustee Names and
Addresses of Noteholders.    The Issuing Entity shall furnish or cause to be furnished by the Servicer to the Indenture Trustee (a) not more than five (5) days before each Distribution Date a list, in such form as
the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Notes as of the close of business on the related Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within
fourteen (14) days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that so long
as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 
  

 43 

 SECTION 7.2         Preservation
of Information, Communications to Noteholders. 
 (a)        The
Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the
names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so
furnished. 
 (b)        Noteholders may communicate pursuant to TIA
§ 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 

(c)        The Issuing Entity, the Indenture Trustee and the Note Registrar
shall have the protection of TIA § 312(c). 
 SECTION
7.3        Reports by the Issuing Entity. 
 (a)  The
Issuing Entity shall: 
 (i)        file with the Indenture Trustee,
within fifteen (15) days after the Issuing Entity is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or Item 1122 of Regulation AB; 

(ii)        file with the Indenture Trustee and the Commission in accordance
with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants of this Indenture as may be required from
time to time by such rules and regulations; and 
 (iii)        supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to
clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations prescribed from time to time by the Commission. 

(b)  Unless the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall end on
December 31 of such year. 
 SECTION 7.4        Reports by
Trustee 
 (a)        If required by TIA § 313(a), within
sixty (60) days after each April 15, beginning with April 15, 2011, the Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA
§ 313(a). The Indenture Trustee also shall comply with TIA § 313(b). A copy of any report delivered pursuant to this Section 7.4(a) shall, at the time of its mailing to Noteholders, be filed by the Indenture

  

 44 

 
Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing Entity shall notify the Indenture Trustee if and when the Notes are listed on any stock
exchange. 
 (b)        On each Distribution Date the Indenture Trustee
shall include with each payment to each Noteholder a copy of the statement for the related Monthly Period or Periods applicable to such Distribution Date as required pursuant to Section 4.09 of the Trust Sale and Servicing Agreement.

 ARTICLE VIII 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

SECTION 8.1        Collection of Money.    Except as
otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property
payable to or receivable by the Indenture Trustee pursuant to this Indenture and the Trust Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly
provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such
payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as
provided in Article V. 
 SECTION 8.2        Designated
Accounts; Payments. 
 (a)        On or prior to the Closing Date,
the Issuing Entity shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee for the benefit of the Financial Parties (and with respect to the Reserve Account, for the benefit of the Servicer) the Designated Accounts
as provided in Articles IV and V of the Trust Sale and Servicing Agreement. 

(b)        On or before each Distribution Date, (i) amounts shall be
deposited in the Collection Account as provided in Section 4.06 of the Trust Sale and Servicing Agreement and (ii) the Aggregate Noteholders’ Interest Distributable Amount and the Aggregate Noteholders’ Principal Distributable
Amount shall be transferred from the Collection Account to the Note Distribution Account as and to the extent provided in Section 4.06 of the Trust Sale and Servicing Agreement. 

(c)        On each Distribution Date in accordance with the Servicer’s
Accounting, the Indenture Trustee shall notify the Account Holder to apply and, as required, distribute to the Noteholders all amounts on deposit in the Note Distribution Account (subject to the Servicer’s rights under Section 5.03 of the
Trust Sale and Servicing Agreement to Investment Earnings) in the following order of priority and in the amounts determined as described below: 

        (i)        On each Distribution
Date, except as otherwise provided in clause (iii) below, the amount deposited in the Note Distribution Account in respect of interest on the Notes shall be applied in the following order of priority, to the extent of remaining funds
after all earlier priorities have been satisfied, and any amount so applied shall be paid on such Distribution Date to the holders of Notes of each applicable Class: 

                 
   (A)        the Aggregate Class A Interest Distributable Amount shall be paid to the holders of the Class A Notes; 

 

 45 

                 
   (B)        the Aggregate Class B Interest Distributable Amount shall be paid to the holders of the Class B Notes; and 

                 
   (C)        the Aggregate Class C Interest Distributable Amount shall be paid to the holders of the Class C Notes; 

provided however, if there are not sufficient funds to so pay the entire amount specified in any of the foregoing
priorities for a particular class of Notes, then the amount available for such class of Notes shall be paid to the Holders thereof ratably on the basis of the total amount of accrued and unpaid interest owing to each such Holder. 

        (ii)        Unless otherwise
provided in clause (iii) below, (A) an amount equal to the Aggregate Noteholders’ Principal Distributable Amount shall be applied to each class of Notes in the following amounts and in the following order of priority and any
amount so applied shall be paid on such Distribution Date to the Holders of such class of Notes: 

(1)        to the Class A-1 Notes, until the Outstanding
Amount of the Class A-1 Notes is reduced to zero; 

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

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

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

(5)        to the Class B Notes, until the Outstanding Amount of
the Class B Notes is reduced to zero; and 

(6)        to the Class C Notes, until the Outstanding Amount of
the Class C Notes is reduced to zero. 

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

 46 

 SECTION 8.3        General
Provisions Regarding Accounts. 
 (a)        So long as no Default
or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Designated Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee upon Issuing Entity Order, subject to the
provisions of Section 5.01(b) of the Trust Sale and Servicing Agreement. The Issuing Entity shall not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any of the Designated Accounts unless the
security interest granted and perfected in such account shall continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture
Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel acceptable to the Indenture Trustee, to such effect. 

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

(c)        If (i) the Issuing Entity shall have failed to give investment
directions for any funds on deposit in the Designated Accounts to the Indenture Trustee by 11:00 a.m., New York City Time (or such other time as may be agreed by the Issuing Entity and the Indenture Trustee) on any Business Day; or (ii) a
Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall have been declared due and payable
following an Event of Default, but amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.5 as if there had not been such a declaration; then the Indenture Trustee shall, to the fullest
extent practicable, invest and reinvest funds in the Designated Accounts in one or more Eligible Investments selected by the Indenture Trustee or alternatively, in accordance with the last instructions received by the Indenture Trustee. 

SECTION 8.4        Release of Trust Estate. 

(a)        Subject to the payment of its fees and expenses pursuant to
Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in
a manner and under circumstances that are consistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 

(b)        The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes and the other Secured Obligations from the Lien of this Indenture and
release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Designated Accounts. The Indenture Trustee 

 

 47 

 
shall release property from the Lien of this Indenture pursuant to this Section 8.4(b) only upon receipt by it of an Issuing Entity Request and an Officer’s Certificate, an
Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. 

SECTION 8.5        Opinion of Counsel.    The
Indenture Trustee shall receive at least seven (7) days’ notice when requested by the Issuing Entity to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that
all conditions precedent to the taking of such action have been complied with and such action shall not materially and adversely impair the security for the Secured Obligations or the rights of the Secured Parties in contravention of the provisions
of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on
the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

ARTICLE IX 

SUPPLEMENTAL INDENTURES 

SECTION 9.1        Supplemental Indentures Without Consent of
Noteholders. 
 (a)        Without the consent of the Holders of
any Notes but with prior notice to the Rating Agencies, the Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which
shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 

(i)        to correct or amplify the description of any property at any time
subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture, or to subject to additional property to the Lien of this
Indenture; 
 (ii)        to evidence the succession, in compliance
with Section 3.10 and the applicable provisions hereof, of another Person to the Issuing Entity, and the assumption by any such successor of the covenants of the Issuing Entity contained herein and in the Notes contained; 

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

(iv)        to convey, transfer, assign, mortgage or pledge any property to or
with the Indenture Trustee; 
  

 48 

 (v)        to cure any ambiguity,
to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or in any other Basic Document; 

(vi)        to modify, eliminate or add to the provisions of this Indenture to
such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA, and the
Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained; or 

(vii)        to evidence and provide for the acceptance of the appointment
hereunder by a successor or additional trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee,
pursuant to the requirements of Article VI. 
 (b)        The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, may, also without the consent of any of the Noteholders but with prior notice to the Rating Agencies at any time and from time to time enter into one or more
indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture;
provided, however, that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder. 

SECTION 9.2        Supplemental Indentures With Consent of Noteholders.

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

(i)        change the due date of any installment of principal of or interest on
any Note, or reduce the principal amount thereof, the interest rate applicable thereto, or the Redemption Price with respect thereto, change any place of payment where, or the coin or currency in which, any Note or any interest thereon is payable,
or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the
respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 
  

 49 

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

(iii)        modify or alter the provisions of the proviso to the definition of
the term “Outstanding”; 
 (iv)        reduce the
percentage of the Outstanding Amount of the Notes required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the principal amount of
and accrued but unpaid interest on the Outstanding Notes; 

(v)        modify any provision of this Section 9.2 to decrease the
required minimum percentage necessary to approve any amendments to any provisions of this Indenture or any of the Basic Documents; 

(vi)        modify any of the provisions of this Indenture in such manner as to
affect the calculation of the amount of any payment of interest or principal due on any Note on any Distribution Date (including the calculation of any of the individual components of such calculation), or modify or alter the provisions of the
Indenture regarding the voting of Notes held by the Issuing Entity, the Depositor or any Affiliate of either of them; or 

(vii)        permit the creation of any Lien ranking prior to or on a parity
with the Lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any property at any time subject thereto or deprive the Holder of any Note
of the security afforded by the Lien of this Indenture. 

(b)        The Indenture Trustee may in its discretion determine whether or not
any Notes would be affected (such that the consent of each Noteholder would be required) by any supplemental indenture proposed pursuant to this Section 9.2 and any such determination shall be binding upon the Holders of all Notes,
whether authenticated and delivered thereunder before or after the date upon which such supplemental indenture becomes effective. The Indenture Trustee shall not be liable for any such determination made in good faith. 

(c)        It shall be sufficient if an Act of Noteholders approves the
substance, but not the form, of any proposed supplemental indenture. 

(d)        Promptly after the execution by the Issuing Entity and the Indenture
Trustee of any supplemental indenture pursuant to this Section 9.2, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of
such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

 

 50 

 SECTION 9.3       Execution of
Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee
shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.
The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

SECTION 9.4       Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

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

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

ARTICLE X 

REDEMPTION OF NOTES 

SECTION 10.1     Redemption.  The Notes are subject to redemption in whole,
but not in part, upon the exercise by the Servicer (or the Holder of all the Certificates that is not the Depositor or any Affiliate thereof) of its option to purchase the Receivables pursuant to Section 8.01 of the Trust Sale and Servicing
Agreement. The date on which such redemption shall occur is the Distribution Date following the Optional Purchase Date identified by Servicer in its notice of exercise of such purchase option (the “Redemption Date”). The purchase
price for the Notes shall be equal to the applicable Redemption Price. The Servicer or the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.1, the
Servicer or the Issuing Entity shall furnish notice thereof to the Indenture Trustee not later than twenty-five (25) days prior to the Redemption Date and the Indenture Trustee (based on such notice) shall withdraw from the Collection Account
and deposit into the Note Distribution Account, on the Redemption Date, the aggregate Redemption Price of the Notes, whereupon all such Notes shall be due and payable on the Redemption Date. 

 

 51 

 SECTION 10.2     Form of Redemption Notice.
Notice of redemption of the Notes under Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed not less than five (5) days prior to the applicable Redemption Date to each Noteholder of
record at such Noteholder’s address appearing in the Note Register. 
 (a)    All
notices of redemption shall state: 
 (i)      the Redemption Date; 

(ii)     the applicable Redemption Price; and 

(iii)    the place where Notes are to be surrendered for payment of the Redemption Price (which
shall be the Agency Office of the Issuing Entity to be maintained as provided in Section 3.2). 

(b)    Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at
the expense of the Issuing Entity. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note. 

SECTION 10.3     Notes Payable on Redemption Date.  The Notes shall, following
notice of redemption as required by Section 10.2, on the Redemption Date cease to be Outstanding for purposes of this Indenture and shall thereafter represent only the right to receive the applicable Redemption Price and (unless the
Issuing Entity shall default in the payment of such Redemption Price) no interest shall accrue on such Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating such Redemption Price.

 ARTICLE XI 

MISCELLANEOUS 

SECTION 11.1      Compliance Certificates and Opinions, etc. 

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

(i)      a statement that each signatory of such certificate or opinion has read or has
caused to be read such covenant or condition and the definitions herein relating thereto; 
  

 52 

 (ii)     a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(iii)    a statement that, in the judgment of each such signatory, such signatory has made such
examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv)    a statement as to whether, in the opinion of each such signatory, such condition or covenant
has been complied with. 
 (b)    (i)    Prior to the deposit with the
Indenture Trustee of any Collateral or other property or securities that is to be made the basis for the release of any property or securities subject to the Lien of this Indenture, the Issuing Entity shall, in addition to any obligation imposed in
Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within ninety (90) days
of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited. 

(ii)     Whenever the Issuing Entity is required to furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (b)(i) above, the Issuing Entity shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters,
if the fair value to the Issuing Entity of the securities to be so deposited and of all other such securities made on the basis of any such withdrawal or release since the commencement of the then current fiscal year of the Issuing Entity, as set
forth in the certificates delivered pursuant to clause (i) above and this clause (b)(ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the
fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Notes. 

(iii)    Other than with respect to the release of any Warranty Receivables, Administrative
Receivables or Liquidating Receivables, whenever any property or securities are to be released from the Lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of each Person signing such certificate as to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not
impair the security under this Indenture in contravention of the provisions hereof. 

(iv)    Whenever the Issuing Entity is required to furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the 
  

 53 

 
matters described in clause (b)(iii) above, the Issuing Entity shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or
securities and of all other property, other than Warranty Receivables, Administrative Receivables and Liquidating Receivables or Receivables valued at their Receivables Principal Balance, or securities released from the lien of this Indenture since
the commencement of the then current calendar year, as set forth in the certificates required by clause (b)(iii) above and this clause (b)(iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in
the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 

(v)    Notwithstanding Section 2.9 or any other provision of this
Section 11.1, the Issuing Entity may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents, (B) make cash payments out of the Designated Accounts and
the Certificate Distribution Account as and to the extent permitted or required by the Basic Documents and (C) take any other action not inconsistent with the TIA. 

SECTION 11.2      Form of Documents Delivered to Indenture Trustee. 

(a)    In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

(b)    Any certificate or opinion of an Authorized Officer of the Issuing Entity may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that any certificate, opinion or representation with respect to
the matters upon which his certificate or opinion is based is erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Servicer, the Depositor, the Issuing Entity or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Depositor, the Issuing Entity or the
Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

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

(d)    Whenever in this Indenture, in connection with any application or certificate or report to
the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’s compliance with any term hereof, it is intended that the truth
and accuracy, at the time of 
  

 54 

 
the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided in Article VI. 

SECTION 11.3      Acts of Noteholders. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders or a class of Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in
writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this
Section 11.3. 
 (b)    The fact and date of the execution by any person of any
such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 

(c)    The ownership of Notes shall be proved by the Note Register. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other action by the
Holder of any Notes (or any one or more Predecessor Notes) shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 

SECTION 11.4      Notices, etc., to Indenture Trustee, Issuing Entity and Rating
Agencies.    Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with:

 (a)    the Indenture Trustee by any Noteholder or by the Issuing Entity shall be
sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office, or 

(b)    the Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for
every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to the Issuing Entity and the Owner Trustee each at the
address specified in Appendix B to the Trust Sale and Servicing Agreement. 
  

 55 

 The Issuing Entity shall promptly transmit any notice received by it from
the Noteholders to the Indenture Trustee. The Indenture Trustee shall likewise promptly transmit any notice received by it from the Noteholders to the Issuing Entity. 

(c)    Notices required to be given to the Rating Agencies by the Issuing Entity and the Indenture
Trustee or the Owner Trustee shall be delivered as specified in Appendix B to the Trust Sale and Servicing Agreement. 

SECTION 11.5      Notices to Noteholders; Waiver. 

(a)    Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Person’s address as it appears on the Note Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. If notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder
shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of whether such notice is in fact actually
received. 
 (b)    Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 

(c)    In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event of Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to
the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 

(d)    Where this Indenture provides for notice to the Rating Agencies, failure to give such notice
shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute an Event of Default. 

SECTION 11.6      Alternate Payment and Notice
Provisions.  Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuing Entity may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture
Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuing Entity shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture
Trustee shall cause payments to be made and notices to be given in accordance with such agreements. 
  

 56 

 SECTION 11.7      Conflict with the Trust
Indenture Act. 
 (a)    If any provision hereof limits, qualifies or conflicts with
another provision hereof that is required to be included in this Indenture by any of the provisions of the TIA, such required provision shall control. 

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

SECTION 11.8      Effect of Headings and Table of Contents.  The Article
and Section headings herein and the table of contents are for convenience only and shall not affect the construction hereof. 

SECTION 11.9      Successors and Assigns. 

(a)    All covenants and agreements in this Indenture and the Notes by the Issuing Entity shall bind
its successors and assigns, whether so expressed or not. 
 (b)    All covenants and
agreements of the Indenture Trustee in this Indenture shall bind its successors and assigns, whether so expressed or not. 

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

SECTION 11.11    Benefits of Indenture.    Nothing in this Indenture or
in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and to the extent expressly provided herein, the Noteholders, the Certificateholders, any other party secured hereunder and any
other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 11.12    Legal Holidays.  If the date on which any payment is due shall not
be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which
nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 SECTION
11.13    Governing Law.    THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN
SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

 

 57 

 SECTION 11.14    Counterparts.  This
Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 11.15    Recording of Indenture. If this Indenture is subject to recording in any
appropriate public recording offices, such recording is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the
Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

 SECTION 11.16    No Recourse.  No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against:

 (a)    the Indenture Trustee or the Owner Trustee in its individual capacity;

 (b)    the Depositor or any other owner of a beneficial interest in the Issuing Entity;
or 
 (c)    any partner, owner, beneficiary, agent, officer, director, employee or agent
of the Indenture Trustee or the Owner Trustee in its individual capacity, the Depositor or any other holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity (or any of their successors or assigns), except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in
their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment
or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of
Articles VI, VII and VIII of the Trust Agreement. 
 SECTION 11.17    No
Petition.    The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note (or interest therein) issued hereunder, hereby covenant and agree that they shall not, prior to the
date which is one year and one day after the termination of this Indenture with respect to the Issuing Entity pursuant to Section 4.1, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the
process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor or the Issuing Entity under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity
under any federal or state bankruptcy or insolvency proceeding. 
  

 58 

 SECTION 11.18  Inspection.    The
Issuing Entity agrees that, on reasonable prior notice, it shall permit any representative of the Indenture Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports, and other papers of
the Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s
officers, employees and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information
except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with
its obligations hereunder. 
 SECTION 11.19  Indemnification by and Reimbursement of
Servicer.  The Indenture Trustee acknowledges and agrees to reimburse (i) the Servicer and its directors, officers, employees and agents in accordance with Section 6.03(b) of the Trust Sale and Servicing Agreement and
(ii) the Depositor and its directors, officers, employees and agents in accordance with Section 3.04 of the Trust Sale and Servicing Agreement. The Indenture Trustee further acknowledges and accepts the conditions and limitations with
respect to the Servicer’s obligation to indemnify, defend and hold the Indenture Trustee harmless as set forth in Section 6.01(a)(iv) of the Trust Sale and Servicing Agreement. 

SECTION 11.20  Subordination.    Each Note represents beneficial interests in the
Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had
against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Notes, each
Noteholder shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the covenants above of each
Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in
any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights
of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a
“subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
  

 59 

 SECTION 11.21  Compliance with Applicable Anti-Terrorism and
Anti-Money Laundering Regulations.    In order to comply with laws, rules and regulations applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, the Indenture
Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, the Issuing Entity agrees to provide, and agrees to cause the
Administrator and the Servicer to provide, to the Indenture Trustee upon its request from time to time such identifying information and documentation as may be reasonably available to such party without undue expense in order to enable the Indenture
Trustee to comply with applicable law. 

*    *    *    *    * 

 

 60 

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

			
	 ALLY AUTO RECEIVABLES TRUST 2010-2

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

		
	 By:
	 	 /s/ Kristine K. Gullo

	 Name:
	 	 Kristine K. Gullo

	 Title:
	 	 Vice President

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

		
	 By:
	 	 /s/ Michele H.Y. Voon

	 Name:
	 	 Michele H.Y. Voon

	 Title:
	 	 Attorney-in-fact

		
	 By:
	 	 /s/ Dorit Ritter-Haddad

	 Name:
	 	 Dorit Ritter-Haddad

	 Title:
	 	 Attorney-in-fact

 EXHIBIT A 

LOCATIONS OF SCHEDULE OF RECEIVABLES 

The Schedule of Receivables is on file at the offices of: 

 

	1.	 The Indenture Trustee 

  

	2.	 The Owner Trustee 

  

	3.	 The Servicer 

  

	4.	 The Seller 

  

	5.	 The Depositor 

  

 Ex. A 

 EXHIBIT B 

NOTE DEPOSITORY AGREEMENT FOR THE NOTES 
  

 Ex. B 

 EXHIBIT C-1 

FORM OF CLASS A-1 FIXED RATE ASSET BACKED NOTES 
  

			
	 REGISTERED
	  	$250,000,000

 NO. R-

 SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 02005L AA2 

EACH HOLDER OF A CLASS A-1 NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING THE NOTE
WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A
“PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH
ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH CLASS A-1 NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS A-1 NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A CLASS A-1 NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE CLASS A-1 NOTES OR UNDER THE INDENTURE
OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING
ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR
THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE
FULLY LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 

 

 Ex C-1-1 

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

 Ex. C-1-2 

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

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

 Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York
corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS
NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

ALLY AUTO RECEIVABLES TRUST 2010-2 

CLASS A-1 0.58624% ASSET BACKED NOTES 

ALLY AUTO RECEIVABLES TRUST 2010-2, a statutory trust organized and existing under the laws of the State of Delaware
(herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000) or such lesser outstanding
amount as may be payable in accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial
principal amount hereof and the denominator of which is the aggregate initial principal amount for such Class A-1 Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect
of principal on the Class A-1 Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on July 15,
2011 (the “Final Scheduled Distribution Date”) unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing
Entity shall pay interest on this Class A-1 Note at the rate per annum shown above on each Distribution Date until the principal of this Class A-1 Note 

 

 Ex. C-1-3 

 
is paid or made available for payment on the principal amount of this Class A-1 Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on
the preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the Class A-1 Notes will accrue from and including the Closing Date and will be payable on each
Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the Class A-1 Notes. Interest will be computed on the basis of actual number of days elapsed from and including the prior
Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding the current Distribution Date and a 360-day year. Such principal of and interest on this Class A-1 Note shall be paid in
the manner specified on the reverse hereof. All interest payments on each class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto. 

The principal of and interest on this Class A-1 Note are payable in such coin or currency of the United States of
America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Class A-1 Note shall be applied first to interest due and payable on this
Class A-1 Note as provided above and then to the unpaid principal of this Class A-1 Note. 

Reference is made to the further provisions of this Class A-1 Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Class A-1 Note. 
 Unless the
certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Class A-1 Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be
valid or obligatory for any purpose. 
  

 Ex. C-1-4 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer. 
 Dated: June 25, 2010 

ALLY AUTO RECEIVABLES TRUST 2010-2 
  

					
	 By:
	 	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity

but solely as Owner Trustee
	 	
			
	 By:
	 	  
	 	
	 Name:
	 		 	
	 Title:
	 		 	

       INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes designed above and referred to in the within-mentioned Indenture.

  

					
		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely as Indenture Trustee

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  

 Ex. C-1-5 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its Class A-1 0.58624%
Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an indenture, dated as of June 25, 2010 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the
Issuing Entity and Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class A-1 Notes are one of several duly authorized classes of Notes of the Issuing Entity
issued pursuant to the Indenture (collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to
which Indenture the Holder of this Class A-1 Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class A-1 Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. 
 The Class A-1 Notes and all other
Notes issued pursuant to the Indenture are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 

Each Noteholder or Note Owner of a Class A-1 Note will be deemed to represent and warrant that either (i) it
is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (b) a “plan” subject to Section 4975 of
the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) any other plan that is subject to any law that is substantially similar to Title I of
ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any
substantially similar applicable law. 
 Each Noteholder or Note Owner, by acceptance of a Class A-1 Note
or, in the case of a Note Owner, a beneficial interest in a Class A-1 Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) the Depositor or any other owner
of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacities, any holder of a beneficial interest in
the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual capacities, except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

 

 Ex. C-1-6 

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

 Ex. C-1-7 

 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of
the Outstanding Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all
Class A-1 Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class A-1 Note (or
any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class A-1 Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Class A-1 Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the
Noteholders. 
 The term “Issuing Entity” as used in this Class A-1 Note includes any
successor to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under
certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain
limitations therein set forth. 
 This Class A-1 Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Class A-1 Note or of the Indenture shall alter or
impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Class A-1 Note at the times, place and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither the
Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Class A-1 Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing
Entity. The 
  

 Ex. C-1-8 

 
Holder of this Class A-1 Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing
Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A-1 Note. 
  

 Ex. C-1-9 

 ASSIGNMENT 

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

 
  

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

			
	  
	  	
	(name and address of assignee)	  	

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

									
	 Dated:
	 	  
	 		 	  
	 	
1

					
		 		 		 	Signature Guaranteed:        	 	
				
	  
	 		 	  
	 	

  
  

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

  

 Ex. C-1-10 

 EXHIBIT
C-21 

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

 

				
	 REGISTERED
	  	$	                        

 NO. R- 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO.              

EACH HOLDER OF A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT
IS NOT ACQUIRING THE NOTE WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I
OF ERISA, (B) A “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN
OR PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

EACH [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A [CLASS A-2] [CLASS A-3] [CLASS
A-4] NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE
OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE [CLASS A-2] [CLASS A-3] [CLASS A-4] NOTES OR UNDER THE INDENTURE OR ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN
THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE
IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER 
  

  

	1
	 Legends to be updated as appropriate. 

Ex. C-2-1 

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

 Ex. C-2-2 

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

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE
PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

ALLY AUTO RECEIVABLES TRUST 2010-2 

[CLASS A-2] [CLASS A-3] [CLASS A-4]             %
ASSET BACKED NOTES 
 ALLY AUTO RECEIVABLES TRUST 2010-2, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                     DOLLARS
($                    ) or such lesser outstanding amount as may 

 

 Ex. C-2-3 

 
be payable in accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction,
the numerator of which is the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for such [Class A-2] [Class A-3] [Class A-4] Notes by (ii) the aggregate amount, if any, payable on such
Distribution Date from the Note Distribution Account in respect of principal on the [Class A-2] [Class A-3] [Class A-4] Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on                      (the “Final Scheduled Distribution
Date”) unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest on this Note at the rate
per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the [Class A-2] [Class A-3] [Class A-4] Notes will accrue from and including the Closing
Date and will be payable on each Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the [Class A-2] [Class A-3] [Class A-4] Notes. Interest will be computed on the basis of a 360-day
year of twelve 30-day months (or, in the case of the initial Distribution Date, a 20 day period). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each class of Notes
on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto. 
 The
principal of and interest on this Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect
to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

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

 

 Ex. C-2-4 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer. 
 Dated: June 25, 2010 

 

			
	 ALLY AUTO RECEIVABLES TRUST 2010-2

		
	 By:
	 	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity

but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

       INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes designed above and referred to in the within-mentioned Indenture.

  

					
		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely as Indenture Trustee

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  

 Ex. C-2-5 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as [Class A-2] [Class A-3] [Class
A-4]             % Asset Backed Notes (herein called the “[Class A-2] [Class A-3] [Class A-4] Notes”), all issued under an indenture, dated as of June 25,
2010 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the
Noteholders. The [Class A-2] [Class A-3] [Class A-4] Notes are one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the Indenture (collectively, as to all Notes of all such classes, the “Notes”).
The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of this [Class A-2] [Class A-3] [Class A-4] Note by virtue of acceptance hereof assents
and by which such Holder is bound. All capitalized terms used and not otherwise defined in this [Class A-2] [Class A-3] [Class A-4] Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.

 The [Class A-2] [Class A-3] [Class A-4] Notes and all other Notes issued pursuant to the Indenture are and
will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 

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

 Ex. C-2-6 

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

Each Noteholder, by acceptance of a [Class A-2] [Class A-3] [Class A-4] Note or, in the case of a Note Owner, a
beneficial interest in a [Class A-2] [Class A-3] [Class A-4] Note, expresses its intention that this [Class A-2] [Class A-3] [Class A-4] Note qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required
by appropriate taxing authorities, agrees to treat the [Class A-2] [Class A-3] [Class A-4] Notes as indebtedness secured by the Collateral for the purpose of federal income taxes, state and local income and franchise taxes, and any other taxes
imposed upon, measured by or based upon gross or net income. 
 Prior to the due presentment for registration
of transfer of this [Class A-2] [Class A-3] [Class A-4] Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this [Class A-2] [Class A-3]

  

 Ex. C-2-7 

 
[Class A-4] Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this [Class A-2]
[Class A-3] [Class A-4] Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class.
The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the [Class A-2] [Class A-3] [Class A-4] Notes, to waive
compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this [Class A-2] [Class A-3] [Class A-4] Note (or any one of
more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this [Class A-2] [Class A-3] [Class A-4] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this [Class A-2] [Class A-3] [Class A-4] Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without
the consent of the Noteholders. 
 The term “Issuing Entity” as used in this [Class A-2]
[Class A-3] [Class A-4] Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing
Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain
limitations therein set forth. 
 This [Class A-2] [Class A-3] [Class A-4] Note and the Indenture shall be
construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 No reference herein to the Indenture and no provision of this [Class A-2] [Class A-3] [Class A-4] Note or of
the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this [Class A-2] [Class A-3] [Class A-4] Note at the times, place and rate, and in the coin or
currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in
the Basic Documents, neither the Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or 
  

 Ex. C-2-8 

 
successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this [Class A-2] [Class A-3] [Class A-4] Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee
solely as the Owner Trustee in the assets of the Issuing Entity. The Holder of this [Class A-2] [Class A-3] [Class A-4] Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this [Class A-2] [Class A-3] [Class A-4] Note. 

 

 Ex. C-2-9 

 ASSIGNMENT 

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

 
  

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

			
	  
	  	
	(name and address of assignee)	  	

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

									
	 Dated:
	 	  
	 		 	  
	 	
1

					
		 		 		 	Signature Guaranteed:        	 	
				
	  
	 		 	  
	 	

  
  

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

  

 Ex. C-2-10 

 EXHIBIT
C-31 

FORM OF CLASS B FIXED RATE ASSET BACKED NOTES 
  

				
		
	 REGISTERED
	  	$	34,700,000

 NO. R-1 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 02005L AE4 

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

  

	1
	 Legends to be updated as appropriate. 

  

 Ex. C-3-1 

 
AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE
DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT. 

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

EACH CLASS B NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS B NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A CLASS B NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE CLASS B NOTES OR UNDER THE INDENTURE OR
ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY
OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE
INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY
LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 

EACH CLASS B NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS B NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A CLASS B NOTE, COVENANTS AND AGREES THAT BY 
  

 Ex. C-3-2 

 
ACCEPTING THE BENEFITS OF THE INDENTURE SUCH CLASS B NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE
ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING
ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE
PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 

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

 Ex. C-3-3 

 
ISSUER OF THE CLASS B NOTE (OR IS DISREGARDED AS AN ENTITY SEPARATE FROM SUCH ISSUER)), BY ACCEPTANCE OF A CLASS B NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS B NOTE,
EXPRESSES ITS INTENTION THAT THIS CLASS B NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS B NOTES AS INDEBTEDNESS SECURED
BY THE COLLATERAL FOR THE PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME. 

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

	
	     THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 ALLY AUTO RECEIVABLES TRUST
2010-2 
 CLASS B 3.02% ASSET BACKED NOTES 

ALLY AUTO RECEIVABLES TRUST 2010-2, a statutory trust organized and existing under the laws of the State of Delaware
(herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to [Cede & Co., or registered assigns,] [Ally Auto Assets LLC] the principal sum of THIRTY-FOUR MILLION SEVEN HUNDRED THOUSAND DOLLARS
($34,700,000) or such lesser outstanding amount as may be payable in accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a
fraction, the numerator of which is the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for such Class B Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from
the Note Distribution Account in respect of principal on the Class B Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on August 17, 2015 (the “Final Scheduled Distribution Date”) unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on
the Redemption Date. The Issuing Entity shall pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date (or, for the initial Distribution Date, the outstanding

  

 Ex. C-3-4 

 
principal balance on the Closing Date)). Interest on the Class B Notes will accrue from and including the Closing Date and will be payable on each Distribution Date in an amount equal to the Note
Class Interest Distributable Amount for such Distribution Date for the Class B Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in the case of the initial Distribution Date, a 20 day period). Such
principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto.

 The principal of and interest on this Note are payable in such coin or currency of the United States of
America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and
then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

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

 

 Ex. C-3-5 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer. 
 Dated: June 25, 2010 

 

			
	 ALLY AUTO RECEIVABLES TRUST 2010-2

		
	 By:
	 	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity

		 	 but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

       INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes designed above and referred to in the within-mentioned Indenture.

  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Ex. C-3-6 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as Class B 3.02% Asset Backed
Notes (herein called the “Class B Notes”), all issued under an indenture, dated as of June 25, 2010 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and
Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class B Notes are one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the
Indenture (collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the
Holder of this Class B Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class B Note that are defined in the Indenture shall have the meanings assigned to
them in or pursuant to the Indenture. 
 The Class B Notes and all other Notes issued pursuant to the Indenture
are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 

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

 

 Ex. C-3-7 

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

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

Prior to the due presentment for registration of transfer of this Class B Note, the Issuing Entity, the Indenture
Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Class B Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Class B Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

 

 Ex. C-3-8 

 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of
the Outstanding Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Class
B Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class B Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class B Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Class B Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 

The term “Issuing Entity” as used in this Class B Note includes any successor to the Issuing Entity
under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge
or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain
limitations therein set forth. 
 This Class B Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Class B Note or of the Indenture shall alter or impair the
obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Class B Note at the times, place and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither the
Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Class B Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing
Entity. The 
  

 Ex. C-3-9 

 
Holder of this Class B Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall
have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class B Note. 
  

 Ex. C-3-10 

 ASSIGNMENT 

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

                                         
                        

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

                      
                                         
                                         
                 
 
                                         
                                         
                                       

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

 

									
	Dated:                            
                              	 		  		  	                           
                                         
    
1
	  	
		 		  		  		  	
		 		  		  	Signature Guaranteed:	  	
		 		  		  		  	
	                             
                                     
  	 		  		  	                             
                                         
  	  	

  

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

  

 Ex. C-3-11 

 EXHIBIT
C-41 

FORM OF CLASS C FIXED RATE ASSET BACKED NOTES 
  

			
	 REGISTERED
	 	$28,400,000                

NO. R-1 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 CUSIP NO. 02005L AF1 

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

	1
	
Legends
 to be updated as appropriate. 

  

 Ex. C-4-1 

 
AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE
DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE U.S. SECURITIES ACT. 

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

EACH CLASS C NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A CLASS C NOTE, COVENANTS AND AGREES THAT NO RECOURSE MAY BE TAKEN, DIRECTLY OR INDIRECTLY, WITH RESPECT TO THE OBLIGATIONS OF THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE ON THE CLASS C NOTES OR UNDER THE INDENTURE OR
ANY CERTIFICATE OR OTHER WRITING DELIVERED IN CONNECTION THEREWITH, AGAINST (i) THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY
OR (iii) ANY PARTNER, OWNER, BENEFICIARY, AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY, THE OWNER TRUSTEE OR THE
INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED AND EXCEPT THAT ANY SUCH PARTNER, OWNER OR BENEFICIARY SHALL BE FULLY
LIABLE, TO THE EXTENT PROVIDED BY APPLICABLE LAW, FOR ANY UNPAID CONSIDERATION FOR STOCK, UNPAID CAPITAL CONTRIBUTION OR FAILURE TO PAY ANY INSTALLMENT OR CALL OWING TO SUCH ENTITY. 

EACH CLASS C NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL
INTEREST IN A CLASS C NOTE, COVENANTS AND AGREES THAT BY 
  

 Ex. C-4-2 

 
ACCEPTING THE BENEFITS OF THE INDENTURE SUCH CLASS C NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE
ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING
ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE
PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 

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

 Ex. C-4-3 

 
ISSUER OF THE CLASS C NOTE (OR IS DISREGARDED AS AN ENTITY SEPARATE FROM SUCH ISSUER)), BY ACCEPTANCE OF A CLASS C NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A CLASS C NOTE,
EXPRESSES ITS INTENTION THAT THIS CLASS C NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND, UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CLASS C NOTES AS INDEBTEDNESS SECURED
BY THE COLLATERAL FOR THE PURPOSE OF FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME. 

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

	
	     THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 ALLY AUTO RECEIVABLES TRUST
2010-2 
 CLASS C 3.51% ASSET BACKED NOTES 

ALLY AUTO RECEIVABLES TRUST 2010-2, a statutory trust organized and existing under the laws of the State of Delaware
(herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to [Cede & Co., or registered assigns,] [Ally Auto Assets LLC] the principal sum of TWENTY-EIGHT MILLION FOUR HUNDRED THOUSAND DOLLARS
($28,400,000) or such lesser outstanding amount as may be payable in accordance with the Indenture (as defined on the reverse side of this Note), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a
fraction, the numerator of which is the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for such Class C Notes by (ii) the aggregate amount, if any, payable on such Distribution Date from
the Note Distribution Account in respect of principal on the Class C Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on November 15, 2016 (the “Final Scheduled Distribution Date”) unless the Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due
on the Redemption Date. The Issuing Entity shall pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date (or, for the initial 

 

 Ex. C-4-4 

 
Distribution Date, the outstanding principal balance on the Closing Date)). Interest on the Class C Notes will accrue from and including the Closing Date and will be payable on each Distribution
Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for the Class C Notes. Interest will be computed on the basis of a 360-day year of twelve 30-day months (or, in the case of the initial Distribution
Date, a 20 day period). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. All interest payments on each class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such
class entitled thereto. 
 The principal of and interest on this Note are payable in such coin or currency of
the United States of America which, at the time of payment, is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as
provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

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

 

 Ex. C-4-5 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer. 
 Dated: June 25, 2010 

 

			
	 ALLY AUTO RECEIVABLES TRUST 2010-2

		
	 By:
	 	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity

		 	 but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

       INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes designed above and referred to in the within-mentioned Indenture.

  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Ex. C-4-6 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as Class C 3.51% Asset Backed
Notes (herein called the “Class C Notes”), all issued under an indenture, dated as of June 25, 2010 (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity and
Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Class C Notes are one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the
Indenture (collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the
Holder of this Class C Note by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Class C Note that are defined in the Indenture shall have the meanings assigned to
them in or pursuant to the Indenture. 
 The Class C Notes and all other Notes issued pursuant to the Indenture
are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 

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

 

 Ex. C-4-7 

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

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

Prior to the due presentment for registration of transfer of this Class C Note, the Issuing Entity, the Indenture
Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Class C Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Class C Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 

 

 Ex. C-4-8 

 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of
the Outstanding Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all the Class
C Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class C Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class C Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Class C Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 

The term “Issuing Entity” as used in this Class C Note includes any successor to the Issuing Entity
under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge
or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain
limitations therein set forth. 
 This Class C Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Class C Note or of the Indenture shall alter or impair the
obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Class C Note at the times, place and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither the
Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers,
directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Class C Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing
Entity. The 
  

 Ex. C-4-9 

 
Holder of this Class C Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall
have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class C Note. 
  

 Ex. C-4-10 

 ASSIGNMENT 

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

 
  

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

			
	  
	  	
	  
	  	
	(name and address of assignee)	  	

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

 

									
	 Dated:
	 	  
	 		 	
 

	 	
1

		 		 		 		 	
		 		 		 	Signature Guaranteed:	 	
		 		 		 		 	
	  
	 		 	  
	 	

  
  

 

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

  

 Ex. C-4-11 

 EXHIBIT D 

SERVICING CRITERIA TO BE ADDRESSED IN 

INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria identified as below as
“Applicable Servicing Criteria”: 
  

							
	
Servicing Criteria
  
	 	  	  	
Applicable Servicing

Criteria
  

	  

Reference
  
	  	  

Criteria
  
	 	  	  	  
	  	  	  

General Servicing Considerations
  
	 	  	  	  
	
1122(d)(1)(i)
  
	  	  
 Policies and procedures
are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.
  
	 	 	  	 
	
1122(d)(1)(ii)
  
	  	  
 If any material
servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.

 
	 	 	  	 
	
1122(d)(1)(iii)
  
	  	  
 Any requirements in the
transaction agreements to maintain a back-up servicer for the pool assets are maintained.
  
	 	 	  	 
	
1122(d)(1)(iv)
  
	  	  
 A fidelity bond and
errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.

 
	 	 	  	 
	 		 	 
	 	  	 Cash Collection and Administration

 
	 	 	  	 
	
1122(d)(2)(i)
  
	  	  
 Payments on pool assets
are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.

 
	 	 	  	 
	
1122(d)(2)(ii)
  
	  	  
 Disbursements made via
wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
  
	 	 	  	ü
	
1122(d)(2)(iii)    

 
	  	  
 Advances of funds or
guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.

 
	 	 	  	 
	
1122(d)(2)(iv)
  
	  	  
 The related accounts for
the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction
agreements.(1)
  
	 	 	  	ü
	
1122(d)(2)(v)
  
	  	  
 Each custodial account
is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a
foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. (1)

 
	 	 	  	ü
	
1122(d)(2)(vi)
  

 
	  	  
 Unissued checks are
safeguarded so as to prevent unauthorized access.
  
	 	 	  	 

 

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

 

 Ex. D-1 

							
	
Servicing Criteria
  
	  	  	  	
Applicable Servicing

Criteria
  

	  

Reference
  
	  	  

Criteria
  
	  	  	  	  
	 1122(d)(2)(vii)
	  	  
 Reconciliations are
prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the
bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These
reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.
  
	  	 	  	 
	 	 	 	 
	 	  	 Investor Remittances and Reporting

 
	  	 	  	 
	 1122(d)(3)(i)
	  	  
 Reports to investors,
including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth
in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or
the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.
  

 
	  	 	  	 
	 1122(d)(3)(ii)
	  	  
 Amounts due to investors
are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.
  

 
	  	 	  	ü
	 1122(d)(3)(iii)
	  	  
 Disbursements made to an
investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.
  

 
	  	 	  	ü
	 1122(d)(3)(iv)
	  	  
 Amounts remitted to
investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.
  

 
	  	 	  	ü
	 	 	 	 
	 	  	 Pool Asset Administration

 
  
	  	 	  	 
	 1122(d)(4)(i)
	  	  
 Collateral or security on
pool assets is maintained as required by the transaction agreements or related asset pool documents.
  

 
	  	 	  	 
	
1122(d)(4)(ii)
  
	  	  
 Pool assets and related
documents are safeguarded as required by the transaction agreements
  
  
	  	 	  	 
	
1122(d)(4)(iii)    
	  	  
 Any additions, removals or
substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.
  

 
	  	 	  	 
	 1122(d)(4)(iv)
	  	  
 Payments on pool assets,
including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.
  

 
	  	 	  	 
	 1122(d)(4)(v)
	  	  
 The Servicer’s records
regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.
  

 
	  	 	  	 
	 1122(d)(4)(vi)
	  	  
 Changes with respect to the
terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.

 
  
	  	 	  	 
	 1122(d)(4)(vii)
	  	  
 Loss mitigation or recovery
actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the
transaction agreements.
  
  
	  	 	  	 

  

 Ex. D-2 

							
	
Servicing Criteria
  
	 	  	  	
Applicable Servicing

Criteria
  

	  

Reference
  
	  	  

Criteria
  
	 	  	  	  
	
1122(d)(4)(viii)    
	  	  
 Records documenting
collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and
describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

 
	 	 	  	 
	 1122(d)(4)(ix)
	  	  
 Adjustments to interest
rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.
  
	 	 	  	 
	 1122(d)(4)(x)
	  	  
 Regarding any funds held in
trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such
funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days
specified in the transaction agreements.
  
	 	 	  	 
	 1122(d)(4)(xi)
	  	  
 Payments made on behalf of
an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at
least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.
  
	 	 	  	 
	 1122(d)(4)(xii)
	  	  
 Any late payment penalties
in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.

 
	 	 	  	 
	 1122(d)(4)(xiii)
	  	  
 Disbursements made on
behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.

 
	 	 	  	 
	 1122(d)(4)(xiv)
	  	  
 Delinquencies, charge-offs
and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.
  
	 	 	  	 
	 1122(d)(4)(xv)
	  	 Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item
1115 of Regulation AB, is maintained as set forth in the transaction agreements.
  
	 	 	  	 

  

 Ex. D-3 

 EXHIBIT E 

FORM OF CERTIFICATION 

Re: the
                                         
                dated as of             , 20     (the
“Agreement”), among
                                         
                                         
                              . 

I,
                                         
               , the
                                         
                of Deutsche Bank Trust Company Americas (the “Company”), certify to Ally Auto Assets LLC (the “Depositor”), and its
officers, with the knowledge and intent that they will rely upon this certification, that: 
 (1) I have
reviewed the report on assessment of the Company’s compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB
(the “Report on Assessment”), and the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB that were
delivered by the Company to the Depositor pursuant to the Agreement (collectively, the “Company Information”); 

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

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

			
	 Dated:
	 	  

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

		
	 Name:
	 	  

	 Title:
	 	  

 

 Ex. E 

 APPENDIX A 

Additional Representations and Warranties 
  

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

 

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

  

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

 

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

  

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

 

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

 

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

  

 App. A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]