Document:

EX-10.10

 Exhibit 10.10 

 
  

 
 COLLATERAL CUSTODIAN AGREEMENT 

CARVANA AUTO RECEIVABLES TRUST 2022-P2, 

as Issuing Entity 
 and 

CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P2, 

as Grantor Trust 
 and 

CARVANA, LLC, 
 as Administrator

 and 
 BRIDGECREST CREDIT
COMPANY, LLC 
 as Servicer 

and 
 COMPUTERSHARE TRUST COMPANY,
NATIONAL ASSOCIATION 
 as Collateral Custodian and Indenture Trustee 

 
  

Dated as of May 25, 2022 
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS; CONSTRUCTION
	  	 	2	 
			
	 Section 1.1
	 	Definitions	  	 	2	 
			
	 Section 1.2
	 	Accounting Terms and Determinations	  	 	3	 
			
	 Section 1.3
	 	Computation of Time Periods	  	 	3	 
			
	 Section 1.4
	 	Interpretation	  	 	3	 
		
	 ARTICLE II THE COLLATERAL CUSTODIAN
	  	 	4	 
			
	 Section 2.1
	 	Appointment; Duties of the Collateral Custodian	  	 	4	 
			
	 Section 2.2
	 	Access to Receivable Files; Release of Receivable Files	  	 	7	 
			
	 Section 2.3
	 	Compensation and Indemnification of Collateral Custodian	  	 	9	 
			
	 Section 2.4
	 	Representations, Warranties and Covenants of the Collateral Custodian	  	 	10	 
			
	 Section 2.5
	 	Covenants of the Collateral Custodian	  	 	11	 
			
	 Section 2.6
	 	Liability of the Collateral Custodian	  	 	11	 
			
	 Section 2.7
	 	Certain Matters Affecting the Collateral Custodian	  	 	14	 
			
	 Section 2.8
	 	Merger, Conversion, Consolidation of, or Succession to Business of, the Collateral Custodian	  	 	16	 
			
	 Section 2.9
	 	Termination	  	 	17	 
			
	 Section 2.10
	 	Non-Reliance on Collateral Custodian	  	 	18	 
			
	 Section 2.11
	 	AML Law	  	 	18	 
		
	 ARTICLE III MUTUAL COVENANTS REGARDING CONFIDENTIALITY
	  	 	19	 
			
	 Section 3.1
	 	Other Confidential Information	  	 	19	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	19	 
			
	 Section 4.1
	 	Amendments and Waivers	  	 	19	 
			
	 Section 4.2
	 	Notices, Etc.	  	 	20	 
			
	 Section 4.3
	 	No Waiver, Rights and Remedies	  	 	20	 
			
	 Section 4.4
	 	Binding Effect	  	 	21	 
			
	 Section 4.5
	 	Term of this Agreement; Third Party Beneficiary	  	 	21	 
			
	 Section 4.6
	 	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE	  	 	21	 
			
	 Section 4.7
	 	WAIVER OF JURY TRIAL	  	 	21	 
			
	 Section 4.8
	 	Limitation on Consequential Damages	  	 	21	 

  

					
		 	-i-	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 4.9
	 	No Insolvency Proceedings	  	 	22	 
			
	 Section 4.10
	 	Recourse Against Certain Parties	  	 	22	 
			
	 Section 4.11
	 	Execution in Counterparts; Severability; Integration	  	 	22	 
			
	 Section 4.12
	 	Concerning the Owner Trustee	  	 	23	 
			
	 Section 4.13
	 	Information to be Provided by the Collateral Custodian	  	 	24	 

  

					
		 	-ii-	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 COLLATERAL CUSTODIAN AGREEMENT 

This Collateral Custodian Agreement, dated as of May 25, 2022 (this “Agreement”), is among CARVANA AUTO RECEIVABLES
TRUST 2022-P2, a Delaware statutory trust, as the issuing entity (the “Issuing Entity”), CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P2, a Delaware
statutory trust, as the grantor trust (the “Grantor Trust”), CARVANA, LLC, an Arizona limited liability company, as administrator (the “Administrator”), BRIDGECREST CREDIT COMPANY, LLC, an Arizona limited liability
company, as servicer (the “Servicer”), COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, acting through its document custody division (including, as applicable, any agents or affiliates utilized
thereby), as collateral custodian (in such capacity, the “Collateral Custodian”), and COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as indenture trustee (in such capacity, the “Indenture Trustee”). 

W I T N E S S E T H: 
 WHEREAS,
the Seller has and will from time to time originate and acquire certain receivables, including automobile retail installment sales contracts, and transfer certain of such receivables and related property to Carvana Receivables Depositor LLC (the
“Depositor”); 
 WHEREAS, the Depositor will sell certain of those receivables and related property to the Issuing Entity
and the Issuing Entity will contribute those receivables and related property to the Grantor Trust; 
 WHEREAS, the Issuing Entity, the
Grantor Trust and the Indenture Trustee have entered into that certain Indenture, dated as of May 25, 2022 (the “Indenture”), pursuant to which the Issuing Entity and the Grantor Trust will pledge the receivables, the Grantor
Trust Certificate and certain other property to the Indenture Trustee for the benefit of the Secured Parties; 
 WHEREAS, the Indenture
Trustee, Vervent Inc. (the “Backup Servicer”), the Issuing Entity, the Grantor Trust and the Servicer will enter into that certain Servicing Agreement, dated as of May 25, 2022 (the “Servicing Agreement”),
pursuant to which the Servicer will service such receivables and related property; and 
 WHEREAS, the Issuing Entity, the Grantor Trust and
the Indenture Trustee desire to have the Collateral Custodian maintain possession of certain documents with respect to such receivables, and the Collateral Custodian is willing to do so in accordance with the terms of this Agreement: 

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 

  

					
		 		  	 CRVNA 2022-P2 Collateral Custodian Agreement

 ARTICLE I 

Definitions; Construction 

Section 1.1 Definitions. 

Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the following meanings: 

Advisors: Accountants, attorneys, consultants, advisors and Persons similar to the foregoing and the respective directors, officers,
employees and managers of each of the foregoing. 
 Approved Exported Contract: A Contract (i) that is fully executed by the
parties through the E-Vault System, (ii) which Authoritative Copy has been electronically transferred to the Vault Partition on the E-Vault System or
(iii) which has been Exported by the Collateral Custodian and is held by the Collateral Custodian pursuant to this Agreement, together with the document history report prepared by the E-Vault Provider
related to such Contract. 
 Asset Addition Date: The date on which Receivables are to be added to and included in the Collateral.

 Collateral Custodian Fee: The fees set forth in this Agreement to be paid to the Collateral Custodian. 

Confidential Information: All information and material of any type, scope or subject matter whatsoever relating to the Indenture
Trustee, the Issuing Entity, the Grantor Trust, the Servicer or any of their subsidiaries, whether oral or written, and howsoever evidenced or embodied, which each Party, each Party’s representatives or agents (including any officers of any
Party or any of their subsidiaries) may furnish to the other, or to which either Party is afforded access by the other Party, either directly or indirectly for purposes of such Party’s participation in the transactions contemplated by this
Agreement. However, “Confidential Information” shall not include information or material of a Party which (i) becomes generally available to the public other than as a result of a disclosure by the receiving Party or its agents and
other representatives, (ii) was available to the receiving Party on a non-confidential basis prior to its disclosure by the disclosing Party, (iii) becomes available to the receiving Party on a non-confidential basis from a source other than the disclosing Party or the disclosing Party’s representatives or agents, provided that such source is not, to the receiving party’s knowledge, bound by a
confidentiality agreement or otherwise prohibited from transmitting the information to the Indenture Trustee, the Issuing Entity, the Grantor Trust, the Servicer, the Collateral Custodian or the Depositor by a contractual, legal or fiduciary
obligation or (iv) consists of the documents evidencing the consummation of the transactions contemplated by the Transaction Documents so long as all references to the other Party and all information specific to the assets sold or price paid
pursuant to the transactions are removed. 
 Insolvency Laws: The Bankruptcy Code and all other applicable liquidation,
conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities or similar debtor relief laws from time to time in effect affecting the
rights of creditors generally. 

  

					
		 	2	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Required Legend: A legend applied by the
E-Vault System to every page of a Contract which reads as follows: “Carvana Auto Receivables Grantor Trust 2022-P2, with Computershare Trust Company, National
Association, as Indenture Trustee on behalf of the Noteholders, as secured party.” 
 Review: As defined in
Section 2.1(c) of this Agreement. 
 System Description: The written description of the E-Vault Provider’s e-contract system attached hereto as Schedule A. 

Capitalized terms used but not defined herein are used with the meanings assigned to them in Part I of Appendix A of the Receivables Purchase Agreement, dated
as of the date hereof (the “Receivables Purchase Agreement”), among Carvana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. 

Section 1.2 Accounting Terms and Determinations. 

Unless otherwise defined or specified herein, all accounting terms shall be construed herein, all accounting determinations hereunder shall be
made, all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP. 

Section 1.3 Computation of Time Periods. 

Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including” and the words “to” and “until” each mean “to but excluding”. 

Section 1.4 Interpretation. 

When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) an accounting term
not otherwise defined has the meaning assigned to it in accordance with GAAP; (iii) “or” is not exclusive; (iv) “including” means including without limitation; (v) words in the singular include the plural and words in the
plural include the singular; (vi) any agreement, instrument defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (vii) any statute defined or referred to herein or in any instrument or certificate delivered in
connection herewith means such statute as from time to time amended, modified or supplemented and includes any successor statute and the rules and regulations issued pursuant to such statute; (viii) references to a Person are also to its
successors and permitted assigns; (ix) the words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision hereof; (x) references contained herein to Section, Schedule and Exhibit, as applicable, are references to Sections, Schedules and Exhibits in this Agreement unless otherwise specified; (xi) references to “writing”
include printing, typing, lithography and other means of reproducing words in a visible form; and (xii) the term “proceeds” has the meaning set forth in the applicable UCC. 

  

					
		 	3	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 ARTICLE II 

The Collateral Custodian 

Section 2.1 Appointment; Duties of the Collateral Custodian. 

(a) The Grantor Trust hereby appoints Computershare Trust Company, National Association, to act solely on behalf of the Indenture Trustee and
the Secured Parties as collateral custodian hereunder. Computershare Trust Company, National Association hereby accepts its appointment as Collateral Custodian hereunder, acknowledges that it is bound by the terms and conditions of this Agreement
and agrees that it shall hold all Receivable Files Delivered to it or otherwise in its possession pursuant to this Agreement for the benefit of the Indenture Trustee under the terms of this Agreement. The Collateral Custodian hereby agrees not to
assert (in its individual capacity or otherwise) any Liens or claims of any kind with respect to the Receivable Files held by it or the related Receivables or any other Collateral and hereby releases and waives any such Liens and claims. 

(b) The Administrator shall, on behalf of the Grantor Trust, Deliver or cause to be Delivered to the Collateral Custodian the applicable
Receivable Files (except that any such file may not include the Certificate of Title to the extent the Certificate of Title has not been received), together with the Schedule of Receivable relating to such Receivable File no later than the
Closing Date. 
 (c) The Collateral Custodian shall on or prior to the Closing Date, review all of the Receivable Files so Delivered to
verify the presence of each item listed in the definition of “Receivable File” with respect to each Receivable and deliver a Document Receipt to the Administrator, the Indenture Trustee and the Servicer. The Administrator shall ensure that
the Collateral Custodian is provided with electronic access to the records of the Title Intermediary concerning Certificates of Title that are maintained in electronic form. Wherever in this Agreement it states that the Collateral Custodian has
possession of Certificates of Title or Receivable Files, with respect to electronic Certificates of Title, it shall mean that the Collateral Custodian has received information sufficient to perform the verification set forth in this
Section 2.1. The Collateral Custodian will rely upon, but cannot be responsible for, verify or confirm, the content or accuracy of any information provided by the Title Intermediary or any other party pursuant to the
Transaction Documents (to the extent not explicitly required by the terms of the Transaction Documents). 
 The Grantor Trust, the
Administrator and the Issuing Entity hereby certify to the Collateral Custodian that, notwithstanding anything to the contrary in this Agreement, the review contemplated by this Section 2.1(c) (the
“Review”) is a review to be performed by the Collateral Custodian solely for the purpose of acknowledging receipt of Receivable Files by the Collateral Custodian from the Issuing Entity, the Grantor Trust or the Servicer. Any
Document Receipt related to such Review prepared by the Collateral Custodian and furnished to the Servicer or the Indenture Trustee is produced solely in connection with this purpose. None of the Administrator, the Issuing Entity and the Grantor
Trust engaged the Collateral Custodian to perform the Review, produce any Document Receipt or perform any of the services in this Agreement for the purpose of making findings with respect to the accuracy of the information or data regarding the
Contracts or Receivable Files provided to the Collateral Custodian by the Administrator, the Issuing Entity 

  

					
		 	4	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 
or the Grantor Trust for the Review as contemplated by Rule 17g-10 under the Exchange Act. Given the purpose and scope of the Collateral Custodian’s
services (including the Review and the delivery of any Document Receipt) under this Agreement and given the Administrator’s, Issuing Entity’s, Grantor Trust’s, Servicer’s and Indenture Trustee’s treatment and use of the
Review and the Document Receipts, the Administrator, the Issuing Entity, the Grantor Trust, the Indenture Trustee and the Collateral Custodian agree that the Collateral Custodian’s Review is not understood to be “due diligence
services” for purposes of Rule 17g-10. None of the Administrator, the Issuing Entity or the Grantor Trust considers the Review or any Document Receipt to be “due diligence services” for purposes
of Rule 17g-10, and unless the Administrator, the Issuing Entity or the Grantor Trust notifies the Collateral Custodian to the contrary, none of the Administrator, the Issuing Entity or the Grantor Trust will
treat any Document Receipt as a “third party due diligence report” for purposes of Rule 15Ga-2 under the Exchange Act. The Administrator, the Issuing Entity, the Grantor Trust, each Noteholder, and
the Indenture Trustee hereby acknowledge that the Collateral Custodian is relying on this certification for purposes of determining that its Review does not constitute “due diligence services” as defined in Rule 17g-10. 
 (d) Subject to Section 2.2, the Collateral Custodian shall maintain
the tangible Receivable Files which are Delivered to it at the offices of the Collateral Custodian, located at ABS Custody Vault, 1055 10th Ave. SE, MAC N9401-011, Minneapolis, MN 55415, and the Collateral
Custodian shall notify the Servicer and the Indenture Trustee by written notice of any change in the location of the Receivable Files. 
 (e)
The parties agree that an Electronic Contract shall be “communicated” within the meaning of Section 9-105(3) of the UCC to the Collateral Custodian upon the transfer of the Authoritative Copy of
such Electronic Contract at the direction of the Seller, the Administrator, the Issuing Entity, or the Grantor Trust (or its respective custodian) from such Person’s electronic vault partition to the Vault Partition and acceptance by the
Collateral Custodian of such Authoritative Copy into the Vault Partition. The Collateral Custodian shall thereafter “maintain” as within the meaning of Section 9-105(3) of the UCC such
Authoritative Copy in the Vault Partition for the purpose of exercising control over the Contracts which are Electronic Contracts pursuant to the terms of this Agreement and shall maintain the Vault Partition so that the E-Vault System will place the Required Legend on each page of any perceivable copy of any Contract that is an Electronic Contract. The Collateral Custodian shall maintain the Vault Partition and each Receivable that
is an Electronic Contract such that (i) a watermark on all perceivable renderings of the Authoritative Copy thereof shall read “View of Authoritative Copy,” (ii) a watermark on any copy of a former Authoritative Copy thereof shall
read “View of Non-Authoritative Copy,” and (iii) the Required Legend is placed by the E-Vault System on each page of any perceivable rendering thereof.
The Collateral Custodian shall cause the Vault Partition to reflect the name of the Grantor Trust as the Owner of Record. Each of the parties hereto agrees that it will not initiate or consent to any revision to the Required Legend or any other
identification of the Indenture Trustee as the assignee of any Authoritative Copy without the consent of (A) the Indenture Trustee (acting at the written direction of the Requisite Noteholders), or (B) if the Notes (other than the
Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the written direction of the Majority Certificateholders). 

  

					
		 	5	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (f) The Collateral Custodian shall carry out such policies and procedures in accordance with
its customary actions with respect to the handling and custody of the Receivable Files so that the integrity and physical possession of the tangible Receivable Files will be maintained. The Collateral Custodian shall segregate the Receivable Files
on its inventory system and will not commingle the physical Receivable Files with any other files of the Collateral Custodian other than those relating to the Seller and its Affiliates and subsidiaries. 

(g) All of the Collateral Custodian’s records pertaining to the Receivable Files shall contain an indication that such records and the
Receivables which are the subject of such records are owned by the Grantor Trust and pledged by the Grantor Trust to the Indenture Trustee for the benefit of the Secured Parties. The Collateral Custodian hereby waives any and all rights of offset
with respect to any and all Receivable Files in the Collateral Custodian’s possession or under its “control,” whether such right of offset arises by contract, operation of law or otherwise. The Collateral Custodian shall hold any
tangible Receivable Files (or portions thereof) in its fire rated storage vault under its exclusive custody and control in accordance with customary standards for such custody. If any of the Secured Parties suffers or incurs costs, expenses, losses
or damages as a result of the destruction or loss of any of the Receivable Files or any instrument or document comprising part of a Receivable File, the Collateral Custodian shall, (i) at the request of the Indenture Trustee, make any
appropriate claim under any bond or insurance, and (ii) to the extent of such Secured Party’s costs, expenses, losses or damages, promptly pay the proceeds thereof to such Secured Party unless the Collateral Custodian has replaced the lost
or destroyed items or has otherwise reimbursed such Secured Party for such losses or damages. 
 (h) The Collateral Custodian shall not
deliver physical possession of, or otherwise transfer, assign, pledge, mortgage, convey or dispose of any Receivable Files in its possession or under its control to any Person except (i) as provided in Section 2.2 and
(ii) upon termination of duties as Collateral Custodian in accordance with Section 2.9. Notwithstanding the foregoing, at the written request of (A) the Indenture Trustee (acting at the written direction of the
Requisite Noteholders), or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the written direction of the Majority Certificateholders), the Collateral Custodian shall initiate the
Export process and retain copies of reports produced by the E-Vault System that set forth, in reasonable detail, the history, including, the original electronic execution as well as the previous alterations,
modification or amendments and the conversion to tangible chattel paper of any such Approved Exported Contract. The Collateral Custodian shall then confirm that it has in its possession a physical Contract for each Contract which was converted into
an Approved Exported Contract and confirm the same to the Indenture Trustee in writing, and maintain possession of such Approved Exported Contracts in accordance with the terms of this Agreement or, if (A) the Indenture Trustee (acting at the
written direction of the Requisite Noteholders), or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the written direction of the Majority Certificateholders) shall so instruct the
Collateral Custodian in writing, deliver such Approved Exported Contracts as directed by the Indenture Trustee. The reasonable and documented fees, costs and expenses related to such Exporting of the Electronic Contracts (other than any Exporting of
Contracts following the termination of the E-Vault Access Agreement either at the election of the Collateral Custodian or due to an event of default with respect to the Collateral Custodian) shall be the
obligation of the Issuing Entity and shall be paid in accordance with Section 2.7 of the Indenture. 

  

					
		 	6	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (i) The Collateral Custodian shall: 

(i) deliver to the Administrator on or before March 15 of each year, beginning March 15, 2023 (or, if such date is
not a Business Day, the next succeeding Business Day), a report, dated as of December 31 of the preceding calendar year, of its assessment of compliance with the Servicing Criteria specified in Exhibit D with respect to such calendar year (or,
in the case of the first year, since no later than the Closing Date), including disclosure of any material instance of non-compliance identified by the Collateral Custodian, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB under the Securities Act; and 

(ii) cause a firm of registered public accountants that is qualified and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Administrator on or before March 15 (or, if such date is not a Business Day, the next succeeding
Business Day) of each year, beginning March 15, 2023, an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange Act, as
applicable, of the assessment of compliance with Servicing Criteria with respect to the prior calendar year (or, in the case of the first year, since no later than the Closing Date). 

(j) The Collateral Custodian hereby acknowledges and agrees that in the event that the Collateral Custodian shall either be terminated or
resign pursuant to Section 2.9, the Collateral Custodian: 
 (i) shall deliver any Receivable Files
(or portions thereof) in possession of the Collateral Custodian to the successor Collateral Custodian appointed pursuant to the terms of this Agreement at such place as the successor Collateral Custodian may reasonably designate; 

(ii) shall maintain the Receivable Files and continue in the performance of its duties and the enjoyment of its rights under
this Agreement, until the due appointment of a successor Collateral Custodian and the orderly transfer of the Receivable Files to the successor Collateral Custodian; and 

(iii) shall maintain all information obtained by it regarding the Obligors and the Receivables, whether upon the exercise of
its rights under this Agreement or otherwise, in confidence and shall not disclose any such information to any other Person, unless such disclosure is reasonably incident to the performance of its duties and obligations under this Agreement or is
required under any Applicable Law. 
 Section 2.2 Access to Receivable Files; Release of Receivable
Files. 
 (a) The Collateral Custodian shall permit inspection at all reasonable times upon at least five (5) Business Days
prior notice during regular business hours by the Asset Representations Reviewer (if an Asset Representations Review Notice has been delivered), Indenture Trustee or the Servicer (or by such Person’s respective auditors when requested such
Person) of the Receivable Files and the records of the Collateral Custodian relating to this Agreement and any such party (or its auditors when requested by such party) shall be permitted to make copies of the Receivable Files and the records of the
Collateral Custodian relating to this Agreement. 

  

					
		 	7	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (b) From time to time and as appropriate for the enforcement or servicing of any of the
Receivables, the Collateral Custodian is hereby authorized, upon written receipt from the Servicer of a request for release of documents in the form annexed hereto as Exhibit A, to release to the Servicer the related Receivable File or the
documents set forth in such request to the Servicer. All documents so released to the Servicer shall be held by the Servicer in trust for the benefit of the Indenture Trustee in accordance with the terms of this Agreement. The Servicer shall return
to the Collateral Custodian the Receivable File or other such documents when the Servicer’s need therefor in connection with such foreclosure or servicing no longer exists, unless the Receivable shall be liquidated, in which case, upon receipt
of an additional request for release of documents certifying such liquidation from the Servicer to the Collateral Custodian in the form annexed hereto as Exhibit A, the related Receivable File referenced in the Servicer’s request
submitted pursuant to the first sentence of this subsection shall be released by the Collateral Custodian to the Servicer. 
 (c) Upon
receipt by the Collateral Custodian of the Servicer’s request for release of Receivable Files and other documents in the form annexed hereto as Exhibit A and in accordance with Section 2.2(b), the Collateral
Custodian shall promptly release the related Receivable File to the Servicer. 
 (d) The Issuing Entity, the Grantor Trust or the Servicer
may require that the Collateral Custodian return each Receivable File (i) delivered to the Collateral Custodian in error, (ii) as to which the Lien on the related Financed Vehicle has been so released, (iii) that has been released to
the Issuing Entity or the Grantor Trust or (iv) that is required to be redelivered to the Grantor Trust in connection with the termination of this Agreement, in each case by submitting to the Collateral Custodian and the Indenture Trustee a
written request in the form of Exhibit A (signed by the Issuing Entity, the Grantor Trust, or the Servicer, as applicable) specifying the Receivable Files to be so returned and reciting that the conditions to such release have been met (and
specifying the conditions being relied upon for such release). The Collateral Custodian shall upon its receipt of each such request for return executed by the Issuing Entity, the Grantor Trust, or the Servicer, as applicable, promptly, but in any
event within five (5) Business Days, return the Receivable Files so requested to the Issuing Entity, the Grantor Trust, or the Servicer, as applicable. 

(e) The Collateral Custodian shall promptly deliver to the Indenture Trustee or its designee any or all Receivables File and other items of
Collateral in the Collateral Custodian’s custody upon the written request of an Authorized Officer of the Indenture Trustee. The Indenture Trustee shall provide the Issuing Entity, the Grantor Trust and the Servicer with a copy of any such
request delivered to the Collateral Custodian. Written instructions as to the method of shipment and shipper(s) the Collateral Custodian is directed to utilize in connection with the delivery of Receivable Files in the performance of the Collateral
Custodian’s duties hereunder shall be delivered by the Servicer to the Collateral Custodian prior to any shipment of Receivable Files. The Indenture Trustee will arrange for the provision of such services at the Issuing Entity’s sole cost
and expense in accordance with Section 2.7 of the Indenture and will maintain such insurance against loss or damage to the Receivable Files as the Issuing Entity, the Grantor Trust and the Servicer reasonably deem appropriate. 

  

					
		 	8	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (f) The Collateral Custodian shall promptly deliver to the Asset Representations Reviewer
(if an Asset Representations Review Notice has been delivered) or its designee any or all Receivables File (or access to any Receivable Files stored in an electronic format) and other items of Collateral in the Collateral Custodian’s custody
upon the written request of an Authorized Officer of the Asset Representations Reviewer. The Asset Representations Reviewer shall provide the Issuing Entity, the Grantor Trust and the Servicer with a copy of any such request delivered to the
Collateral Custodian. 
 Section 2.3 Compensation and Indemnification of Collateral Custodian. 

(a) The Collateral Custodian shall be compensated for its activities hereunder by receiving the Collateral Custodian Fees as specified in
Exhibit C in accordance with Section 2.7 of the Indenture. 
 (b) The Issuing Entity shall indemnify the Collateral Custodian and
its officers, directors, employees and agents for, and hold them harmless against any claim, loss, liability, fee, cost, damage or expense incurred, including reasonable attorney’s fees, petitioning costs and disbursements (including, court
costs, expenses and any losses incurred in connection with a successful defense, in whole or in part, of any claim that the Collateral Custodian breached its standard of care), other than in connection with the willful misconduct, gross negligence
or bad faith on the part of the Collateral Custodian, arising out of or in connection with the performance of its obligations under and in accordance with this Agreement, including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties under this Agreement. All such amounts due and owing to the Collateral Custodian hereunder shall be paid in accordance with the payment priorities set forth in
Section 2.7 of the Indenture. The provisions of this Section shall survive the termination or assignment of this Agreement, or the resignation or removal of the Collateral Custodian. 

THE FOREGOING INDEMNIFICATION SHALL APPLY WHETHER OR NOT SUCH LIABILITIES AND COSTS ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART,
UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR NEGLIGENT OMISSION OF ANY KIND BY THE COLLATERAL CUSTODIAN. 

(c) To the extent any indemnification afforded to the Collateral Custodian (whether pursuant to this Section 2.3 or
otherwise) is limited by the gross negligence, willful misconduct or bad faith on the part of the Collateral Custodian, the Collateral Custodian shall be entitled to indemnification hereunder until such matters have been determined definitively by a
court of competent jurisdiction. Any indemnification afforded to the Collateral Custodian shall include reasonable and documented attorneys’ fees and expenses, including, any legal fees, costs, and expenses incurred in connection with any
enforcement (including any action, claim, or suit brought) by the Collateral Custodian of any indemnification or other obligation of the indemnifying party. Any indemnification amounts due and owing to the Collateral Custodian hereunder shall be
paid to the Collateral Custodian in accordance with the payment priorities set forth in Section 2.7 of the Indenture. 

  

					
		 	9	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 2.4 Representations, Warranties and Covenants of the
Collateral Custodian. 
 The Collateral Custodian makes the following representations, warranties and covenants, and further agrees
that the Indenture Trustee, on behalf of the Secured Parties, the Issuing Entity, the Grantor Trust, the Administrator and the Servicer shall be deemed to have relied upon such representations, warranties and covenants in entering into this
Agreement: 
 (a) Organization and Good Standing. The Collateral Custodian is a national banking association duly organized, validly
existing and in good standing under the laws of the United States, and has full power, authority and legal right to own its properties and conduct its business as such properties are presently owned and such business is presently conducted, and to
execute, deliver and perform its obligations under the Transaction Documents to which it is a party. 
 (b) Due Authorization. The
execution, delivery, and performance of the Transaction Documents to which it is a party have been duly authorized by the Collateral Custodian by all necessary corporate action on the part of the Collateral Custodian. 

(c) Binding Obligation. Each of the Transaction Documents to which it is a party constitutes a legal, valid and binding obligation of
the Collateral Custodian, enforceable in accordance with its terms, except as enforceability may be limited by applicable Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a
proceeding at law or in equity). 
 (d) No Conflict. The execution and delivery of the Transaction Documents to which it is a party,
and the performance of the transactions contemplated thereby and the fulfillment of the terms thereof applicable to the Collateral Custodian, will not conflict with, violate, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time or both) a default under, any Applicable Law or any Contractual Obligation of the Collateral Custodian. 

(e) Proceedings. No proceeding of any kind, including litigation, arbitration, judicial or administrative, is pending or threatened
against or contemplated by the Collateral Custodian which would under any circumstance have a Material Adverse Effect on the execution, delivery, performance or enforceability of this Agreement by the Collateral Custodian or any other Transaction
Document to which the Collateral Custodian is a party. 
 (f) Control Status. The Collateral Custodian is not an Affiliate of either
the Issuing Entity, the Grantor Trust, the Administrator or the initial Servicer, and covenants and agrees that prior to any such affiliation in the future, the Collateral Custodian shall promptly notify the Indenture Trustee for further
distribution to the Noteholders. 

  

					
		 	10	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 2.5 Covenants of the Collateral Custodian.

 (a) Affirmative Covenants. From the date hereof until the date as of which the Grantor Trust has been dissolved: 

(i) Compliance with Law. The Collateral Custodian will comply in all material respects with all Applicable Laws and will
comply with all of its obligations hereunder. 
 (ii) Preservation of Existence. The Collateral Custodian will
preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain such existence, rights,
franchises, privileges and qualification has had, or would reasonably be expected to have, a Material Adverse Effect. 
 (b) Negative
Covenants. From the date hereof until the date as of which the Grantor Trust has been dissolved: 
 (i) Receivable
Files. The Collateral Custodian will not assign, transfer, convey, deliver or dispose of any Receivable Files or other document evidencing or relating to any of the Collateral or any of the Collateral except as contemplated by this Agreement.

 (ii) No Changes in Collateral Custodian Fee. The parties hereto will not make any changes to the Collateral
Custodian Fee without the prior written approval of (A) the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity
(acting at the direction of the Majority Certificateholders). 
 Section 2.6 Liability of the Collateral
Custodian. 
 (a) The Collateral Custodian shall be liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Collateral Custodian in such capacity herein. No implied covenants or obligations shall be read into this Agreement against the Collateral Custodian and, in the absence of bad faith on the part of the Collateral Custodian, the
Collateral Custodian may conclusively rely upon the truth of the statements and the correctness of the opinions expressed in any reports, certificates or opinions furnished to the Collateral Custodian pursuant to and conforming to the requirements
of this Agreement. 
 (b) The Collateral Custodian shall not be liable for: 

(i) an error of judgment made in good faith; or 

(ii) any action taken, suffered or omitted to be taken in good faith in accordance with or believed by it to be authorized or
within the discretion or rights or powers conferred, by this Agreement or at the direction of the Indenture Trustee relating to the exercise of any power conferred upon the Collateral Custodian under this Agreement, 

in each case, unless it shall be proved that the Collateral Custodian shall have been negligent in ascertaining the pertinent facts. 

  

					
		 	11	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (c) The Collateral Custodian shall not be charged with knowledge of any Default, Event of
Default, Servicer Termination Event or other event or information, or be required to act upon any such event or information (including the sending of any notice), and shall have no duty to take any action to determine whether any such event,
Default, Event of Default or Servicer Termination Event has occurred, unless an Authorized Officer of the Collateral Custodian obtains actual knowledge of such event or receives written notice of such event from the Issuing Entity, the Grantor
Trust, the Servicer, or the Indenture Trustee, as the case may be. Delivery of any reports, information and documents to the Collateral Custodian provided for herein is for informational purposes only and the Collateral Custodian’s receipt of
such information and any publicly-available information, shall not constitute actual or constructive knowledge of any information contained therein or determinable from information contained therein, including the Issuing Entity’s, the
Servicer’s or the Grantor Trust’s compliance with any of its representations, warranties or covenants hereunder (as to which the Collateral Custodian is entitled to rely exclusively upon Officers’ Certificates). 

(d) Without limiting the generality of this Section, the Collateral Custodian shall have no duty (i) to see to any recording, filing or
depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Receivables or the Financed Vehicles, or to see to the monitoring or maintenance of any such
recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or
discharge of any Tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Receivables, (iv) to recalculate, confirm or verify the contents of any
reports or certificates of the Servicer, the Issuing Entity or the Grantor Trust delivered to the Collateral Custodian pursuant to this Agreement believed by the Collateral Custodian to be genuine and to have been signed or presented by the proper
party or parties or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance or observance of any of the Issuing Entity’s, Grantor Trust’s, the Servicer’s or any other Person’s
representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Receivables under this Agreement. The Collateral Custodian makes no
representations as to (i) the validity, legality, perfection, priority, enforceability, recordability, ownership, title, sufficiency, due authorization or genuineness of any of the documents contained in any Receivable File or of any of the
Contracts or (ii) the collectability, insurability, effectiveness or suitability of any such Contract. 
 (e) The Collateral Custodian
shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that
the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Collateral Custodian to perform, or be
responsible for the manner of performance of, any of the obligations of the Servicer or any other Person under this Agreement. 
 (f) The
Collateral Custodian may request and rely and shall be protected in acting or refraining from acting upon any resolution, officer’s certificate, any report, certificate of auditors or any other certificate, statement, instrument, opinion,
report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. The Collateral Custodian shall not be responsible for
the content or accuracy of any document provided to it. 

  

					
		 	12	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (g) The Collateral Custodian may consult with counsel of its choice and any advice or
opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it under this Agreement in good faith and in accordance with the advice or opinion of such counsel. 

(h) The Collateral Custodian shall be under no obligation to exercise any of the rights, powers or remedies vested in it by this Agreement
(except to comply with its obligations under this Agreement and any other transaction document to which it is a party) or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or
direction of the Issuing Entity, the Grantor Trust, the Indenture Trustee, the Requisite Noteholders, or if the Notes (other than the Class XS Notes) are no longer outstanding, the Majority Certificateholders pursuant to the provisions of this
Agreement, unless the Issuing Entity, the Grantor Trust, the Indenture Trustee the Requisite Noteholders, or if the Notes (other than the Class XS Notes) are no longer outstanding, the Majority Certificateholders, as applicable, on behalf of
the Secured Parties, shall have offered to the Collateral Custodian security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby. 

(i) The Collateral Custodian shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by the Indenture Trustee; provided, that if the payment within a reasonable time
to the Collateral Custodian of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Collateral Custodian, not reasonably assured by the Issuing Entity, the Grantor Trust
or the Servicer, the Collateral Custodian may require indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Issuing
Entity or, if paid by the Collateral Custodian, shall be reimbursed by the Issuing Entity upon demand. 
 (j) The Collateral Custodian may
execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through agents (including managers), Affiliates or attorneys or a custodian. 

(k) Knowledge of the Collateral Custodian shall not be attributed or imputed to Computershare Trust Company, National Association’s other
roles in the transaction and knowledge of the Indenture Trustee shall not be attributed or imputed to the Collateral Custodian (other than those where the roles are performed by the same group or division within Computershare Trust Company, National
Association or otherwise share the same authorized signatories), or any affiliate, line of business, or other division of Computershare Trust Company, National Association (and vice versa). 

  

					
		 	13	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (l) The Collateral Custodian shall not be responsible for the enforceability of the Notes or
the recitals set forth therein, or for any recitals, statements, representations or warranties of the Issuing Entity, the Grantor Trust, the Servicer, the Indenture Trustee or any other Party to the Transaction Documents contained in this Agreement
or any other Transaction Document. The Collateral Custodian shall be responsible only for the obligations, representations and warranties of the Collateral Custodian as set forth in the Transaction Documents to which it is a party. 

(m) The rights, privileges, protections, immunities and benefits given to the Collateral Custodian, including its right to be indemnified, are
extended to, and shall be enforceable by, the Collateral Custodian, in each of its capacities hereunder, and in connection with the performance of any of its duties or obligations under any of the other Transaction Documents. 

(n) For the avoidance of doubt, the Collateral Custodian shall not be responsible for determining whether any breach of representations or
warranty or document defect constitutes a breach or defect or a material breach or defect, or for the enforcement of any repurchase obligations under any Transaction Document. 

Section 2.7 Certain Matters Affecting the Collateral Custodian. 

(a) The Collateral Custodian shall have no duties or responsibilities except those that are specifically set forth herein, and no implied
covenants or obligations shall be read into this Agreement against the Collateral Custodian. The Collateral Custodian shall be under no responsibility or duty with respect to the disposition of any Receivable Files while such Receivable Files are
not in its possession or under its control. If the Collateral Custodian shall request instructions from the Indenture Trustee or the Servicer with respect to any act, action or failure to act in connection with and as set forth in this Agreement,
the Collateral Custodian shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Collateral Custodian shall have received written instructions from the Indenture Trustee or the Servicer, as
applicable without incurring any liability therefor to the Indenture Trustee, the Issuing Entity, the Grantor Trust, the Servicer or any other person. 

(b) The Collateral Custodian may act in reliance upon any written communication of the Issuing Entity concerning the delivery, possession or
“control” (within the meaning of Section 9-105 of the UCC) of the Receivable Files and other items of Collateral pursuant to this Agreement. The Collateral Custodian does not assume and shall
have no responsibility for, and makes no representation as to, monitoring the value of the Receivable Files and other Collateral. The Collateral Custodian shall not be liable for any action or omission to act hereunder, except for its own gross
negligence, bad faith or willful misconduct. In no event shall the Collateral Custodian have any responsibility to ascertain or take action with respect to the Receivable Files or other Collateral, except as expressly provided herein. 

THE FOREGOING PARAGRAPH SHALL APPLY WHETHER OR NOT SUCH LIABILITIES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM
OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR NEGLIGENT OMISSION OF ANY KIND BY THE COLLATERAL CUSTODIAN. 

  

					
		 	14	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (c) If the Collateral Custodian shall at any time receive conflicting instructions from the
Indenture Trustee and the Servicer or any other party to this Agreement and the conflict between such instructions cannot be resolved by reference to the terms of this Agreement, the Collateral Custodian shall be entitled to rely upon the
instructions of the Indenture Trustee. In the absence of bad faith, gross negligence or willful misconduct on the part of the Collateral Custodian, the Collateral Custodian may rely and shall be protected in acting or refraining from acting upon any
resolution, officer’s certificate, certificate of auditors, or any other certificate, statement, instrument, opinion, report, notice request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or parties. The Collateral Custodian may rely upon the validity of any documents delivered to it, without investigation as to their authenticity or legal effectiveness, and the parties to this Agreement
(other than the Servicer) will hold the Collateral Custodian harmless from any claims that may arise or be asserted against the Collateral Custodian because of the invalidity of any such documents delivered by such party or their failure to fulfill
their intended purpose. The Collateral Custodian shall not be bound to ascertain or inquire as to the performance or observance of any of the terms of this Agreement or any other agreement on the part of any party, except as may otherwise be
specifically set forth herein. The Collateral Custodian may consult with counsel of its choice with regard to legal questions arising out of or in connection with this Agreement and the advice or opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken, omitted or suffered by the Collateral Custodian in good faith in accordance therewith. 

(d) If the Collateral Custodian loses or misplaces any Receivable File or portion thereof, or if any such instruments, documents, or
certificates are destroyed or damaged while in the possession of the Collateral Custodian, then, in addition to any other liability the Collateral Custodian may have in respect thereof pursuant to the terms of this Agreement or otherwise, the
Collateral Custodian agrees to execute and deliver to the Indenture Trustee, upon the Indenture Trustee’s written request, an affidavit stating that such instrument, document, or certificate has been lost or destroyed, as applicable, and, if
necessary, such other affidavits or certificates as maybe reasonably necessary to obtain replacement certificates of title. 
 (e) The
Collateral Custodian is authorized, in its sole discretion, to disregard any and all notices or instructions given by any other party hereto or by any other person, firm or corporation, except only such notices or instructions as are herein provided
for and orders or process of any court entered or issued with or without jurisdiction. If any property subject hereto is at any time attached, garnished or levied upon under any court order or in case the payment, assignment, transfer, conveyance or
delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made or entered by any court affecting such property or any part hereof, then and in any of such events the Collateral
Custodian is authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree with which it is advised by legal counsel of its own choosing is binding upon it, and if it complies with any such order, writ,
judgment or decree it shall not be liable to any other party hereto or to any other person, firm or corporation by reason of such compliance even though such order, writ, judgment or decree maybe subsequently reversed, modified, annulled, set aside,
vacated or found to have been entered without competent jurisdiction. 

  

					
		 	15	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (f) Before the Collateral Custodian acts or refrains from taking any action under or in
relation to this Agreement that is not expressly contemplated by the terms and provisions hereof or thereof, it may require an officer’s certificate or an Opinion of Counsel from the party requesting that the Collateral Custodian act or refrain
from acting in form and substance acceptable to the Collateral Custodian, the costs of which (including the Collateral Custodian’s reasonable attorney’s fees and expenses) shall be paid by the party requesting that the Collateral Custodian
act or refrain from acting. The Collateral Custodian shall not be liable for any action it takes or omits to take in good faith in reliance on such officer’s certificates or opinions of counsel. 

(g) In no event shall the Collateral Custodian be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, any change in Applicable Law that precludes or restricts performance by the Collateral Custodian or any force majeure event, including provisions of any present or future law or
regulation or act of any governmental authority, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, natural disaster, disease, epidemic or pandemic,
quarantine, national emergency, power outages, loss or malfunctions of utilities, communications or computer (software and hardware) services, malware or ransomware attack, communications system failure, unavailability of the Federal Reserve Bank
wire or telex system or other applicable wire or funds transfer system or unavailability of any securities clearing system, inability to access the E-Vault System or other circumstances beyond its control.
Notwithstanding anything to the contrary in this Agreement, the Collateral Custodian shall not be required to take any action that is not in accordance with Applicable Law. The right of the Collateral Custodian to perform any permissive or
discretionary act enumerated in this Agreement or any related document shall not be construed as a duty. 
 (h) The Collateral Custodian
shall not be responsible for the acts or omissions of the Servicer, the Issuing Entity, the Grantor Trust, the Indenture Trustee, the E-Vault Provider, or any other Person, and may assume compliance by such
parties with their obligations under this Agreement or any related agreements, unless an Authorized Officer of the Collateral Custodian shall have received written notice to the contrary. The parties acknowledge and agree that in making statements
herein regarding “control” of the Contracts which are Electronic Contracts, the Collateral Custodian is relying on, and shall be entitled to conclusively rely on, representations and covenants from the
E-Vault Provider regarding the E-Vault System and the various criteria constituting “control” (within the meaning of
Section 9-105 of the UCC). 
 Section 2.8 Merger, Conversion,
Consolidation of, or Succession to Business of, the Collateral Custodian. 
 The Collateral Custodian may merge with any Person;
provided that any Person into which the Collateral Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which to Collateral Custodian shall be a
party, or any Person succeeding to all or substantially all of the corporate trust business of the Collateral Custodian, shall be the successor of the Collateral Custodian under this Agreement, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. The Collateral Custodian and/or its parent shall at all times have a combined capital and surplus of at least fifty million dollars ($50,000,000)
and shall be a bank or trust company with corporate trust powers organized under the laws of the United States or any state thereof which is a member of the Federal Reserve System and whose long-term unsecured debt rating is in a category of at
least investment grade by any nationally recognized rating agency providing such rating for the Collateral Custodian. 

  

					
		 	16	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 2.9 Termination. 

(a) The Collateral Custodian may: 

(i) terminate its obligations as Collateral Custodian under this Agreement (subject to Section 2.9(b)
and Section 2.9(c)) upon at least sixty (60) days’ prior written notice to the Issuing Entity, the Grantor Trust, the Servicer and the Indenture Trustee; provided, however, that, without the consent
of (A) the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority
Certificateholders), such resignation shall not be effective until a successor Collateral Custodian shall have accepted appointment as Collateral Custodian, pursuant to Section 2.9(b) and shall have agreed to be bound by
the terms of this Agreement; or 
 (ii) be removed at any time for cause in relation to any material breach by the Collateral
Custodian of any of its duties or obligations under this Agreement by written notice from (A) the Indenture Trustee (acting at the direction of the Requisite Noteholders), or for any other reason upon sixty (60) days’ prior written
notice from the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority
Certificateholders), or for any other reason upon sixty (60) days’ prior written notice from the Issuing Entity (acting at the direction of the Majority Certificateholders), with such notice in each case delivered to the Collateral
Custodian, the Issuing Entity, the Grantor Trust and the Servicer. 
 In the event of such termination or removal, (A) the Indenture
Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority Certificateholders) shall appoint a
successor Collateral Custodian. If, however, a successor Collateral Custodian is not appointed by (A) the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are
no longer outstanding, the Issuing Entity (acting at the direction of the Majority Certificateholders) within ninety (90) days after the giving of notice of resignation or removal, the Collateral Custodian may petition a court of competent
jurisdiction for the appointment of a successor Collateral Custodian. 
 (b) Upon the effectiveness of any such resignation or termination,
the Collateral Custodian shall promptly transfer to the successor custodian, as directed by the Indenture Trustee, all Receivable Files and other items of Collateral being held by the Collateral Custodian under this Agreement. 

(c) Any successor Collateral Custodian appointed pursuant to Section 2.9(a) shall (i) execute, acknowledge, and
deliver to the Servicer, the Indenture Trustee and to the predecessor Collateral Custodian an instrument accepting such appointment under this Agreement and (ii) be an Eligible Institution and shall have been approved by (A) the Indenture
Trustee (acting at the direction of the Requisite Noteholders), or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority Certificateholders). Thereupon, the
resignation or removal of the predecessor 

  

					
		 	17	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 
Collateral Custodian shall become effective and such successor Collateral Custodian, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties,
and obligations of its predecessor as Collateral Custodian under this Agreement, with like effect as if originally named as Collateral Custodian. The predecessor Collateral Custodian shall upon payment of its fees and expenses (including
attorneys’ fees or expenses incurred in connection with a petition contemplated by Section 2.9(a) hereof) deliver to the successor Collateral Custodian all documents and statements and monies held by it under this
Agreement; and the Servicer, the Indenture Trustee and the predecessor Collateral Custodian shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the
successor Collateral Custodian all such rights, powers, duties, and obligations. 
 (d) In the event the Collateral Custodian’s
appointment hereunder is terminated without cause, the Issuing Entity shall reimburse the Collateral Custodian for the reasonable and documented expenses, fees and costs (including attorneys’ fees or expenses) of the Collateral Custodian
incurred in transferring the Receivable Files to the successor Collateral Custodian set forth in accordance with Section 2.3(a) hereof and Section 2.7 of the Indenture. 

Section 2.10 Non-Reliance on Collateral Custodian. 

Except for notices, reports and other documents expressly required to be furnished or forwarded by the Collateral Custodian hereunder, the
Collateral Custodian shall not have any duty or responsibility to provide the Indenture Trustee or any Noteholder or Certificateholder with any other information concerning the transactions contemplated hereby, the Collateral, the Issuing Entity,
the Grantor Trust, the Servicer or any other parties to this Agreement or to any other Transaction Documents which may come into the possession of the Collateral Custodian or any of its officers, directors, employees, agents, representatives or attorneys-in-fact. 
 Section 2.11 AML Law.

 The parties hereto acknowledge that in accordance with laws, regulations and executive orders of the United States or any state or
political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities and money laundering, including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Assets Control (collectively, “AML Law”), the Collateral Custodian is required to obtain, verify, and record information relating to individuals
and entities that establish a business relationship or open an account with the Collateral Custodian. Each party hereby agrees that it shall provide the Collateral Custodian with such identifying information and documentation as the Collateral
Custodian may request in writing from time to time in order to enable the Collateral Custodian to comply with all applicable requirements of AML Law. 

  

					
		 	18	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 ARTICLE III 

Mutual Covenants Regarding Confidentiality 

Section 3.1 Other Confidential Information. The Collateral Custodian acknowledges and understands that
information it receives in connection with the performance of its duties hereunder may be “nonpublic personal information” as that term is defined in Section 6809(4) of the Gramm-Leach-Bliley Act (the “Act”), and the
Collateral Custodian hereto agrees to maintain such nonpublic personal information received hereunder in accordance with the Act and other applicable federal and state privacy laws. The Collateral Custodian shall, and shall direct its employees,
agents and Affiliates directly involved in the transaction contemplated by this Agreement and its respective Advisors (except (i) to a court of competent jurisdiction pursuant to a subpoena or valid court order or (ii) to its regulators
and an authorized governmental agency in connection with any audit or regulatory examination) to (i) not disclose such nonpublic personal information to any third party, that is not a party to this Agreement, including third party service
providers, without the prior written consent of the Issuing Entity; (ii) agree not to use nonpublic personal information for any purpose not reasonably contemplated by its role in the transactions contemplated by this Agreement;
(iii) protect against any unauthorized access to or use of such nonpublic personal information; (iv) in the event of any actual or apparent theft, unauthorized use or disclosure of such nonpublic personal information, immediately commence
all reasonable efforts to investigate and correct the causes and remediate the results thereof; and (v) as soon as practicable following its having actual knowledge or receipt of written notice of any event described in clause
(iv) hereof, provide notice thereof to the Issuing Entity, the Grantor Trust, the Servicer and the Indenture Trustee, and such further information and assistance as may be reasonably requested by the Issuing Entity, the Grantor Trust, the
Servicer or the Indenture Trustee in relation thereto. 
 ARTICLE IV 

Miscellaneous 

Section 4.1 Amendments and Waivers. 

(a) This Agreement may be amended, waived, supplemented or modified by a written amendment duly executed and delivered by the parties hereto
without the consent of the Noteholders or Certificateholders (i) to cure any ambiguity, (ii) to correct or supplement any provision in this Agreement that may be defective or inconsistent with any other provision in this Agreement or any
other Transaction Document or with any description thereof in the Prospectus, the Class N Notes Confidential Offering Memorandum or the Certificate Private Placement Memorandum, (iii) to add to the covenants, restrictions or obligations of
the Administrator, the Servicer, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee, (iv) to add, change or eliminate any other provision of this Agreement in any manner that shall not, as evidenced by an Opinion of Counsel,
materially and adversely affect the interests of the Noteholders or Unaffiliated Certificateholders or (v) if the Rating Agency Condition is satisfied with respect to such amendment and the Depositor or the Servicer notifies the Indenture
Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 
 (b) This Agreement may be amended,
waived, supplemented or modified by a written amendment duly executed and delivered by the parties hereto with the consent of Requisite Noteholders as of the close of the preceding Distribution Date and, if any Person other than the Depositor or an
Affiliate of the Depositor holds any Certificates, the Majority Certificateholders as of the close of the preceding Distribution Date (which consent, whether given pursuant to this Section 4.1 or pursuant to any other
provision of this Agreement, shall be conclusive and binding on such Person and on all future holders of such Notes or Certificates and of any Notes or Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether
or 

  

					
		 	19	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 
not notation of such consent is made upon any Notes or Certificates) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement,
or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment shall reduce the aforesaid percentage of Noteholders or Certificateholders required to consent to any such
amendment, without the consent of the holders of all Notes or Certificates then outstanding, as the case may be. It will not be necessary for the consent of Noteholders or Certificateholders to approve the particular form of any proposed
amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and Certificateholders provided for in this Agreement) and of evidencing the
authorization of the execution thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture Trustee and Owner Trustee may prescribe, including the establishment of record dates pursuant to the Note
Depository Agreement. Prior to the execution of any amendment pursuant to this Section 4.1(b), the Administrator shall provide written notification of the substance of such amendment or consent to each Rating Agency and the
Indenture Trustee; and promptly after the execution of any such amendment, the Administrator shall furnish a copy of such amendment to each Rating Agency, the Grantor Trust Trustee, the Owner Trustee and the Indenture Trustee. 

(c) Prior to the execution of any amendment to this Agreement, the Collateral Custodian shall be entitled to receive and conclusively rely upon
an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate of the Administrator that all conditions precedent to the execution and delivery of such amendment have
been satisfied. The Collateral Custodian may, but shall not be obligated to, enter into any such amendment which affects the Collateral Custodian’s own rights, privileges, indemnities, duties or obligations under this Agreement or otherwise.

 (d) No amendment which adversely affects the rights, privileges, indemnities, duties or obligations of the Owner Trustee or the Grantor
Trust Trustee under this Agreement shall be effective without its prior written consent. 
 (e) Notwithstanding anything to the contrary
herein, an Opinion of Counsel shall be delivered to the effect that such amendment would not cause the Issuing Entity or the Grantor Trust to fail to qualify as a grantor trust for United States federal income tax purposes. 

Section 4.2 Notices, Etc. 

All demands, notices and communications provided hereunder shall be delivered as specified in Part III of Appendix A to the
Receivables Purchase Agreement. 
 Section 4.3 No Waiver, Rights and Remedies. 

No failure on the part of the any Party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of any
rights and remedies provided by law. 

  

					
		 	20	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 4.4 Binding Effect. 

This Agreement shall be binding upon and inure to the benefit of the Issuing Entity, the Grantor Trust, the Collateral Custodian, the Indenture
Trustee, the Secured Parties and their respective successors and permitted assigns. 
 Section 4.5 Term of
this Agreement; Third Party Beneficiary. 
 This Agreement shall remain in full force and effect until the dissolution of the Grantor
Trust; provided, however, that the rights and remedies with respect to any breach of any representation or warranty made or deemed made and the indemnification provisions by the Collateral Custodian, the confidentiality provisions of
Article III, the provisions of Section 4.10 and any other provision of this Agreement expressly stated to survive, shall be continuing and shall survive any termination or assignment of this Agreement, or the
resignation or removal of any party. 
 Section 4.6 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF
OBJECTION TO VENUE. 
 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN §§ 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)). EACH OF THE PARTIES HERETO
HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, LOCATED IN THE BOROUGH OF MANHATTAN AND THE FEDERAL COURTS LOCATED WITHIN THE STATE OF NEW YORK IN THE BOROUGH OF
MANHATTAN. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR
EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 
 Section 4.7 WAIVER OF JURY TRIAL. 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 
 Section 4.8
Limitation on Consequential Damages. 
 In no event will the Collateral Custodian or any of their officers, directors,
employees or agents be liable for any consequential, indirect, punitive or special damages regardless of the form of action and regardless of whether the Collateral Custodian or any of their officers, directors, employees or agents were warned of
the possibility thereof in advance. 

  

					
		 	21	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 4.9 No Insolvency Proceedings. 

Notwithstanding any prior termination of this Agreement, no Party hereto shall, prior to the date which is one year and one day after the final
payment of the Notes, petition or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining a Proceeding against the Issuing Entity or the Grantor Trust under any United States federal or State Insolvency
Laws or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuing Entity or the Grantor Trust or any substantial part of its property or ordering the winding up or liquidation of the
affairs of the Issuing Entity or the Grantor Trust. 
 Section 4.10 Recourse Against Certain
Parties. 
 (a) No recourse under or with respect to any obligation, covenant or agreement (including the payment of any fees or any
other obligations) of the Indenture Trustee as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any manager or administrator of such Person
or any incorporator, affiliate, stockholder, officer, employee or director of such Person or of any such manager or administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or
otherwise; it being expressly agreed and understood that the agreements of the Indenture Trustee contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith are,
in each case, solely the corporate obligations of such Person, and that no personal liability whatsoever shall attach to or be incurred by any administrator of any such Person or any incorporator, stockholder, affiliate, officer, employee or
director of such Person or of any such administrator, as such, or any other of them, under or by reason of any of the obligations, covenants or agreements of such Person contained in this Agreement or in any other such instruments, documents or
agreements, or that are implied therefrom, and that any and all personal liability of every such administrator of such Person and each incorporator, stockholder, affiliate, officer, employee or director of such Person or of any such administrator,
or any of them, for breaches by such Person of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in
consideration for the execution of this Agreement. 
 (b) Notwithstanding anything in this Agreement to the contrary, all amounts owed by the
Issuing Entity or the Grantor Trust on, under or in respect of its obligations and liabilities under this Agreement shall be recoverable only from and to the extent of the Collateral and upon final realization of collections thereon and in
accordance with Section 2.7 of the Indenture, the Issuing Entity and the Grantor Trust shall have no further liability and all claims in respect of amounts owed but still unpaid shall be extinguished. 

Section 4.11 Execution in Counterparts; Severability; Integration. 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original 

  

					
		 	22	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 
and all of which when taken together shall constitute one and the same agreement. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement contains the final
and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior
oral or written understandings other than any fee letter contemplated hereby. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of
(i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of
the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable.
Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to
conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the
validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the
writings. 
 Section 4.12 Concerning the Owner Trustee and the Grantor Trust Trustee.

 It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by BNY Mellon Trust of
Delaware (“BNY Delaware”), not individually or personally but solely as Owner Trustee of the Issuing Entity and Grantor Trust Trustee of the Grantor Trust, in the exercise of the powers and authority conferred and vested in it,
(b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity or Grantor Trust, as applicable, is made and intended not as personal representations, undertakings and agreements by BNY Delaware but is
made and intended for the purpose of binding only the Issuing Entity or Grantor Trust, as applicable, (c) nothing herein contained shall be construed as creating any liability on BNY Delaware, individually or personally, to perform any covenant
either expressed or implied contained herein of the Issuing Entity or Grantor Trust, as applicable, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto,
(d) BNY Delaware has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuing Entity or Grantor Trust, as applicable, in this Agreement and (e) under no circumstances shall BNY
Delaware be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or Grantor Trust, as applicable, or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by
the Issuing Entity or Grantor Trust, as applicable under this Agreement. 

  

					
		 	23	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Section 4.13 Information to be Provided by the Collateral Custodian. 

(a) The Collateral Custodian agrees to reasonably cooperate in good faith with any reasonable request by the Depositor for information
regarding the Collateral Custodian which is required in order to enable the Depositor to comply with the provisions of Items 1117 and 1119 of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates
to the Collateral Custodian or to the Collateral Custodian’s obligations under this Agreement. 
 (b) Except to the extent disclosed by
the Collateral Custodian in subsection (c) below, the Collateral Custodian shall (i) on or before the fifth Business Day of each month, notify the Depositor, in writing, of any Form 10-D Disclosure
Item of which a Responsible Officer of the Collateral Custodian has actual knowledge together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the
Depositor; provided, however, that the Collateral Custodian shall not be required to provide such information in the event that there has been no change to the information previously provided by the Collateral Custodian to Depositor, and
(ii) as promptly as practicable following notice to or actual knowledge by a Responsible Officer of the Collateral Custodian of any changes to such information, provide to the Depositor, in writing, such updated information. 

(c) The Collateral Custodian shall, as promptly as practicable following written notice to, or actual knowledge of, a Responsible Officer of
the Collateral Custodian of any changes to any information regarding the Collateral Custodian as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to the Depositor, in writing, such updated information. 

(d) The Collateral Custodian shall notify the Depositor in writing on or before March 15 (or, if such date is not a Business Day, the next
succeeding Business Day) of each year, beginning with March 15, 2023, of any Form 10-D Disclosure Item of which a Responsible Officer of the Collateral Custodian has actual knowledge together with a
description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Depositor; provided, however, that the Collateral Custodian shall not be required to provide such
information in the event that there has been no change to the information previously provided by the Collateral Custodian to Depositor. 

(e) The Collateral Custodian shall notify the Depositor in writing on or before March 15 (or, if such date is not a Business Day, the next
succeeding Business Day) of each year, beginning with March 15, 2023, of any affiliation between the Collateral Custodian and any of the following parties to this securitization transaction, as such parties are identified to the Collateral
Custodian by the Depositor in writing in advance of this securitization transaction: 
  

	 	(i)	 the Depositor; 

  

	 	(ii)	 Carvana, LLC, as sponsor; 

 

	 	(iii)	 the Issuing Entity; 

  

	 	(iv)	 the Grantor Trust; 

  

	 	(v)	 the Servicer; 

  

					
		 	24	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 (vi) the Backup Servicer; 

(vii) the Indenture Trustee; 

(viii) the Owner Trustee; 
 (ix)
the Grantor Trust Trustee; 
 (x) the Asset Representations Reviewer; and 

(xi) any other material transaction party. 

(f) In connection with the parties listed in clauses (i) through (xi) above, the Collateral Custodian shall include a
description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the
asset backed securities issued in this securitization transaction. 
 (g) The Collateral Custodian shall provide the Depositor with
notification, as soon as practicable and in any event within five (5) Business Days, of all demands delivered in writing to a Responsible Officer of the Collateral Custodian for the repurchase or replacement of any Receivable pursuant to any
Transaction Document. Subject to this Section 4.13, the Collateral Custodian shall have no obligation to take any other action with respect to any demand. In no event shall the Collateral Custodian have (i) any
responsibility or liability in connection with any filing to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise
to assume any additional duties or responsibilities except as expressly set forth in this Section 4.13. 

[signatures appear on the following pages] 

  

					
		 	25	  	 CRVNA 2022-P2 Collateral Custodian Agreement

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

 

			
	 CARVANA, LLC,
 as the
Administrator

		
	By:	 	 /s/ Paul W. Breaux

	Name:	 	Paul W. Breaux
	Title:	 	Vice President, Secretary
	
	CARVANA AUTO RECEIVABLES TRUST 2022-P2,
	as the Issuing Entity
		
	By:	 	BNY MELLON TRUST OF DELAWARE,
	not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President
	
	CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P2,
	as the Grantor Trust
		
	By:	 	BNY MELLON TRUST OF DELAWARE,
	not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President
	
	BRIDGECREST CREDIT COMPANY, LLC,
	as the Servicer
		
	By:	 	 /s/ Daniel Gaudreau

	Name:	 	Daniel Gaudreau
	Title:	 	Chief Financial Officer

 [Signature page to Collateral Custodian Agreement] 

 
			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as the Indenture Trustee
		
	By:	 	 /s/ Jeanine C. Casey

	Name:	 	Jeanine C. Casey
	Title:	 	Vice President
	
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	as the Collateral Custodian
		
	By:	 	 /s/ Jeanine C. Casey

	Name:	 	Jeanine C. Casey
	Title:	 	Vice President

 [Signature page to Collateral Custodian Agreement] 

 
			
	Acknowledged, Accepted and Agreed To By:
	
	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee of the Issuing Entity
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President
	
	Acknowledged, Accepted and Agreed To By:
	
	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Grantor Trust Trustee of the Grantor Trust
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President

 [Signature page to Collateral Custodian Agreement] 

 SCHEDULE A 

SYSTEM DESCRIPTION 
 [To be
attached]. 

  

					
		 	Sch. A -1	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 EXHIBIT A 

FORM OF RELEASE OF DOCUMENTS 

__________ __. 20__ 
 Computershare Trust
Company, National Association, 
 as Collateral Custodian 
 1055
10th Ave, SE 
 Minneapolis, Minnesota 55415 
 Attention: Vault
Manager 
 abs.custody.vault@wellsfargo.com 
 Re: Carvana Auto
Receivables Trust 2022-P2 – Collateral Custodian Agreement 
 Ladies and Gentlemen: 

Reference is made to the Collateral Custodian Agreement, dated as of May 25, 2022 (as amended, restated, supplemented or otherwise
modified from time to time, the “Collateral Custodian Agreement”), among Carvana Auto Receivables Trust 2022-P2, as the issuing entity (the
“Issuing Entity”), Carvana Auto Receivables Grantor Trust 2022-P2, as the grantor trust (the “Grantor Trust”), Carvana, LLC, Computershare Trust Company, National Association,
as indenture trustee (in such capacity, the “Indenture Trustee”), Computershare Trust Company, National Association, as collateral custodian (in such capacity, the “Collateral Custodian”), and Bridgecrest Credit
Company, LLC, as servicer (the “Servicer”). 
 The undersigned, in its capacity as [Servicer] [Issuing Entity] [Grantor
Trust] [Administrator], hereby requests (check one): 
 1.
                 that the Collateral Custodian release to the Servicer the Receivable Files or other documents set forth on
Schedule A to this Release of Documents. All documents so released to the Servicer shall be held by the Servicer in trust for the benefit of the Indenture Trustee in accordance with the terms of the Collateral Custodian
Agreement and the Servicer agrees to return to the Collateral Custodian the Receivable File or such other documents when the Servicer’s need therefor no longer exists. 

2.                  that the Collateral Custodian
permanently release to the Servicer the Receivable Files or other documents set forth on Schedule B to this Release of Documents and the Servicer certifies with respect to such Receivable Files that the related Receivables
have been liquidated, prepaid or repaid in accordance with the Transaction Documents. 
 The undersigned hereby certifies that all
conditions precedent set forth in Section 2.2 of the Collateral Custodian Agreement have been satisfied in respect of the above requested release. 

Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in the Collateral Custodian Agreement.

  

					
		 	Exh. A- 1	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 The undersigned has executed this Release of Documents as of the date first written above.

  

			
	 [BRIDGECREST CREDIT COMPANY, LLC,

as Servicer]

	
	 [CARVANA AUTO RECEIVABLES TRUST 2022-P2,

as Issuing Entity]

	
	 [CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P2,

as Grantor Trust]
  

[CARVANA, LLC,
 as Administrator]

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
		 	Exh. A- 2	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Schedule A 

To Release of Documents 

  

					
		 	Exh. A- 3	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Schedule B 

To Release of Documents 

  

					
		 	Exh. A- 4	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 EXHIBIT B 

FORM OF DOCUMENT RECEIPT 

__________ __. 20__ 
 Computershare Trust
Company, National Association, 
 as Indenture Trustee 
 MAC N9300-070 
 600 S. 4th Street 

Minneapolis, MN 55415 
 Attn: Corporate Trust Services –
Asset-Backed Administration 
 Bridgecrest Credit Company, LLC, 

as Servicer 
 7300 E Hampton Avenue 

Mesa, Arizona, 85209 
 Attention: Secretary 

Carvana, LLC, 
 as Administrator 

1930 W. Rio Salado Parkway 
 Tempe, Arizona 85281 

Attention: ABS-Transactions 

Email: abs-transactions@carvana.com 
  

	 	Re:	 Carvana Auto Receivables Trust 2022-P2 – Collateral Custodian
Agreement 

 Ladies and Gentlemen: 

Reference is made to the Collateral Custodian Agreement, dated as of May 25, 2022 (as amended, restated, supplemented or otherwise
modified from time to time, the “Collateral Custodian Agreement”), among Carvana Auto Receivables Trust 2022-P2, as the issuing entity (the
“Issuing Entity”), Carvana Auto Receivables Grantor Trust 2022-P2, as the grantor trust (the “Grantor Trust”), Carvana, LLC, Computershare Trust Company, National Association,
as indenture trustee (in such capacity, the “Indenture Trustee”), Computershare Trust Company, National Association, as collateral custodian (in such capacity, the “Collateral Custodian”), and Bridgecrest Credit
Company, LLC, as servicer (the “Servicer”). 
 The undersigned, on behalf of Computershare Trust Company, National
Association, in its capacity as Collateral Custodian under the Collateral Custodian Agreement, hereby acknowledges (i) Delivery of each item listed in the definition of “Receivable File” with respect to the Contracts set forth on
Schedule 1 hereto, evidencing the related Receivables and (ii) that each item listed in the definition of “Receivable File” with respect to the Contracts set forth on Schedule 2 hereto has not been Delivered to the
Collateral Custodian or is mutilated or damaged. Receivable File means, with respect to each receivable, (i) the original contract and (ii) the certificate of title or evidence that such certificate of title has been applied for. 

  

					
		 	Exh. B - 1	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Computershare Trust Company, National Association, as Collateral Custodian, makes no
representations as to (i) the validity, legality, enforceability, sufficiency, due authorization or genuineness of any of the Receivable Files, or (ii) the collectibility, insurability, effectiveness or suitability of any such Receivable
Files. 
 Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in the Collateral Custodian
Agreement. 
  

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,

 
			
	as Collateral Custodian

 
			
		
	By:	 	
                     

 
			
	Name:	 	  

 
			
	Title:	 	  

  

					
		 	Exh. B - 2	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Schedule 1 

To Document Receipt 

  

					
		 	Exh. B - 3	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 Schedule 2 

To Document Receipt 

  

					
		 	Exh. B - 4	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 EXHIBIT C 

COLLATERAL CUSTODIAN FEE SCHEDULE 

[To be attached]. 

  

					
		 	Exh. C - 1	  	 CRVNA 2022-P2 Collateral Custodian Agreement

 EXHIBIT D 

SERVICING CRITERIA TO BE ADDRESSED IN 

COLLATERAL CUSTODIAN’S ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by the Collateral Custodian shall address, at a minimum, the criteria identified as below as “Applicable
Servicing Criteria”: 
  

					
	 Reference
	  	 Criteria
	  	 CTC (CC)

		  	General Servicing Considerations	  	
			
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	
			
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  	
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  	
			
	1122(d)(1)(v)	  	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	  	
			
		  	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction
agreements.	  	
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  	
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  	
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to
a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	
			
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations: (A) are mathematically
accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who prepared
the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	  	
			
		  	Investor Remittances and Reporting	  	

  

					
		 	Exh. D - 1	  	 CRVNA 2022-P2 Collateral Custodian Agreement

					
	 Reference
	  	 Criteria
	  	 CTC (CC)

	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in
accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by
its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer.	  	
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	
			
		  	Pool Asset Administration	  	
			
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	  	X
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements.	  	X
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s obligor records maintained no more than two business days after receipt, or such
other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	  	
			
	1122(d)(4)(v)	  	The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with
the transaction agreements and related pool asset documents.	  	
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.	  	
			
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).	  	
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related receivables documents.	  	

  

					
		 	Exh. D - 2	  	 CRVNA 2022-P2 Collateral Custodian Agreement

					
	 Reference
	  	 Criteria
	  	 CTC (CC)

	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool assets documents, on at least an annual basis, or such other period specified
in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full
repayment of the related pool asset, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  	
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  

					
		 	Exh. D - 3	  	 CRVNA 2022-P2 Collateral Custodian AgreementExhibit 4.1

    Form of Indenture

    MEDIWOUND LTD.

    and

    INDENTURE

    Dated as of ________, _____

     

    

    TABLE OF CONTENTS

     

    

    	
            ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE

          	
            1

          
	 	 
	
            Section 1.01 Definitions

          	
            1

          
	
            Section 1.02 Other Definitions

          	
            4

          
	
            Section 1.03 Incorporation by Reference of Trust Indenture Act

          	
            4

          
	
            Section 1.04 Rules of Construction

          	
            4

          
	 	 
	
            ARTICLE II THE SECURITIES

          	
            5

          
	 	 
	
            Section 2.01 Issuable in Series

          	
            5

          
	
            Section 2.02 Establishment of Terms of Series of Securities

          	
            5

          
	
            Section 2.03 Execution and Authentication

          	
            6

          
	
            Section 2.04 Registrar and Paying Agent

          	
            7

          
	
            Section 2.05 Paying Agent to Hold Money in Trust

          	
            7

          
	
            Section 2.06 Holder Lists

          	
            7

          
	
            Section 2.07 Transfer and Exchange

          	
            7

          
	
            Section 2.08 Mutilated, Destroyed, Lost and Stolen Securities

          	
            7

          
	
            Section 2.09 Outstanding Securities

          	
            8

          
	
            Section 2.10 Treasury Securities

          	
            8

          
	
            Section 2.11 Temporary Securities

          	
            8

          
	
            Section 2.12 Cancellation

          	
            8

          
	
            Section 2.13 Defaulted Interest

          	
            8

          
	
            Section 2.14 Global Securities

          	
            9

          
	
            Section 2.15 CUSIP Numbers

          	
            9

          
	 	 
	
            ARTICLE III REDEMPTION

          	
            10

          
	 	 
	
            Section 3.01 Notice to Trustee

          	
            10

          
	
            Section 3.02 Selection of Securities to be Redeemed

          	
            10

          
	
            Section 3.03 Notice of Redemption

          	
            10

          
	
            Section 3.04 Effect of Notice of Redemption

          	
            10

          
	
            Section 3.05 Deposit of Redemption Price

          	
            11

          
	
            Section 3.06 Securities Redeemed in Part

          	
            11

          

     

    i

    

    
      
        

    

    

    	
            ARTICLE IV COVENANTS

          	
            11

          
	 	 
	
            Section 4.01 Payment of Principal and Interest

          	
            11

          
	
            Section 4.02 SEC Reports

          	
            11

          
	
            Section 4.03 Compliance Certificate

          	
            11

          
	
            Section 4.04 Stay, Extension and Usury Laws

          	
            11

          
	 	 
	
            ARTICLE V SUCCESSORS

          	
            12

          
	 	 
	
            Section 5.01 When Company May Merge, Etc.

          	
            12

            

          
	
            Section 5.02 Successor Corporation Substituted

          	
            12

          
	 	 
	
            ARTICLE VI DEFAULTS AND REMEDIES

          	 
	 	 
	
            Section 6.01 Events of Default

          	
            13

          
	
            Section 6.02 Acceleration of Maturity; Rescission and Annulment

          	
            13

          
	
            Section 6.03 Collection of Indebtedness and Suits for Enforcement by Trustee

          	
            14

          
	
            Section 6.04 Trustee May File Proofs of Claim

          	
            14

          
	
            Section 6.05 Trustee May Enforce Claims Without Possession of Securities

          	
            15

          
	
            Section 6.06 Application of Money Collected

          	
            15

          
	
            Section 6.07 Limitation on Suits

          	
            15

          
	
            Section 6.08 Unconditional Right of Holders to Receive Principal and Interest

          	
            16

          
	
            Section 6.09 Restoration of Rights and Remedies

          	
            16

          
	
            Section 6.10 Rights and Remedies Cumulative

          	
            16

          
	
            Section 6.11 Delay or Omission Not Waiver

          	
            16

          
	
            Section 6.12 Control by Holders

          	
            16

          
	
            Section 6.13 Waiver of Past Defaults

          	
            16

          
	
            Section 6.14 Undertaking for Costs

          	
            16

          
	 	 
	
            ARTICLE VII TRUSTEE

          	
            17

          
	 	 
	
            Section 7.01 Duties of Trustee

          	
            17

          
	
            Section 7.02 Rights of Trustee

          	
            18

          
	
            Section 7.03 Individual Rights of Trustee

          	
            18

          
	
            Section 7.04 Trustee’s Disclaimer

          	
            18

          
	
            Section 7.05 Notice of Defaults

          	
            18

          
	
            Section 7.06 Reports by Trustee to Holders

          	
            19

          
	
            Section 7.07 Compensation and Indemnity

          	
            19

          
	
            Section 7.08 Replacement of Trustee

          	
            19

          
	
            Section 7.09 Successor Trustee by Merger, etc.

          	
            19

          
	
            Section 7.10 Eligibility; Disqualification

          	
            19

          
	
            Section 7.11 Preferential Collection of Claims Against Company

          	
            19

          

    

    

    ii

    

    
      
        

    

    

    

    

    	 	 
	
            ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE

          	
            20

            

          
	 	 
	
            Section 8.01 Satisfaction and Discharge of Indenture

          	
            20

            

          
	
            Section 8.02 Application of Trust Funds; Indemnification

          	
            20

            

          
	
            Section 8.03 Legal Defeasance of Securities of any Series

          	
            21

          
	
            Section 8.04 Covenant Defeasance

          	
            22

          
	
            Section 8.05 Repayment to Company

          	
            22

          
	
            Section 8.06 Reinstatement

          	
            22

          
	 	 
	
            ARTICLE IX AMENDMENTS AND WAIVERS

          	
            23

          
	 	 
	
            Section 9.01 Without Consent of Holders

          	
            23

          
	
            Section 9.02 With Consent of Holders

          	
            24

          
	
            Section 9.03 Limitations

          	
            24

          
	
            Section 9.04 Compliance with Trust Indenture Act

          	
            24

          
	
            Section 9.05 Revocation and Effect of Consents

          	
            24

          
	
            Section 9.06 Notation on or Exchange of Securities

          	
            24

          
	
            Section 9.07 Trustee Protected

             

            

          	
            24

          
	
            ARTICLE X MISCELLANEOUS

          	
            25

          
	 	 
	
            Section 10.01 Trust Indenture Act Controls

          	
            25

          
	
            Section 10.02 Notices.

          	
            25

          
	
            Section 10.03 Communication by Holders with Other Holders

          	
            25

          
	
            Section 10.04 Certificate and Opinion as to Conditions Precedent

          	
            25

          
	
            Section 10.05 Statements Required in Certificate or Opinion

          	
            26

          
	
            Section 10.06 Rules by Trustee and Agents

          	
            26

          
	
            Section 10.07 Legal Holidays

          	
            26

          
	
            Section 10.08 No Recourse Against Others

          	
            26

          
	
            Section 10.09 Counterparts

          	
            26

          
	
            Section 10.10 Governing Laws

          	
            26

          
	
            Section 10.11 No Adverse Interpretation of Other Agreements

          	
            26

          
	
            Section 10.12 Successors

          	
            26

          
	
            Section 10.13 Severability

          	
            26

          
	
            Section 10.14 Table of Contents, Headings, Etc.

          	
            26

          
	
            Section 10.15 Securities in a Foreign Currency

          	
            26

          
	
            Section 10.16 Judgment Currency

          	
            26

          
	 	 
	
            ARTICLE XI SINKING FUNDS

          	
            27

          
	 	 
	
            Section 11.01 Applicability of Article

          	
            27

          
	
            Section 11.02 Satisfaction of Sinking Fund Payments with Securities

          	
            27

          
	
            Section 11.03 Redemption of Securities for Sinking Fund

          	
            28

          

     

    iii

    

    
      
        

    

    

      

      

      MEDIWOUND LTD.

    Reconciliation and tie between Trust Indenture Act of 1939 and

    Indenture, dated as of_______, ____

     

    

    	
            Section 310

          	
            (a)(1)

          	
            7.10

          
	 	
            (a)(2)

          	
            7.10

          
	 	
            (a)(3)

          	
            NOT APPLICABLE

          
	 	
            (a)(4)

          	
            NOT APPLICABLE

          
	 	
            (a)(5)

          	
            7.10

          
	 	
            (b)

          	
            7.10

          
	
            Section 311

          	
            (a)

          	
            7.11

          
	 	
            (b)

          	
            7.11

          
	 	
            (c)

          	
            NOT APPLICABLE

          
	
            Section 312

          	
            (a)

          	
            2.06

          
	 	
            (b)

          	
            10.03

          
	 	
            (c)

          	
            10.03

          
	
            Section 313

          	
            (a)

          	
            7.06

          
	 	
            (b)

          	
            7.06

          
	 	
            (c)

          	
            7.06

          
	 	
            (d)

          	
            7.06

          
	
            Section 314

          	
            (a)

          	
            4.02

          
	 	
            (a)(4)

          	
            10.05

          
	 	
            (b)

          	
            NOT APPLICABLE

          
	 	
            (c)

          	
            NOT APPLICABLE

          
	 	
            (d)

          	
            NOT APPLICABLE

          
	 	
            (e)

          	
            10.05

          
	 	
            (f)

          	
            NOT APPLICABLE

          

     

    

    Indenture dated as of________,______ between MediWound Ltd., an Israeli company (“Company”), and_______, a_______ corporation, as trustee
      (“ Trustee ”).

     

    

    Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

     

    iv

    

    
      
        

    

    
    

    

    

    ARTICLE I

    DEFINITIONS AND INCORPORATION BY REFERENCE

     

    

    Section 1.01 Definitions.

     

    

    
      “Additional Amounts” means any additional amounts which are required hereby or by any
        Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

       

      “Affiliate” of any specified person means any other person directly or indirectly
        controlling or controlled by or under direct or indirect common control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as
        used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or
        otherwise.

       

      “Agent” means any Registrar, Paying Agent or Service Agent.

       

      “Applicable Procedures” means, with respect to any transfer or transaction involving a
        Global Security or beneficial interest therein, the rules and procedures of DTC or any successor Depositary, in each case to the extent applicable to such transaction and as in effect from time to time.

       

      “Authorized Newspaper” means a newspaper in an official language of the country of
        publication customarily published at least once a day for at least five days in each calendar week and of general circulation in the place in connection with which the term is used. If it shall be impractical in the opinion of the Trustee to make
        any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication of such notice.

       

      “Bearer” means anyone in possession from time to time of a Bearer Security.

       

      “Bearer Security” means any Security, including any interest coupon appertaining thereto,
        that does not provide for the identification of the Holder thereof.

       

      “Board of Directors” means the Board of Directors of the Company or any duly authorized
        committee thereof.

       

      “Board Resolution” means a copy of a resolution certified by the Secretary or an
        Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.

       

      “Business Day” means, unless otherwise provided by Board Resolution, Officers’
        Certificate or supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to
        close.

       

      “Capital Interests” means any and all shares, interests, participations, rights or other
        equivalents (however designated) of capital stock, including, without limitation, with respect to partnerships, partnership interests (whether general or limited) and any other interest or participation that confers on a person the right to receive
        a share of the profits and losses of, or distributions of assets of, such partnership.

       

      

       

      
        1

        
          

      

       

      “Company” means the party named as such above until a successor replaces it and
        thereafter means the successor.

       

      “Company Order” means a written order signed in the name of the Company by two Officers,
        one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer.

       

      “Company Request” means a written request signed in the name of the Company by its Chief
        Executive Officer, Chief Financial Officer or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.

       

      “Corporate Trust Office” means the office of the Trustee at which at any particular time
        its corporate trust business shall be principally administered.

       

      “Default” means any event which is, or after notice or passage of time or both would be,
        an Event of Default.

       

      “Depository” means, with respect to the Securities of any Series issuable or issued in
        whole or part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one
        such person, “Depository” as used with respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series.

       

      “Discount Security” means any Security that provides for an amount less than the stated
        principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.

       

      “Dollars” and “$” means the currency of The
        United States of America.

       

      “DTC” means the Depository Trust Company, a New York corporation.

       

      “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
        regulations promulgated thereunder.

       

      “Foreign Currency” means any currency or currency unit issued by a government other than
        the government of The United States of America.

       

      “Foreign Government Obligations” means, with respect to Securities of any Series that are
        denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a person controlled or
        supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not
        callable or redeemable at the option of the issuer thereof.

       

      “GAAP” means generally accepted accounting principles set forth in the opinions and
        pronouncements of the Accounting Principles Board of the American Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession.

       

      “Global Security” or “Global Securities” means a
        Security or Securities, as the case may be, in the form established pursuant to Section 2.02 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository or
        nominee.

       

      “Holder” means a person in whose name a Security is registered or the holder of a Bearer
        Security.

       

      “Indenture” means this Indenture as amended or supplemented from time to time and shall
        include the form and terms of particular Series of Securities established as contemplated hereunder.

       

      “interest” with respect to any Discount Security which by its terms bears interest only
        after Maturity means interest payable after Maturity.

       

      “Maturity,” when used with respect to any Security or installment of principal thereof,
        means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

       

      “Officer” means the Chief Executive Officer, Chief Financial Officer, any Vice-President,
        the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.

       

    

    
      2

      
        

    

    

       

      “Officers’ Certificate” means a certificate signed by two Officers, one of whom must be
        the Company’s principal executive officer, principal financial officer or principal accounting officer.

       

      “Opinion of Counsel” means a written opinion of legal counsel who is reasonably
        acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.

       

      “Person” means any individual, corporation, partnership, joint venture, association,
        limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

       

      “Principal” of a Security means the principal of the Security plus, when appropriate, the
        premium, if any, on, and any Additional Amounts in respect of, the Security.

       

      “Responsible Officer” means any officer of the Trustee in its Corporate Trust Office with
        direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity
        with a particular subject.

       

      “SEC” means the Securities and Exchange Commission.

       

      “Securities” means the debentures, notes or other debt instruments of the Company of any
        Series authenticated and delivered under this Indenture.

       

      “Series” or “Series of Securities” means each
        series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.02 hereof.

       

      “Stated Maturity” means when used with respect to any Security or any installment of
        principal thereof or interest thereon, the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.

       

      “Subsidiary” means, with respect to any person, any corporation, association or other
        business entity of which more than 50% of the total voting power of shares of Capital Interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof or, in the case of a
        partnership, more than 50% of the partners’ Capital Interests (considering all partners’ Capital Interests as a single class), is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of
        such person or combination thereof.

       

      “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in
        effect on the date of this Indenture and the rules and regulations promulgated thereunder; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment,
        the Trust Indenture Act as so amended.

       

      “Trustee” means the person named as the “Trustee” in the first paragraph of this
        instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each person who is then a Trustee hereunder, and if at any time there is more than one such
        person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

       

      “U.S. Government Obligations” means securities which are (i) direct obligations of The
        United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of The United States of America the payment of which is
        unconditionally guaranteed as a full faith and credit obligation by The United States of America, and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust
        company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided
        that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation
        evidenced by such depository receipt.

       

    

    
      3

      
        

    

    

       

      Section 1.02 Other Definitions.

       

      

      	
              TERM

            	 	
              DEFINED IN

              SECTION

            
	
              “Bankruptcy Law”

            	 	
              6.01

            
	
              “Custodian”

            	 	
              6.01

            
	
              “Event of Default”

            	 	
              6.01

            
	
              “Judgment Currency”

            	 	
              10.16

            
	
              “Legal Holiday”

            	 	
              10.07

            
	
              “mandatory sinking fund payment”

            	 	
              11.01

            
	
              “Market Exchange Rate”

            	 	
              10.15

            
	
              “New York Banking Day”

            	 	
              10.16

            
	
              “optional sinking fund payment”

            	 	
              11.01

            
	
              “Paying Agent”

            	 	
              2.04

            
	
              “Registrar”

            	 	
              2.04

            
	
              “Required Currency”

            	 	
              10.16

            
	
              “Service Agent”

            	 	
              2.04

            
	
              “successor person”

            	 	
              5.01

            

       

      Section 1.03 Incorporation by Reference of Trust Indenture Act.

       

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

       

      “Commission” means the SEC.

       

      “indenture securities” means the Securities.

       

      “indenture security holder” means a Holder.

       

      “indenture to be qualified” means this Indenture.

       

      “indenture trustee” or “institutional trustee”
        means the Trustee.

       

      “obligor” on the indenture securities means the Company and any successor obligor upon
        the Securities.

       

      All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC
        rule under the TIA and not otherwise defined herein are used herein as so defined.

       

      Section 1.04 Rules of Construction.

       

      Unless the context otherwise requires:

       

      (a) a term has the meaning assigned to it;

       

      (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting
        principles;

       

      (c) references to “generally accepted accounting principles” and “GAAP” shall mean generally accepted accounting principles in
        effect as of the time when and for the period as to which such accounting principles are to be applied;

       

      (d) “or” is not exclusive;

       

      (e) words in the singular include the plural, and in the plural include the singular; and

       

      (f) provisions apply to successive events and transactions.

       

    

    
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      ARTICLE II

       

      THE SECURITIES

       

      Section 2.01 Issuable in Series. The aggregate principal amount of Securities that may be
        authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution,
        supplemental indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution,
        Officers’ Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record
        date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

       

      Section 2.02 Establishment of Terms of Series of Securities. At or prior to the issuance
        of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.02(a) and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.02(b)
        through 2.02(s) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture or an Officers’ Certificate:

       

      (a) the form and title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any
        other Series);

       

      (b) the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be
        issued;

       

      (c) any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under
        this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.07, 2.08, 2.11, 3.06 or 9.06);

       

      (d) the date or dates on which the principal of the Securities of the Series is payable;

       

      (e) the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or
        rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the
        date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;

       

      (f) the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the
        Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served, and the method of such payment,
        if by wire transfer, mail or other means;

       

      (g) if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the
        Securities of the Series may be redeemed, in whole or in part, at the option of the Company;

       

      (h) the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or
        analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part,
        pursuant to such obligation;

       

      (i) the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company
        at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

       

      (j) if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the
        Series shall be issuable;

       

      (k) if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be
        payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02;

       

      (l) the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and the agency or
        organization, if any, responsible for overseeing such composite currency;

       

      (m) the provisions, if any, relating to any security provided for the Securities of the Series;

       

      
        5

        
          

      

       

      (n) any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right
        of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.02;

       

      (o) any addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

       

      (p) the provisions, if any, relating to conversion of any Securities of such Series, including, if applicable, the securities into
        which the Securities are convertible, the conversion price, the conversion period, provisions as to whether conversion will be mandatory, at the option of the Holders or at the option of the Company, the events requiring an adjustment of the
        conversion price and provisions affecting conversion if such Series of Securities are redeemed;

       

      (q) whether the Securities of such Series will be senior debt securities or subordinated debt securities and, if applicable, a
        description of the subordination terms thereof;

       

      (r) any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to
        Securities of such Series if other than those appointed herein; and

       

      (s) any other terms of the Securities of the Series (which may modify or delete any provision of this Indenture insofar as it
        applies to such Series).

       

      All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the
        terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred to above, and, unless otherwise provided in such Board Resolution, a Series may be reopened, without the
        consent of the Holders, for increases in the aggregate principal amount of such Series and issuances of additional Securities of such Series.

       

      Section 2.03 Execution and Authentication. Two Officers shall sign the Securities for the
        Company by manual or facsimile signature. If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. A Security shall not be valid until
        authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. The Trustee shall at any time, and from time to time,
        authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize
        authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its
        authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate. The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the
        maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.02, except as provided in Section 2.02 or 2.08. Prior to the issuance of Securities
        of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that
        Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.04 and (c) an Opinion of Counsel complying with Section 10.04. The
        Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee’s by its board of
        directors or trustees, executive committee or a trust committee of directors and/or vice-presidents shall determine in good faith that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of
        Securities. The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication
        by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

       

    

    
      6

      
        

    

    

       

      Section 2.04 Registrar and Paying Agent. The Company shall maintain, with respect to each
        Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such
        Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served (“Service Agent”). The Registrar
        shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying
        Agent or Service Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and
        demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. The Company may also from time to time
        designate one or more co-registrars, additional paying agents or additional service agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its
        obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such
        designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying
        agent; and the term “Service Agent” includes any additional service agent. The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the
        case may be, is appointed prior to the time Securities of that Series are first issued.

       

      Section 2.05 Paying Agent to Hold Money in Trust. The Company shall require each Paying
        Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the
        Series of Securities, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time
        may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a
        Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of any Series of Securities all money held by it as Paying Agent.

       

      Section 2.06 Holder Lists. The Trustee shall preserve in as current a form as is
        reasonably practicable the most recent list available to it of the names and addresses of Holders of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the
        Trustee at least ten (10) days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Holders of
        each Series of Securities.

       

      Section 2.07 Transfer and Exchange. Where Securities of a Series are presented to the
        Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such
        transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise
        expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable
        upon exchanges pursuant to Sections 2.11, 3.06 or 9.06). Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business
        fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities
        of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.

       

      Section 2.08 Mutilated, Destroyed, Lost and Stolen Securities.

       

      (a) If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and make
        available for delivery in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. If there shall be delivered to the Company and the Trustee (i) evidence to
        their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the
        Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new
        Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company
        in its discretion may, instead of issuing a new Security, pay such Security.

       

    

    
      7

      
        

    

    

       

      (b) Upon the issuance of any new Security under this Section, the Company 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. Every new Security of any Series issued pursuant to this Section in lieu of any
        destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security 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 Securities of that Series duly issued hereunder. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
        respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

       

      Section 2.09 Outstanding Securities. The Securities outstanding at any time are all the
        Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those
        described in this Section as not outstanding. If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a protected purchaser. If the
        Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such
        Securities of the Series cease to be outstanding and interest on them ceases to accrue. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. In determining whether the Holders of the
        requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes
        shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02.

       

      Section 2.10 Treasury Securities. In determining whether the Holders of the required
        principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company shall be disregarded, except that for the purposes of determining
        whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Securities of a Series that the Trustee knows are so owned shall be so disregarded.

       

      Section 2.11 Temporary Securities. Until definitive Securities are ready for delivery, the
        Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for
        temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged,
        temporary securities shall have the same rights under this Indenture as the definitive Securities.

       

      Section 2.12 Cancellation. The Company at any time may deliver Securities to the Trustee
        for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for registration of
        transfer, exchange, payment, replacement or cancellation in accordance with its customary procedures and deliver such canceled Securities to the Company, unless the Company otherwise directs; provided that the Trustee shall not be required to
        destroy Securities. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

       

      Section 2.13 Defaulted Interest. If the Company defaults in a payment of interest on a
        Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Holders of the Series on a subsequent special record date. The Company shall fix
        the record date and payment date. At least ten (10) days before the record date, the Company shall mail to the Trustee and to each Holder of the Series a notice that states the record date, the payment date and the amount of interest to be paid.
        The Company may pay defaulted interest in any other lawful manner.

       

      
        8

        
          

      

      

      Section 2.14 Global Securities.

       

      (a) Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether
        the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for such Global Security or Securities.

       

      (b) Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 of the Indenture and in
        addition thereto, any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names of Holders other than the Depository for such Security or its nominee only if (i) such Depository notifies
        the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a
        successor Depository registered as a clearing agency under the Exchange Act within 90 days of such event, (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so
        exchangeable or (iii) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable
        for Securities registered in such names as the Depository shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.

       

      (c) Except as provided in Section 2.14(b), a Global Security may not be transferred except as a whole by the Depository with
        respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a
        successor Depository.

       

      (d) Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form:

       

      “This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of
        the Depository or a nominee of the Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be
        transferred except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of
        such a successor Depository.”

       

      (e) Acts of Holders. The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any
        request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

       

      (f) Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02,
        payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

       

      (g) Consents, Declaration and Directions. Except as provided in Section 2.14(h), the Company, the Trustee and any Agent shall
        treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depository with respect to such Global Security, for purposes of
        obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

       

      (h) The Depository or its nominee, as registered owner of a Global Security, shall be the Holder of such Global Security for all
        purposes under the Indenture and the Securities, and owners of beneficial interests in a Global Security shall hold such interests pursuant to the Applicable Procedures. Accordingly, any such owner’s beneficial interest in a Global Security will be
        shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee and such owners of beneficial interests in a Global Security will not be considered the owners or holders thereof.

       

      Section 2.15 CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers
        (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either
        as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or
        omission of such numbers. The Company shall promptly notify the Trustee of any change in “CUSIP” numbers of which the Company becomes aware.

       

    

    
      9

      
        

    

    

       

      ARTICLE III

       

      REDEMPTION

       

      Section 3.01 Notice to Trustee. The Company may, with respect to any Series of Securities,
        reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a
        Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption
        date and the principal amount of Series of Securities to be redeemed.

       

      Section 3.02 Selection of Securities to be Redeemed. Unless otherwise indicated for a
        particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that
        the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities of the Series
        that have denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to
        Section 2.02(j), the minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called
        for redemption.

       

      Section 3.03 Notice of Redemption.

       

      (a) Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’
        Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed and, if any Bearer Securities are outstanding,
        publish on one occasion a notice in an Authorized Newspaper. The notice shall identify the Securities of the Series to be redeemed and shall state:

       

      (i) the redemption date;

       

      (ii) the redemption price;

       

      (iii) the name and address of the Paying Agent;

       

      (iv) that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect
        the redemption price;

       

      (v) that interest on Securities of the Series called for redemption ceases to accrue on and after the
        redemption date;

       

      (vi) the CUSIP number, if any; and

       

      (vii) any other information as may be required by the terms of the particular Series or the Securities of a
        Series being redeemed.

       

      At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense.

       

      Section 3.04 Effect of Notice of Redemption. Once notice of redemption is mailed or
        published as provided in Section 3.03, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such
        Securities shall be paid at the redemption price plus accrued interest to the redemption date; provided that installments of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the Holders of such Securities (or
        one or more predecessor Securities) registered at the close of business on the relevant record date therefor according to their terms and the terms of this Indenture.

       

      
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      Section 3.05 Deposit of Redemption Price. On or before 10:00 a.m., New York City time, on
        the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

       

      Section 3.06 Securities Redeemed in Part. Upon surrender of a Security that is redeemed in
        part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.

       

      ARTICLE IV

       

      COVENANTS

       

      Section 4.01 Payment of Principal and Interest. The Company covenants and agrees for the
        benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.

       

      Section 4.02 SEC Reports. The Company shall, so long as any of the Securities are
        outstanding, electronically file with the Commission the annual, quarterly and other periodic reports that the Company is required to file (or would be otherwise required to file) with the Commission pursuant to Sections 13 and 15(d) of the
        Exchange Act. The Company also shall comply with the other provisions of TIA Section 314(a). Delivery of any reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute
        constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an
        Officers’ Certificate).

       

      Section 4.03 Compliance Certificate. The Company shall, so long as any of the Securities
        are outstanding, deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate stating whether or not to the knowledge of the signers thereof the Company is in default in the performance and
        observance of any of the terms, provisions and conditions hereof (without regard to any period of grace or requirement of notice provided hereunder), and if a Default or Event of Default shall have occurred, specifying all such Defaults or Events
        of Default and the nature and status thereof of which they may have knowledge. The Company shall, so long as any of the Securities are outstanding, deliver to the Trustee, within thirty (30) days after becoming aware of any Default or Event of
        Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

       

      Section 4.04 Stay, Extension and Usury Laws. The Company covenants (to the extent that it
        may lawfully do so) that it will not at any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect
        the covenants or the performance of this Indenture or the Securities and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law,
        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 has been enacted.

       

      
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      ARTICLE V

       

      SUCCESSORS

       

      Section 5.01 When Company May Merge, Etc. The Company shall not consolidate with or merge
        with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”) unless:

       

      (a) the Company is the surviving corporation or the successor person (if other than the Company) is organized and validly existing
        under the laws of Israel or any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture; and

       

      (b) immediately after giving effect to the transaction, no Default or Event of Default shall have occurred and be continuing.

       

      The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the
        foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

       

      Section 5.02 Successor Corporation Substituted. Upon any consolidation or merger, or any
        sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01, the successor corporation formed by such consolidation or into or with which the Company is merged or to which
        such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the
        Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities.

       

      
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      ARTICLE VI

       

      DEFAULTS AND REMEDIES

       

      Section 6.01 Events of Default.

       

      “Event of Default,” wherever used herein with respect to Securities of any Series, means
        any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:

       

      (a) default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such
        default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or

       

      (b) default in the payment of principal of any Security of that Series at its Maturity; or

       

      (c) default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or
        warranty for which the consequences of nonperformance or breach are addressed elsewhere in this Section 6.01 and other than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than
        that Series), which default continues uncured for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than a majority in
        principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

       

      (d) the Company pursuant to or within the meaning of any Bankruptcy Law:

       

      (i) commences a voluntary case or proceeding;

       

      (ii) consents to the entry of an order for relief against it in an involuntary case,

       

      (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property,

       

      (iv) makes a general assignment for the benefit of its creditors, or

       

      (v) makes an admission by writing that it is generally unable to pay its debts as the same become due; or

       

      (e) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

       

      (i) is for relief against the Company in an involuntary case,

       

      (ii) appoints a Custodian of the Company or for all or substantially all of its property, or

       

      (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90
        days; or

       

      (f) any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a
        supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.02(n).

       

      
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      The term “Bankruptcy Law” means Title 11 of the U.S. Code or any similar federal or state
        law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

       

      Section 6.02 Acceleration of Maturity; Rescission and Annulment. If an Event of Default
        with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.01(d) or (e)), then in every such case the Trustee or the Holders of not less than a majority in
        principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities)
        of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal
        amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.01(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and
        unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. At any time after such a declaration of acceleration
        with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding
        Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal
        and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13. 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.

       

      The Company covenants that if:

       

      (a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default
        continues for a period of 30 days, or

       

      (b) default is made in the payment of principal of any Security at the Maturity thereof,

       

      then the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount
        then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in
        such Securities and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

       

      If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express
        trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and
        collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.

       

      If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion
        proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee 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 Trustee May File Proofs of Claim. In case of the pendency of any
        receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other
        obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities 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 Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect
        of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
        agents and counsel) and of the Holders allowed in such judicial proceeding, and (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee,
        trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
        directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. Nothing herein
        contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof
        or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

       

      
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      Section 6.05 Trustee May Enforce Claims Without Possession of Securities. All rights of
        action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted
        by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
        counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

       

      Section 6.06 Application of Money Collected.

       

      Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by
        the Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

       

      First: To the payment of all amounts due the Trustee under Section 7.07; and

       

      Second: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or
        for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and

       

      Third: To the Company.

       

      Section 6.07 Limitation on Suits. No Holder of any Security of any Series shall have any
        right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

       

      (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities
        of that Series;

       

      (b) the Holders of at least a majority in principal amount of the outstanding Securities of that Series shall have made written
        request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

       

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

       

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

       

      (e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of
        a majority in principal amount of the outstanding Securities of that Series;

       

      it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any
        provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the
        manner herein provided and for the equal and ratable benefit of all such Holders.

       

    

    
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      Section 6.08 Unconditional Right of Holders to Receive Principal and Interest.
        Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or
        Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

       

      Section 6.09 Restoration of Rights and Remedies. If the Trustee or any Holder has
        instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case,
        subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall
        continue as though no such proceeding had been instituted.

       

      Section 6.10 Rights and Remedies Cumulative. Except as otherwise provided with respect to
        the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders 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, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

       

      Section 6.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any
        Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this
        Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

       

      Section 6.12 Control by Holders. The Holders of a majority in principal amount of the
        outstanding Securities of any Series shall have the right to direct 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, with respect to the
        Securities of such Series, provided that:

       

      (a) such direction shall not be in conflict with any rule of law or with this Indenture,

       

      (b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and

       

      (c) subject to the provisions of Section 6.01, the Trustee shall have the right to decline to follow any such direction if the
        Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

       

      Section 6.13 Waiver of Past Defaults. The Holders of not less than a majority in principal
        amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default (i) in the payment of the
        principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related
        payment default that resulted from such acceleration) or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each outstanding Security of such Series affected. Upon any such
        waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right
        consequent thereon.

       

      Section 6.14 Undertaking for Costs. All parties to this Indenture agree, and each Holder
        of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
        taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees,
        against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit
        instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the
        enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).

       

      

       

      
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      ARTICLE VII

       

      TRUSTEE

       

      Section 7.01 Duties of Trustee.

       

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

       

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

       

      (i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no
        others.

       

      (ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
        statements and the correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers’
        Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine whether or not they conform to
        the requirements of this Indenture.

       

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

       

      (i) This paragraph does not limit the effect of paragraph (b) of this Section.

       

      (ii) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer,
        unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.

       

      (iii) The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it
        with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series 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 with respect to the Securities of such Series.

       

      (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this
        Section.

       

      (e) The Trustee may refuse to perform any duty or exercise any right or power at the request or direction of any Holder unless it
        receives indemnity satisfactory to it against any loss, liability or expense.

       

      (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the
        Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

       

      (g) No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in
        the performance of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk is not reasonably assured to it.

       

      (h) The Paying Agent, the Registrar and any Service Agent or authenticating agent shall be entitled to the protections, immunities
        and standard of care as are set forth in paragraphs (a), (b) and (c) of this Section with respect to the Trustee.

       

    

    
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      Section 7.02 Rights of Trustee.

       

      (a) The Trustee may rely on and shall be protected in acting or refraining from acting upon any document believed by it to be
        genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.

       

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

       

      (c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with
        due care. No Depository shall be deemed an agent of the Trustee, and the Trustee shall not be responsible for any act or omission by any Depository.

       

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

       

      (e) The Trustee may consult with counsel, and the advice of such counsel or any Opinion of Counsel shall be full and complete
        authorization and protection in respect of any action taken, suffered or omitted by it hereunder without negligence and in good faith and in reliance thereon.

       

      (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
        or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or
        direction.

       

      (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, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation
        into such facts or matters as it may see fit.

       

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

       

      (i) The permissive rights of the Trustee enumerated herein shall not be construed as duties.

       

      Section 7.03 Individual Rights of Trustee. The Trustee in its individual or any other
        capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also
        subject to Sections 7.10 and 7.11.

       

      Section 7.04 Trustee’s Disclaimer. The Trustee makes no representation as to the validity
        or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

       

      Section 7.05 Notice of Defaults. If a Default or Event of Default occurs and is continuing
        with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Holder of the Securities of that Series and, if any Bearer Securities are outstanding, publish on one occasion
        in an Authorized Newspaper, notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default or Event
        of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines that
        withholding the notice is in the interests of Holders of that Series.

       

    

    
      18

      
        

    

    

       

      Section 7.06 Reports by Trustee to Holders. Within 60 days after May 15 in each year, the
        Trustee shall transmit by mail to all Holders, as their names and addresses appear on the register kept by the Registrar and, if any Bearer Securities are outstanding, publish in an Authorized Newspaper, a brief report dated as of such May 15, in
        accordance with, and to the extent required under, TIA Section 313(a), (b), (c) and (d). A copy of each report at the time of its mailing to Holders of any Series shall be filed with the SEC and each stock exchange on which the Securities of that
        Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.

       

      Section 7.07 Compensation and Indemnity. The Company shall pay to the Trustee from time to
        time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall
        reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. The Company shall indemnify each of the Trustee
        and any predecessor Trustee (including the cost of defending itself) against any loss, liability or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in
        this Section 7.07 in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall
        cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be
        unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by
        any officer, director, employee, shareholder or agent of the Trustee through the negligence or bad faith of any such persons. To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any
        Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series. When the Trustee incurs expenses or renders services after an Event of Default
        specified in Section 6.01(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. The provisions of this Section shall survive the resignation or removal
        of the Trustee and the termination of this Indenture.

       

      Section 7.08 Replacement of Trustee. A resignation or removal of the Trustee and
        appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. The Trustee may resign with respect to the Securities of one or more Series by so notifying the
        Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company.
        The Company may remove the Trustee with respect to Securities of one or more Series if:

       

      (a) the Trustee fails to comply with Section 7.10;

       

      (b) the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any
        Bankruptcy Law;

       

      (c) a Custodian or public officer takes charge of the Trustee or its property; or

       

      (d) the Trustee becomes incapable of acting.

       

      If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly
        appoint a successor Trustee.

       

      If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the
        retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a
        successor Trustee.

       

      A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately
        after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.07, the resignation or removal of the retiring Trustee shall become effective, and the
        successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Holder
        of each such Series and, if any Bearer Securities are outstanding, publish such notice on one occasion in an Authorized Newspaper. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section
        7.07 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it prior to the date of such replacement.

       

      Section 7.09 Successor Trustee by Merger, etc. If the Trustee consolidates with, merges or
        converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee.

       

      Section 7.10 Eligibility; Disqualification. This Indenture shall always have a Trustee who
        satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee shall comply with TIA Section 310(b).

       

      Section 7.11 Preferential Collection of Claims Against Company. The Trustee is subject to
        TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated.

       

      
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      ARTICLE VIII

       

      SATISFACTION AND DISCHARGE; DEFEASANCE

       

      Section 8.01 Satisfaction and Discharge of Indenture.

       

      This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.01), and
        the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

       

      (a) any of the following shall have occurred:

       

      (i) no Securities have been issued hereunder;

       

      (ii) all Securities theretofore authenticated and delivered (other than Securities that have been destroyed,
        lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or

       

      (iii) all such Securities not theretofore delivered to the Trustee for cancellation (1) have become due and
        payable, or (2) will become due and payable at their Stated Maturity within one year, or (3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the
        name, and at the expense, of the Company;

       

      and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient
        for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due
        and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

       

      (b) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

       

      (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
        precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

       

      Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.07
        and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04 , 2.05 , 2.07, 2.08, 8.01, 8.02 and 8.05 shall survive.

       

      Section 8.02 Application of Trust Funds; Indemnification.

       

      (a) Subject to the provisions of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01, all money and U.S.
        Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with
        the Trustee pursuant to Section 8.03 or 8.04, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (other than the Company
        acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or analogous payments as contemplated by
        Sections 8.03 or 8.04.

       

      
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      (b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S.
        Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

       

      (c) The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or
        Foreign Government Obligations or money held by it as provided in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the
        Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision
        shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

       

      Section 8.03 Legal Defeasance of Securities of any Series. Unless this Section 8.03 is
        otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after
        the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall,
        at Company Request, execute proper instruments acknowledging the same), except as to:

       

      (a) the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i)
        payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest, and (ii) the benefit of any mandatory
        sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series; and

       

      (b) the provisions of Sections 2.04, 2.05, 2.07, 2.08, 8.02, 8.03 and 8.05; and

       

      (c) the rights, powers, trust and immunities of the Trustee hereunder;

       

      provided that, the following conditions shall have been satisfied:

       

      (d) with reference to this Section 8.03, the Company shall have deposited or caused to be irrevocably deposited (except as
        provided in Section 8.02(c)) with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of
        Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign
        Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one
        day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and
        discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are
        due;

       

      (e) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement
        or instrument to which the Company is a party or by which it is bound;

       

      (f) no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date
        of such deposit or during the period ending on the 91st day after such date;

       

      (g) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the
        Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect
        that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will
        be subject to Federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;

       

    

    
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      (h) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
        with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company;

       

      (i) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
        conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with; and

       

      (j) such defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning
        of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder.

       

      Section 8.04 Covenant Defeasance. Unless this Section 8.04 is otherwise specified,
        pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, on and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with respect to the Securities of any Series
        with any term, provision or condition set forth under Sections 4.02, 4.03, and 5.01 as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered
        pursuant to Section 2.02 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.01) and the occurrence of any event specified in a supplemental indenture for
        such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.02 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of
        such Series, provided that the following conditions shall have been satisfied:

       

      (a) with reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except as provided in
        Section 8.02(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of
        such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government
        Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before
        the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and
        discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

       

      (b) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement
        or instrument to which the Company is a party or by which it is bound;

       

      (c) no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date
        of such deposit or during the period ending on the 91st day after such date;

       

      (d) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such
        Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have
        been the case if such deposit and covenant defeasance had not occurred;

       

      (e) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
        conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with; and

       

      (f) Such defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning
        of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder.

       

      Section 8.05 Repayment to Company. The Trustee and the Paying Agent shall pay to the
        Company upon written request any money held by them for the payment of principal and interest that remains unclaimed for two years, and after such time, Holders entitled to the money must look to the Company for payment as general creditors unless
        an applicable abandoned property law designates another person.

       

      Section 8.06 Reinstatement. If the Trustee or the Paying Agent is unable to apply any
        money deposited with respect to Securities of any series in accordance with Section 8.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
        such application, the obligations of the Company under this Indenture with respect to the Securities of such series and under the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01
        until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.01; provided, however, that if the Company has made any payment of principal of, premium (if any) or interest on any Additional
        Amounts with respect to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or the Paying Agent.

       

       

      

      
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      ARTICLE IX

       

      AMENDMENTS AND WAIVERS

       

      Section 9.01 Without Consent of Holders. The Company and the Trustee may amend or
        supplement this Indenture or the Securities of one or more Series without the consent of any Holder:

       

      (a) to evidence the succession of another person to the Company under this Indenture and the Securities and the assumption by any
        such successor person of the obligations of the Company hereunder and under the Securities;

       

      (b) to add or remove covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such
        covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included for the benefit of such series) or to surrender any right or power herein conferred upon the Company provided such
        action does not adversely affect the interests of the Company;

       

      (c) to add any additional Events of Default;

       

      (d) to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the
        issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form;

       

      (e) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities,
        provided that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights
        of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding;

       

      (f) to establish the forms or terms of the Securities of any series issued pursuant to the terms hereof;

       

      (g) to cure any ambiguity or correct any inconsistency in this Indenture;

       

      (h) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of
        one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee;

       

      (i) to qualify this Indenture under the Trust Indenture Act;

       

      (j) to provide for uncertificated securities in addition to certificated securities;

       

      (k) to supplement any provisions of this Indenture necessary to permit or facilitate the defeasance and discharge of any series of
        Securities, provided that such action does not adversely affect the interests of the Holders of Securities of such series or any other series; and

       

      (l) to comply with the rules or regulations of any securities exchange or automated quotation system on which any of the
        Securities may be listed or traded.

       

      
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      Section 9.02 With Consent of Holders. The Company and the Trustee may enter into a
        supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender
        offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner
        the rights of the Holders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in
        connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. It shall not be necessary for the consent of
        the Holders of Securities under this Section 9.02 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver
        under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby and, if any Bearer Securities affected thereby are outstanding, publish on one occasion in an Authorized Newspaper, a notice briefly
        describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

       

      Section 9.03 Limitations. Without the consent of each Holder affected, an amendment or
        waiver may not:

       

      (a) reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver;

       

      (b) reduce the rate of or extend the time for payment of interest (including default interest) on any Security;

       

      (c) reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for,
        the payment of any sinking fund or analogous obligation;

       

      (d) reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

       

      (e) waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a
        rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);

       

      (f) make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;

       

      (g) make any change in Sections 6.08, 6.13, or 9.03; or

       

      (h) waive a redemption payment with respect to any Security.

       

      Section 9.04 Compliance with Trust Indenture Act. Every amendment to this Indenture or the
        Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

       

      Section 9.05 Revocation and Effect of Consents. Until an amendment is set forth in a
        supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
        Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before
        the date of the supplemental indenture or the date the waiver becomes effective. Any amendment or waiver once effective shall bind every Holder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses
        (a) through (h) of Section 9.03. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
        Holder’s Security.

       

      Section 9.06 Notation on or Exchange of Securities. The Trustee may place an appropriate
        notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect
        the amendment or waiver.

       

      Section 9.07 Trustee Protected. In executing, or accepting the additional trusts created
        by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, in addition to the documents required by Section 10.04, and (subject to Section
        7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that the
        Trustee need not sign any supplemental indenture that adversely affects its rights.

       

      
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      ARTICLE X

       

      MISCELLANEOUS

       

      Section 10.01 Trust Indenture Act Controls. If any provision of this Indenture limits,
        qualifies or conflicts with another provision which is required or deemed be included in this Indenture by the TIA, such required or deemed provision shall control.

       

      Section 10.02 Notices.

       

      (a) Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly
        given if in writing and delivered in person or mailed by first-class mail or sent by telecopier transmission addressed as follows:

       

      if to the Company:

       

      MediWound Ltd.

       

      42 Hayarkon Street

       

      Yavne 8122745, Israel

       

      Telephone: +972 (77) 971-4100

       

      if to the Trustee:

       

      [●]

       

      (b) The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or
        communications. Any notice or communication to a Holder shall be mailed by first-class mail to his address shown on the register kept by the Registrar and, if any Bearer Securities are outstanding, published in an Authorized Newspaper. Failure to
        mail a notice or communication to a Holder of any Series or any defect in it shall not affect its sufficiency with respect to other Holders of that or any other Series. If a notice or communication is mailed or published in the manner provided
        above, within the time prescribed, it is duly given, whether or not the Holder receives it. If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

       

      (c) Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Company
        may, at the Company’s written request received by the Trustee not fewer than five (5) Business Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date on which such notice must be given or served, be given or
        served by the Trustee in the name of and at the expense of the Company.

       

      Section 10.03 Communication by Holders with Other Holders. Holders of any Series may
        communicate pursuant to TIA Section 312(b) with other Holders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone
        else shall have the protection of TIA Section 312(c).

       

      Section 10.04 Certificate and Opinion as to Conditions Precedent. Upon any request or
        application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

       

      (a) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this
        Indenture relating to the proposed action have been complied with; and

       

      (b) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

       

      
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      Section 10.05 Statements Required in Certificate or Opinion. Each certificate or opinion
        with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:

       

      (a) a statement that the person making such certificate or opinion has read such covenant or condition;

       

      (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
        contained in such certificate or opinion are based;

       

      (c) a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him
        to express an informed opinion as to whether or not such covenant or condition has been complied with; and

       

      (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

       

      Section 10.06 Rules by Trustee and Agents. The Trustee may make reasonable rules for
        action by or a meeting of Holders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions.

       

      Section 10.07 Legal Holidays. Unless otherwise provided by Board Resolution, Officers’
        Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day
        that is not a Legal Holiday, and no interest shall accrue for the intervening period.

       

      Section 10.08 No Recourse Against Others. A director, officer, employee or stockholder, as
        such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a
        Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

       

      Section 10.09 Counterparts. This Indenture may be executed in any number of counterparts
        and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

       

      Section 10.10 Governing Laws. This Indenture and the Securities will be governed by, and
        construed in accordance with, the internal laws of the State of New York, without regard to conflict of law principles that would result in the application of any law other than the laws of the State of New York.

       

      Section 10.11 No Adverse Interpretation of Other Agreements. This Indenture may not be
        used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

       

      Section 10.12 Successors. All agreements of the Company in this Indenture and the
        Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.

       

      Section 10.13 Severability. In case any provision in this Indenture or in the Securities
        shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

       

      Section 10.14 Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference
        Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

       

      Section 10.15 Securities in a Foreign Currency. Unless otherwise specified in a Board
        Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.02 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the
        Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are
        denominated in a coin or currency other than Dollars, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for
        such amount at the Market Exchange Rate at such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank
        of New York. If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of
        the most recent available date, or quotations from one or more major banks in The City of New York or in the country of issue of the currency in question or such other quotations as the Trustee, upon consultation with the Company, shall deem
        appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities
        pursuant to the terms of this Indenture. All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the
        absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Company and all Holders.

       

      
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      Section 10.16 Judgment Currency. The Company agrees, to the fullest extent that it may
        effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required
        Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the
        Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking
        procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this
        Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required
        Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an
        alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii)
        shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking
        institutions are authorized or required by law, regulation or executive order to close.

       

      ARTICLE XI

       

      SINKING FUNDS

       

      Section 11.01 Applicability of Article. The provisions of this Article shall be applicable
        to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. The minimum amount of any sinking fund payment provided for by
        the terms of the Securities of any Series is herein referred to as a “ mandatory sinking fund payment ” and any other amount provided for by the terms of Securities of such Series is herein referred to as an
        “ optional sinking fund payment .” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.02. Each sinking
        fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.

       

      Section 11.02 Satisfaction of Sinking Fund Payments with Securities. The Company may, in
        satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is
        applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company
        or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional
        redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officers’ Certificate with respect thereto, not later than
        15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the
        sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.02, the principal amount of Securities of such Series
        to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment
        shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the
        Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be
        released to the Company.

       

      
        27

        
          

      

      

       

      Section 11.03 Redemption of Securities for Sinking Fund. Not less than 45 days (unless
        otherwise indicated in the Board Resolution, supplemental indenture or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the
        Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion
        thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.02, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company
        shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities) before
        each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the
        expense of the Company in the manner provided in Section 3.03. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.04, 3.05 and 3.06.

       

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

       

      

      	
              MEDIWOUND LTD.

            	 
	
              By:

            	 	 
	
              Name:

            	 
	
              Title:

            	 
	 	 
	 	 
	
              as Trustee

            	 
	
              By:

            	 	 
	
              Name:

            	 
	
              Title:

            	 

       

      

      

       

    

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