Document:

Indenture

 Exhibit 10.13 

EXECUTION VERSION 

INDENTURE 

between 
 LEAF
RECEIVABLES FUNDING 2, LLC, 
 as Issuer, 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee and Custodian 

Equipment Contract Backed Notes, Series 2010-1, Class A, 

Equipment Contract Backed Notes, Series 2010-1, Class B, 

and 

Equipment Contract Backed Notes, Series 2010-1, Class C 

Dated as of May 1, 2010 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	PAGE
	 ARTICLE I DEFINITIONS
	  	2
			
	   Section 1.01
	  	Definitions	  	2
	   Section 1.02
	  	Certain Rules of Construction	  	2
		
	 ARTICLE II NOTE FORM
	  	2
			
	   Section 2.01
	  	Form Generally	  	2
	   Section 2.02
	  	Multiple Classes of Notes; Form for Each Class; Rights of Each Class	  	2
	   Section 2.03
	  	Denomination	  	5
	   Section 2.05
	  	Execution, Authentication, Delivery and Dating	  	5
	   Section 2.07
	  	Issuance of Definitive Notes	  	5
	   Section 2.08
	  	Registration, Registration of Transfer and Exchange	  	6
	   Section 2.09
	  	Mutilated, Destroyed, Lost or Stolen Note	  	11
	   Section 2.10
	  	Payment of Principal and Interest; Rights Preserved	  	12
	   Section 2.11
	  	Persons Deemed Owner	  	13
	   Section 2.12
	  	Cancellation	  	13
	   Section 2.13
	  	Notices to Security Depository	  	13
	   Section 2.14
	  	Tax Treatment; Withholding Taxes	  	13
		
	 ARTICLE III SUBSTITUTION OF CONTRACTS
	  	14
			
	   Section 3.01
	  	Conditions Precedent to the Substitution of Contract Assets	  	14
		
	 ARTICLE IV ISSUANCE OF NOTES; CERTAIN ISSUER OBLIGATIONS
	  	16
			
	   Section 4.01
	  	Conditions to Issuance of Notes	  	16
	   Section 4.02
	  	Security for Notes	  	19
	   Section 4.03
	  	Review of Contract Files	  	20
	   Section 4.04
	  	Defective Contracts	  	21
	   Section 4.05
	  	Reserved	  	22
	   Section 4.06
	  	Administration of the Contract Assets	  	22
	   Section 4.07
	  	Releases	  	22
		
	 ARTICLE V SATISFACTION AND DISCHARGE
	  	23
			
	   Section 5.01
	  	Satisfaction and Discharge of Indenture	  	23
		
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	24
			
	   Section 6.01
	  	Events of Default	  	24
	   Section 6.02
	  	Acceleration of Maturity; Rescission and Annulment	  	24
	   Section 6.03
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	25
	   Section 6.04
	  	Remedies	  	26

  

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	 	  	 	  	PAGE
	   Section 6.05
	  	 Optional Preservation of Collateral
	  	27
	   Section 6.06
	  	 Trustee May File Proofs of Claim
	  	27
	   Section 6.07
	  	 Trustee May Enforce Claims Without Possession of Notes
	  	28
	   Section 6.08
	  	 Application of Money Collected
	  	28
	   Section 6.09
	  	 [Reserved]
	  	28
	   Section 6.10
	  	 Unconditional Right of the Noteholders to Receive Principal and Interest
	  	28
	   Section 6.11
	  	 Restoration of Rights and Remedies
	  	28
	   Section 6.12
	  	 Rights and Remedies Cumulative
	  	29
	   Section 6.13
	  	 Delay or Omission Not Waiver
	  	29
	   Section 6.14
	  	 Control by Control Party
	  	29
	   Section 6.15
	  	 Waiver of Certain Events by the Control Party
	  	29
	   Section 6.16
	  	 Additional Rights of Class B Noteholders and Class C Noteholders
	  	30
	   Section 6.17
	  	 Waiver of Stay or Extension Laws
	  	30
	   Section 6.18
	  	 Sale of Collateral
	  	31
	   Section 6.19
	  	 Action on Notes
	  	32
		
	 ARTICLE VII THE TRUSTEE
	  	32
			
	   Section 7.01
	  	Certain Duties and Responsibilities	  	32
	   Section 7.02
	  	Notice of Default and Other Events	  	34
	   Section 7.03
	  	Certain Rights of Trustee	  	34
	   Section 7.04
	  	Not Responsible for Recitals or Issuance of Notes	  	35
	   Section 7.05
	  	May Hold Notes	  	36
	   Section 7.06
	  	Money Held in Trust	  	36
	   Section 7.07
	  	Compensation and Reimbursement	  	36
	   Section 7.08
	  	Corporate Trustee Required; Eligibility	  	38
	   Section 7.09
	  	Resignation and Removal; Appointment of Successor	  	38
	   Section 7.10
	  	Acceptance of Appointment by Successor 	  	39
	   Section 7.11
	  	Merger, Conversion, Consolidation or Succession to Business of Trustee	  	39
	   Section 7.12
	  	Co-Trustees and Separate Trustees	  	39
	   Section 7.13
	  	Maintenance of Office or Agency; Initial Appointment of Payment Agent	  	41
	   Section 7.14
	  	Appointment of Authenticating Agent	  	41
	   Section 7.15
	  	Appointment of Paying Agent other than Trustee; Money for Note Payments to be Held in Trust	  	42
	   Section 7.16
	  	Rights with Respect to the Servicer and Back-up Servicer	  	43
	   Section 7.17
	  	Representations and Warranties of the Trustee	  	43
		
	 ARTICLE VIII THE CUSTODIAN
	  	44
			
	   Section 8.01
	  	Appointment of Custodian	  	44
	   Section 8.02
	  	Removal of Custodian	  	45
	   Section 8.03
	  	Termination by Custodian	  	45
	   Section 8.04
	  	Limitations on the Custodian’s Responsibilities	  	45
	   Section 8.05
	  	Limitation on Liability	  	47

  

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	 	  	 	  	Page
			
	   Section 8.06
	  	 Custodian Obligations Regarding Genuineness of Documents
	  	47
	   Section 8.07
	  	 Force Majeure
	  	47
		
	ARTICLE IX [RESERVED]	  	48
		
	ARTICLE X SUPPLEMENTAL INDENTURES	  	48
	   Section 10.01
	  	 Supplemental Indentures without Consent of the Noteholders
	  	48
	   Section 10.02
	  	 Supplemental Indentures with Consent of the Noteholders
	  	49
	   Section 10.03
	  	 Execution of Supplemental Indentures
	  	50
	   Section 10.04
	  	 Effect of Supplemental Indentures
	  	50
	   Section 10.05
	  	 Reference in Notes to Supplemental Indentures
	  	50
	   Section 10.06
	  	 Back-Up Servicer Consent
	  	50
	   Section 10.07
	  	 Amendments to the Lockbox Intercreditor Agreement
	  	50
		
	ARTICLE XI REDEMPTIONS AND PREPAYMENTS OF NOTES	  	50
			
	   Section 11.01
	  	 Redemptions of Notes
	  	50
	   Section 11.02
	  	 Notice to Trustee
	  	51
	   Section 11.03
	  	 Notice of Redemption to Noteholders
	  	51
	   Section 11.04
	  	 Amounts Payable on Redemption Date
	  	52
	   Section 11.05
	  	 Release of Contract Assets in Connection with Redemptions
	  	52
		
	ARTICLE XII REPRESENTATIONS, WARRANTIES AND COVENANTS	  	53
			
	   Section 12.01
	  	 Representations and Warranties
	  	53
	   Section 12.02
	  	 Covenants
	  	58
		
	ARTICLE XIII ACCOUNTS AND ACCOUNTINGS	  	64
			
	   Section 13.01
	  	 Collection of Money
	  	64
	   Section 13.02
	  	 Establishment of Trust Accounts
	  	65
	   Section 13.03
	  	 Collection Account
	  	67
	   Section 13.04
	  	 Reserve Account
	  	68
	   Section 13.05
	  	 Servicer Transition Account
	  	69
	   Section 13.06
	  	 Reports to the Noteholders
	  	69
	   Section 13.07
	  	 Monthly Servicing Reports
	  	69
		
	ARTICLE XIV PROVISIONS OF GENERAL APPLICATION	  	70
			
	   Section 14.01
	  	 General Provisions
	  	70
	   Section 14.02
	  	 Acts of Noteholders
	  	70
	   Section 14.03
	  	 Notices
	  	70
	   Section 14.04
	  	 Notices to Noteholders; Waiver
	  	71
	   Section 14.05
	  	 Successors and Assigns
	  	71
	   Section 14.06
	  	 Severability; No Waiver
	  	71

  

 iii 

					
	 	  	 	  	PAGE
			
	 Section 14.07
	  	 Benefits of Indenture Limited to Parties and Express Third Party Beneficiaries
	  	72
	 Section 14.08
	  	 Legal Holidays
	  	72
	 Section 14.09
	  	 Governing Law; Waiver of Jury Trial; Consent to Jurisdiction
	  	72
	 Section 14.10
	  	 Counterparts; Entire Agreement
	  	72
	 Section 14.11
	  	 Notifications
	  	73
	 Section 14.12
	  	 No Petition
	  	73
	 Section 14.13
	  	 Assignment
	  	73

  

					
	Schedule I	  	Contract Schedule
	Schedule II	  	Definitions Annex

  

 iv 

					
	 	  	 	  	PAGE
	EXHIBITS	  	
			
	A-1	  	Form of Global Class A Note	  	
	A-2	  	Form of Definitive Class A Note	  	
	B-1	  	Form of Global Class B Note	  	
	B-2	  	Form of Definitive Class B Note	  	
	C-1	  	Form of Global Class C Note	  	
	C-2	  	Form of Definitive Class C Note	  	
	D-1	  	Form of Request for Release	  	
	D-2	  	Form of Return of Documents to Custodian	  	
	E	  	Form of Custodian and Trustee Certificate Re: Substitutions	  	
	F	  	Form of Release Agreement Re: Existing Indebtedness	  	
	G	  	[Reserved]	  	
	H	  	Form of Global Note Transfer Certificate	  	
	I	  	Form of Investor Certificate	  	
	J	  	Form of Substitution Certificate	  	

  

 v 

 This Indenture, dated as of May 1, 2010 (as amended, supplemented or modified from time
to time, this “Indenture”), is entered into between LEAF RECEIVABLES FUNDING 2, LLC, a Delaware limited liability company, as Issuer and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee and as Custodian.

 PRELIMINARY STATEMENT 

The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of its Equipment Contract Backed
Notes, Series 2010-1 (the “Notes”), issuable as provided in this Indenture. All covenants and agreements made by the Issuer herein are for the benefit and security of the Noteholders. The Issuer and the Custodian are entering
into this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 

All things necessary to make this Indenture a valid agreement of the Issuer, the Trustee and the Custodian in accordance with its terms
have been done. 
 GRANTING CLAUSE 

To secure the payment of the principal of and interest on the Notes in accordance with their terms, the payment of all sums payable under
this Indenture and the other Transaction Documents and the performance of the covenants contained in this Indenture and the other Transaction Documents, the Issuer hereby Grants to the Trustee, solely in trust and as collateral security as provided
in this Indenture, for the benefit of the Secured Parties, a security interest in all of the Issuer’s “accounts,” “deposit accounts,” “chattel paper,” “payment intangibles,” “commercial tort
claims,” “supporting obligations,” “promissory notes,” “letter-of-credit rights,” “documents,” “goods,” “fixtures,” “general intangibles,” “instruments,”
“inventory,” “equipment,” “investment property,” “proceeds” (as each of the foregoing terms is defined in the UCC), rights, interests and property (whether now owned or hereafter acquired or arising),
including the Issuer’s right, title and interest (whether now owned or hereafter acquired or arising) in and to and under the following: (a) the Contracts listed on the Contract Schedule; (b) the related Contract Assets; (c) the
Assignment Agreements; (d) any rights of the Issuer under the Purchase and Contribution Agreement and the Acquisition Agreement; (e) any rights of the Issuer under the Servicing Agreement; (f) the Reserve Account, the Collection
Account and the Servicer Transition Account and all amounts from time to time on deposit therein (including any Eligible Investments, investment property and other property at any time and from time to time in such accounts); (g) all amounts
from time to time on deposit in the Lockbox Account with respect to the Contracts and the Equipment; (h) the interest of the Issuer in the Equipment; (i) any Insurance Policy and Insurance Proceeds and (j) all income, payments and
proceeds of the foregoing (including, but not by way of limitation, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of
any and every kind, investment property and other forms of obligations and receivables which at any time constitute all or part or are included in the proceeds of any of the foregoing) (all of the foregoing being hereinafter referred to as the
“Collateral”). The foregoing Grant, transfer, assignment, set over and conveyance does 

 
not constitute and is not intended to result in a creation or an assumption by the Trustee or the Secured Parties of any obligation of the Issuer, the Servicer or any other Person in connection
with the Collateral or under any agreement or instrument relating thereto. In furtherance and not in limitation of the foregoing, the Issuer hereby assigns to the Trustee, for the benefit of the Secured Parties, all of its right, title and interest
in and to all liens and security interests in any assets, and all UCC financing statements related thereto. Notwithstanding the foregoing, Security Deposits shall not constitute part of the Collateral. 

The Trustee acknowledges its acceptance on behalf of the Secured Parties of a security interest in all of the Issuer’s right, title
and interest in and to the Collateral and declares that it shall maintain the Collateral in accordance with the provisions hereof. 

ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. Except as otherwise expressly provided herein or unless the context otherwise
requires, capitalized terms used but not otherwise defined herein have the meaning set forth in the Definitions Annex attached hereto as Schedule II. 

Section 1.02 Certain Rules of Construction. Unless the context of this Indenture clearly requires otherwise:
(a) references to the plural include the singular and to the singular include the plural; (b) references to any gender include any other gender; (c) the words “include” and “including” are not limiting;
(d) the words “hereof,” “herein,” “hereby,” and “hereunder,” and any other similar words, refer to this Indenture as a whole and not to any particular provision hereof; and (e) article, section,
subsection, clause, exhibit, and schedule references are to this Indenture. Article, section, and subsection headings are for convenience of reference only, shall not constitute a part of this Indenture for any other purpose, and shall not affect
the construction of this Indenture. All exhibits and schedules attached hereto are incorporated herein by this reference. Any reference herein to this Indenture or any other agreement, document, or instrument includes all permitted alterations,
amendments, changes, extensions, modifications, renewals, or supplements thereto or thereof, as applicable. 
 ARTICLE II 

 NOTE FORM 

Section 2.01 Form Generally. The Notes and the related certificates of authentication shall be in substantially the
form described in this Indenture, with such appropriate insertions, omissions, substitutions and other variations as are expressly required or permitted by this Indenture. The Notes may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon, as may, consistently herewith, be determined appropriate by the officers executing such Notes, as evidenced by their execution of the Notes. The terms of each Note are intended to be incorporated into
this Indenture. 
 Section 2.02 Multiple Classes of Notes; Form for Each Class; Rights of Each Class. This
Indenture provides for the issuance by the Issuer of three classes of Notes, the Class A Notes, the Class B Notes and the Class C Notes. Each Note shall bear upon its face the designation of the Class to which it belongs. Each Class A
Note issued in the form of a Global 
  

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Note shall be in the form of Exhibit A-1 attached hereto, and each Class A Note issued in the form of a Definitive Note shall be in the form of Exhibit A-2 attached
hereto. Each Class B Note issued in the form of a Global Note shall be in the form of Exhibit B-1 attached hereto, and each Class B Note issued in the form of a Definitive Note shall be in the form of Exhibit B-2
attached hereto. Each Class C Note issued in the form of a Global Note shall be in the form of Exhibit C-1 attached hereto, and each Class C Note issued in the form of a Definitive Note shall be in the form of
Exhibit C-2 attached hereto. All Notes in the same Class shall be in substantially identical form except for differences in registration information and denomination and such other variations as may be permitted by this Indenture.

 (a) Global Notes. The Notes are being offered and sold by the Issuer to the Initial Purchaser pursuant to the
Note Purchase Agreement. 
 Notes offered and sold to QIBs in reliance on Rule 144A shall be issued initially in the form
of Rule 144A Global Notes, which shall be delivered by the Trustee to the Security Depository or pursuant to the Security Depository’s instructions, and registered in the name of the Security Depository or a nominee of the Security
Depository, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of the Rule 144A Global Notes may from time to time be increased (up to the maximum authorized amount) or decreased
by adjustments made on the records of the Trustee and the Security Depository or its nominee as hereinafter provided. The Trustee shall not be liable for any error or omission by the Security Depository in making such record adjustments, and the
records of the Trustee shall be controlling with regard to the outstanding principal amount of Rule 144A Global Notes hereunder absent manifest error. 

Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that it shall
represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and
redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee, or by the Note Registrar at the direction of the Trustee, in
accordance with instructions given by the Holder thereof as required by Section 2.07 hereof. 
 Except as set forth in
Section 2.07 hereof, the Global Notes may be transferred, in whole and not in part, only to another nominee of the Security Depository or to a successor of the Security Depository or its nominee. 

(b) Book-Entry Provisions. This Section 2.02(b) shall apply only to the Rule 144A Global Notes deposited with or
on behalf of the Security Depository. 
 The Issuer shall execute and the Trustee shall, in accordance with this
Section 2.02(b), authenticate and deliver one Global Note for each Class of Notes which shall be (i) registered in the name of the Security Depository or the nominee of the Security Depository and (ii) delivered by the Trustee to the
Security Depository or pursuant to the Security Depository’s instructions. 
  

 - 3 - 

 Members of, or participants in, the Security Depository shall have no rights either under
this Indenture with respect to any Global Note held on their behalf by the Security Depository or by the Trustee as custodian for the Security Depository or under such Global Notes, and the Security Depository may be treated by the Issuer, the
Trustee and any agent of the Issuer or the Trustee as the absolute owner of such Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee
from giving effect to any written certification, proxy or other authorization furnished by the Security Depository or impair, as between the Security Depository and its Agent Members, the operation of customary practices of such Security Depository
governing the exercise of the rights of an owner of a beneficial interest in any Global Notes. 
 So long as there are no
Definitive Notes Outstanding, the Note Registrar and the Trustee shall treat the Security Depository for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions
hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note Owners. 
 The rights of Note Owners shall
be exercised only through the Security Depository and shall be limited to those established by law and agreements between such Note Owners and the Security Depository and/or the Agent Members. The initial Security Depository will make book-entry
transfers among the Agent Members and receive and transmit payments of principal of and interest on the Notes to such Agent Members with respect to such Global Notes. 

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 Notes, the Security Depository shall be deemed to represent such percentage only to the extent that it (i) has received instructions to such effect from Note Owners and/or Agent Members
owning or representing, respectively, such required percentage of the beneficial interest in the Notes and (ii) has delivered such instructions to the Trustee. 

(c) Definitive Notes. Except as provided in Section 2.05, owners of beneficial interests in Global Notes will not be
entitled to receive physical delivery of certificated definitive, fully registered Notes (any such Notes, the “Definitive Notes”). The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any
combination of these methods, all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

(d) Each Note issued under this Indenture shall be in all respects equally and ratably secured with each other Note by the Collateral
Granted by the Issuer hereunder. Each Note shall be entitled to the benefits hereof, without preference, priority or distinction on account of the actual time or times of authentication and delivery, all in accordance with the terms and provisions
of this Indenture. Notwithstanding the foregoing, all cash amounts shall be applied by the Trustee in accordance with the express provisions hereof and (I) the rights of the Holders of the Class B Notes (1) to receive payments of
interest in respect of the Class B Notes on any Payment Date, on the Stated Maturity Date or on the Redemption Date shall be subordinate to the rights of the Holders of Class A Notes to receive payment of interest on the Class A Notes
and to certain other payments as set forth in Section 13.03 and others entitled to receive payments thereunder and (2) to receive payments of principal in respect of the Class B Notes on

  

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any Payment Date, on the Stated Maturity Date or on the Redemption Date shall be subordinate to the rights of the Holders of the Class A Notes to receive principal paid on the Class A
Notes and to certain other payments, as set forth in Section 13.03 and others entitled to receive payments thereunder and (II) the rights of the Holders of the Class C Notes (1) to receive payments of interest in respect of the
Class C Notes on any Payment Date, on the Stated Maturity Date or on the Redemption Date shall be subordinate to the rights of the Holders of Class A Notes and Class B Notes to receive payment of interest on the Class A Notes and
Class B Notes, as applicable, and to certain other payments as set forth in Section 13.03 and others entitled to receive payments thereunder and (2) to receive payments of principal in respect of the Class C Notes on any Payment Date,
on the Stated Maturity Date or on the Redemption Date shall be subordinate to the rights of the Holders of the Class A Notes and Class B Notes to receive principal paid on the Class A Notes and Class B Notes, as applicable, and to certain
other payments, as set forth in Section 13.03 and others entitled to receive payments thereunder. 

Section 2.03 Denomination. The aggregate stated principal amount of the Class A Notes that may be authenticated
and delivered under this Indenture is $74,195,000, the aggregate stated principal amount of the Class B Notes that may be authenticated and delivered under this Indenture is $15,661,000 and the aggregate stated principal amount of the Class C Notes
that may be authenticated and delivered under this Indenture is $2,838,000, except for Notes of the same Class authenticated and delivered upon registration of transfer, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.06,
2.08 or 10.05. The Notes shall be issuable only as registered Notes without coupons in the denominations of at least $100,000 with respect to any Note and multiples of $1,000 for any amount in excess thereof; provided that the
foregoing shall not restrict or prevent the transfer, in accordance with Sections 2.06 and 2.07, of any “stub” Note with a remaining Outstanding Note Balance of less than $100,000 with respect to any Note. 

Section 2.05 Execution, Authentication, Delivery and Dating. The Notes shall be executed on behalf of the Issuer by
the manual or facsimile signature of one of its authorized officers. Notes bearing the manual or facsimile signatures of individuals who were at any time authorized officers of the Issuer shall bind the Issuer, notwithstanding that such individuals
or any of them have ceased to hold such offices subsequent to the authentication or delivery of such Notes. 
 Each Note shall
be dated as of the date of its authentication. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form
provided for herein executed by the Trustee upon receipt of an Issuer Order or by any Authenticating Agent by the manual signature of one of its authorized officers, and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder. 
 Section 2.07 Issuance of Definitive
Notes. If Book-Entry Notes have been issued with respect to any Class and (a) the Issuer advises the Trustee that the Security Depository is no longer willing or able to discharge properly its responsibilities with respect to such Class
and the Trustee or the Issuer is unable to locate a qualified successor, (b) the Issuer at its option elects to terminate the book-entry system through DTC, or (c) after the occurrence of an Event of Default, Noteholders of not less than
50% of the Outstanding Note Balance of Notes of any Class advise 
  

 - 5 - 

 
the Trustee and DTC that it is no longer in the best interests of such Class to have the Notes of such Class in book-entry form, then upon surrender to the Trustee of any such Notes by
the Security Depository, accompanied by registration instructions from the Security Depository for registration of Definitive Notes, the Issuer shall execute and the Trustee shall authenticate and the Note Registrar shall deliver such Definitive
Notes to the applicable Noteholders. Neither the Issuer nor the 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. The Trustee shall recognize
the Holders of such Definitive Notes as Noteholders hereunder. 
 Section 2.08 Registration, Registration of Transfer
and Exchange. 
 (a) The Issuer shall cause to be kept a register (the “Note Register”) at the office
of an agent (the “Note Registrar”), in accordance with Section 7.13, and in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall, on behalf of the Issuer, provide for the registration,
issuance and ownership of the Notes and the registration of transfers of the Notes. The Trustee is hereby appointed the initial Note Registrar. Each Noteholder and, if the Note Registrar is someone other than the Trustee, the Trustee shall have the
right to examine the Note Register at all reasonable times and to rely conclusively upon an Officer’s Certificate of the Note Registrar as to the names and addresses of the Noteholders and the principal amounts and numbers of such Notes as
held. 
 (b) The Notes have not been registered under the Securities Act or the securities laws of any jurisdiction.
Consequently, the Notes are not transferable other than pursuant to Rule 144A or another exemption from registration. Each Person who has or who acquires any Ownership Interest in a Note shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the provisions of this Section 2.06. 
 (c) With respect to any Definitive
Note, at the option of the Noteholder thereof, Notes may be exchanged for other Notes of any authorized denominations (together with any “stub note” reflecting the remaining principal balance of such Note(s) that is less than the minimum
authorized denomination), aggregate principal amount and Stated Maturity Date, upon surrender of the Notes to be exchanged at the Corporate Trust Office. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee
or its agents shall authenticate and deliver, the Notes which the Noteholder making the exchange is entitled to receive. 
 (d)
With respect to any Definitive Note, any Definitive Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Trustee duly
executed. All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same rights, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such
registration of transfer or exchange. No service charge shall be charged to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer and the 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. 
  

 - 6 - 

 (i) Limitation on Transfer and Exchange. (1) The transfer
and exchange of Global Notes or beneficial interests therein shall be effected through the Security Depository, in accordance with this Indenture and the procedures of the Security Depository therefor, which shall include restrictions on transfer
comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in a Global Note may be transferred to persons who take delivery thereof in the form of a beneficial interest in the same Global Note in
accordance with the transfer restrictions set forth in the legend in subsection (d)(xii) of Section 2.07. 
 (e)
Transfer and Exchange from Definitive Notes to Definitive Notes. When Definitive Notes are presented by a Holder to the Note Registrar with a request: 

(i) to register the transfer of Definitive Notes in the form of other Definitive Notes; or 

(ii) to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized
denominations, the Note Registrar shall register the transfer or make the exchange as requested; provided, however, that the Definitive Notes presented or surrendered for register of transfer or exchange: 

(A) shall be duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Note Registrar
duly executed by such Holder or by his attorney, duly authorized in writing; and 
 (B) shall be accompanied by
an Investment Letter substantially in the form of Exhibit I attached hereto shall be delivered by the proposed transferee to the Issuer and to the Trustee to the effect that such transfer is in compliance with Rule 144A. 

(f) Restrictions on Transfer and Exchange of Global Notes. Notwithstanding any other provision of this Indenture, a Global
Note may not be transferred as a whole except by the Security Depository to a nominee of the Security Depository or by a nominee of the Security Depository to the Security Depository or another nominee of the Security Depository or by the Security
Depository or any such nominee to a successor Security Depository or a nominee of such successor Security Depository. 
 (g)
Each purchaser of a Note or an interest in a Note, other than the Initial Purchaser, will be deemed to have represented and agreed as follows: 

(i) It understands that the Notes will be offered and may be resold by the Initial Purchaser only to QIBs pursuant to
Rule 144A or another exemption from registration. 
 (ii) It understands that the Notes have not been
registered under, and were transferred to it in a transaction not involving any public offering within the meaning of, the Securities Act, and that if in the future it decides to re-offer, resell, pledge or otherwise transfer such Notes it will do
so only in accordance with applicable state 
  

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securities laws and pursuant to Rule 144A to a Person whom the seller reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A, purchasing for its own
account or for the account of a QIB, whom the holder has informed that such re-offer, resale, pledge or other transfer is being made in reliance on Rule 144A or to the Issuer pursuant to the terms of the Indenture. 

(iii) It acknowledges that none of the Issuer, the Initial Purchaser or any Person representing the Issuer or the Initial
Purchaser has made any representation to it with respect to the Issuer, any affiliates thereof or the offering or sale of the Notes, other than the information contained in the Offering Circular. It is purchasing the Notes for its own account, or
for one or more investor accounts for which it is acting as a fiduciary or agent, in each case for investment purposes only, and not with a view to, or for offer or resale in connection with, any distribution thereof in violation of the Securities
Act or the applicable state securities laws, subject to any requirements of law that the disposition of its property or the property of such investor account be at all times within its or their control and subject to its or their ability to resell
such Notes pursuant to Rule 144A. 
 (iv) If it is acquiring any Note as a fiduciary or agent for one or
more investor accounts, it represents that it has sole investment discretion with respect to such account and that it has full power to make the acknowledgments, representations and agreements contained herein on behalf of each such account.

 (v) It is (1) a QIB purchasing for its own account or for the account of another QIB and it, and such
other Person (if applicable), are aware that the sale to it is being made in reliance on Rule 144A and (2) with respect to the Class C Notes, is a U.S. Person. 

(vi) It acknowledges that transfers of the Notes shall otherwise be subject in all respects to the restrictions applicable
thereto contained in this Indenture. 
 (vii) (A) It is not (and for so long as it holds any Notes or an
interest therein will not be), and is not acting on behalf of (and for so long as it holds any Notes or an interest herein will not be acting on behalf of), an “employee benefit plan” as defined in Section 3(3) of ERISA that is
subject to Title I of ERISA, a plan described in Section 4975(e)(1) of the Code or an entity which is deemed to hold the assets of any such plan (“Plan Assets”) pursuant to 29 C.F.R. Section 2510.3-101 as
modified by Section 3(42) of ERISA (the “Plan Asset Regulation”) (each a “Benefit Plan Investor”), (B) in the case of a Class A Note or a Class B Note, (i) its acquisition and continued holding
of such Note will be covered by a statutory exemption or a prohibited transaction class exemption issued by the United States Department of Labor, (ii) at the time of acquisition the Notes are rated at least investment grade and (iii) it
believes that the Notes are properly treated as indebtedness without substantial equity features for purposes of the Plan Asset Regulations and agrees to so treat such Notes or (C) in the case of a Class A Note or a Class B Note, it has
provided the Trustee with an opinion of counsel, which opinion of counsel will not be at the expense of the Trustee, the Issuer, the Servicer or the Initial Purchaser, which opines that the purchase, holding and transfer of such Note or interest
therein is permissible under applicable law, will not constitute or result in a non-
  

 - 8 - 

 
exempt prohibited transaction under ERISA or Section 4975 of the Code and will not subject the Trustee, the Issuer, the Servicer or the Initial Purchaser to any obligation in addition to
those undertaken herein. 
 (viii) It acknowledges and agrees to treat the Notes as debt for all federal, state
and local income tax purposes. 
 (ix) [Reserved.] 

(x) It is purchasing one or more Notes in an amount of at least $100,000, and it understands that such Notes may be
resold, pledged or otherwise transferred in an amount of at least $100,000 (unless the outstanding principal amount of such Note shall be less than $100,000). 

(xi) It understands that the Notes will bear a legend substantially to the following effect unless the Issuer determines
otherwise consistent with applicable law: 
 For Rule 144A Global Notes Only: Unless this Note is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the transferor of such Note 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 the use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES (1) THAT THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AND (A) IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A, PURCHASING
FOR ITS OWN ACCOUNT, OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB AND TO WHOM NOTICE IS GIVEN THAT RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR TO THE ISSUER PURSUANT TO THE TERMS OF THE INDENTURE, OR
(B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, AND (2) THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TO BE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. THE INDENTURE RELATING TO
THIS NOTE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE OR 
  

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ANY INTEREST HEREIN IN VIOLATION OF THE FOREGOING. EACH TRANSFEREE ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE IS DEEMED TO REPRESENT TO THE ISSUER AND THE SERVICER THAT IT IS EITHER A QIB
PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. EACH HOLDER HEREOF IS DEEMED TO REPRESENT AND WARRANT EITHER (A) THAT IT IS NOT (AND FOR SO LONG AS IT HOLDS THIS NOTE OR AN INTEREST HEREIN WILL NOT BE), AND IS
NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS THIS SECURITY OR AN INTEREST HEREIN WILL NOT BE ACTING ON BEHALF OF), 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 TITLE I OF ERISA, A PLAN DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR AN ENTITY WHICH IS DEEMED TO HOLD
THE ASSETS OF ANY SUCH PLAN (“PLAN ASSETS”) PURSUANT TO 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA (THE “PLAN ASSET REGULATION”) (EACH A “BENEFIT PLAN INVESTOR”),
(B) IN THE CASE OF A CLASS A NOTE OR A CLASS B NOTE (I) ITS PURCHASE AND OWNERSHIP OF THIS SECURITY WILL BE COVERED BY A PROHIBITED TRANSACTION CLASS EXEMPTION ISSUED BY THE UNITED STATES DEPARTMENT OF LABOR, (II) AT THE TIME OF
ACQUISITION THE NOTES ARE RATED AT LEAST INVESTMENT GRADE AND (III) IT BELIEVES THAT THE NOTES ARE PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS AND AGREES TO SO TREAT SUCH NOTES. THE
NOTES OR ANY BENEFICIAL INTEREST HEREIN MAY BE TRANSFERRED ONLY IN PERMITTED DENOMINATIONS SPECIFIED IN THE INDENTURE. ACCORDINGLY, AN INVESTOR IN THIS NOTE MUST BE PREPARED TO BEAR THE ECONOMIC RISK OF THE INVESTMENT FOR AN INDEFINITE PERIOD OF
TIME, OR (C) IN THE CASE OF A CLASS A NOTE OR A CLASS B NOTE, IT HAS PROVIDED THE TRUSTEE WITH AN OPINION OF COUNSEL, WHICH OPINION OF COUNSEL WILL NOT BE AT THE EXPENSE OF THE TRUSTEE, THE ISSUER, THE SERVICER OR THE INITIAL PURCHASER,
WHICH OPINES THAT THE PURCHASE, HOLDING AND TRANSFER OF SUCH NOTE OR INTEREST THEREIN IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE AND WILL NOT
SUBJECT THE TRUSTEE, THE ISSUER, THE SERVICER OR THE INITIAL PURCHASER TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE INDENTURE. 

(xii) It acknowledges that the Issuer, the Servicer, the Initial Purchaser and others will rely on the truth and accuracy
of the foregoing acknowledgments, representations and agreements, and agrees that if any of the foregoing 
  

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acknowledgments, representations and agreements deemed to have been made by it are no longer accurate, it shall promptly notify the Issuer, the Servicer and the Initial Purchaser. 

(h) Except as otherwise required under the Note Purchase Agreement, the Initial Purchaser shall not be required to deliver, and neither
the Issuer nor the Trustee shall demand therefrom, any of the certifications or opinions described in this Section 2.07 in connection with the initial issuance of the Notes and the delivery thereof by the Issuer. 

Section 2.09 Mutilated, Destroyed, Lost or Stolen Note. (a) If (i) any mutilated Note is surrendered
to the Trustee or the Issuer, or the Trustee and the Issuer receive evidence to their reasonable satisfaction of the destruction, loss or theft of any Note, and (ii) in the case of a destroyed, lost, or stolen Note, there is delivered to the
Trustee and the Issuer such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Trustee and the Issuer that such Note has been acquired by a bona fide purchaser and provided that the
requirements of Section 8-405 of the UCC are satisfied, the Issuer shall execute and, upon a written request therefor by the Trustee and the Issuer shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Note, a new Note of the same Class, tenor and Principal Balance, bearing a number not contemporaneously outstanding. If, after the delivery of such new Note, a bona fide purchaser of the original Note in lieu of which such new Note
was issued presents such original Note for payment, the Trustee and the Issuer shall be entitled to recover such new Note from the Person to whom it was delivered or any Person taking title there from, except a bona fide purchaser, and the Trustee
and the Issuer 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 Trustee and the Issuer, in connection therewith. If any such mutilated, destroyed, lost
or stolen Note shall have become or shall be about to become due and payable in full, or shall have been called for redemption in full, instead of issuing a new Note, the Issuer may pay such Note without surrender thereof, except that any mutilated
Note shall be surrendered. 
 Upon the issuance of any new Note under this Section, the Issuer or the Note Registrar may require
the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Subject to the above provisions of this Section 2.07, every new Note issued pursuant to this Section 2.07, in lieu of any
destroyed, lost or stolen Note, shall constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this
Section 2.07 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. 

 

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 Section 2.10 Payment of Principal and Interest; Rights Preserved.

 (a) For each applicable Interest Accrual Period, the Notes of each Class shall accrue interest on the Outstanding Note
Balance thereof at the Note Rate applicable to such Class. All interest and fees accrued hereunder on the Class A Notes, the Class B Notes and Class C Notes shall be calculated on the basis of a three-hundred-sixty (360)-day year comprised of
twelve 30-day months and shall accrue through the day preceding the Stated Maturity Date and (to the extent that the payment of such interest shall be legally enforceable) on any overdue payment of interest from the date such interest becomes due
and payable (giving effect to any applicable grace periods herein) until fully paid. All accrued interest shall be due and payable in arrears on each Payment Date and shall be paid by the Trustee to the Noteholders in accordance with
Section 13.03. In making any interest payment, if the interest calculation with respect to a Note shall result in a portion of such payment being less than $0.01, then such payment shall be decreased to the nearest whole cent, and no subsequent
adjustment shall be made in respect thereof. 
 (b) The principal of each Note shall be payable on each Payment Date beginning
on the Initial Payment Date unless such Note becomes due and payable at an earlier date by call for redemption in accordance with Article XI. The installment of principal due on the Class A Notes on any Payment Date shall, to the extent of
cash flow available therefor in accordance with Section 13.03 on such Payment Date, be paid as set forth in Section 13.03(c)(viii). The installment of principal due on the Class B Notes on any Payment Date shall, to the extent of cash
flow available therefor in accordance with Section 13.03 on such Payment Date, be paid as set forth in Section 13.03(c)(ix). The installment of principal due on the Class C Notes on any Payment Date shall, to the extent of cash flow
available therefor in accordance with Section 13.03 on such Payment Date, be paid as set forth in Section 13.03(c)(x). All unpaid principal on any Note (together with interest thereon and all other amounts due and payable hereunder or in
respect of the Notes) shall be due and payable in full on the Stated Maturity Date for such Note. All reductions in the principal amount of a Note effected by payment of such installments of principal shall be binding upon all future Noteholders of
such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not such payment is noted on such Note. Principal shall be payable to Noteholders in the same Class on a pro rata basis
based upon the relative Outstanding Note Balance of the Notes in such Class as of the related date of determination; provided that, if as a result of such proration a portion of such principal would be less than $0.01, then such
payment shall be decreased to the nearest whole cent, and such portion shall be applied to the next succeeding principal payment. 

(c) The principal of and interest on the Notes, and other amounts payable to the Noteholders under Section 13.03, are payable,
through the Paying Agent on behalf of the Issuer, by check mailed by first-class mail to the Person whose name appears as the Registered Holder of such Note on the Note Register at the address of such Person as it appears on the Note Register or, at
the option of any Noteholder, by wire transfer in immediately available funds to the account specified in writing to the Trustee by such Registered Holder at least five (5) Business Days prior to the Record Date for the Payment Date on which
wire transfers will commence, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. All payments on the Notes shall be paid without any requirement of
presentment. The Issuer shall notify the Person in whose name a 
  

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Note is registered at the close of business on the Record Date immediately preceding the Payment Date on which the Issuer expects that the final installment of principal of such Note will be
paid. Such notice shall be mailed no later than the tenth
(10th) day prior to such Payment Date and shall
specify the place where such Note may be surrendered. Funds representing any such checks returned undeliverable shall be held in accordance with Section 7.15. Each Noteholder shall promptly surrender its Note to the Trustee at the Corporate
Trust Office or in the case of mutilated, destroyed, lost or stolen Notes, as provided in Section 2.07, upon payment of the final installment of principal of such Note. 

Section 2.11 Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuer, the
Trustee, the Note Registrar, the Paying Agent and any agent of any of the foregoing shall treat the Person in whose name any Note is registered in the Note Register as the owner of such Note for the purpose of receiving payments of principal and
interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Trustee, the Note Registrar, the Paying Agent or any agent of the foregoing shall be affected by notice to the contrary.

 Section 2.12 Cancellation. All Notes surrendered to the Trustee for payment, registration of transfer or
exchange (including Notes surrendered to any Person other than the Trustee which shall be delivered to the Trustee) shall be promptly canceled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as
provided in this Section 2.11, except as expressly permitted by this Indenture. All canceled Notes held by the Trustee shall be disposed of by the Trustee in accordance with its standard practice. 

Section 2.13 Notices to Security Depository. Whenever any notice or other communication is required to be given
to Noteholders of any Class with respect to which Book-Entry Notes have been issued, unless and until Definitive Notes shall have been issued to the related Noteholders, the Trustee shall give all such notices and communications to the applicable
Security Depository. 
 Section 2.14 Tax Treatment; Withholding Taxes. 

(a) The Issuer has structured the transaction contemplated by this Indenture and the Notes with the intention that the Notes will qualify
under applicable tax law as indebtedness of the Issuer. The Issuer, the Trustee, the Servicer, the Back-up Servicer, each Noteholder and each beneficial owner of a Note by acceptance of its Note or a beneficial interest therein, each agree to treat
the Notes as indebtedness of the Issuer for all tax purposes and further agrees not to take any action inconsistent with such treatment, unless and to the extent otherwise required by any taxing authority under applicable law. 

Notwithstanding anything in any Transaction Document to the contrary, effective from the date of commencement of discussions with respect
to the transactions contemplated by such documents, all parties hereto and the Noteholders may disclose to any and all Persons, without limitation of any kind, the U.S. Federal income tax treatment and tax structure of the Notes and the transactions
contemplated hereby and all materials of any kind, including tax opinions or other tax analyses, if any, that are provided to such Persons regarding such tax treatment. 
  

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 (b) Notwithstanding any other provision in this Indenture to the contrary or the other
Transaction Documents, the Trustee, as Paying Agent for and on behalf of, and at the direction of the Servicer, shall comply with any and all federal withholding requirements under applicable law, as modified by the practice of any relevant taxing
authority then in effect. If any withholding tax is imposed on any payment by the Issuer (or allocation of income) under the Notes, such tax shall reduce the amount otherwise payable to such Noteholder. Any amounts so withheld shall be treated as
having been paid to the related Noteholder for all purposes of this Indenture. Failure of a Noteholder or a beneficial owner of a Note to provide the Trustee or other paying agent with appropriate tax certificates may result in amounts being
withheld from the payment to such Noteholder or beneficial owner. In no event shall the consent of Noteholders be required for any withholding. 

ARTICLE III 

SUBSTITUTION OF CONTRACTS 

Section 3.01 Conditions Precedent to the Substitution of Contract Assets. Each acquisition of a Substitute Contract
from the Partnership on any Acquisition Date is subject to the conditions specified in Section 3.04 of the Servicing Agreement, including satisfaction of the following conditions precedent on the relevant date specified below: 

(a) By 10:00 am (New York time) on the third Business Day prior to any proposed Acquisition Date, the Partnership shall have
delivered the following items: 
 (i) The Partnership shall have delivered to the Issuer, the Trustee, the
Custodian and the Back-up Servicer a draft Substitution Certificate substantially in the form set forth on Exhibit J attached hereto (the “Substitution Certificate”) and Amendment to Contract Schedule containing the
information required to be provided with respect to the Substitute Contracts and related Contract Assets to be acquired on such Acquisition Date, as specified in the definition of Contract Schedule, and a draft of the Release Agreement relating to
any Existing Indebtedness, and the Issuer shall have delivered or shall have caused to be delivered to the Custodian, the original Contracts described in the proposed Amendment to Contract Schedule and the related Contract Files; and 

(ii) The Partnership shall have delivered to the Trustee a draft Assignment Agreement with respect to each Substitute
Contract to be acquired by the Issuer on such Acquisition Date and to the satisfaction of the conditions precedent set forth in this Section 3.01 and Section 3.04(b) of the Servicing Agreement. 

(b) By 1:00 p.m. (New York time) one (1) Business Day prior to the proposed Acquisition Date, the Custodian shall deliver to
the Issuer and the Trustee an executed Custodian Certificate with respect to the Substitute Contracts to be so acquired, which certificate shall contain the final Amendment to Contract Schedule and no exceptions; 

(c) By 11:00 am (New York time) on the proposed Acquisition Date, the Partnership shall cause to be delivered the final executed
Assignment Agreement, Amendment to Contract Schedule and Release Agreement along with a final executed Substitution Certificate, in each 

 

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case, such document or certificate containing changes from the draft certificates, draft Assignment Agreement or draft Amendment to Contract Schedule, as applicable, delivered pursuant to
Section 3.01(a)(ii) above, if any, reflecting corrections or deletions of exceptions noted in the Exception Report to the draft Assignment Agreement and/or the draft Amendment to Contract Schedule resulting from the Custodian’s review of
the Contracts to be substituted and the Contract Files related thereto pursuant to Section 4.03(b). The Substitution Certificate shall confirm that (A) each Substitute Contract is a Contract that satisfies each of the representations and
warranties set forth in Clause (C) or (D) of the related Assignment Agreement, (B) all applicable filings required under Sections 4.01(a)(v) and 4.02 have been made or are in effect, (C) no Default, Event of Default, Event
of Servicing Termination or event which, with the passage of time or the giving of notice or both, would cause a Default, Event of Default or Event of Servicing Termination to occur, shall exist prior to or after giving effect to the substitution of
such Contracts and (D) all other conditions to the acquisition of Substitute Contracts applicable to it and specified in this Section 3.01 and Section 3.04(b) of the Servicing Agreement have been satisfied. 

A document or certificate described in clause (a) or (b) above shall be regarded as timely delivered if it is delivered by
telecopy (with written confirmation of transmission) as of the applicable time described above; provided that, the originally executed copy shall be delivered by the applicable party promptly thereafter. If the Custodian, upon
examination of the Contract Files in accordance with Section 4.03(b), determines that such Contract Files do not satisfy the requirements of Section 4.03(b) or is unable to confirm that such requirements have been met by 1:00 p.m. (New
York time) on the Business Day prior to the proposed Acquisition Date, the Custodian shall notify the Trustee and shall not deliver an executed Custodian Certificate pursuant to clause (b) above. 

(d) With respect to any Contract substituted for an Early Termination Contract, the Issuer shall be allowed to use the Collections
received in respect thereof to purchase a new Substitute Contract in lieu of distributing such Collections in accordance with Section 13.03, provided that, such purchase of a Substitute Contract shall occur simultaneously with the
Issuer’s receipt of such Collections or such Collections shall be held not later than the Payment Date (or the then current Collection Period) on deposit in the Collection Account until such Substitute Contract is so purchased; provided,
further, that if such Substitute Contract is not purchased on or before the immediately following Payment Date such Collections shall be disbursed in accordance with Section 13.03. Any Substitute Contract so substituted for such Early
Termination Contract, and related Contract Assets, must meet the same requirements as those specified in the form of Assignment Agreement attached to the Purchase and Contribution Agreement. 

(e) If a Contract is to be removed and replaced with another lease or equipment finance contract transferred to the Issuer by the
Partnership pursuant to the Servicing Agreement, such “substitute” lease or equipment finance contract shall become a Contract for all purposes of the Transaction Documents and may be referred to as a Substitute Contract. Acquisition of
any Substitute Contract shall be subject to the satisfaction of the conditions described in Article III of this Indenture. 
  

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 (f) Upon satisfaction of the conditions specified in the Transaction Documents, including
this Section 3.01, and any conditions to the repurchase of Contracts under the Purchase and Contribution Agreement or substitution of Contracts under the Servicing Agreement (as the case may be), the Trustee shall, upon receipt of the Contract
Repurchase Price, or the Substitute Contract, and the Request for Release, release the Contract and related Contract Assets being repurchased by the Transferor or substituted for by the Partnership from the Lien of this Indenture. 

(g) In addition to the conditions specified above, at no time may the sum of (1) the aggregate Discounted Contract Balances of
Substitute Contracts (as measured on their respective Cut-Off Dates) and (2) the aggregate Discounted Contract Balances of Contracts (as measured on their respective Cut-Off Dates) repurchased by the Transferor or Partnership, but excluding
Contracts repurchased or substituted pursuant to Warranty Events, exceed 8.00% of the aggregate Discounted Pool Balance as of the Closing Date. The Trustee and Custodian shall have no duty to monitor the limit set forth in this Section 3.01(g).

 ARTICLE IV 

ISSUANCE OF NOTES; CERTAIN ISSUER OBLIGATIONS 

Section 4.01 Conditions to Issuance of Notes. All Notes shall be executed by the Issuer and delivered to the Trustee
for authentication. The Notes issued on the Closing Date shall be authenticated and delivered by the Trustee upon Issuer Order and upon satisfaction of the following conditions precedent: 

(a) receipt by the Trustee, or its agents, of the following, in form and substance satisfactory to the Initial Purchaser, which
satisfaction shall be evidenced to the Trustee by receipt of item 4.01(a)(xv) below from the Initial Purchaser: 

(i) a copy of an officially certified document, dated not more than ten (10) days prior to the Closing Date,
evidencing the due organization and good standing of each of the Issuer, the Partnership, the Servicer and the Transferor; 

(ii) certified copies of the organizational documents (together with all amendments thereto) of the Issuer, the
Partnership, the Servicer and the Transferor, along with certified resolutions or certified executed consents of each of the Issuer, the Partnership, the Servicer and the Transferor, authorizing the execution, delivery and performance of the
Transaction Documents and the transactions contemplated by the Transaction Documents by such entities and certificates evidencing the incumbency of the officers executing such Transaction Documents; 

(iii) certified copies of requests for information or copies (or a similar search report certified by a party acceptable
to the Initial Purchaser), dated a date reasonably near to the Closing Date (no earlier than ten (10) days prior to the Closing Date), listing all effective tax and judgment liens and financing statements which name the Transferor as debtor and
which are filed in the jurisdictions in which the statements referred to in clause (v)(1) below were or are to be filed, together with copies of such tax and judgment liens and financing statements (none of which, other than financing
statements naming 
  

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the party under the Transaction Documents to which transfers (including grants of security interests) thereunder purport to have been made, shall cover any of the property purported to be
conveyed thereunder); 
 (iv) certified copies of requests for information or copies (or a similar search report
certified by a party acceptable to the Initial Purchaser’s counsel), dated a date reasonably near to the Closing Date (no earlier than ten (10) days prior to the Closing Date), listing all effective tax and judgment liens and financing
statements which name Issuer (under its present name and any previous name) as debtor and which are filed in the jurisdictions in which the statements referred to in clause (v)(2) below were or are to be filed, together with copies of such tax
and judgment liens and financing statements (none of which, other than financing statements naming the party under the Transaction Documents to which transfers (including grants of security interests) thereunder purport to have been made, shall
cover any of the property purported to be conveyed thereunder); 
 (v) except as otherwise provided below,
evidence of filing (or evidence of delivery for filing to the appropriate filing offices) of, and each of the following, together with evidence of all filing fees, taxes or other amounts required to be paid in connection with the following have been
paid: 
 (1) UCC-1 financing statements, for filing with the Secretary of State of the State of Delaware, naming
the Transferor, as debtor, the Issuer, as assignor secured party, and the Trustee, for the benefit of the Secured Parties, as the total assignee secured party; 

(2) UCC-1 financing statements, for filing with the Secretary of State of the State of Delaware, naming the Issuer, as
debtor, and the Trustee, for the benefit of the Secured Parties, as Secured Party; 
 (3) UCC-3 financing
statement releases, for filing with the Secretary of State of the State of Delaware, naming the Transferor, as debtor and Morgan Stanley Bank, as secured party; 

(4) such other, similar instruments or documents, as may be necessary or, in the opinion of any Noteholder, desirable
under the UCC of all appropriate jurisdictions or any comparable law to perfect the transfers (including grants of security interests) under the Transaction Documents; 

(vi) a fully executed original counterpart of each of the Assignment Agreement related to the initial Contract Assets, the
Purchase and Contribution Agreement, this Indenture, the Servicing Agreement, the Securities Account Control Agreement, each Lienholder Nominee Agreement and the Note Purchase Agreement shall have been received by the Initial Purchaser or its
agents; 
 (vii) a copy of the fully executed Lockbox Intercreditor Agreement and the Joinder to Lockbox
Intercreditor Agreement shall have been received by the Initial Purchaser or its agents; 
  

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 (viii) written evidence of establishment of the Reserve Account, the
Collection Account, the Servicer Transition Account and continued existence of the Lockbox Account; 
 (ix) a
certificate listing the Servicing Officers of the Servicer as of the Closing Date; 
 (x) confirmation that the
Rating Agency has issued rating letters confirming ratings for the Notes as set forth in the Offering Circular; 

(xi) executed favorable legal opinions of counsel to the Servicer, the Partnership, the Issuer, the Transferor, the
Back-up Servicer, the Custodian and the Trustee, addressed to the Trustee, the Back-up Servicer and the Initial Purchaser (as applicable), dated the Closing Date and covering general corporate matters, the due execution and delivery of, and the
enforceability of, each of the Transaction Documents to which the Servicer, the Partnership, the Issuer, the Transferor, the Back-up Servicer, the Custodian and the Trustee (individually or in any other capacity) is party, true sale,
non-consolidation, security interest, tax matters and such other matters as the Initial Purchaser may request; 

(xii) certificates of the Secretary or Assistant Secretary of each of the Servicer, the Partnership, the Issuer, the
Transferor, dated as of the Closing Date, and certifying (A) that attached thereto is a true, complete and correct copy of (a) the organizational documents of the Servicer, the Partnership, the Transferor and the Issuer (as applicable),
and (b) resolutions duly adopted by the Servicer, the Partnership, the Issuer and the Transferor authorizing the execution, delivery and performance of the Transaction Documents to which it is a party and the transactions contemplated
thereunder, and that such resolutions have not been amended, modified, revoked or rescinded, and (B) as to the incumbency and specimen signature of each officer executing any Transaction Documents on behalf of the Servicer, the Partnership, the
Issuer and the Transferor (as the case may be); 
 (xiii) copies of all waivers, licenses, approvals or consents,
if any, required or advisable, in the opinion of the Initial Purchaser, in connection with the execution, delivery and performance by the Servicer, the Partnership, the Issuer and the Transferor (as the case may be) of the Transaction Documents (and
the validity and enforceability thereof), which waivers, licenses, approvals or consents shall be in full force and effect; 

(xiv) written confirmation of the payment (or deposit for payment with the Trustee) of all fees and expenses of the
Trustee, the Custodian, the Back-up Servicer, the Initial Purchaser (including the fees and charges of their respective agents, auditors and counsel) accrued as of the Closing Date; 

(xv) [Reserved]; 

(xvi) delivery by the Custodian of an executed Custodian Certificate dated as of the Closing Date and certifying as to its
review of the Contract Assets; and 
  

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 (xvii) such additional documents, instruments, certificates, opinions,
ratings letters or other confirmations as the Initial Purchaser may reasonably request. 
 (b) all Collateral in which a
security interest has been granted to the Trustee under the Indenture shall be subject to no other Liens other than Permitted Liens. 

Section 4.02 Security for Notes. 

(a) The Servicer shall at its own expense, in consideration of the Servicer Fee, cause to be filed the financing statements and
assignments described in Sections 4.01(a)(v) and 4.02(b) in accordance with such Sections. In addition, from time to time, the Servicer shall take or cause to be taken at its own expense, in consideration of the Servicer Fee, any other
such actions and execute such documents as are necessary to perfect and protect the Issuer’s precautionary security interest against the Transferor, as applicable, in respect of the Contract Assets and the assignment to the Trustee thereof, and
the Trustee’s security interests in and liens on the Collateral against all other Persons, including the filing of financing statements, amendments thereto and continuation statements, the execution of transfer instruments and the making of
notations on or taking possession of all records or documents of title; provided that, none of the Servicer, the Transferor nor the Issuer shall be required to file UCC-1 financing statements against Obligors with respect to a Contract
related to Equipment that had an original equipment cost at origination of less than (A) if such Contract is a secured loan or finance lease that provides for a $1 purchase option, $25,000, or (B) if such Contract provides for a “fair
market value” purchase option, $50,000 or to file or record assignments of any UCC-1 financing statements or other lien recordings or notations made against any Obligor. Notwithstanding anything to the contrary contained herein, if the Servicer
is not LEAF Financial Corporation or one of its Affiliates, the successor Servicer shall not be responsible for the initial filings of any UCC financing statements, or any continuation statements filed by any predecessor Servicer, or the information
contained therein (including the exhibits thereto), the perfection of any such security interests during the term of such predecessor Servicer, or the accuracy or sufficiency of any description of collateral in such filings, and the successor
Servicer shall be fully protected in relying on such initial filings and any continuation statements or modifications thereto made by a predecessor Servicer pursuant to this Section 4.02 but shall continue to be responsible for requirements
expressed above during the period it acts as Servicer. 
 (b) If any change in the Servicer’s or the Issuer’s name,
identity, structure or the location of its principal place of business, chief executive office or State of organization occurs, then such party shall deliver thirty (30) days’ prior written notice of such change or relocation to the
Servicer, the Trustee, the Back-up Servicer and the Rating Agency, and, no later than the effective date of such change or relocation, the Servicer shall file or cause to be filed such amendments or statements as may be required to preserve and
protect the Issuer’s precautionary security interest against the Transferor in respect of the Contract Assets and the assignment to the Trustee thereof, and the Trustee’s security interest in and liens on the Collateral. 

(c) During the term of this Indenture, the Issuer will maintain its sole state of organization in the State of Delaware, and the Servicer
will maintain its sole state of incorporation in a State of the United States. 
  

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 Section 4.03 Review of Contract Files. 

(a) On or prior to the Closing Date and each Acquisition Date for a Substitute Contract, the Issuer shall cause to be delivered to the
Custodian the documents comprising the Contract Files for the Contracts to be acquired on such date. Each Contract and the folder containing other Contract Files documents for such Contract shall be clearly marked with a LEAF Contract Number, which
LEAF Contract Number shall be used by the Issuer, the Trustee and the Custodian to identify such Contract on the Contract Schedule. 

(b) Prior to the Acquisition Date for a Contract, the Custodian will review the Contract Files related to each proposed Contract and
shall perform such reviews as are sufficient to enable it to confirm the items required to be certified by it in the Custodian Certificate in the form attached hereto as Exhibit E. By execution and delivery of any such Custodian
Certificates, the Custodian shall evidence completion of such review and confirmation. The Custodian shall include in any Exception Report any failure of a document to correspond to the information on the Amendment to Contract Schedule or the
absence of any one or more of the documents comprising the Contract Files for such Contract and shall deliver such Exception Report to the Servicer, the Trustee and the Note Issuer. 

(c) If any Contracts or Contract Assets to be pledged to the Trustee are Contracts or Contract Assets that at any time were subject to a
Lien in favor of a Person that has held a Lien thereon, concurrently with the delivery of an Officer’s Certificate, the Issuer shall have delivered to (x) the Custodian (with a copy to the Trustee) a facsimile copy or an original executed
Release Agreement from each Person that has held a Lien on the applicable Contract and/or Contract Assets, together with the certification in the Officer’s Certificate that each such Release Agreement constitutes a release of such Person’s
security interest in each such Contract and/or Contract Asset (and the other Collateral related thereto), and (y) the Custodian (with a copy to the Trustee) the original UCC partial or full release relating to the Release Agreement described in
clause (x) above. 
 (d) The Custodian shall use reasonable care in the performance of its duties under the Transaction
Documents, shall identify and segregate all items constituting the Contract Files and shall maintain continuous custody of all items constituting the Contract Files in secure, fire resistant facilities in accordance with customary standards for such
custody. The Custodian makes no representations as to and shall not be responsible to verify (i) the validity, legality, enforceability, sufficiency, due authorization or genuineness of any document constituting Contract Files or of any of the
Contracts or (ii) the collectibility, insurability, effectiveness or suitability of any Contract. 
 (e) The Custodian
shall hold all Contracts and all other Collateral delivered to it pursuant to the Transaction Documents as Custodian for the benefit of the Trustee (for the benefit of the Secured Parties). With respect to each item of Contract Files delivered to
the Custodian, the Custodian shall (i) hold all documents constituting such Contract Files received by it for the exclusive use and benefit of the Trustee (for the benefit of the Secured Parties) and (ii) make disposition thereof only in
accordance with the terms of this Indenture and the Servicing Agreement. 
  

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 (f) In the event that (i) the Trustee, the Servicer, the Issuer or the Custodian shall
be served by a third party with any type of levy, attachment, writ or court order with respect to any Contract Files or (ii) a third party shall institute any court proceeding by which any Contract Files shall be required to be delivered
otherwise than in accordance with the provisions of this Indenture, the party or parties receiving such service shall promptly deliver or cause to be delivered to the other parties to this Indenture copies of all court papers, orders, documents and
other materials concerning such proceedings. The Custodian shall continue to hold and maintain all the Contract Files that is the subject of such proceedings pending a final order of a court of competent jurisdiction permitting or directing
disposition thereof. Upon final determination of such court, the Custodian shall deliver such Contract Files as directed by such determination or, if no such determination is made, in accordance with the provisions of this Indenture. Expenses of the
Custodian incurred as a result of such proceedings shall be borne by the Issuer. 
 (g) At its own expense, the Custodian shall
maintain at all times prior to the satisfaction and discharge of this Indenture and keep in full force and effect fidelity insurance, theft of documents insurance, forgery insurance and errors and omissions insurance. All such insurance shall be in
amounts, with standard coverage and subject to deductibles, all as is customary for insurance typically maintained by banks which act as custodian of collateral substantially similar to the Collateral. Upon at least ten (10) days’ prior
written request, the Issuer and/or the Servicer shall be entitled to receive a certificate of the Custodian’s respective insurer that such insurance is in full force and effect. 

Section 4.04 Defective Contracts. 

(a) If, upon examination of any Contract File in accordance with Section 4.03 hereof, the Custodian determines that such Contract
File does not satisfy the requirements described in Section 4.03(b), or is unable to confirm that such requirements have been met, the Custodian shall promptly notify the Servicer, the Partnership and the Transferor by telephone or telecopy. If
the Transferor does not satisfy the Custodian in accordance with the foregoing sentence prior to the second Business Day prior to the applicable Acquisition Date, the Custodian shall return the applicable Substitute Contract and related files to the
Transferor, or as otherwise directed by the Transferor. Notwithstanding the foregoing, if the Majority Holders approve an Exception Report and allow the inclusion of any Substitute Contract that the Custodian has identified as defective in its
review under Section 4.03(b), all parties agree that such approval shall be valid only with respect to such included Substitute Contract, shall not constitute a course of dealing, and the allowance of such included Contract shall not operate as
a waiver of any rights of the Trustee or any Secured Party hereunder, under the Purchase and Contribution Agreement, the Assignment Agreements or any other Transaction Documents with respect to any adverse consequence caused by such defect.

 (b) If a Responsible Officer of the Trustee, or if another party to any of the Transaction Documents, notifies the Servicer
(pursuant to the Servicing Agreement), the Partnership, the Transferor, the Back-up Servicer and the Issuer of the existence of any Warranty Event, the Partnership (pursuant to the Servicing Agreement) or the Transferor (pursuant to the Purchase and
Contribution Agreement) shall (i) cure the breach(es) which caused the Warranty Event or (ii) repurchase or substitute, as applicable, such Contract and related Contract Assets at the Contract Repurchase Price or for a Substitute Contract,
respectively, as required in 
  

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accordance with Section 3.03 of the Purchase and Contribution Agreement or Section 3.09 of the Servicing Agreement. If any such Contract is substituted or repurchased by the Partnership
in accordance with the provisions of the Servicing Agreement, or repurchased by the Transferor pursuant to the Purchase and Contribution Agreement, and the Trustee has received a written request in the form attached hereto as Exhibit D-1
relating thereto, the Trustee shall, upon receipt of the applicable Contract Repurchase Price, but subject to Section 4.07 hereof, return the affected Contract and related files to the Issuer (or, if the Issuer so requests, directly to the
Servicer or the Transferor, as the case may be), release its interest therein and in the related Contract Assets, and such items shall no longer constitute a Contract or Contract Asset hereunder and shall be released from the Lien of this Indenture.

 Section 4.05 Reserved. 

Section 4.06 Administration of the Contract Assets. The Contract Assets shall be serviced by the Servicer in
accordance with the terms of the Servicing Agreement. The Servicer, as agent of the Issuer prior to the occurrence of an Event of Default, shall have the right to provide any notices and instructions to Obligors in connection with the Contract
Assets. In the event that the Issuer or the Trustee receives any notices, requests for information or other communication from an Obligor, it shall immediately forward such communication to the Servicer. The Trustee shall deposit any Collections
received by it in the Collection Account, in accordance with Section 13.02 and it shall deliver written or electronic statements regarding such collections and deposits to the Servicer at least monthly. The Trustee shall have no obligation to
advance its own funds to the Collection Account. In the absence of an Event of Default, the Trustee shall not contact any Obligor or take any action with respect to the enforcement, modification or release of any Contract against an Obligor without
the express written authorization of the Servicer or the Issuer. 
 Section 4.07 Releases. 

(a) The Issuer shall be entitled to obtain a release from the Lien of this Indenture for any individual Contract and the related Contract
Assets at any time after all of the conditions for such release set forth in the Transaction Documents have been satisfied and (i) after a payment by the Transferor or the Servicer, as applicable, under the provisions of the relevant
Transaction Documents, of the related Contract Repurchase Price therefor or (ii) after a Substitute Contract and the related Contract Assets are substituted for such Contract and the related Contract Assets in accordance with the Transaction
Documents. In order to effect any such release, the Servicer, on behalf of the Issuer, shall deliver to the Trustee and the Custodian in accordance with the Transaction Documents a Request for Release, in the form attached hereto
Exhibit D-1, (1) identifying the Contracts and the related Equipment to be released, (2) requesting the release thereof, (3) setting forth the amount deposited in the Collection Account with respect thereto, or identifying
the Substitute Contract substituted therefor in the event that the subject Contracts and the related Equipment are being released from the Lien of this Indenture pursuant to clause (ii) above, (4) certifying that the amount deposited in
the Collection Account equals the Contract Repurchase Price relating to such Contracts and the related Equipment in the event that the subject Contracts and the related Equipment are being released from the Lien of this Indenture pursuant to clause
(i) above and (5) certifying that all other conditions precedent set forth in the Transaction Documents relating to such release have been satisfied. The Trustee, upon receipt of 

 

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a written request in the form attached hereto as Exhibit D-1, and the Trustee’s confirmation that the related (i) Contract Repurchase Price has been deposited into the
Collection Account or (ii) Substitute Contract has been substituted for the Contract, shall execute instruments to release a Contract from the lien of this Indenture, or convey the Trustee’s interest in the same. 

(b) Upon receipt of the Request for Release from the Servicer in the form attached hereto as Exhibit D-1, including a
certification that all of the conditions specified in clause (a) of this Section 4.07 have been satisfied, and provided that if Item 7 of the Request for Release has been checked, all other certifications and documents required under
the terms of this Indenture have been received by the Trustee, the Trustee shall release from the Lien of this Indenture and the Custodian shall deliver to the Issuer or upon Issuer Order the Contracts and all related Contract Assets described in
the Issuer’s Request for Release. 
 (c) The Custodian may, if requested by the Servicer, in the form attached hereto as
Exhibit D-1, for purposes of servicing a Contract, temporarily deliver to the Servicer the original Contract. Any Contract temporarily delivered from the custody of the Custodian to the Servicer or its agents shall have affixed to such
Contract a copy of such written request in the Form of Exhibit D-1, which shall contain a legend to the effect that the Contract is the property of the Issuer and has been pledged to U.S. Bank National Association, as Trustee for the
benefit of the Secured Parties. The Servicer shall promptly return the Contract to the Custodian, along with a letter attached hereto as Exhibit D-2, upon the need therefor no longer existing; provided that if an Event of
Default has occurred, the Servicer shall forthwith return to the Custodian each Contract temporarily delivered pursuant to this Section 4.07. 

ARTICLE V 

SATISFACTION AND DISCHARGE 

Section 5.01 Satisfaction and Discharge of Indenture. 

(a) Following (i) payment in full of (A) all of the Notes, (B) the fees and charges and reimbursements of the Trustee, the
Back-up Servicer, the Partnership, the Custodian and the Noteholders and (C) all other obligations of the Issuer under this Indenture and the other Transaction Documents and (ii) a written request by the Issuer to the Trustee to terminate
this Indenture and release the Collateral, this Indenture shall be discharged and terminated and the lien of this Indenture on the Collateral thereupon shall be released. All Contract Files shall then include an Officer’s Certificate from the
Issuer, stating that all conditions precedent provided for herein relating to the satisfaction and discharge of this Indenture with respect to the Notes have been complied with. 

(b) Upon the discharge and termination of this Indenture, the Trustee shall release from the lien of this Indenture and deliver to the
Issuer all remaining Collateral, and the Trustee shall file, or cause to be filed, at the Servicer’s expense, UCC termination statements evidencing such discharge and release; provided, if the Back-up Servicer has become the Servicer,
the Servicer shall be entitled to reimbursement of all expenses incurred under this Section 5.01(b) by the Issuer payable solely from amounts that are available to the Servicer therefore under Section 13.03 of the Indenture. 

 

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 ARTICLE VI 

DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 

“Event of Default” wherever used herein means the occurrence of any one of the following events, unless any such particular
occurrence is waived as an “Event of Default” in writing in accordance with the provisions of this Indenture; provided that, unless and until any such waiver is given, an “Event of Default” shall be deemed to exist for all
purposes under the Transaction Documents, even if the event giving rise to such Event of Default is no longer continuing or has been cured: 

(a) the Issuer shall fail to make when due any payment with respect to interest on any Class of Notes then outstanding, or
the Servicer shall fail to make when due any deposit required under the Transaction Documents (other than as described in clause (e) below), in any case on or before the date occurring five (5) Business Days after the date such payment or
deposit shall become due; 
 (b) the Issuer, Servicer, the Partnership or the Transferor shall fail to perform or
observe any covenant with respect to it set forth in any Transaction Document, and in each case such failure shall remain unremedied for thirty (30) Business Days after the earlier of (x) actual knowledge thereof by such Person or
(y) receipt by such Person of written notice thereof; 
 (c) any representation or warranty made by the
Issuer, the Partnership Transferor or Servicer in any Transaction Document or in any other document delivered pursuant thereto (other than a representation or warranty made with respect to the Contracts) shall prove to have been incorrect in any
material respect when made or deemed made and continues to be incorrect in any material respect for a period of thirty (30) Business Days after the earlier to occur of (x) the actual knowledge thereof by such Person or (y) the receipt
by such Person of written notice thereof; 
 (d) an Insolvency Event shall occur with respect to the Issuer;

 (e) the Outstanding Note Balance of any Class of Notes is not reduced to zero and all interest due on any
Class is not paid by that Class’s Stated Maturity Date; 
 (f) [Reserved]; 

(g) the Issuer is required to register as an “investment company” under the Investment Company Act of
1940, as amended; or 
 (h) any Class A Note or Class B Note shall cease to constitute debt for federal
income tax purposes, as evidenced by a written determination by the Internal Revenue Service. 
 Section 6.02
Acceleration of Maturity; Rescission and Annulment. If an Event of Default exists, then, unless waived pursuant to Section 6.15 hereof, and in every such case, the 

 

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Control Party may, and the Trustee shall, at the written direction of the Control Party, declare the principal of all the Notes to be immediately due and payable, by notice given in writing to
the Issuer and upon any such declaration, such principal and all accrued interest under the Notes shall become immediately due and payable without any presentment, demand, protest or other notice of any kind (except such notices as shall be
expressly required by the provisions of this Indenture), all of which are hereby expressly waived; provided, that if such Event of Default consists of an Insolvency Event with respect to the Issuer, then all such principal and accrued
interest shall be automatically due and payable without the need for any such notice or further action by any Person. 
 At any
time after such a declaration of acceleration has been made, but before any Sale of the Collateral has been made or a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the
Control Party, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if (notwithstanding Section 6.15 hereof) (a) and (b) below are satisfied: 

(a) the Issuer has paid or deposited with the Trustee a sum sufficient to pay: 

(1) all overdue installments of interest on all Notes and interest thereon at the overdue interest rate from the time such
overdue interest first became due until the date when paid; 
 (2) the principal of any Notes which has become
due otherwise than by such declaration of acceleration and interest thereon at the overdue interest rate from the time such principal first became due until the date when paid; and 

(3) all sums paid or advanced, together with interest thereon, by the Trustee, the Partnership and any Secured Party, and
the reasonable compensation, expenses, disbursements and advances of the Trustee and any Secured Party, their agents and counsel incurred in connection with the enforcement of this Indenture to the date of such payment or deposit. 

(b) all Events of Default, other than the nonpayment of the principal on any of the Notes which has become due solely by such declaration
of acceleration, have been cured or waived by the Control Party unless (i) an Event of Default in the payment of interest on any Note when due or principal not paid at the Stated Maturity Date or (ii) in respect of a covenant or provision
hereof which by its terms cannot be modified or amended without the consent of the Noteholders of each Outstanding Note affected thereby, in which case a waiver by the Noteholders of each Outstanding Notes is required. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

Section 6.03 Collection of Indebtedness and Suits for Enforcement by Trustee. 

(a) The Issuer covenants that, if an Event of Default shall occur and the Notes have been declared due and payable and such declaration
has not been rescinded and annulled, the Issuer will pay to the Trustee, for the benefit of the Noteholders, the whole amount then due and 

 

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payable on the Notes for principal and interest (with interest upon the overdue principal and overdue interest at the rate provided herein), any and all amounts due and payable to the
Noteholders, the Partnership, the Back-up Servicer, the Custodian, the Paying Agent and the Trustee 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 each of the Trustee, the Paying Agent and the Noteholders and their respective agents and counsel. 

(b) If the Issuer fails to pay such amount forthwith upon such demand, the Trustee, in its own name and as Trustee of an express trust,
may, with the prior written consent of the Control Party, and shall, at the written direction of the Control Party, institute Proceedings for the collection of the sums so due and unpaid, and prosecute such Proceedings to judgment or final decree,
and enforce the same against the Issuer and collect the monies adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer, wherever situated. 

(c) If an Event of Default exists, the Trustee shall, at the written direction of the Control Party, proceed to protect and enforce the
rights of the Noteholders and the Paying Agent by such appropriate Proceedings as the Trustee, at the written direction of the Control Party, shall deem most effectual 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. 

Section 6.04 Remedies. If an Event of Default exists, the Trustee may, with the prior written consent of the Control
Party, and shall, at the written direction of the Control Party, do one or more of the following: 
 (a) institute Proceedings
for the collection of all amounts remaining unpaid on the Notes or under this Indenture or the other Transaction Documents whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and the Collateral the monies
adjudged due; 
 (b) take possession of and sell the Collateral or any portion thereof or rights or interest therein, at one or
more private or public Sales called and conducted in any manner permitted by law; 
 (c) institute any Proceedings from time to
time for the complete or partial foreclosure of the lien created by this Indenture with respect to the Collateral; 
 (d)
redirect Obligor payments to such account or accounts as the Control Party determines necessary in its sole discretion, or at the direction of the Control Party; 

(e) during the continuance of a default under a Contract, exercise any of the rights of the lessor or lender (as applicable) under such
Contract; 
 (f) exercise any remedies of a secured party under the Uniform Commercial Code (irrespective of whether the Uniform
Commercial Code applies) or any applicable law and take any other appropriate action to protect and enforce the rights and remedies of the Trustee or the Noteholders hereunder or under the other Transaction Documents; and 

 

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 (g) exercise any and all rights, powers and privileges available to the Trustee or the
Noteholders (whether at law, in equity or by contract). 
 Section 6.05 Optional Preservation of Collateral.
If an Event of Default exists, the Trustee shall, upon written request from the Control Party, elect, by giving written notice of such election to the Issuer, to take possession of and retain the Collateral intact, collect or cause the collection of
all income, payments and proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of such Notes in accordance with the provisions of Article XIII. If the Trustee is unable to or is stayed from giving
such notice to the Issuer for any reason whatsoever, such election shall be effective as of the time of such request from the Control Party, as the case may be, notwithstanding any failure to give such notice, and the Trustee shall give such notice
upon the removal or cure of such inability or stay (but shall have no obligation to effect such removal or cure). Any such election may be rescinded with respect to any portion of the Collateral remaining at the time of such rescission by written
notice to the Trustee and the Issuer from the Control Party. 
 Section 6.06 Trustee May File Proofs of
Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial Proceeding relating to the Issuer or the property of the Issuer or its creditors,
the Trustee (irrespective of whether the principal of any of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Issuer for the payment
of overdue principal or interest) shall be entitled and empowered and shall, at the prior written direction of the Control Party, intervene in such proceeding or otherwise: 

(a) to file and prove a claim for all amounts of principal and interest owing and unpaid in respect of the Notes issued hereunder and to
file such other papers or documents and take such other actions, including participating as a member, voting or otherwise, in any committee of creditors appointed in the matter as may be necessary or advisable in order to have the claims of the
Trustee, the Noteholders, the Paying Agent, the Custodian (including any claim for the reasonable compensation, expenses, disbursements and advances of each such Person and their respective agents and counsel and any other amounts due the Trustee
under Section 7.07) and of the Noteholders allowed in such judicial Proceeding; 
 (b) unless prohibited by applicable law
and regulations, to vote at the direction of the Control Party on behalf of the Noteholders in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings; 

(c) to petition for lifting of the automatic stay and thereupon to foreclose upon the Collateral as elsewhere provided herein; and

 (d) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
and any receiver, assignee, trustee, liquidator, or sequestrator (or other similar official) in any such judicial Proceeding is hereby authorized by the Noteholders and the Paying Agent to make such payments to the Trustee, and in the event that the
Trustee shall consent to the making of such payments directly to each such Person, to pay to the Trustee or such Person any amount due to it for the reasonable compensation, expenses, 

 

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disbursements and advances of each of the Trustee and such other Person, their agents and counsel, and any other amounts due the Trustee under Section 7.07. 

Nothing contained in this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Secured Party any plan of reorganization, arrangement, adjustment or composition affecting any of the Notes or the rights of any Secured Party, or to authorize the Trustee to vote in respect of the claim of any Secured Party in any such
Proceeding; provided, however, that the Control Party shall be authorized to vote on all of the foregoing matters described above on behalf of the Noteholders and to consent to certain amendments as described under Section 10.02
hereof. 
 Section 6.07 Trustee May Enforce Claims Without Possession of Notes. 

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

(b) All rights of actions and claims under this Indenture or any of the Notes may be prosecuted and enforced by the Trustee without the
possession of any of the Notes or the production thereof in any Proceeding relating thereto, and any such Proceedings instituted by the Trustee shall be brought with the prior written consent of the Control Party and in the Trustee’s own name
as trustee of an express trust, and any recovery, whether by judgment, settlement or otherwise shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel, be
for the benefit of the Noteholders, as the case may be. 
 Section 6.08 Application of Money Collected. If
the Notes have been declared due and payable following an Event of Default and such declaration has not been rescinded or annulled, any money collected by the Trustee with respect to the Notes and the other Transaction Documents pursuant to this
Article VI or otherwise and any other money that may be held thereafter by the Trustee as security for the Notes and the other Transaction Documents shall be applied in the order set forth in Section 13.03 on the earlier of the next
Payment Date and such dates as the Trustee may designate for the release of such funds, to the same extent as if such date were a Payment Date. 

Section 6.09 [Reserved] 

Section 6.10 Unconditional Right of the Noteholders to Receive Principal and Interest. Notwithstanding any other
provision in this Indenture, each Noteholder shall have the right, which is absolute and unconditional, to receive payment of the principal and interest on such Note on the dates on which such principal and interest becomes due and payable and to
institute any Proceeding for the enforcement of any such payment, and such right shall not be impaired without the consent of such Noteholder. 

Section 6.11 Restoration of Rights and Remedies. If the 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 

 

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adversely to the Trustee or to such Noteholder, then, and in every case, the Issuer, the Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally
and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

Section 6.12 Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes in the last paragraph of Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 6.13 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Noteholder to exercise any
right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or any acquiescence therein. Every right and remedy given by this Article VI or by law to the Trustee
or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or the Noteholders, as the case may be. 

Section 6.14 Control by Control Party. The Control Party shall have the right to direct in writing the time, method
and place of conducting any Proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee; provided that: 

(a) such direction shall not be in conflict with any rule of law or with this Indenture including any provision hereof which expressly
provides for approval by a percentage of Outstanding Note Balance of all Notes or of all Notes within a Class; 
 (b) if the
Trustee has reasonable grounds for believing that repayment of any funds expended or risked by it is not assured to it without an indemnity reasonably satisfactory to it against such risk or liability, such indemnity shall have been provided.

 Section 6.15 Waiver of Certain Events by the Control Party. 

The Control Party may waive on behalf of all Noteholders any Event of Servicing Termination, Default or Event of Default and its consequences in each
case except: 
 (i) an Event of Default in the payment of interest on any Note when due or principal not paid at
the Stated Maturity Date; 
 (ii) in respect of a covenant or provision hereof which by its terms cannot be
modified or amended without the consent of the Noteholder of each Outstanding Note affected thereby; or 
 (iii)
or in the circumstances provided in Section 6.02 hereof. 
  

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 Upon any such waiver, such Event of Servicing Termination, Default or Event of Default shall
cease to exist, and any Event of Default shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Event of Servicing Termination, Default or Event of Default or impair any
right consequent thereon. 
 Section 6.16 Additional Rights of Class B Noteholders and Class C
Noteholders. At any time during the period from the first to occur of (i) the commencement of an Insolvency Event or any other insolvency proceeding with respect to the Issuer, (ii) the acceleration of the Class A Notes
pursuant to Section 6.02 or (iii) the commencement of the foreclosure of any Collateral under this Article VI following the occurrence of an Event of Default, and without prejudice to any other rights of the Holders of the
Class B Notes under the Transaction Documents, any one or more Holders of the Class B Notes shall initially have the right to deliver written notice, which notice shall be sent to the Trustee (the “Class A Buyout
Notice”) electing to purchase (without recourse, warranty or representation (other than that the Holders of such Class A Notes own such Class A Notes free and clear of any Liens created or granted by the Holder of such
Class A Notes)) the entire (but not less than the entire) aggregate amount of Outstanding Class A Notes (and all associated rights, titles, claims and privileges associated therewith) for an amount (the “Class A Buyout
Price”) equal to the Outstanding Note Balance of, and accrued but unpaid interest on, the Class A Notes (excluding therefrom any premium or penalty otherwise payable). The Trustee agrees that it shall give to the Holders of the Class B
Notes and Class C Notes written notice of the events described in clauses (i), (ii), and (iii) of this Section 6.16 promptly upon its receiving notice of such event or a Responsible Officer of the Trustee having actual knowledge thereof
(such date of notice, the “Default Notice Date”). 
 If no Holder of the Class B Notes exercises its rights to
purchase the Class A Notes within ten (10) Business Days of the Default Notice Date, then, without prejudice to any other rights of the Holders of the Class C Notes under the Transaction Documents, any one or more Holders of the
Class C Notes shall then have the right to deliver the Class A Buyout Notice, which notice shall be sent to the Trustee electing to purchase (without recourse, warranty or representation (other than that the Holders of such Class A
Notes own such Class A Notes free and clear of any Liens created or granted by the Holder of such Class A Notes)) the entire (but not less than the entire) aggregate amount of Outstanding Class A Notes (and all associated rights,
titles, claims and privileges associated therewith) for the Class A Buyout Price. 
 The purchase of the Class A Notes pursuant to
this Section shall close no later than the date specified in the operative Class A Buyout Notice. The Class A Buyout Price shall be remitted by wire transfer in immediately available federal funds to the Trustee. Interest shall be
calculated to but excluding the Business Day on which such purchase shall occur if the Class A Buyout Price is wired to the Trustee prior to 11:00 am New York time and interest shall be calculated to and including such Business Day if the
Class A Buyout Price is wired to the Trustee, later than 11:00 am New York time. 
 Section 6.17 Waiver of Stay
or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not, at any time, insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law
wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby 

 

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expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted. 
 Section 6.18 Sale of
Collateral. 
 (a) The power to effect any sale (a “Sale”) of any portion of the Collateral pursuant to
Section 6.04 shall not be exhausted by any one or more Sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral securing the Notes shall have been sold or all amounts payable on the
Notes and under this Indenture and the other Transaction Documents shall have been paid. The Trustee may from time to time postpone any Sale by public announcement made at the time and place of such Sale. 

(b) To the extent permitted by applicable law, the Trustee shall not, in any private Sale, sell to one or more third parties, or
otherwise liquidate, all or any portion of the Collateral, unless: 
 (i) the Control Party consents to such Sale
or liquidation; or 
 (ii) the proceeds of such Sale or liquidation available to be distributed to the
Noteholders are sufficient to pay in full all amounts then due with respect to the Notes and, without duplication, all amounts owed to the Servicer, Partnership, Trustee, Custodian, and Back-up Servicer. 

(c) Any Noteholder may bid for and acquire any portion of the Collateral in connection with a Sale thereof. After the Trustee has
received each offer to purchase all or any portion of the Collateral, the Trustee shall notify each Class B Noteholder and Class C Noteholder of the highest offer (the date of such notification, the “Collateral Purchase Notice
Date”) and any one or more Class B Noteholders will initially have the right to purchase (not later than five Business Days after delivery of written notice to the Trustee of exercise of each right to purchase) the Collateral at the highest
price there offered. If no Holder of the Class B Notes exercises its rights to purchase the Collateral within ten (10) Business Days of the Collateral Purchase Notice Date, the Trustee shall notify each Class C Noteholder of the highest offer
and any one or more Class C Noteholders will then have the right to purchase (not later than five Business Days after delivery of written notice to the Trustee of exercise of each right to purchase) the Collateral at the highest price there
offered If a Noteholder submits the highest bid, in lieu of paying cash therefor, such bidder may make settlement for the purchase price by crediting against the purchase price that portion of the net proceeds of such Sale to which such
bidder would be entitled, after deducting the reasonable costs, charges and expenses (including reasonable attorneys’ fees and expenses) incurred by such Noteholder in connection with such Sale. The Notes need not be produced in order to
complete any such Sale, or in order for the net proceeds of such Sale to be credited against the Notes. The Noteholders may hold, lease, operate, manage or otherwise deal with any property so acquired in any manner permitted by law. 

(d) The Trustee shall execute and deliver an appropriate instrument of conveyance provided to it by the Servicer transferring its
interest in any portion of the Collateral in 
  

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connection with a Sale thereof. In addition, the Trustee is hereby irrevocably appointed the agent and attorney-in-fact with full irrevocable power and authority in the place and stead of the
Issuer and in the name of the Issuer or in its own name, from time to time, from and after the occurrence of an Event of Default for the purpose of exercising the rights and remedies of the Trustee hereunder and, to take any and all action and to
execute and deliver any and all documents and instruments which may be necessary or desirable to accomplish the foregoing, including without limitation, to transfer and convey its interest in any portion of the Collateral in connection with a Sale
thereof, and to take all action necessary to effect such Sale. No purchaser or transferee at such a sale shall be bound to ascertain the Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of
any monies. 
 (e) The method, manner, time, place and terms of any Sale of all or any portion of the Collateral shall be
commercially reasonable. The Trustee shall incur no liability for any Sale conducted in accordance with this Section. 

Section 6.19 Action on Notes. The Trustee’s right to seek and recover judgment on the Notes or under this
Indenture or the other Transaction Documents shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture or the other Transaction Documents. Neither the lien of this Indenture nor any
rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets
of the Issuer. 
 ARTICLE VII 

THE TRUSTEE 

Section 7.01 Certain Duties and Responsibilities. 

(a) Except during the existence of an Event of Default known to the Trustee as provided in subsection (e) below: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture,
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the
absence of bad faith or negligence on its part, the 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 Trustee and conforming to the
requirements of this Indenture; but in the case of any such certificates or opinions, which by any provision hereof are specifically required to be furnished to the Trustee, such certificate or opinion shall cite the applicable provision and the
Trustee shall be under a duty to examine the same and to determine whether or not they conform to the requirements of this Indenture. 

(b) So long as any Event of Default or Event of Servicing Termination exists, the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and shall use the same degree of care and skill in their exercise, as a prudent person would exercise or use 

 

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under the circumstances in the conduct of his or her own affairs, and nothing contained herein shall relieve the Trustee of such obligations. 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct or bad faith (as determined by a court of competent jurisdiction), except that: 

(i) this subsection (c) shall not be construed to limit the effect of subsection (a) of this Section;

 (ii) neither the Trustee nor any of its officers, directors, employees or agents shall be liable with respect
to any action taken or omitted to be taken by the Trustee in good faith in accordance with the written direction (A) given pursuant to this Indenture or (B) by the Control Party in accordance with Section 6.14 relating to the time,
method and place of conducting any Proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 

(iii) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
liability (financial or otherwise) 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 for believing that repayment of such funds is not assured to it without an
indemnity reasonably satisfactory to it against such risk or liability; and 
 (iv) the Trustee shall not be
liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be conclusively proven by a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts. 

(d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee shall be subject to the provisions of this Section 7.01. 
 (e) For all purposes
under this Indenture, the Trustee shall not be deemed to have notice of any Default, Event of Default (except as described in Section 6.01(a) or (b)) or Event of Servicing Termination unless a Responsible Officer assigned to and working in
the Trustee’s Corporate Trust Office has actual knowledge or has received written notice (at the address and in the manner specified in Section 14.03) of any such event, and such notice references (i) the Notes generally, the Issuer
or this Indenture or (ii) the applicable Default, Event of Default or Event of Servicing Termination. 
 (f) Subject to
Section 7.03(e), the Trustee shall be under no obligation to institute any suit, or to take any remedial proceeding under this Indenture, or to enter any appearance or in any way defend in any suit in which it may be made defendant, or to take
any steps in the execution of the trusts hereby created or in the enforcement of any rights and powers hereunder if it has reasonable grounds for believing that repayment of any funds expended or risked by it is not assured to it without an
indemnity reasonably satisfactory to it against such risk or liability, until such indemnity shall have been provided. 
  

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 (g) Notwithstanding any extinguishment of all right, title and interest of the Issuer in and
to the Collateral following an Event of Default and a consequent declaration of acceleration of the maturity of the Notes, whether such extinguishment occurs through a Sale of the Collateral to another person or the acquisition of the Collateral by
the Trustee or the Noteholders, the rights of the Noteholders shall continue to be governed by the terms of this Indenture. 

(h) Notwithstanding anything to the contrary contained herein, the provisions of subsections (e) through (g), inclusive, of
this Section 7.01 shall be subject to the provisions of subsections (a) through (c), inclusive, of this Section 7.01. 

(i) At all times during the term of this Indenture, the Trustee and the Custodian shall keep at their Corporate Trust Office for
inspection by the Noteholders, the Contract Schedule and all amendments thereto delivered to it. 
 (j) The Trustee shall have
no obligation to ascertain whether any payment of interest on an overdue installment of interest is legally enforceable. 

Section 7.02 Notice of Default and Other Events. Promptly upon the existence of any Default or Event of Default or
Event of Servicing Termination known to the Trustee (within the meaning of Section 7.01(e)), the Trustee shall transmit by telephonic or telecopy communication confirmed by mail to all Noteholders, as their names and addresses appear the Note
Register, notice of such event hereunder known to the Trustee. 
 Section 7.03 Certain Rights of Trustee.
Except as otherwise provided in Section 7.01: 
 (a) the Trustee may in good faith conclusively rely and shall be fully
protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other obligation, paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties; 
 (b) any request or direction of the Issuer mentioned herein
shall be sufficiently evidenced by an Issuer Request, an Issuer Order, or any writing executed by a duly authorized officer of the Issuer; 

(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith, negligence or willful misconduct on its part, reasonably request and conclusively rely upon
an Officer’s Certificate of the Servicer or the Issuer; 
 (d) the Trustee may consult with counsel selected by it with due
care and familiar with such matters and the written advice or opinion of such counsel or any Opinion of Counsel (in form and substance satisfactory to the Trustee and addressed to the Trustee) shall be full and complete authorization and protection
and the Trustee shall not be liable in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
  

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 (e) the Trustee may, at any time during the administration of this Indenture, request and
receive a written direction from the Control Party in connection with actions to be taken in its capacity as Trustee and shall not be liable for any action taken or omitted in good faith reliance thereon; 

(f) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture which are exercisable
at the request or direction of any of the Noteholders or the Control Party pursuant to this Indenture, if it has reasonable grounds for believing that repayment of the costs, expenses (including legal fees and expenses) and liabilities which might
be incurred by it in compliance with such request or direction is not assured to it without an indemnity reasonably satisfactory to it against such cost, expense or liability; 

(g) the 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, approval, entitlement, bond, note or other paper or document, unless requested in writing to do so by the Control Party; provided, however, that the Trustee shall be
under no obligation to make such investigation if it has reasonable grounds for believing that repayment of any cost, expense or liability likely to be incurred in making such investigation is not assured to it without an indemnity reasonably
satisfactory to it against such cost, expense or liability, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, upon reasonable notice and at reasonable times personally or by agent or attorney; 

(h) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents, custodians, nominees or attorneys provided that the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed by it with due care; and 

(i) except as otherwise agreed in writing, the Trustee shall not be responsible for the payment of any interest on amounts deposited with
it hereunder. 
 Notwithstanding the foregoing, nothing in this Indenture or the Servicing Agreement or any other Transaction
Document regarding the Trustee shall limit the Back-up Servicer’s obligations under this Indenture or the Servicing Agreement or any other Transaction Document, which shall be governed by the respective agreement. 

Section 7.04 Not Responsible for Recitals or Issuance of Notes. 

(a) The recitals contained herein and in the Notes, except the certificates of authentication on the Notes, shall be taken as the
statements of the Issuer, and the Trustee assumes no responsibility for their correctness or validity. Other than pursuant to Section 7.17 hereof, the Trustee makes no representations as to the validity, adequacy or condition of the Collateral
or any part thereof, or as to the title of the Issuer thereto or as to the security afforded thereby or hereby, or as to the validity or genuineness of any securities at any time pledged and deposited with the Trustee hereunder or as to the validity
or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Issuer of Notes 

 

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or the proceeds thereof or of any money paid to the Issuer or upon Issuer Order or for the use or application by the Servicer of any amounts paid to the Servicer under any provisions hereof.

 (b) Except as otherwise expressly provided herein or in the other Transaction Documents, and without limiting the generality
of the foregoing, the Trustee shall have no responsibility or liability for or with respect to the existence or validity of any Contract, the perfection of any security interest (whether as of the date hereof or at any future time), the filing of
any financing statements, amendments thereto, or continuation statements, the maintenance of or the taking of any action to maintain such perfection, the validity of the assignment of any portion of the Collateral to the Trustee or of any
intervening assignment, the review of any Contract (it being understood that the Trustee (in its capacity as Trustee) has not reviewed and does not intend to review the substance or form of any such Contract), the performance or enforcement of any
Contract, the compliance by the Issuer, the Servicer, the Transferor or any Obligor with any covenant or the breach by the Issuer, the Servicer, the Transferor or any Obligor of any warranty or representation made hereunder or in any related
document or the accuracy of any such warranty or representation, any investment of monies in the Collection Account, or any loss resulting therefrom (other than losses from nonpayment of investments in obligations of U.S. Bank National Association
issued in its capacity other than as Trustee or investments made in violation of the provisions hereof), the acts or omissions of the Issuer, the Servicer, the Transferor or any Obligor or any action of the Issuer, the Transferor or the Servicer
taken in the name of the Trustee or the validity of the Servicing Agreement. 
 (c) The Trustee shall not have any obligation or
liability under any Contract by reason of or arising out of this Indenture or the granting of a security interest in such Contract hereunder or the receipt by the Trustee of any payment relating to any Contract pursuant hereto, nor shall the Trustee
be required or obligated in any manner to perform or fulfill any of the obligations of the Issuer under or pursuant to any Contract, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it, or
the sufficiency of any performance by any party, under any Contract. 
 Section 7.05 May Hold Notes. The
Trustee, any Paying Agent, Note Registrar, or Authenticating Agent may, in its individual capacity, become the owner or pledgee of Notes. 

Section 7.06 Money Held in Trust. Money and investments held in trust by the Trustee or any Paying Agent hereunder
shall be held in one or more segregated, non-interest bearing trust accounts (which shall be Eligible Accounts), in the name of the Trustee on behalf of the Secured Parties at the Corporate Trust Office, which accounts shall bear a designation
clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties. The Trustee or any Paying Agent shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing
with the Issuer or otherwise specifically provided herein (in such case subject to the provisions of Section 13.03). 

Section 7.07 Compensation and Reimbursement. The Issuer agrees: 

(a) Solely from amounts distributed from the Collection Account pursuant to Section 13.03, to: (i) pay the Trustee monthly its
fee for all services rendered by it hereunder as Trustee, in the amount of the Trustee Fee (which compensation shall not otherwise be limited by 

 

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any provision of law in regard to the compensation of a trustee of an express trust), (ii) pay the Custodian monthly its fee for all services rendered by it hereunder as Custodian, in the
amount of the Custodian Fee and (iii) pay to the Back-up Servicer its fee for all services rendered by it hereunder and under the Servicing Agreement as Back-up Servicer, in the amount of the Back-up Servicer Fee, in each case in accordance
with the priorities set forth in Section 13.03; 
 (b) except as otherwise expressly provided herein and solely from
amounts distributed pursuant to Section 13.03, to reimburse the Trustee, the Custodian or the Back-up Servicer upon its request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee, the Custodian
or the Back-up Servicer, respectively, in accordance with any provision of this Indenture or the Servicing Agreement or any other Transaction Document relating thereto (including the reasonable compensation and the expenses and disbursements of the
Trustee’s, the Custodian’s and Back-up Servicer’s agents and counsel), except any such expense, disbursement or advance as may be attributable to its willful misconduct, negligence or bad faith; and 

(c) to indemnify and hold harmless the Trustee, the Custodian, the Securities Intermediary, the Back-up Servicer and their respective
officers, directors, employees, representatives and agents from and against, and reimburse for, any loss, claim, obligation, action, suit liability, expense, penalty, stamp or other similar tax, reasonable costs and expenses (including reasonable
attorneys’ and agents’ fees and expenses) damage or injury (to person, property or natural resources) of any kind and nature sustained or suffered by the Trustee, the Custodian, the Securities Intermediary and the Back-up Servicer by
reason of any acts or omissions (or alleged acts or omissions) of the Trustee, the Custodian, the Securities Intermediary or the Back-up Servicer under the Transaction Documents or arising directly or indirectly out of the activities of the Issuer
or any of the transactions contemplated hereby (including any violation of any applicable laws by the Issuer as a result of the transactions contemplated by this Indenture) or the participation by the Trustee, the Custodian, the Securities
Intermediary and the Back-up Servicer in the transactions contemplated by the Transaction Documents, including any judgment, award, settlement, reasonable attorneys’ fees and other expenses incurred in connection with the defense of any actual
or threatened action, proceeding or claim; provided that, the Issuer shall not indemnify the Trustee, the Custodian, the Securities Intermediary or the Back-up Servicer if such loss, liability, expense, damage or injury is due to the
Trustee’s, the Custodian’s, the Securities Intermediary’s or the Back-up Servicer’s negligence or willful misconduct, willful misfeasance or bad faith in the performance of duties; provided, further, that all
amounts payable in respect of such indemnity shall be payable by the Issuer solely from the amounts distributed pursuant to Section 13.03 or released from the Lien of this Indenture. The provisions of this indemnity shall run directly to and be
enforceable by an injured person subject to the limitations hereof and the provisions of this Section 7.07 shall survive the termination of this Indenture or the earlier resignation or removal of the Trustee, the Custodian, the Securities
Intermediary or the Back-up Servicer. 
 (d) The Trustee hereby acknowledges and agrees that if the Servicer and/or the Issuer
fails to pay the amounts set forth in this Section 7.07, the Trustee will continue to perform its obligations under this Indenture, regardless of the Servicer and/or the Issuer’s failure to pay such amounts, until the appointment of a
successor Trustee in accordance with Section 7.09 of this Indenture; provided, however, that in such event, the Trustee shall continue to be entitled to be 

 

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paid all accrued amounts due it pursuant to this Section 7.07 from amounts payable pursuant to Section 13.03. 

Section 7.08 Corporate Trustee Required; Eligibility. There shall at all times be a trustee hereunder, who shall be
the Trustee, which shall: (a) be a banking corporation or association organized and doing business under the laws of the United States of America or of any state, authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $100,000,000 and subject to supervision or examination by federal or state authority and having an office within the United States of America; and (b) have a commercial paper or other short-term rating of at
least A-1/P-1 from each of Moody’s and S & P and R-1 from the Rating Agency (if rated by the Rating Agency). If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 7.09 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee. 
 (b) The Trustee may resign at any time by giving
thirty (30) days’ prior written notice thereof to the Issuer and the Noteholders. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within thirty (30) days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, whose acceptance will not be unreasonably withheld or delayed. Such court may thereupon, after such notice, if
any, as it may deem proper and may prescribe, appoint a successor Trustee. 
 (c) The Trustee may be removed by the Control
Party at any time if one of the following events has occurred: 
 (i) the Trustee shall cease to be eligible
under Section 7.08 and shall fail to resign after written request therefor by the Issuer or the Control Party; 

(ii) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the
Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 

(iii) the Trustee has failed to perform its duties in accordance with this Indenture or has breached any representation of
warranty made in this Indenture; or 
 (iv) upon thirty (30) days’ prior written notice of termination
by the Control Party. 
  

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 (d) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of the Trustee for any cause with respect to any of the Notes, the Issuer shall promptly appoint a successor Trustee. If no successor Trustee shall have been so appointed by the Issuer within thirty (30) days of notice
of removal or resignation and shall have accepted appointment in the manner hereinafter provided, then the Control Party may appoint a successor Trustee. No removal or resignation of the Trustee shall become effective until the acceptance of the
appointment of a successor Trustee that is eligible to act as Trustee under Section 7.08. 
 (e) The Issuer shall give
notice in the manner provided in Section 14.03 of each resignation and each removal of the Trustee and each appointment and acceptance of appointment of a successor Trustee with respect to the Notes. Each notice shall include the name of the
successor Trustee and the address of its Corporate Trust Office. 
 (f) All amounts owing to the resigning or removed Trustee
shall be payable solely on the next scheduled date for distributions and solely in accordance with the priorities set forth in Section 13.03. 

Section 7.10 Acceptance of Appointment by Successor. Every successor Trustee appointed hereunder shall execute,
acknowledge and deliver to the Issuer, the Secured Parties and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee but, on request of the Issuer, the Control Party or the successor Trustee, such retiring Trustee shall execute and
deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder. Upon request of any such successor Trustee or the Control Party, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts.

 No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be
eligible under this Article. 
 Section 7.11 Merger, Conversion, Consolidation or Succession to Business of
Trustee. Any Person into which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder (provided that such successor shall at all times be required to be eligible under Section 7.08), without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. 

Section 7.12 Co-Trustees and Separate Trustees. 

 

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 (a) At any time or times, for the purpose of meeting the legal requirements of any
jurisdiction in which any of the Collateral may at the time be located, the Issuer and the Trustee shall have power to appoint, and, upon the written request of the Trustee, the Issuer shall for such purpose join with the Trustee in the execution,
delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee and meeting the eligibility standards for the Trustee specified in Section 7.08, either to act as Co-Trustee,
jointly with the Trustee of all or any part of such Collateral, or to act as separate Trustee of any such property (a “Co-Trustee”), in either case with such powers as may be provided in the instrument of appointment, and to vest in
such Person or persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Issuer does not join in such appointment within fifteen (15) days after
the receipt by it of a request so to do, or, in case an Event of Default exists, the Trustee alone shall have power to make such appointment. 

(b) Should any written instrument from the Issuer be reasonably required by any Co-Trustee or separate Trustee so appointed for more
fully confirming to such Co-Trustee or separate Trustee such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer. 

(c) Every Co-Trustee or separate Trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the
following terms: 
 (i) the Notes shall be authenticated and delivered by, and all rights, powers, duties and
obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely by the Trustee; 

(ii) the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property
covered by such appointment shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such Co-Trustee or separate Trustee jointly, as shall be provided in the instrument appointing such Co-Trustee or separate
Trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations
shall be exercised and performed by such Co-Trustee or separate Trustee at the direction or with the consent of the Trustee; 

(iii) the Trustee at any time, by an instrument in writing executed by it and, prior to the occurrence of an Event of
Default, the Issuer, may accept the resignation of or remove any Co-Trustee or separate Trustee, appointed under this Section, and, in case an Event of Default exists, the Trustee shall have power to accept the resignation of, or remove, any such
Co-Trustee or separate Trustee without the concurrence of the Issuer. Upon the written request of the Trustee, the Issuer shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to
effectuate such resignation or removal. A successor to any Co-Trustee or separate Trustee that has so resigned or been removed may be appointed in the manner provided in this Section; 

 

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 (iv) no Co-Trustee or separate Trustee hereunder shall be personally liable
by reason of any act or omission of the Trustee or any other such Trustee hereunder nor shall the Trustee be liable by reason of any act or omission of any Co-Trustee or separate Trustee selected by the Trustee with due care or appointed in
accordance with directions to the Trustee pursuant to Section 6.14 provided, that the appointment of any Co-Trustee or separate Trustee shall not relieve the Trustee from any of its express duties and obligations under this Indenture; and

 (v) any Act of Noteholders delivered to the Trustee shall be deemed to have been delivered to each such
Co-Trustee and separate Trustee. 
 Section 7.13 Maintenance of Office or Agency; Initial Appointment of Payment
Agent. The Note Registrar will maintain an office within the State of New York or the State of Minnesota where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange
and where notices and demand to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby appoints the Trustee as the Paying Agent and its Corporate Trust Office as the office for each of said purposes.

 Section 7.14 Appointment of Authenticating Agent. The Trustee may at its expense appoint an Authenticating
Agent or Authenticating Agents with respect to the Notes which shall be authorized to act on behalf of the Trustee to authenticate Notes issued upon original issue or upon exchange, registration of transfer or pursuant to Section 2.08, and
Notes so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and
delivery of Notes by the Trustee or the Trustee certificate of authentication or the delivery of Notes to the Trustee for authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent and delivery of the Notes to the Authenticating Agent on behalf of the Trustee. Each Authenticating Agent shall be acceptable to
the Issuer (whose acceptance shall not be unreasonably withheld or delayed) and shall at all times be a corporation having a combined capital and surplus of not less than the equivalent of $50,000,000 and subject to supervision or examination by
federal or state authority or the equivalent foreign authority, in the case of an Authenticating Agent who is not organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia. If such
Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating
Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
 Any corporation
into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation
succeeding to the corporate agency or corporate trust business of such Authenticating Agent, shall continue 
  

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to be an Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee or such Authenticating Agent, provided that such corporation
shall be otherwise eligible under this Section. 
 An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent, the Noteholders and to the Issuer. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Issuer and, after the occurrence of an Event of Default, the Control Party, and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Noteholders, if any, with respect to which such Authenticating Agent
will serve, as their names and addresses appear in the Note Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like
effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

If an appointment is made pursuant to this Section, the Notes may have endorsed thereon, in addition to the Trustee certificate of
authentication, an alternate certificate of authentication in the following form: 
 This is one of the Notes described in the
within-mentioned Indenture. 
 U.S. Bank National Association, as Trustee 

 

			
	By:	 	  

		 	As Authenticating Agent
		
	By:	 	  

		 	Authorized Officer

Section 7.15 Appointment of Paying Agent other than Trustee; Money for Note Payments to be Held in Trust. 

If, at the request of the Trustee, a party other than the Trustee is ever appointed as a Paying Agent, the Issuer will cause such Paying
Agent to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee that, subject to the provisions of this Section, such Paying Agent will: 

(a) hold all sums held by it for the payment of principal or interest on Notes in trust in an Eligible Account in the name of the Trustee
on behalf of the Issuer at the Corporate Trust Office, which account shall bear a designation clearly indicating that the funds deposited therein 

 

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are held for the benefit of the Secured Parties, until such sums shall be paid to such Persons or otherwise disposed of as provided in Section 13.03; 

(b) give the Trustee and the Noteholders notice of any Default by the Issuer (or any other obligor upon the Notes) in the making of any
payment of principal or interest; and 
 (c) at any time, upon the written request of the Trustee, forthwith pay to the Trustee
all sums so held in trust by such Paying Agent. 
 The Issuer may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust by such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which
such sums were held by such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Subject to Section 11.04, any money deposited with the Trustee or any Paying Agent in trust for the payment of the principal or
interest on any Note and remaining unclaimed for two years after such principal or interest has become due and payable shall be paid to the Issuer on Issuer Request, and the Noteholder of such Note shall thereafter, as an unsecured general creditor,
and subject to any applicable statute of limitations, look only to the Issuer for payment thereof, and all liability of the Trustee and such Paying Agent with respect to such trust money or the related Note, shall thereupon cease;
provided that the Trustee or such Paying Agent, before being required to make any such repayment, may (upon delivery of an Issuer Order), 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 in which the Corporate Trust Office is located, 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 will be repaid to the Issuer. The Trustee may also adopt and employ, any other reasonable means of notification of such repayment (including mailing
notice of such repayment to the Noteholders whose right to or interest in monies due and payable but not claimed is determinable from the records of any Paying Agent, at the last address as shown on the Note Register for each such Noteholder). No
additional interest shall accrue on the related Note subsequent to the date on which such funds were available for distribution to such Noteholder. 

Section 7.16 Rights with Respect to the Servicer and Back-up Servicer. The Trustee’s rights and obligations with
respect to the Servicer and the Back-up Servicer shall be governed by this Indenture, the Servicing Agreement and the other Transaction Documents. 

Section 7.17 Representations and Warranties of the Trustee. The Trustee hereby represents and warrants for the benefit
of the parties hereto and the Secured Parties that: 
 (a) Organization and Good Standing. The Trustee is a
national banking association duly organized, validly existing and in good standing under the laws of the United States, and has the power to own its assets and to transact the business in which it is presently engaged;

  

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 (b) Authorization. The Trustee has the power, authority and legal right to
execute, deliver and perform this Indenture and each other Transaction Document to which it is a party and to authenticate the Notes, and the execution, delivery and performance of this Indenture and each other Transaction Document and the
authentication of the Notes has been duly authorized by the Trustee by all necessary corporate action; 
 (c) Binding
Obligations. This Indenture and each other Transaction Document to which the Trustee is a party, assuming due authorization, execution and delivery by the other parties hereto and thereto, constitute the legal, valid and binding obligations
of the Trustee, enforceable against the Trustee in accordance with its terms, except that (i) such enforcement may be subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws (whether statutory, regulatory or
decisional) now or hereafter in effect relating to creditors’ rights generally and the rights of trust companies in particular and (ii) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to
certain equitable defenses and to the discretion of the court before which any proceeding therefore may be brought, whether in a proceeding at law or in equity; 

(d) No Violation. The performance by the Trustee of its obligations under this Indenture and each other Transaction
Document to which the Trustee is a party will not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice, lapse of time or both) a default under, the charter documents or bylaws of the
Trustee; 
 (e) No Proceedings. To the best of its knowledge, there are no proceedings or investigations to which
the Trustee is a party pending, or, to the knowledge of the Trustee, threatened, before any court, regulatory body, administrative agency or other tribunal or Governmental Authority (A) asserting the invalidity of this Indenture or any other
Transaction Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Indenture or any other Transaction Document or (C) seeking any determination or ruling that would
materially and adversely affect the performance by the Trustee of its obligations under, or the validity or enforceability of, this Indenture, the Notes or any other Transaction Documents; 

(f) Approvals. Neither the execution or delivery by the Trustee of this Indenture or any other Transaction Document to
which it is a party nor the consummation of the transactions by the Trustee contemplated hereby or by any other Transaction Document to which it is a party requires the consent or approval of, the giving of notice to, the registration with or the
taking of any other action with respect to any Governmental Authority under any existing federal or state law governing the banking or trust powers of the Trustee; and 

(g) Eligibility. The Trustee meets the eligibility requirements set forth in Section 7.08 hereof. 

ARTICLE VIII 

THE CUSTODIAN 

Section 8.01 Appointment of Custodian. Subject to the terms and conditions hereof, the Issuer hereby revocably
appoints the Custodian, and the Custodian hereby accepts such 
  

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appointment and agrees to act as Custodian on behalf of the Secured Parties to maintain exclusive custody of the Contract Files in order to perfect the ownership interest of the Issuer in the
Contracts and the security interest of the Secured Parties in the Contracts and the other items in the Contract Files and any and all proceeds of the foregoing; provided that from and after the release or discharge of the Secured Parties’ lien
in and to the Contracts and the other items in the Contract Files and any and all proceeds of the foregoing, the Custodian shall serve as exclusive agent and custodian of the Issuer with respect to the Contract Files. 

Section 8.02 Removal of Custodian. With or without cause, with sixty (60) days’ notice, (a) prior to
the occurrence of an Event of Default the Issuer may, with the prior written consent of the Control Party, or (b) following the occurrence of an Event of Default, the Control Party may, remove and discharge the Custodian from the performance of
its duties under this Indenture with respect to any or all of the Contracts and related Contract Files by written notice from the Issuer or the Control Party, as the case may be, to the Custodian, with a copy to the Trustee and the Servicer. Having
given notice of such removal, the Issuer (prior to the occurrence of an Event of Default) or the Control Party (following the occurrence of an Event of Default) shall, by written instrument and with the consent of the Control Party (if the notice of
removal came from the Issuer), promptly appoint a successor custodian to act on behalf of the Issuer in replacement of the Custodian under this Indenture, which successor Custodian shall be satisfactory to the Control Party in its sole discretion.
In the event of any such removal, the Custodian shall promptly transfer to the successor custodian, as directed, all affected Contracts and related Contract Files. In the event of removal of the Custodian for cause and the appointment of a successor
custodian under this Indenture, the expenses of transferring the Contracts and related Contract Files to the successor custodian shall be at the expense of the Custodian. In the event of removal of the Custodian without cause by the Issuer (prior to
the occurrence of an Event of Default) or the Control Party, as the case may be, and the appointment of a successor custodian under this Indenture, the Issuer shall be responsible for the expenses of transferring the Contracts and related Contract
Files to the successor custodian. Notwithstanding the foregoing, this Indenture shall remain in full force and effect with respect to any Contracts and related Contract Files for which this Indenture is not terminated hereunder. The Custodian may
petition a court of competent jurisdiction to appoint a successor hereunder if no successor is appointed within such 60-day notice period. 

Section 8.03 Termination by Custodian. The Custodian may terminate its obligations under this Indenture upon at
least sixty (60) days’ notice to the Servicer, the Issuer and the Noteholders; provided, no termination shall be effective until appointment of a successor acceptable to the Issuer or, if an Event of Default has occurred, the
Control Party. In the event of such termination, the Issuer shall promptly appoint a successor custodian; provided that after the occurrence of an Event of Default, solely the Control Party may appoint a successor custodian. The payment of such
successor custodian’s fees and expenses with respect to each Contract and related Contract Files shall be solely the responsibility of the Issuer. Upon such appointment, the Custodian shall promptly transfer to the successor custodian, as
directed, all Contracts and related Contract Files being held under this Indenture. The Custodian may petition a court of competent jurisdiction to appoint a successor hereunder if no successor is appointed within such sixty (60) day notice
period. 
 Section 8.04 Limitations on the Custodian’s Responsibilities. 

 

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 (a) Except as provided herein, the Custodian shall be under no duty or obligation to
inspect, review or examine the Contracts or related Contract Files to determine that the contents thereof are appropriate for the represented purpose or that they have been actually recorded or that they are other than what they purport to be on
their face. 
 (b) The Custodian shall not be responsible for preparing or filing any reports or returns relating to federal,
state or local income taxes with respect to this Indenture, other than for the Custodian’s compensation or for reimbursement of expenses. 

(c) The Custodian shall not be responsible or liable for, and makes no representation or warranty with respect to, the validity, adequacy
or perfection of any lien upon or security interest in any Contract; provided that, the foregoing shall not reduce or eliminate the Custodian’s obligations under Section 4.03 hereof. 

(d) Any other provision of this Indenture to the contrary notwithstanding, the Custodian shall have no notice, and shall not be bound by
any of the terms and conditions of any document executed or delivered in connection with, or intended to control any part of, the transactions anticipated by or referred to in this Indenture unless the Custodian is a signatory party to that document
or such document is the Indenture, the Servicing Agreement or the Lockbox Intercreditor Agreement. Notwithstanding the foregoing sentence, the Custodian shall be deemed to have notice of the terms and conditions (including, without limitation,
definitions not otherwise set forth in full in this Indenture) of documents executed or delivered in connection with, or intended to control any part of, the transactions anticipated by or referred to in this Indenture, to the extent such terms and
provisions are referenced, or are incorporated by reference, into this Indenture only as long as the Custodian shall have been provided a copy of any such document or Indenture. Each of the Trustee, the Back-up Servicer and the Custodian
acknowledges receipt of a copy of the Transaction Documents to which it is a party on the Closing Date. 
 (e) The duties and
obligations of the Custodian shall only be such as are expressly set forth in this Indenture or as set forth in a written amendment to this Indenture executed by the parties hereto or their successors and assigns. In the event that any provision of
this Indenture implies or requires that action or forbearance be taken by a party, but is silent as to which party has the duty to act or refrain from acting, the parties agree that the Custodian shall not be the party required to take the action or
refrain from acting. In no event shall the Custodian have any responsibility to ascertain or take action except as expressly provided herein. 

(f) Nothing in this Indenture shall be deemed to impose on the Custodian any duty to qualify to do business in any jurisdiction, other
than (i) any jurisdiction where any Contract and related Contract Files is or may be held by the Custodian from time to time hereunder, and (ii) any jurisdiction where its ownership of property or conduct of business requires such
qualification and where failure to qualify could have a material adverse effect on the Custodian or its property or business or on the ability of the Custodian, the Issuer or the Servicer to perform its duties hereunder or under the other
Transaction Documents. 
 (g) The Custodian may consult with counsel selected by the Custodian with regard to legal questions
arising out of or in connection with this Indenture, and the written opinion of 
  

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such counsel shall be full and complete authorization and protection in respect of any action reasonably taken, omitted or suffered by the Custodian in good faith and in accordance therewith.

 (h) The Custodian may, at any time during the administration of this Indenture, request and receive a written direction from
the Control Party in connection with actions to be taken under this Indenture and shall not be liable for any action taken or omitted in good faith reliance thereon; 

(i) No provision of this Indenture shall require the Custodian to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights and powers, if, in its reasonable judgment, it shall believe that repayment of such funds is not reasonably assured to it without an indemnity against such
risk or liability. 
 (j) The Custodian shall have no duty to ascertain whether or not each amount or payment has been received
by the Trustee or any third person. 
 Section 8.05 Limitation on Liability. Neither the Custodian nor
any of its directors, officers, agents or employees, shall be liable for any action taken or omitted to be taken by it or them hereunder or in connection herewith in good faith and believed (which belief may be based upon the opinion or advice of
counsel selected by it in the exercise of reasonable care) by it or them to be within the purview of this Indenture, except for its or their own negligence, lack of good faith or willful misconduct. The Custodian and any director, officer, employee
or agent of the Custodian may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder. In no event shall the Custodian or its directors, officers, agents and
employees be held liable for any special, indirect or consequential damages resulting from any action taken or omitted to be taken by it or them hereunder or in connection herewith even if advised of the possibility of such damages. The provisions
of this Section 8.05 shall survive the termination of this Indenture. 
 Section 8.06 Custodian Obligations
Regarding Genuineness of Documents. In the absence of bad faith or negligence on the part of the Custodian, the Custodian may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
any request, instructions, certificate, opinion or other document furnished to the Custodian, reasonably believed by the Custodian to be genuine and to have been signed or presented by the proper party or parties and conforming to the requirements
of this Indenture; provided that the provisions of this Section shall not in any manner limit or reduce the responsibilities of the Custodian under this Indenture. 

Section 8.07 Force Majeure. The Custodian shall not be responsible for delays or failures in performance
resulting from acts of God, strikes, lockouts, riots, acts of war or terrorism, epidemics, nationalization, expropriation, currency restrictions, government regulations adopted after the date of this Indenture, fire, communication line failures,
computer viruses, power failures, earthquakes or other disasters of a similar nature which are beyond its control. 
  

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 ARTICLE IX 

[RESERVED] 

ARTICLE X 

SUPPLEMENTAL INDENTURES 

Section 10.01 Supplemental Indentures without Consent of the Noteholders. 

(a) The Issuer, the Trustee and the Custodian, without the consent of the Holders of any Notes may, at any time and from time to time,
enter into one or more amendments to this Indenture or indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes, provided that (x) any such amendment or supplemental indenture, as evidenced
by an opinion of counsel, will not have an adverse effect on the rights or interests of the Holders, (y) the Rating Agency Condition shall have been satisfied and (z) any such amendment does not modify this Indenture in a manner requiring
the consent of all affected Noteholders as described in Section 10.02 hereof: 
 (i) to better assure,
convey and confirm unto the Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the Lien of this Indenture additional property; or 

(ii) to cause the provisions in this Indenture to conform to or be consistent with or in furtherance of the statements
made with respect to the Notes, the Collateral or the Transaction Documents in the Offering Circular to the extent that such provisions were intended to be verbatim recitations of a provision in the Offering Circular, or to correct or supplement any
provision in the Indenture which may be inconsistent with any other provisions therein or with the provisions of any other Transaction Document; or 

(iii) to evidence the succession of another Person to the Issuer, and the assumption by such successor of the covenants of
the Issuer in this Indenture and in the Notes; or 
 (iv) to add to the covenants of, and the conditions,
limitations and restrictions to be observed by, the Issuer, for the benefit of the Secured Parties or to surrender any right or power conferred upon the Issuer in this Indenture; or 

(v) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee; or 

(vi) to evidence the succession of the Trustee pursuant to the terms of this Indenture. 

(b) The 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, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties, indemnities, liabilities or immunities under this
Indenture or otherwise. 
  

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 (c) Promptly after the execution by the Issuer, the Custodian and the Trustee of any
supplemental indenture pursuant to this Section, the Issuer shall mail to the Rating Agency and each Noteholder a copy of such supplemental indenture. 

Section 10.02 Supplemental Indentures with Consent of the Noteholders. With the prior written consent of the
Majority Holders and the Servicer, the Issuer, the Trustee and the Custodian may enter into an amendment or modification to this indenture or into indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture (other than as provided in Section 10.01 hereof); provided, however, that no such amendment
or supplemental indenture shall become effective without the consent of each of the Holders of the Notes adversely affected thereby if such amendment or supplemental indenture shall: 

(a) change the Stated Maturity Date of any Note or the due date of any installment of principal of, or method of computing
principal of, or any installment of interest on, any Note, or change the principal amount thereof or the applicable Note Rate thereof or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is
payable, or impair the right to institute suit for the enforcement of any such payment; or 
 (b) reduce the
percentage of the principal amount of Outstanding Notes, the consent of the Holders of which is required for any such amendment or supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain
provisions of this Indenture or Events of Default or their consequences; or 
 (c) impair or adversely affect the
priority of any payments payable by the Trustee from the Collection Account on each Payment Date under this Indenture; or 

(d) permit the creation of any Lien ranking prior to, on a parity with, or subordinate to the Lien of the Trustee with
respect to any part of the Collateral or, except as expressly provided in this Indenture, terminate or release the Lien of the Trustee on any material portion of the Collateral at any time subject to the Indenture or deprive any Secured Party of the
security afforded by the Lien of this Indenture; or 
 (e) modify or alter any of the provisions of this
Section 10.02 or any defined term used in Sections 10.01 or 10.02 of this Indenture (or any defined term used therein), except to increase the percentage of Holders required for any modification or waiver or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of each Noteholder affected thereby; or 

(f) modify Sections 6.01(a) or 6.01(b) or any defined term used therein, or Section 13.03. 

The Trustee is hereby authorized to join in the execution of any such amendment or supplemental indenture and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such 

 

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amendment or supplemental indenture that affects in any adverse respect the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

Promptly after the execution by the Issuer, the Servicer, and the Trustee (and all Noteholders if required to approve such amendment or
supplement) of any supplemental indenture pursuant to this Section, the Issuer shall mail to the Rating Agency, the Back-up Servicer and each Noteholder a copy of such supplemental indenture. 

Section 10.03 Execution of Supplemental Indentures. In executing any supplemental indenture permitted by this
Article or the modifications thereby of the trusts created by this Indenture and the Trustee receive, and (solely with respect to the Trustee, subject to Section 7.01) shall be not be liable for and shall be fully authorized to
conclusively rely in good faith upon, an Opinion of Counsel reasonably acceptable to the Trustee stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and all conditions precedent to such execution
have been satisfied. 
 Section 10.04 Effect of Supplemental Indentures. Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Noteholder theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby. 
 Section 10.05 Reference in Notes to Supplemental Indentures.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and if required by the Issuer shall, bear a notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Issuer shall so determine, new Notes so modified as to conform, in the opinion of the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Trustee
in exchange for Outstanding Notes. 
 Section 10.06 Back-Up Servicer Consent. Notwithstanding any other
provision to the contrary, for so long as there is a Back-Up Servicer, the Issuer, the Indenture Trustee and the Custodian shall not, without the consent of the Back-Up Servicer (such consent not to be unreasonably withheld), make, execute,
acknowledge or deliver amendments to this Indenture or enter into any supplemental indentures hereto or thereto or otherwise waive or amend any provision of this Indenture if such action shall have, or it is expected may have, a material adverse
effect on the Back-Up Servicer or any successor Servicer. 
 Section 10.07 Amendments to the Lockbox Intercreditor
Agreement. The Trustee shall not enter into any material amendment, modification, supplement, consent or waiver of the Lockbox Intercreditor Agreement without the satisfaction of the Rating Agency Condition. 

ARTICLE XI 

REDEMPTIONS AND PREPAYMENTS OF NOTES 

Section 11.01 Redemptions of Notes. 

 

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 (a) Optional Redemption. The Issuer shall have the right, subject to the terms
hereof, to redeem, in whole but not in part, all Outstanding Notes prior to the Stated Maturity Date on any Payment Date on which the Aggregate Outstanding Note Balance, after giving effect to the payments to be made on such Payment Date, is less
than or equal to ten percent (10%) of the Aggregate Initial Note Balance issued under this Indenture. In connection with any such redemption of all Outstanding Notes, the Issuer shall set the Redemption Date and give notice thereof in writing
to the Trustee pursuant to Section 11.02. Installments of interest and principal due on or prior to the Redemption Date shall continue to be payable to the Holders of the Notes called for redemption as of the relevant Record Dates according to
their terms and the provisions of Section 2.09 hereof. The election of the Issuer to redeem any Notes pursuant to this Section shall be evidenced by a written notice from the Issuer directing the Trustee to make the payment of the Redemption
Price on all of the Notes to be redeemed from monies deposited with the Trustee pursuant to Section 11.02 hereof. 

Section 11.02 Notice to Trustee. In the case of the redemption pursuant to Section 11.01 hereof, (a) the
Issuer shall, at least 15 days prior to the Redemption Date, notify the Trustee and the Holders of the Notes in writing of the Issuer’s election to cause a redemption of the Notes; (b) the Issuer shall deposit in the Collection
Account on the Business Day immediately preceding the Redemption Date the amounts described in Section 11.02(c); and (c) the Issuer shall deliver an Issuer Order directing the Trustee to make payment of the sum of (A) the Redemption
Price plus, (B) all other amounts that are due or will be due to the Noteholders, the Partnership, the Trustee, the Securities Intermediary, the Custodian, the Back-up Servicer and the Servicer under the Transaction Documents. Upon delivery to
the Trustee, the Noteholders, the Custodian, the Paying Agent, and the Back-up Servicer of such documents and an Officer’s Certificate from the Servicer certifying that (1) the amounts required to be deposited into the Collection Account
shall have been deposited and (2) the requirements of Section 11.01(a) have been satisfied, the Trustee shall promptly release its interest in the entire Collateral as provided in Section 11.05. 

Section 11.03 Notice of Redemption to Noteholders. Upon receipt of the notice set forth in Section 11.02(a), the
Trustee shall provide notice thereof with a copy of such notice of redemption pursuant to Section 11.01 by first class mail or courier delivery, dispatched no later than five (5) Business Days following the date on which such notice was
provided, to each Noteholder (at its address in the Note Register). 
 All notices of redemption shall state: 

(a) the Redemption Date; 

(b) the amount that will be deposited in the Collection Account, which shall be the sum of (A) the Redemption Price plus
(B) all other amounts that are payable to the Noteholders, the Trustee, the Partnership, the Custodian, the Back-up Servicer, and the Servicer under the Transaction Documents on the Redemption Date; 

(c) that on the Redemption Date, the Redemption Price will become due and payable with respect to the Notes, and that interest on all
Outstanding Notes shall cease to accrue on such date; 
  

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 (d) all conditions precedent in connection with such redemption have been satisfied;

 (e) the address at which such redeemed Notes shall be delivered; and 

(f) the record date for such Redemption Date, which shall be one Business Day before the Redemption Date. 

Notice of redemption of Notes shall be given by the Trustee in the name and at the expense of the Issuer. 

Section 11.04 Amounts Payable on Redemption Date. Notice of redemption having been given to Noteholders as provided in
Section 11.03, such Notes shall, on the Redemption Date, become due and payable at the Redemption Price specified in Section 11.03(b), and on such Redemption Date (unless the Issuer shall default in the payment of such Redemption Price),
all of the Outstanding Notes shall cease to bear interest. On the Redemption Date: (A) each Noteholder shall be paid such Noteholder’s applicable share of the Redemption Price by the Paying Agent on behalf of the Issuer upon presentation
and surrender of their respective Notes at the office or agency specified in Section 7.13; and (B) each other Person to whom monies are owed under Section 11.03(b) shall be paid all amounts owing to such Person from the amounts
deposited in the Collection Account in accordance with Section 11.02(b); provided, that no redemption may be effectuated unless, concurrently with the redemption occurring under this Article XI, all amounts due under this clause
(B) shall be paid in full from funds on deposit in the Collection Account. If the Holder of any Note called for redemption shall not be so paid, then the principal shall, until paid, bear interest from the Redemption Date at the applicable Note
Rate and the redemption shall be canceled, the Paying Agent shall return the Redemption Price specified in Section 11.03(b) to the Issuer or other Person providing the funds for payment, and the Notes shall be payable on the Stated Maturity
Date or earlier to the extent otherwise provided herein. All amounts payable on the Redemption Date shall be paid in accordance with this Section 11.04, without regard to the priority of distribution provisions contained in Section 13.03.

 Section 11.05 Release of Contract Assets in Connection with Redemptions. 

(a) In connection with the redemption permitted under this Article XI, the Trustee shall release its Lien on the Contracts, at any
time after the conditions to the redemption set forth in this Article XI have been satisfied and the Notes have been paid in full. In order to effect any such release, the Issuer shall deliver to the Trustee and the Custodian an Officer’s
Certificate, (1) identifying the Contracts and the related Equipment to be released, (2) requesting the release thereof, (3) setting forth the amount deposited in the Collection Account with respect thereto, (4) certifying that
the amount deposited in the Collection Account is equal to the Redemption Price and all other amounts required to be paid in connection with a Redemption under this Article XI, and (5) certifying that all other conditions precedent set
forth in the Transaction Documents relating to such release have been satisfied. 
 (b) Upon receipt of the Officer’s
Certificate from the Issuer containing the certifications required under clause (a) of this Section, and provided that all other certifications and documents required under the terms of this Indenture have been received by the Trustee and

  

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the Notes have been paid in full, the Trustee shall release from the Lien of this Indenture and the Custodian shall deliver to the Issuer or upon Issuer Order the Contracts and all related
Contract Assets described in the Issuer’s Officer’s Certificate. 
 ARTICLE XII 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 12.01 Representations and Warranties. 

The Issuer hereby makes the following representations and warranties for the benefit of the Trustee, the Custodian and the Secured
Parties on which the Trustee relies in accepting the Collateral in trust and in authenticating the Notes. Except as specifically provided otherwise, such representations and warranties are made as of the Closing Date and each Acquisition Date and
shall survive the transfer, grant and assignment of the Collateral to the Trustee. 
 (a) Organization and Good
Standing. The Issuer is a Delaware limited liability company duly organized, validly existing and is not organized under the laws of any other jurisdiction. The Issuer is in good standing under the law of the State of Delaware and each other
State where the nature of its activities requires it to “qualify to do business”, except to the extent that the failure to so qualify would not individually or in the aggregate materially adversely affect the ability of the Issuer to
perform its obligations under the Transaction Documents. 
 (b) Authorization. The Issuer has the power, authority
and legal right to execute, deliver and perform under the Transaction Documents and the execution, delivery and performance of the Transaction Documents have been duly authorized by the Issuer by all necessary limited liability company action.

 (c) Binding Obligation. Each of the Transaction Documents to which the Issuer is a party, assuming due
authorization, execution and delivery by the parties thereto other than the Issuer, constitutes a legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms except that (i) such enforcement
may be subject to bankruptcy, insolvency, reorganization, rehabilitation, moratorium or other similar laws (whether statutory, regulatory or decisional) now or hereafter in effect relating to creditors’ rights generally and (ii) the remedy
of specific performance and injunctive and other forms of equitable relief may be subject to certain equitable defenses and to the discretion of the court before which any proceeding therefor may be brought, whether a proceeding at law or in equity.

 (d) No Violation. The consummation of the transactions contemplated by the fulfillment of the terms of the
Transaction Documents will not: (i) conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice, lapse of time or both) a default under the organizational documents of the Issuer,
any indenture, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which it is bound; (ii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of such
indenture, agreement, mortgage, deed of trust or other such instrument, other than any Lien created or imposed pursuant to the terms of the Transaction Documents, or (iii) violate any law or, to the best of the Issuer’s knowledge, any
material order, 
  

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rule or regulation applicable to the Issuer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the
Issuer or any of its properties. 
 (e) No Proceedings. There are no proceedings or investigations to which the
Issuer, or any of the Issuer’s Affiliates, is a party pending, or, to the knowledge of the Issuer, threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (A) asserting the
invalidity of the Transaction Documents or any Receivable or any Contract, (B) seeking to prevent the issuance of any of the Notes or the consummation of any of the transactions contemplated by the Transaction Documents, or (C) seeking any
determination or ruling that would adversely affect the performance by the Issuer of its obligations under, or the validity or enforceability of, the Transaction Documents or any Receivable or any Contract. 

(f) Approvals. All approvals, authorizations, consents, orders or other actions of any Person, or of any court,
governmental agency or body or official, required in connection with the execution and delivery of the Transaction Documents and with the valid and proper authorization, issuance and sale of the Notes pursuant to this Indenture (except that no such
representation is made with respect to any necessary approvals of State securities officials under the Blue Sky Laws), have been or will be taken or obtained on or prior to the Closing Date. 

(g) Principal Office. The Issuer’s principal place of business and chief executive office is located at the Issuer
Address. 
 (h) Transfer and Assignment. Upon the delivery by or on behalf of the Issuer to the Trustee of the
Contracts and the filing of the financing statements described in Sections 4.01(a)(v) and 4.02(b), the Trustee, for the benefit of the Secured Parties, shall have a first priority perfected security interest in the Issuer’s interest
in the Contracts and Receivables and the proceeds thereof and that portion of the Collateral in which a security interest may be perfected by possession or the filing of a financing statement, in each case, under the UCC, limited to the extent set
forth in Section 9-315 of the UCC as in effect in the applicable jurisdiction; provided that none of the Servicer, the Transferor and the Issuer shall be required to file or record assignments of any UCC-1 financing statements or
other lien recordings made against an Obligor. All filings (including UCC filings) as are necessary in any jurisdiction to perfect the security interest of the Trustee in the Collateral, including the transfer of the Contracts and any other payments
to become due thereunder, have been made. 
 (i) Owners of the Issuer. LEAF Capital Funding III, LLC owns one
hundred percent (100%) of the Equity Interest in the Issuer, and such Equity Interest is duly authorized, validly issued, fully paid for and non-assessable by the Issuer. 

(j) Bulk Transfer Laws. The transfer, assignment and conveyance of the Contract Assets by the Issuer pursuant to this
Indenture are not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction. 

(k) The Contract Assets. The rights of the Issuer with respect to the representations and warranties that are made by the
Transferor in Section 3.01 of the Purchase and Contribution 
  

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Agreement and each Assignment Agreement, as of each Acquisition Date have been assigned by the Issuer to the Trustee pursuant to the terms hereof, and the Issuer is not aware of any inaccuracy in
any such representations and warranties except for such inaccuracies as have been provided in writing to the Trustee. 
 (l)
Solvency. The Issuer, both prior to and after giving effect to the transactions contemplated hereby, (i) is not “insolvent” (as such term is defined in §101(32)(A) of the Bankruptcy Code); (ii) is able to pay
its debts as they become due; and (iii) does not have unreasonably small capital for the activities that it conducts or for any transaction(s) in which it is about to engage. 

(m) Investment Company. The Issuer is not an “investment company” or a company controlled by an “investment
company” registered or required to be registered under the Investment Company Act of 1940, as amended, or otherwise subject to any other federal or state statute or regulation limiting its ability to incur indebtedness. The Issuer, at all
times, within the meaning of 17 C.F.R. 270.3a-7, (1) will have issued only the Notes and the membership interests issued to its managing member at its formation, and any other securities issued by the Issuer are “fixed income securities or
other securities ... that depend primarily on the cash flow from eligible assets” and for which a trustee is appointed in compliance with 17 C.F.R. 270.3a-7(a)(4), (2) will sell its securities only to its affiliates, “qualified
institutional buyers”, or institutional accredited investors or will sell securities “rated, at the time of initial sale, in one of the four highest categories assigned long-term debt” by one of DBRS, Moody’s, S & P or Fitch,
(3) will either acquire or dispose of (x) the Contracts only in accordance with and as permitted by the Purchase and Contribution Agreement, the Assignment Agreements, its limited liability company operating agreement and the Indenture, in
the case of Contract dispositions, only in consequence of breach of representation or warranty, Contract default or Contract substitutions, or (y) any other “eligible assets” only (a) in accordance with the agreements under which
its securities are issued, (b) if a rating downgrade of any of its outstanding “fixed-income securities” does not result and (c) if such acquisition or disposition is not “for the primary purpose of recognizing gains or
decreasing losses resulting from market value changes”. The Issuer will not engage in any business other than that expressly permitted by the Transaction Documents and its limited liability company operating agreement. 

(n) Limited Activities. Since its formation, the Issuer has conducted no activities other than the execution, delivery and
performance of the Transaction Documents contemplated hereby, and such other activities as are incidental to the foregoing and otherwise permitted under Section 12.02(i). The Issuer has incurred no indebtedness nor engaged in any activities or
transactions nor acquired any assets except as expressly contemplated hereunder and under the other Transaction Documents. 

(o) Taxes. The Issuer has filed or caused to be filed all Federal, state and local tax returns which are required to be
filed by it, and has paid or caused to be paid all taxes shown to be due and payable on such returns or on any assessments received by it, other than any taxes or assessments, the validity of which are being contested in good faith by appropriate
proceedings and with respect to which the Issuer or the Servicer on its behalf has set aside adequate reserves on its books in accordance with GAAP and which proceedings have not given rise to any Lien. 

 

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 (p) Lockbox Accounts. The Issuer has no lockbox accounts or other bank
accounts for the collection of the Contract Assets other than the Lockbox Account. 
 (q) Accuracy of Information.
All certificates, reports, financial statements and similar writings furnished by or on behalf of the Issuer to the Trustee or any Noteholder, at any time pursuant to any requirement of, or in response to any written request of any such party under,
this Indenture or any other Transaction Document, have been, and all such certificates, reports, financial statements and similar writings hereafter furnished by the Issuer to such parties will be, true and accurate in every respect material to the
transactions contemplated hereby on the date as of which any such certificate, report, financial statement or similar writing was or will be delivered, and shall not omit to state any material facts or any facts necessary to make the statements
contained therein not materially misleading. 
 (r) Rating Agency Perfection Requirements as to Collateral.

 (1) This Indenture creates a valid and continuing security interest (as defined in the UCC) in the Collateral
in favor of the Trustee, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuer. The Issuer has good and marketable title to the Collateral (including the Collection
Account, the Reserve Account, the Servicer Transition Account and all amounts from time to time on deposit in the Lockbox Account with respect to the Contracts), free and clear of any Liens (except as otherwise provided in the Lockbox Intercreditor
Agreement and the rights of Obligors to Security Deposits retained by the Issuer). 
 (2) All of the Contracts
included in the Collateral constitute “tangible chattel paper” within the meaning of the UCC. The Issuer has transferred to the Trustee the original copies of such tangible chattel paper, and, other than the stamp, if any, in favor of a
prior lender that signed a Release Agreement related to a Contract, none of such tangible chattel paper has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than in favor of the Issuer or
the Trustee. The Equipment related to each Contract constitutes either “equipment” for purposes of section 9-102(33) of the UCC or “inventory” for purposes of section 9-102(48) of the UCC; provided however, that not
more than 5.0% of the Contracts may relate to Equipment that does not constitute “equipment” for purposes of section 9-102(33) of the UCC or “inventory” for purposes of section 9-102(48) of the UCC. 

(3) The Issuer has caused (and will instruct the Servicer to cause), 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 granted in the Collateral to the Trustee hereunder. Each such financing statement will contain a statement that a “purchase
of, or security interest in, any collateral described in this financing statement will violate the rights of the Trustee.” 

(4) Each of the Reserve Account, the Collection Account and the Servicer Transition Account constitutes a “securities
account” within the meaning of the 
  

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applicable UCC. As provided in Section 13.02(e), the securities intermediary for the Collection Account, the Reserve Account and the Servicer Transition Account has agreed to treat all
assets credited thereto as “financial assets” within the meaning of the UCC and the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Trustee as the person having a security
entitlement against the securities intermediary in the Collection Account, the Reserve Account and the Servicer Transition Account. None of the Reserve Account, the Collection Account or the Servicer Transition Account is in the name of any person
other than the Trustee for the benefit of the Secured Parties. The Issuer has not permitted the securities intermediary of the Collection Account, the Reserve Account or the Servicer Transition Account to comply with entitlement orders of any person
other than the Trustee. The Issuer has received all consents and approvals required in connection with the Grant to the Trustee of its interest and rights in the Reserve Account, the Collection Account and the Servicer Transition Account.

 (5) The Lockbox Account constitutes a “deposit account” within the meaning of the applicable UCC.
The Issuer has delivered, or has caused the Servicer to deliver, to the Trustee, a fully executed Lockbox Intercreditor Agreement relating to the Lockbox Account, pursuant to which the Lockbox Bank has agreed to comply with all instructions by the
Trustee, as securities intermediary thereunder, directing the disposition of funds in the Lockbox Account without further consent by the Issuer or the Servicer. The Issuer has not permitted any Lockbox Bank to comply with any instructions of any
other Person regarding withdrawal of funds other than the Trustee and, to the extent permitted under the Transaction Documents, the Servicer. The Lockbox Account is not in the name of any person other than the Issuer, the Trustee or the Lockbox
Bank, as securities intermediary under the Lockbox Intercreditor Agreement. 
 (6) Other than the security
interest granted to the Trustee pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral. The Issuer has not authorized the filing of and is not aware of any
financing statements against the Issuer, the Transferor or the Acquirer that include a description of collateral that includes the Collateral other than any financing statement that have been terminated or released. The Issuer is not aware of any
judgment, ERISA or tax lien filings against the Issuer, the Transferor or the Acquirer. 
 (7) Notwithstanding
any other provision of this Indenture or any other Transaction Document, the representations contained in this Section 12.01(r) shall be continuing and remain in full force and effect, without waiver, until the date on which the Notes have been
paid in full. 
 (8) In the event that the sale of a Contract by the Transferor to the Issuer under the Purchase
and Contribution Agreement and the pledge of such Contract by the Issuer to the Trustee, for the benefit of the Secured Parties, hereunder are insufficient, without a notation on a related Motorized Titled Equipment’s certificate of title, or
without fulfilling any additional administrative requirements under the laws of the state in which such Motorized Titled Equipment is located, to assign the ownership of 

 

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such Motorized Titled Equipment to the Issuer or to perfect a security interest in such Motorized Titled Equipment (and the proceeds thereof) in favor of the Trustee, for the benefit of the
Secured Parties, the parties hereto agree that (i) the designation of the Servicer (or its nominee) or the Acquirer (or its nominee) under a Lienholder Nominee Agreement, to be executed within 180 days following the first day of inclusion of
such Contract secured by such Motorized Titled Equipment in the calculation of the Discounted Pool Balance, as the lienholder on the certificate of title with respect to such Motorized Titled Equipment, is in its capacity as agent of the Issuer and
the Trustee, for the benefit of the Secured Parties, as their interests may appear, and (ii) such designation shall be sufficient until such notations are made or additional administrative requirements are fulfilled. 

(9) Any Contract for which the Servicer shall not have within 180 days of the first day of inclusion of such Contract
secured by such Motorized Titled Equipment in the calculation of the Discounted Pool Balance, (i) received a Lien Certificate showing the Issuer, Servicer (or its nominee) or the Acquirer (or its nominee) under a Lienholder Nominee Agreement as
secured party with respect to the related Motorized Titled Equipment from the applicable Registrar of Titles and (ii) delivered such Lien Certificate or such evidence to the Custodian, shall no longer be included in the calculation of the
Discounted Pool Balance. In the case of any Contract excluded from the calculation of the Discounted Pool Balance pursuant to the previous sentence, the Contract so excluded from the calculation of the Discounted Pool Balance may at a later time be
included in the calculation of the Discounted Pool Balance, provided, that the Custodian shall have received a Lien Certificate showing the Issuer, Servicer (or its nominee) or the Acquirer (or its nominee) under a Lienholder Nominee
Agreement as secured party with respect to the related Motorized Titled Equipment from the applicable Registrar of Titles. 

(10) At all times, all Collateral will consist of property in which a security interest may be created and attach under
the UCC. 
 (s) Existing Contracts. As to each Initial Contract and the related Contract Assets, as of the Closing
Date: (i) the information set forth in the Contract Schedule with respect to such Contract is true and correct; (ii) except as otherwise described on an Exception Report delivered in connection with the acquisition of such Contract,
(A) immediately prior to such Contract’s Acquisition Date, the Servicer (or a custodian designated to hold such Contracts on the Servicer’s behalf) had possession of the original of such Contract and all related Contract Files;
(B) each of such documents required to be signed by the Obligor was signed by the Obligor in the appropriate spaces; and (C) the complete Contract File for such Contract was delivered to the Custodian; and (iv) as of the date that
such Contract was acquired, the Servicer used no selection procedures that identified the Contracts or other Contract Assets being acquired on such date as being less desirable or valuable than other comparable equipment leases or loans owned by the
Transferor. 
 Section 12.02 Covenants. The Issuer hereby makes the following covenants for the benefit of
the Secured Parties and on which the Trustee relies in accepting the Collateral in trust and in authenticating the Notes. 
  

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 (a) No Liens. Except for the conveyances and grant of security interests
hereunder, the Issuer will not sell, pledge, assign, convey, dispose of or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any Collateral now existing or hereafter created, or any interest therein prior
to the termination of this Indenture pursuant to Section 5.01; the Issuer will notify the Trustee in writing of the existence of any Lien on any of the Collateral immediately upon discovery thereof; the Issuer shall promptly discharge (or cause
to be discharged) any Lien (other than Permitted Liens) on the Collateral; and the Issuer shall defend the right, title and interest of the Trustee in, to and under the Collateral now existing or hereafter created, against all claims of third
parties claiming through or under the Issuer; provided that nothing in this Section 12.02(a) shall prevent or be deemed to prohibit the Issuer from suffering to exist upon any of the Equipment any Liens for municipal or other
local taxes and other governmental charges due from the Issuer if such taxes or governmental charges shall not at the time be due and payable or, if the Issuer shall currently be contesting the validity thereof in good faith by appropriate
proceedings, nonpayment of such taxes or charges shall not pose any risk of forfeiture of such Equipment, and the aggregate amount at dispute shall not be greater than $50,000.00, unless the Control Party otherwise approves. 

(b) Obligations with Respect to the Contract Assets. The Issuer will do nothing to impair the rights of the Trustee (for
the benefit of the Secured Parties) in the Collateral. In addition, to the extent the Issuer actually receives any Collections, it shall deposit or cause to be deposited in the Collection Account within two (2) Business Days of receipt thereof
the amount of such Collections in accordance with Section 13.03 and will hold such monies in trust for the Trustee until so deposited. The Issuer agrees to take all such lawful action as the Trustee or the Control Party may request to compel or
secure the performance and observance by the Transferor and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Purchase and Contribution Agreement, the Assignment Agreements and the Servicing
Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with such Transaction Documents to the extent and in the manner directed by
the Trustee or the Control Party, as applicable, including the transmission of notices of default thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Transferor or the Servicer of
each of their obligations thereunder. 
 (c) Notice of Default, Etc. The Issuer will deliver to the Trustee and
each Holder of Outstanding Notes immediately upon becoming aware of the existence of any condition or event that constitutes a Default, an Event of Default or an Event of Servicing Termination, a written notice describing its nature and period of
existence and what action is being taken or proposed to be taken with respect thereto. 
 (d) Compliance with Law.
The Issuer will comply, in all material respects, with all acts, rules, regulations, orders, decrees and directions of any Governmental Authority applicable to it or the Collateral or any part thereof or necessary for it to perform its
responsibilities hereunder and under the other Transaction Documents; provided that the Issuer may contest any act, regulation, order, decree or direction in good faith and in any reasonable manner which shall not adversely affect the
rights of the Trustee (for the benefit of the Secured Parties) in the Collateral. 
  

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 (e) Preservation of Security Interest. The Issuer shall execute and file such
documents requested of it which may be required by law to fully preserve and protect the first priority security interest of the Trustee (for the benefit of the Secured Parties) in the Collateral. 

(f) Maintenance of Office, Etc. The Issuer will not, without providing thirty (30) days’ prior written notice to
the Trustee and without filing such amendments to any previously filed financing statements as the Trustee may require or as may be required in order to maintain the Trustee’s perfected security interest in the Collateral (for the benefit of
the Secured Parties), (a) change its jurisdiction of organization or the location of its principal place of business, or (b) change its name, identity or corporate structure in any manner that would make any financing statement or
continuation statement filed by the Issuer in accordance with this Indenture seriously misleading within the meaning of Section 9-506 of any applicable enactment of the UCC. 

(g) Further Assurances. The Issuer will make, execute or endorse, acknowledge, and file or deliver to the Trustee and the
Control Party from time to time such schedules, confirmatory assignments, conveyances, transfer endorsements, powers of attorney, certificates, reports, UCC financing statements, and other assurances or instruments and take such further steps
relating to the Collateral, as the Trustee may reasonably request and reasonably require in connection with the transactions the subject of the Transaction Documents, except that UCC financing statements are not required to have been filed against
the related Obligor for any Equipment related to any Contract that had an original equipment cost at origination of less than (A) if such Contract is a secured loan or finance lease that provides for a $1 purchase option, $25,000, or
(B) if such Contract provides for a “fair market value” purchase option, $50,000. 
 (h) Notice of
Liens. The Issuer shall notify the Trustee in writing immediately after becoming aware of any Lien on any portion of the Collateral, except for any Liens on Equipment for municipal or other local taxes due from the Issuer if such taxes shall
not at the time be due or payable without penalty or, provided the same are Permitted Liens, if the Issuer shall currently be contesting the validity thereof in good faith by appropriate proceedings, such nonpayment shall not pose any risk of
forfeiture of such Collateral and the Issuer shall have set aside on its books adequate reserves with respect thereto. 
 (i)
Separateness Covenants. The Issuer (i) shall not engage in any other business than (A) the acquisition, ownership, selling and pledging of the property acquired by it pursuant to the Purchase and Contribution Agreement, any
Assignment Agreement, the Servicing Agreement and this Indenture and causing the issuance of, receiving and selling the Notes issued pursuant to this Indenture, (B) the exercise of any powers permitted to limited liability companies under
Delaware law which are incidental to the foregoing or necessary to accomplish the foregoing and are not prohibited by the terms of its certificate of formation, its limited liability company agreement or the other Transaction Documents;
(ii) will hold such appropriate meetings of its board of managers or distribute appropriate unanimous consents in lieu of a meeting as are necessary to authorize all of the Issuer’s actions that are required by law to be authorized by the
board of managers, keep minutes of its meetings and otherwise observe all other customary corporate formalities; (iii) will (A) maintain its books and records separate from the books and records of any other entity, (B) maintain
separate bank accounts and no funds of the Issuer shall be commingled with funds of any other entity except as otherwise permitted in 

 

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the Lockbox Intercreditor Agreement, (C) keep in full effect its existence, rights, privileges, licenses and franchises as a limited liability company under the laws of its applicable state
of organization, and will obtain and preserve its “qualification to do business” as a foreign limited liability company in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of
this Indenture, (D) cause its managers and officers to act independently and in its interests, (E) cause its board of managers to duly authorize all of its corporate actions and (F) observe all company procedures required by its
organizational documents and applicable laws; and (iv) will not (A) dissolve or liquidate in whole or in part, (B) own any subsidiary or lend or advance any moneys to, or make an investment in, any Person, (C) incur any debt in
connection with or make any capital expenditures, (D)(1) commence any case, proceeding or other action under any existing or future bankruptcy, insolvency or similar law seeking to have an order for relief entered with respect to it, or seeking
reorganization, arrangement, adjustment, wind-up, liquidation, dissolution, composition or other relief with respect to it or its debts, (2) seek appointment of a receiver, trustee, custodian or other similar official for it or any part of its
assets, (3) make a general assignment for the benefit of creditors, or (4) take any action in furtherance of, or consenting or acquiescing in, any of the foregoing, (E) 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 its capability of doing so, or otherwise), endorse or otherwise become contingently liable (directly or indirectly) for the
obligations of, or own or purchase any stock, obligations or securities of or any other interest in, or make any capital contribution to, any other Person other than as specifically provided for in the Transaction Documents, (F) merge or
consolidate with any other Person, (G) engage in any other action that bears on whether the separate legal identity of the Issuer will be respected, including (1) holding itself out as or permitting itself to be held out as being liable
for the debts of any other Person or (2) acting other than in its name and through its duly authorized officers or agents, (H) create, incur, assume, or in any manner become liable in respect of any indebtedness other than the Notes,
expenses associated with the Closing Date, trade payables and expense accruals incurred in the ordinary course of business in an amount less than $12,300 at any one time outstanding and which are incidental to its permitted activities, and as
provided in or under the Transaction Documents, (I) sponsor or contribute, or contract to or incur any other obligation to contribute to any Pension Plans, or (J) enter into or become party to any agreements or instruments other than the
Transaction Documents or any documents or instruments executed pursuant thereto and in connection therewith. So long as any Notes remain Outstanding or any other amounts are owed under the Transaction Documents, the Issuer shall not amend its
organizational documents without the prior written consent of the Control Party and prior written notice to the Rating Agency and the Trustee. The Issuer shall not make any investment in any Person through the direct or indirect holding of
securities or otherwise other than in Eligible Investments. The Issuer shall not declare or pay any dividends, except out of funds released to it under Section 13.03. The Issuer will not have any of its indebtedness guaranteed by the Transferor
or any Affiliate of the Transferor. Furthermore, the Issuer will not hold itself out, or permit itself to be held out, as having agreed to pay or as being liable for the debts of the Transferor and the Issuer will not engage in any transactions with
the Transferor, except as expressly contemplated by the Transaction Documents and on an arm’s-length basis. The Issuer will not hold the Transferor out to third parties as other than an entity with assets and liabilities distinct from the
Issuer. The Issuer will cause any financial statements consolidated with those of the Transferor to state that the Issuer is a separate corporate entity with its own 

 

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separate creditors who, in any liquidation of the Issuer, will be entitled to be satisfied out of the Issuer’s assets prior to any value in the Issuer becoming available to the Issuer’s
equity holders. The Issuer will not act in any other matter that could foreseeably mislead others with respect to the Issuer’s separate identity. Without the prior written consent of the Control Party, the Issuer will not, nor will it permit or
allow others to, amend, modify, terminate or waive any provision of any Contract Assets, except to the extent otherwise expressly permissible under the Transaction Documents. Notwithstanding the foregoing, the Servicer may, without the prior written
consent of the Control Party, waive any assumption fees, late payment charges, charges for checks returned for insufficient funds, or other fees which may be collected in the ordinary course of servicing the Contracts. The Issuer shall take such
actions as the Trustee (at the direction of the Control Party) shall request to enforce the Issuer’s rights under the Contracts, and, at any time during which a Default shall have occurred and be continuing, shall take such actions as are
necessary to enable the Trustee (at the direction of the Control Party) to exercise such rights in the Trustee’s own name. On or before June 15 of each year, so long as any of the Notes are Outstanding, the Issuer shall furnish to the
Trustee and each Noteholder, an Officer’s Certificate confirming that the Issuer is in compliance with its obligations under this Section 12.02(i). 

(j) Directors. The Issuer agrees that at all times, at least one (1) of the directors of the Issuer will be
professional directors that are not, and have not been, a director, shareholder, officer or employee of any direct or ultimate parent or Affiliate of the Transferor; provided that an independent director or independent officer may
serve in similar capacities for other “special purpose entities” formed by the Transferor and its Affiliates. 
 (k)
Treatment for Tax Purposes. The Issuer shall treat the Notes as indebtedness of the Issuer and the Collateral as assets owned by the Issuer for purposes of all federal, state and local income taxes, unless and until otherwise required
by an applicable taxing authority. 
 (l) Information Regarding the Issuer. The Issuer shall, on the written
request of the Trustee or the Control Party, on reasonable notice, furnish to the Trustee and the Noteholders the books and records of the Issuer maintained pursuant to its limited liability company agreement and any and all other information
maintained or held by the Issuer regarding the Issuer or the Collateral. 
 (m) Preservation of the Contract
Assets. The Issuer shall not assign, sell, pledge, or exchange, or in any way encumber or permit the encumbrance of, or otherwise dispose of, the Contract Assets except as expressly permitted under the Transaction Documents to which it is a
party. 
 (n) Enforcement of Transaction Documents. Upon request, the Issuer will cooperate with the taking of all
actions necessary, and the diligent pursuit of all remedies available to it, in all cases to the extent commercially reasonable, to allow the Control Party and the Trustee in the name of the Issuer to enforce all obligations of the Transferor and
the Servicer owing to the Issuer under the Transaction Documents to which such Persons are a party and to secure its rights thereunder. 
  

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 (o) Issuer May Not Merge, etc. The Issuer shall not merge with or into any
other Person or convey or transfer its properties and assets substantially as an entirety to any Person. 
 (p)
[Reserved.] 
 (q) Use of Proceeds. The proceeds from the sale of the Notes may be used by the
Issuer solely to pay to or on behalf of the applicable assignor, the Purchase Price owed to it in accordance with the Assignment Agreement for the purchase of Contract Assets, and to pay expenses owed to the Noteholders, the Trustee, the Custodian,
the Servicer and the Back-up Servicer related thereto or otherwise associated with the issuance of the Notes. None of the transactions contemplated in this Indenture (including the use of the proceeds from the sale of the Notes) will result in a
violation of Section 7 of the Securities and Exchange Act of 1934, as amended, or any regulations issued pursuant thereto, including Regulations T, U and X of the Board of Governors of the Federal Reserve System. The Issuer does not own or
intend to, and none of the proceeds from the Notes will be used to, carry or purchase any margin securities originally issued by it or any “margin stock” within the meaning of said Regulation U. 

(r) Indemnification. The Issuer shall indemnify and hold harmless the Noteholders from and against any loss, liability,
expense, damage or injury sustained or suffered by them by reason of any acts, omissions or alleged acts or omissions (i) by the Issuer in the performance of its obligations under the Transaction Documents (including any violation of any
applicable laws by the Issuer as a result of the transactions contemplated by this Indenture) to which it is a party, or (ii) arising out of the activities of any of them with respect to the Collateral, including enforcement of rights and
remedies against the Issuer under the Transaction Documents to which it is a party and any judgment, award, settlement, reasonable attorneys’ fees and other expenses reasonably incurred in connection with the defense of any actual or threatened
action, proceeding or claim; provided that the Issuer shall not indemnify the Noteholders if such loss, liability, expense, damage or injury is due to such Person’s gross negligence, willful misconduct, willful misfeasance or bad
faith in the performance of its rights or duties hereunder. Any indemnification pursuant to this Section shall only be payable, subject to the priority of payments in Section 13.03, from the assets of the Issuer released from the Collateral
except as otherwise expressly provided in the Transaction Documents. The provisions of this indemnity shall survive the termination of this Indenture. 

(s) Taxes. The Issuer shall pay and discharge all taxes and governmental charges upon it or against any of its properties
or assets or its income prior to the date after which penalties attach for failure to pay, except (a) to the extent that the Issuer shall be contesting in good faith in appropriate proceedings its obligation to pay such taxes or charges, and
adequate reserves having been set aside for the payment thereof and no Lien has been created on any of its assets in connection therewith, or (b) with respect to such taxes and charges which are not material in either nature or amount such that
any failure to pay or discharge them, and any resulting penalties, either in any one instance or in the aggregate, would not materially and adversely affect the financial condition, operations, activities or prospects of the Issuer or the interests
of each Noteholder under this Indenture, a Note or any other Transaction Document, and no Lien has been created on any of the Issuer’s assets in connection therewith. 
  

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 (t) No Adverse Transactions. The Issuer shall not enter into any transaction
which adversely affects the Collateral or any Secured Party’s rights under this Indenture, a Note or any other Transaction Document. 

(u) Transactions by Issuer. None of the Noteholders shall have any obligation to authorize the Issuer to, and the Issuer
shall not (without the prior written consent of the Majority Holders), enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service, with any Person (including, without
limitation any Affiliate, any shareholder, director, manager, officer or employee (or any relative thereof) of the Issuer or any such Affiliate) unless such transaction is (a) expressly permitted under this Indenture or any other Transaction
Document, (b) in the ordinary course of conducting the Issuer’s permitted activities and (c) upon fair and reasonable terms no less favorable to the Issuer than it would obtain in a comparable arm’s-length transaction.

 (v) Further Limitations on Actions. The Issuer shall not do any of the following without the consent of the
Control Party: (i) redeem, retire, purchase or otherwise acquire, directly or indirectly, any of the Issuer’s membership interests, except in connection with employment or similar agreements with officers and directors of the Issuer, or
(ii) make any change in the Issuer’s capital structure (except for permitted redemptions or prepayments of the Notes hereunder), or (iii) make any material change in any of its objectives, purposes or operations. 

(w) Rule 144A Information. With respect to the Holder of any Note, the Issuer shall promptly furnish or cause
to be furnished to such Holder or to a prospective purchaser of such Note designated by such Holder, as the case may be, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act (“Rule 144A
Information”) in order to permit compliance by such Holder with Rule 144A in connection with the resale of such Note by such Holder; provided, however, that the Issuer shall not be required to furnish Rule 144A Information
in connection with any request made on or after the date which is three years from the later of (a) the date such Note (or any predecessor Note) was acquired from the Issuer or (b) the date such Note (or any predecessor Note) was last
acquired from an “affiliate” of the Issuer within the meaning of Rule 144 under the Securities Act; and provided, further, that the Issuer shall not be required to furnish such information at any time to a prospective
purchaser located outside the United States who is not a U.S. Person. 
 ARTICLE XIII 

ACCOUNTS AND ACCOUNTINGS 

Section 13.01 Collection of Money. Except as otherwise expressly provided herein, the 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 Trustee pursuant to this Indenture. The
Trustee shall, upon request from the Servicer, provide the Servicer with sufficient information regarding the amount of collections with respect to the Contract Assets and the other Collateral received by the Trustee in any accounts held in the name
of the Trustee to permit the Servicer to perform its duties under the Servicing Agreement. The Trustee shall hold all such money and property so received by it as part of the Collateral and shall apply it as provided in this Indenture. If any
Contract becomes 
  

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a Defaulted Contract, the Trustee, upon the request of the Issuer or the Servicer, may, and upon the request of the Control Party shall, 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 deem a Contract a “Defaulted Contract” for purposes of the Transaction Documents and
to claim a Default or Event of Default under this Indenture and to proceed thereafter as provided in Article VI. 

Section 13.02 Establishment of Trust Accounts. (a) Prior to the Closing Date, the Issuer established, and as of
the Closing Date the Issuer maintains, with the Trustee (i) a segregated, trust account (the “Reserve Account”) for the deposit and retention of amounts required to be maintained therein; (ii) a segregated, trust account
(the “Collection Account”) for the receipt and/or retention (as applicable) of (A) Collections, (B) Partnership Advances, (C) any interest or other earnings earned on all or part of the funds in any of the Collection
Account or on any other Collateral and any other amounts, if any, remitted by the Issuer pursuant to Section 13.02(d), (D) amounts received in accordance with Section 11.02(b) in connection with a redemption of Outstanding Notes in
accordance with Article XI, (E) amounts transferred from the Reserve Account or the Servicer Transition Account in accordance with the terms of this Indenture and (F) amounts transferred from the Lockbox Account in accordance with the
Servicing Agreement and (iii) a segregated, non-interest bearing trust account (the “Servicer Transition Account”) for the deposit and retention of amounts required to be maintained therein. The Collection Account, the Reserve
Account and the Servicer Transition Account are collectively referred to as the “Trust Accounts.” 
 (b) The
Trust Accounts shall be in the name of the Trustee on behalf of the Noteholders at the Corporate Trust Office, which shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties. Funds
in each Trust Account shall not be commingled with any other monies. The Trustee shall ensure that the Trust Accounts are at all times Eligible Accounts. All payments to be made from time to time by the Issuer to the Noteholders and other Persons
out of funds in any Trust Account pursuant to this Indenture shall be made by the Trustee or the Paying Agent. All monies deposited from time to time in the Trust Accounts pursuant to this Indenture shall be held by the Trustee as part of the
Collateral as herein provided. 
 (c) Upon direction of the Servicer, the Trustee shall invest the funds in or credited to any
or all of the Trust Accounts in Eligible Investments. The direction of the Servicer shall specify the Eligible Investments in which the Trustee shall invest, shall state that the same are Eligible Investments and shall further specify the percentage
of funds to be invested in each Eligible Investment. No such Eligible Investment shall mature later than the Business Day preceding the next following Payment Date. In the absence of direction of the Servicer, the Trustee shall invest funds in the
Trust Accounts in Eligible Investments described in clause (g) of the definition thereof. Eligible Investments for funds in or credited to the Trust Accounts shall be made in the name of the Trustee for the benefit of the Secured Parties.

 (d) Any proceeds, payments, income or other gain from investments in Eligible Investments made in respect of funds in or
credited to the Trust Accounts, as outlined in (c) above, shall be credited to the respective Trust Account from which such funds were derived. The Trustee shall not be liable for any loss incurred on any funds invested in Eligible

  

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Investments pursuant to the provisions of this Section (other than losses from nonpayment of investments in obligations of U.S. Bank National Association issued in its individual capacity). In no
event shall the Trustee be liable for the selection of investments or for losses incurred as a result of the liquidation of any investment prior to its Stated Maturity Date or for the failure of any appropriate Person to provide timely written
investment direction. 
 (e) Each party hereto agrees that each of the Trust Accounts constitutes a “securities
account” within the meaning of Article 8 of the UCC and in such capacity U.S. Bank National Association shall be acting as a “securities intermediary” within the meaning of 8-102 of the UCC and that, regardless of any provision
in any other agreement, for purposes of the UCC, the State of New York shall be deemed to be the “securities intermediary’s jurisdiction” under Section 8-110 of the UCC. The Trustee shall be the “entitlement
holder” within the meaning of Section 8-102(a)(7) of the UCC with respect to the Trust Accounts. In furtherance of the foregoing, U.S. Bank National Association, acting as a “securities intermediary,” shall comply with
“entitlement orders” within the meaning of Section 8-102(a)(8) of the UCC originated by the Trustee with respect to the Trust Accounts, without further consent by the Issuer. Each item of property (whether investment property,
financial asset, security, instrument or cash) credited to each Trust Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC. All securities or other property underlying any financial
assets credited to each Trust Account shall be registered in the name of the Trustee or indorsed to the Trustee or in blank, and in no case will any financial asset credited to any Trust Account be registered in the name of the Issuer, payable to
the order of the Issuer or specially indorsed to the Issuer except to the extent the foregoing have been specially indorsed to the Trustee or in blank. Any Eligible Investment consisting of “certificated securities,” as defined in the
applicable UCC will be evidenced directly or indirectly by physical certificates and each such certificated security (i) will be delivered and held in its direct physical possession by the Securities Intermediary in the State of Minnesota and
(ii) (x) is registered in the name of the Securities Intermediary or (y) has been appropriately assigned thereon, or is accompanied by a bond power and/or assignment appropriately executed, in blank or to the Securities Intermediary,
and is accompanied by any other documents required by the documents governing such security to effect the transfer of the registration thereof to the Securities Intermediary. The Trust Accounts shall be under the sole dominion and control (as
defined in Section 8-106 of the UCC) of the Trustee, and the Issuer shall have no right to close, make withdrawals from, or give disbursement directions with respect to, or receive distributions from, the Collection Account or the Reserve
Account, except in accordance with Section 13.03, or with respect to the Servicer Transition Account, the Issuer shall have no right to close, make withdrawals from, or give disbursement directions with respect to, or receive distributions
from, the Servicer Transition Account, except in accordance with Section 13.05. 
 (f) In the event that U.S. Bank National
Association, as securities intermediary, has or subsequently obtains by agreement, by operation of law or otherwise a security interest in the Trust Accounts or any security entitlement credited thereto, it hereby agrees that such security interest
shall be subordinate to the security interest created by this Indenture and that the Trustee’s rights to the funds on deposit therein shall be subject to Section 13.03. The financial assets credited to, and other items deposited to the
Trust Accounts will not be subject to deduction, set-off, banker’s lien, or any other right in favor of any person other than as created pursuant to this Indenture. 
  

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 Section 13.03 Collection Account. (a) Except as otherwise expressly
provided herein, all amounts received by the Issuer other than (i) proceeds of the sale of the Notes to the Initial Purchaser, (ii) the Initial Reserve Deposit deposited in the Reserve Account, (iii) amounts deposited in the Servicer
Transition Account or (iv) amounts erroneously credited to the Issuer for which the Control Party has provided its prior consent to the application thereof, shall be deposited in the Collection Account until applied, together with funds from
the Reserve Account and Servicer Transition Account in accordance with this Section 13.03. 
 (b) By no later than
1:00 p.m. (New York time) on each Payment Date, after making all transfers and deposits to the Collection Account pursuant to Section 13.03, Section 13.04(b), and Section 13.05, the Trustee shall withdraw from the Collection
Account all Available Funds with respect to the related Collection Period and shall disburse such Available Funds in accordance with the related Monthly Servicing Report; provided that, if the Trustee shall not have received the Monthly
Servicing Report, (x) the Trustee shall withdraw from the Collection Account amounts verified in writing by the Servicer as needed to pay first, all accrued and unpaid fees and properly invoiced costs and expenses of each of the
Partnership, Servicer, Back-up Servicer, Trustee and Custodian and second, amounts in accordance with the priorities set forth in Section 13.03(c)(v) through 13.03(c)(x), (y) the Trustee shall distribute such funds in order to make
such payments to the appropriate Persons and (z) upon subsequent receipt of the Monthly Servicing Report, or such other information as may be required by the Trustee, the Trustee shall pay each such other amounts set forth below, all as set
forth in the Monthly Servicing Report or in such other information delivered to the Trustee; provided further that amounts deposited in the Collection Account in accordance with Section 11.02(b) shall be disbursed in accordance
with Section 11.04 and not this Section 13.03; 
 (c) On each Payment Date, whether or not an Event of Default has
occurred and is continuing and the maturity of the Notes has been accelerated, the Trustee shall make the following payments from the Available Funds then on deposit in the Collection Account (after required deposits therein from the Reserve Account
and the Servicer Transition Account) in the following order of priority (to the extent funds are available therefor): 

(i) to the Partnership, any unreimbursed Partnership Advances; 

(ii) to the Partnership (as agent for the Servicer) or to the Servicer if LEAF Financial Corporation or an affiliate is no
longer the Servicer, the Servicer Fee then due, together with any accrued and unpaid Servicer Fees from prior Collection Periods; 

(iii) (a) to the Partnership, (if LEAF Financial is still the servicer) or to the Servicer, if a LEAF Financial affiliate
is no longer the servicer, any Servicing Charges and (b) to the Servicer (including any accrued and unpaid amounts owing to a predecessor Servicer), any unreimbursed Collection Costs incurred by such Person; 

(iv) to the Trustee, the Custodian and the Back-up Servicer, the Trustee Fees and out-of-pocket expenses, Custodian Fees
and out-of-pocket expenses and Back-up Servicer Fees and out-of-pocket expenses (which includes out-of-pocket expenses due to any successor Servicer) then due, together with any unpaid Trustee Fees and out-of-pocket expenses, Custodian Fees and
out-of-pocket expenses and Back-up Servicer Fees 
  

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and out-of-pocket expenses from prior collection periods (subject to certain limitations set forth herein), and, solely from funds from the Servicer Transition Account, any unpaid Transition
Costs in an amount not to exceed in the aggregate $150,000; 
 (v) to the Class A Noteholders, pro rata,
the total amount of Note Interest due and payable to such Class of Notes; 
 (vi) to the Class B Noteholders,
pro rata, the total amount of Note Interest due and payable to such Class of Notes; 
 (vii) to the Class
C Noteholders, pro rata, the total amount of Note Interest due and payable to such Class of Notes; 

(viii) to the Class A Noteholders in reduction of principal until the Outstanding Note Balance of the Class A
Notes has been reduced to zero; 
 (ix) to the Class B Noteholders in reduction of principal until the
Outstanding Note Balance of the Class B Notes has been reduced to zero; 
 (x) to the Class C Noteholders in
reduction of principal until the Outstanding Note Balance of the Class C Notes has been reduced to zero; 
 (xi)
to the Trustee, Securities Intermediary, Custodian and Back-up Servicer, any indemnification payments owed by the Issuer; and 

(xii) to the Issuer, any remaining Available Funds. 

(d) On the related Redemption Date, the Trustee shall withdraw the sum of the applicable Redemption Price from the Collection Account,
and the Paying Agent shall remit the Redemption Price to the applicable Noteholders in accordance with Section 11.03. 

Section 13.04 Reserve Account. (a) On the Closing Date, the Issuer shall deposit, or cause to be
deposited, into the Reserve Account an amount equal to 1.90% of the Initial Discounted Pool Balance. 
 (b) If on any Payment
Date, (i) amounts on deposit in the Collection Account are insufficient to reduce the Aggregate Outstanding Note Balance to an amount lower than or equal to the Discounted Pool Balance after applying clauses (i) through (x) of
Section 13.03(c) or (ii) amounts on deposit in the Reserve Account are greater than or equal to the Aggregate Outstanding Note Balance, the Trustee will withdraw, to the extent of funds on deposit in the Reserve Account, in the case of
(i), the amount of such insufficiency or, in the case of (ii), all funds and deposit such amounts into the Collection Account to be used as Available Funds. Upon the occurrence of any Event of Default that results in acceleration of the Notes and is
not waived or cured on or before the next Payment Date, all funds maintained in the Reserve Account shall be transferred to the Collection Account. On the Stated Maturity Date, and at the option of the Issuer in connection with the redemption
pursuant to Article XI, any remaining funds on deposit in the Reserve Account shall be deposited in the Collection Account and distributed in accordance with Section 13.03(c). 

 

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 Section 13.05 Servicer Transition Account. (a) On the Closing
Date, the Issuer shall deposit, or cause to be deposited, into the Servicer Transition Account an amount equal to $150,000. 

(b) On each Payment Date following the occurrence of an Event of Servicing Termination, the Trustee shall withdraw from the Servicer
Transition Account an amount equal to the lesser of (i) the Transition Costs then due and (ii) the amount that is then credited to the Servicer Transition Account, and deposit such funds in the Collection Account for the payment of
properly invoiced Transition Costs in accordance with Section 13.03(c). 
 (c) On the Stated Maturity Date, and at the
option of the Issuer in connection with the redemption pursuant to Article XI, any remaining funds on deposit in the Servicer Transition Account shall be deposited in the Collection Account and distributed in accordance with
Section 13.03(c). 
 Section 13.06 Reports to the Noteholders. (a) On each Payment Date, the
Trustee will make available to each Noteholder the Monthly Servicing Report. 
 The Trustee will make the Monthly Servicing
Report available to the Noteholders, via the Trustee’s Internet website, and, with the consent or at the direction of the Issuer, such other information regarding the Notes and/or the Contracts as the Trustee may have in its possession, but
only with the use of a password provided by the Trustee or its agent to such Person. The Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will assume no responsibility for the contents
thereof. 
 The Trustee’s Internet website initially shall be located at www.usbank.com/abs or at such other address as
shall be specified by the Trustee from time to time in writing to the Noteholders. In connection with providing access to the Trustee’s Internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee shall
not be liable for errors in the dissemination of information in accordance with this Indenture. 
 Such reports will not
constitute financial statements prepared in accordance with generally accepted accounting principles. 
 (b) At least annually,
or as otherwise required by law, the Servicer shall prepare or cause to be prepared, and the Trustee shall distribute to the Noteholders, any 1099 form, or other tax information or statements as are required by applicable tax law. 

Section 13.07 Monthly Servicing Reports. No later than 12:00 p.m. (New York time) on each Reporting Date,
the Servicer shall deliver the Monthly Servicing Report to the Trustee, the Back-up Servicer and the Rating Agency. No later than 12:00 noon (New York time) on the following Verification Date, the Back-up Servicer shall perform its
obligations and duties set forth in Section 4.05 of the Servicing Agreement and shall notify the Issuer and the Trustee of any discrepancies therein or the need for any additional information to complete such verification, and the Servicer
shall promptly re-issue a revised Monthly Servicing Report addressing such discrepancies and such information request which revised Monthly Servicing Report shall supersede the prior report for purposes of making the distributions described in
Section 13.03. The Monthly Servicing Report shall include the information specified in the form 
  

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of Monthly Servicing Report attached to the Servicing Agreement, as such form may be modified from time to time with the consent of the Servicer, the Back-up Servicer, the Control Party.

 ARTICLE XIV 

PROVISIONS OF GENERAL APPLICATION 

Section 14.01 General Provisions. All of the provisions of this Article shall apply to this Indenture.

 Section 14.02 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 may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture
and (subject to Section 7.01) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the 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 Noteholder of any Note shall bind the
Noteholder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not
notation of such action is made upon such Note. 
 Section 14.03 Notices. Any request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders or the Control Party or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with any party hereto shall be sufficient for every purpose
hereunder if in writing and telecopied (with written confirmation of receipt), mailed by registered mail, overnight bonded courier or personally delivered, and addressed to the appropriate address below (or such other address as may be provided to
the other parties in writing from time to time): 
 (a) to the Trustee at 60 Livingston Avenue, EP-MN-WS3D, St. Paul, Minnesota
55107, telecopier number 651-495-8090, Attention: LEAF Receivables Funding 2, LLC, Equipment Contract Backed Notes, Series 2010-1; 
  

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 (b) to the Custodian at 1133 Rankin Street, EP-MN-TMZD, St. Paul, MN 55116 telecopy number:
651-695-6102, Attention: LEAF Receivables Funding 2, LLC, Equipment Contract Backed Notes, Series 2010-1; 

(c) to the Servicer at 2005 Market Street,
15th Floor, Philadelphia, PA 19103, telecopy number:
215-640-6363, Attention: Miles Herman; 
 (d) to the Issuer at 2005 Market Street,
15th Floor, Philadelphia, PA 19103, telecopy number:
215-640-6363, Attention: Miles Herman; 
 (e) to the Back-up Servicer at 1310 Madrid Street, Suite 103, Marshall, MN
56258, telecopy number: 866-806-0775, Attention: Joseph Andries, Re: LEAF Receivables Funding 2, LLC, Equipment Contract Backed Notes, Series 2010-1; or 

(f) DBRS, Inc. at 140 Broadway,
35th Floor, New York, NY 10005, telecopy number:
212-806-3201, Attention: Chuck Weilamann, Re: LEAF Receivables Funding 2, LLC, Equipment Contract Backed Notes, Series 2010-1. 

Section 14.04 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event,
such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and telecopied (with written confirmation of receipt from each addressee), mailed by registered mail, overnight bonded courier or delivered personally
to each Noteholder affected by such event, at its 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. In any case in which 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 which is mailed
in the manner herein provided shall conclusively be presumed to have been duly given. 
 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 Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

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 to the 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 Trustee shall be deemed to be a
sufficient giving of such notice. 
 Section 14.05 Successors and Assigns. All covenants and
agreements in this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not. 

Section14.06 Severability; No Waiver. 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. No failure on the part of the Trustee, the Control Party or any Noteholder to exercise, and no delay in
exercising, any 
  

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right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other
right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 14.07
Benefits of Indenture Limited to Parties and Express Third Party Beneficiaries. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, the Noteholders and any of
their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Indenture or under the Notes. Each of the Noteholders are express third party beneficiaries of this Indenture each entitled to enforce the provisions
hereof as if a party hereto. 
 Section 14.08 Legal Holidays. In any case in which the date of any
Payment Date, or the Stated Maturity Date of any Note shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment of principal or interest 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 nominal date of any such Stated Maturity Date or Payment Date. 

Section 14.09 Governing Law; Waiver of Jury Trial; Consent to Jurisdiction. 

(a) This Indenture and each Note shall be construed in accordance with and governed by the laws of the State of New York applicable
to agreements made and to be performed therein, except to the extent that the perfection or effect of perfection of the security interests granted hereunder are governed by the laws of a jurisdiction other than the State of New York.
Section 5-1401 and Section 5-1402 of the New York General Obligations Law shall be applicable. 
 (b) The Issuer
hereby agrees to the jurisdiction of any federal court located within the State of New York, and waives personal service of any and all process upon it and consents that all such service of process be made by registered mail directed to the
Issuer at the address set forth in Section 14.03 hereof and service so made shall be deemed to be completed five (5) days after the same shall have been deposited in the U.S. mails, postage prepaid. With respect to the foregoing consent to
jurisdiction, the Issuer hereby waives any objection based on forum non conveniens, and any objection to venue of any action instituted hereunder and consents to the granting of such legal or equitable relief as is deemed
appropriate by the court. 
 (c) The Issuer hereby waives any right to have a jury participate in resolving any dispute, whether
sounding in contract, tort, or otherwise among the parties hereto or otherwise arising out of, connected with, related to, or incidental to the relationship between them in connection with this Indenture. Instead, any dispute resolved in court will
be resolved in a bench trial without a jury. Nothing in this Section 14.09 shall affect the right of the Trustee, the Control Party or any Noteholder to serve legal process in any other manner permitted by law or to bring any action or
proceeding against the Issuer or its property in the courts of any other jurisdiction. 
 Section 14.10 Counterparts;
Entire Agreement. 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 

 

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counterparts shall together constitute but one and the same instrument. Delivery by telecopier of an executed counterpart of a signature page to this Indenture shall be as effective as delivery
of the original executed counterpart. This Indenture, together with the exhibits hereto and the other written Transaction Documents referenced herein, sets forth the entire agreement among the parties hereto with respect to the subject matter
hereof, superseding all prior oral or written understandings. 
 Section 14.11 Notifications.
Notwithstanding any provision to the contrary contained in this Indenture, all reports, notices, communications and consents which are required, by the terms of this Indenture, to be delivered by the Noteholders, shall be required to be
delivered to the Trustee in writing. 
 Section 14.12 No Petition. During the term of this Indenture and for
one year and one day after payment in full of all obligations of the Issuer under the Transaction Documents, none of the parties hereto or any Affiliate thereof or any Noteholder will file any involuntary petition against the Issuer or otherwise
institute, or cooperate with or encourage any other Person to file or otherwise institute, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or any other proceedings under federal or state bankruptcy or similar law
against or concerning the Issuer; provided that if such proceeding shall have commenced, nothing herein shall preclude any Noteholder from filing a proof of claim in any such proceeding. 

Section 14.13 Assignment. 

Notwithstanding anything to the contrary contained herein, this Indenture may not be assigned by the Issuer. 

 

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 In Witness Whereof, the Issuer, the Trustee and the Custodian have caused this Indenture to
be duly executed by their respective duly authorized officers as of the date and year first above written. 
  

			
	 LEAF Receivables Funding 2, LLC,

as Issuer

		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

	
	 U.S. Bank National Association,

as Trustee

		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

	
	 U.S. Bank National Association,

as Custodian

		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

Indenture 

 SCHEDULE I 

CLOSING DATE CONTRACT SCHEDULE 

[See attached.] 
  

 Sched. I-1 

 SCHEDULE II 

DEFINITIONS ANNEX 

[See attached.] 
  

 Sched. II-1Amended and Restated Equity Incentive Plan

 Exhibit 10.46 

AMENDED AND RESTATED EQUITY INCENTIVE PLAN 

eDiets.com, Inc. 

AMENDED AND RESTATED EQUITY INCENTIVE PLAN 

The purpose of this Amended and Restated Equity Incentive Plan (the “Plan”) is to advance the interests of eDiets.com, Inc. by
enhancing its ability to attract, retain and motivate employees and other persons who can make significant contributions to the success of the Company through ownership of shares of the Company’s common stock. 

The Plan is intended to accomplish this goal by enabling the Company to grant Awards (as defined below) in the form of options, stock
appreciation rights, restricted stock awards, deferred stock awards, unrestricted stock, performance awards, or combinations thereof, as described in greater detail below. 

The Plan was originally adopted by the Board of Directors of the Company (as defined below) on September 15, 2004 and approved by
the majority of the stockholders of the Company on November 4, 2004. The Plan was amended in 2008 and is now amended and restated effective as of October 7, 2009, the date it was adopted by the Board of Directors of the Company (the
“Effective Date”). 
 ARTICLE I 

DEFINITIONS 

1.1      General. Wherever the following terms are used in this Plan they shall have the meaning
specified below, unless the context clearly indicates otherwise. 
 1.2      Award.
“Award” shall mean the grant of an option, deferred stock, restricted stock, unrestricted stock, performance award, stock appreciation right or any combination thereof pursuant to this Plan. 

1.3      Award Limit. “Award Limit” shall mean six million (6,000,000) shares of
common stock. 
 1.4      Board. “Board” shall mean the Board of Directors of the
Company. 
 1.5      Code. “Code” shall mean the Internal Revenue Code of 1986,
as amended from time to time, or any successor thereto. 
 1.6      Committee.
“Committee” shall mean the Committee to which the Board delegates the power to act under or pursuant to the provisions of the Plan, or the Board if no Committee is selected. If the Board delegates powers to a Committee, and if the Company
is or becomes subject to Section 16 of the Exchange Act, then, if necessary for compliance therewith, such Committee shall consist of not less than two (2) members of the Board, each member of which must be a “non-employee
director” within the meaning of Rule 16b-3. The failure of any Committee member to qualify as a “non-employee director” shall not otherwise affect the validity of an Award. If the Company is or becomes subject to Section 16 of
the Exchange Act, no member of the Committee shall receive any Award pursuant to the Plan or any similar plan of the Company or any affiliate while serving on the Committee unless the Board determines that the grant of such Award satisfies Rule
16b-3. 
  

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 Notwithstanding anything herein to the contrary, and insofar as the Board determines that it
is necessary in order for compensation recognized by Participants pursuant to the Plan to be fully deductible to the Company for federal income tax purposes, each member of the Committee also shall be an “outside director” (as defined in
regulations or other guidance issued by the Internal Revenue Service under Code Section 162(m)). 

1.7      Company. “Company” shall mean eDiets.com, Inc., a Delaware corporation, and
includes any successor or assignee corporation or corporations into which the Company may be merged, changed, or consolidated; any corporation for whose securities the securities of the Company shall be exchanged; and any assignee of or successor to
substantially all of the assets of the Company. 
 1.8      Disability or Disabled.
“Disability or Disabled” shall mean permanent and total disability as defined in Section 22(e)(3) of the Code. 

1.9      Exchange Act. “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended. 
 1.10    Fair Market Value. “Fair Market Value” of a share of common stock as of
a given date shall be (i) the closing price of a share of common stock on such date on the principal exchange on which shares of common stock are then trading, if any, or if shares were not traded on such date, then on the closest preceding
date on which a trade occurred, or (ii) if the common stock is not traded on an exchange, the closing price for the common stock on such date as reported by NASDAQ or, if NASDAQ is not then in existence, by its successor quotation system; or
(iii) if the common stock is not publicly traded, the Fair Market Value of a share of common stock on such date as established by the Committee acting in good faith. 

1.12    ISO. “ISO” means an option intended to qualify as an “incentive stock option”
within the meaning of Section 422 of the Code. 
 1.11    Participant. “Participant”
shall mean an officer, employee, consultant, advisor or director of the Company or of an affiliate who is designated by the Committee as being eligible to receive Awards under the Plan and to whom an Award is granted under the Plan. 

1.12    Plan. “Plan” shall mean this eDiets.com, Inc. Amended and Restated Equity Compensation Plan,
as amended from time to time. 
 1.13    Shares. “Shares” or “shares” shall mean
the following shares of the capital stock of the Company as to which Awards have been or may be granted under the Plan: treasury shares or authorized but unissued common stock $.001 par value, or any share of capital stock into which the shares are
changed or for which they are exchanged within the provision of the Plan. 
 1.14    Rule 16b-3.
“Rule 16b-3” shall mean that certain Rule 16b-3 under the Exchange Act, as such Rule may be amended from time to time. 

1.15    Termination. “Termination” shall mean the time when a Participant ceases to be an officer,
employee, consultant, advisor or director of the Company or an affiliate for any reason, including, but not by way of limitation, a termination by resignation, discharge, failure to be elected, death, disability or retirement; but excluding
(i) terminations where there is a simultaneous reemployment, continuing employment or retention of the Participant as a consultant or advisor by the Company or an affiliate, (ii) at the discretion of the Committee, terminations which
result in a temporary severance of the 
  

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employee-employer relationship, and (iii) at the discretion of the Committee, terminations which are followed by the simultaneous establishment of a consulting relationship by the Company
with the Participant. The Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination, including, but not by way of limitation, the question of whether a Termination resulted from a
discharge for good cause, and all questions of whether particular leaves of absence constitute Terminations; provided, however, that, with respect to ISOs, a leave of absence, change in status from an employee to an independent
contractor or other change in the employee-employer relationship shall constitute a Termination if, and to the extent that, such leave of absence, change in status or other change interrupts employment for the purpose of Section 422(a)(2) of
the Code and the then applicable regulations and revenue rulings under such Section. Notwithstanding any other provision of this Plan, the Company has an absolute and unrestricted right to terminate an employee’s employment at any time for any
reason whatsoever, with or without cause, except to the extent expressly provided otherwise in writing. 
 ARTICLE II 

SHARES SUBJECT TO PLAN 

2.1      Shares Subject to Plan. 

(a)        The shares subject to options, awards of restricted stock, performance
awards, awards of deferred stock, unrestricted stock or stock appreciation rights shall be the Company’s common stock, $.001 par value. The aggregate number of shares which may be issued upon exercise of such options or rights or upon any such
awards under the Plan shall not exceed six million (6,000,000), subject to adjustment as provided in Section 10.3. The shares issuable upon exercise of such options or rights or upon any such awards may be either previously authorized but
unissued shares or treasury shares. To the extent an Award terminates, expires or lapses for any reason or an Award is settled in cash without the delivery of shares to the Participant, then any shares of common stock subject to the Award shall
again be available for the grant of an Award pursuant to the Plan. Any shares tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any Award (other than an ISO) shall again be available for the grant
of an Award pursuant to the Plan. To the extent permitted by applicable law or any exchange rule, shares of common stock issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the
Company or any of its subsidiaries shall not be counted against shares of common stock available for grant pursuant to the Plan. The payment of dividend equivalents in cash in conjunction with any outstanding Awards shall not be counted against the
shares available for issuance under the Plan. Notwithstanding the provisions of this Section 2.1(a), no shares of common stock may again be optioned, granted or awarded if such action would cause an ISO to fail to qualify as such under
Section 422 of the Code. 
 (b)        The maximum number of shares
which may be subject to options or stock appreciation rights granted under the Plan shall not exceed the limitations set forth in this Section 2.1(b) as follows: 

(i)      Subject to adjustment as provided in Section 10.3, the maximum number of
shares as to which options may be granted in any one calendar year shall be 2,000,000 and the maximum number of shares subject to stock appreciation rights granted in any one calendar year shall also be 2,000,000. These limits shall be construed and
applied in a manner that is consistent with the rules under Section 162(m) of the Code. 
  

 -3- 

 (ii)     Subject to adjustment as provided in
Section 10.3, the maximum number of shares subject to performance awards granted in any one calendar year shall be 800,000. This limit shall be construed and applied in a manner that is consistent with the rules under Section 162(m) of the
Code. 
 (iii)    Subject to adjustment as provided in Section 10.3, the maximum number
of shares that may be issued in any one calendar year, in the aggregate, pursuant to the exercise of options that do not qualify as ISOs under Section 422(b) of the Code shall be 3,000,000 and the maximum number of shares that may be issued in
any one calendar year, in the aggregate, pursuant to the exercise of stock options that qualify as ISOs shall also be 3,000,000; provided, that the foregoing maximum limits shall not be construed to permit more than the maximum number of shares
described at (a) above (as the same may be adjusted as provided in Section 10.3) to be issued in the aggregate pursuant to all Awards. 

(c)        If and only to the extent required by Section 162(m) of the Code:

 (i)      Shares subject to options which are canceled shall be counted against
the Award Limit. 
 (ii)     If, after grant of an option, the price of shares subject
to such option is reduced, the transaction shall be treated as a cancellation of the option and a grant of a new option and both the option deemed to be canceled and the option deemed to be granted shall be counted against the Award Limit.

 (iii)    If, after grant of a stock appreciation right, the base amount on which stock
appreciation is calculated is reduced to reflect a reduction in the Fair Market Value of the Company’s common stock, the transaction shall be treated as a cancellation of the stock appreciation right and a grant of a new stock appreciation
right and both the stock appreciation right deemed to be canceled and the stock appreciation right deemed to be granted shall be counted against the Award Limit. 

2.2      Unexercised Options and Other Rights. Consistent with the provisions of Section 162(m)
of the Code, as from time to time applicable, to the extent that (i) an option expires or is otherwise terminated without being exercised, or (ii) any shares of stock subject to any restricted stock, deferred stock or performance award
granted hereunder are forfeited, such shares shall again be available for issuance in connection with future awards under the Plan. 

ARTICLE III 

GRANTING OF OPTIONS 

3.1      Eligibility. Any officer, employee, consultant, advisor or director shall be eligible to be
granted an option. 
 3.2      Granting of options. 

(a)        The Committee shall from time to time, in its absolute discretion:

  

 -4- 

 (i)      Select which Participants shall be
granted options; 
 (ii)     Subject to the Award Limit, determine the number of shares
subject to such options; 
 (iii)    Determine whether such options are to be ISOs or
non-qualified stock options and whether such options are to qualify as performance-based compensation as described in Section 162(m)(4)(C) of the Code; and 

(iv)    Determine the terms and conditions of such options, consistent with this Plan;
provided, however, that the terms and conditions of options intended to qualify as performance-based compensation as described in Section 162(m)(4)(C) of the Code shall include, but not be limited to, such terms and conditions as
may be necessary to meet the applicable provisions of Section 162(m) of the Code. 

(b)        The Committee shall instruct the secretary of the Company to issue such
options and may impose such conditions on the grant of such options as it deems appropriate, including substitution or replacement of awards, cancellation and replacement or other adjustments to the Award, including but not limited to the strike
price. Without limiting the generality of the preceding sentence, the Committee may, in its discretion and on such terms as it deems appropriate, require as a condition on the grant of an option that the Participant surrender for cancellation some
or all of the unexercised options, awards of restricted stock, deferred stock, performance awards, stock appreciation rights, or unrestricted stock or other rights which have been previously granted to such Participant under this Plan or otherwise.
To the extent it complies with Section 409A of the Code, an option, the grant of which is conditioned upon such surrender, may have an option price lower (or higher) than the exercise price of such surrendered option or other award, may cover
the same (or a lesser or greater) number of shares as such surrendered option or other award, may contain such other terms as the Committee deems appropriate, and shall be exercisable in accordance with its terms, without regard to the number of
shares, price, exercise period or any other term or condition of such surrendered option or other award. 

3.3      Special Rules Applicable to ISOs. 

(a)        No person may be granted an ISO under this Plan if such person, at the
time the ISO is granted, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company unless such ISO conforms to the applicable provisions of Section 422 of the Code.

 (b)        No ISO shall be granted unless such option, when granted,
qualifies as an “incentive stock option” under Section 422 of the Code. No ISO shall be granted to any person who is not an employee. 

(c)        Any ISO granted under this Plan may be modified by the Committee to
disqualify such option from treatment as an “incentive stock option” under Section 422 of the Code. 

(d)        To the extent that the aggregate Fair Market Value of stock with
respect to which “incentive stock options” (within the meaning of Section 422 of the Code, but without regard to Section 422(d) of the Code) are exercisable for the first time by an Participant during any

  

 -5- 

 
calendar year (under the Plan and all other incentive stock option plans of the Company) exceeds $100,000, such options shall be treated as non-qualified options to the extent required by
Section 422 of the Code. The rule set forth in the preceding sentence shall be applied by taking options into account in the order in which they were granted. For purposes of this Section 3.3(d), the Fair Market Value of stock shall be
determined as of the time the option with respect to such stock is granted. 

(e)        Notwithstanding anything to the contrary, no shares may again be
options, granted or awarded under the Plan if such action would cause an ISO to fail to qualify as such under Section 422 of the Code. 

ARTICLE IV 

TERMS OF OPTIONS 

4.1      Option Agreement. Each option shall be evidenced by a written stock option agreement, which
shall be executed by the Participant and an authorized officer of the Company and which shall contain such terms and conditions as the Committee shall determine, consistent with this Plan. Stock option agreements evidencing options intended to
qualify as performance-based compensation as described in Section 162(m)(4)(C) of the Code shall contain such terms and conditions as may be necessary to meet the applicable provisions of Section 162(m) of the Code. Stock option agreements
evidencing incentive stock options shall contain such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the Code. 

4.2      Option Price. The price per share of the shares subject to each option shall be set by the
Committee; provided, however, that such price shall be no less than 100% of the Fair Market Value of a share of common stock on the date the option is granted (110% of the Fair Market Value of a share of common stock on the date such
option is granted in the case of an individual then owning (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company). Notwithstanding the foregoing, to the extent
it complies with Section 409A of the Code, if options are granted under the Plan as a result of the Company’s assumption or substitution of options issued by any acquired, merged or consolidated entity, the exercise price for such options
shall be the price determined by the Committee pursuant to the conversion terms applicable to the transaction. After an option is granted, the exercise price shall not be reduced. 

4.3      Option Term. The term of an option shall be set by the Committee in its discretion;
provided, however, that, in the case of ISOs, the term shall not be more than ten (10) years from the date the ISO is granted, or five (5) years from such date if the ISO is granted to an individual then owning (within the
meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company. 

4.4      Option Vesting and Exercisability. Stock options shall be exercisable at such time or times
and subject to such terms and conditions as shall be determined by the Committee at or after grant. The Committee may provide, in its discretion, that any stock option shall be exercisable only in installments, and the Committee may waive such
installment exercise provisions at any time in whole or in part based on such factors as the Committee may determine, in its sole discretion, including but not limited to in connection with any “change in control” of the Company, as
defined in any stock option agreement. 
  

 -6- 

 ARTICLE V 

EXERCISE OF OPTIONS 

5.1      Partial Exercise. An exercisable option may be exercised in whole or in part. However, an
option shall not be exercisable with respect to fractional shares and the Committee may require that, by the terms of the option, a partial exercise be with respect to a minimum number of shares. 

5.2      Manner of Exercise. All or a portion of an exercisable option shall be deemed exercised
upon delivery of all of the following to the secretary of the Company or the secretary’s office: 

(a)        A written notice complying with the applicable rules established by the
Committee stating that the option, or a portion thereof, is to be exercised. The notice shall be signed by the Participant or other person then entitled to exercise the option or such portion; 

(b)        Such representations and documents as the Committee, in its absolute
discretion, deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act of 1933, as amended, and any other federal or state securities laws or regulations. The Committee may, in its absolute discretion,
also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars; 

(c)        In the event that the option shall be exercised pursuant to
Section 10.1 by any person or persons other than the Participant, appropriate proof of the right of such person or persons to exercise the option; and 

(d)        Full cash payment to the secretary of the Company for the shares with
respect to which the option, or portion thereof, is exercised. However, at the discretion of the Committee, the terms of the option may allow payment, in whole or in part, through the delivery of shares of common stock owned by the Participant, duly
endorsed for transfer to the Company with a Fair Market Value on the date of delivery equal to the aggregate exercise price of the option or exercised portion thereof. In the case of a promissory note, the Committee may also prescribe the form of
such note, the security to be given for such note and the rate of interest, if any, that the note shall bear. The option may not be exercised, however, by delivery of a promissory note or by a loan from the Company when or where such loan or other
extension of credit is prohibited by law, and any such note or loan shall comply with all applicable laws, regulations and rules of the Board of Governors of the Federal Reserve System and any other governmental agency having jurisdiction.

 5.3      Conditions to Issuance of Stock Certificate. The Company shall not be required
to issue or deliver any certificate or certificates for shares of stock purchased upon the exercise of any option or portion thereof prior to fulfillment of all of the following conditions: 

(a)        The admission of such shares to listing on all stock exchanges on which
such class of stock is then listed; 
 (b)        The completion of any
registration or other qualification of such shares under any state or federal law, or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body which the Committee shall, in its absolute
discretion, deem necessary or advisable; 
  

 -7- 

 (c)        The obtaining of any
approval or other clearance from any state or federal governmental agency which the Committee shall, in its absolute discretion, determine to be necessary or advisable; 

(d)        The lapse of such reasonable period of time following the exercise of
the option as the Committee may establish from time to time for reasons of administrative convenience; and 

(e)        The receipt by the Company of full payment for such shares, including
payment of any applicable withholding tax. 
 5.4      Rights as Stockholders. The holders
of options shall not be, nor have any of the rights or privileges of, stockholders of the Company in respect of any shares purchasable upon the exercise of an option unless and until certificates representing such shares have been issued by the
Company to such holders. 
 5.5      Ownership and Transfer Restrictions. The Committee, in
its absolute discretion, may impose such restrictions on the ownership and transferability of the shares purchasable upon the exercise of an option as it deems appropriate. Any such restriction shall be set forth in the respective stock option
agreement and may be referred to on the certificates evidencing such shares. The Committee may require the Participant to give the Company prompt notice of any disposition of shares of common stock acquired by exercise of an incentive stock option
within (i) two years from the date the option was granted or (ii) one year after the transfer of such shares to the Participant. The Committee may direct that the certificates evidencing shares acquired by exercise of an option refer to
such requirement to be given prompt notice of disposition. 
 ARTICLE VI 

AWARD OF RESTRICTED STOCK 

6.1      Award of Restricted Stock. 

(a)        The Committee shall from time to time, in its absolute discretion,
select which Participants shall be awarded restricted stock, and determine the purchase price, if any, and other terms and conditions applicable to such restricted stock, consistent with this Plan. 

(b)        The Committee shall establish the purchase price, if any, and form of
payment for restricted stock, including any consideration required by applicable law. The Committee shall instruct the secretary of the Company to issue such restricted stock and may impose such conditions on the issuance of such restricted stock as
it deems appropriate. 
 6.2      Restricted Stock Agreement. Restricted stock shall be
issued only pursuant to a written restricted stock agreement, which shall be executed by the selected Participant and an authorized officer of the Company and which shall contain such terms and conditions as the Committee shall determine, consistent
with this Plan. 
 6.3      Rights as Stockholders. Upon delivery of the shares of
restricted stock to the escrow holder pursuant to Section 6.5, the restricted stockholder shall have, unless otherwise provided by the Committee, all the rights of a stockholder with respect to such shares, subject to the restrictions in the
restricted stockholder’s restricted stock agreement, including the right to receive all dividends and other distributions paid or made with respect to the shares; provided, however, that in the discretion of the Committee, any
extraordinary distributions with respect to the common stock shall be subject to the restrictions set forth in Section 6.4. 
  

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 6.4      Restriction. All shares of restricted stock
issued under this Plan (including any shares received by holders thereof with respect to shares of restricted stock as a result of stock dividends, stock splits or any other form of recapitalization) shall, in the terms of each individual restricted
stock agreement, be subject to such restrictions as the Committee shall provide, which restrictions may include, without limitation, restrictions concerning voting rights and transferability and restrictions based on duration of employment with the
Company, Company performance and individual performance; provided, however, that by a resolution adopted after the restricted stock is issued, the Committee may, on such terms and conditions as it may determine to be appropriate,
remove any or all of the restrictions imposed by the terms of the restricted stock agreement. Restricted stock may not be sold or encumbered until all restrictions are terminated or expire. 

6.5      Escrow. The Secretary of the Company or such other escrow holder as the Committee may
appoint shall retain physical custody of each certificate representing restricted stock until all of the restrictions imposed under the restricted stock agreement with respect to the shares evidenced by such certificate expire or shall have been
removed. 
 6.6      Legend. In order to enforce the restrictions imposed upon shares of
restricted stock hereunder, the Committee shall cause a legend or legends to be placed on certificates representing all shares of restricted stock that are still subject to restrictions under restricted stock agreements, which legend or legends
shall make appropriate reference to the conditions imposed thereby. 
 ARTICLE VII 

PERFORMANCE AWARDS, DEFERRED STOCK, UNRESTRICTED STOCK 

7.1      Performance Awards. 

(a)        Any Participant selected by the Committee may be granted one or more
performance awards. The value of such performance awards may be linked to the market value, book value, net profits or other measure of the value of common stock or other specific Performance Criteria (as defined in Section 7.1(c) below)
determined appropriate by the Committee, or may be based upon the appreciation in the market value, book value, net profits or other measure of the value of a specified number of shares of common stock over a fixed period or periods determined by
the Committee. Performance conditioned awards are subject to the following: 

(b)        Any performance award shall be intended to qualify as performance-based
for purposes of Section 162(m) of the Code. In the case of any performance award to which this Section 7.1(b) applies, the Plan and such Award will be construed to the maximum extent permitted by law in a manner consistent with qualifying
the Award for such exception. With respect to such performance awards, the Committee will establish, in writing, one or more specific Performance Criteria (as defined below) no later than ninety (90) days after the commencement of the period of
service to which the performance relates (or at such earlier time as is required to qualify the Award as performance-based under Section 162(m)). The Performance Criteria so established shall serve as a condition to the grant, vesting or
payment of the performance award, as determined by the Committee. Prior to grant, vesting or payment of the performance award, as the case may be, the Committee will certify whether the Performance

  

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Criteria have been attained and such determination will be final and conclusive. If the Performance Criteria with respect to the Award are not attained, no other Award will be provided in
substitution of the performance award. No performance award to which this Section 7.1(b) applies may be granted after the first meeting of the stockholders of the Company held in 2014 until the performance measures described in
Section 7.1(c) below (as the same may be amended) have been resubmitted to and re-approved by the stockholders of the Company in accordance with the requirements of Section 162(m) of the Code, unless such grant is made contingent upon such
approval. 
 (c)        For purposes of this Section 7.1,
“Performance Criteria” are specified criteria, other than the mere performance of services or the mere passage of time the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award. For
purposes of Awards that are intended to qualify for the performance-based compensation exception under Section 162(m) of the Code, a Performance Criterion means an objectively determinable measure of performance relating to any or any
combination of the following (measured either absolutely or by reference to an index or indices and determined either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of business, project or geographical basis or
in combinations thereof): sales; revenues; assets; expenses; earnings before or after deduction for all or any portion of interest, taxes, depreciation, or amortization, whether or not on a continuing operations or an aggregate or per share basis;
return on equity, investment, capital or assets; one or more operating ratios; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; stockholder return; sales of particular products or
services; customer acquisition or retention; acquisitions and divestitures (in whole or in part); joint ventures and strategic alliances; spin-offs, split-ups and the like; reorganizations; or recapitalizations, restructurings, financings (issuance
of debt or equity) or refinancings. A Performance Criterion measure and any targets with respect thereto determined by the Committee need not be based upon an increase, a positive or improved result or avoidance of loss. Any Performance Criterion
based on performance over a period of time shall be determined by reference to a period of not less than one year. To the extent consistent with the requirements for satisfying the performance-based compensation exception under Section 162(m)
of the Code, the Committee may provide in the case of any Award intended to qualify for such exception that one or more of the Performance Criteria applicable to such Award will be adjusted in an objectively determinable manner to reflect events
(for example, but without limitation, acquisitions or dispositions) occurring during the performance period that affect the applicable Performance Criterion or Criteria. 

7.2      Unrestricted Stock. Subject to the terms and provisions of the Plan, the Committee may
grant or sell shares of fully vested and unrestricted stock in such amounts and for such consideration, if any, as the Committee shall determine; provided, that the aggregate number of shares of unrestricted stock that may be granted or sold for a
purchase price that is less than their fair market value, unless granted in lieu of cash compensation equal to such fair market value, shall not exceed 360,000 shares. 

7.3      Deferred Stock. Subject to compliance with Section 409A of the Code, any Participant
selected by the Committee may be granted an award of deferred stock in the manner determined from time to time by the Committee. The number of shares of deferred stock shall be determined by the Committee and may be linked to the market value, book
value, net profits or other measure of the value of common stock or other specific Performance Criteria determined appropriate by the Committee. Common stock underlying a deferred stock award will not be issued until the deferred stock award has
vested, pursuant to a vesting schedule or Performance Criteria set by the Committee. Unless otherwise provided by the Committee, a grantee of deferred stock shall have no rights as a Company stockholder with respect to such deferred stock until such
time as the award has vested and the common stock underlying the award has been issued. 
  

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 7.4      Performance Award Agreement, Deferred Stock
Agreement, Unrestricted Stock Agreement. Each performance award, award of deferred stock and/or unrestricted stock shall be evidenced by a written agreement, which shall be executed by the Participant and an authorized officer of the Company and
which shall contain such terms and conditions as the Committee shall determine, consistent with this Plan. 

7.5      Term. The term of a performance award, award of deferred stock and/or unrestricted stock
shall be set by the Committee in its discretion. 
 7.6      Payment on Exercise. Payment
of the amount determined under Sections 7.1, 7.2 or 7.3 above shall be in cash, in common stock or a combination of both, as determined by the Committee. To the extent any payment under this Article VII is effected in common stock, it shall be made
subject to satisfaction of all provisions of Section 5.3. 
 ARTICLE VIII 

STOCK APPRECIATION RIGHTS 

8.1      Grant of Stock Appreciation Rights. Subject to the Award Limit, a stock appreciation right
may be granted to any Participant selected by the Committee. A stock appreciation right may be granted (i) in connection and simultaneously with the grant of an option, (ii) with respect to a previously granted option, or
(iii) independent of an option. A stock appreciation right shall be subject to such terms and conditions not inconsistent with this Plan as the Committee shall impose, and shall be evidenced by a written stock appreciation right agreement,
which shall be executed by the Participant and an authorized officer of the Company. The Committee, in its discretion, may determine whether a stock appreciation right is to qualify as performance-based compensation as described in
Section 162(m)( 4)(C) of the Code, and stock appreciation right agreements evidencing stock appreciation rights intended to so qualify shall contain such terms and conditions as may be necessary to meet the applicable provisions of
Section 162(m) of the Code. Without limiting the generality of the preceding sentence, the Committee may, in its discretion and on such terms as it deems appropriate, require as a condition of the grant of a stock appreciation right that the
Participant surrender for cancellation some or all of the unexercised options, awards of restricted stock, deferred stock, performance awards or stock appreciation rights or other rights which have been previously granted to him or her under this
Plan or otherwise. A stock appreciation right, the grant of which is conditioned upon such surrender, may not have an exercise price lower than the exercise price of the surrendered option or other award, may not cover a greater number of shares as
such surrendered option or other award, may contain such other terms as the Committee deems appropriate, and shall be exercisable in accordance with its terms, without regard to the number of shares, price, exercise period or any other term or
condition of such surrendered option or other award. 
 8.2      Coupled Stock Appreciation
Rights. 
 (a)        A coupled stock appreciation right
(“CSAR”) shall be related to a particular option and shall be exercisable only when and to the extent the related option is exercisable. 

(b)        A CSAR may be granted for no more than the number of shares subject to
the simultaneously or previously granted option to which it is coupled. 
  

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 (c)        A CSAR shall entitle the
Participant (or other person entitled to exercise the option pursuant to this Plan) to surrender to the Company unexercised a portion of the option to which the CSAR relates (to the extent then exercisable pursuant to its terms) and to receive from
the Company in exchange therefor an amount determined by multiplying the difference obtained by subtracting the option exercise price from the Fair Market Value of a share of common stock on the date of exercise of the CSAR by the number of shares
of common stock with respect to which the CSAR shall have been exercised, subject to any limitations the Committee may impose. 

8.3      Independent Stock Appreciation Rights. 

(a)        An independent stock appreciation right (“ISAR”) shall be
unrelated to any option and shall have a term set by the Committee. An ISAR shall be exercisable in such installments as the Committee may determine. An ISAR shall cover such number of shares of common stock as the Committee may determine. The
exercise price per share of common stock subject to each ISAR shall be set by the Committee. 

(b)        An ISAR shall entitle the Participant (or other person entitled to
exercise the ISAR pursuant to this Plan) to exercise all or a specified portion of the ISAR (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by
subtracting the exercise price per share of the ISAR from the Fair Market Value of a share of common stock on the date of exercise of the ISAR by the number of shares of common stock with respect to which the ISAR shall have been exercised, subject
to any limitations the Committee may impose. 
 8.4      Payment and Limitations on
Exercise. Payment of the amount determined under Sections 8.2(c) and 8.3(b) above shall be in cash, in common stock (based on its Fair Market Value as of the date the stock appreciation right is exercised) or a combination of both, as determined
by the Committee. To the extent such payment is effected in common stock it shall be made subject to satisfaction of all provisions of Section 5.3. 

ARTICLE IX 

ADMINISTRATION 

9.1      Committee. The Committee shall consist of two or more directors appointed by and holding
office at the pleasure of the Board. To the extent applicable, the members of the Committee shall each be an “outside director” as defined under Section 162(m) of the Code and a “non-employee director” as defined under Rule
16b-3. Appointment of Committee members shall be effective upon acceptance of appointment. Committee members may resign at any time by delivering written notice to the Board. Vacancies in the Committee may be filled by the Board. 

9.2      Duties and Powers of Committee. It shall be the duty of the Committee to conduct the
general administration of this Plan in accordance with its provisions. The Committee shall have the power to interpret this Plan and the agreements pursuant to which options, awards of restricted stock, deferred stock, unrestricted stock,
performance awards or stock appreciation rights are granted or awarded, and to adopt such rules for the administration, interpretation, and application of this Plan as are consistent therewith and to interpret, amend or revoke any such rules. Any
such grant or award under this Plan need not be the same with respect to each Participant. Any such interpretations and rules with respect to ISOs shall be consistent with the provisions of Section 422 of the Code. In its absolute

  

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discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under this Plan except with respect to matters which under Rule 16b-3 or
Section 162(m) of the Code, or any regulations or rules issued thereunder, are required to be determined in the sole discretion of the Committee. Notwithstanding any other provision of this Plan other than Section 10.3, the Committee may
not, without prior approval of the Company’s stockholders, seek to effect any repricing of any previously granted option by: (i) amending or modifying the terms of the option to lower the exercise price; (ii) canceling the option and
granting replacement options having a lower exercise price in exchange; (iii) repurchasing the options and granting new options under this Plan; or (iv) taking any other action that is treated as a “repricing” under generally
accepted accounting principles. 
 9.3      Majority Rule. The Committee shall act by a
majority of its members in attendance at a meeting at which a quorum is present or by a memorandum or other written instrument signed by all members of the Committee. 

9.4      Compensation; Professional Assistance; Good Faith Actions. Members of the Committee shall
receive such compensation for their services as members as may be determined by the Board. All expenses and liabilities which members of the Committee incur in connection with the administration of this Plan shall be borne by the Company. The
Committee may, with the approval of the Board, employ attorneys, consultants, accountants, appraisers, brokers, or other persons. The Committee, the Company and the Company’s officers and directors shall be entitled to rely upon the advice,
opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon all Participants, the Company and all other interested persons. No members
of the Committee or Board shall be personally liable for any action, determination or interpretation made in good faith with respect to this Plan, options, awards of restricted stock or unrestricted stock, deferred stock, performance awards or stock
appreciation rights, and all members of the Committee shall be fully protected and indemnified by the Company in respect of any such action, determination or interpretation. 

ARTICLE X 

MISCELLANEOUS PROVISIONS 

10.1      Not Transferable. No option may be transferred by the Participant other than by will, by
the laws of descent and distribution or pursuant to a qualified domestic relations order, and during the Participant’s lifetime the option may be exercised only by him or her; provided, however, that the Board of Directors or the Committee, as
applicable, in its discretion, may allow the transfer of non-qualified stock options for no value by the Participant to “Immediate Family Members.” The phrase “Immediate Family Members” means children, grandchildren, spouse or
common law spouse, siblings or parents of the Participant or to bona fide trusts, partnerships or other entities controlled by and of which the beneficiaries are Immediate Family Members of the Participant. Any option grants that are transferable
are further conditioned on the Participant and Immediate Family Members agreeing to abide by the Company’s then current stock option transfer guidelines. No Award or interest or right therein shall be liable for the debts, contracts or
engagements of the Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or
by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect. 

10.2      Amendment Suspension or Termination of this Plan. This Plan shall
terminate immediately following the tenth
(10th) anniversary of the Effective Date. This Plan
may be wholly or 
  

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partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee. However, without approval of the Company’s stockholders given within
twelve (12) months before or after the action by the Committee, no action of the Committee may, except as provided in Section 10.3, increase the limits imposed in Section 2.1 on the maximum number of shares which may be issued under
this Plan or modify the Award Limit, and no action of the Committee may be taken that would otherwise require stockholder approval as a matter of applicable law, regulation or rule. No amendment, suspension or termination of this Plan shall, without
the consent of the holder of, alter or impair any rights or obligations under any Award theretofore granted, unless the Award itself otherwise expressly so provides. No Award may be granted or awarded during any period of suspension or after
termination of this Plan, and in no event may any ISO be granted under this Plan after the first to occur of the following events: 

(a)        The expiration of ten (10) years from the Effective Date; or

 (b)        The expiration of ten (10) years from the date the
Plan is approved by the Company’s stockholders under Section 10.4. 

10.3      Changes in Common Stock or Assets of the Company. In the event that the outstanding shares
of common stock are hereafter changed into or exchanged for cash or a different number or kind of shares or other securities of the Company, or of another corporation, by reason of reorganization, merger, consolidation, recapitalization,
reclassification, stock split-up, stock dividend, combination of shares or other change in the common stock, appropriate adjustments shall be made by the Committee in the number and kind of shares for which options, restricted stock awards,
performance awards, stock appreciation rights, unrestricted stock awards or deferred stock awards may be granted, including adjustments of the limitations in Section 2.1 on the maximum number and kind of shares which may be issued and of the
Award Limit described in Section 1.3. 
 In the event of such a change or exchange, other than for shares or securities of
another corporation or by reason of reorganization, the Committee shall also make an appropriate and equitable adjustment in the number and kind of shares as to which all outstanding options, performance awards or stock appreciation rights, or
portions thereof then unexercised, shall be exercisable and in the number and kind of shares of outstanding restricted stock, unrestricted stock or deferred stock. Such adjustment shall be made with the intent that after the change or exchange of
shares, each Participant’s proportionate interest shall be maintained as before the occurrence of such event. Such adjustment in an outstanding Award may include a necessary or appropriate corresponding adjustment in the exercise price, but
shall be made without change in the total price applicable to the Award, or the unexercised portion thereof (except for any change in the aggregate price resulting from rounding-off of share quantities or prices). 

Where an adjustment of the type described above is made to an ISO under this Section 10.3, the adjustment will be made in a manner
which will not be considered a “modification” under the provisions of Section 424(h)(3) of the Code. 

Notwithstanding the foregoing, in the event of such a reorganization, merger, consolidation, recapitalization, reclassification, stock
split-up, stock dividend or combination, or other adjustment or event which results in shares of common stock being exchanged for or converted into cash, securities or other property, the Company will have the right to terminate this Plan as of the
date of the exchange or conversion, in which case all options, rights and other awards under this Plan shall become the right to receive such cash, securities or other property, net of any applicable exercise price. 

10.4      Approval of Plan by Stockholders. This Plan will be submitted for the approval of the
Company’s stockholders within (12) twelve months after the date of the Board’s initial adoption of this 

 

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Plan. Awards may be granted prior to such stockholder approval, provided that such Awards shall not be exercisable nor shall vest prior to the time when this Plan is approved by the stockholders,
and provided further that if such approval has not been obtained at the end of said twelve (12) month period, all Awards previously granted under this Plan shall thereupon be canceled and become null and void. 

10.5      Tax Withholding. The Company shall be entitled to require payment in cash or deduction
from other compensation payable to each Participant of any sums required by federal, state or local tax law to be withheld with respect to the issuance, vesting or exercise of any option, restricted stock, deferred stock, performance award, stock
appreciation right or unrestricted stock. The Committee may in its discretion and in satisfaction of the foregoing requirement allow such Participant to elect to have the Company withhold shares of common stock (or allow the return of shares of
common stock) having a Fair Market Value equal to the sums required to be withheld. 

10.6      Loan. To the extent permitted by applicable law, the Committee may, in its discretion,
extend one or more loans in connection with the exercise or receipt of an option, performance award or stock appreciation right, granted under this Plan, or the issuance of restricted stock, unrestricted stock or deferred stock awarded under this
Plan. The terms and conditions of any such loan shall be set by the Committee. 

10.7      Limitations Applicable to Section 16 Persons and Performance-Based Compensation.
Notwithstanding any other provision of this Plan, any option, performance award, stock appreciation right granted, or restricted stock, unrestricted stock or deferred stock awarded, to a Participant who is then subject to Section 16 of the
Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive
rule, and this Plan shall be deemed amended to the extent necessary to conform to such limitations. Furthermore, notwithstanding any other provision of this Plan, any option or stock appreciation right intended to qualify as performance-based
compensation as described in Section 162(m)(4)(C) of the Code shall be subject to any additional limitations set forth in Section 162(m) of the Code (including any amendment to Section 162(m) of the Code) or any regulations or rulings
issued thereunder that are requirements for qualification as performance-based compensation as described in Section 162(m)(4)(C) of the Code, and this Plan shall be deemed amended to the extent necessary to conform to such requirements.

 10.8      Effect of Plan Upon Options and Compensation Plans. The adoption of this Plan
shall not affect any other compensation or incentive plans in effect for the Company. Nothing in this Plan shall be construed to limit the right of the Company (i) to establish any other forms of incentives or compensation for employees of the
Company or (ii) to grant or assume options or other rights otherwise than under this Plan in connection with any proper corporate purpose including but not by way of limitation, the grant or assumption of options in connection with the
acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, partnership, firm or association. 

10.9      Compliance with Laws. This Plan, the granting and vesting of options, restricted stock
awards, unrestricted stock awards, deferred stock awards, performance awards or stock appreciation rights under this Plan and the issuance and delivery of shares of common stock and the payment of money under this Plan or under Awards granted
hereunder are subject to compliance with all applicable federal and state laws, rules and regulations (including but not limited to state and federal securities law and federal margin requirements) and to such approvals by any listing, regulatory or
governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered under this Plan shall be subject to such restrictions, and the person acquiring such securities
shall, if requested by the Company, provide such assurances and representations to the 
  

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Company as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by applicable law, the Plan, options, restricted stock
awards, unrestricted stock awards, deferred stock awards, performance awards, or stock appreciation rights granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

10.10    Titles. Titles are provided herein for convenience only and are not to serve as a basis for
interpretation or construction of this Plan. 
 10.11    Governing Law. This Plan and any agreements
hereunder shall be administered, interpreted and enforced under the internal laws of the State of Delaware without regard to conflicts of laws thereof. 

10.12    Section 409A. To the extent that the Committee determines that any Award granted under the Plan
is subject to Section 409A of the Code, the award agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and award agreements shall be interpreted
in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or guidance that may be issued after the date hereof.
Notwithstanding any provision of the Plan to the contrary, in the event that following the date hereof the Committee determines that any Award may be subject to Section 409A of the Code and related Department of Treasury guidance, the Committee
may adopt such amendments to the Plan and the applicable award agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions that the Committee determines are
necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of
the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such Section. 
  

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